HYDDDirexion Daily High Yield Bear 2X Shares
HYDD Fund Description
HYDD offers daily -2x exposure to an index of USD-denominated high yield corporate bonds. The index is selected and weighted by market value.
HYDD Factset Analytics Insight
HYDD offers -2x daily exposure to high yield corporate bonds. It use the same underlying index tracked at 1x by SSgA’s blockbuster high yield ETF, JNK. As such, HYDD shorts USD-denominated corporates from mostly US issuers, with an emphasis on industrial issuers. Because it’s a -2x product, the hefty yield from these bonds works against HYDD, while an increase in rates will help returns. Standard geared fund caveats apply, namely 1) daily resetting by the fund means that investors’ returns for periods longer than a day are unlikely to match the -2x holding period returns for the index and 2) volatility in the underlying assets hurts returns for periods longer than a day. That said, HYDD’s basic structure provides potential for short-term profit from widening corporate spreads.
HYDD CHARTS AND PERFORMANCE
HYDD Portfolio Data
HYDD Index Data
HYDD Fund Structure
HYDD Tax Exposures
HYDD Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of HYDD. HYDD is rated a N/A out of 5.