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HEADLINES:

Is High Yield Overvalued?
Morningstar • Fri, Apr 19 • 7 Comments
Strategies For A Rising Rate Environment: Inverse Bond Funds
Robert Wagner • Wed, Mar 27 • 14 Comments
Are High Yield Bank Loans Better Than High Yield Bonds?
Learn Bonds • Sat, Mar 9 • 15 Comments
Junk Bond Bubble Myths Vs. Reality
Learn Bonds • Mon, Nov 12, 2012 • 9 Comments
Understanding The Life Cycle Of A Rally In Corporates Can Lead To Further Gains
Bondsquawk • Fri, Sep 28, 2012
The 3 Most Overvalued Assets
Howard Gold • Thu, Sep 27, 2012 • 12 Comments
When Indexing Fails: Junk Bonds
Morningstar • Wed, Jul 18, 2012 • 3 Comments
Short ETFs: Everything You Need To Know
Michael Johnston • Tue, Apr 24, 2012 • 3 Comments
Paul Frank Positions For 2012: Sticking With U.S. Equities For Now
Paul Frank • Fri, Dec 23, 2011 • 23 Comments
Riding The Volatility In The Junk Bond Markets
Walter Kurtz • Fri, Dec 16, 2011 • 10 Comments
How To Bet Against The Market Without Shorting Or Using Options
Epsilon • Thu, Dec 1, 2011 • 17 Comments
Bearish Signs In Short Junk Bond Movement
optionMONSTER • Wed, Nov 16, 2011 • 2 Comments
Time To Sell HYG, JNK And LQD
Peter Tchir • Tue, Nov 15, 2011 • 30 Comments
iShares' Koesterich: Corporate Bonds Attractively Priced
Tom Lydon • Thu, Nov 3, 2011
Junk-Bond Fund May Show Risk Aversion
optionMONSTER • Tue, Oct 25, 2011 • 1 Comment
Momentum Trading Strategies Part III: Hot Hands ETFs for October
Fredrik Arnold • Mon, Oct 10, 2011
Bearish Signals From Junk-Bond Fund?
optionMONSTER • Mon, Oct 3, 2011 • 1 Comment
High-Yield Bonds ETFs: Pricing In A Recession, Liquidity Crunch, Or Both?
Peter Tchir • Fri, Sep 30, 2011 • 4 Comments
Portfolio Positioning Update: Neutral On High Yield Bonds, Defensive On Equities
Russ Koesterich • Tue, Sep 27, 2011
Momentum Trading Strategies Part II: Hot Hands In ETFs
Fredrik Arnold • Sun, Sep 11, 2011

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Junk-Bond Fund May Show Risk Aversion
optionMONSTER • Tue, Oct 25, 2011 • 1 Comment
Bearish Signals From Junk-Bond Fund?
optionMONSTER • Mon, Oct 3, 2011 • 1 Comment
SJB: Junk Bond Fund Tells Story of Sell-Off
optionMONSTER • Tue, Aug 9, 2011 • 2 Comments
What SJB Tells Us About the Market
optionMONSTER • Wed, Jun 22, 2011
How SJB Might Signal Market Turns
optionMONSTER • Tue, Jun 14, 2011
ProShares Launches an Inverse High-Yield Bond ETF
Tom Lydon • Wed, Mar 23, 2011
Economic and Bond Market Recap: High Yield Debt Sales Revive as Concerns Ease
Bondsquawk • Tue, Mar 22, 2011

Is High Yield Overvalued?
Morningstar • Fri, Apr 19 • 7 Comments
Strategies For A Rising Rate Environment: Inverse Bond Funds
Robert Wagner • Wed, Mar 27 • 14 Comments
Are High Yield Bank Loans Better Than High Yield Bonds?
Learn Bonds • Sat, Mar 9 • 15 Comments
Junk Bond Bubble Myths Vs. Reality
Learn Bonds • Mon, Nov 12, 2012 • 9 Comments
Understanding The Life Cycle Of A Rally In Corporates Can Lead To Further Gains
Bondsquawk • Fri, Sep 28, 2012
The 3 Most Overvalued Assets
Howard Gold • Thu, Sep 27, 2012 • 12 Comments
When Indexing Fails: Junk Bonds
Morningstar • Wed, Jul 18, 2012 • 3 Comments
Short ETFs: Everything You Need To Know
Michael Johnston • Tue, Apr 24, 2012 • 3 Comments
Paul Frank Positions For 2012: Sticking With U.S. Equities For Now
Paul Frank • Fri, Dec 23, 2011 • 23 Comments
Riding The Volatility In The Junk Bond Markets
Walter Kurtz • Fri, Dec 16, 2011 • 10 Comments
How To Bet Against The Market Without Shorting Or Using Options
Epsilon • Thu, Dec 1, 2011 • 17 Comments
Bearish Signs In Short Junk Bond Movement
optionMONSTER • Wed, Nov 16, 2011 • 2 Comments
Time To Sell HYG, JNK And LQD
Peter Tchir • Tue, Nov 15, 2011 • 30 Comments
iShares' Koesterich: Corporate Bonds Attractively Priced
Tom Lydon • Thu, Nov 3, 2011
Momentum Trading Strategies Part III: Hot Hands ETFs for October
Fredrik Arnold • Mon, Oct 10, 2011
High-Yield Bonds ETFs: Pricing In A Recession, Liquidity Crunch, Or Both?
Peter Tchir • Fri, Sep 30, 2011 • 4 Comments
Portfolio Positioning Update: Neutral On High Yield Bonds, Defensive On Equities
Russ Koesterich • Tue, Sep 27, 2011
Momentum Trading Strategies Part II: Hot Hands In ETFs
Fredrik Arnold • Sun, Sep 11, 2011
Junk Fund Shows Risk Still 'On'
optionMONSTER • Wed, Aug 31, 2011 • 2 Comments
Momentum Trading Strategies Part 1: Hot Hands in ETFs
Fredrik Arnold • Wed, Aug 17, 2011 • 12 Comments

There are no Transcripts on SJB.

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SJB vs. ETF Alternatives

SJB Description

ProShares Short High Yield seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Markit iBoxx® $ Liquid High Yield Index.
See more details on sponsor's website

Country: United States

Key Info

In Your Portfolio: Broad U.S. Bond ETFs, A Guide to U.S. Corporate Bond ETFs
Asset Class Performance: Bonds

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| On the move

Monday, May 20, 12:30 PM The hot market for corporate junk (HYG, JNK) has pushed the yield on high-yield corporates (4.88%) well below that of high-yield municipals (5.22% nominally, over 8% on a tax-equivalent basis). The nominal spread of 34 bps is down from 56 bps a week ago as investors take notice of the anomaly. High-yield muni ETFs: HYD, HYMB, XMPT. 3 Comments
Monday, May 20, 9:47 AM UBS' 5 "suspected" asset bubbles: 1) Risk-free rates - specifically Treasurys (TLT), Bunds (BUND, BUNL), JGBs (JGBL, JGBT, JGBD, JGBS) 2) Credit (HYG, JNK) 3) Real estate in Asia (WPS) 4) Certain EM equity markets (EIDO, IDXJ, EPHE, THD, EWW) 5) Australian banks (WBK, NABZY.PK, ANZBY.PK, CMWAY.PK). Comment!
Friday, May 10, 5:57 AM Don't panic, Moody's says, there's "no strong evidence that recent [corporate debt] issuance levels presage a damaging correction." The notion that a bubble is building in the corporate bond market isn't reflected in credit spreads which, for both investment grade (LQD) and high yield (HYG, JNK), are closer to long-run averages than they are to alarmingly tight. Furthermore, the ratings agency says a surge in issuance reflects the "disintermediation of the banking sector" and notes that the proportion of total corporate liabilities comprised of debt securities hasn't significantly increased over the past two years." We can all rest easy now. (previous) 2 Comments
Wednesday, May 8, 11:38 AM The 5% yield barrier on junk bonds (HYG, JNK) is broken for the first time ever, the Barclays U.S. High Yield Index sliding to 4.97% (prior to Jan., the yield had never fallen below 6%). Spreads to Treasurys remain at a not-unreasonable 406 bps, far wider than the record-tight 223 points reached just as the gates of financial heck were about to open in 2007. In the meantime, the equity of highly non-wobbly companies like RDS.A, VOD, and GSK yields in the area of 5%. "We don't want to question the market," writes the FT's David Keohane, "but: what the (heck)?" 7 Comments
Monday, May 6, 1:04 PM It's an easy market to hate, but junk bond prices (HYG, JNK) keep going higher, the yield on the benchmark BAML index hitting an all-time low of 5.084%. The spread to Treasurys - treading water for awhile at 475 bps - has broken through that resistance, and is now at 4.33%. The Fed's role here is well-documented, but the latest meme has the BOJ's easing efforts as forcing a fresh wave of cash into the sector. 8 Comments
Friday, April 12, 12:28 PM Fixed-income may not be being given away as it was in 2010, but there's still value, says Jeff Gundlach, scoffing at talk of a bond bubble. "Raise your hand" if you own Treasurys for yourself or a client, he asked a room full of advisors (none went up). Bonds are not "over-owned" in the U.S., he says, showing cash and fixed income make up a higher percentage of household financial assets in other countries. 5 Comments [U.S. Economy]
Friday, March 22, 10:25 AM The recently announced Market Vectors Treasury-Hedged High Yield Bond ETF THHY starts trading today. The fund invests in high-yield bonds, but hedges interest rate risk by shorting Treasurys. It comes with a high expense ratio of 1.45% as compared to similar funds HYLS (1.19%), GYLD and MINC (0.75%). Comment!
Wednesday, March 20, 10:11 AM The term "high-yield" doesn't quite cut it anymore as the 30-day SEC yield on the High-Yield Corporate Bond ETF (HYG) threatens to drop below 5%. 4 Comments [Financials]
Monday, March 4, 9:23 AM The growing consensus against junk bonds in a picture shows soaring short interest in HYG. (via Stifel, h/t ukarlewitz) Comment!
Thursday, February 28, 8:25 AM Dan Fuss - a bond king even if that title is usually reserved for someone else - takes junk bond (HYG, JNK) exposure in his Loomis Sayles Bond Fund down to 24% of AUM, its lowest level ever. "The 'don't fight the Fed' mentality ... will have to reconcile at some point with the macroeconomic reality that there's more risk in the world than the market is choosing to acknowledge," says DoubleLine's Bonnie Baha, nodding in agreement with Fuss. Comment! [Financials]
Wednesday, February 27, 11:10 AM Leading off his latest outlook with Alan Greenspan's "irrational exuberance" line, Bill Gross (BOND) ponders its application to credit markets (LQD, HYG, JNK) today. Conclusion: Not yet. Labeling credit irrationality a 6 on a scale of 1-10, Gross suggests not selling, but instead lowering expectations.
1 Comment [U.S. Economy]
Friday, February 22, 10:09 AM The soon-to-hit Market Vectors High-Yield/Treasury ETF (THHY) - by going long high-yield and short 5-year Treasurys - aims to protect against rising rates. Rising Treasury rates, that is. What happens if the economy worsens, Treasury yields fall, and high-yield rates rise? In golf it's known as the dreaded double-cross. 2 Comments [Financials]
Tuesday, February 19, 8:52 AM Calling investors "handcuffed volunteers," Howard Marks says the people buying high-yield (HYG, JNK) at 6% are doing so only because T-bills pay 0.25%. These investors weren't buying 10 years ago at 12% or 4 years ago at 20%. "Are they doing it because they are pie-eyed optimists? No, (but) because they have to have income to eat." 3 Comments [Financials]
Friday, February 15, 8:06 AM It's fashionable to bash the high-yield sector (HYG, JNK), but UBS has a kind word to say. On a relative basis, valuation is still attractive, with yields 500 basis points higher than Treasurys leaving plenty of room to tighten. Issuer quality isn't as bad as reported, they say, with just 20% of new paper at CCC or less, vs. 35% in 2007. 2 Comments [Financials]
Monday, February 4, 11:56 AM Last week's losses in high-yield were accompanied by sizable outflows from high-yield ETFs, with HYG losing $461M in assets and JNK $348M. Investors also pulled money from another hot sector, emerging markets bonds (EMB). All three are now posting losses YTD. 5 Comments [Financials]
Thursday, January 31, 4:37 PM Are funds flowing out of junk bonds? The noticeable turn lower in HYG and JNK in the past couple of sessions has been accompanied by surging volume, notes John Spence. Both of the ETFs have returned to about flat YTD. The IG corporate bond ETF (LQD) is now red. Dan Fuss describes today's high yield values as "ridiculous." Comment! [U.S. Economy]

SJB ProShares Short High Yield ETF

SJB

ProShares Short High Yield ETF