Short High Yield
ProShares Short High Yield seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Markit iBoxx® $ Liquid High Yield Index.
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Index/Benchmark Summary
Markit iBoxx® $ Liquid High Yield Index is a modified market-value weighted index designed to provide a balanced representation of U.S. dollar-denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by the index provider. Currently, the bonds eligible for inclusion in the Index include U.S. dollar-denominated, corporate bonds for sale in the United States that are issued by companies domiciled in the U.S., Bermuda, Canada, Cayman Islands, Western Europe or Japan; are rated sub-investment grade by Moody’s Investors Service, Inc., Fitch, Inc. or Standard and Poor's Financial Services, LLC; are from issuers with at least $1 billion par outstanding; have at least $400 million of outstanding face value; and are between three and fifteen years to maturity. There is no limit to the number of issues in the Index. Index rebalances occur monthly.
As of 3/31/12
Fundamentals
| Total Number of Constituents | Modified Adjusted Duration | Weighted Average Maturity | Average Yield to Maturity |
Weighted Average Coupon * |
Weighted Average Price |
|---|---|---|---|---|---|
| 455 | 3.94 Years | 6.81 Years | 7.28% | 8.23% | $104.12 |
* = Derivative contracts are priced to reflect the underlying index yield but may generate interest income.
| Top 10 Index Constituents ‡ | Weight |
|---|---|
| CIT Group Inc., 05/02/17, 7% | 0.81% |
| Sprint Nextel Corp., 11/15/18, 9% | 0.81% |
| First Data Corp., 01/15/21, 12.625% | 0.75% |
| HCA Inc., 02/15/20, 6.5% | 0.71% |
| Intelsat Luxembourg SA, 02/04/17, 11.25% | 0.68% |
| Harrah's Operating Co. Inc., 12/15/18, 10% | 0.61% |
| CIT Group Inc., 05/02/16, 7% | 0.60% |
| CIT Group Inc., 05/01/17, 7% | 0.58% |
| Energy Future Intermediate Holding Co. LLC / EFIH Finance Inc., 12/01/20, 10% | 0.57% |
| First Data Corp., 03/31/16, 11.25% | 0.56% |
‡ ProShares may invest in financial instruments (including derivatives) that, in combination, should have similar daily price return characteristics to the fund's benchmark.
| Index Sector Weightings ± | Weight |
|---|---|
| Industrials & Materials | 24.18% |
| Utilities & Energy | 20.88% |
| Consumer Services | 19.34% |
| Telecommunications & Technology | 18.90% |
| Financials | 7.47% |
| Consumer Goods | 5.93% |
| Health Care | 3.30% |
± Sum of weightings may not equal 100% due to rounding.