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 1m 3m 6m YTD 1Y 3Y 5Y 10Y Since Inception Inception Date
HYHG NAV 2.47% 0.95% 1.99% 5.51% 5.51% 5.81% 3.88% -- 2.68% 05/21/2013
HYHG Market Price 2.44% 1.05% 1.99% 5.76% 5.76% 5.87% 3.84% -- 2.70% 05/21/2013

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 12/31/2021
  • Number of Companies 195
  • Distribution Yield 4.54%
  • SEC 30-Day Yield 4.02%
Price
as of 1/26/2022
  • NAV $62.38
  • NAV Change +$0.45 up caret
  • Market Price $62.25
  • Market Price Change +$0.35 up caret
  • Trading Volume (M) 13,649
  • 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 12/31/2021
  • Number of Companies 195
  • Distribution Yield 4.54%
  • SEC 30-Day Yield 4.02%
Price
as of 1/26/2022
  • NAV $62.38
  • NAV Change +$0.45 up caret
  • Market Price $62.25
  • Market Price Change +$0.35 up caret
  • Trading Volume (M) 13,649
  • 30-Day Median Bid Ask Spread 0.45%
  • View Premium / Discount

Exposures

Index as of 12/31/2021

Holdings

as of 1/26/2022

Weight Ticker Description Coupon Rate Maturity Date Exposure Value
(Notional + GL)
Market Value Shares/Contracts
3.01% -- NET OTHER ASSETS / CASH -- -- -- $4,583,354.30 4,583,354
1.49% -- TRANSDIGM INC 6.25% 03/15/2026 -- $2,261,475.00 2,185,000
1.33% -- TARGA RESOURCES PARTNERS 4.00% 01/15/2032 -- $2,018,022.50 2,003,000
1.15% -- OCCIDENTAL PETROLEUM COR 6.45% 09/15/2036 -- $1,750,217.28 1,421,000
1.06% -- CCO HLDGS LLC/CAP CORP 5.13% 05/01/2027 -- $1,613,815.07 1,577,000
1.04% -- ORGANON & CO/ORG 4.13% 04/30/2028 -- $1,588,762.24 1,588,000
1.03% -- AMERICAN AIRLINES/AADVAN 5.50% 04/20/2026 -- $1,565,977.95 1,530,000
1.02% -- UNITED AIRLINES INC 4.63% 04/15/2029 -- $1,554,998.27 1,537,000
1.02% -- AMERICAN AIRLINES/AADVAN 5.75% 04/20/2029 -- $1,552,056.25 1,487,000
1.02% -- CHANGE HEALTH / FIN INC 5.75% 03/01/2025 -- $1,547,860.00 1,544,000
0.97% -- TENET HEALTHCARE CORP 4.88% 01/01/2026 -- $1,482,245.20 1,448,000
0.96% -- SPRINT CORP 7.63% 03/01/2026 -- $1,463,587.50 1,259,000
0.95% -- ZAYO GROUP HOLDINGS INC 4.00% 03/01/2027 -- $1,438,518.90 1,495,000
0.95% -- POST HOLDINGS INC 4.50% 09/15/2031 -- $1,437,809.76 1,488,000
0.92% -- FIRST QUANTUM MINERALS L 6.88% 10/15/2027 -- $1,399,612.50 1,305,000
0.92% -- UBER TECHNOLOGIES INC 8.00% 11/01/2026 -- $1,398,436.75 1,315,000
0.91% -- SCIENTIFIC GAMES INTERNA 5.00% 10/15/2025 -- $1,391,780.25 1,358,000
0.90% -- CAESARS ENTERTAIN INC 8.13% 07/01/2027 -- $1,362,706.59 1,246,000
0.88% -- BOMBARDIER INC 7.88% 04/15/2027 -- $1,344,997.50 1,309,000
0.88% -- STAPLES INC 7.50% 04/15/2026 -- $1,337,000.00 1,337,000
0.87% -- MATADOR RESOURCES CO 5.88% 09/15/2026 -- $1,330,080.00 1,304,000
0.87% -- UNITED RENTALS NORTH AM 4.88% 01/15/2028 -- $1,318,502.50 1,277,000
0.86% -- DT MIDSTREAM INC 4.38% 06/15/2031 -- $1,310,097.59 1,307,000
0.85% -- BLOCK INC 2.75% 06/01/2026 -- $1,296,213.60 1,327,000
0.85% -- SIRIUS XM RADIO INC 4.00% 07/15/2028 -- $1,289,811.60 1,316,000
0.85% -- MOZART DEBT MERGER SUB 5.25% 10/01/2029 -- $1,286,382.96 1,304,000
0.82% -- BAUSCH HEALTH AMERICAS 8.50% 01/31/2027 -- $1,249,390.00 1,213,000
0.81% -- NORTONLIFELOCK INC 5.00% 04/15/2025 -- $1,236,082.50 1,233,000
0.81% -- VMED O2 UK FINAN 4.25% 01/31/2031 -- $1,233,817.92 1,312,000
0.80% -- ALLIED UNIVERSAL 6.63% 07/15/2026 -- $1,222,175.00 1,178,000
0.79% -- CHS/COMMUNITY HEALTH SYS 8.00% 03/15/2026 -- $1,203,840.00 1,152,000
0.78% -- ARAMARK SERVICES INC 5.00% 02/01/2028 -- $1,193,629.00 1,180,000
0.78% -- ALTICE FRANCE SA 5.13% 07/15/2029 -- $1,189,162.85 1,257,000
0.77% -- CARNIVAL CORP 5.75% 03/01/2027 -- $1,176,637.49 1,187,000
0.74% -- CCO HLDGS LLC/CAP CORP 4.75% 03/01/2030 -- $1,121,022.00 1,116,000
0.73% -- FIRSTENERGY CORP 5.35% 07/15/2047 -- $1,115,781.40 1,007,000
0.73% -- SENSATA TECHNOLOGIES BV 4.00% 04/15/2029 -- $1,104,261.80 1,109,000
0.72% -- ORGANON & CO/ORG 5.13% 04/30/2031 -- $1,093,812.50 1,075,000
0.71% -- FRONTIER COMMUNICATIONS 5.00% 05/01/2028 -- $1,083,467.44 1,076,000
0.70% -- MSCI INC 4.00% 11/15/2029 -- $1,068,711.00 1,050,000
0.70% -- FORD MOTOR COMPANY 3.25% 02/12/2032 -- $1,067,783.04 1,098,000
0.70% -- HILTON DOMESTIC OPERATIN 3.63% 02/15/2032 -- $1,064,865.56 1,108,000
0.70% -- TRANSDIGM INC 5.50% 11/15/2027 -- $1,060,696.00 1,040,000
0.69% -- CITGO PETROLEUM CORP 7.00% 06/15/2025 -- $1,048,380.00 1,038,000
0.69% -- UNITI GRP/UNITI HLD/CSL 7.88% 02/15/2025 -- $1,043,750.00 1,000,000
0.68% -- TENET HEALTHCARE CORP 6.13% 10/01/2028 -- $1,036,078.02 1,002,000
0.68% -- CARNIVAL CORP 4.00% 08/01/2028 -- $1,035,355.00 1,060,000
0.67% -- CSC HOLDINGS LLC 4.63% 12/01/2030 -- $1,017,262.40 1,120,000
0.67% -- T-MOBILE USA INC 4.75% 02/01/2028 -- $1,015,365.78 974,000
0.66% -- WESCO DISTRIBUTION INC 7.13% 06/15/2025 -- $1,008,897.50 962,000
0.66% -- TEGNA INC 5.00% 09/15/2029 -- $999,256.92 996,000
0.65% -- ONEMAIN FINANCE CORP 7.13% 03/15/2026 -- $993,981.25 886,000
0.65% -- CSC HOLDINGS LLC 5.75% 01/15/2030 -- $986,388.25 1,025,000
0.64% -- 1011778 BC / NEW RED FIN 4.00% 10/15/2030 -- $970,413.29 1,031,000
0.62% -- ICAHN ENTERPRISES/FIN 6.25% 05/15/2026 -- $947,055.09 921,000
0.60% -- UNIVISION COMMUNICATIONS 4.50% 05/01/2029 -- $918,225.00 924,000
0.60% -- IHEARTCOMMUNICATIONS INC 8.38% 05/01/2027 -- $913,289.20 872,000
0.60% -- IRON MOUNTAIN INC 4.50% 02/15/2031 -- $910,080.00 948,000
0.58% -- CLARIOS GLOBAL LP/US FIN 8.50% 05/15/2027 -- $886,205.00 842,000
0.56% -- PAR PHARMACEUTICAL INC 7.50% 04/01/2027 -- $856,142.37 843,000
0.56% -- MSCI INC 3.88% 02/15/2031 -- $849,721.44 848,000
0.55% -- NGL ENRGY OP/FIN CORP 7.50% 02/01/2026 -- $831,039.30 819,000
0.55% -- ROYAL CARIBBEAN CRUISES 5.50% 04/01/2028 -- $830,107.90 830,000
0.54% -- PRIME SECSRVC BRW/FINANC 5.75% 04/15/2026 -- $823,657.00 788,000
0.54% -- SOUTHWESTERN ENERGY CO 4.75% 02/01/2032 -- $818,070.00 804,000
0.54% -- CHS/COMMUNITY HEALTH SYS 5.63% 03/15/2027 -- $816,827.50 794,000
0.53% -- DAVITA INC 3.75% 02/15/2031 -- $802,741.20 860,000
0.52% -- CAESARS ENTERTAIN INC 6.25% 07/01/2025 -- $796,353.09 767,000
0.52% -- NEXSTAR MEDIA INC 5.63% 07/15/2027 -- $794,385.00 762,000
0.52% -- PG&E CORP 5.25% 07/01/2030 -- $790,006.98 777,000
0.52% -- CALPINE CORP 4.50% 02/15/2028 -- $789,807.12 796,000
0.52% -- H&E EQUIPMENT SERVICES 3.88% 12/15/2028 -- $789,531.16 814,000
0.52% -- CLEAR CHANNEL WORLDWIDE 5.13% 08/15/2027 -- $785,311.38 775,000
0.52% -- COMSTOCK RESOURCES INC 6.75% 03/01/2029 -- $784,093.93 755,000
0.51% -- PERFORMANCE FOOD GROUP I 5.50% 10/15/2027 -- $781,770.00 759,000
0.50% -- ROCKETMTGE C0-ISSUER INC 3.88% 03/01/2031 -- $767,768.75 805,000
0.50% -- MAUSER PACKAGING SOLUT 5.50% 04/15/2024 -- $754,882.50 753,000
0.49% -- VMED O2 UK FINAN 4.75% 07/15/2031 -- $750,182.40 768,000
0.49% -- DIAMOND SPORTS GR/DIAMON 5.38% 08/15/2026 -- $741,147.64 1,592,000
0.49% -- VISTRA OPERATIONS CO LLC 5.63% 02/15/2027 -- $739,666.75 725,000
0.49% -- BALL CORP 2.88% 08/15/2030 -- $738,793.34 788,000
0.48% -- POST HOLDINGS INC 4.63% 04/15/2030 -- $734,910.00 748,000
0.48% -- COMPASS GROUP DIVERSIFIE 5.25% 04/15/2029 -- $730,822.84 722,000
0.47% -- TRONOX INC 4.63% 03/15/2029 -- $715,530.00 732,000
0.47% -- TEGNA INC 4.63% 03/15/2028 -- $708,037.50 717,000
0.46% -- XEROX CORPORATION 4.38% 03/15/2023 -- $705,425.00 695,000
0.46% -- CALPINE CORP 5.13% 03/15/2028 -- $698,365.00 709,000
0.46% -- VENTURE GLOBAL CALCASIEU 4.13% 08/15/2031 -- $693,812.24 682,000
0.45% -- MPH ACQUISITION HOLDINGS 5.75% 11/01/2028 -- $689,232.81 762,000
0.45% -- DAVITA INC 4.63% 06/01/2030 -- $689,220.00 700,000
0.44% -- SBA COMMUNICATIONS CORP 3.13% 02/01/2029 -- $676,093.74 714,000
0.44% -- VERITAS US INC/BERMUDA L 7.50% 09/01/2025 -- $674,650.00 655,000
0.44% -- HAWAIIAN BRAND INTELLECT 5.75% 01/20/2026 -- $671,262.50 647,000
0.44% -- COINBASE GLOBAL INC 3.63% 10/01/2031 -- $670,220.00 752,000
0.44% -- ALBERTSONS COS/SAFEWAY 4.63% 01/15/2027 -- $669,780.98 649,000
0.44% -- MEG ENERGY CORP 7.13% 02/01/2027 -- $666,930.64 632,000
0.43% -- SS&C TECHNOLOGIES INC 5.50% 09/30/2027 -- $660,353.10 632,000
0.43% -- NOVELIS CORP 4.75% 01/30/2030 -- $652,349.78 645,000
0.43% -- T-MOBILE USA INC 3.50% 04/15/2031 -- $651,683.52 656,000
0.43% -- LUMEN TECHNOLOGIES INC 5.13% 12/15/2026 -- $649,854.66 637,000
0.42% -- AVANTOR FUNDING INC 4.63% 07/15/2028 -- $643,891.08 626,000
0.42% -- BATH & BODY WORKS INC 6.63% 10/01/2030 -- $643,482.50 589,000
0.42% -- FORTRESS TRANS & INFRAST 5.50% 05/01/2028 -- $641,875.00 650,000
0.42% -- HUB INTERNATIONAL LTD 7.00% 05/01/2026 -- $636,289.02 621,000
0.41% -- NEW FORTRESS ENERGY INC 6.75% 09/15/2025 -- $628,251.30 653,000
0.41% -- EQT CORP 6.63% 02/01/2025 -- $622,515.62 571,000
0.40% -- ONEMAIN FINANCE CORP 6.13% 03/15/2024 -- $614,301.00 582,000
0.40% -- US FOODS INC 6.25% 04/15/2025 -- $611,008.44 588,000
0.40% -- NFP CORP 6.88% 08/15/2028 -- $608,126.25 631,000
0.40% -- AMC NETWORKS INC 4.25% 02/15/2029 -- $606,060.00 624,000
0.40% -- FORD MOTOR CREDIT CO LLC 3.38% 11/13/2025 -- $605,250.00 600,000
0.40% -- ARDAGH METAL PACKAGING 4.00% 09/01/2029 -- $602,525.00 626,000
0.40% -- PETSMART INC/PETSMART FI 7.75% 02/15/2029 -- $601,560.00 557,000
0.39% -- VICI PROPERTIES / NOTE 4.13% 08/15/2030 -- $599,958.52 586,000
0.39% -- HILTON DOMESTIC OPERATIN 4.00% 05/01/2031 -- $591,030.00 597,000
0.38% -- MOZART DEBT MERGER SUB 3.88% 04/01/2029 -- $584,777.94 600,000
0.38% -- LIVE NATION ENTERTAINMEN 6.50% 05/15/2027 -- $583,270.20 540,000
0.38% -- UNITI GROUP/CSL CAPITAL 6.50% 02/15/2029 -- $582,750.00 600,000
0.38% -- ALLISON TRANSMISSION INC 3.75% 01/30/2031 -- $580,215.83 621,000
0.38% -- ALTICE FRANCE SA 5.50% 10/15/2029 -- $579,094.50 600,000
0.38% -- REGIONALCARE/LIFEPOINT 9.75% 12/01/2026 -- $576,687.80 548,000
0.37% -- MICHAELS COS INC/THE 7.88% 05/01/2029 -- $562,698.27 601,000
0.37% -- NEXSTAR MEDIA INC 4.75% 11/01/2028 -- $556,140.00 552,000
0.36% -- NCL CORPORATION LTD 5.88% 03/15/2026 -- $552,277.09 569,000
0.36% -- WR GRACE HOLDING LLC 5.63% 08/15/2029 -- $543,510.00 549,000
0.35% -- CROWNROCK LP/CROWNROCK F 5.63% 10/15/2025 -- $531,699.00 525,000
0.35% -- UPC BROADBAND FINCO BV 4.88% 07/15/2031 -- $526,968.75 525,000
0.34% -- PILGRIM'S PRIDE CORP 4.25% 04/15/2031 -- $524,461.60 520,000
0.34% -- NOVA CHEMICALS CORP 4.88% 06/01/2024 -- $518,887.50 505,000
0.33% -- WINDSTREAM ESCROW LLC 7.75% 08/15/2028 -- $509,067.16 497,000
0.33% -- STANDARD INDUSTRIES INC 3.38% 01/15/2031 -- $506,910.00 554,000
0.33% -- AVAYA INC 6.13% 09/15/2028 -- $505,616.80 488,000
0.33% -- VICI PROPERTIES / NOTE 4.25% 12/01/2026 -- $502,281.24 489,000
0.33% -- DISH DBS CORP 5.25% 12/01/2026 -- $495,800.00 500,000
0.33% -- VERSCEND ESCROW CORP 9.75% 08/15/2026 -- $494,939.38 470,000
0.33% -- COMMSCOPE INC 6.00% 03/01/2026 -- $494,828.67 483,000
0.32% -- GOLDEN NUGGET INC 6.75% 10/15/2024 -- $480,384.00 480,000
0.32% -- TRIVIUM PACKAGING FIN 5.50% 08/15/2026 -- $479,842.50 467,000
0.32% -- MADISON IAQ LLC 5.88% 06/30/2029 -- $479,180.00 494,000
0.31% -- MOHEGAN GAMING & ENT 8.00% 02/01/2026 -- $472,838.75 463,000
0.31% -- FRONTIER COMMUNICATIONS 5.88% 10/15/2027 -- $467,600.00 448,000
0.30% -- TK ELEVATOR US NEWCO INC 5.25% 07/15/2027 -- $460,225.00 449,000
0.30% -- XPO LOGISTICS INC 6.25% 05/01/2025 -- $452,388.96 437,000
0.30% -- NEWS CORP 3.88% 05/15/2029 -- $452,003.75 463,000
0.30% -- ALLIANT HOLD / CO-ISSUER 6.75% 10/15/2027 -- $451,738.90 449,000
0.30% -- IMOLA MERGER CORP 4.75% 05/15/2029 -- $450,408.84 453,000
0.30% -- CEDAR FAIR/CAN/MAGNUM/MI 5.50% 05/01/2025 -- $448,747.32 434,000
0.29% -- DIAMOND SPORTS GR/DIAMON 6.63% 08/15/2027 -- $445,473.75 1,689,000
0.29% -- NRG ENERGY INC 3.88% 02/15/2032 -- $444,525.92 464,000
0.29% -- SRM ESCROW ISSUER LLC 6.00% 11/01/2028 -- $443,840.25 425,000
0.29% -- MAUSER PACKAGING SOLUT 7.25% 04/15/2025 -- $441,708.96 444,000
0.29% -- BUILDERS FIRSTSOURCE INC 4.25% 02/01/2032 -- $440,744.22 441,000
0.29% -- SBA COMMUNICATIONS CORP 3.88% 02/15/2027 -- $438,608.60 430,000
0.29% -- ITT HOLDINGS LLC 6.50% 08/01/2029 -- $436,125.56 446,000
0.28% -- VENTURE GLOBAL CALCASIEU 3.88% 11/01/2033 -- $431,075.00 430,000
0.28% -- HAT HOLDINGS I LLC/HAT 3.38% 06/15/2026 -- $422,196.25 427,000
0.28% -- NEW FORTRESS ENERGY INC 6.50% 09/30/2026 -- $420,103.32 442,000
0.27% -- HERC HOLDINGS INC 5.50% 07/15/2027 -- $411,522.05 398,000
0.27% -- LCM INVESTMENTS HOLDINGS 4.88% 05/01/2029 -- $409,239.80 415,000
0.27% -- EQT CORP 3.90% 10/01/2027 -- $407,000.00 400,000
0.27% -- VISTRA CORP 5.00% 07/31/2027 -- $406,572.00 400,000
0.26% -- SPIRIT AEROSYSTEMS INC 7.50% 04/15/2025 -- $396,625.00 380,000
0.26% -- BLACK KNIGHT INFOSERV LL 3.63% 09/01/2028 -- $395,465.62 407,000
0.26% -- CURO GROUP HOLDINGS CORP 7.50% 08/01/2028 -- $393,720.00 408,000
0.26% -- DIVERSIFIED HEALTHCARE T 9.75% 06/15/2025 -- $391,427.52 367,000
0.25% -- MIDCAP FINANCIAL ISSR TR 6.50% 05/01/2028 -- $387,600.00 380,000
0.24% -- ALBERTSONS COS/SAFEWAY 3.50% 03/15/2029 -- $372,542.08 388,000
0.24% -- PACTIV EVERGREEN GROUP 4.00% 10/15/2027 -- $372,391.50 390,000
0.24% -- MEDNAX INC 6.25% 01/15/2027 -- $370,531.25 355,000
0.24% -- BRAND INDUSTRIAL SERVICE 8.50% 07/15/2025 -- $370,500.26 387,000
0.24% -- STANDARD INDUSTRIES INC 4.38% 07/15/2030 -- $368,910.87 381,000
0.24% -- ENDEAVOR ENERGY RESOURCE 5.75% 01/30/2028 -- $368,160.00 354,000
0.24% -- TERRIER MEDIA BUYER INC 8.88% 12/15/2027 -- $362,899.00 340,000
0.24% -- SCIH SALT HOLDINGS INC 4.88% 05/01/2028 -- $358,621.25 377,000
0.22% -- RADIATE HOLDCO / FINANCE 6.50% 09/15/2028 -- $341,147.50 349,000
0.22% -- CQP HOLDCO LP/BIP-V CHIN 5.50% 06/15/2031 -- $340,767.66 337,000
0.22% -- ENDO DAC/FIN LLC/FINCO 6.00% 06/30/2028 -- $340,200.00 486,000
0.22% -- SELECT MEDICAL CORP 6.25% 08/15/2026 -- $335,920.00 323,000
0.22% -- LIONS GATE CAPITAL HOLD 5.50% 04/15/2029 -- $333,300.00 330,000
0.21% -- HERTZ CORP/THE 5.00% 12/01/2029 -- $325,621.25 331,000
0.21% -- NMG HLDCO/NEIMAN MARCUS 7.13% 04/01/2026 -- $316,366.72 304,000
0.20% -- NOVA CHEMICALS CORP 5.25% 06/01/2027 -- $297,000.97 289,000
0.18% -- NCR CORP 5.13% 04/15/2029 -- $269,325.00 266,000
0.17% -- GENESIS ENERGY LP/FIN 8.00% 01/15/2027 -- $258,115.66 253,000
0.17% -- ROYAL CARIBBEAN CRUISES 11.50% 06/01/2025 -- $253,057.33 227,000
0.16% -- SOUTHWESTERN ENERGY CO 5.38% 03/15/2030 -- $249,602.50 238,000
0.16% -- SIRIUS XM RADIO INC 3.88% 09/01/2031 -- $249,207.42 266,000
0.16% -- WESCO DISTRIBUTION INC 7.25% 06/15/2028 -- $246,990.12 228,000
0.16% -- UNIVISION COMMUNICATIONS 6.63% 06/01/2027 -- $239,560.00 226,000
0.15% -- MIDAS OPCO HOLDINGS LLC 5.63% 08/15/2029 -- $232,417.50 233,000
0.15% -- ENVISION HEALTHCARE CORP 8.75% 10/15/2026 -- $225,702.72 432,000
0.15% -- ARDAGH PKG FIN/HLDGS USA 4.13% 08/15/2026 -- $222,438.71 221,000
0.15% -- LEVEL 3 FINANCING INC 4.25% 07/01/2028 -- $220,696.21 227,000
0.14% -- NBM US HOLDINGS INC 7.00% 05/14/2026 -- $216,311.40 207,000
0.13% -- ILIAD HOLDING SAS 6.50% 10/15/2026 -- $203,445.00 198,000
0.13% -- PRIME SECSRVC BRW/FINANC 6.25% 01/15/2028 -- $203,000.00 200,000
0.13% -- SCIENTIFIC GAMES INTERNA 8.25% 03/15/2026 -- $202,652.40 194,000
0.13% -- JEFFERIES FIN LLC / JFIN 5.00% 08/15/2028 -- $201,726.29 202,000
0.13% -- IQVIA INC 5.00% 05/15/2027 -- $195,511.90 190,000
0.13% -- YUM! BRANDS INC 3.63% 03/15/2031 -- $193,920.00 202,000
0.12% -- EQM MIDSTREAM PARTNERS L 4.75% 01/15/2031 -- $179,952.50 182,000
0.11% -- COMMSCOPE INC 4.75% 09/01/2029 -- $165,353.58 171,000
0.10% -- CLEAR CHANNEL OUTDOOR HO 7.50% 06/01/2029 -- $158,440.50 150,000
0.10% -- NIELSEN FINANCE LLC/CO 5.63% 10/01/2028 -- $153,165.00 150,000
0.10% -- WEATHERFORD INTERNATIONA 8.63% 04/30/2030 -- $152,441.25 150,000
0.10% -- PBF HOLDING CO LLC 9.25% 05/15/2025 -- $148,500.00 150,000
0.10% -- ZAYO GROUP HOLDINGS INC 6.13% 03/01/2028 -- $144,789.00 150,000
0.08% -- STAPLES INC 10.75% 04/15/2027 -- $126,051.12 134,000
0.01% -- ARAMARK SERVICES INC 6.38% 05/01/2025 -- $11,426.25 11,000
-- -- BAUSCH HEALTH COS INC 5.50% 11/01/2025 -- $7,085.47 7,000
-- -- US 10YR NOTE FUTURE 03/22/2022 (TYH2) -- -- -52,536,438 -- -412
-- -- US 2YR NOTE FUTURE 03/31/2022 (TUH2) -- -- -29,290,781 -- -135
-- -- US 5YR NOTE FUTURE 03/31/2022 (FVH2) -- -- -70,269,922 -- -590

Index

as of 12/31/2021

  • Total Number of Issues245
  • Weighted Average Maturity6.50 Years
  • Weighted Average Coupon5.58%
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

Hedge Against Rising Rates Research & Insights

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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.

ProShares ETFs (ProShares Trust and ProShares Trust II) are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor or sponsor.

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