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.

Performance

Growth of $10,000

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 -1.31% 3.29% 6.53% -1.69% -1.69% 1.36% 2.72% -- 2.24% 05/21/2013
HYHG NAV -0.56% 3.22% 7.41% -1.50% -1.50% 1.47% 2.68% -- 2.24% 05/21/2013
FTSE High Yield (Treasury Rate-Hedged) Index -0.89% 2.63% 7.11% -2.03% -2.03% 1.58% 3.02% -- 2.94% --

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 12/31/2022
  • Number of Companies 203
  • Distribution Yield 6.25%

    Distribution Yield represents the annualized yield based on the last income distribution.

  • SEC 30-Day Yield 8.04%

    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
    8.97%
  • Net Effective Duration -0.14%
Price
as of 2/03/2023
  • NAV $60.55
  • NAV Change $-0.08 down caret
  • Market Price $60.68
  • Market Price Change $-0.24 down caret
  • Trading Volume (M) 5,216
  • 30-Day Median Bid Ask Spread 0.67%
  • 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 12/31/2022
  • Number of Companies 203
  • Distribution Yield 6.25%

    Distribution Yield represents the annualized yield based on the last income distribution.

  • SEC 30-Day Yield 8.04%

    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 8.97%
  • Net Effective Duration -0.14%
Price
as of 2/03/2023
  • NAV $60.55
  • NAV Change $-0.08 down caret
  • Market Price $60.68
  • Market Price Change $-0.24 down caret
  • Trading Volume (M) 5,216
  • 30-Day Median Bid Ask Spread 0.67%
  • View Premium / Discount

Exposures

Index as of 9/30/2022

Holdings

as of 2/03/2023

Weight Ticker Description Coupon Rate Maturity Date Exposure Value
(Notional + GL)
Market Value Shares/Contracts SEDOL Number
1.78% -- ORGANON & CO/ORG 4.13% 04/30/2028 -- $2,236,865.00 2,438,000 BMV1LQ8
1.68% -- DISH DBS CORP 5.25% 12/01/2026 -- $2,112,838.00 2,444,000 BNRLYV5
1.36% -- AMERICAN AIRLINES/AADVAN 5.50% 04/20/2026 -- $1,709,937.21 1,739,000 BM8H716
1.09% -- DIRECTV FIN LLC/COINC 5.88% 08/15/2027 -- $1,366,157.50 1,489,000 BN765Z1
1.04% -- UNITED AIRLINES INC 4.63% 04/15/2029 -- $1,310,221.68 1,416,000 BMG8788
1.02% -- CLOUD SOFTWARE GRP HOLDG 6.50% 03/31/2029 -- $1,285,626.14 1,431,000 BN2QTP4
1.01% -- 1011778 BC / NEW RED FIN 4.00% 10/15/2030 -- $1,265,993.40 1,470,000 BMT6QQ0
0.98% -- BOMBARDIER INC 7.88% 04/15/2027 -- $1,237,606.91 1,232,000 BHL3S24
0.98% -- FRONTIER COMMUNICATIONS 5.00% 05/01/2028 -- $1,234,870.00 1,357,000 BMF4PS3
0.96% -- TRANSDIGM INC 6.25% 03/15/2026 -- $1,209,049.49 1,207,000 BJJQH22
0.96% -- CCO HLDGS LLC/CAP CORP 4.25% 02/01/2031 -- $1,202,333.16 1,428,000 BN2R7D1
0.95% -- TENET HEALTHCARE CORP 4.88% 01/01/2026 -- $1,195,600.00 1,220,000 BPVDS20
0.93% -- MEDLINE BORROWER LP 3.88% 04/01/2029 -- $1,164,140.28 1,338,000 BMW4P42
0.92% -- ALTICE FRANCE SA 5.13% 07/15/2029 -- $1,153,917.50 1,429,000 BM9V193
0.92% -- ALLIED UNIVERSAL 6.63% 07/15/2026 -- $1,152,667.28 1,185,000 BJYCQ73
0.89% -- SS&C TECHNOLOGIES INC 5.50% 09/30/2027 -- $1,122,459.78 1,146,000 BJQ1YJ6
0.88% -- SBA COMMUNICATIONS CORP 3.13% 02/01/2029 -- $1,103,916.05 1,297,000 BPVBYZ9
0.88% -- UBER TECHNOLOGIES INC 8.00% 11/01/2026 -- $1,102,734.71 1,078,000 BG87FX2
0.87% -- TRANSDIGM INC 5.50% 11/15/2027 -- $1,099,236.03 1,148,000 BM9QGV5
0.87% -- CAESARS ENTERTAIN INC 8.13% 07/01/2027 -- $1,097,520.00 1,076,000 BLFBXK5
0.84% -- CHS/COMMUNITY HEALTH SYS 8.00% 03/15/2026 -- $1,060,042.92 1,076,000 BHL3S91
0.84% -- PETSMART INC/PETSMART FI 4.75% 02/15/2028 -- $1,052,891.51 1,128,000 BMW5D63
0.83% -- FIRST QUANTUM MINERALS L 6.88% 10/15/2027 -- $1,047,093.75 1,095,000 BMZRC58
0.83% -- CARNIVAL CORP 5.75% 03/01/2027 -- $1,044,915.52 1,243,000 BMHYR18
0.82% -- MEDLINE BORROWER LP 5.25% 10/01/2029 -- $1,025,327.80 1,190,000 BMWDGR9
0.82% -- CARNIVAL CORP 4.00% 08/01/2028 -- $1,025,136.80 1,174,000 BMD9Z35
0.78% -- WESCO DISTRIBUTION INC 7.13% 06/15/2025 -- $977,043.93 962,000 BMYMZS8
0.77% -- 1011778 BC / NEW RED FIN 3.88% 01/15/2028 -- $971,182.08 1,056,000 BJJJT70
0.77% -- MSCI INC 4.00% 11/15/2029 -- $969,906.00 1,050,000 BJVBH14
0.77% -- VMED O2 UK FINAN 4.25% 01/31/2031 -- $963,119.88 1,112,000 BKVH9C4
0.76% -- STAPLES INC 7.50% 04/15/2026 -- $959,227.50 1,057,000 BK0L4K0
0.75% -- DT MIDSTREAM INC 4.38% 06/15/2031 -- $946,579.14 1,073,000 BLN9LB8
0.72% -- ICAHN ENTERPRISES/FIN 6.25% 05/15/2026 -- $910,949.29 921,000 BJ11SH7
0.72% -- INTELSAT JACKSON HLDG 6.50% 03/15/2030 -- $910,490.00 1,000,000 BNTY069
0.72% -- ROCKETMTGE CO-ISSUER INC 3.88% 03/01/2031 -- $905,851.83 1,092,000 BN7RYH9
0.72% -- CCO HLDGS LLC/CAP CORP 4.75% 03/01/2030 -- $904,723.30 1,023,000 BK6WV51
0.70% -- ZAYO GROUP HOLDINGS INC 4.00% 03/01/2027 -- $884,088.33 1,119,000 BLBQFB9
0.70% -- PRIME SECSRVC BRW/FINANC 5.75% 04/15/2026 -- $876,377.50 883,000 BJTRRK3
0.69% -- HILTON DOMESTIC OPERATIN 3.63% 02/15/2032 -- $871,243.71 1,024,000 BKPJT48
0.69% -- DAVITA INC 4.63% 06/01/2030 -- $869,707.80 1,014,000 BMW7NB4
0.67% -- FORD MOTOR COMPANY 3.25% 02/12/2032 -- $842,532.02 1,042,000 BPJP107
0.67% -- CLARIOS GLOBAL LP/US FIN 8.50% 05/15/2027 -- $841,662.06 837,000 BJ0M440
0.66% -- IRON MOUNTAIN INC 4.50% 02/15/2031 -- $828,315.00 948,000 BMG1HP4
0.65% -- CLEAR CHANNEL OUTDOOR HO 5.13% 08/15/2027 -- $820,260.00 882,000 BJ9NFT6
0.65% -- FORD MOTOR CREDIT CO LLC 3.38% 11/13/2025 -- $813,985.20 873,000 BMWS436
0.65% -- UNITI GRP/UNITI HLD/CSL 7.88% 02/15/2025 -- $811,722.08 796,000 BL6Z5M2
0.64% -- COMMSCOPE INC 6.00% 03/01/2026 -- $805,460.00 824,000 BGDS1B0
0.64% -- ONEMAIN FINANCE CORP 6.13% 03/15/2024 -- $801,829.20 804,000 BJKRP08
0.64% -- UNIVISION COMMUNICATIONS 4.50% 05/01/2029 -- $800,766.12 924,000 BLBLP92
0.63% -- ALBERTSONS COS/SAFEWAY 3.50% 03/15/2029 -- $797,300.48 914,000 BKPMPR2
0.62% -- IQVIA INC 5.00% 05/15/2027 -- $777,162.50 790,000 BK62T46
0.62% -- POST HOLDINGS INC 4.50% 09/15/2031 -- $775,886.80 884,000 BMZ9QV8
0.61% -- CSC HOLDINGS LLC 5.75% 01/15/2030 -- $766,697.96 1,185,000 BKFH0Y9
0.61% -- CAESARS ENTERTAIN INC 6.25% 07/01/2025 -- $764,490.78 767,000 BLFBXP0
0.61% -- NCL CORPORATION LTD 5.88% 03/15/2026 -- $763,157.14 871,000 BMB5SR0
0.60% -- ATHENAHEALTH GROUP INC 6.50% 02/15/2030 -- $759,783.95 914,000 BN7SNC0
0.59% -- CALPINE CORP 4.50% 02/15/2028 -- $741,528.29 796,000 BJVS9S6
0.58% -- TENET HEALTHCARE CORP 6.13% 10/01/2028 -- $734,588.88 772,000 BPVDS42
0.58% -- CARVANA CO 10.25% 05/01/2030 -- $733,572.79 1,371,000 BNM2662
0.58% -- AMERICAN AIRLINES/AADVAN 5.75% 04/20/2029 -- $728,780.48 745,000 BM8H783
0.58% -- MCAFEE CORP 7.38% 02/15/2030 -- $726,246.23 858,000 BNNPV76
0.58% -- NGL ENRGY OP/FIN CORP 7.50% 02/01/2026 -- $726,217.01 762,000 BL5C524
0.57% -- SIRIUS XM RADIO INC 4.00% 07/15/2028 -- $719,736.48 816,000 BMBJVY0
0.56% -- SOUTHWESTERN ENERGY CO 4.75% 02/01/2032 -- $702,840.72 804,000 BMH4406
0.56% -- WEATHERFORD INTERNATIONA 8.63% 04/30/2030 -- $699,001.78 691,000 BNRPC80
0.56% -- TEGNA INC 4.63% 03/15/2028 -- $698,911.50 735,000 BNTBJ41
0.55% -- BLOCK INC 2.75% 06/01/2026 -- $686,351.88 733,000 BMX4FJ6
0.54% -- HUB INTERNATIONAL LTD 7.00% 05/01/2026 -- $684,225.95 685,000 BFXTLW7
0.53% -- LEVEL 3 FINANCING INC 4.25% 07/01/2028 -- $662,962.82 817,000 BMTR5N3
0.52% -- OCCIDENTAL PETROLEUM COR 6.45% 09/15/2036 -- $655,852.50 618,000 BK8VN61
0.51% -- NFP CORP 6.88% 08/15/2028 -- $645,685.04 728,000 BLD6JG0
0.51% -- ROYAL CARIBBEAN CRUISES 5.50% 04/01/2028 -- $637,910.50 730,000 BN486D5
0.51% -- TK ELEVATOR US NEWCO INC 5.25% 07/15/2027 -- $636,727.80 674,000 BMC7DR0
0.50% -- FERTITTA ENTERTAINMENT 6.75% 01/15/2030 -- $627,144.96 739,000 BPLFC68
0.49% -- PG&E CORP 5.25% 07/01/2030 -- $621,909.12 672,000 BLCC408
0.49% -- IMOLA MERGER CORP 4.75% 05/15/2029 -- $613,796.33 703,000 BJNPGH3
0.49% -- CHART INDUSTRIES INC 7.50% 01/01/2030 -- $610,292.08 596,000 BLC8Z03
0.48% -- VISTRA OPERATIONS CO LLC 5.63% 02/15/2027 -- $607,326.75 625,000 BHQTTK2
0.48% -- MPH ACQUISITION HOLDINGS 5.75% 11/01/2028 -- $602,560.07 791,000 BN2B8J6
0.48% -- COINBASE GLOBAL INC 3.63% 10/01/2031 -- $601,628.72 967,000 BN6KWX1
0.48% -- NEPTUNE BIDCO US INC 9.29% 04/15/2029 -- $599,071.00 605,000 BQKN5B6
0.47% -- NEW FORTRESS ENERGY INC 6.50% 09/30/2026 -- $593,812.26 637,000 BP0X973
0.47% -- UPC BROADBAND FINCO BV 4.88% 07/15/2031 -- $593,227.84 674,000 BMT7QC9
0.47% -- OCCIDENTAL PETROLEUM COR 6.63% 09/01/2030 -- $593,157.12 552,000 BKSGZP9
0.46% -- MSCI INC 3.88% 02/15/2031 -- $580,659.84 648,000 BM9PSB6
0.46% -- NOVELIS CORP 4.75% 01/30/2030 -- $575,153.28 624,000 BKLPSC1
0.46% -- PERFORMANCE FOOD GROUP I 5.50% 10/15/2027 -- $573,242.36 591,000 BKWG6T6
0.45% -- TULLOW OIL PLC 10.25% 05/15/2026 -- $566,775.00 660,000 BKPGFV8
0.45% -- VERICAST CORP 11.00% 09/15/2026 -- $566,370.00 522,000 BP96BJ9
0.44% -- DAVITA INC 3.75% 02/15/2031 -- $551,386.20 687,000 BMFBJQ0
0.43% -- VENTURE GLOBAL CALCASIEU 4.13% 08/15/2031 -- $544,467.00 611,000 BMY9R27
0.43% -- WR GRACE HOLDING LLC 5.63% 08/15/2029 -- $542,771.25 651,000 BLDBLN6
0.43% -- CQP HOLDCO LP/BIP-V CHIN 5.50% 06/15/2031 -- $541,507.50 587,000 BM8H4Y8
0.43% -- ARDAGH PKG FIN/HLDGS USA 4.13% 08/15/2026 -- $535,795.02 579,000 BK5HL35
0.42% -- DISH NETWORK CORP CALLABLE NOTES FIXED 11.75% 15/NOV/2027 USD 1000 -- -- -- $523,750.00 500,000 --
0.42% -- ALLIANT HOLD / CO-ISSUER 6.75% 10/15/2027 -- $523,231.22 553,000 BJK69N6
0.41% -- COMPASS GROUP DIVERSIFIE 5.25% 04/15/2029 -- $511,877.81 558,000 BMDB423
0.40% -- NEXSTAR MEDIA INC 4.75% 11/01/2028 -- $507,525.36 552,000 BMFNGQ5
0.40% -- HERC HOLDINGS INC 5.50% 07/15/2027 -- $505,544.00 520,000 BHWTW85
0.40% -- IHEARTCOMMUNICATIONS INC 8.38% 05/01/2027 -- $503,261.28 548,000 BK0NK86
0.40% -- NRG ENERGY INC 3.88% 02/15/2032 -- $500,055.00 629,000 BNSNQY7
0.40% -- ROYAL CARIBBEAN CRUISES 11.50% 06/01/2025 -- $497,640.00 464,000 BMFMWD1
0.39% -- POST HOLDINGS INC 4.63% 04/15/2030 -- $494,570.00 548,000 BLCF601
0.39% -- LIFEPT/LEGACY LIFEPT 9.75% 12/01/2026 -- $491,303.95 548,000 BGYDGW0
0.39% -- HAWAIIAN BRAND INTELLECT 5.75% 01/20/2026 -- $489,880.37 518,000 BMGWDD7
0.39% -- US FOODS INC 6.25% 04/15/2025 -- $487,570.56 488,000 BL6FPX3
0.39% -- NEXSTAR MEDIA INC 5.63% 07/15/2027 -- $486,451.30 503,000 BJXR8L7
0.38% -- SPIRIT AEROSYSTEMS INC 7.50% 04/15/2025 -- $480,000.00 480,000 BMCQ6D4
0.38% -- ASTON MARTIN CAPITAL HOL 10.50% 11/30/2025 -- $478,526.49 483,000 BMHV2Z8
0.38% -- ILIAD HOLDING SAS 6.50% 10/15/2026 -- $477,919.76 491,000 BLCW8V7
0.38% -- CDI ESCROW ISSUER INC 5.75% 04/01/2030 -- $477,755.00 500,000 BPP2DX9
0.38% -- BUILDERS FIRSTSOURCE INC 4.25% 02/01/2032 -- $477,481.19 541,000 BMD9BZ9
0.38% -- LIVE NATION ENTERTAINMEN 6.50% 05/15/2027 -- $474,279.82 470,000 BMFKW46
0.37% -- BAUSCH HEALTH COS INC 11.00% 09/30/2028 -- $471,212.16 608,000 BNBTNV8
0.37% -- CHS/COMMUNITY HEALTH SYS 5.63% 03/15/2027 -- $468,625.89 516,000 BNNTB78
0.37% -- PACTIV EVERGREEN GROUP 4.00% 10/15/2027 -- $464,737.50 510,000 BJLTTQ7
0.37% -- SELECT MEDICAL CORP 6.25% 08/15/2026 -- $461,965.00 469,000 BKPHQM9
0.37% -- AIR CANADA 3.88% 08/15/2026 -- $460,358.55 494,000 BNNNHG1
0.37% -- MIDAS OPCO HOLDINGS LLC 5.63% 08/15/2029 -- $459,460.82 518,000 BMY8TS4
0.36% -- BATH & BODY WORKS INC 6.63% 10/01/2030 -- $458,116.48 464,000 BMH1559
0.36% -- TRIVIUM PACKAGING FIN 5.50% 08/15/2026 -- $454,157.50 467,000 BK0YKJ0
0.36% -- H&E EQUIPMENT SERVICES 3.88% 12/15/2028 -- $452,987.10 510,000 BLSN159
0.36% -- CEDAR FAIR/CAN/MAGNUM/MI 5.50% 05/01/2025 -- $452,274.55 455,000 BMTRDY0
0.36% -- SENSATA TECHNOLOGIES BV 4.00% 04/15/2029 -- $447,386.10 489,000 BNKFMN2
0.35% -- ITT HOLDINGS LLC 6.50% 08/01/2029 -- $444,677.67 509,000 BLC9L19
0.35% -- STANDARD INDUSTRIES INC 3.38% 01/15/2031 -- $442,301.35 554,000 BMFNDV9
0.35% -- MOHEGAN TRIBAL GAMING AU 8.00% 02/01/2026 -- $438,498.04 463,000 BMYW168
0.34% -- UNITI GROUP/CSL CAPITAL 6.50% 02/15/2029 -- $433,500.00 600,000 BMDHSY1
0.34% -- DARLING INGREDIENTS INC 6.00% 06/15/2030 -- $433,233.99 434,000 BN95KZ1
0.34% -- CITGO PETROLEUM CORP 7.00% 06/15/2025 -- $429,147.04 428,000 BM9SDG5
0.34% -- ROLLS-ROYCE PLC 5.75% 10/15/2027 -- $425,008.44 436,000 BMHLZ37
0.34% -- NCR CORP 5.13% 04/15/2029 -- $421,689.26 476,000 BL6KR10
0.33% -- VERSCEND ESCROW CORP 9.75% 08/15/2026 -- $419,045.00 418,000 BD0BPV9
0.33% -- NEWS CORP 3.88% 05/15/2029 -- $418,531.85 463,000 BMV9PS2
0.33% -- CLYDESDALE ACQUISITION 8.75% 04/15/2030 -- $417,442.62 457,000 BQ3QRD8
0.33% -- FORTRESS TRANS & INFRAST 5.50% 05/01/2028 -- $414,963.75 463,000 BMD14K1
0.33% -- WINDSTREAM ESCROW LLC 7.75% 08/15/2028 -- $413,752.50 497,000 BMH17V9
0.32% -- SIRIUS XM RADIO INC 3.88% 09/01/2031 -- $408,175.00 500,000 BM9SD09
0.32% -- COMSTOCK RESOURCES INC 6.75% 03/01/2029 -- $407,467.50 449,000 BMW2W01
0.32% -- GENESIS ENERGY LP/FIN 8.00% 01/15/2027 -- $406,302.36 410,000 BN717J4
0.32% -- NEW FORTRESS ENERGY INC 6.75% 09/15/2025 -- $406,101.15 423,000 BNGFXX3
0.32% -- REALOGY GROUP/CO-ISSUER 5.25% 04/15/2030 -- $404,829.36 524,000 BP82M40
0.32% -- VIRGIN MEDIA SECURED FIN 5.50% 05/15/2029 -- $400,853.84 423,000 BJDQX75
0.32% -- SMYRNA READY MIX CONCRET 6.00% 11/01/2028 -- $397,530.13 425,000 BMDXC58
0.32% -- ROBLOX CORP 3.88% 05/01/2030 -- $396,165.00 462,000 BNHW2C5
0.31% -- KINETIK HOLDINGS LP 5.88% 06/15/2030 -- $394,325.70 410,000 BQB7JV5
0.31% -- VZ SECURED FINANCING BV 5.00% 01/15/2032 -- $394,230.90 454,000 BM94BT2
0.31% -- SCIH SALT HOLDINGS INC 4.88% 05/01/2028 -- $393,277.68 443,000 BMHBB51
0.31% -- HERTZ CORP/THE 5.00% 12/01/2029 -- $393,120.00 468,000 BP9LWV3
0.31% -- ALLISON TRANSMISSION INC 3.75% 01/30/2031 -- $390,115.00 451,000 BMX50K5
0.31% -- ONEMAIN FINANCE CORP 7.13% 03/15/2026 -- $389,750.85 388,000 BDTMS47
0.31% -- VISTRA CORP 5.00% 07/31/2027 -- $385,980.14 406,000 BHRH886
0.30% -- MATADOR RESOURCES CO 5.88% 09/15/2026 -- $376,237.50 381,000 BJ1MZM4
0.30% -- TRONOX INC 4.63% 03/15/2029 -- $375,840.00 432,000 BNQPRV9
0.30% -- CALPINE CORP 5.13% 03/15/2028 -- $372,556.18 405,000 BKZMMC6
0.29% -- BALL CORP 2.88% 08/15/2030 -- $370,740.00 444,000 BMG3813
0.29% -- AVANTOR FUNDING INC 4.63% 07/15/2028 -- $367,197.21 387,000 BMVVY70
0.29% -- CSC HOLDINGS LLC 4.63% 12/01/2030 -- $361,154.79 593,000 BM9M1M9
0.28% -- GRAY ESCROW II INC 5.38% 11/15/2031 -- $355,876.68 458,000 BM93J39
0.28% -- ARDAGH METAL PACKAGING 4.00% 09/01/2029 -- $355,015.20 424,000 BNKLFF3
0.28% -- JEFFERIES FIN LLC / JFIN 5.00% 08/15/2028 -- $353,999.41 416,000 BP83D39
0.28% -- MADISON IAQ LLC 5.88% 06/30/2029 -- $353,507.76 432,000 BM9PWX6
0.28% -- EQM MIDSTREAM PARTNERS L 4.75% 01/15/2031 -- $349,002.50 407,000 BMD50V6
0.28% -- MIDCAP FINANCIAL ISSR TR 6.50% 05/01/2028 -- $347,777.80 394,000 BMBV4H0
0.28% -- LCM INVESTMENTS HOLDINGS 4.88% 05/01/2029 -- $346,136.26 415,000 BNM5Z19
0.27% -- NMG HLDCO/NEIMAN MARCUS 7.13% 04/01/2026 -- $340,806.42 354,000 BNRLH72
0.27% -- MICHAELS COS INC/THE 7.88% 05/01/2029 -- $334,019.84 423,000 BN6JYJ8
0.26% -- LIONS GATE CAPITAL HOLD 5.50% 04/15/2029 -- $330,672.00 498,000 BMWX2S2
0.25% -- BAUSCH HEALTH COS INC 4.88% 06/01/2028 -- $313,677.50 500,000 BLB14D9
0.24% -- UNITED AIRLINES INC 4.38% 04/15/2026 -- $307,814.28 321,000 BMG8799
0.24% -- TRANSOCEAN INC CALLABLE NOTES FIXED 8.75% 15/FEB/2030 USD 1000 -- -- -- $298,080.00 288,000 --
0.24% -- VISTAJET MALTA/XO MGMT 6.38% 02/01/2030 -- $295,839.38 325,000 BP4Z8H8
0.23% -- AVAYA INC 6.13% 09/15/2028 -- $289,606.80 966,000 BM9TQX6
0.22% -- VERITAS US INC/BERMUDA L 7.50% 09/01/2025 -- $280,924.35 420,000 BL6B0F8
0.22% -- AMC NETWORKS INC 4.25% 02/15/2029 -- $271,920.00 440,000 BLCHH93
0.21% -- CMG MEDIA CORPORATION 8.88% 12/15/2027 -- $269,923.42 338,000 BK7CY84
0.21% -- ALTICE FRANCE SA 5.50% 10/15/2029 -- $269,780.00 328,000 BMXJSV4
0.21% -- HILTON DOMESTIC OPERATIN 4.00% 05/01/2031 -- $259,222.96 293,000 BNDLGZ7
0.19% -- STANDARD INDUSTRIES INC 4.38% 07/15/2030 -- $242,080.10 281,000 BMYXXP4
0.19% -- WESCO DISTRIBUTION INC 7.25% 06/15/2028 -- $236,688.51 228,000 BMYMZT9
0.19% -- PERFORMANCE FOOD GROUP I 4.25% 08/01/2029 -- $233,843.76 260,000 BNHT925
0.18% -- UNIVISION COMMUNICATIONS 6.63% 06/01/2027 -- $222,252.48 226,000 BMG68Y5
0.17% -- VENTURE GLOBAL CALCASIEU 3.88% 11/01/2033 -- $211,251.60 249,000 BP9SCV4
0.16% -- ALBERTSONS COS/SAFEWAY 4.63% 01/15/2027 -- $200,640.00 209,000 BK0SQV6
0.15% -- RADIATE HOLDCO / FINANCE 6.50% 09/15/2028 -- $184,390.66 349,000 BM9TR00
0.14% -- PETSMART INC/PETSMART FI 7.75% 02/15/2029 -- $181,661.92 182,000 BMTN6F0
0.14% -- COMMSCOPE INC 4.75% 09/01/2029 -- $180,573.20 214,000 BLDBLL4
0.11% -- CLEAR CHANNEL OUTDOOR HO 7.50% 06/01/2029 -- $142,410.16 168,000 BNHS096
0.11% -- NRG ENERGY INC 3.63% 02/15/2031 -- $140,303.00 173,000 BNM51T9
0.11% -- SOUTHWESTERN ENERGY CO 5.38% 03/15/2030 -- $138,920.00 151,000 BMDVV88
0.11% -- RAKUTEN GROUP INC 6.25% -- -- $137,022.06 167,000 BP2FD31
0.09% -- IRON MOUNTAIN INC 5.25% 07/15/2030 -- $107,932.50 117,000 BL57W73
0.08% -- STAPLES INC 10.75% 04/15/2027 -- $97,575.29 123,000 BK0L4Q6
0.07% -- TEGNA INC 5.00% 09/15/2029 -- $86,738.14 92,000 BMXC0P1
0.06% -- VMED O2 UK FINAN 4.75% 07/15/2031 -- $74,936.96 86,000 BP7LR98
0.05% -- ICAHN ENTERPRISES/FIN 5.25% 05/15/2027 -- $65,756.31 69,000 BLGSGV7
0.05% -- PG&E CORP 5.00% 07/01/2028 -- $60,008.80 64,000 BLCC3Z6
0.04% -- DIAMOND SPORTS GR/DIAMON 6.63% 08/15/2027 -- $51,950.00 2,078,000 BKKGCN4
0.03% -- BLOCK INC CALLABLE NOTES FIXED 3.5% 01/JUN/2031 USD 1000 -- -- -- $42,489.91 50,000 --
0.02% -- ZAYO GROUP HOLDINGS INC 6.13% 03/01/2028 -- $26,220.00 38,000 BLBQF75
0.02% -- SBA COMMUNICATIONS CORP 3.88% 02/15/2027 -- $24,256.79 26,000 BNBTL14
0.01% -- YUM! BRANDS INC 3.63% 03/15/2031 -- $15,773.31 18,000 BN7S9F5
0.01% -- DIAMOND SPORTS GR/DIAMON 5.38% 08/15/2026 -- $13,230.00 168,000 BMBTSG1
0.01% -- ARAMARK SERVICES INC 6.38% 05/01/2025 -- $11,068.64 11,000 BMXPRX7
-- -- FERTITTA ENTERTAINMENT 4.63% 01/15/2029 -- $3,579.52 4,000 BMH29D8
-- -- ORGANON & CO/ORG 5.13% 04/30/2031 -- $2,722.50 3,000 BMV1L02
-- -- NET OTHER ASSETS (LIABILITIES) -- -- -- $5,679,893.21 5,679,893 --
-15.52% -- US 2YR NOTE (CBT) BOND 31/MAR/2023 TUH3 COMDTY -- -- -19,505,430 -- -95 --
-33.77% -- US 10YR NOTE (CBT) BOND 22/MAR/2023 TYH3 COMDTY -- -- -42,450,516 -- -371 --
-44.78% -- US 5YR NOTE (CBT) BOND 31/MAR/2023 FVH3 COMDTY -- -- -56,288,344 -- -516 --

Index

as of 9/30/2022

  • Total Number of Issues224
  • Long Portfolio Duration4.52
  • Net Effective Duration0.61
  • Long Portfolio Yield9.50
  • Net Index Yield8.67
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

Ex-Dividend Date Record Date Payable Date Dividend Long-Term Capital Gain Short-Term Capital Gain Return of Capital

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For the total return table above, since inception returns are cumulative for funds less than one year old; otherwise, returns are annualized. Market returns are based on the composite closing price and do not represent the returns you would receive if you traded shares at other times. The listing date is typically one or more days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the listing date.

The expense ratio for certain funds includes a contractual fee waiver that results in a lower net expense ratio for some or all periods shown. For information about this ETF’s fees, please see above.

Holdings are subject to change. ProShares may invest in financial instruments (including derivatives) that, in combination, should have daily price return characteristics similar to the fund's benchmark.

Registered Investment Companies are required by the IRS to distribute substantially all of their income and capital gains to shareholders at least annually. For specific tax advice, we recommend you speak with a qualified tax professional.

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.

Index information does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged, and one cannot invest directly in an index.

There is no guarantee that distributions will not be made in the future. There is no guarantee that dividends or interest income will be paid.

There is no guarantee any ProShares ETF will achieve its investment objective.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns.

Investing involves risk, including the possible loss of principal. This ProShares ETF is diversified and entails certain risks, including risks associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Please see summary and full prospectuses for a more complete description of risks.

HYHG seeks to hedge high yield bonds against the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury futures. The short positions are not intended to mitigate credit risk or other factors influencing the price of the bonds, which may have a greater impact than rising or falling interest rates. No hedge is perfect, and there is no guarantee the short positions will completely eliminate interest rate risk. Investors may be better off in a long-only high yield investment when interest rates fall than investing in HYHG, where hedging may limit potential gains or increase losses. Performance could be particularly poor during risk-averse, flight-to-quality environments when high yield bonds commonly decline in value. HYHG may be more volatile than long-only high yield bond investments. HYHG may contain a significant allocation to callable high yield bonds, which are subject to prepayment and other risks that could result in losses for the fund. There is no guarantee the fund will have positive returns.

Bonds will decrease in value as interest rates rise.

High yield bonds may involve greater levels of credit, prepayment, liquidity and valuation risk than higher-rated instruments. High yield bonds are more volatile than investment grade securities, and they involve a greater risks of loss (including loss of principal) from missed payments, defaults or downgrades because of their speculative nature.

Short positions in a security lose value as that security's price increases.

The fund concentrates its investments in certain sectors. Narrowly focused investments typically exhibit higher volatility.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.

Data and information relating to the "Citi High Yield (Treasury Rate-Hedged) Index" (collectively, "Index Data") are provided by Citi Index, and reproduction in any form is prohibited except with the prior written permission of Citi Index. All Index Data are provided on an "as is" basis." Citi Index does not warrant the accuracy, adequacy, completeness or availability of any Index Data and shall have no liability for any errors or omissions or for the results obtained from the use of any Index Data.

"FTSE®" and "FTSE High Yield (Treasury Rate Hedged)" have been licensed for use by ProShares. FTSE is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by the FTSE International Limited ("FTSE") under license. ProShares have not been passed on by FTSE or its affiliates as to their legality or suitability. ProShares based on the FTSE High Yield (Treasury Rate Hedged) Index are not sponsored, endorsed, sold or promoted by FTSE or its affiliates, and they make no representation regarding the advisability of investing in ProShares. THIS ENTITY AND ITS AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

Quote data provided by Interactive Data - Real Time Services, Inc. and subject to terms of use.

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