ProShares, a premier provider of alternative exchange traded funds (ETFs), today announced the launch of the first ETF that provides inverse exposure to the high yield bond market.
The ProShares Short High Yield (NYSE: SJB) seeks to provide -1x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses. The ETF lists on NYSE Arca today.
“High yield bonds have had a strong rebound since the financial crisis, with indexes reaching all-time highs 1 and high yield funds attracting significant inflows over the past two years,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. “For investors who believe that high yield bonds are ripe for a pullback, SJB can be used to help hedge against or to seek to benefit from potential declines.”
SJB expands ProShares’ popular lineup of inverse bond ETFs to five. ProShares’ four existing inverse bond ETFs, which are benchmarked to Treasurys, have garnered more than $7 billion of assets since launching less than three years ago.
|ProShares||Ticker Symbol||Index||Daily Objective*|
|New Inverse Bond ETF|
|Short High Yield||SJB||
Markit iBoxx $ Liquid High Yield Index
|Existing Inverse Bond ETFs|
|UltraShort 20+ Year Treasury||TBT||Barclays Capital 20+ Year U.S. Treasury Index||-2x|
|UltraShort 7-10 Year Treasury||PST||Barclays Capital 7-10 Year U.S. Treasury Index||-2x|
|TPS|| Barclays Capital U.S. Treasury Inflation Protected
Securities (TIPS) Index (Series-L)
|Short 20+ Year Treasury||TBF||Barclays Capital 20+ Year U.S. Treasury Index||-1x|