HYHG
High Yield—Interest Rate Hedged
Why Invest in HYHG?
-
Provides the return potential of a diversified portfolio of high-yield corporate bonds.
-
Targets zero interest rate risk by including a built-in hedge against rising rates that uses short positions in U.S. Treasury futures.
-
Generally offers lower interest rate sensitivity than short-term bonds by targeting a duration of zero.
Why Invest in HYHG?
-
Provides the return potential of a diversified portfolio of high-yield corporate bonds.
-
Targets zero interest rate risk by including a built-in hedge against rising rates that uses short positions in U.S. Treasury futures.
-
Generally offers lower interest rate sensitivity than short-term bonds by targeting a duration of zero.
Documents & Downloads
You may order paper copies by contacting ProShares Client Services at 866-PRO-5125 (866-776-5125)
Performance
Growth of $10,000
Since Inception
Chart is updated nightly to reflect the more recent of the previous day's market closing price or the closing price on the day the fund was last traded.
Total Return
| Fund + Index | 1m | 3m | 6m | YTD | 1Y | 3Y | 5Y | 10Y | Since Inception | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|
| HYHG Market Price | 0.74% | 6.11% | 5.86% | 9.64% | 12.79% | 5.99% | 3.80% | 3.12% | 3.01% | 05/21/2013 |
| HYHG NAV | 0.64% | 6.14% | 5.53% | 9.34% | 12.14% | 5.86% | 3.76% | 3.20% | 2.98% | 05/21/2013 |
| FTSE High Yield (Treasury Rate-Hedged) Index | 0.18% | 4.54% | 2.88% | 5.96% | 7.75% | 4.86% | 3.36% | 3.54% | 3.33% | -- |
| Fund + Index | 1m | 3m | 6m | YTD | 1Y | 3Y | 5Y | 10Y | Since Inception | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|
| HYHG Market Price | 3.89% | 4.04% | 7.35% | 7.35% | 14.35% | 7.12% | 3.83% | 3.05% | 2.85% | 05/21/2013 |
| HYHG NAV | 3.65% | 3.94% | 6.78% | 6.78% | 14.68% | 6.98% | 3.64% | 3.08% | 2.79% | 05/21/2013 |
| FTSE High Yield (Treasury Rate-Hedged) Index | 3.10% | 3.01% | 4.50% | 4.50% | 11.94% | 6.49% | 3.49% | 3.54% | 3.24% | -- |
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET (when NAV is normally determined for most funds) and do not represent the returns you would receive if you traded shares at other times. Your brokerage commissions will reduce returns. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see above.
About the Fund
Snapshot
- Ticker HYHG
- Intraday Ticker HYHG.IV
- CUSIP 74348A541
- Inception Date 5/21/13
- Expense Ratio 0.50%
- NAV Calculation Time 3:00 p.m. ET
- Distributions Monthly
Characteristics
as of 7/31/2023- Number of Companies --
- Price/Earnings Ratio --
- Price/Book Ratio --
Price to book ratio measures market value of a fund or index relative to the collective book values of its component stocks.
- Distribution Yield 6.05%
Distribution Yield represents the annualized yield based on the last income distribution.
- Weighted Avg. Market Cap --
Weighted average market cap is the average market value of a fund or index, weighted for the market capitalization (price times shares outstanding) of each component. In such a weighting scheme, larger market cap companies carry greater weight than smaller market cap companies.
- SEC 30-Day Yield 7.98%
SEC 30-Day Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that facilitates fairer comparisons of funds. The figure reflects dividends and interest earned by the securities held by the fund during the most recent 30-day period, net the fund's expenses.
- Weighted Average Yield to
Maturity 8.28% - Net Effective Duration --
Price
as of 9/28/2023- NAV $61.34
- NAV Change $-0.09
- Market Price $61.47
- Market Price Change $+0.13
- Trading Volume (M) 9,692
- 30-Day Median Bid Ask Spread 0.00%
- View Premium / Discount
Snapshot
- Ticker HYHG
- Intraday Ticker HYHG.IV
- CUSIP 74348A541
- Inception Date 5/21/13
- Unitary Expense Ratio 0.50%
- NAV Calculation Time 3:00 p.m. ET
- Distributions Monthly
Characteristics
as of 7/31/2023- Number of Companies --
- Price/Earnings Ratio --
- Price/Book Ratio --
Price to book ratio measures market value of a fund or index relative to the collective book values of its component stocks.
- Distribution Yield 6.05%
Distribution Yield represents the annualized yield based on the last income distribution.
- Weighted Avg. Market Cap --
Weighted average market cap is the average market value of a fund or index, weighted for the market capitalization (price times shares outstanding) of each component. In such a weighting scheme, larger market cap companies carry greater weight than smaller market cap companies.
- SEC 30-Day Yield 7.98%
SEC 30-Day Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that facilitates fairer comparisons of funds. The figure reflects dividends and interest earned by the securities held by the fund during the most recent 30-day period, net the fund's expenses.
- Weighted Average Yield to Maturity 8.28%
- Net Effective Duration --
Price
as of 9/28/2023- NAV $61.34
- NAV Change $-0.09
- Market Price $61.47
- Market Price Change $+0.13
- Trading Volume (M) 9,692
- 30-Day Median Bid Ask Spread 0.00%
- View Premium / Discount
Exposures
Index as of 9/30/2022
Holdings
as of 9/28/2023
| Weight | Ticker | Description | Coupon Rate | Maturity Date | Exposure Value (Notional + GL) |
Market Value | Shares/Contracts | SEDOL Number |
|---|---|---|---|---|---|---|---|---|
| 1.44% | -- | ORGANON & CO/ORG | 4.13% | 04/30/2028 | -- | $1,653,068.82 | 1,908,000 | BMV1LQ8 |
| 1.09% | -- | DIRECTV FIN LLC/COINC | 5.88% | 08/15/2027 | -- | $1,251,826.76 | 1,419,000 | BN765Z1 |
| 1.06% | -- | AMERICAN AIRLINES/AADVAN | 5.50% | 04/20/2026 | -- | $1,216,590.48 | 1,245,750 | BM8H716 |
| 1.04% | -- | CLOUD SOFTWARE GRP INC | 6.50% | 03/31/2029 | -- | $1,198,109.75 | 1,367,000 | BN2QTP4 |
| 1.03% | -- | CAESARS ENTERTAIN INC | 6.25% | 07/01/2025 | -- | $1,187,981.30 | 1,203,000 | BLFBXP0 |
| 1.03% | -- | DISH DBS CORP | 5.25% | 12/01/2026 | -- | $1,186,084.54 | 1,404,000 | BNRLYV5 |
| 1.01% | -- | TRANSDIGM INC | 5.50% | 11/15/2027 | -- | $1,167,019.01 | 1,243,000 | BM9QGV5 |
| 0.95% | -- | CLOUD SOFTWARE GRP INC | 9.00% | 09/30/2029 | -- | $1,092,215.05 | 1,266,000 | BRJQLF9 |
| 0.95% | -- | CARNIVAL CORP | 5.75% | 03/01/2027 | -- | $1,087,037.50 | 1,193,000 | BMHYR18 |
| 0.91% | -- | BOMBARDIER INC | 7.88% | 04/15/2027 | -- | $1,047,092.64 | 1,076,000 | BHL3S24 |
| 0.88% | -- | DISH NETWORK CORP | 11.75% | 11/15/2027 | -- | $1,013,599.97 | 1,012,000 | BQB9NW0 |
| 0.88% | -- | INTELSAT JACKSON HLDG | 6.50% | 03/15/2030 | -- | $1,009,514.68 | 1,144,000 | BNTY069 |
| 0.87% | -- | CCO HLDGS LLC/CAP CORP | 4.75% | 03/01/2030 | -- | $1,004,226.11 | 1,203,000 | BK6WV51 |
| 0.83% | -- | UNITED AIRLINES INC | 4.63% | 04/15/2029 | -- | $956,814.65 | 1,116,000 | BMG8788 |
| 0.81% | -- | MEDLINE BORROWER LP | 5.25% | 10/01/2029 | -- | $931,877.52 | 1,090,000 | BMWDGR9 |
| 0.81% | -- | ALLIED UNIVERSAL | 6.63% | 07/15/2026 | -- | $931,178.71 | 985,000 | BJYCQ73 |
| 0.80% | -- | MEDLINE BORROWER LP | 3.88% | 04/01/2029 | -- | $923,698.50 | 1,096,000 | BMW4P42 |
| 0.79% | -- | SBA COMMUNICATIONS CORP | 3.13% | 02/01/2029 | -- | $910,917.67 | 1,099,000 | BPVBYZ9 |
| 0.79% | -- | CARNIVAL CORP | 4.00% | 08/01/2028 | -- | $905,868.01 | 1,042,000 | BMD9Z35 |
| 0.78% | -- | AMERICAN AIRLINES/AADVAN | 5.75% | 04/20/2029 | -- | $893,359.23 | 967,000 | BM8H783 |
| 0.78% | -- | TRANSDIGM INC | 6.25% | 03/15/2026 | -- | $892,229.08 | 907,000 | BJJQH22 |
| 0.77% | -- | VENTURE GLOBAL LNG INC | 8.38% | 06/01/2031 | -- | $889,279.37 | 906,000 | -- |
| 0.77% | -- | VISTRA OPERATIONS CO LLC | 5.63% | 02/15/2027 | -- | $888,875.69 | 944,000 | BHQTTK2 |
| 0.76% | -- | CHS/COMMUNITY HEALTH SYS | 5.63% | 03/15/2027 | -- | $870,510.93 | 1,016,000 | BNNTB78 |
| 0.74% | -- | PRIME SECSRVC BRW/FINANC | 5.75% | 04/15/2026 | -- | $853,118.13 | 883,000 | BJTRRK3 |
| 0.74% | -- | TENET HEALTHCARE CORP | 6.13% | 10/01/2028 | -- | $849,750.16 | 907,000 | BPVDS42 |
| 0.71% | -- | UNITI GROUP/CSL CAPITAL | 10.50% | 02/15/2028 | -- | $821,759.37 | 843,000 | BR1H7L8 |
| 0.69% | -- | FRONTIER COMMUNICATIONS | 5.00% | 05/01/2028 | -- | $799,067.44 | 940,000 | BMF4PS3 |
| 0.68% | -- | TENET HEALTHCARE CORP | 4.88% | 01/01/2026 | -- | $783,484.72 | 819,000 | BPVDS20 |
| 0.68% | -- | NEPTUNE BIDCO US INC | 9.29% | 04/15/2029 | -- | $780,138.80 | 865,000 | BQKN5B6 |
| 0.68% | -- | 1011778 BC / NEW RED FIN | 4.00% | 10/15/2030 | -- | $780,074.55 | 942,000 | BMT6QQ0 |
| 0.68% | -- | EMERALD DEBT MERGER | 6.63% | 12/15/2030 | -- | $776,640.00 | 809,000 | BPLP3M1 |
| 0.67% | -- | CAESARS ENTERTAIN INC | 7.00% | 02/15/2030 | -- | $775,940.24 | 800,000 | BPX27Q2 |
| 0.67% | -- | OLYMPUS WTR US HLDG CORP | 9.75% | 11/15/2028 | -- | $766,409.34 | 770,000 | -- |
| 0.66% | -- | ICAHN ENTERPRISES/FIN | 6.25% | 05/15/2026 | -- | $763,732.38 | 821,000 | BJ11SH7 |
| 0.66% | -- | ATHENAHEALTH GROUP INC | 6.50% | 02/15/2030 | -- | $761,444.44 | 914,000 | BN7SNC0 |
| 0.66% | -- | NGL ENRGY OP/FIN CORP | 7.50% | 02/01/2026 | -- | $754,142.03 | 762,000 | BL5C524 |
| 0.65% | -- | UNIVISION COMMUNICATIONS | 4.50% | 05/01/2029 | -- | $752,064.30 | 924,000 | BLBLP92 |
| 0.65% | -- | SIRIUS XM RADIO INC | 3.88% | 09/01/2031 | -- | $749,936.17 | 1,000,000 | BM9SD09 |
| 0.65% | -- | CCO HLDGS LLC/CAP CORP | 4.25% | 02/01/2031 | -- | $745,297.40 | 942,000 | BN2R7D1 |
| 0.65% | -- | YUM! BRANDS INC | 4.63% | 01/31/2032 | -- | $744,100.21 | 862,000 | BNW2059 |
| 0.64% | -- | CLARIOS GLOBAL LP/US FIN | 8.50% | 05/15/2027 | -- | $733,862.30 | 737,000 | BJ0M440 |
| 0.64% | -- | DT MIDSTREAM INC | 4.38% | 06/15/2031 | -- | $731,936.99 | 873,000 | BLN9LB8 |
| 0.64% | -- | HUB INTERNATIONAL LTD | 7.25% | 06/15/2030 | -- | $730,815.57 | 738,000 | -- |
| 0.64% | -- | SS&C TECHNOLOGIES INC | 5.50% | 09/30/2027 | -- | $730,637.26 | 777,000 | BJQ1YJ6 |
| 0.64% | -- | WESCO DISTRIBUTION INC | 7.25% | 06/15/2028 | -- | $730,301.21 | 728,000 | BMYMZT9 |
| 0.63% | -- | UBER TECHNOLOGIES INC | 8.00% | 11/01/2026 | -- | $728,111.01 | 722,000 | BG87FX2 |
| 0.63% | -- | DAVITA INC | 4.63% | 06/01/2030 | -- | $720,837.47 | 884,000 | BMW7NB4 |
| 0.62% | -- | CLEAR CHANNEL OUTDOOR HO | 5.13% | 08/15/2027 | -- | $714,378.98 | 805,000 | BJ9NFT6 |
| 0.61% | -- | NCL CORPORATION LTD | 5.88% | 03/15/2026 | -- | $702,332.46 | 761,000 | BMB5SR0 |
| 0.61% | -- | FORD MOTOR COMPANY | 3.25% | 02/12/2032 | -- | $700,013.35 | 912,000 | BPJP107 |
| 0.61% | -- | CSC HOLDINGS LLC | 5.75% | 01/15/2030 | -- | $699,016.44 | 1,261,000 | BKFH0Y9 |
| 0.60% | -- | ROCKETMTGE CO-ISSUER INC | 3.88% | 03/01/2031 | -- | $694,645.56 | 882,000 | BN7RYH9 |
| 0.60% | -- | VENTURE GLOBAL LNG INC | 8.13% | 06/01/2028 | -- | $691,069.82 | 700,000 | BRK41K7 |
| 0.59% | -- | ALLIANT HOLD / CO-ISSUER | 6.75% | 04/15/2028 | -- | $679,548.87 | 705,000 | BMXHQ92 |
| 0.58% | -- | MAUSER PACKAGING SOLUT | 9.25% | 04/15/2027 | -- | $672,780.11 | 770,000 | BNHV2Z5 |
| 0.58% | -- | FORD MOTOR CREDIT CO LLC | 3.38% | 11/13/2025 | -- | $672,021.21 | 725,000 | BMWS436 |
| 0.58% | -- | ROYAL CARIBBEAN CRUISES | 11.63% | 08/15/2027 | -- | $668,916.39 | 617,000 | BMHB6V2 |
| 0.56% | -- | COMMSCOPE INC | 6.00% | 03/01/2026 | -- | $644,645.19 | 700,000 | BGDS1B0 |
| 0.55% | -- | TEGNA INC | 4.63% | 03/15/2028 | -- | $627,965.63 | 735,000 | BNTBJ41 |
| 0.54% | -- | NFP CORP | 6.88% | 08/15/2028 | -- | $626,709.94 | 728,000 | BLD6JG0 |
| 0.54% | -- | CQP HOLDCO LP/BIP-V CHIN | 5.50% | 06/15/2031 | -- | $620,413.30 | 702,000 | BM8H4Y8 |
| 0.53% | -- | FIRST QUANTUM MINERALS L | 6.88% | 10/15/2027 | -- | $612,446.76 | 638,000 | BMZRC58 |
| 0.53% | -- | MAUSER PACKAGING SOLUT | 7.88% | 08/15/2026 | -- | $609,991.32 | 635,000 | BQB4RH8 |
| 0.53% | -- | ALBERTSONS COS/SAFEWAY | 3.50% | 03/15/2029 | -- | $604,540.05 | 711,000 | BKPMPR2 |
| 0.52% | -- | CHART INDUSTRIES INC | 7.50% | 01/01/2030 | -- | $598,211.16 | 596,000 | BLC8Z03 |
| 0.52% | -- | MCAFEE CORP | 7.38% | 02/15/2030 | -- | $597,721.21 | 716,000 | BNNPV76 |
| 0.51% | -- | ALTICE FRANCE SA | 5.50% | 10/15/2029 | -- | $591,657.05 | 827,000 | BMXJSV4 |
| 0.51% | -- | ARAMARK SERVICES INC | 6.38% | 05/01/2025 | -- | $584,165.50 | 575,000 | BMXPRX7 |
| 0.51% | -- | NEW FORTRESS ENERGY INC | 6.50% | 09/30/2026 | -- | $581,415.49 | 637,000 | BP0X973 |
| 0.50% | -- | IRON MOUNTAIN INC | 4.50% | 02/15/2031 | -- | $575,630.20 | 700,000 | BMG1HP4 |
| 0.49% | -- | BLOCK INC | 2.75% | 06/01/2026 | -- | $567,361.00 | 633,000 | BMX4FJ6 |
| 0.49% | -- | TK ELEVATOR US NEWCO INC | 5.25% | 07/15/2027 | -- | $562,275.44 | 616,000 | BMC7DR0 |
| 0.49% | -- | CALPINE CORP | 4.50% | 02/15/2028 | -- | $560,233.93 | 623,000 | BJVS9S6 |
| 0.49% | -- | PERFORMANCE FOOD GROUP I | 5.50% | 10/15/2027 | -- | $559,391.96 | 591,000 | BKWG6T6 |
| 0.47% | -- | VERICAST CORP | 11.00% | 09/15/2026 | -- | $545,813.64 | 522,000 | BP96BJ9 |
| 0.47% | -- | CHS/COMMUNITY HEALTH SYS | 8.00% | 03/15/2026 | -- | $545,682.45 | 572,000 | BHL3S91 |
| 0.47% | -- | 1011778 BC / NEW RED FIN | 3.88% | 01/15/2028 | -- | $543,447.16 | 608,000 | BJJJT70 |
| 0.47% | -- | TULLOW OIL PLC | 10.25% | 05/15/2026 | -- | $542,742.00 | 626,000 | BKPGFV8 |
| 0.47% | -- | HILTON DOMESTIC OPERATIN | 3.63% | 02/15/2032 | -- | $542,237.58 | 674,000 | BKPJT48 |
| 0.47% | -- | NOVELIS CORP | 4.75% | 01/30/2030 | -- | $539,244.45 | 624,000 | BKLPSC1 |
| 0.47% | -- | PG&E CORP | 5.25% | 07/01/2030 | -- | $537,795.75 | 622,000 | BLCC408 |
| 0.46% | -- | LIVE NATION ENTERTAINMEN | 6.50% | 05/15/2027 | -- | $534,626.29 | 543,000 | BMFKW46 |
| 0.46% | -- | IQVIA INC | 5.00% | 05/15/2027 | -- | $527,241.01 | 562,000 | BK62T46 |
| 0.46% | -- | IMOLA MERGER CORP | 4.75% | 05/15/2029 | -- | $524,813.99 | 603,000 | BJNPGH3 |
| 0.46% | -- | BALL CORP | 6.00% | 06/15/2029 | -- | $524,490.38 | 543,000 | BQB88K0 |
| 0.46% | -- | ALTICE FRANCE SA | 5.13% | 07/15/2029 | -- | $524,214.25 | 739,000 | BM9V193 |
| 0.45% | -- | LIFEPT/LEGACY LIFEPT | 9.75% | 12/01/2026 | -- | $520,458.84 | 548,000 | BGYDGW0 |
| 0.45% | -- | DAVITA INC | 3.75% | 02/15/2031 | -- | $518,973.40 | 687,000 | BMFBJQ0 |
| 0.45% | -- | TENNECO INC | 8.00% | 11/17/2028 | -- | $516,601.08 | 635,000 | BQ1PCD2 |
| 0.44% | -- | CIVITAS RESOURCES INC | 8.38% | 07/01/2028 | -- | $509,035.00 | 500,000 | BRT7527 |
| 0.44% | -- | BRAND INDUSTRIAL SERVICE | 10.38% | 08/01/2030 | -- | $502,975.00 | 500,000 | BS3BCF4 |
| 0.43% | -- | VERITAS US INC/BERMUDA L | 7.50% | 09/01/2025 | -- | $494,153.56 | 590,000 | BL6B0F8 |
| 0.43% | -- | BAUSCH HEALTH COS INC | 4.88% | 06/01/2028 | -- | $492,998.47 | 865,000 | BLB14D9 |
| 0.43% | -- | VIRGIN MEDIA SECURED FIN | 5.50% | 05/15/2029 | -- | $490,658.60 | 553,000 | BJDQX75 |
| 0.43% | -- | SOUTHWESTERN ENERGY CO | 5.38% | 03/15/2030 | -- | $490,069.60 | 540,000 | BMDVV88 |
| 0.43% | -- | CIVITAS RESOURCES INC | 8.75% | 07/01/2031 | -- | $489,417.50 | 481,000 | BRT75V6 |
| 0.42% | -- | ARDAGH PKG FIN/HLDGS USA | 4.13% | 08/15/2026 | -- | $488,252.59 | 537,000 | BK5HL35 |
| 0.41% | -- | VALARIS LTD | 8.38% | 04/30/2030 | -- | $476,214.20 | 476,000 | BPK4CP5 |
| 0.41% | -- | AVANTOR FUNDING INC | 4.63% | 07/15/2028 | -- | $470,562.98 | 521,000 | BMVVY70 |
| 0.41% | -- | POST HOLDINGS INC | 4.63% | 04/15/2030 | -- | $468,897.68 | 548,000 | BLCF601 |
| 0.41% | -- | NRG ENERGY INC | 3.88% | 02/15/2032 | -- | $468,412.68 | 629,000 | BNSNQY7 |
| 0.41% | -- | SPIRIT AEROSYSTEMS INC | 7.50% | 04/15/2025 | -- | $467,265.70 | 480,000 | BMCQ6D4 |
| 0.40% | -- | VZ SECURED FINANCING BV | 5.00% | 01/15/2032 | -- | $464,356.51 | 598,000 | BM94BT2 |
| 0.40% | -- | ILIAD HOLDING SAS | 6.50% | 10/15/2026 | -- | $459,025.00 | 491,000 | BLCW8V7 |
| 0.40% | -- | SELECT MEDICAL CORP | 6.25% | 08/15/2026 | -- | $455,924.96 | 469,000 | BKPHQM9 |
| 0.40% | -- | NEXSTAR MEDIA INC | 4.75% | 11/01/2028 | -- | $455,328.75 | 552,000 | BMFNGQ5 |
| 0.39% | -- | CITGO PETROLEUM CORP | 7.00% | 06/15/2025 | -- | $453,018.40 | 459,000 | BM9SDG5 |
| 0.39% | -- | CDI ESCROW ISSUER INC | 5.75% | 04/01/2030 | -- | $451,443.94 | 500,000 | BPP2DX9 |
| 0.39% | -- | POST HOLDINGS INC | 5.50% | 12/15/2029 | -- | $450,517.07 | 500,000 | BJ7HPV2 |
| 0.39% | -- | NEXSTAR MEDIA INC | 5.63% | 07/15/2027 | -- | $445,973.23 | 503,000 | BJXR8L7 |
| 0.39% | -- | VMED O2 UK FINAN | 4.25% | 01/31/2031 | -- | $444,485.72 | 561,000 | BKVH9C4 |
| 0.39% | -- | STANDARD INDUSTRIES INC | 4.38% | 07/15/2030 | -- | $444,238.81 | 542,000 | BMYXXP4 |
| 0.38% | -- | STAPLES INC | 10.75% | 04/15/2027 | -- | $441,962.80 | 760,000 | BK0L4Q6 |
| 0.38% | -- | STAPLES INC | 7.50% | 04/15/2026 | -- | $436,583.02 | 533,000 | BK0L4K0 |
| 0.38% | -- | ROYAL CARIBBEAN CRUISES | 5.50% | 04/01/2028 | -- | $433,441.05 | 474,000 | BN486D5 |
| 0.37% | -- | ITT HOLDINGS LLC | 6.50% | 08/01/2029 | -- | $429,947.21 | 509,000 | BLC9L19 |
| 0.37% | -- | TALEN ENERGY SUPPLY LLC | 8.63% | 06/01/2030 | -- | $429,446.09 | 419,000 | BQFHT88 |
| 0.37% | -- | TRIUMPH GROUP INC | 9.00% | 03/15/2028 | -- | $427,863.78 | 435,000 | BQT56H6 |
| 0.37% | -- | ENLINK MIDSTREAM LLC | 6.50% | 09/01/2030 | -- | $421,944.43 | 435,000 | BPCNQX6 |
| 0.36% | -- | ALBERTSONS COS/SAFEWAY | 4.63% | 01/15/2027 | -- | $419,534.23 | 446,000 | BK0SQV6 |
| 0.36% | -- | ROLLS-ROYCE PLC | 5.75% | 10/15/2027 | -- | $418,742.55 | 436,000 | BMHLZ37 |
| 0.36% | -- | MPH ACQUISITION HOLDINGS | 5.75% | 11/01/2028 | -- | $416,455.00 | 559,000 | BN2B8J6 |
| 0.36% | -- | NCR CORP | 5.13% | 04/15/2029 | -- | $415,691.42 | 476,000 | BL6KR10 |
| 0.36% | -- | UNITED RENTALS NORTH AM | 3.88% | 02/15/2031 | -- | $413,319.33 | 500,000 | BLFGYK7 |
| 0.35% | -- | COMSTOCK RESOURCES INC | 6.75% | 03/01/2029 | -- | $407,138.47 | 449,000 | BMW2W01 |
| 0.35% | -- | BAUSCH HEALTH COS INC | 11.00% | 09/30/2028 | -- | $403,920.00 | 594,000 | BNBTNV8 |
| 0.35% | -- | NEW FORTRESS ENERGY INC | 6.75% | 09/15/2025 | -- | $402,172.88 | 423,000 | BNGFXX3 |
| 0.35% | -- | WINDSTREAM ESCROW LLC | 7.75% | 08/15/2028 | -- | $398,813.83 | 511,000 | BMH17V9 |
| 0.35% | -- | FIRST QUANTUM MINERALS L | 8.63% | 06/01/2031 | -- | $397,635.40 | 399,000 | -- |
| 0.34% | -- | HERC HOLDINGS INC | 5.50% | 07/15/2027 | -- | $395,649.45 | 420,000 | BHWTW85 |
| 0.34% | -- | PETSMART INC/PETSMART FI | 4.75% | 02/15/2028 | -- | $393,852.65 | 452,000 | BMW5D63 |
| 0.34% | -- | WEATHERFORD INTERNATIONA | 8.63% | 04/30/2030 | -- | $393,824.49 | 391,000 | BNRPC80 |
| 0.34% | -- | SMYRNA READY MIX CONCRET | 6.00% | 11/01/2028 | -- | $390,861.45 | 425,000 | BMDXC58 |
| 0.34% | -- | CLYDESDALE ACQUISITION | 8.75% | 04/15/2030 | -- | $390,804.01 | 457,000 | BQ3QRD8 |
| 0.34% | -- | SCIH SALT HOLDINGS INC | 4.88% | 05/01/2028 | -- | $389,090.27 | 443,000 | BMHBB51 |
| 0.33% | -- | UPC BROADBAND FINCO BV | 4.88% | 07/15/2031 | -- | $383,973.18 | 474,000 | BMT7QC9 |
| 0.33% | -- | KINETIK HOLDINGS LP | 5.88% | 06/15/2030 | -- | $383,350.00 | 410,000 | BQB7JV5 |
| 0.33% | -- | VISTAJET MALTA/VM HOLDS | 6.38% | 02/01/2030 | -- | $380,965.45 | 496,000 | BP4Z8H8 |
| 0.33% | -- | HAWAIIAN BRAND INTELLECT | 5.75% | 01/20/2026 | -- | $376,590.23 | 418,000 | BMGWDD7 |
| 0.32% | -- | AIR CANADA | 3.88% | 08/15/2026 | -- | $365,731.39 | 403,000 | BNNNHG1 |
| 0.32% | -- | PETSMART INC/PETSMART FI | 7.75% | 02/15/2029 | -- | $363,206.14 | 393,000 | BMTN6F0 |
| 0.32% | -- | CALPINE CORP | 5.13% | 03/15/2028 | -- | $362,318.87 | 409,000 | BKZMMC6 |
| 0.31% | -- | ASTON MARTIN CAPITAL HOL | 10.50% | 11/30/2025 | -- | $357,653.26 | 356,000 | BMHV2Z8 |
| 0.31% | -- | BUILDERS FIRSTSOURCE INC | 4.25% | 02/01/2032 | -- | $356,394.69 | 439,000 | BMD9BZ9 |
| 0.31% | -- | CEDAR FAIR/CAN/MAGNUM/MI | 5.50% | 05/01/2025 | -- | $354,436.08 | 362,000 | BMTRDY0 |
| 0.31% | -- | LCM INVESTMENTS HOLDINGS | 4.88% | 05/01/2029 | -- | $352,101.31 | 415,000 | BNM5Z19 |
| 0.30% | -- | EQM MIDSTREAM PARTNERS L | 4.75% | 01/15/2031 | -- | $348,851.10 | 407,000 | BMD50V6 |
| 0.30% | -- | H&E EQUIPMENT SERVICES | 3.88% | 12/15/2028 | -- | $346,609.20 | 410,000 | BLSN159 |
| 0.30% | -- | VMED O2 UK FINAN | 4.75% | 07/15/2031 | -- | $345,587.69 | 429,000 | BP7LR98 |
| 0.30% | -- | MIDCAP FINANCIAL ISSR TR | 6.50% | 05/01/2028 | -- | $341,795.00 | 394,000 | BMBV4H0 |
| 0.30% | -- | TRIVIUM PACKAGING FIN | 5.50% | 08/15/2026 | -- | $340,852.46 | 367,000 | BK0YKJ0 |
| 0.29% | -- | FERTITTA ENTERTAINMENT | 6.75% | 01/15/2030 | -- | $339,246.17 | 417,000 | BPLFC68 |
| 0.29% | -- | MOHEGAN TRIBAL GAMING AU | 8.00% | 02/01/2026 | -- | $335,321.25 | 363,000 | BMYW168 |
| 0.29% | -- | ZAYO GROUP HOLDINGS INC | 4.00% | 03/01/2027 | -- | $333,510.87 | 451,000 | BLBQFB9 |
| 0.29% | -- | NMG HLDCO/NEIMAN MARCUS | 7.13% | 04/01/2026 | -- | $330,937.08 | 354,000 | BNRLH72 |
| 0.29% | -- | MADISON IAQ LLC | 5.88% | 06/30/2029 | -- | $328,859.57 | 410,000 | BM9PWX6 |
| 0.29% | -- | ARDAGH METAL PACKAGING | 4.00% | 09/01/2029 | -- | $328,768.24 | 424,000 | BNKLFF3 |
| 0.28% | -- | FORTRESS TRANS & INFRAST | 5.50% | 05/01/2028 | -- | $327,468.42 | 363,000 | BMD14K1 |
| 0.28% | -- | UNITI GROUP/CSL CAPITAL | 6.50% | 02/15/2029 | -- | $323,855.85 | 500,000 | BMDHSY1 |
| 0.28% | -- | WESCO DISTRIBUTION INC | 7.13% | 06/15/2025 | -- | $323,408.92 | 323,000 | BMYMZS8 |
| 0.28% | -- | DARLING INGREDIENTS INC | 6.00% | 06/15/2030 | -- | $318,270.52 | 336,000 | BN95KZ1 |
| 0.27% | -- | COMPASS GROUP DIVERSIFIE | 5.25% | 04/15/2029 | -- | $312,350.31 | 358,000 | BMDB423 |
| 0.27% | -- | SENSATA TECHNOLOGIES BV | 4.00% | 04/15/2029 | -- | $308,358.22 | 361,000 | BNKFMN2 |
| 0.26% | -- | STAR PARENT INC CALLABLE NOTES FIXED 9% 01/OCT/2030 USD 1000 | -- | -- | -- | $302,893.73 | 300,000 | -- |
| 0.26% | -- | CITGO PETROLEUM CORP CALLABLE NOTES FIXED 8.375% 15/JAN/2029 USD 1000 | -- | -- | -- | $298,800.92 | 300,000 | -- |
| 0.26% | -- | WR GRACE HOLDING LLC | 5.63% | 08/15/2029 | -- | $297,921.10 | 370,000 | BLDBLN6 |
| 0.26% | -- | UNITED AIRLINES INC | 4.38% | 04/15/2026 | -- | $296,104.40 | 321,000 | BMG8799 |
| 0.26% | -- | GRAY ESCROW II INC | 5.38% | 11/15/2031 | -- | $294,737.38 | 458,000 | BM93J39 |
| 0.26% | -- | LEVEL 3 FINANCING INC | 4.25% | 07/01/2028 | -- | $294,192.97 | 476,000 | BMTR5N3 |
| 0.25% | -- | PACTIV EVERGREEN GROUP | 4.00% | 10/15/2027 | -- | $290,527.05 | 330,000 | BJLTTQ7 |
| 0.25% | -- | SOUTHWESTERN ENERGY CO | 4.75% | 02/01/2032 | -- | $290,289.01 | 340,000 | BMH4406 |
| 0.25% | -- | EQUIPMENTSHARE.COM INC CALLABLE NOTES FIXED 9% 15/MAY/2028 USD 1000 | -- | -- | -- | $288,510.00 | 300,000 | -- |
| 0.25% | -- | ROBLOX CORP | 3.88% | 05/01/2030 | -- | $287,725.76 | 360,000 | BNHW2C5 |
| 0.25% | -- | MIDAS OPCO HOLDINGS LLC | 5.63% | 08/15/2029 | -- | $286,327.24 | 356,000 | BMY8TS4 |
| 0.25% | -- | STANDARD INDUSTRIES INC | 3.38% | 01/15/2031 | -- | $286,301.66 | 374,000 | BMFNDV9 |
| 0.25% | -- | HERTZ CORP/THE | 5.00% | 12/01/2029 | -- | $284,133.27 | 366,000 | BP9LWV3 |
| 0.24% | -- | MICHAELS COS INC/THE | 7.88% | 05/01/2029 | -- | $280,643.58 | 423,000 | BN6JYJ8 |
| 0.24% | -- | UBER TECHNOLOGIES INC | 4.50% | 08/15/2029 | -- | $279,244.35 | 314,000 | BNSNM61 |
| 0.24% | -- | MPT OPER PARTNERSP/FINL | 3.50% | 03/15/2031 | -- | $276,731.47 | 441,000 | BMF4PW7 |
| 0.24% | -- | SIRIUS XM RADIO INC | 4.00% | 07/15/2028 | -- | $276,573.28 | 326,000 | BMBJVY0 |
| 0.24% | -- | ALLISON TRANSMISSION INC | 3.75% | 01/30/2031 | -- | $276,241.59 | 344,000 | BMX50K5 |
| 0.24% | -- | COINBASE GLOBAL INC | 3.38% | 10/01/2028 | -- | $275,758.77 | 384,000 | BN6KWY2 |
| 0.24% | -- | CMG MEDIA CORPORATION | 8.88% | 12/15/2027 | -- | $275,340.00 | 353,000 | BK7CY84 |
| 0.24% | -- | AMC NETWORKS INC | 4.25% | 02/15/2029 | -- | $271,541.60 | 440,000 | BLCHH93 |
| 0.23% | -- | NEWS CORP | 3.88% | 05/15/2029 | -- | $267,768.37 | 313,000 | BMV9PS2 |
| 0.23% | -- | JEFFERIES FIN LLC / JFIN | 5.00% | 08/15/2028 | -- | $267,066.19 | 316,000 | BP83D39 |
| 0.23% | -- | TRONOX INC | 4.63% | 03/15/2029 | -- | $266,427.41 | 332,000 | BNQPRV9 |
| 0.23% | -- | IHEARTCOMMUNICATIONS INC | 8.38% | 05/01/2027 | -- | $264,953.82 | 370,000 | BK0NK86 |
| 0.23% | -- | FERTITTA ENTERTAINMENT | 4.63% | 01/15/2029 | -- | $258,995.34 | 306,000 | BMH29D8 |
| 0.22% | -- | ALLIANT HOLD / CO-ISSUER | 6.75% | 10/15/2027 | -- | $253,640.00 | 272,000 | BJK69N6 |
| 0.21% | -- | TRANSOCEAN INC | 8.75% | 02/15/2030 | -- | $246,275.61 | 241,300 | BL0NW76 |
| 0.21% | -- | HILTON DOMESTIC OPERATIN | 4.00% | 05/01/2031 | -- | $245,811.06 | 293,000 | BNDLGZ7 |
| 0.21% | -- | UNIVISION COMMUNICATIONS | 6.63% | 06/01/2027 | -- | $236,648.41 | 253,000 | BMG68Y5 |
| 0.20% | -- | PARAMOUNT GLOBAL | 6.38% | 03/30/2062 | -- | $235,269.00 | 300,000 | BMXHJH1 |
| 0.20% | -- | BALL CORP | 2.88% | 08/15/2030 | -- | $230,678.69 | 293,000 | BMG3813 |
| 0.16% | -- | RADIATE HOLDCO / FINANCE | 6.50% | 09/15/2028 | -- | $181,790.00 | 343,000 | BM9TR00 |
| 0.15% | -- | CSC HOLDINGS LLC | 4.63% | 12/01/2030 | -- | $170,262.24 | 325,000 | BM9M1M9 |
| 0.15% | -- | FRONTIER COMMUNICATIONS | 8.75% | 05/15/2030 | -- | $170,126.92 | 179,000 | BPG22V9 |
| 0.13% | -- | ROCKET MORTGAGE LLC / ROCKET MORTGAGE CO-ISSUER INC CALLABLE NOTES FIXED 2.875% 15/OCT/2026 USD 1000 | -- | -- | -- | $144,112.65 | 165,000 | -- |
| 0.11% | -- | NRG ENERGY INC | 3.63% | 02/15/2031 | -- | $129,993.91 | 173,000 | BNM51T9 |
| 0.11% | -- | CLEAR CHANNEL OUTDOOR HO | 7.50% | 06/01/2029 | -- | $126,752.93 | 168,000 | BNHS096 |
| 0.09% | -- | IRON MOUNTAIN INC | 5.25% | 07/15/2030 | -- | $101,582.28 | 117,000 | BL57W73 |
| 0.09% | -- | VISTRA CORP | 5.00% | 07/31/2027 | -- | $98,964.31 | 108,000 | BHRH886 |
| 0.08% | -- | ZAYO GROUP HOLDINGS INC | 6.13% | 03/01/2028 | -- | $94,859.94 | 146,000 | BLBQF75 |
| 0.05% | -- | ICAHN ENTERPRISES/FIN | 5.25% | 05/15/2027 | -- | $60,209.40 | 69,000 | BLGSGV7 |
| 0.05% | -- | PG&E CORP | 5.00% | 07/01/2028 | -- | $57,804.93 | 64,000 | BLCC3Z6 |
| 0.03% | -- | TEGNA INC | 5.00% | 09/15/2029 | -- | $35,158.62 | 42,000 | BMXC0P1 |
| 0.03% | -- | COMMSCOPE INC | 4.75% | 09/01/2029 | -- | $31,051.61 | 43,000 | BLDBLL4 |
| 0.02% | -- | SBA COMMUNICATIONS CORP | 3.88% | 02/15/2027 | -- | $23,783.84 | 26,000 | BNBTL14 |
| 0.01% | -- | YUM! BRANDS INC | 3.63% | 03/15/2031 | -- | $14,796.66 | 18,000 | BN7S9F5 |
| -- | -- | ORGANON & CO/ORG | 5.13% | 04/30/2031 | -- | $2,373.24 | 3,000 | BMV1L02 |
| -- | -- | NET OTHER ASSETS (LIABILITIES) | -- | -- | -- | $6,326,271.81 | 6,326,272 | -- |
| -25.90% | -- | US 2YR NOTE (CBT) BOND 29/DEC/2023 TUZ3 COMDTY | -- | -- | -29,783,578 | -- | -147 | -- |
| -28.04% | -- | US 10YR NOTE (CBT) BOND 19/DEC/2023 TYZ3 COMDTY | -- | -- | -32,249,953 | -- | -299 | -- |
| -40.89% | -- | US 5YR NOTE (CBT) BOND 29/DEC/2023 FVZ3 COMDTY | -- | -- | -47,025,797 | -- | -447 | -- |
Index
as of 6/30/2023
- Total Number of Issues222
- Long Portfolio Duration3.86
- Net Effective Duration0.87
- Long Portfolio Yield8.74
- Net Index Yield4.22
About the Index
The index is comprised of (a) long positions in USD-denominated high yield corporate bonds ("high yield bonds") and (b) short positions in U.S. Treasury notes or bonds ("Treasury Securities") of, in aggregate, approximate equivalent duration. In entering these positions, the index seeks to achieve an overall effective duration of zero.
By taking such short positions, the index seeks to mitigate the potential negative impact of rising Treasury interest rates ("interest rates") on the performance of high yield bonds (conversely limiting the potential positive impact of falling interest rates). The short positions are not intended to mitigate other factors influencing the price of high yield bonds, such as credit risk, which may have a greater impact than rising or falling interest rates.
The long high yield corporate bond positions included in the index are designed to represent the more liquid universe of high yield bonds for sale within the United States. Currently, the bonds eligible for inclusion in the index include high yield bonds that are issued by companies domiciled in the U.S. and Canada, and that are: fixed rate (including callable bonds); have a maximum rating of Ba1/BB+ by both Moody's Investors Service, Inc. ("Moody's") and Standard and Poor's Financial Services, LLC ("S&P"); and are subject to minimum issue outstanding, minimum time to maturity and maximum time from issuance criteria. Pay-in-kind bonds (which allow issuers the option of paying bondholders interest in additional securities or cash) are excluded. No more than two issues from each issuer are allowed, and no more than 2% of the index is allocated to any single issuer.
The index is reconstituted and rebalanced (including a reset of the duration-equivalent short position in Treasury Securities) on a monthly basis.
Distributions
For
- 2023
- 2022
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
| Ex-Dividend Date | Record Date | Payable Date | Dividend | Long-Term Capital Gain | Short-Term Capital Gain | Return of Capital |
|---|