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.
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Generally offers lower interest rate sensitivity than short-term bonds by targeting a duration of zero.
Why Invest in HYHG?
-
Provides the return potential of a diversified portfolio of high-yield corporate bonds.
-
Targets zero interest rate risk by including a built-in hedge against rising rates that uses short positions in U.S. Treasury futures.
-
Generally offers lower interest rate sensitivity than short-term bonds by targeting a duration of zero.
Documents & Downloads
You may order paper copies by contacting ProShares Client Services at 866-PRO-5125 (866-776-5125)
Performance
Growth of $10,000
Since Inception
Chart data from Thomson Reuters. 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. Data is delayed at least 15 minutes.
Total Return
| Fund + Index | 1m | 3m | 6m | YTD | 1Y | 3Y | 5Y | 10Y | Since Inception | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|
| HYHG Market Price | 0.87% | 0.15% | 0.98% | -1.42% | 1.67% | 3.43% | 3.06% | -- | 2.42% | 05/21/2013 |
| HYHG NAV | 0.35% | 0.30% | 0.91% | -1.52% | 1.56% | 3.29% | 3.09% | -- | 2.39% | 05/21/2013 |
| FTSE High Yield (Treasury Rate-Hedged) Index | 0.04% | 0.20% | 0.86% | -1.81% | 1.67% | 3.53% | 3.59% | -- | 3.16% | -- |
| Fund + Index | 1m | 3m | 6m | YTD | 1Y | 3Y | 5Y | 10Y | Since Inception | Inception Date |
|---|---|---|---|---|---|---|---|---|---|---|
| HYHG Market Price | 1.79% | 0.20% | 1.25% | 0.20% | 3.26% | 3.48% | 3.64% | -- | 2.65% | 05/21/2013 |
| HYHG NAV | 2.18% | 0.32% | 1.28% | 0.32% | 3.80% | 3.53% | 3.62% | -- | 2.65% | 05/21/2013 |
| FTSE High Yield (Treasury Rate-Hedged) Index | 2.16% | 0.11% | 1.49% | 0.11% | 4.05% | 3.84% | 4.16% | -- | 3.44% | -- |
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 5/31/2022- Distribution Yield 5.5%
Distribution Yield represents the annualized yield based on the last income distribution.
- SEC 30-Day Yield 6.93%
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.
Price
as of 7/06/2022- NAV $56.28
- NAV Change $+0.55
- Market Price $56.62
- Market Price Change $+0.35
- Trading Volume (M) 3,838
- 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 5/31/2022- Distribution Yield 5.5%
Distribution Yield represents the annualized yield based on the last income distribution.
- SEC 30-Day Yield 6.93%
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.
Price
as of 7/06/2022- NAV $56.28
- NAV Change $+0.55
- Market Price $56.62
- Market Price Change $+0.35
- Trading Volume (M) 3,838
- 30-Day Median Bid Ask Spread 0.00%
- View Premium / Discount
Exposures
Index as of 3/31/2022
Holdings
as of 7/06/2022
| Weight | Ticker | Description | Coupon Rate | Maturity Date | Exposure Value (Notional + GL) |
Market Value | Shares/Contracts |
|---|---|---|---|---|---|---|---|
| 1.36% | -- | AMERICAN AIRLINES/AADVAN | 5.50% | 04/20/2026 | -- | $1,660,904.00 | 1,784,000 |
| 1.23% | -- | DISH DBS CORP | 5.25% | 12/01/2026 | -- | $1,511,460.00 | 1,944,000 |
| 1.16% | -- | ORGANON & CO/ORG | 4.13% | 04/30/2028 | -- | $1,425,230.00 | 1,588,000 |
| 1.07% | -- | TRANSDIGM INC | 6.25% | 03/15/2026 | -- | $1,316,140.00 | 1,343,000 |
| 1.05% | -- | TEGNA INC | 4.63% | 03/15/2028 | -- | $1,290,507.40 | 1,358,000 |
| 1.03% | -- | TENET HEALTHCARE CORP | 4.88% | 01/01/2026 | -- | $1,261,805.51 | 1,348,000 |
| 1.02% | -- | DT MIDSTREAM INC | 4.38% | 06/15/2031 | -- | $1,252,186.88 | 1,503,000 |
| 0.99% | -- | UNITED RENTALS NORTH AM | 4.88% | 01/15/2028 | -- | $1,209,957.50 | 1,277,000 |
| 0.97% | -- | CCO HLDGS LLC/CAP CORP | 4.25% | 02/01/2031 | -- | $1,189,147.24 | 1,428,000 |
| 0.96% | -- | MEDLINE BORROWER LP | 5.25% | 10/01/2029 | -- | $1,179,432.50 | 1,402,000 |
| 0.95% | -- | ZAYO GROUP HOLDINGS INC | 4.00% | 03/01/2027 | -- | $1,165,941.00 | 1,395,000 |
| 0.94% | -- | DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIGOR INC CALLABLE NOTES FIXED 5.875% 15/AUG/2027 USD 1000 | -- | -- | -- | $1,145,937.78 | 1,321,000 |
| 0.90% | -- | UNITED AIRLINES INC | 4.63% | 04/15/2029 | -- | $1,107,684.00 | 1,305,000 |
| 0.89% | -- | BOMBARDIER INC | 7.88% | 04/15/2027 | -- | $1,089,482.80 | 1,330,000 |
| 0.89% | -- | SS&C TECHNOLOGIES INC | 5.50% | 09/30/2027 | -- | $1,087,955.10 | 1,146,000 |
| 0.89% | -- | SBA COMMUNICATIONS CORP | 3.13% | 02/01/2029 | -- | $1,087,275.10 | 1,297,000 |
| 0.87% | -- | UBER TECHNOLOGIES INC | 8.00% | 11/01/2026 | -- | $1,069,915.00 | 1,078,000 |
| 0.87% | -- | OCCIDENTAL PETROLEUM COR | 6.45% | 09/15/2036 | -- | $1,059,470.63 | 1,033,000 |
| 0.85% | -- | DAVITA INC | 4.63% | 06/01/2030 | -- | $1,034,775.00 | 1,314,000 |
| 0.84% | -- | 1011778 BC / NEW RED FIN | 4.00% | 10/15/2030 | -- | $1,031,512.05 | 1,251,000 |
| 0.84% | -- | ALLIED UNIVERSAL | 6.63% | 07/15/2026 | -- | $1,028,300.00 | 1,130,000 |
| 0.84% | -- | PRIME SECSRVC BRW/FINANC | 5.75% | 04/15/2026 | -- | $1,025,936.73 | 1,083,000 |
| 0.81% | -- | CARVANA CO CALLABLE NOTES FIXED 10.25% 01/MAY/2030 USD 1000 | -- | -- | -- | $997,120.00 | 1,216,000 |
| 0.81% | -- | CAESARS ENTERTAIN INC | 8.13% | 07/01/2027 | -- | $996,188.00 | 1,016,000 |
| 0.80% | -- | FIRST QUANTUM MINERALS L | 6.88% | 10/15/2027 | -- | $981,393.75 | 1,095,000 |
| 0.80% | -- | CARNIVAL CORP | 5.75% | 03/01/2027 | -- | $973,604.74 | 1,367,000 |
| 0.78% | -- | WESCO DISTRIBUTION INC | 7.13% | 06/15/2025 | -- | $957,017.48 | 962,000 |
| 0.77% | -- | 1011778 BC ULC / NEW RED FINANCE INC CALLABLE NOTES FIXED 3.875% 15/JAN/2028 USD 1000 | -- | -- | -- | $944,211.84 | 1,056,000 |
| 0.77% | -- | FRONTIER COMMUNICATIONS | 5.00% | 05/01/2028 | -- | $938,810.00 | 1,076,000 |
| 0.76% | -- | ALTICE FRANCE SA | 5.13% | 07/15/2029 | -- | $932,941.09 | 1,223,000 |
| 0.75% | -- | TRANSDIGM INC | 5.50% | 11/15/2027 | -- | $923,908.50 | 1,074,000 |
| 0.74% | -- | VMED O2 UK FINAN | 4.25% | 01/31/2031 | -- | $908,559.60 | 1,112,000 |
| 0.72% | -- | HILTON DOMESTIC OPERATIN | 3.63% | 02/15/2032 | -- | $883,513.60 | 1,087,000 |
| 0.71% | -- | ICAHN ENTERPRISES/FIN | 6.25% | 05/15/2026 | -- | $871,450.20 | 921,000 |
| 0.68% | -- | ROCKETMTGE CO-ISSUER INC | 3.88% | 03/01/2031 | -- | $837,432.96 | 1,092,000 |
| 0.68% | -- | CHS/COMMUNITY HEALTH SYS | 8.00% | 03/15/2026 | -- | $835,323.98 | 921,000 |
| 0.67% | -- | INTELSAT JACKSON HLDGS S A | -- | -- | -- | $822,500.00 | 1,000,000 |
| 0.67% | -- | CARNIVAL CORP | 4.00% | 08/01/2028 | -- | $820,052.50 | 991,000 |
| 0.66% | -- | ARAMARK SERVICES INC | 5.00% | 02/01/2028 | -- | $811,720.00 | 892,000 |
| 0.66% | -- | CCO HLDGS LLC/CAP CORP | 4.75% | 03/01/2030 | -- | $807,115.08 | 916,000 |
| 0.65% | -- | LUMEN TECHNOLOGIES INC | 5.13% | 12/15/2026 | -- | $801,135.00 | 937,000 |
| 0.65% | -- | CLARIOS GLOBAL LP/US FIN | 8.50% | 05/15/2027 | -- | $797,242.50 | 837,000 |
| 0.65% | -- | FORD MOTOR CREDIT CO LLC | 3.38% | 11/13/2025 | -- | $795,202.61 | 873,000 |
| 0.64% | -- | TWITTER INC CALLABLE NOTES FIXED 5% 01/MAR/2030 USD 1000 | -- | -- | -- | $785,150.00 | 820,000 |
| 0.64% | -- | UNIVISION COMMUNICATIONS | 4.50% | 05/01/2029 | -- | $783,274.80 | 924,000 |
| 0.64% | -- | IRON MOUNTAIN INC | 4.50% | 02/15/2031 | -- | $781,360.56 | 948,000 |
| 0.63% | -- | COMMSCOPE INC | 6.00% | 03/01/2026 | -- | $766,320.00 | 824,000 |
| 0.62% | -- | MSCI INC | 4.00% | 11/15/2029 | -- | $762,815.50 | 850,000 |
| 0.62% | -- | CSC HOLDINGS LLC | 5.75% | 01/15/2030 | -- | $761,062.50 | 1,025,000 |
| 0.61% | -- | CAESARS ENTERTAIN INC | 6.25% | 07/01/2025 | -- | $745,270.89 | 767,000 |
| 0.60% | -- | NGL ENRGY OP/FIN CORP | 7.50% | 02/01/2026 | -- | $733,005.00 | 819,000 |
| 0.60% | -- | NCL CORPORATION LTD | 5.88% | 03/15/2026 | -- | $732,521.45 | 941,000 |
| 0.60% | -- | CALPINE CORP | 4.50% | 02/15/2028 | -- | $731,822.50 | 796,000 |
| 0.60% | -- | POST HOLDINGS INC | 4.50% | 09/15/2031 | -- | $731,660.56 | 884,000 |
| 0.60% | -- | MEDLINE BORROWER LP | 3.88% | 04/01/2029 | -- | $729,956.50 | 854,000 |
| 0.59% | -- | PERFORMANCE FOOD GROUP I | 5.50% | 10/15/2027 | -- | $724,552.50 | 777,000 |
| 0.59% | -- | FORD MOTOR COMPANY | 3.25% | 02/12/2032 | -- | $720,142.50 | 957,000 |
| 0.58% | -- | SIRIUS XM RADIO INC | 4.00% | 07/15/2028 | -- | $713,078.48 | 816,000 |
| 0.57% | -- | NEXSTAR MEDIA INC | 5.63% | 07/15/2027 | -- | $702,945.00 | 762,000 |
| 0.57% | -- | BALL CORP | 2.88% | 08/15/2030 | -- | $693,000.00 | 840,000 |
| 0.57% | -- | SOUTHWESTERN ENERGY CO | 4.75% | 02/01/2032 | -- | $692,239.98 | 804,000 |
| 0.56% | -- | ONEMAIN FINANCE CORP | 7.13% | 03/15/2026 | -- | $689,111.94 | 726,000 |
| 0.55% | -- | AMERICAN AIRLINES/AADVAN | 5.75% | 04/20/2029 | -- | $676,519.83 | 783,000 |
| 0.54% | -- | BLOCK INC | 2.75% | 06/01/2026 | -- | $662,128.06 | 733,000 |
| 0.54% | -- | NRG ENERGY INC | 3.88% | 02/15/2032 | -- | $661,600.00 | 827,000 |
| 0.54% | -- | CLEAR CHANNEL OUTDOOR HO | 5.13% | 08/15/2027 | -- | $656,587.75 | 775,000 |
| 0.53% | -- | PACTIV EVERGREEN GROUP | 4.00% | 10/15/2027 | -- | $644,762.45 | 755,000 |
| 0.52% | -- | PG&E CORP | 5.25% | 07/01/2030 | -- | $639,929.43 | 777,000 |
| 0.52% | -- | MPH ACQUISITION HOLDINGS | 5.75% | 11/01/2028 | -- | $638,623.59 | 761,000 |
| 0.52% | -- | NFP CORP | 6.88% | 08/15/2028 | -- | $638,002.50 | 771,000 |
| 0.52% | -- | CONDOR MERGER SUB INC | 7.38% | 02/15/2030 | -- | $637,277.76 | 771,000 |
| 0.52% | -- | PAR PHARMACEUTICAL INC | 7.50% | 04/01/2027 | -- | $634,357.50 | 843,000 |
| 0.52% | -- | NEW FORTRESS ENERGY INC | 6.50% | 09/30/2026 | -- | $633,830.89 | 697,000 |
| 0.51% | -- | TULLOW OIL PLC | 10.25% | 05/15/2026 | -- | $630,300.00 | 660,000 |
| 0.51% | -- | UNITI GRP/UNITI HLD/CSL | 7.88% | 02/15/2025 | -- | $627,523.20 | 648,000 |
| 0.49% | -- | TK ELEVATOR US NEWCO INC | 5.25% | 07/15/2027 | -- | $601,208.00 | 674,000 |
| 0.49% | -- | T-MOBILE USA INC | 3.50% | 04/15/2031 | -- | $599,596.67 | 681,000 |
| 0.49% | -- | IMOLA MERGER CORP | 4.75% | 05/15/2029 | -- | $595,919.04 | 703,000 |
| 0.49% | -- | VISTRA OPERATIONS CO LLC | 5.63% | 02/15/2027 | -- | $595,488.13 | 625,000 |
| 0.48% | -- | BAUSCH HEALTH AMERICAS | 8.50% | 01/31/2027 | -- | $591,985.68 | 858,000 |
| 0.48% | -- | COINBASE GLOBAL INC | 3.63% | 10/01/2031 | -- | $591,287.12 | 1,052,000 |
| 0.47% | -- | ALBERTSONS COS/SAFEWAY | 4.63% | 01/15/2027 | -- | $580,500.00 | 645,000 |
| 0.47% | -- | COMSTOCK RESOURCES INC | 6.75% | 03/01/2029 | -- | $576,180.32 | 646,000 |
| 0.46% | -- | MSCI INC | 3.88% | 02/15/2031 | -- | $568,869.48 | 648,000 |
| 0.46% | -- | FERTITTA ENTERTAINMENT | 6.75% | 01/15/2030 | -- | $567,190.41 | 739,000 |
| 0.46% | -- | NOVELIS CORP | 4.75% | 01/30/2030 | -- | $567,171.00 | 674,000 |
| 0.46% | -- | DEUTSCHE BANK NY | 3.73% | 01/14/2032 | -- | $566,621.53 | 765,000 |
| 0.46% | -- | ONEMAIN FINANCE CORP | 6.13% | 03/15/2024 | -- | $557,439.60 | 582,000 |
| 0.46% | -- | T-MOBILE USA INC | 4.75% | 02/01/2028 | -- | $557,175.00 | 570,000 |
| 0.45% | -- | STAPLES INC | 7.50% | 04/15/2026 | -- | $553,020.65 | 665,000 |
| 0.45% | -- | PETSMART INC / PETSMART FINANCE CORP CALLABLE NOTES FIXED 4.75% 15/FEB/2028 USD 1000 | -- | -- | -- | $549,892.50 | 628,000 |
| 0.45% | -- | WEATHERFORD INTERNATIONA | 8.63% | 04/30/2030 | -- | $549,345.00 | 691,000 |
| 0.44% | -- | ILIAD HOLDING SAS | 6.50% | 10/15/2026 | -- | $535,976.42 | 591,000 |
| 0.43% | -- | LIFEPT/LEGACY LIFEPT | 9.75% | 12/01/2026 | -- | $521,238.24 | 548,000 |
| 0.43% | -- | TENET HEALTHCARE CORP | 6.13% | 10/01/2028 | -- | $521,079.26 | 598,000 |
| 0.42% | -- | HUB INTERNATIONAL LTD | 7.00% | 05/01/2026 | -- | $520,260.00 | 552,000 |
| 0.42% | -- | CHS/COMMUNITY HEALTH SYS | 5.63% | 03/15/2027 | -- | $519,284.36 | 614,000 |
| 0.42% | -- | IHEARTCOMMUNICATIONS INC | 8.38% | 05/01/2027 | -- | $518,523.12 | 648,000 |
| 0.42% | -- | SENSATA TECHNOLOGIES BV | 4.00% | 04/15/2029 | -- | $517,833.62 | 601,000 |
| 0.42% | -- | BAUSCH HEALTH COS INC | 5.50% | 11/01/2025 | -- | $512,673.16 | 577,000 |
| 0.41% | -- | CQP HOLDCO LP/BIP-V CHIN | 5.50% | 06/15/2031 | -- | $505,723.98 | 587,000 |
| 0.41% | -- | CROWNROCK LP/CROWNROCK F | 5.63% | 10/15/2025 | -- | $501,243.75 | 525,000 |
| 0.41% | -- | ROYAL CARIBBEAN CRUISES | 5.50% | 04/01/2028 | -- | $500,050.00 | 730,000 |
| 0.40% | -- | ARDAGH PKG FIN/HLDGS USA | 4.13% | 08/15/2026 | -- | $493,852.26 | 579,000 |
| 0.40% | -- | ALLIANT HOLD / CO-ISSUER | 6.75% | 10/15/2027 | -- | $492,170.00 | 553,000 |
| 0.40% | -- | CSC HOLDINGS LLC | 4.63% | 12/01/2030 | -- | $488,643.19 | 719,000 |
| 0.40% | -- | US FOODS INC | 6.25% | 04/15/2025 | -- | $486,780.00 | 488,000 |
| 0.39% | -- | VIRGIN MEDIA SECURED FINANCE PLC CALLABLE NOTES FIXED 5.5% 15/MAY/2029 USD 1000 | -- | -- | -- | $481,500.00 | 535,000 |
| 0.39% | -- | WR GRACE HOLDING LLC | 5.63% | 08/15/2029 | -- | $478,485.00 | 651,000 |
| 0.38% | -- | VERICAST CORP CALLABLE NOTES FIXED 11% 15/SEP/2026 USD 1 | -- | -- | -- | $465,836.25 | 491,000 |
| 0.38% | -- | NIELSEN FINANCE LLC/CO | 5.63% | 10/01/2028 | -- | $465,630.00 | 498,000 |
| 0.38% | -- | IQVIA INC | 5.00% | 05/15/2027 | -- | $465,500.00 | 490,000 |
| 0.38% | -- | POST HOLDINGS INC | 4.63% | 04/15/2030 | -- | $462,375.00 | 548,000 |
| 0.38% | -- | CDI ESCROW ISSUER INC CALLABLE NOTES FIXED 5.75% 01/APR/2030 USD 1000 | -- | -- | -- | $461,998.75 | 500,000 |
| 0.38% | -- | HERC HOLDINGS INC | 5.50% | 07/15/2027 | -- | $460,785.00 | 500,000 |
| 0.38% | -- | ALTICE FRANCE SA | 5.50% | 10/15/2029 | -- | $459,911.03 | 600,000 |
| 0.37% | -- | SPIRIT AEROSYSTEMS INC | 7.50% | 04/15/2025 | -- | $452,544.00 | 480,000 |
| 0.37% | -- | CEDAR FAIR/CAN/MAGNUM/MI | 5.50% | 05/01/2025 | -- | $447,037.50 | 455,000 |
| 0.36% | -- | SELECT MEDICAL CORP | 6.25% | 08/15/2026 | -- | $444,377.50 | 469,000 |
| 0.36% | -- | ROLLS-ROYCE PLC | 5.75% | 10/15/2027 | -- | $442,357.20 | 486,000 |
| 0.36% | -- | TRIVIUM PACKAGING FIN | 5.50% | 08/15/2026 | -- | $439,937.35 | 467,000 |
| 0.36% | -- | UNITI GROUP/CSL CAPITAL | 6.50% | 02/15/2029 | -- | $435,000.00 | 600,000 |
| 0.35% | -- | MIDAS OPCO HOLDINGS LLC | 5.63% | 08/15/2029 | -- | $423,735.00 | 533,000 |
| 0.34% | -- | AIR CANADA | 3.88% | 08/15/2026 | -- | $422,063.72 | 494,000 |
| 0.34% | -- | BUILDERS FIRSTSOURCE INC | 4.25% | 02/01/2032 | -- | $421,325.39 | 541,000 |
| 0.34% | -- | ASTON MARTIN CAPITAL HOL | 10.50% | 11/30/2025 | -- | $418,089.00 | 463,000 |
| 0.34% | -- | STANDARD INDUSTRIES INC | 3.38% | 01/15/2031 | -- | $417,405.76 | 554,000 |
| 0.34% | -- | H&E EQUIPMENT SERVICES | 3.88% | 12/15/2028 | -- | $417,333.00 | 510,000 |
| 0.34% | -- | NCR CORP | 5.13% | 04/15/2029 | -- | $411,741.98 | 476,000 |
| 0.34% | -- | CITGO PETROLEUM CORP | 7.00% | 06/15/2025 | -- | $411,513.44 | 428,000 |
| 0.33% | -- | UPC BROADBAND FINCO BV | 4.88% | 07/15/2031 | -- | $409,403.75 | 497,000 |
| 0.33% | -- | VERSCEND ESCROW CORP | 9.75% | 08/15/2026 | -- | $406,425.58 | 418,000 |
| 0.33% | -- | NEWS CORP | 3.88% | 05/15/2029 | -- | $405,125.00 | 463,000 |
| 0.33% | -- | ITT HOLDINGS LLC | 6.50% | 08/01/2029 | -- | $403,382.50 | 509,000 |
| 0.33% | -- | WINDSTREAM ESCROW LLC | 7.75% | 08/15/2028 | -- | $401,327.50 | 497,000 |
| 0.33% | -- | ALBERTSONS COS/SAFEWAY | 3.50% | 03/15/2029 | -- | $399,940.40 | 488,000 |
| 0.33% | -- | BATH & BODY WORKS INC | 6.63% | 10/01/2030 | -- | $399,083.11 | 464,000 |
| 0.32% | -- | NEW FORTRESS ENERGY INC | 6.75% | 09/15/2025 | -- | $397,311.21 | 423,000 |
| 0.32% | -- | CHENIERE ENERGY PARTNERS | 4.50% | 10/01/2029 | -- | $395,172.36 | 438,000 |
| 0.32% | -- | MOHEGAN GAMING & ENT | 8.00% | 02/01/2026 | -- | $394,753.80 | 463,000 |
| 0.32% | -- | VENTURE GLOBAL CALCASIEU | 4.13% | 08/15/2031 | -- | $391,948.07 | 455,000 |
| 0.32% | -- | REALOGY GROUP LLC / REALOGY CO-ISSUER CORP CALLABLE NOTES FIXED 5.25% 15/APR/2030 USD 1000 | -- | -- | -- | $391,294.05 | 524,000 |
| 0.31% | -- | LIONS GATE CAPITAL HOLD | 5.50% | 04/15/2029 | -- | $385,661.16 | 498,000 |
| 0.31% | -- | ROYAL CARIBBEAN CRUISES | 11.50% | 06/01/2025 | -- | $383,503.60 | 380,000 |
| 0.31% | -- | FORTRESS TRANS & INFRAST | 5.50% | 05/01/2028 | -- | $379,771.89 | 463,000 |
| 0.31% | -- | ROBLOX CORP | 3.88% | 05/01/2030 | -- | $378,282.50 | 449,000 |
| 0.31% | -- | HAWAIIAN BRAND INTELLECT | 5.75% | 01/20/2026 | -- | $376,529.50 | 422,000 |
| 0.31% | -- | GENESIS ENERGY LP/FIN | 8.00% | 01/15/2027 | -- | $375,175.00 | 430,000 |
| 0.31% | -- | GRAY ESCROW II INC | 5.38% | 11/15/2031 | -- | $373,851.66 | 458,000 |
| 0.30% | -- | VISTRA CORP | 5.00% | 07/31/2027 | -- | $369,914.72 | 406,000 |
| 0.30% | -- | MATADOR RESOURCES CO | 5.88% | 09/15/2026 | -- | $366,712.50 | 381,000 |
| 0.30% | -- | AMC NETWORKS INC | 4.25% | 02/15/2029 | -- | $363,572.00 | 440,000 |
| 0.30% | -- | HERTZ CORP/THE | 5.00% | 12/01/2029 | -- | $362,868.48 | 468,000 |
| 0.30% | -- | SRM ESCROW ISSUER LLC | 6.00% | 11/01/2028 | -- | $361,825.88 | 425,000 |
| 0.29% | -- | CALPINE CORP | 5.13% | 03/15/2028 | -- | $359,437.50 | 405,000 |
| 0.29% | -- | VENTURE GLOBAL CALCASIEU | 3.88% | 11/01/2033 | -- | $357,966.36 | 428,000 |
| 0.29% | -- | TRONOX INC | 4.63% | 03/15/2029 | -- | $354,913.92 | 432,000 |
| 0.29% | -- | CMG MEDIA CORPORATION | 8.88% | 12/15/2027 | -- | $350,946.25 | 446,000 |
| 0.28% | -- | JEFFERIES FIN LLC / JFIN | 5.00% | 08/15/2028 | -- | $344,240.00 | 416,000 |
| 0.28% | -- | MIDCAP FINANCIAL ISSR TR | 6.50% | 05/01/2028 | -- | $340,163.84 | 394,000 |
| 0.28% | -- | VZ SECURED FINANCING BV CALLABLE BOND FIXED 5% 15/JAN/2032 USD 1000 | -- | -- | -- | $339,000.00 | 400,000 |
| 0.27% | -- | MEG ENERGY CORP | 7.13% | 02/01/2027 | -- | $329,640.00 | 328,000 |
| 0.27% | -- | PETSMART INC/PETSMART FI | 7.75% | 02/15/2029 | -- | $324,870.00 | 357,000 |
| 0.26% | -- | VERITAS US INC/BERMUDA L | 7.50% | 09/01/2025 | -- | $324,436.33 | 434,000 |
| 0.26% | -- | EQM MIDSTREAM PARTNERS L | 4.75% | 01/15/2031 | -- | $324,399.35 | 407,000 |
| 0.26% | -- | LCM INVESTMENTS HOLDINGS | 4.88% | 05/01/2029 | -- | $321,625.00 | 415,000 |
| 0.26% | -- | SCIH SALT HOLDINGS INC | 4.88% | 05/01/2028 | -- | $314,795.00 | 377,000 |
| 0.26% | -- | AVAYA INC | 6.13% | 09/15/2028 | -- | $313,612.80 | 488,000 |
| 0.25% | -- | OCCIDENTAL PETROLEUM CORP CALLABLE NOTES FIXED 6.625% 01/SEP/2030 USD 1000 | -- | -- | -- | $302,220.00 | 292,000 |
| 0.24% | -- | COMPASS GROUP DIVERSIFIE | 5.25% | 04/15/2029 | -- | $296,737.98 | 363,000 |
| 0.24% | -- | ORGANON & CO/ORG | 5.13% | 04/30/2031 | -- | $291,392.01 | 329,000 |
| 0.24% | -- | ARDAGH METAL PACKAGING | 4.00% | 09/01/2029 | -- | $289,800.00 | 360,000 |
| 0.24% | -- | UNITED AIRLINES INC | 4.38% | 04/15/2026 | -- | $288,103.92 | 321,000 |
| 0.23% | -- | NMG HLDCO/NEIMAN MARCUS | 7.13% | 04/01/2026 | -- | $281,593.02 | 304,000 |
| 0.22% | -- | MADISON IAQ LLC | 5.88% | 06/30/2029 | -- | $273,800.00 | 370,000 |
| 0.22% | -- | DIAMOND SPORTS GR/DIAMON | 6.63% | 08/15/2027 | -- | $273,680.00 | 2,488,000 |
| 0.22% | -- | RADIATE HOLDCO / FINANCE | 6.50% | 09/15/2028 | -- | $267,857.50 | 349,000 |
| 0.22% | -- | AVANTOR FUNDING INC | 4.63% | 07/15/2028 | -- | $267,053.50 | 287,000 |
| 0.22% | -- | MICHAELS COS INC/THE | 7.88% | 05/01/2029 | -- | $265,441.95 | 401,000 |
| 0.21% | -- | LIVE NATION ENTERTAINMEN | 6.50% | 05/15/2027 | -- | $262,350.00 | 265,000 |
| 0.21% | -- | KINETIK HOLDINGS LP CALLABLE NOTES FIXED 5.875% 15/JUN/2030 USD 1000 | -- | -- | -- | $254,740.22 | 266,000 |
| 0.20% | -- | HILTON DOMESTIC OPERATIN | 4.00% | 05/01/2031 | -- | $246,897.58 | 293,000 |
| 0.20% | -- | ALLISON TRANSMISSION INC | 3.75% | 01/30/2031 | -- | $240,520.55 | 301,000 |
| 0.19% | -- | WESCO DISTRIBUTION INC | 7.25% | 06/15/2028 | -- | $227,521.20 | 228,000 |
| 0.18% | -- | STANDARD INDUSTRIES INC | 4.38% | 07/15/2030 | -- | $226,429.80 | 281,000 |
| 0.18% | -- | UNIVISION COMMUNICATIONS | 6.63% | 06/01/2027 | -- | $215,547.50 | 226,000 |
| 0.17% | -- | CLYDESDALE ACQUISITION HOLDINGS INC CALLABLE NOTES FIXED 8.75% 15/APR/2030 USD 1000 | -- | -- | -- | $210,258.66 | 246,000 |
| 0.17% | -- | VISTAJET MALTA/XO MGMT | 6.38% | 02/01/2030 | -- | $205,797.25 | 257,000 |
| 0.16% | -- | ENDEAVOR ENERGY RESOURCE | 5.75% | 01/30/2028 | -- | $195,665.28 | 202,000 |
| 0.15% | -- | IRON MOUNTAIN INC CALLABLE NOTES FIXED 5.25% 15/JUL/2030 USD 1000 | -- | -- | -- | $189,737.50 | 215,000 |
| 0.15% | -- | YUM! BRANDS INC | 3.63% | 03/15/2031 | -- | $178,267.85 | 210,000 |
| 0.14% | -- | SPRINT CORP | 7.63% | 03/01/2026 | -- | $169,141.64 | 159,000 |
| 0.12% | -- | ICAHN ENTERPRISES/FIN | 5.25% | 05/15/2027 | -- | $152,030.71 | 169,000 |
| 0.12% | -- | DAVITA INC | 3.75% | 02/15/2031 | -- | $150,118.38 | 206,000 |
| 0.12% | -- | STAPLES INC | 10.75% | 04/15/2027 | -- | $143,235.63 | 221,000 |
| 0.11% | -- | SOUTHWESTERN ENERGY CO | 5.38% | 03/15/2030 | -- | $139,826.00 | 151,000 |
| 0.11% | -- | CURO GROUP HOLDINGS CORP | 7.50% | 08/01/2028 | -- | $128,960.00 | 208,000 |
| 0.10% | -- | CLEAR CHANNEL OUTDOOR HO | 7.50% | 06/01/2029 | -- | $123,702.60 | 168,000 |
| 0.07% | -- | TEGNA INC | 5.00% | 09/15/2029 | -- | $87,400.00 | 92,000 |
| 0.07% | -- | FERTITTA ENTERTAINMENT | 4.63% | 01/15/2029 | -- | $87,124.32 | 102,000 |
| 0.06% | -- | LEVEL 3 FINANCING INC | 4.25% | 07/01/2028 | -- | $74,708.60 | 92,000 |
| 0.06% | -- | VMED O2 UK FINAN | 4.75% | 07/15/2031 | -- | $70,880.04 | 84,000 |
| 0.05% | -- | COMMSCOPE INC | 4.75% | 09/01/2029 | -- | $59,040.76 | 73,000 |
| 0.04% | -- | PG&E CORP CALLABLE NOTES FIXED 5% 01/JUL/2028 USD 1000 | -- | -- | -- | $54,960.00 | 64,000 |
| 0.04% | -- | NEXSTAR MEDIA INC | 4.75% | 11/01/2028 | -- | $45,042.40 | 52,000 |
| 0.02% | -- | ZAYO GROUP HOLDINGS INC | 6.13% | 03/01/2028 | -- | $27,089.44 | 38,000 |
| 0.02% | -- | RAKUTEN GROUP INC | 6.25% | -- | -- | $25,987.50 | 33,000 |
| 0.02% | -- | SBA COMMUNICATIONS CORP | 3.88% | 02/15/2027 | -- | $24,111.10 | 26,000 |
| 0.02% | -- | NRG ENERGY INC | 3.63% | 02/15/2031 | -- | $21,621.60 | 27,000 |
| 0.01% | -- | ARAMARK SERVICES INC | 6.38% | 05/01/2025 | -- | $10,797.16 | 11,000 |
| 0.01% | -- | DIAMOND SPORTS GR/DIAMON | 5.38% | 08/15/2026 | -- | $7,896.88 | 35,000 |
| -- | -- | NET OTHER ASSETS (LIABILITIES) | -- | -- | -- | $6,269,454.57 | 6,269,455 |
| -5.49% | -- | US 2YR NOTE (CBT) BOND 30/SEP/2022 TUU2 COMDTY | -- | -- | -6,720,000 | -- | -32 |
| -42.93% | -- | US 5YR NOTE (CBT) BOND 30/SEP/2022 FVU2 COMDTY | -- | -- | -52,563,039 | -- | -467 |
| -45.21% | -- | US 10YR NOTE (CBT) BOND 21/SEP/2022 TYU2 COMDTY | -- | -- | -55,356,797 | -- | -465 |
Index
as of 3/31/2022
- Total Number of Issues247
- Effective Duration4.5267
- Dividend Yield ( % )3.79
About the Index
The index is comprised of (a) long positions in USD-denominated high yield corporate bonds ("high yield bonds") and (b) short positions in U.S. Treasury notes or bonds ("Treasury Securities") of, in aggregate, approximate equivalent duration. In entering these positions, the index seeks to achieve an overall effective duration of zero.
By taking such short positions, the index seeks to mitigate the potential negative impact of rising Treasury interest rates ("interest rates") on the performance of high yield bonds (conversely limiting the potential positive impact of falling interest rates). The short positions are not intended to mitigate other factors influencing the price of high yield bonds, such as credit risk, which may have a greater impact than rising or falling interest rates.
The long high yield corporate bond positions included in the index are designed to represent the more liquid universe of high yield bonds for sale within the United States. Currently, the bonds eligible for inclusion in the index include high yield bonds that are issued by companies domiciled in the U.S. and Canada, and that are: fixed rate (including callable bonds); have a maximum rating of Ba1/BB+ by both Moody's Investors Service, Inc. ("Moody's") and Standard and Poor's Financial Services, LLC ("S&P"); and are subject to minimum issue outstanding, minimum time to maturity and maximum time from issuance criteria. Pay-in-kind bonds (which allow issuers the option of paying bondholders interest in additional securities or cash) are excluded. No more than two issues from each issuer are allowed, and no more than 2% of the index is allocated to any single issuer.
The index is reconstituted and rebalanced (including a reset of the duration-equivalent short position in Treasury Securities) on a monthly basis.
Distributions
For
- 2022
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013
| Ex-Dividend Date | Record Date | Payable Date | Dividend | Long-Term Capital Gain | Short-Term Capital Gain | Return of Capital |
|---|