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 0.16% 4.92% 5.56% 0.16% 11.55% 6.01% 5.02% 3.31% 3.34% 05/21/2013
HYHG NAV 0.11% 5.19% 5.61% 0.11% 11.62% 5.96% 4.98% 3.37% 3.33% 05/21/2013
FTSE High Yield (Treasury Rate-Hedged) Index 0.10% 5.42% 5.52% 0.10% 12.02% 6.29% 5.33% 4.10% 4.06% --

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 1/31/2024
  • 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 6.06%

    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 7.38%

    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
    7.66%
  • Net Effective Duration -0.07%
Price
as of 2/22/2024
  • NAV $63.70
  • NAV Change $+0.29 up caret
  • Market Price $63.89
  • Market Price Change $+0.44 up caret
  • Trading Volume (M) 13,352
  • 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 1/31/2024
  • 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 6.06%

    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 7.38%

    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 7.66%
  • Net Effective Duration -0.07%
Price
as of 2/22/2024
  • NAV $63.70
  • NAV Change $+0.29 up caret
  • Market Price $63.89
  • Market Price Change $+0.44 up caret
  • Trading Volume (M) 13,352
  • 30-Day Median Bid Ask Spread 0.00%
  • View Premium / Discount

Exposures

Index as of 9/30/2022

Holdings

as of 2/22/2024

Weight Ticker Description Coupon Rate Maturity Date Exposure Value
(Notional + GL)
Market Value Shares/Contracts SEDOL Number
1.50% -- TRANSDIGM INC 6.25% 03/15/2026 -- $1,906,791.18 1,907,000 BJJQH22
1.40% -- ORGANON & CO/ORG 4.13% 04/30/2028 -- $1,787,568.95 1,939,000 BMV1LQ8
1.37% -- VENTURE GLOBAL LNG INC 9.50% 02/01/2029 -- $1,742,964.58 1,632,000 BQ80PR5
1.26% -- CLOUD SOFTWARE GRP INC 6.50% 03/31/2029 -- $1,611,390.88 1,719,000 BN2QTP4
1.26% -- CAESARS ENTERTAIN INC 7.00% 02/15/2030 -- $1,604,363.00 1,562,000 BPX27Q2
1.25% -- CCO HLDGS LLC/CAP CORP 4.25% 02/01/2031 -- $1,589,968.22 1,942,000 BN2R7D1
1.07% -- HUB INTERNATIONAL LTD 7.38% 01/31/2032 -- $1,361,711.25 1,350,000 BQ67HZ0
1.05% -- DIRECTV FIN LLC/COINC 5.88% 08/15/2027 -- $1,341,569.28 1,413,000 BN765Z1
0.94% -- FRONTIER COMMUNICATIONS 8.75% 05/15/2030 -- $1,199,231.54 1,187,000 BPG22V9
0.93% -- DISH NETWORK CORP 11.75% 11/15/2027 -- $1,180,479.07 1,128,000 BQB9NW0
0.91% -- MEDLINE BORROWER LP 5.25% 10/01/2029 -- $1,153,433.42 1,239,000 BMWDGR9
0.90% -- TRANSDIGM INC 5.50% 11/15/2027 -- $1,145,276.49 1,184,000 BM9QGV5
0.87% -- DISH DBS CORP 5.25% 12/01/2026 -- $1,108,824.23 1,407,000 BNRLYV5
0.86% -- CLOUD SOFTWARE GRP INC 9.00% 09/30/2029 -- $1,095,870.85 1,166,000 BRJQLF9
0.85% -- CARNIVAL CORP 5.75% 03/01/2027 -- $1,082,775.42 1,093,000 BMHYR18
0.84% -- INTELSAT JACKSON HLDG 6.50% 03/15/2030 -- $1,072,342.70 1,144,000 BNTY069
0.82% -- GTCR W-2 MERGER SUB LLC 7.50% 01/15/2031 -- $1,046,250.00 1,000,000 BL6CM66
0.81% -- UNITED AIRLINES INC 4.63% 04/15/2029 -- $1,030,237.07 1,116,000 BMG8788
0.79% -- AMERICAN AIRLINES/AADVAN 5.50% 04/20/2026 -- $1,011,519.50 1,019,250 BM8H716
0.79% -- SIRIUS XM RADIO INC 4.00% 07/15/2028 -- $1,004,036.80 1,101,000 BMBJVY0
0.77% -- MEDLINE BORROWER LP 3.88% 04/01/2029 -- $987,047.08 1,096,000 BMW4P42
0.77% -- ALLIED UNIVERSAL 6.63% 07/15/2026 -- $983,463.99 985,000 BJYCQ73
0.77% -- BOMBARDIER INC 7.88% 04/15/2027 -- $982,473.52 980,000 BHL3S24
0.77% -- SBA COMMUNICATIONS CORP 3.13% 02/01/2029 -- $976,353.47 1,099,000 BPVBYZ9
0.76% -- CARNIVAL CORP 4.00% 08/01/2028 -- $965,753.86 1,042,000 BMD9Z35
0.75% -- NEPTUNE BIDCO US INC 9.29% 04/15/2029 -- $956,126.80 1,023,000 BQKN5B6
0.74% -- AMERICAN AIRLINES/AADVAN 5.75% 04/20/2029 -- $945,568.96 967,000 BM8H783
0.74% -- POST HOLDINGS INC 4.63% 04/15/2030 -- $945,262.29 1,036,000 BLCF601
0.74% -- 1011778 BC / NEW RED FIN 4.00% 10/15/2030 -- $938,808.27 1,062,000 BMT6QQ0
0.74% -- CHS/COMMUNITY HEALTH SYS 5.63% 03/15/2027 -- $937,218.34 1,016,000 BNNTB78
0.72% -- TENET HEALTHCARE CORP 4.88% 01/01/2026 -- $918,044.14 919,000 BPVDS20
0.71% -- PERFORMANCE FOOD GROUP I 4.25% 08/01/2029 -- $902,858.64 993,000 BNHT925
0.71% -- TENET HEALTHCARE CORP 6.13% 10/01/2028 -- $901,898.13 907,000 BPVDS42
0.69% -- PRIME SECSRVC BRW/FINANC 5.75% 04/15/2026 -- $878,627.83 883,000 BJTRRK3
0.68% -- UNITI GROUP/CSL CAPITAL 10.50% 02/15/2028 -- $870,235.64 843,000 BR1H7L8
0.66% -- NFP CORP 6.88% 08/15/2028 -- $840,438.75 827,000 BLD6JG0
0.66% -- UNIVISION COMMUNICATIONS 6.63% 06/01/2027 -- $837,964.25 862,000 BMG68Y5
0.65% -- NEW FORTRESS ENERGY INC 6.75% 09/15/2025 -- $822,776.56 838,000 BNGFXX3
0.64% -- ATHENAHEALTH GROUP INC 6.50% 02/15/2030 -- $819,431.98 914,000 BN7SNC0
0.64% -- VISTRA CORP 5.00% 07/31/2027 -- $817,176.34 849,000 BHRH886
0.64% -- EMRLD BOR / EMRLD CO-ISS 6.63% 12/15/2030 -- $813,045.00 809,000 BPLP3M1
0.63% -- ROCKETMTGE CO-ISSUER INC 3.88% 03/01/2031 -- $801,520.00 932,000 BN7RYH9
0.63% -- ICAHN ENTERPRISES/FIN 6.25% 05/15/2026 -- $799,311.31 821,000 BJ11SH7
0.63% -- MAUSER PACKAGING SOLUT 7.88% 08/15/2026 -- $798,761.05 785,000 BQB4RH8
0.62% -- YUM! BRANDS INC 4.63% 01/31/2032 -- $793,010.26 862,000 BNW2059
0.61% -- DT MIDSTREAM INC 4.38% 06/15/2031 -- $782,357.46 873,000 BLN9LB8
0.61% -- DAVITA INC 4.63% 06/01/2030 -- $781,238.24 884,000 BMW7NB4
0.60% -- IMOLA MERGER CORP 4.75% 05/15/2029 -- $770,211.46 826,000 BJNPGH3
0.60% -- SS&C TECHNOLOGIES INC 5.50% 09/30/2027 -- $760,444.31 777,000 BJQ1YJ6
0.58% -- NCL CORPORATION LTD 5.88% 03/15/2026 -- $742,560.97 761,000 BMB5SR0
0.58% -- CLARIOS GLOBAL LP/US FIN 8.50% 05/15/2027 -- $739,519.80 737,000 BJ0M440
0.55% -- OLYMPUS WTR US HLDG CORP 9.75% 11/15/2028 -- $706,504.94 662,000 BRBH8M6
0.54% -- VMED O2 UK FINAN 4.75% 07/15/2031 -- $682,591.06 783,000 BP7LR98
0.54% -- TENNECO INC 8.00% 11/17/2028 -- $682,550.00 748,000 BQ1PCD2
0.53% -- TEGNA INC 4.63% 03/15/2028 -- $675,380.92 735,000 BNTBJ41
0.52% -- COMPASS GROUP DIVERSIFIE 5.25% 04/15/2029 -- $667,447.11 708,000 BMDB423
0.52% -- ALTICE FRANCE SA 5.13% 07/15/2029 -- $665,523.54 889,000 BM9V193
0.52% -- CLEAR CHANNEL OUTDOOR HO 5.13% 08/15/2027 -- $662,691.29 705,000 BJ9NFT6
0.51% -- MAUSER PACKAGING SOLUT 9.25% 04/15/2027 -- $651,991.07 670,000 BNHV2Z5
0.50% -- WESCO DISTRIBUTION INC 7.25% 06/15/2028 -- $643,093.35 628,000 BMYMZT9
0.50% -- MCAFEE CORP 7.38% 02/15/2030 -- $642,179.81 716,000 BNNPV76
0.50% -- ELECTRICITE DE FRANCE SA 9.13% -- -- $639,081.15 570,000 BQKRVG5
0.50% -- ALBERTSONS COS/SAFEWAY 3.50% 03/15/2029 -- $637,202.75 711,000 BKPMPR2
0.49% -- IRON MOUNTAIN INC 4.50% 02/15/2031 -- $624,433.53 700,000 BMG1HP4
0.49% -- ALTICE FRANCE SA 5.50% 10/15/2029 -- $620,312.93 827,000 BMXJSV4
0.48% -- WEATHERFORD INTERNATIONA 8.63% 04/30/2030 -- $614,621.50 592,000 BNRPC80
0.48% -- CHART INDUSTRIES INC 7.50% 01/01/2030 -- $610,089.44 596,000 BLC8Z03
0.48% -- FIRST QUANTUM MINERALS L 6.88% 10/15/2027 -- $608,936.11 638,000 BMZRC58
0.47% -- CSC HOLDINGS LLC 5.75% 01/15/2030 -- $601,358.29 1,261,000 BKFH0Y9
0.46% -- UNICREDIT SPA 7.30% 04/02/2034 -- $592,147.62 576,000 BJ0CMN5
0.46% -- BLOCK INC 2.75% 06/01/2026 -- $590,397.01 633,000 BMX4FJ6
0.46% -- CALPINE CORP 4.50% 02/15/2028 -- $589,409.19 623,000 BJVS9S6
0.46% -- PG&E CORP 5.25% 07/01/2030 -- $586,166.58 622,000 BLCC408
0.46% -- NCR ATLEOS LLC 9.50% 04/01/2029 -- $582,312.50 550,000 BRCDDH3
0.45% -- STANDARD INDUSTRIES INC 4.38% 07/15/2030 -- $578,204.58 642,000 BMYXXP4
0.45% -- HILTON DOMESTIC OPERATIN 3.63% 02/15/2032 -- $577,878.91 674,000 BKPJT48
0.45% -- ROYAL CARIBBEAN CRUISES 11.63% 08/15/2027 -- $573,599.39 530,000 BMHB6V2
0.45% -- TALEN ENERGY SUPPLY LLC 8.63% 06/01/2030 -- $573,575.29 542,000 BQFHT88
0.45% -- NOVELIS CORP 4.75% 01/30/2030 -- $572,501.78 624,000 BKLPSC1
0.44% -- DAVITA INC 3.75% 02/15/2031 -- $566,802.75 687,000 BMFBJQ0
0.44% -- UNIVISION COMMUNICATIONS 8.00% 08/15/2028 -- $564,540.24 562,000 BM8K1F7
0.44% -- SMYRNA READY MIX CONCRET 6.00% 11/01/2028 -- $562,925.63 579,000 BMDXC58
0.43% -- CQP HOLDCO LP/BIP-V CHIN 5.50% 06/15/2031 -- $550,879.63 589,000 BM8H4Y8
0.43% -- VERICAST CORP 11.00% 09/15/2026 -- $549,545.94 522,000 BP96BJ9
0.43% -- SERVICE PROPERTIES TRUST 8.63% 11/15/2031 -- $548,642.64 520,000 BMGC188
0.43% -- IQVIA INC 5.00% 05/15/2027 -- $548,431.97 562,000 BK62T46
0.43% -- COMMSCOPE INC 6.00% 03/01/2026 -- $542,752.32 618,000 BGDS1B0
0.42% -- VERITAS US INC/BERMUDA L 7.50% 09/01/2025 -- $538,373.76 590,000 BL6B0F8
0.42% -- BRAND INDUSTRIAL SERVICE 10.38% 08/01/2030 -- $531,496.45 500,000 BS3BCF4
0.41% -- TK ELEVATOR US NEWCO INC 5.25% 07/15/2027 -- $525,845.71 549,000 BMC7DR0
0.41% -- CIVITAS RESOURCES INC 8.38% 07/01/2028 -- $523,635.50 500,000 BRT7527
0.41% -- VALARIS LTD 8.38% 04/30/2030 -- $521,812.50 506,000 BPK4CP5
0.41% -- SOUTHWESTERN ENERGY CO 5.38% 03/15/2030 -- $520,540.07 540,000 BMDVV88
0.41% -- ALLIANT HOLD / CO-ISSUER 6.75% 10/15/2027 -- $516,498.25 530,000 BJK69N6
0.41% -- VZ SECURED FINANCING BV 5.00% 01/15/2032 -- $516,460.37 598,000 BM94BT2
0.40% -- CIVITAS RESOURCES INC 8.75% 07/01/2031 -- $511,674.81 481,000 BRT75V6
0.40% -- NEW FORTRESS ENERGY INC 6.50% 09/30/2026 -- $510,147.37 537,000 BP0X973
0.40% -- LIFEPOINT HEALTH INC 11.00% 10/15/2030 -- $506,316.42 477,000 BR1H4Z1
0.39% -- BALL CORP 6.00% 06/15/2029 -- $500,781.02 497,000 BQB88K0
0.39% -- NEXSTAR MEDIA INC 4.75% 11/01/2028 -- $498,001.48 552,000 BMFNGQ5
0.39% -- AVANTOR FUNDING INC 4.63% 07/15/2028 -- $495,104.42 521,000 BMVVY70
0.38% -- ILIAD HOLDING SAS 6.50% 10/15/2026 -- $487,607.49 491,000 BLCW8V7
0.38% -- TRIUMPH GROUP INC 9.00% 03/15/2028 -- $484,325.78 463,000 BQT56H6
0.38% -- NEXSTAR MEDIA INC 5.63% 07/15/2027 -- $483,059.52 503,000 BJXR8L7
0.38% -- CHURCHILL DOWNS INC 5.75% 04/01/2030 -- $482,120.65 500,000 BPP2DX9
0.38% -- VMED O2 UK FINAN 4.25% 01/31/2031 -- $481,333.46 561,000 BKVH9C4
0.38% -- STAPLES INC 10.75% 04/15/2027 -- $481,278.56 613,000 BK0L4Q6
0.38% -- STAR PARENT INC 9.00% 10/01/2030 -- $477,873.32 453,000 BMCMQL0
0.37% -- ZAYO GROUP HOLDINGS INC 4.00% 03/01/2027 -- $471,664.80 601,000 BLBQFB9
0.37% -- SUNRISE FINCO I BV 4.88% 07/15/2031 -- $468,703.71 519,000 BMT7QC9
0.37% -- SELECT MEDICAL CORP 6.25% 08/15/2026 -- $467,944.33 469,000 BKPHQM9
0.37% -- WINDSTREAM ESCROW LLC 7.75% 08/15/2028 -- $465,780.77 511,000 BMH17V9
0.36% -- ROYAL CARIBBEAN CRUISES 5.50% 04/01/2028 -- $464,548.69 474,000 BN486D5
0.36% -- STAPLES INC 7.50% 04/15/2026 -- $456,018.07 483,000 BK0L4K0
0.36% -- MOHEGAN TRIBAL GAMING AU 8.00% 02/01/2026 -- $454,758.71 486,000 BMYW168
0.36% -- UNITED AIRLINES INC 4.38% 04/15/2026 -- $453,833.46 471,000 BMG8799
0.36% -- VENTURE GLOBAL LNG INC 8.38% 06/01/2031 -- $453,439.93 447,000 BRK4301
0.35% -- ITT HOLDINGS LLC 6.50% 08/01/2029 -- $451,713.65 509,000 BLC9L19
0.35% -- LIVE NATION ENTERTAINMEN 6.50% 05/15/2027 -- $447,458.35 443,000 BMFKW46
0.35% -- NCR VOYIX CORP 5.13% 04/15/2029 -- $444,892.26 476,000 BL6KR10
0.34% -- CLYDESDALE ACQUISITION 8.75% 04/15/2030 -- $434,734.37 457,000 BQ3QRD8
0.34% -- ROLLS-ROYCE PLC 5.75% 10/15/2027 -- $433,957.73 436,000 BMHLZ37
0.34% -- CRESCENT ENERGY FINANCE 9.25% 02/15/2028 -- $430,769.10 411,000 BPQYX34
0.33% -- EQUIPMENTSHARE.COM INC 9.00% 05/15/2028 -- $426,264.57 419,000 BPLL6H5
0.33% -- CCO HLDGS LLC/CAP CORP 4.75% 03/01/2030 -- $424,269.83 491,000 BK6WV51
0.33% -- SPIRIT AEROSYSTEMS INC 9.75% 11/15/2030 -- $423,946.39 395,000 BR1YST4
0.33% -- COMSTOCK RESOURCES INC 6.75% 03/01/2029 -- $419,354.06 449,000 BMW2W01
0.32% -- HERC HOLDINGS INC 5.50% 07/15/2027 -- $411,613.61 420,000 BHWTW85
0.32% -- PETSMART INC/PETSMART FI 4.75% 02/15/2028 -- $411,471.79 438,000 BMW5D63
0.32% -- SCIH SALT HOLDINGS INC 4.88% 05/01/2028 -- $405,158.94 443,000 BMHBB51
0.31% -- BAUSCH HEALTH COS INC 11.00% 09/30/2028 -- $399,465.00 594,000 BNBTNV8
0.31% -- HAWAIIAN BRAND INTELLECT 5.75% 01/20/2026 -- $391,079.82 418,000 BMGWDD7
0.31% -- CALPINE CORP 5.13% 03/15/2028 -- $390,040.23 409,000 BKZMMC6
0.30% -- PETSMART INC/PETSMART FI 7.75% 02/15/2029 -- $387,797.51 393,000 BMTN6F0
0.30% -- NRG ENERGY INC 3.63% 02/15/2031 -- $383,605.21 456,000 BNM51T9
0.30% -- AIR CANADA 3.88% 08/15/2026 -- $382,087.08 403,000 BNNNHG1
0.30% -- EQM MIDSTREAM PARTNERS L 4.75% 01/15/2031 -- $378,367.02 407,000 BMD50V6
0.29% -- H&E EQUIPMENT SERVICES 3.88% 12/15/2028 -- $371,596.69 410,000 BLSN159
0.29% -- LCM INVESTMENTS HOLDINGS 4.88% 05/01/2029 -- $370,619.28 415,000 BNM5Z19
0.29% -- FIRST QUANTUM MINERALS L 8.63% 06/01/2031 -- $370,106.73 399,000 --
0.29% -- FERTITTA ENTERTAINMENT 6.75% 01/15/2030 -- $369,609.83 417,000 BPLFC68
0.29% -- UNITI GROUP/CSL CAPITAL 6.50% 02/15/2029 -- $369,530.90 500,000 BMDHSY1
0.29% -- CITGO PETROLEUM CORP 8.38% 01/15/2029 -- $368,392.50 350,000 BR53N25
0.28% -- ASTON MARTIN CAPITAL HOL 10.50% 11/30/2025 -- $361,610.92 356,000 BMHV2Z8
0.28% -- WAND NEWCO 3 INC 7.63% 01/30/2032 -- $361,375.00 350,000 BRBCTZ1
0.28% -- MADISON IAQ LLC 5.88% 06/30/2029 -- $361,105.94 410,000 BM9PWX6
0.28% -- CEDAR FAIR/CAN/MAGNUM/MI 5.50% 05/01/2025 -- $360,579.98 362,000 BMTRDY0
0.28% -- TRIVIUM PACKAGING FIN 5.50% 08/15/2026 -- $358,600.95 367,000 BK0YKJ0
0.28% -- CITGO PETROLEUM CORP 7.00% 06/15/2025 -- $358,504.97 359,000 BM9SDG5
0.28% -- MIDCAP FINANCIAL ISSR TR 6.50% 05/01/2028 -- $356,570.00 394,000 BMBV4H0
0.28% -- BUILDERS FIRSTSOURCE INC 4.25% 02/01/2032 -- $354,337.65 398,000 BMD9BZ9
0.28% -- PARAMOUNT GLOBAL 6.38% 03/30/2062 -- $352,473.11 392,000 BMXHJH1
0.28% -- BAUSCH HEALTH COS INC 4.88% 06/01/2028 -- $350,655.45 615,000 BLB14D9
0.27% -- ALLIANT HOLD / CO-ISSUER 7.00% 01/15/2031 -- $350,328.13 350,000 BNDQTF3
0.27% -- FORTRESS TRANS & INFRAST 5.50% 05/01/2028 -- $350,281.78 365,000 BMD14K1
0.27% -- NMG HLDCO/NEIMAN MARCUS 7.13% 04/01/2026 -- $348,023.10 354,000 BNRLH72
0.27% -- ENLINK MIDSTREAM LLC 6.50% 09/01/2030 -- $343,812.51 335,000 BPCNQX6
0.27% -- UBER TECHNOLOGIES INC 4.50% 08/15/2029 -- $341,596.16 364,000 BNSNM61
0.27% -- ARDAGH PKG FIN/HLDGS USA 4.13% 08/15/2026 -- $339,915.00 372,000 BK5HL35
0.27% -- ARDAGH METAL PACKAGING 4.00% 09/01/2029 -- $339,892.69 424,000 BNKLFF3
0.26% -- 1011778 BC / NEW RED FIN 3.88% 01/15/2028 -- $334,344.26 358,000 BJJJT70
0.26% -- DARLING INGREDIENTS INC 6.00% 06/15/2030 -- $331,791.43 336,000 BN95KZ1
0.26% -- GRAY TELEVISION INC 5.38% 11/15/2031 -- $330,942.53 458,000 BM93J39
0.26% -- SENSATA TECHNOLOGIES BV 4.00% 04/15/2029 -- $326,884.56 361,000 BNKFMN2
0.26% -- WR GRACE HOLDING LLC 5.63% 08/15/2029 -- $325,734.94 370,000 BLDBLN6
0.25% -- WESCO DISTRIBUTION INC 7.13% 06/15/2025 -- $324,860.80 323,000 BMYMZS8
0.25% -- COINBASE GLOBAL INC 3.38% 10/01/2028 -- $323,231.32 384,000 BN6KWY2
0.25% -- MIDAS OPCO HOLDINGS LLC 5.63% 08/15/2029 -- $322,673.57 356,000 BMY8TS4
0.25% -- MICHAELS COS INC/THE 7.88% 05/01/2029 -- $321,791.38 523,000 BN6JYJ8
0.25% -- ROBLOX CORP 3.88% 05/01/2030 -- $316,800.00 360,000 BNHW2C5
0.25% -- EG GLOBAL FINANCE PLC 12.00% 11/30/2028 -- $316,255.45 300,000 BR1YSV6
0.25% -- STANDARD INDUSTRIES INC 3.38% 01/15/2031 -- $313,174.14 374,000 BMFNDV9
0.25% -- TULLOW OIL PLC 10.25% 05/15/2026 -- $312,550.00 350,000 BKPGFV8
0.24% -- SOUTHWESTERN ENERGY CO 4.75% 02/01/2032 -- $312,046.08 340,000 BMH4406
0.24% -- VISTRA OPERATIONS CO LLC 7.75% 10/15/2031 -- $310,432.20 300,000 BNQQSS6
0.24% -- PERMIAN RESOURC OPTG LLC 7.00% 01/15/2032 -- $309,445.50 300,000 BP5JP78
0.24% -- PACTIV EVERGREEN GROUP 4.00% 10/15/2027 -- $307,725.00 330,000 BJLTTQ7
0.24% -- AMC NETWORKS INC 4.25% 02/15/2029 -- $301,400.00 440,000 BLCHH93
0.23% -- ALLISON TRANSMISSION INC 3.75% 01/30/2031 -- $298,318.57 344,000 BMX50K5
0.23% -- TRONOX INC 4.63% 03/15/2029 -- $296,308.76 332,000 BNQPRV9
0.23% -- UNITED RENTALS NORTH AM 3.88% 02/15/2031 -- $295,149.66 332,000 BLFGYK7
0.23% -- RAKUTEN GROUP INC 6.25% -- -- $294,581.30 421,000 BP2FD31
0.23% -- MPH ACQUISITION HOLDINGS 5.50% 09/01/2028 -- $294,495.15 335,000 BMH8323
0.23% -- FERTITTA ENTERTAINMENT 4.63% 01/15/2029 -- $294,452.01 324,000 BMH29D8
0.23% -- GFL ENVIRONMENTAL INC 6.75% 01/15/2031 -- $293,165.16 286,000 BNKBFF3
0.22% -- CHS/COMMUNITY HEALTH SYS 5.25% 05/15/2030 -- $286,276.66 350,000 BPVBWV1
0.22% -- JEFFERIES FIN LLC / JFIN 5.00% 08/15/2028 -- $285,675.03 316,000 BP83D39
0.22% -- NEWS CORP 3.88% 05/15/2029 -- $284,349.12 313,000 BMV9PS2
0.22% -- MPT OPER PARTNERSP/FINL 3.50% 03/15/2031 -- $282,513.99 441,000 BMF4PW7
0.22% -- HERTZ CORP/THE 5.00% 12/01/2029 -- $279,839.83 366,000 BP9LWV3
0.22% -- UNICREDIT SPA 5.46% 06/30/2035 -- $277,451.05 300,000 BM9QJS3
0.21% -- SMYRNA READY MIX CONCRET 8.88% 11/15/2031 -- $266,266.75 250,000 BLDCTF7
0.20% -- UBER TECHNOLOGIES INC 7.50% 09/15/2027 -- $255,532.75 250,000 BKPQNG9
0.20% -- VISTAJET MALTA/VM HOLDS 6.38% 02/01/2030 -- $250,733.12 352,000 BP4Z8H8
0.20% -- KINETIK HOLDINGS LP 5.88% 06/15/2030 -- $250,199.12 256,000 BQB7JV5
0.19% -- BALL CORP 2.88% 08/15/2030 -- $248,381.93 293,000 BMG3813
0.19% -- CMG MEDIA CORPORATION 8.88% 12/15/2027 -- $241,805.00 353,000 BK7CY84
0.19% -- VIRGIN MEDIA SECURED FIN 5.50% 05/15/2029 -- $239,113.63 253,000 BJDQX75
0.18% -- TRANSOCEAN INC 8.75% 02/15/2030 -- $235,257.98 228,600 BL0NW76
0.17% -- ZAYO GROUP HOLDINGS INC 6.13% 03/01/2028 -- $211,637.04 296,000 BLBQF75
0.16% -- IHEARTCOMMUNICATIONS INC 8.38% 05/01/2027 -- $206,349.00 370,000 BK0NK86
0.16% -- IRON MOUNTAIN INC 5.25% 07/15/2030 -- $198,589.36 211,000 BL57W73
0.15% -- LEVEL 3 FINANCING INC 4.25% 07/01/2028 -- $195,980.00 478,000 BMTR5N3
0.15% -- CSC HOLDINGS LLC 4.63% 12/01/2030 -- $187,364.10 425,000 BM9M1M9
0.14% -- HUB INTERNATIONAL LTD 7.25% 06/15/2030 -- $181,891.44 178,000 BQKRVC1
0.13% -- ALBERTSONS COS/SAFEWAY 4.63% 01/15/2027 -- $165,632.48 171,000 BK0SQV6
0.12% -- ROCKETMTGE CO-ISSUER INC 2.88% 10/15/2026 -- $152,197.65 165,000 BP815Z9
0.11% -- LUMEN TECHNOLOGIES INC 4.00% 02/15/2027 -- $139,687.50 250,000 BH3T5T6
0.11% -- CLEAR CHANNEL OUTDOOR HO 7.50% 06/01/2029 -- $135,589.44 168,000 BNHS096
0.11% -- RADIATE HOLDCO / FINANCE 6.50% 09/15/2028 -- $135,485.00 343,000 BM9TR00
0.10% -- SIRIUS XM RADIO INC 3.88% 09/01/2031 -- $121,716.56 146,000 BM9SD09
0.05% -- ICAHN ENTERPRISES/FIN 5.25% 05/15/2027 -- $63,489.66 69,000 BLGSGV7
0.05% -- PG&E CORP 5.00% 07/01/2028 -- $61,230.12 64,000 BLCC3Z6
0.04% -- SBA COMMUNICATIONS CORP 3.88% 02/15/2027 -- $56,715.28 60,000 BNBTL14
0.04% -- FRONTIER COMMUNICATIONS 5.00% 05/01/2028 -- $48,063.77 52,000 BMF4PS3
0.03% -- TEGNA INC 5.00% 09/15/2029 -- $37,786.25 42,000 BMXC0P1
0.02% -- COMMSCOPE INC 4.75% 09/01/2029 -- $28,807.42 43,000 BLDBLL4
0.01% -- YUM! BRANDS INC 3.63% 03/15/2031 -- $15,855.22 18,000 BN7S9F5
-- -- ORGANON & CO/ORG 5.13% 04/30/2031 -- $2,620.18 3,000 BMV1L02
-- -- NET OTHER ASSETS (LIABILITIES) -- -- -- $7,562,421.44 7,562,421 --
-23.89% -- US 10YR NOTE (CBT) BOND 19/MAR/2024 TYH4 COMDTY -- -- -30,441,000 -- -278 --
-27.98% -- US 2YR NOTE (CBT) BOND 28/MAR/2024 TUH4 COMDTY -- -- -35,646,680 -- -175 --
-38.13% -- US 5YR NOTE (CBT) BOND 28/MAR/2024 FVH4 COMDTY -- -- -48,577,672 -- -457 --

Index

as of 12/29/2023

  • Total Number of Issues229
  • Long Portfolio Duration3.50
  • Net Effective Duration0.00
  • Long Portfolio Yield7.84
  • Net Index Yield9.31
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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