SJBProShares Short High Yield
SJB Fund Description
SJB provides inverse exposure, reset daily, to a modified market-value-weighted index comprising US-dollar-denominated corporate high-yield bonds with maturities between 3 and 15 years.
SJB Factset Analytics Insight
SJB offers a somewhat liquid option for betting against high-yield bonds. The fund delivers the inverse of daily returns of a high-yield US-dollar-denominated bond index that comprises issues ranging between 3 and 15 years to maturity. SJB's target index has a duration of 4, meaning that for every 1 bp parallel rise in interest rates, the fund should rise roughly 4 bps. However, the daily reset will prevent the inverse relationship from holding true for more than 1 day. Even if rates remained unchanged, the fund may also appreciate should credit spreads widen on high-yield debt. SJB charges a 95 bp management fee, in-line with other levered ETPs. Daily average trading volume may fall short of the needs of larger retail investors, and average spreads are a bit wider than we'd like, but large traders can find some cost relief by working trades through a liquidity provider.
SJB CHARTS AND PERFORMANCE
SJB Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of SJB. SJB is rated a 5 out of 5.