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 | 0.03% | 0.22% | 2.21% | 3.21% | 3.82% | 6.97% | 3.01% | -- | 2.49% | 05/21/2013 |
| HYHG NAV | 0.39% | 0.34% | 2.14% | 3.13% | 3.51% | 6.99% | 2.99% | -- | 2.48% | 05/21/2013 |
| FTSE High Yield (Treasury Rate-Hedged) Index | 0.19% | -0.67% | -0.21% | 1.64% | 1.46% | 6.72% | 3.00% | -- | 3.01% | -- |
| Fund + Index | 1m | 3m | 6m | YTD | 1Y | 3Y | 5Y | 10Y | Since Inception | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|
| HYHG Market Price | -0.38% | 3.18% | 6.57% | 3.18% | 1.24% | 8.17% | 3.30% | -- | 2.51% | 05/21/2013 |
| HYHG NAV | -0.84% | 2.73% | 6.04% | 2.73% | 0.86% | 7.68% | 3.23% | -- | 2.46% | 05/21/2013 |
| FTSE High Yield (Treasury Rate-Hedged) Index | -1.50% | 1.45% | 4.12% | 1.45% | -0.72% | 7.38% | 3.29% | -- | 3.01% | -- |
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
- Unitary Expense Ratio 0.50%*
- NAV Calculation Time 3:00 p.m. ET
- Distributions Monthly
Characteristics
as of 4/30/2023- 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 6.3%
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 7.96%
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 8.30% - Net Effective Duration -0.04%
Price
as of 5/26/2023- NAV $59.32
- NAV Change $+0.17
- Market Price $0.00
- Market Price Change $0.00
- Trading Volume (M) 0
- 30-Day Median Bid Ask Spread 0.45%
- 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 4/30/2023- 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 6.3%
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 7.96%
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 8.30%
- Net Effective Duration -0.04%
Price
as of 5/26/2023- NAV $59.32
- NAV Change $+0.17
- Market Price $0.00
- Market Price Change $0.00
- Trading Volume (M) 0
- 30-Day Median Bid Ask Spread 0.45%
- View Premium / Discount
Exposures
Index as of 9/30/2022
Holdings
as of 5/26/2023
| Weight | Ticker | Description | Coupon Rate | Maturity Date | Exposure Value (Notional + GL) |
Market Value | Shares/Contracts | SEDOL Number |
|---|---|---|---|---|---|---|---|---|
| 1.64% | -- | CLOUD SOFTWARE GRP INC | 6.50% | 03/31/2029 | -- | $1,822,521.92 | 2,065,000 | BN2QTP4 |
| 1.53% | -- | ORGANON & CO/ORG | 4.13% | 04/30/2028 | -- | $1,702,932.55 | 1,908,000 | BMV1LQ8 |
| 1.46% | -- | DISH DBS CORP | 5.25% | 12/01/2026 | -- | $1,630,317.37 | 2,084,000 | BNRLYV5 |
| 1.29% | -- | CAESARS ENTERTAIN INC | 6.25% | 07/01/2025 | -- | $1,438,232.18 | 1,443,000 | BLFBXP0 |
| 1.20% | -- | AMERICAN AIRLINES/AADVAN | 5.50% | 04/20/2026 | -- | $1,331,901.54 | 1,359,000 | BM8H716 |
| 1.10% | -- | INTELSAT JACKSON HLDG | 6.50% | 03/15/2030 | -- | $1,221,385.79 | 1,342,000 | BNTY069 |
| 0.98% | -- | SBA COMMUNICATIONS CORP | 3.13% | 02/01/2029 | -- | $1,088,144.48 | 1,297,000 | BPVBYZ9 |
| 0.96% | -- | BOMBARDIER INC | 7.88% | 04/15/2027 | -- | $1,065,704.51 | 1,076,000 | BHL3S24 |
| 0.95% | -- | 1011778 BC / NEW RED FIN | 4.00% | 10/15/2030 | -- | $1,059,860.88 | 1,244,000 | BMT6QQ0 |
| 0.94% | -- | FRONTIER COMMUNICATIONS | 5.00% | 05/01/2028 | -- | $1,051,378.14 | 1,252,000 | BMF4PS3 |
| 0.92% | -- | TENET HEALTHCARE CORP | 4.88% | 01/01/2026 | -- | $1,018,719.66 | 1,052,000 | BPVDS20 |
| 0.91% | -- | DIRECTV FIN LLC/COINC | 5.88% | 08/15/2027 | -- | $1,014,950.71 | 1,157,000 | BN765Z1 |
| 0.91% | -- | TRANSDIGM INC | 5.50% | 11/15/2027 | -- | $1,011,788.09 | 1,076,000 | BM9QGV5 |
| 0.91% | -- | ALTICE FRANCE SA | 5.13% | 07/15/2029 | -- | $1,011,332.88 | 1,429,000 | BM9V193 |
| 0.91% | -- | CCO HLDGS LLC/CAP CORP | 4.75% | 03/01/2030 | -- | $1,010,689.14 | 1,203,000 | BK6WV51 |
| 0.91% | -- | UNITED AIRLINES INC | 4.63% | 04/15/2029 | -- | $1,007,607.27 | 1,116,000 | BMG8788 |
| 0.89% | -- | MAUSER PACKAGING SOLUT | 7.88% | 08/15/2026 | -- | $987,189.10 | 1,000,000 | BQB4RH8 |
| 0.87% | -- | CARNIVAL CORP | 5.75% | 03/01/2027 | -- | $972,379.93 | 1,143,000 | BMHYR18 |
| 0.83% | -- | MEDLINE BORROWER LP | 5.25% | 10/01/2029 | -- | $926,936.76 | 1,090,000 | BMWDGR9 |
| 0.83% | -- | ALLIED UNIVERSAL | 6.63% | 07/15/2026 | -- | $925,963.53 | 985,000 | BJYCQ73 |
| 0.83% | -- | AMERICAN AIRLINES/AADVAN | 5.75% | 04/20/2029 | -- | $924,586.41 | 967,000 | BM8H783 |
| 0.81% | -- | CARNIVAL CORP | 4.00% | 08/01/2028 | -- | $906,471.85 | 1,042,000 | BMD9Z35 |
| 0.81% | -- | VMED O2 UK FINAN | 4.25% | 01/31/2031 | -- | $900,968.42 | 1,112,000 | BKVH9C4 |
| 0.81% | -- | TRANSDIGM INC | 6.25% | 03/15/2026 | -- | $898,301.33 | 907,000 | BJJQH22 |
| 0.80% | -- | MEDLINE BORROWER LP | 3.88% | 04/01/2029 | -- | $893,505.31 | 1,045,000 | BMW4P42 |
| 0.80% | -- | CHS/COMMUNITY HEALTH SYS | 8.00% | 03/15/2026 | -- | $885,180.40 | 944,000 | BHL3S91 |
| 0.77% | -- | PRIME SECSRVC BRW/FINANC | 5.75% | 04/15/2026 | -- | $861,350.61 | 883,000 | BJTRRK3 |
| 0.75% | -- | CLARIOS GLOBAL LP/US FIN | 8.50% | 05/15/2027 | -- | $836,665.20 | 837,000 | BJ0M440 |
| 0.73% | -- | UNITI GROUP/CSL CAPITAL | 10.50% | 02/15/2028 | -- | $811,842.21 | 843,000 | BR1H7L8 |
| 0.71% | -- | NEPTUNE BIDCO US INC | 9.29% | 04/15/2029 | -- | $795,004.20 | 865,000 | BQKN5B6 |
| 0.71% | -- | ALBERTSONS COS/SAFEWAY | 3.50% | 03/15/2029 | -- | $791,252.09 | 914,000 | BKPMPR2 |
| 0.71% | -- | CARVANA CO | 10.25% | 05/01/2030 | -- | $786,648.78 | 1,186,000 | BNM2662 |
| 0.70% | -- | UNIVISION COMMUNICATIONS | 4.50% | 05/01/2029 | -- | $774,795.90 | 924,000 | BLBLP92 |
| 0.69% | -- | WESCO DISTRIBUTION INC | 7.13% | 06/15/2025 | -- | $766,908.04 | 762,000 | BMYMZS8 |
| 0.68% | -- | DAVITA INC | 4.63% | 06/01/2030 | -- | $756,450.12 | 884,000 | BMW7NB4 |
| 0.67% | -- | CCO HLDGS LLC/CAP CORP | 4.25% | 02/01/2031 | -- | $748,545.04 | 942,000 | BN2R7D1 |
| 0.67% | -- | PETSMART INC/PETSMART FI | 4.75% | 02/15/2028 | -- | $744,281.34 | 802,000 | BMW5D63 |
| 0.67% | -- | ALLIANT HOLD / CO-ISSUER | 6.75% | 04/15/2028 | -- | $741,327.38 | 755,000 | BMXHQ92 |
| 0.66% | -- | SIRIUS XM RADIO INC | 3.88% | 09/01/2031 | -- | $737,435.90 | 1,000,000 | BM9SD09 |
| 0.66% | -- | UBER TECHNOLOGIES INC | 8.00% | 11/01/2026 | -- | $736,759.12 | 722,000 | BG87FX2 |
| 0.66% | -- | 1011778 BC / NEW RED FIN | 3.88% | 01/15/2028 | -- | $736,373.93 | 806,000 | BJJJT70 |
| 0.66% | -- | ATHENAHEALTH GROUP INC | 6.50% | 02/15/2030 | -- | $736,205.98 | 914,000 | BN7SNC0 |
| 0.65% | -- | TENET HEALTHCARE CORP | 6.13% | 10/01/2028 | -- | $728,506.99 | 772,000 | BPVDS42 |
| 0.65% | -- | DT MIDSTREAM INC | 4.38% | 06/15/2031 | -- | $728,364.59 | 873,000 | BLN9LB8 |
| 0.65% | -- | NGL ENRGY OP/FIN CORP | 7.50% | 02/01/2026 | -- | $727,475.00 | 762,000 | BL5C524 |
| 0.63% | -- | SS&C TECHNOLOGIES INC | 5.50% | 09/30/2027 | -- | $705,421.32 | 737,000 | BJQ1YJ6 |
| 0.63% | -- | ICAHN ENTERPRISES/FIN | 6.25% | 05/15/2026 | -- | $703,746.25 | 821,000 | BJ11SH7 |
| 0.62% | -- | WEATHERFORD INTERNATIONA | 8.63% | 04/30/2030 | -- | $695,188.15 | 691,000 | BNRPC80 |
| 0.62% | -- | FORD MOTOR COMPANY | 3.25% | 02/12/2032 | -- | $686,688.94 | 912,000 | BPJP107 |
| 0.61% | -- | BAUSCH HEALTH COS INC | 11.00% | 09/30/2028 | -- | $683,270.00 | 908,000 | BNBTNV8 |
| 0.61% | -- | NCL CORPORATION LTD | 5.88% | 03/15/2026 | -- | $681,955.72 | 761,000 | BMB5SR0 |
| 0.60% | -- | FORD MOTOR CREDIT CO LLC | 3.38% | 11/13/2025 | -- | $668,396.35 | 725,000 | BMWS436 |
| 0.60% | -- | DISH NETWORK CORP | 11.75% | 11/15/2027 | -- | $665,134.21 | 692,000 | BQB9NW0 |
| 0.59% | -- | COMMSCOPE INC | 6.00% | 03/01/2026 | -- | $654,151.47 | 700,000 | BGDS1B0 |
| 0.57% | -- | TEGNA INC | 4.63% | 03/15/2028 | -- | $633,937.50 | 735,000 | BNTBJ41 |
| 0.55% | -- | CALPINE CORP | 4.50% | 02/15/2028 | -- | $613,144.93 | 673,000 | BJVS9S6 |
| 0.54% | -- | SOUTHWESTERN ENERGY CO | 4.75% | 02/01/2032 | -- | $606,468.47 | 704,000 | BMH4406 |
| 0.54% | -- | ROCKETMTGE CO-ISSUER INC | 3.88% | 03/01/2031 | -- | $603,720.00 | 774,000 | BN7RYH9 |
| 0.54% | -- | STANDARD INDUSTRIES INC | 4.38% | 07/15/2030 | -- | $602,121.04 | 717,000 | BMYXXP4 |
| 0.54% | -- | PG&E CORP | 5.25% | 07/01/2030 | -- | $602,007.50 | 672,000 | BLCC408 |
| 0.54% | -- | CHART INDUSTRIES INC | 7.50% | 01/01/2030 | -- | $601,960.00 | 596,000 | BLC8Z03 |
| 0.54% | -- | NFP CORP | 6.88% | 08/15/2028 | -- | $598,889.71 | 728,000 | BLD6JG0 |
| 0.54% | -- | VISTRA OPERATIONS CO LLC | 5.63% | 02/15/2027 | -- | $597,473.81 | 625,000 | BHQTTK2 |
| 0.53% | -- | MCAFEE CORP | 7.38% | 02/15/2030 | -- | $594,993.64 | 716,000 | BNNPV76 |
| 0.53% | -- | IRON MOUNTAIN INC | 4.50% | 02/15/2031 | -- | $589,832.60 | 700,000 | BMG1HP4 |
| 0.52% | -- | CLEAR CHANNEL OUTDOOR HO | 5.13% | 08/15/2027 | -- | $577,868.56 | 658,000 | BJ9NFT6 |
| 0.52% | -- | ROYAL CARIBBEAN CRUISES | 5.50% | 04/01/2028 | -- | $574,482.95 | 630,000 | BN486D5 |
| 0.51% | -- | ARAMARK SERVICES INC | 6.38% | 05/01/2025 | -- | $572,125.00 | 575,000 | BMXPRX7 |
| 0.51% | -- | VERITAS US INC/BERMUDA L | 7.50% | 09/01/2025 | -- | $569,474.14 | 764,000 | BL6B0F8 |
| 0.51% | -- | PERFORMANCE FOOD GROUP I | 5.50% | 10/15/2027 | -- | $567,259.12 | 591,000 | BKWG6T6 |
| 0.51% | -- | BLOCK INC | 2.75% | 06/01/2026 | -- | $566,072.21 | 633,000 | BMX4FJ6 |
| 0.51% | -- | WINDSTREAM ESCROW LLC | 7.75% | 08/15/2028 | -- | $565,352.66 | 697,000 | BMH17V9 |
| 0.50% | -- | NEW FORTRESS ENERGY INC | 6.50% | 09/30/2026 | -- | $562,012.61 | 637,000 | BP0X973 |
| 0.50% | -- | HILTON DOMESTIC OPERATIN | 3.63% | 02/15/2032 | -- | $555,926.52 | 674,000 | BKPJT48 |
| 0.50% | -- | NOVELIS CORP | 4.75% | 01/30/2030 | -- | $553,627.09 | 624,000 | BKLPSC1 |
| 0.49% | -- | CSC HOLDINGS LLC | 5.75% | 01/15/2030 | -- | $547,537.69 | 1,261,000 | BKFH0Y9 |
| 0.49% | -- | VERICAST CORP | 11.00% | 09/15/2026 | -- | $546,795.00 | 522,000 | BP96BJ9 |
| 0.49% | -- | DAVITA INC | 3.75% | 02/15/2031 | -- | $546,168.64 | 687,000 | BMFBJQ0 |
| 0.48% | -- | STAPLES INC | 7.50% | 04/15/2026 | -- | $531,565.04 | 647,000 | BK0L4K0 |
| 0.47% | -- | CQP HOLDCO LP/BIP-V CHIN | 5.50% | 06/15/2031 | -- | $520,574.67 | 587,000 | BM8H4Y8 |
| 0.47% | -- | VENTURE GLOBAL CALCASIEU | 4.13% | 08/15/2031 | -- | $519,322.95 | 611,000 | BMY9R27 |
| 0.46% | -- | IMOLA MERGER CORP | 4.75% | 05/15/2029 | -- | $513,336.25 | 603,000 | BJNPGH3 |
| 0.45% | -- | COINBASE GLOBAL INC | 3.63% | 10/01/2031 | -- | $502,773.39 | 867,000 | BN6KWX1 |
| 0.45% | -- | CAESARS ENTERTAIN INC | 7.00% | 02/15/2030 | -- | $500,254.00 | 500,000 | BPX27Q2 |
| 0.45% | -- | FIRST QUANTUM MINERALS L | 6.88% | 10/15/2027 | -- | $496,293.68 | 521,000 | BMZRC58 |
| 0.45% | -- | ZAYO GROUP HOLDINGS INC | 4.00% | 03/01/2027 | -- | $495,667.89 | 719,000 | BLBQFB9 |
| 0.44% | -- | MPH ACQUISITION HOLDINGS | 5.75% | 11/01/2028 | -- | $490,762.02 | 691,000 | BN2B8J6 |
| 0.43% | -- | NRG ENERGY INC | 3.88% | 02/15/2032 | -- | $482,690.83 | 629,000 | BNSNQY7 |
| 0.43% | -- | AVANTOR FUNDING INC | 4.63% | 07/15/2028 | -- | $481,575.57 | 521,000 | BMVVY70 |
| 0.43% | -- | POST HOLDINGS INC | 4.63% | 04/15/2030 | -- | $478,356.05 | 548,000 | BLCF601 |
| 0.43% | -- | TK ELEVATOR US NEWCO INC | 5.25% | 07/15/2027 | -- | $477,033.56 | 522,000 | BMC7DR0 |
| 0.43% | -- | SPIRIT AEROSYSTEMS INC | 7.50% | 04/15/2025 | -- | $474,317.42 | 480,000 | BMCQ6D4 |
| 0.42% | -- | CDI ESCROW ISSUER INC | 5.75% | 04/01/2030 | -- | $468,277.70 | 500,000 | BPP2DX9 |
| 0.42% | -- | TULLOW OIL PLC | 10.25% | 05/15/2026 | -- | $465,118.00 | 626,000 | BKPGFV8 |
| 0.42% | -- | NEXSTAR MEDIA INC | 4.75% | 11/01/2028 | -- | $464,076.82 | 552,000 | BMFNGQ5 |
| 0.42% | -- | BUILDERS FIRSTSOURCE INC | 4.25% | 02/01/2032 | -- | $463,832.03 | 541,000 | BMD9BZ9 |
| 0.42% | -- | ILIAD HOLDING SAS | 6.50% | 10/15/2026 | -- | $462,070.72 | 491,000 | BLCW8V7 |
| 0.41% | -- | NEXSTAR MEDIA INC | 5.63% | 07/15/2027 | -- | $460,063.33 | 503,000 | BJXR8L7 |
| 0.41% | -- | SELECT MEDICAL CORP | 6.25% | 08/15/2026 | -- | $455,659.48 | 469,000 | BKPHQM9 |
| 0.40% | -- | IQVIA INC | 5.00% | 05/15/2027 | -- | $443,338.89 | 460,000 | BK62T46 |
| 0.40% | -- | TRIUMPH GROUP INC | 9.00% | 03/15/2028 | -- | $442,612.50 | 435,000 | BQT56H6 |
| 0.40% | -- | CHS/COMMUNITY HEALTH SYS | 5.63% | 03/15/2027 | -- | $441,041.51 | 516,000 | BNNTB78 |
| 0.39% | -- | FERTITTA ENTERTAINMENT | 4.63% | 01/15/2029 | -- | $435,960.00 | 504,000 | BMH29D8 |
| 0.38% | -- | ROLLS-ROYCE PLC | 5.75% | 10/15/2027 | -- | $427,718.96 | 436,000 | BMHLZ37 |
| 0.38% | -- | UNITED RENTALS NORTH AM | 3.88% | 02/15/2031 | -- | $424,686.50 | 500,000 | BLFGYK7 |
| 0.38% | -- | CLOUD SOFTWARE GRP INC | 9.00% | 09/30/2029 | -- | $421,871.21 | 500,000 | -- |
| 0.38% | -- | VERSCEND ESCROW CORP | 9.75% | 08/15/2026 | -- | $419,180.43 | 418,000 | BD0BPV9 |
| 0.37% | -- | LIFEPT/LEGACY LIFEPT | 9.75% | 12/01/2026 | -- | $416,319.81 | 548,000 | BGYDGW0 |
| 0.37% | -- | ARDAGH PKG FIN/HLDGS USA | 4.13% | 08/15/2026 | -- | $414,500.46 | 444,000 | BK5HL35 |
| 0.37% | -- | NCR CORP | 5.13% | 04/15/2029 | -- | $413,989.86 | 476,000 | BL6KR10 |
| 0.36% | -- | COMSTOCK RESOURCES INC | 6.75% | 03/01/2029 | -- | $398,455.58 | 449,000 | BMW2W01 |
| 0.36% | -- | HERC HOLDINGS INC | 5.50% | 07/15/2027 | -- | $398,035.60 | 420,000 | BHWTW85 |
| 0.36% | -- | GENESIS ENERGY LP/FIN | 8.00% | 01/15/2027 | -- | $397,527.80 | 410,000 | BN717J4 |
| 0.35% | -- | ITT HOLDINGS LLC | 6.50% | 08/01/2029 | -- | $394,875.30 | 509,000 | BLC9L19 |
| 0.35% | -- | SMYRNA READY MIX CONCRET | 6.00% | 11/01/2028 | -- | $394,444.71 | 425,000 | BMDXC58 |
| 0.35% | -- | UPC BROADBAND FINCO BV | 4.88% | 07/15/2031 | -- | $394,277.94 | 474,000 | BMT7QC9 |
| 0.35% | -- | CLYDESDALE ACQUISITION | 8.75% | 04/15/2030 | -- | $394,209.57 | 457,000 | BQ3QRD8 |
| 0.35% | -- | SCIH SALT HOLDINGS INC | 4.88% | 05/01/2028 | -- | $391,468.07 | 443,000 | BMHBB51 |
| 0.35% | -- | NEW FORTRESS ENERGY INC | 6.75% | 09/15/2025 | -- | $388,085.24 | 423,000 | BNGFXX3 |
| 0.35% | -- | HAWAIIAN BRAND INTELLECT | 5.75% | 01/20/2026 | -- | $386,621.45 | 418,000 | BMGWDD7 |
| 0.35% | -- | KINETIK HOLDINGS LP | 5.88% | 06/15/2030 | -- | $385,420.66 | 410,000 | BQB7JV5 |
| 0.33% | -- | LIVE NATION ENTERTAINMEN | 6.50% | 05/15/2027 | -- | $368,988.57 | 370,000 | BMFKW46 |
| 0.33% | -- | MATADOR RESOURCES CO | 5.88% | 09/15/2026 | -- | $368,696.31 | 381,000 | BJ1MZM4 |
| 0.33% | -- | ONEMAIN FINANCE CORP | 7.13% | 03/15/2026 | -- | $368,483.76 | 388,000 | BDTMS47 |
| 0.33% | -- | ROYAL CARIBBEAN CRUISES | 11.50% | 06/01/2025 | -- | $367,818.60 | 348,000 | BMFMWD1 |
| 0.32% | -- | ASTON MARTIN CAPITAL HOL | 10.50% | 11/30/2025 | -- | $358,781.43 | 356,000 | BMHV2Z8 |
| 0.32% | -- | LEVEL 3 FINANCING INC | 4.25% | 07/01/2028 | -- | $353,607.33 | 617,000 | BMTR5N3 |
| 0.31% | -- | H&E EQUIPMENT SERVICES | 3.88% | 12/15/2028 | -- | $350,504.12 | 410,000 | BLSN159 |
| 0.31% | -- | TRIVIUM PACKAGING FIN | 5.50% | 08/15/2026 | -- | $347,745.27 | 367,000 | BK0YKJ0 |
| 0.31% | -- | VZ SECURED FINANCING BV | 5.00% | 01/15/2032 | -- | $347,592.37 | 436,000 | BM94BT2 |
| 0.31% | -- | LCM INVESTMENTS HOLDINGS | 4.88% | 05/01/2029 | -- | $346,942.70 | 415,000 | BNM5Z19 |
| 0.31% | -- | BATH & BODY WORKS INC | 6.63% | 10/01/2030 | -- | $346,678.59 | 364,000 | BMH1559 |
| 0.31% | -- | MIDCAP FINANCIAL ISSR TR | 6.50% | 05/01/2028 | -- | $344,460.41 | 394,000 | BMBV4H0 |
| 0.31% | -- | BAUSCH HEALTH COS INC | 4.88% | 06/01/2028 | -- | $341,825.00 | 565,000 | BLB14D9 |
| 0.30% | -- | EQM MIDSTREAM PARTNERS L | 4.75% | 01/15/2031 | -- | $338,763.15 | 407,000 | BMD50V6 |
| 0.30% | -- | FERTITTA ENTERTAINMENT | 6.75% | 01/15/2030 | -- | $335,274.88 | 417,000 | BPLFC68 |
| 0.30% | -- | ARDAGH METAL PACKAGING | 4.00% | 09/01/2029 | -- | $330,252.84 | 424,000 | BNKLFF3 |
| 0.29% | -- | DARLING INGREDIENTS INC | 6.00% | 06/15/2030 | -- | $327,514.12 | 334,000 | BN95KZ1 |
| 0.29% | -- | POST HOLDINGS INC | 4.50% | 09/15/2031 | -- | $325,091.61 | 385,000 | BMZ9QV8 |
| 0.29% | -- | FORTRESS TRANS & INFRAST | 5.50% | 05/01/2028 | -- | $324,939.09 | 363,000 | BMD14K1 |
| 0.29% | -- | CITGO PETROLEUM CORP | 7.00% | 06/15/2025 | -- | $321,440.00 | 328,000 | BM9SDG5 |
| 0.29% | -- | NMG HLDCO/NEIMAN MARCUS | 7.13% | 04/01/2026 | -- | $319,347.72 | 354,000 | BNRLH72 |
| 0.29% | -- | SENSATA TECHNOLOGIES BV | 4.00% | 04/15/2029 | -- | $319,123.53 | 361,000 | BNKFMN2 |
| 0.29% | -- | MOHEGAN TRIBAL GAMING AU | 8.00% | 02/01/2026 | -- | $318,321.96 | 363,000 | BMYW168 |
| 0.28% | -- | COMPASS GROUP DIVERSIFIE | 5.25% | 04/15/2029 | -- | $316,161.18 | 358,000 | BMDB423 |
| 0.28% | -- | UNITI GROUP/CSL CAPITAL | 6.50% | 02/15/2029 | -- | $313,275.55 | 500,000 | BMDHSY1 |
| 0.28% | -- | ROBLOX CORP | 3.88% | 05/01/2030 | -- | $306,900.00 | 360,000 | BNHW2C5 |
| 0.28% | -- | IHEARTCOMMUNICATIONS INC | 8.38% | 05/01/2027 | -- | $306,771.39 | 548,000 | BK0NK86 |
| 0.28% | -- | CEDAR FAIR/CAN/MAGNUM/MI | 5.50% | 05/01/2025 | -- | $306,694.52 | 309,000 | BMTRDY0 |
| 0.27% | -- | AIR CANADA | 3.88% | 08/15/2026 | -- | $303,429.65 | 329,000 | BNNNHG1 |
| 0.27% | -- | UNITED AIRLINES INC | 4.38% | 04/15/2026 | -- | $303,354.76 | 321,000 | BMG8799 |
| 0.27% | -- | WR GRACE HOLDING LLC | 5.63% | 08/15/2029 | -- | $303,002.77 | 370,000 | BLDBLN6 |
| 0.27% | -- | MIDAS OPCO HOLDINGS LLC | 5.63% | 08/15/2029 | -- | $302,705.86 | 356,000 | BMY8TS4 |
| 0.27% | -- | MPT OPER PARTNERSP/FINL | 3.50% | 03/15/2031 | -- | $297,826.62 | 441,000 | BMF4PW7 |
| 0.27% | -- | YUM! BRANDS INC | 4.63% | 01/31/2032 | -- | $297,627.33 | 330,000 | BNW2059 |
| 0.27% | -- | GRAY ESCROW II INC | 5.38% | 11/15/2031 | -- | $297,338.76 | 458,000 | BM93J39 |
| 0.26% | -- | PACTIV EVERGREEN GROUP | 4.00% | 10/15/2027 | -- | $292,363.50 | 330,000 | BJLTTQ7 |
| 0.26% | -- | ENLINK MIDSTREAM LLC | 6.50% | 09/01/2030 | -- | $290,534.79 | 293,000 | BPCNQX6 |
| 0.26% | -- | HERTZ CORP/THE | 5.00% | 12/01/2029 | -- | $290,398.12 | 366,000 | BP9LWV3 |
| 0.26% | -- | STANDARD INDUSTRIES INC | 3.38% | 01/15/2031 | -- | $289,663.04 | 374,000 | BMFNDV9 |
| 0.26% | -- | TRANSOCEAN INC | 8.75% | 02/15/2030 | -- | $287,340.78 | 288,000 | BL0NW76 |
| 0.26% | -- | VISTRA CORP | 5.00% | 07/31/2027 | -- | $286,664.59 | 306,000 | BHRH886 |
| 0.26% | -- | UBER TECHNOLOGIES INC | 4.50% | 08/15/2029 | -- | $286,524.28 | 314,000 | BNSNM61 |
| 0.25% | -- | BALL CORP | 2.88% | 08/15/2030 | -- | $280,691.44 | 344,000 | BMG3813 |
| 0.24% | -- | CALPINE CORP | 5.13% | 03/15/2028 | -- | $271,937.73 | 305,000 | BKZMMC6 |
| 0.24% | -- | SIRIUS XM RADIO INC | 4.00% | 07/15/2028 | -- | $270,867.56 | 326,000 | BMBJVY0 |
| 0.24% | -- | TRONOX INC | 4.63% | 03/15/2029 | -- | $268,963.79 | 332,000 | BNQPRV9 |
| 0.24% | -- | MICHAELS COS INC/THE | 7.88% | 05/01/2029 | -- | $262,133.10 | 423,000 | BN6JYJ8 |
| 0.23% | -- | LIONS GATE CAPITAL HOLD | 5.50% | 04/15/2029 | -- | $261,100.00 | 373,000 | BMWX2S2 |
| 0.23% | -- | JEFFERIES FIN LLC / JFIN | 5.00% | 08/15/2028 | -- | $257,005.90 | 316,000 | BP83D39 |
| 0.23% | -- | VISTAJET MALTA/VM HOLDS | 6.38% | 02/01/2030 | -- | $256,118.49 | 325,000 | BP4Z8H8 |
| 0.23% | -- | AMC NETWORKS INC | 4.25% | 02/15/2029 | -- | $253,000.00 | 440,000 | BLCHH93 |
| 0.23% | -- | ALLIANT HOLD / CO-ISSUER | 6.75% | 10/15/2027 | -- | $252,816.17 | 272,000 | BJK69N6 |
| 0.23% | -- | HILTON DOMESTIC OPERATIN | 4.00% | 05/01/2031 | -- | $251,948.68 | 293,000 | BNDLGZ7 |
| 0.22% | -- | MADISON IAQ LLC | 5.88% | 06/30/2029 | -- | $249,704.29 | 332,000 | BM9PWX6 |
| 0.21% | -- | VIRGIN MEDIA SECURED FIN | 5.50% | 05/15/2029 | -- | $237,359.48 | 263,000 | BJDQX75 |
| 0.21% | -- | ALTICE FRANCE SA | 5.50% | 10/15/2029 | -- | $233,582.30 | 328,000 | BMXJSV4 |
| 0.21% | -- | NEWS CORP | 3.88% | 05/15/2029 | -- | $231,237.49 | 263,000 | BMV9PS2 |
| 0.21% | -- | WESCO DISTRIBUTION INC | 7.25% | 06/15/2028 | -- | $230,821.96 | 228,000 | BMYMZT9 |
| 0.21% | -- | CMG MEDIA CORPORATION | 8.88% | 12/15/2027 | -- | $229,450.00 | 353,000 | BK7CY84 |
| 0.20% | -- | STAPLES INC | 10.75% | 04/15/2027 | -- | $228,112.86 | 371,000 | BK0L4Q6 |
| 0.20% | -- | ALLISON TRANSMISSION INC | 3.75% | 01/30/2031 | -- | $226,495.68 | 271,000 | BMX50K5 |
| 0.17% | -- | REALOGY GROUP/CO-ISSUER | 5.25% | 04/15/2030 | -- | $194,576.47 | 284,000 | BP82M40 |
| 0.16% | -- | PETSMART INC/PETSMART FI | 7.75% | 02/15/2029 | -- | $176,903.69 | 182,000 | BMTN6F0 |
| 0.16% | -- | RADIATE HOLDCO / FINANCE | 6.50% | 09/15/2028 | -- | $173,184.13 | 343,000 | BM9TR00 |
| 0.15% | -- | COMMSCOPE INC | 4.75% | 09/01/2029 | -- | $166,646.53 | 214,000 | BLDBLL4 |
| 0.14% | -- | CURO GROUP HOLDINGS CORP | 7.50% | 08/01/2028 | -- | $152,080.00 | 400,000 | BP6GZJ0 |
| 0.13% | -- | US FOODS INC | 6.25% | 04/15/2025 | -- | $148,089.39 | 148,000 | BL6FPX3 |
| 0.12% | -- | SOUTHWESTERN ENERGY CO | 5.38% | 03/15/2030 | -- | $138,660.37 | 151,000 | BMDVV88 |
| 0.12% | -- | CSC HOLDINGS LLC | 4.63% | 12/01/2030 | -- | $137,392.56 | 325,000 | BM9M1M9 |
| 0.12% | -- | NRG ENERGY INC | 3.63% | 02/15/2031 | -- | $134,855.09 | 173,000 | BNM51T9 |
| 0.11% | -- | VENTURE GLOBAL CALCASIEU | 3.88% | 11/01/2033 | -- | $124,510.39 | 153,000 | BP9SCV4 |
| 0.11% | -- | CLEAR CHANNEL OUTDOOR HO | 7.50% | 06/01/2029 | -- | $116,904.85 | 168,000 | BNHS096 |
| 0.09% | -- | IRON MOUNTAIN INC | 5.25% | 07/15/2030 | -- | $104,255.76 | 117,000 | BL57W73 |
| 0.08% | -- | UNIVISION COMMUNICATIONS | 6.63% | 06/01/2027 | -- | $94,415.06 | 100,000 | BMG68Y5 |
| 0.08% | -- | ALBERTSONS COS/SAFEWAY | 4.63% | 01/15/2027 | -- | $88,804.91 | 94,000 | BK0SQV6 |
| 0.08% | -- | ZAYO GROUP HOLDINGS INC | 6.13% | 03/01/2028 | -- | $86,885.77 | 146,000 | BLBQF75 |
| 0.07% | -- | TEGNA INC | 5.00% | 09/15/2029 | -- | $77,548.18 | 92,000 | BMXC0P1 |
| 0.06% | -- | VMED O2 UK FINAN | 4.75% | 07/15/2031 | -- | $70,429.72 | 86,000 | BP7LR98 |
| 0.05% | -- | PG&E CORP | 5.00% | 07/01/2028 | -- | $58,401.78 | 64,000 | BLCC3Z6 |
| 0.05% | -- | ICAHN ENTERPRISES/FIN | 5.25% | 05/15/2027 | -- | $56,196.30 | 69,000 | BLGSGV7 |
| 0.05% | -- | PERFORMANCE FOOD GROUP I | 4.25% | 08/01/2029 | -- | $52,868.71 | 60,000 | BNHT925 |
| 0.04% | -- | BLOCK INC | 3.50% | 06/01/2031 | -- | $40,452.93 | 50,000 | BLD7383 |
| 0.02% | -- | SBA COMMUNICATIONS CORP | 3.88% | 02/15/2027 | -- | $24,024.71 | 26,000 | BNBTL14 |
| 0.01% | -- | YUM! BRANDS INC | 3.63% | 03/15/2031 | -- | $15,416.63 | 18,000 | BN7S9F5 |
| -- | -- | ORGANON & CO/ORG | 5.13% | 04/30/2031 | -- | $2,545.58 | 3,000 | BMV1L02 |
| -- | -- | RAKUTEN GROUP INC | 6.25% | -- | -- | $1,964.74 | 3,000 | BP2FD31 |
| -- | -- | NET OTHER ASSETS (LIABILITIES) | -- | -- | -- | $7,975,938.76 | 7,975,939 | -- |
| -22.85% | -- | US 2YR NOTE (CBT) BOND 29/SEP/2023 TUU3 COMDTY | -- | -- | -25,426,781 | -- | -124 | -- |
| -30.41% | -- | US 10YR NOTE (CBT) BOND 20/SEP/2023 TYU3 COMDTY | -- | -- | -33,843,063 | -- | -299 | -- |
| -40.63% | -- | US 5YR NOTE (CBT) BOND 29/SEP/2023 FVU3 COMDTY | -- | -- | -45,219,110 | -- | -418 | -- |
Index
as of 3/31/2023
- Total Number of Issues221
- Long Portfolio Duration4.04
- Net Effective Duration0.02
- Long Portfolio Yield8.59
- Net Index Yield9.90
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 |
|---|