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 0.94% 2.60% 7.34% 4.91% 16.45% 6.85% 5.83% 3.59% 3.67% 05/21/2013
HYHG NAV 0.46% 2.66% 6.78% 4.57% 16.33% 6.78% 5.72% 3.59% 3.64% 05/21/2013
FTSE High Yield (Treasury Rate-Hedged) Index 0.43% 2.63% 7.02% 4.64% 16.19% 7.11% 6.05% 4.27% 4.36% --

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
    5/23/13
  • Expense Ratio
    0.50%
  • NAV Calculation Time
    3:00 p.m. ET
Characteristics
as of 5/31/2024
  • Number of Companies
    233
  • 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.

  • 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.

  • Weighted Average Yield to
    Maturity
    7.82%
  • Net Effective Duration
    -0.14%
Price
as of 6/14/2024
  • NAV
    $63.60
  • NAV Change
    $-0.24 down caret
  • Market Price
    $63.63
  • Market Price Change
    $-0.35 down caret
  • Trading Volume (M)
    40,663
  • 30-Day Median Bid Ask Spread
    0.31%
  • View Premium / Discount
Snapshot
  • Ticker
    HYHG
  • Intraday Ticker
    HYHG.IV
  • CUSIP
    74348A541
  • Inception Date
    5/23/13
  • Expense Ratio
    0.50%
  • NAV Calculation Time
    3:00 p.m. ET
Characteristics
as of 5/31/2024
  • Number of Companies
    233
  • 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
    --

    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.

  • Weighted Average Yield to Maturity
    7.82%
  • Net Effective Duration
    -0.14%
Price
as of 6/14/2024
  • NAV
    $63.60
  • NAV Change
    $-0.24 down caret
  • Market Price
    $63.63
  • Market Price Change
    $-0.35 down caret
  • Trading Volume (M)
    40,663
  • 30-Day Median Bid Ask Spread
    0.31%
  • View Premium / Discount

Exposures

Index as of 9/30/2022

Holdings

as of 6/14/2024

Weight Ticker Description Coupon Rate Maturity Date Exposure Value
(Notional + GL)
Market Value Shares/Contracts SEDOL Number
1.76% -- TRANSDIGM INC 5.50% 11/15/2027 -- $2,438,014.94 2,491,000 BM9QGV5
1.39% -- ORGANON & CO/ORGANON FOR 4.13% 04/30/2028 -- $1,917,467.57 2,068,000 BMV1LQ8
1.31% -- DIRECTV FIN LLC/COINC 5.88% 08/15/2027 -- $1,818,164.61 1,919,000 BN765Z1
1.19% -- CLOUD SOFTWARE GRP INC 6.50% 03/31/2029 -- $1,643,312.40 1,719,000 BN2QTP4
1.19% -- CAESARS ENTERTAIN INC 7.00% 02/15/2030 -- $1,643,124.63 1,614,000 BPX27Q2
1.14% -- CCO HLDGS LLC/CAP CORP 4.25% 02/01/2031 -- $1,573,282.36 1,942,000 BN2R7D1
1.11% -- HUB INTERNATIONAL LTD 7.38% 01/31/2032 -- $1,533,170.18 1,523,000 BQ67HZ0
1.02% -- VENTURE GLOBAL LNG INC 9.50% 02/01/2029 -- $1,418,403.50 1,306,000 BQ80PR5
1.02% -- DISH NETWORK CORP 11.75% 11/15/2027 -- $1,417,527.07 1,440,000 BQB9NW0
0.97% -- MEDLINE BORROWER LP 5.25% 10/01/2029 -- $1,335,951.77 1,404,000 BMWDGR9
0.96% -- TENET HEALTHCARE CORP 6.13% 10/01/2028 -- $1,333,150.91 1,342,000 BPVDS42
0.94% -- 1011778 BC / NEW RED FIN 4.00% 10/15/2030 -- $1,295,005.47 1,469,000 BMT6QQ0
0.90% -- DAVITA INC 4.63% 06/01/2030 -- $1,242,178.66 1,384,000 BMW7NB4
0.90% -- CARNIVAL CORP 5.75% 03/01/2027 -- $1,241,858.47 1,265,000 BMHYR18
0.87% -- CLOUD SOFTWARE GRP INC 9.00% 09/30/2029 -- $1,209,520.15 1,249,000 BRJQLF9
0.84% -- EMRLD BOR / EMRLD CO-ISS 6.63% 12/15/2030 -- $1,161,146.89 1,169,000 BPLP3M1
0.83% -- SIRIUS XM RADIO INC 4.00% 07/15/2028 -- $1,152,135.60 1,286,000 BMBJVY0
0.82% -- FIRST QUANTUM MINERALS L 6.88% 10/15/2027 -- $1,132,397.37 1,161,000 BMZRC58
0.79% -- MEDLINE BORROWER LP 3.88% 04/01/2029 -- $1,096,771.47 1,196,000 BMW4P42
0.78% -- PANTHER ESCROW ISSUER LLC CALLABLE NOTES FIXED 7.125% 01/JUN/2031 USD 1000 -- -- -- $1,082,681.64 1,070,000 --
0.78% -- INTELSAT JACKSON HLDG 6.50% 03/15/2030 -- $1,075,431.73 1,144,000 BNTY069
0.76% -- UKG INC 6.88% 02/01/2031 -- $1,046,020.75 1,032,000 BS2FZM5
0.76% -- UNITI GROUP/CSL CAPITAL 10.50% 02/15/2028 -- $1,045,218.53 1,046,000 BR1H7L8
0.75% -- BOOST NEWCO BORROWER LLC 7.50% 01/15/2031 -- $1,044,299.00 1,000,000 BL6CM66
0.75% -- UNITED AIRLINES INC 4.63% 04/15/2029 -- $1,039,154.36 1,116,000 BMG8788
0.73% -- DISH DBS CORP 5.25% 12/01/2026 -- $1,008,560.81 1,284,000 BNRLYV5
0.72% -- VENTURE GLOBAL LNG INC 8.38% 06/01/2031 -- $1,002,564.54 972,000 BRK4301
0.71% -- NEPTUNE BIDCO US INC 9.29% 04/15/2029 -- $984,253.32 1,023,000 BQKN5B6
0.70% -- SBA COMMUNICATIONS CORP 3.13% 02/01/2029 -- $974,701.89 1,099,000 BPVBYZ9
0.70% -- CARNIVAL CORP 4.00% 08/01/2028 -- $970,028.64 1,042,000 BMD9Z35
0.69% -- POST HOLDINGS INC 4.63% 04/15/2030 -- $959,328.20 1,048,000 BLCF601
0.69% -- CALPINE CORP 4.50% 02/15/2028 -- $948,976.77 1,002,000 BJVS9S6
0.68% -- AMERICAN AIRLINES/AADVAN 5.75% 04/20/2029 -- $936,989.35 967,000 BM8H783
0.67% -- ALLIANT HOLD / CO-ISSUER 7.00% 01/15/2031 -- $921,179.06 916,000 BNDQTF3
0.66% -- ATHENAHEALTH GROUP INC 6.50% 02/15/2030 -- $912,721.22 994,000 BN7SNC0
0.66% -- MAUSER PACKAGING SOLUT 9.25% 04/15/2027 -- $911,476.90 914,000 BNHV2Z5
0.66% -- PERFORMANCE FOOD GROUP I 4.25% 08/01/2029 -- $906,536.11 993,000 BNHT925
0.65% -- AMERICAN AIRLINES/AADVAN 5.50% 04/20/2026 -- $896,354.37 906,000 BM8H716
0.63% -- IRON MOUNTAIN INC 4.50% 02/15/2031 -- $871,437.87 967,000 BMG1HP4
0.61% -- CHS/COMMUNITY HEALTH SYS 5.63% 03/15/2027 -- $848,736.72 902,000 BNNTB78
0.61% -- ALBERTSONS COS/SAFEWAY 3.50% 03/15/2029 -- $846,672.54 939,000 BKPMPR2
0.61% -- BALL CORP 6.00% 06/15/2029 -- $838,240.05 837,000 BQB88K0
0.60% -- FORTRESS TRANS & INFRAST 5.50% 05/01/2028 -- $836,679.47 865,000 BMD14K1
0.60% -- UNIVISION COMMUNICATIONS 6.63% 06/01/2027 -- $828,636.15 862,000 BMG68Y5
0.59% -- NCL CORPORATION LTD 5.88% 03/15/2026 -- $820,687.12 831,000 BMB5SR0
0.59% -- ROCKETMTGE CO-ISSUER INC 3.88% 03/01/2031 -- $814,756.08 932,000 BN7RYH9
0.59% -- UNITED AIRLINES INC 4.38% 04/15/2026 -- $812,335.80 840,000 BMG8799
0.58% -- UBER TECHNOLOGIES INC 7.50% 09/15/2027 -- $805,904.02 791,000 BKPQNG9
0.58% -- VISTRA CORP 5.00% 07/31/2027 -- $802,850.44 828,000 BHRH886
0.57% -- BAUSCH HEALTH COS INC 11.00% 09/30/2028 -- $795,615.00 899,000 BNBTNV8
0.57% -- VERITAS US INC/BERMUDA L 7.50% 09/01/2025 -- $792,199.52 885,000 BL6B0F8
0.57% -- NEW FORTRESS ENERGY INC 6.50% 09/30/2026 -- $791,933.98 858,000 BP0X973
0.57% -- DT MIDSTREAM INC 4.38% 06/15/2031 -- $791,237.79 873,000 BLN9LB8
0.57% -- YUM! BRANDS INC 4.63% 01/31/2032 -- $790,725.06 862,000 BNW2059
0.57% -- MCAFEE CORP 7.38% 02/15/2030 -- $785,108.59 848,000 BNNPV76
0.56% -- IMOLA MERGER CORP 4.75% 05/15/2029 -- $777,558.13 826,000 BJNPGH3
0.55% -- UNITED RENTALS NORTH AM 6.13% 03/15/2034 -- $761,506.99 770,000 BS9C5X0
0.54% -- NEWS CORP 3.88% 05/15/2029 -- $747,022.85 813,000 BMV9PS2
0.54% -- CLEAR CHANNEL OUTDOOR HO 5.13% 08/15/2027 -- $745,270.49 785,000 BJ9NFT6
0.52% -- ALTICE FRANCE SA 5.13% 07/15/2029 -- $718,993.04 1,061,000 BM9V193
0.51% -- CIVITAS RESOURCES INC 8.75% 07/01/2031 -- $709,944.03 665,000 BRT75V6
0.51% -- LIVE NATION ENTERTAINMEN 6.50% 05/15/2027 -- $706,568.62 702,000 BMFKW46
0.51% -- OLYMPUS WTR US HLDG CORP 9.75% 11/15/2028 -- $704,424.93 662,000 BRBH8M6
0.51% -- COMPASS GROUP DIVERSIFIE 5.25% 04/15/2029 -- $701,556.90 746,000 BMDB423
0.51% -- TK ELEVATOR US NEWCO INC 5.25% 07/15/2027 -- $699,018.22 721,000 BMC7DR0
0.50% -- BLOCK INC CALLABLE NOTES FIXED 6.5% 15/MAY/2032 USD 1000 -- -- -- $692,032.01 684,000 --
0.50% -- TENNECO INC 8.00% 11/17/2028 -- $688,824.60 748,000 BQ1PCD2
0.49% -- VALARIS LTD 8.38% 04/30/2030 -- $682,873.59 659,000 BPK4CP5
0.49% -- LEVEL 3 FINANCING INC CALLABLE NOTES FIXED 11% 15/NOV/2029 USD 1 -- -- -- $680,615.53 665,000 --
0.48% -- WEATHERFORD INTERNATIONA 8.63% 04/30/2030 -- $665,231.41 642,000 BNRPC80
0.48% -- CHART INDUSTRIES INC 7.50% 01/01/2030 -- $664,676.51 646,000 BLC8Z03
0.48% -- SMYRNA READY MIX CONCRET 8.88% 11/15/2031 -- $663,229.54 628,000 BLDCTF7
0.48% -- TEGNA INC 4.63% 03/15/2028 -- $661,397.84 735,000 BNTBJ41
0.48% -- VMED O2 UK FINAN 4.75% 07/15/2031 -- $660,173.14 783,000 BP7LR98
0.48% -- NOVELIS CORP 4.75% 01/30/2030 -- $657,433.57 704,000 BKLPSC1
0.47% -- ROYAL CARIBBEAN CRUISES 6.25% 03/15/2032 -- $646,909.59 644,000 BSNSDT6
0.46% -- UNICREDIT SPA 5.46% 06/30/2035 -- $639,635.25 681,000 BM9QJS3
0.46% -- ATLAS LUXCO 4 / ALL UNI 4.63% 06/01/2028 -- $634,284.95 698,000 BMVXSB8
0.46% -- TRANSDIGM INC 6.38% 03/01/2029 -- $630,670.88 628,000 BNM6H94
0.45% -- ALTICE FRANCE SA 5.50% 10/15/2029 -- $628,987.82 928,000 BMXJSV4
0.45% -- NGL ENRGY OP/FIN CORP 8.38% 02/15/2032 -- $622,356.05 611,000 BPG27W5
0.45% -- SELECT MEDICAL CORP 6.25% 08/15/2026 -- $620,235.52 619,000 BKPHQM9
0.45% -- CCO HLDGS LLC/CAP CORP 4.75% 03/01/2030 -- $616,597.01 717,000 BK6WV51
0.44% -- CSC HOLDINGS LLC 5.75% 01/15/2030 -- $612,606.65 1,436,000 BKFH0Y9
0.44% -- FRONTIER COMMUNICATIONS 5.00% 05/01/2028 -- $611,603.12 652,000 BMF4PS3
0.44% -- AVANTOR FUNDING INC 4.63% 07/15/2028 -- $608,913.46 646,000 BMVVY70
0.44% -- PRIME SECSRVC BRW/FINANC 6.25% 01/15/2028 -- $606,041.52 614,000 BKVKXB0
0.43% -- PG&E CORP 5.25% 07/01/2030 -- $594,261.72 622,000 BLCC408
0.43% -- SPIRIT AEROSYSTEMS INC 9.75% 11/15/2030 -- $594,174.89 548,000 BR1YST4
0.43% -- NCR ATLEOS LLC 9.50% 04/01/2029 -- $592,677.25 550,000 BRCDDH3
0.43% -- MAUSER PACKAGING SOLUTIONS HOLDING CO CALLABLE BOND FIXED 7.875% 15/APR/2027 USD 1000 -- -- -- $590,788.00 580,000 --
0.43% -- VERICAST CORP 11.00% 09/15/2026 -- $588,945.00 553,000 BP96BJ9
0.42% -- WESCO DISTRIBUTION INC 7.25% 06/15/2028 -- $587,555.88 577,000 BMYMZT9
0.42% -- H&E EQUIPMENT SERVICES 3.88% 12/15/2028 -- $587,004.80 650,000 BLSN159
0.42% -- TULLOW OIL PLC 10.25% 05/15/2026 -- $577,934.61 612,000 BKPGFV8
0.42% -- TALEN ENERGY SUPPLY LLC 8.63% 06/01/2030 -- $577,790.97 542,000 BQFHT88
0.42% -- STANDARD INDUSTRIES INC 4.38% 07/15/2030 -- $575,957.07 642,000 BMYXXP4
0.42% -- FRONTIER COMMUNICATIONS 8.75% 05/15/2030 -- $574,485.26 554,000 BPG22V9
0.41% -- MPT OPER PARTNERSP/FINL 3.50% 03/15/2031 -- $570,626.12 853,000 BMF4PW7
0.41% -- BUILDERS FIRSTSOURCE INC 4.25% 02/01/2032 -- $560,778.98 635,000 BMD9BZ9
0.40% -- CQP HOLDCO LP/BIP-V CHIN 5.50% 06/15/2031 -- $559,253.03 589,000 BM8H4Y8
0.40% -- HAWAIIAN BRAND INTELLECT 5.75% 01/20/2026 -- $555,852.73 597,000 BMGWDD7
0.40% -- ALLISON TRANSMISSION INC 3.75% 01/30/2031 -- $554,642.79 634,000 BMX50K5
0.40% -- SOUTHWESTERN ENERGY CO 4.75% 02/01/2032 -- $550,427.43 600,000 BMH4406
0.39% -- BRAND INDUSTRIAL SERVICE 10.38% 08/01/2030 -- $540,410.50 500,000 BS3BCF4
0.38% -- HUSKY INJECTION / TITAN 9.00% 02/15/2029 -- $528,882.42 514,000 BS7XRZ1
0.38% -- LIFEPOINT HEALTH INC 11.00% 10/15/2030 -- $527,587.76 477,000 BR1H4Z1
0.38% -- ICAHN ENTERPRISES/FIN 5.25% 05/15/2027 -- $526,899.78 569,000 BLGSGV7
0.38% -- WINDSTREAM ESCROW LLC 7.75% 08/15/2028 -- $525,367.96 556,000 BMH17V9
0.38% -- CIVITAS RESOURCES INC 8.38% 07/01/2028 -- $524,144.00 500,000 BRT7527
0.37% -- VZ SECURED FINANCING BV 5.00% 01/15/2032 -- $513,968.62 598,000 BM94BT2
0.37% -- JANE STREET GROUP / JSG FINANCE INC CALLABLE NOTES FIXED 7.125% 30/APR/2031 USD 1000 -- -- -- $512,888.00 500,000 --
0.37% -- COMSTOCK RESOURCES INC 6.75% 03/01/2029 -- $511,047.27 529,000 BMW2W01
0.37% -- SMYRNA READY MIX CONCRET 6.00% 11/01/2028 -- $510,965.67 523,000 BMDXC58
0.36% -- WR GRACE HOLDING LLC 5.63% 08/15/2029 -- $504,937.11 558,000 BLDBLN6
0.36% -- NATIONSTAR MTG HLD INC 7.13% 02/01/2032 -- $500,714.00 500,000 BS7Y6M4
0.36% -- ALLIED UNIVERSAL HOLDCO LLC CALLABLE NOTES FIXED 7.875% 15/FEB/2031 USD 1000 -- -- -- $500,068.00 500,000 --
0.36% -- TENET HEALTHCARE CORP 6.13% 06/15/2030 -- $498,292.80 500,000 BPW9BQ2
0.36% -- NMG HLDCO/NEIMAN MARCUS 7.13% 04/01/2026 -- $494,561.96 498,000 BNRLH72
0.35% -- NEXSTAR MEDIA INC 4.75% 11/01/2028 -- $491,019.07 552,000 BMFNGQ5
0.35% -- CLYDESDALE ACQUISITION 8.75% 04/15/2030 -- $490,731.49 507,000 BQ3QRD8
0.35% -- CRESCENT ENERGY FINANCE 9.25% 02/15/2028 -- $488,132.62 461,000 BPQYX34
0.35% -- FERTITTA ENTERTAINMENT 6.75% 01/15/2030 -- $485,275.87 549,000 BPLFC68
0.35% -- CITGO PETROLEUM CORP 7.00% 06/15/2025 -- $483,790.19 484,000 BM9SDG5
0.35% -- CHURCHILL DOWNS INC 5.75% 04/01/2030 -- $481,413.60 500,000 BPP2DX9
0.35% -- CHS/COMMUNITY HEALTH SYS 5.25% 05/15/2030 -- $479,457.45 576,000 BPVBWV1
0.34% -- STAR PARENT INC 9.00% 10/01/2030 -- $475,499.15 453,000 BMCMQL0
0.34% -- NEXSTAR MEDIA INC 5.63% 07/15/2027 -- $475,456.22 503,000 BJXR8L7
0.34% -- WAND NEWCO 3 INC 7.63% 01/30/2032 -- $474,963.92 463,000 BRBCTZ1
0.34% -- SUNRISE FINCO I BV 4.88% 07/15/2031 -- $467,281.65 519,000 BMT7QC9
0.34% -- ROYAL CARIBBEAN CRUISES 5.50% 04/01/2028 -- $466,774.91 474,000 BN486D5
0.34% -- VMED O2 UK FINAN 4.25% 01/31/2031 -- $466,062.98 561,000 BKVH9C4
0.34% -- ITT HOLDINGS LLC 6.50% 08/01/2029 -- $463,880.81 509,000 BLC9L19
0.34% -- BLOCK INC 3.50% 06/01/2031 -- $463,668.71 539,000 BLD7383
0.33% -- CITGO PETROLEUM CORP 8.38% 01/15/2029 -- $462,509.55 450,000 BR53N25
0.33% -- PRIME SECURITY SERVICES BORROWER LLC / PRIME FINANCE INC CALLABLE NOTES FIXED 3.375% 31/AUG/2027 USD 1000 -- -- -- $462,505.25 500,000 --
0.33% -- RHP HOTEL PPTY/RHP FINAN 6.50% 04/01/2032 -- $462,495.11 464,000 BRBDSH9
0.33% -- PETSMART INC/PETSMART FI 7.75% 02/15/2029 -- $460,760.79 473,000 BMTN6F0
0.33% -- VITAL ENERGY INC CALLABLE NOTES FIXED 7.875% 15/APR/2032 USD 1000 -- -- -- $457,827.24 451,000 --
0.33% -- MOHEGAN TRIBAL GAMING AU 8.00% 02/01/2026 -- $455,260.50 486,000 BMYW168
0.33% -- GFL ENVIRONMENTAL INC 6.75% 01/15/2031 -- $454,012.93 446,000 BNKBFF3
0.33% -- BAUSCH HEALTH COS INC 4.88% 06/01/2028 -- $453,876.15 615,000 BLB14D9
0.33% -- EQM MIDSTREAM PARTNERS L 4.75% 01/15/2031 -- $452,753.43 487,000 BMD50V6
0.32% -- HOWDEN UK REFINANCE / US 7.25% 02/15/2031 -- $447,342.84 450,000 BMCGQ56
0.32% -- NCR VOYIX CORP 5.13% 04/15/2029 -- $446,211.54 476,000 BL6KR10
0.32% -- SERVICE PROPERTIES TRUST 8.63% 11/15/2031 -- $440,446.02 420,000 BMGC188
0.31% -- TRIUMPH GROUP INC 9.00% 03/15/2028 -- $435,475.19 417,000 BQT56H6
0.31% -- EQUIPMENTSHARE.COM INC 9.00% 05/15/2028 -- $433,758.44 419,000 BPLL6H5
0.31% -- VISTAJET MALTA/VM HOLDS 6.38% 02/01/2030 -- $433,210.32 552,000 BP4Z8H8
0.31% -- EG GLOBAL FINANCE PLC 12.00% 11/30/2028 -- $426,152.40 400,000 BR1YSV6
0.31% -- SOUTHWESTERN ENERGY CO 5.38% 03/15/2030 -- $425,884.58 440,000 BMDVV88
0.31% -- PACTIV EVERGREEN GROUP 4.00% 10/15/2027 -- $424,655.55 455,000 BJLTTQ7
0.31% -- ARDAGH PKG FIN/HLDGS USA 4.13% 08/15/2026 -- $424,101.72 493,000 BK5HL35
0.31% -- USA COM PART/USA COM FIN 7.13% 03/15/2029 -- $422,234.68 419,000 BM8SW92
0.31% -- ALLIANT HOLD / CO-ISSUER 6.75% 10/15/2027 -- $422,147.87 430,000 BJK69N6
0.30% -- ENDO FINANCE HOLDINGS INC CALLABLE NOTES FIXED 8.5% 15/APR/2031 USD 1000 -- -- -- $421,718.47 411,000 --
0.30% -- HILTON DOMESTIC OPERATIN 3.63% 02/15/2032 -- $419,657.94 488,000 BKPJT48
0.30% -- SCIH SALT HOLDINGS INC 4.88% 05/01/2028 -- $413,692.36 443,000 BMHBB51
0.30% -- HERC HOLDINGS INC 5.50% 07/15/2027 -- $412,628.50 420,000 BHWTW85
0.30% -- PERMIAN RESOURC OPTG LLC 7.00% 01/15/2032 -- $410,980.00 400,000 BP5JP78
0.29% -- PETSMART INC/PETSMART FI 4.75% 02/15/2028 -- $407,490.06 438,000 BMW5D63
0.29% -- PARAMOUNT GLOBAL 6.38% 03/30/2062 -- $396,444.50 442,000 BMXHJH1
0.29% -- MIDAS OPCO HOLDINGS LLC 5.63% 08/15/2029 -- $396,178.56 432,000 BMY8TS4
0.28% -- CALPINE CORP 5.13% 03/15/2028 -- $392,543.44 409,000 BKZMMC6
0.28% -- TRONOX INC 4.63% 03/15/2029 -- $391,403.28 432,000 BNQPRV9
0.28% -- NRG ENERGY INC 3.63% 02/15/2031 -- $391,323.47 456,000 BNM51T9
0.28% -- LCM INVESTMENTS HOLDINGS 4.88% 05/01/2029 -- $389,433.76 415,000 BNM5Z19
0.28% -- JEFFERIES FIN LLC / JFIN 5.00% 08/15/2028 -- $387,812.89 422,000 BP83D39
0.28% -- MADISON IAQ LLC 5.88% 06/30/2029 -- $385,391.80 410,000 BM9PWX6
0.27% -- MIDCAP FINANCIAL ISSR TR 6.50% 05/01/2028 -- $366,985.52 394,000 BMBV4H0
0.26% -- UNIVISION COMMUNICATIONS 8.00% 08/15/2028 -- $366,564.03 373,000 BM8K1F7
0.26% -- ARDONAGH GROUP FINANCE 8.88% 02/15/2032 -- $362,004.25 367,000 BMVXP62
0.26% -- MICHAELS COS INC/THE 7.88% 05/01/2029 -- $361,161.57 523,000 BN6JYJ8
0.26% -- TRIVIUM PACKAGING FIN 5.50% 08/15/2026 -- $359,015.97 367,000 BK0YKJ0
0.26% -- ARDAGH METAL PACKAGING 4.00% 09/01/2029 -- $356,146.94 424,000 BNKLFF3
0.26% -- COMMSCOPE INC 4.75% 09/01/2029 -- $355,905.00 495,000 BLDBLL4
0.25% -- ZAYO GROUP HOLDINGS INC 6.13% 03/01/2028 -- $350,609.32 514,000 BLBQF75
0.25% -- UBER TECHNOLOGIES INC 4.50% 08/15/2029 -- $346,376.58 364,000 BNSNM61
0.25% -- UNITI GROUP/CSL CAPITAL 6.50% 02/15/2029 -- $341,374.45 500,000 BMDHSY1
0.24% -- 1011778 BC / NEW RED FIN 3.88% 01/15/2028 -- $334,221.24 358,000 BJJJT70
0.24% -- COINBASE GLOBAL INC 3.38% 10/01/2028 -- $332,639.69 384,000 BN6KWY2
0.24% -- SENSATA TECHNOLOGIES BV 4.00% 04/15/2029 -- $331,805.21 361,000 BNKFMN2
0.24% -- DARLING INGREDIENTS INC 6.00% 06/15/2030 -- $330,655.86 336,000 BN95KZ1
0.23% -- BALL CORP 2.88% 08/15/2030 -- $323,142.69 380,000 BMG3813
0.23% -- ROBLOX CORP 3.88% 05/01/2030 -- $318,621.28 360,000 BNHW2C5
0.23% -- STANDARD INDUSTRIES INC 3.38% 01/15/2031 -- $314,086.71 374,000 BMFNDV9
0.23% -- RADIATE HOLDCO / FINANCE 6.50% 09/15/2028 -- $312,981.37 659,000 BM9TR00
0.23% -- VISTRA OPERATIONS CO LLC 7.75% 10/15/2031 -- $312,075.90 300,000 BNQQSS6
0.23% -- WYNN RESORTS FINANCE LLC 7.13% 02/15/2031 -- $311,644.56 301,000 BMZMHS1
0.22% -- AMC NETWORKS INC 4.25% 02/15/2029 -- $310,769.01 440,000 BLCHH93
0.22% -- MPH ACQUISITION HOLDINGS 5.50% 09/01/2028 -- $304,453.11 435,000 BMH8323
0.21% -- ZAYO GROUP HOLDINGS INC 4.00% 03/01/2027 -- $296,456.22 373,000 BLBQFB9
0.21% -- FERTITTA ENTERTAINMENT 4.63% 01/15/2029 -- $295,150.52 324,000 BMH29D8
0.21% -- UNITED RENTALS NORTH AM 3.88% 02/15/2031 -- $294,662.28 332,000 BLFGYK7
0.21% -- DAVITA INC 3.75% 02/15/2031 -- $286,634.89 340,000 BMFBJQ0
0.20% -- YUM! BRANDS INC 3.63% 03/15/2031 -- $281,400.43 318,000 BN7S9F5
0.20% -- GRAY TELEVISION INC 5.38% 11/15/2031 -- $270,294.25 508,000 BM93J39
0.20% -- LUMEN TECHNOLOGIES INC 4.00% 02/15/2027 -- $270,000.00 500,000 BH3T5T6
0.19% -- CAESARS ENTERTAIN INC 8.13% 07/01/2027 -- $258,079.99 253,000 BLFBXK5
0.18% -- KINETIK HOLDINGS LP 5.88% 06/15/2030 -- $251,407.08 256,000 BQB7JV5
0.17% -- HERTZ CORP/THE 5.00% 12/01/2029 -- $241,530.26 429,000 BP9LWV3
0.17% -- TRANSOCEAN INC 8.75% 02/15/2030 -- $238,486.26 228,600 BL0NW76
0.16% -- CLEAR CHANNEL OUTDOOR HO 7.50% 06/01/2029 -- $222,869.01 268,000 BNHS096
0.14% -- IRON MOUNTAIN INC 5.25% 07/15/2030 -- $200,431.55 211,000 BL57W73
0.14% -- CMG MEDIA CORPORATION 8.88% 12/15/2027 -- $187,308.86 353,000 BK7CY84
0.13% -- HUB INTERNATIONAL LTD 7.25% 06/15/2030 -- $181,968.51 178,000 BQKRVC1
0.13% -- CSC HOLDINGS LLC 4.63% 12/01/2030 -- $174,309.78 425,000 BM9M1M9
0.12% -- ALBERTSONS COS/SAFEWAY 4.63% 01/15/2027 -- $164,997.52 171,000 BK0SQV6
0.12% -- ORGANON & CO/ORGANON FOR 5.13% 04/30/2031 -- $163,955.63 183,000 BMV1L02
0.11% -- PG&E CORP 5.00% 07/01/2028 -- $158,106.50 164,000 BLCC3Z6
0.11% -- ROCKETMTGE CO-ISSUER INC 2.88% 10/15/2026 -- $154,284.83 165,000 BP815Z9
0.09% -- MINERAL RESOURCES LTD CALLABLE NOTES FIXED 9.25% 01/OCT/2028 USD 1000 -- -- -- $121,003.58 115,000 --
0.08% -- SIRIUS XM RADIO INC 3.88% 09/01/2031 -- $117,046.39 146,000 BM9SD09
0.04% -- SBA COMMUNICATIONS CORP 3.88% 02/15/2027 -- $56,862.64 60,000 BNBTL14
0.03% -- TEGNA INC 5.00% 09/15/2029 -- $37,088.22 42,000 BMXC0P1
-- -- NET OTHER ASSETS (LIABILITIES) -- -- -- $4,876,204.42 4,876,204 --
-25.55% -- US 10YR NOTE (CBT) BOND 19/SEP/2024 TYU4 COMDTY -- -- -35,359,156 -- -319 --
-34.15% -- US 2YR NOTE (CBT) BOND 30/SEP/2024 TUU4 COMDTY -- -- -47,261,156 -- -231 --
-39.22% -- US 5YR NOTE (CBT) BOND 30/SEP/2024 FVU4 COMDTY -- -- -54,280,688 -- -507 --

Index

as of 3/28/2024

  • Total Number of Issues237
  • Long Portfolio Duration3.56
  • Net Effective Duration0.00
  • Long Portfolio Yield7.88
  • Net Index Yield9.04
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 capital gain 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.

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