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 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% --

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 up caret
  • Market Price $56.62
  • Market Price Change $+0.35 up caret
  • 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 up caret
  • Market Price $56.62
  • Market Price Change $+0.35 up caret
  • 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

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

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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