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Ivy ProShares Interest Rate Hedged High Yield Index Fund

  • $10.12 NAV as of 7/24/2017
  • ($0.01) / 0.10% Daily NAV Change
  • YTD (NAV)

Summary

Targeting Income and the effects of interest rates

The Fund seeks investment results, before fees and expenses, that track the performance of the Citi High Yield (Treasury Rate-Hedged) Index, primarily by investing in long positions of high yield corporate bonds. Additionally, by using a built-in interest rate hedge, the fund seeks to mitigate the negative impact on such bonds from rising interest rates by taking short U.S. Treasury Securities positions.

Portfolio Management

Jeffrey Ploshnick

  • ProShare Advisors LLC (Sub-adviser)
  • <1 Year with Fund

Benjamin McAbee

  • ProShare Advisors LLC (Sub-adviser)
  • <1 Year with Fund

Daily Prices as of 7/24/2017

Net Asset Value (NAV) $10.12
Daily NAV Change ($) ($0.01) 0.10%
Weekly NAV Change ($) $0.03 0.30%
Public Offering Price (POP) $10.38

Fund Facts

Ticker Symbol IAIRX
CUSIP 46600A518
Fund Code 662
Fund Type Fixed Income Funds
Fund Inception 4/20/2017
Class Inception 4/20/2017
Fiscal Year End September
Dividends Paid Monthly
Fund Assets (as of 6/30/2017) $15.0 mil
Total Holdings (as of 6/30/2017) 148
Lipper Category High Current Yield Funds
Morningstar Category High Yield Bond
Benchmark Citi HY (Treasury-Hedged Index)

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 0.95%
Fund with 2.50% sales charge -1.61%
Citi HY (Treasury-Hedged Index) 3.17% 13.97% 1.54% 2.13%
Lipper High Current Yield Funds 4.13% 10.72% 2.99% 5.69% 6.04% 1.43%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 0.95%
Fund with 2.50% sales charge -1.61%
Citi HY (Treasury-Hedged Index) 3.17% 13.97% 1.54% 2.13%
Lipper High Current Yield Funds 4.13% 10.72% 2.99% 5.69% 6.04% 1.43%

Expense Ratios as of 4/20/2017

Net 0.90%
Gross 1.00%

5-Year Standard Deviation as of

Citi HY (Treasury-Hedged Index) N/A

Distributions

Historical Prices Inception 4/20/2017

7/3/2017 $10.09 NO NO
7/5/2017 $10.09 NO NO
7/6/2017 $10.07 NO NO
7/7/2017 $10.05 NO NO
7/10/2017 $10.05 NO NO
7/11/2017 $10.05 NO NO
7/12/2017 $10.08 NO NO
7/13/2017 $10.05 NO NO
7/14/2017 $10.07 NO NO
7/17/2017 $10.09 NO NO
7/18/2017 $10.09 NO NO
7/19/2017 $10.12 NO NO
7/20/2017 $10.13 NO NO
7/21/2017 $10.11 NO NO

Historical Distributions Inception 4/20/2017

No results found.

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Annualized 30-Day SEC Yield as of 6/30/2017

Subsidized - NAV 4.61%
Unsubsidized - NAV 3.18%

Portfolio

Fixed Income Country Allocation
as a % of bond holdings as of 6/30/2017

United States 91.0%
Canada 8.2%
Cayman Islands 0.6%
United Kingdom 0.2%

Quality
as a % of fixed income assets as of 6/30/2017

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
BB 40.40%
B 50.20%
CCC 9.00%
Below CCC 0.40%

Portfolio Composition
as a % of net assets as of 6/30/2017

Corporate Bonds 96.96%
Cash and Cash Equivalents 3.04%

Documents

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Documents

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

The Fund is a passively managed index fund designed to track the performance of its stated benchmark index. It does not invest in securities based on the managers' view of the investment merit of a particular security or company, nor does it conduct conventional investment research or analysis or forecast market movement or trends, in managing the assets of the Fund. The Fund seeks to remain fully invested at all times in securities that, in combination, provide exposure to its respective benchmark Index without regard to market conditions, trends or direction.

Risk factors. The value of the Fund's shares will change, and you could lose money on your investment. While the Fund attempts to track the performance of its stated index, there is no guarantee or assurance that the methodology used to create the index will result in the Fund achieving high, or even positive, returns. The Index may underperform, and the Fund could lose value, while other indices or measures of market performance increase in value. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Index (and, therefore, the Fund) seeks to mitigate the potential negative impact of rising Treasury interest rates on the performance of high yield bonds by taking short positions in U.S. Treasury Securities. Such short positions are not intended to mitigate credit risk or other factors influencing the price of high yield bonds, which may have a greater impact than rising or falling interest rates, and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long high yield bond positions.

The Fund's use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects the Fund's net asset value and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. A number of factors may affect the Fund's ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the Fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

Index description: The Citi High Yield (Treasury Rate-Hedged) Index is an index measuring the performance of high yield debt issued by companies domiciled in the U.S. or Canada. It is not possible to invest directly in an index.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A at 0.90% and Class I shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The Funds are managed by Ivy Investment Management Company and sub-advised by ProShare Advisors LLC.

ProShares® is a registered mark of ProShare Advisors LLC and has been licensed by Ivy Investment Management Company and Ivy Distributors, Inc. solely for use in connection with the Ivy ProShares funds.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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