Access Flex Bear High Yield Fund
Data updated: 2021-03-30
C000008699 — Access Flex Bear High Yield Fund. Inverse / Short · $441.40K AUM · 1.78% expense ratio. Holdings, fees, performance and SEC filings.
C000008699 Fund Overview
Access Flex Bear High Yield Fund is a US mutual fund managed by Access One Trust, categorised as Inverse / Short. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Access One Trust
- Category: Inverse / Short
- Assets under management: $441.40K
- 1-year return: -5.2%
- SEC CIK: 0001301123
- SEC series ID: S000003278
- Share class ID: C000008699
C000008699 Investment Objective and Strategy
Access Flex Bear High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Access One Trust.
Investment objective
The Fund seeks to provide investment results that correspond generally to the inverse of the total return of the high yield market consistent with maintaining reasonable liquidity.
Principal investment strategy
"The Fund is actively managed and seeks to achieve positive returns that are not directly correlated to any particular fixed income index. The Fund invests primarily in derivatives, money market instruments and U.S. Treasury obligations that ProFund Advisors believes, in combination, should provide investment results that correspond to the inverse of the high yield market consistent with maintaining reasonable liquidity. The Fund uses the Markit iBoxx $ Liquid High Yield Index as a performance benchmark only, and does not seek to track its performance. > Derivatives The Fund invests in derivatives, which are financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds or funds (including exchange-traded funds (""ETFs"")), currencies, interest rates or indexes.
The Fund invests in derivatives as a substitute for directly shorting debt securities in order to gain inverse exposure to the high yield market. These derivatives principally include: Credit Default Swaps (""CDS"") As a substitute for shorting bonds in order to gain inverse credit exposure to the high yield market, the Fund intends to invest in centrally cleared, index-based CDS. CDS provide exposure to the credit of one or more debt issuers referred to as ""reference entities."" These instruments are designed to reflect changes in credit quality, including events of default. CDS are most commonly discussed in terms of buying or selling credit protection with respect to a reference entity. Because the Fund seeks to provide short exposure to credit, it will generally be a net buyer of credit protection with respect to North American high yield debt issuers.
Buying credit protection is equivalent to being ""short"" credit. Index-based CDS provide credit exposure, through a single trade, to a basket of reference entities. A variety of high yield, index-based CDS with different characteristics are currently available in the marketplace with new issuances occurring periodically. Issuances typically vary in terms of underlying reference entities and maturity and, thus, can have significant differences in performance over time. The Fund intends to typically invest in new issuances of 5.25 year maturity North American high yield, index-based CDS, which are issued every six months on a 100-name basket, which names vary from issue to issue. U.S. Treasury Futures Contracts The Fund intends to invest in short U.S. Treasury futures contracts in order to obtain inverse exposure to interest rates, similar to the inverse interest rate exposure that would be present when shorting high yield bonds but is not present in CDS.
U.S. Treasury futures contracts are standardized contracts traded on, or subject to the rules of, an exchange that call for the future delivery of a specified quantity and type of U.S. Treasury at a specified time and place or, alternatively, may call for cash settlement. The Fund will generally sell U.S. Treasury futures contracts as a substitute for a comparable market position in U.S. Treasury notes. > Money Market Instruments The Fund invests in short-term cash instruments that have a remaining maturity of 397 days or less and exhibit high quality credit profiles, including: U.S. Treasury Bills U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government. Repurchase Agreements Contracts in which a seller of securities, usually U.S.
government securities or other money market instruments, agrees to buy them back at a specified time and price. Repurchase agreements are primarily used by the Fund as a short-term investment vehicle for cash positions. The Fund seeks to maintain inverse exposure to the high yield market regardless of market conditions and without taking defensive positions in cash or other instruments in anticipation of periods favorable for the high yield market (which would generally be adverse market conditions for this Fund). There is no assurance that the Fund will achieve its investment objective. Please see ""Investment Objectives, Principal Investment Strategies and Related Risks"" in the back of the Fund's Full Prospectus for additional details."
C000008699 Holdings
Top 6 holdings of Access Flex Bear High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Societe' Generale | 25.66% |
| Hsbc Securities (usa), Inc. | 17.65% |
| Canadian Imperial Bank | 5.63% |
| Cdx North American High Yield Series 34 V1 | 5.50% |
| Royal Bank Of Canada | 4.22% |
| Umb Financial Corp. | 3.68% |
C000008699 Portfolio Allocation
Asset-class allocation of Access Flex Bear High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 56.9% |
| Derivatives | 5.5% |
C000008699 Performance
Total returns for C000008699 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -5.2% |
C000008699 Risk Information
Risk metrics for C000008699, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.2%
C000008699 Costs and Fees
C000008699 costs about $178 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.78%
- Gross expense ratio: 5.56%
- Portfolio turnover: 0%
- Brokerage commissions: 1.90 bps of average net assets (SEC N-CEN)
C000008699 Cashflows
Over the 12 months to 2021-01, Access Flex Bear High Yield Fund had net inflows of $10.38M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-01 | $64.47K |
| 2020-12 | $1.08M |
| 2020-11 | $485.93K |
| 2020-10 | $423.48K |
| 2020-09 | $837.91K |
| 2020-08 | $102.82K |
C000008699 Debt Constituents
No individual debt constituents are reported in Access Flex Bear High Yield Fund's latest SEC N-PORT filing.
C000008699 Prospectus and SEC Filings
Official Access Flex Bear High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-02-25
- Prospectus (485BPOS) — filed 2020-03-17
- Prospectus (485BPOS) — filed 2019-03-13
- Portfolio holdings (N-PORT) — filed 2021-03-30
- Portfolio holdings (N-PORT) — filed 2020-12-28
- Portfolio holdings (N-PORT) — filed 2020-09-24
- Annual census (N-CEN) — filed 2021-01-08
- Annual census (N-CEN) — filed 2020-01-07
Related Funds
Other Inverse / Short funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.