ProShares - Short High Yield
SJB
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- ProShares Short High Yield (SJB) is an exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to the inverse (-1x) of the daily performance of the Markit iBoxx $ Liquid High Yield Index, a benchmark measuring the performance of U.S. dollar-denominated high yield corporate debt publicly issued in the U.S. market with remaining maturities between three and 15 years. The fund provides investors with short exposure to the liquid high yield bond segment through swap agreements with major counterparties such as UBS AG, BNP Paribas, Goldman Sachs International, and Citibank NA, alongside holdings in U.S. Treasury bills for collateral; it features a net expense ratio of 0.95% (with contractual waiver through September 30, 2026), quarterly distributions, and options availability. SJB trades on NYSE Arca, targets sophisticated investors seeking to profit from declines in high yield bond prices, and operates primarily in the U.S. fixed income market. Launched on March 21, 2011 by ProShare Advisors LLC, the fund is part of the ProShares Trust and managed from the firm's headquarters in Bethesda, Maryland, where ProShares—established in 2006 as a pioneer in leveraged and inverse ETFs—oversees approximately 150 ETFs with over $100 billion in assets under management as of October 2025. ProShares, known for its focus on geared ETF strategies including dividend growth, interest rate hedged bonds, and thematic products, has no direct parent-subsidiary relationships publicly noted for SJB but continues to expand its lineup aggressively. In recent developments, ProShares surpassed $100 billion in assets under management in October 2025, announced ETF share splits in November 2025, and estimated 2025 year-end capital gains distributions in December 2025, reflecting robust growth amid market volatility. The firm strengthened its distribution capabilities with three key hires in September 2025 and appointed Sharon Rosenthal as Chief Human Resources Officer in December 2025, while launching multiple new leveraged ETFs in 2025, including those targeting 2x daily returns of Coinbase, Nvidia, Palantir, Tesla, Solana, XRP, S&P 500 Equal Weight Index, Nasdaq-100 Top 30 Index, and Circle Internet Group, alongside its first interval fund with private equity exposure in October 2025. These expansions underscore ProShares' ongoing innovation in inverse, leveraged, and single-stock products, though SJB itself has maintained its core short high yield strategy without specific product alterations.