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Trending ETFs

Guggenheim Ultra Short Duration Fund

mutual fund
GIYAX
Payout Change
Pending
Price as of:
$9.92 +0.0 +0.0%
primary theme
U.S. Ultrashort Bond Duration
share class
GIYAX (Mutual Fund)

Guggenheim Ultra Short Duration Fund

Payout Change
Pending
Price as of:
$9.92 +0.0 +0.0%
primary theme
U.S. Ultrashort Bond Duration
share class
GIYAX (Mutual Fund)

Guggenheim Ultra Short Duration Fund

Payout Change
Pending
Price as of:
$9.92 +0.0 +0.0%
primary theme
U.S. Ultrashort Bond Duration
share class

Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.92

$510 M

5.07%

$0.50

0.68%

Vitals

YTD Return

2.9%

1 yr return

7.5%

3 Yr Avg Return

2.9%

5 Yr Avg Return

2.3%

Net Assets

$510 M

Holdings in Top 10

33.4%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.68%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 122.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.92

$510 M

5.07%

$0.50

0.68%

GIYAX - Profile

Distributions

  • YTD Total Return 2.9%
  • 3 Yr Annualized Total Return 2.9%
  • 5 Yr Annualized Total Return 2.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.63%
DIVIDENDS
  • Dividend Yield 5.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Guggenheim Ultra Short Duration Fund
  • Fund Family Name
    Guggenheim
  • Inception Date
    Mar 11, 2014
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    B. Scott Minerd

Fund Description

The Fund intends to pursue its investment objective by investing primarily in a diversified portfolio of investment-grade debt securities and similar instruments while maintaining a low duration portfolio (i.e., a duration normally not exceeding one year). The Fund is not a money market fund and does not seek to maintain a stable net asset value (“NAV”) of $1.00 per share.The Fund’s investments will include: debt securities; financial instruments that are expected to perform similarly to debt securities and investment vehicles that provide exposure to debt securities; and debt-like securities, including individual securities, investment vehicles and derivatives giving exposure to (i.e., with economic characteristics similar to) debt securities or other similar instruments or debt security markets. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other funds, including those advised by the Investment Manager or its affiliates.Debt securities and instruments in which the Fund may invest include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency mortgage-backed and other asset-backed securities, participations in and assignments of bank and bridge loans, commercial paper (including asset-backed commercial paper), zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities) and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest. The Fund may also invest in preferred stock and preferred debt securities. Although the Fund will principally invest in debt securities listed, traded or dealt in developed markets, it may also invest without limitation in securities listed, traded or dealt in other markets, including emerging and frontier markets. Such securities may be denominated in foreign currencies.Although the Fund will invest predominantly in investment grade debt instruments, up to 10% of the Fund’s total assets may be invested in securities that are rated below investment grade (also known as “high yield securities” or “junk bonds”) or if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”) to be of comparable quality. If nationally recognized statistical rating organizations assign different ratings to a security, the Fund will use the higher rating for purposes of determining the security’s credit quality.The Fund may invest in repurchase agreements, which are fixed-income securities in the form of agreements backed by collateral. These agreements, which may be viewed as a type of secured lending by the Fund, typically involve the acquisition by the Fund of securities from the selling institution (such as a bank or a broker-dealer), coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future (or on demand). The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Such collateral may include U.S. government securities, corporate obligations, equity securities, municipal debt securities, asset- and mortgage-backed securities, convertible securities and other fixed income securities or a combination thereof. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization (typically purchase price plus accrued interest).With respect to mortgage-backed securities (“MBS”) and other asset-backed securities, the Fund may invest in MBS issued or guaranteed by federal agencies and/or U.S. government sponsored instrumentalities, such as the Government National Mortgage Administration, the Federal Housing Administration, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. In addition to securities issued or guaranteed by such agencies or instrumentalities, the Fund may invest in MBS or other asset-backed securities issued or guaranteed by private issuers. The MBS in which the Fund may invest may also include residential mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities. The other asset-backed securities in which the Fund may invest include collateralized debt obligations (“CDOs”). CDOs include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), commercial real estate CDOs and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or if unrated, determined by the Investment Manager to be of comparable quality.With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that may be secured by real estate or other assets or lend directly, joining a lending syndicate. These participations or assignments may be acquired from banks or brokers that have made the loan or members of the lending syndicate.To seek to enhance the Fund’s debt exposure, hedge against investment risk or increase the Fund’s yield, the Fund may engage in derivatives transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Eurodollar futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps. The Fund may engage in derivative transactions for speculative purposes; to seek to enhance total return; to seek to hedge against fluctuations in securities prices, interest rates or currency rates; to seek to change the effective duration of its portfolio; to seek to manage certain investment risks; as a substitute for the purchase or sale of securities or currencies; and/or to obtain or replicate market exposure. These transactions may create economic leverage in the Fund. The Fund may seek to obtain market exposure to the instruments in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs, “To Be Announced” (“TBA”) transactions and/or dollar rolls). The Fund may also engage in securities lending.The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and borrowing transactions for investment purposes.The Fund may hold instruments of any duration or maturity but expects, under normal circumstances, to maintain a dollar-weighted average duration of less than one year. Duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers an instrument’s yield, coupon payments, principal payments and call features in addition to the amount of time until the instrument matures. As the value of an instrument changes over time, so will its duration.The Fund follows an actively managed approach that seeks to find a balance between yield and capital preservation. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each investment (including the investment’s structure), issuer, region and sector, and also considers macroeconomic outlook and geopolitical issues.The Investment Manager may determine to sell an instrument for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments and may be unable to pursue or achieve its investment objective.
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GIYAX - Performance

Return Ranking - Trailing

Period GIYAX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -1.3% 4.3% 7.87%
1 Yr 7.5% 0.7% 15.0% 6.94%
3 Yr 2.9%* -2.0% 6.0% 20.98%
5 Yr 2.3%* -1.0% 4.4% 33.51%
10 Yr N/A* -4.4% 27.6% N/A

* Annualized

Return Ranking - Calendar

Period GIYAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -2.3% 4.3% 20.83%
2022 -2.9% -6.5% 0.5% 72.73%
2021 -0.5% -2.1% 0.3% 60.59%
2020 0.2% -3.1% 1.8% 54.12%
2019 0.0% -1.2% 6.1% 83.15%

Total Return Ranking - Trailing

Period GIYAX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -1.3% 4.3% 7.87%
1 Yr 7.5% 0.7% 15.0% 6.94%
3 Yr 2.9%* -2.0% 6.0% 20.98%
5 Yr 2.3%* -1.0% 4.4% 33.51%
10 Yr N/A* -4.4% 27.6% N/A

* Annualized

Total Return Ranking - Calendar

Period GIYAX Return Category Return Low Category Return High Rank in Category (%)
2023 7.9% 0.8% 12.1% 6.02%
2022 -0.9% -5.1% 2.5% 71.29%
2021 0.2% -2.1% 14.5% 34.48%
2020 1.5% -1.0% 3.6% 54.12%
2019 2.1% 0.3% 9.6% 85.33%

NAV & Total Return History


GIYAX - Holdings

Concentration Analysis

GIYAX Category Low Category High GIYAX % Rank
Net Assets 510 M 25.6 K 22.6 B 57.41%
Number of Holdings 184 2 1291 71.30%
Net Assets in Top 10 170 M 23.7 K 17.3 B 52.31%
Weighting of Top 10 33.41% 5.6% 163.3% 23.15%

Top 10 Holdings

  1. Federal Home Loan Bank 17.90%
  2. Lake Shore MM CLO III LLC 2.22%
  3. Athene Global Funding 2.15%
  4. Dreyfus Treasury Securities Cash Management Fund - Institutional Shares 2.02%
  5. BX Commercial Mortgage Trust 1.93%
  6. FG Global Funding 1.83%
  7. ABPCI Direct Lending Fund CLO V Ltd. 1.47%
  8. NYMT Loan Trust 1.34%
  9. BRAVO Residential Funding Trust 1.33%
  10. OSAT Trust 1.22%

Asset Allocation

Weighting Return Low Return High GIYAX % Rank
Bonds
61.21% 0.00% 128.16% 80.56%
Other
37.13% -7.74% 99.94% 6.94%
Cash
2.02% 0.00% 109.89% 76.85%
Convertible Bonds
1.70% 0.00% 15.25% 66.98%
Stocks
0.00% 0.00% 95.95% 63.43%
Preferred Stocks
0.00% 0.00% 0.00% 55.56%

Bond Sector Breakdown

Weighting Return Low Return High GIYAX % Rank
Corporate
52.85% 0.00% 99.91% 21.86%
Securitized
39.10% 0.00% 100.00% 27.91%
Government
3.42% 0.00% 100.00% 38.14%
Cash & Equivalents
2.02% 0.00% 109.89% 71.30%
Derivative
0.44% -7.49% 21.59% 3.70%
Municipal
0.02% 0.00% 70.39% 43.72%

Bond Geographic Breakdown

Weighting Return Low Return High GIYAX % Rank
US
61.21% 0.00% 128.16% 77.78%
Non US
0.00% 0.00% 22.24% 62.96%

GIYAX - Expenses

Operational Fees

GIYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.68% 0.02% 29.63% 26.64%
Management Fee 0.25% 0.00% 1.19% 50.93%
12b-1 Fee 0.25% 0.00% 1.00% 64.71%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

GIYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

GIYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GIYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 122.00% 0.00% 369.54% 92.86%

GIYAX - Distributions

Dividend Yield Analysis

GIYAX Category Low Category High GIYAX % Rank
Dividend Yield 5.07% 0.00% 8.76% 28.24%

Dividend Distribution Analysis

GIYAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

GIYAX Category Low Category High GIYAX % Rank
Net Income Ratio 0.63% -1.30% 14.86% 36.06%

Capital Gain Distribution Analysis

GIYAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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GIYAX - Fund Manager Analysis

Managers

B. Scott Minerd


Start Date

Tenure

Tenure Rank

Mar 11, 2014

8.23

8.2%

B. Scott Minerd, Chairman, Global Chief Investment Officer, Managing Partner and Portfolio Manager of Guggenheim Partners. Mr. Minerd joined Guggenheim Partners (or its affiliate or predecessor) in May 1998. Mr. Minerd leads Guggenheim Partners' research on global macroeconomics and guides the firm’s investment strategies.Previously, Mr. Minerd was a Managing Director with Credit Suisse First Boston in charge of trading and risk management for the Fixed Income Credit Trading Group. In this position, he was responsible for the corporate bond, preferred stock, money markets, U.S. government agency and sovereign debt, derivatives securities, structured debt and interest rate swaps trading business units. Prior to that, Mr. Minerd was Morgan Stanley’s London based European Capital Markets Products Trading and Risk Manager responsible for Eurobonds, Euro-MTNs, domestic European Bonds, FRNs, derivative securities and money market products in 12 European currencies and Asian markets. Mr. Minerd has also held capital markets positions with Merrill Lynch and Continental Bank. Prior to that, he was a Certified Public Accountant and worked for the public accounting firm of Price Waterhouse. Mr. Minerd is a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets, helping advise the NY Fed President and senior management at the bank about the current financial markets and ways the public and private sectors can better understand and mitigate systematic risks. Mr. Minerd also works with the Organization for Economic Cooperation and Development (OECD), advising on research and analysis of private sector infrastructure investment, and is a contributing member of the World Economic Forum (WEF). He is a regularly featured guest and contributor to leading financial media outlets, including The Wall Street Journal, The Financial Times, Bloomberg, and CNBC, where he shares insights on today’s financial climate. Mr. Minerd holds a B.S. degree in Economics from the Wharton School, University of Pennsylvania, Philadelphia, and has completed graduate work at the University of Chicago Graduate School of Business and the Wharton School, University of Pennsylvania.

Anne Walsh


Start Date

Tenure

Tenure Rank

Mar 11, 2014

8.23

8.2%

Anne B. Walsh, Chief Investment Officer, Fixed Income, Senior Managing Director and Portfolio Manager of Guggenheim Partners. Ms. Walsh joined Guggenheim Partners (or its affiliate or predecessor) in 2007 is also the head of the Portfolio Construction Group and Portfolio Management. She oversees more than $185 billion in fixed-income investments including Agencies, Credit, Municipals, and Structured Securities. She is responsible for portfolio design, strategy, sector allocation and risk management, as well as conveying Guggenheim Partners' macroeconomic outlook to Portfolio Managers and fixed income Sector Specialists. Ms. Walsh specializes in liability-driven portfolio management. Prior to joining Guggenheim Partners, she served as Chief Investment Officer at Reinsurance Group of America, and also held roles at Zurich Scudder Investments, Lincoln Investment Management and American Bankers Insurance Group. She has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute. Ms. Walsh received her BSBA and MBA from Auburn University and her J.D. from the University of Miami School of Law.

Steven Brown


Start Date

Tenure

Tenure Rank

Mar 11, 2014

8.23

8.2%

Steve Brown, Senior Managing Director and Portfolio Manager of Guggenheim Partners and Senior Managing Director and Portfolio Manager of Security Investors. He has co-managed Series E since 2016. Mr. Brown joined Guggenheim Investments in 2010 and is a Portfolio Manager for Guggenheim Partners' Active Fixed Income and Total Return mandates. He works with the Chief Investment Officers and other members of the Portfolio Management team to develop and execute portfolio strategy. Additionally, he works closely with the Sector Teams and Portfolio Construction Group. Prior to joining Portfolio Management in 2012, Brown worked in Guggenheim Partners' Asset Backed Securities group. His responsibilities on that team included trading and evaluating investment opportunities and monitoring credit performance. Prior to joining Guggenheim Partners in 2010, Mr. Brown held roles within structured products at ABN AMRO and Bank of America in Chicago and London. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Adam Bloch


Start Date

Tenure

Tenure Rank

Jan 31, 2017

5.33

5.3%

Adam Bloch, Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Bloch joined Guggenheim Partners in 2012 and is a Portfolio Manager for the firm's Active Fixed Income and Total Return mandates. Mr. Bloch works with the Chief Investment Officers and other Portfolio Managers to develop portfolio strategy that is in line with the firm’s views. He oversees strategy implementation, working with research analysts and traders to generate trade ideas, hedge portfolios, and manage day-to-day risk. Prior to joining Guggenheim Partners, he worked in Leveraged Finance at Bank of America Merrill Lynch in New York where he structured high-yield bonds and leveraged loans for leveraged buyouts, restructurings, and corporate refinancings across multiple industries. Mr. Bloch graduated from the University of Pennsylvania.

Kris Dorr


Start Date

Tenure

Tenure Rank

Jan 31, 2017

5.33

5.3%

Ms. Dorr is a Director and Portfolio Manager of Guggenheim. Ms. Dorr joined Guggenheim in 2011 as a portfolio manager and trader focusing on short duration cash management where she is responsible for investing the liquidity portion of several mutual funds, ETFs and affiliated funding vehicles. In this role, Ms. Dorr identifies and implements securities appropriate for inclusion into each mandate utilizing short-term money market and liquidity instruments. Additionally, Ms. Dorr works closely with product management, distribution and marketing to support growth of the funds. Prior to joining Guggenheim, Ms. Dorr was a senior portfolio manager within UBS Global Asset Management, where she was responsible for the management of multiple separate account fixed income portfolios for Institutional, Central Bank and Sovereign clients. Management of these assets included setting investment strategy, sector allocation and curve positioning. Ms. Dorr began her career as a trader in the Options Portfolio Service group at Kidder Peabody, later becoming a portfolio manager on several retail and institutional 2a-7 money market funds. Ms. Dorr brings more than 33 years of fixed income investment experience to the firm. Ms. Dorr holds a B.A. in Economics from Montclair State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 7.92