Australia Finance

Jul 28 2017

ProShares ETFs: Ultra High Yield #high #yield #bonds #definition


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Ultra High Yield

ProShares Ultra High Yield seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Markit iBoxx $ Liquid High Yield Index.

This Ultra ProShares ETF seeks a return that is 2x the return of an index or other benchmark (target) for a single day . as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares’ returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus .

Fund Snapshot

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. 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 Performance .

The daily percentage change in the closing level of the benchmark or index may not match the daily percentage change in the fund’s NAV due to: (a) The difference between the closing level of the index, usually calculated at 3:00 p.m. and the calculation of the fund’s NAV at the close of NYSE Arca, generally 4:00 p.m.; and (b) A limited trading market in the index’s component bonds on the calculation of the index.

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. Brokerage commissions will reduce returns.

Investing involves risk, including the possible loss of principal. Ultra ProShares are non-diversified and entail certain risks, including risk 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 their summary and full prospectuses for a more complete description of risks.

Bonds will decrease in value as interest rates rise.

High yield bonds may involve greater levels of credit, liquidity and valuation risk than for higher-rated instruments. High yield bonds may involve greater levels of credit, 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.

“iBoxx ” is a registered trademark of Markit North America, Inc. (“Markit”) and has been licensed for use by ProShares. ProShares have not been passed on by Markit as to their legality or suitability. ProShares based on iBoxx indexes are not sponsored, endorsed, sold or promoted by Markit, and it makes 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.

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.

ProShares are distributed by SEI Investments Distribution Co. which is not affiliated with the funds’ advisor or sponsor.

Click to see historical NAVs, NAV change (%, $), and shares outstanding.

Credit default swap (CDS) spread reflects the annualized amount (espressed in basis points) that a CDS protection buyer will pay to a protection seller. Higher CDS spreads indicate that the CDS market views the entity as having a higher risk of loss. The weighted average CDS spread in a portfolio is the sum of CDS spreads of each contract in the portfolio multiplied by their relative weights.

Spread duration is a measure of a fund’s approximate mark-to-market price sensitivity to small changes in CDS spreads. Higher spread duration reflects greater sensitivity.

Shareholder Supplemental Tax Information

The S P 500 is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability.

Infrastructure refers to companies that actually own and operate the transportation, communications, energy and water assets that provide essential services to our society.


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