Guggenheim Macro Opportunities Fund
Guggenheim Funds Trust · Series S000043989 · 5 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
The Guggenheim Macro Opportunities Fund (the Fund) seeks to provide total return, comprised of current income and capital appreciation.
The fund pursues total return by deploying a relative value strategy across a broad, unconstrained range of fixed-income and equity securities, including corporate bonds, bank loans, mortgage-backed securities, high-yield debt, emerging-market sovereigns, and equities, alongside derivatives and leverage to enhance yield and capital appreciation. The manager screens for securities or spreads deviating from fair value and historical norms, and may write call and put options on equities and debt to generate premium income. Commodity exposure is obtained through a wholly-owned Cayman Islands subsidiary, which may hold up to 25% of fund assets. Because the fund's returns depend on the manager's security selection and relative value judgments, performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| GIOAX | 1.33% | 1.29% |
| GIOCX | 2.08% | 2.04% |
| GIOIX | 1.07% | 0.94% |
| GIOSX | 0.98% | 0.94% |
| GIOPX | 1.40% | 1.35% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 35.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 43.97% |
| Bonds | 37.03% |
| Loans | 24.45% |
| Stocks | 3.79% |
| Cash & short-term | 1.21% |
| Derivatives | -0.10% |
Look-through blends 3 underlying funds; 1.496% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Latest quarter
What changed since the fund's previous filing
Largest new: FEDERAL NATIONAL MORTGAGE ASSOCIATION ×4, BRAVO Residential Funding Trus, Guggenheim Funds Trust, UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT, CERBERUS
Largest exited: Federal National Mortgage Association ×5, AP GRANGE HOLDINGS, United States Treasury Bills ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.23% | +22.12% | +16.87% | 2.20% | -1.33% | |
| +5.43% | +19.46% | +12.63% | 2.21% | -1.41% | |
| +6.57% | +23.40% | +19.02% | 2.20% | -1.22% | |
| +6.62% | +23.40% | +19.06% | 2.21% | -1.26% | |
| +6.16% | +21.91% | +16.67% | 2.23% | -1.33% |
These classes hold the same portfolio, so the 6.44pp spread over 5 years is the cost difference between them — roughly 1.29pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 52.1% |
| Floating rate | 47.5% |
| Zero-coupon or unclassified | 0.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.9% |
| 1-3y | 7.0% |
| 3-5y | 14.6% |
| 5-10y | 24.8% |
| 10y+ | 48.6% |
| Unknown | 4.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 53% |
| Interest rates | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.22 yr |
| High yield | +1.52 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.33 yr | 10% |
| 1 yr | 0.71 yr | 22% |
| 5 yr | 1.14 yr | 34% |
| 10 yr | 0.91 yr | 28% |
| 30 yr | 0.21 yr | 6% |
| 3 mo | 0.23 yr | 6% |
| 1 yr | 0.56 yr | 15% |
| 5 yr | 1.59 yr | 42% |
| 10 yr | 0.97 yr | 26% |
| 30 yr | 0.40 yr | 11% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.33 | +0.07 | +0.16 | $62.2k | $147.5k |
| 1 yr | +0.71 | +0.34 | +0.22 | $317.6k | $200.6k |
| 5 yr | +1.14 | +0.83 | +0.76 | $772.4k | $708.4k |
| 10 yr | +0.91 | +0.74 | +0.23 | $686.9k | $213.9k |
| 30 yr | +0.21 | +0.25 | +0.16 | $230.0k | $145.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 3.29 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION5.50% · due 2056-08-15 | 7.87% | — | $732.42M | — |
| GIKRX | Guggenheim Funds TrustGIKRX | 1.55% | $24.47 | $143.94M | 5.9M |
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION3.00% · due 2056-08-15 | 1.33% | — | $123.95M | — |
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION5.00% · due 2056-08-15 | 1.33% | — | $123.71M | — |
| — | FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST | 0.85% | — | $78.83M | — |
| — | SPDR S&P 500 ETF TRUST | 0.80% | $746.77 | $74.00M | 99.1K |
| — | FEDERAL HOME LOAN MORTGAGE CORP5.50% · due 2056-02-01 | 0.78% | — | $73.00M | — |
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION5.00% · due 2056-04-01 | 0.73% | — | $68.40M | — |
| — | AUSTRALIA, COMMONWEALTH OF4.25% · due 2036-03-21 | 0.64% | — | $59.77M | — |
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION5.50% · due 2055-05-01 | 0.64% | — | $59.29M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 16.51% of net assets, top 25 23.32%, across 932 issuers.
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