Guggenheim Macro Opportunities Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Guggenheim Macro Opportunities Fund held 1,212 positions with $9.31B in net assets. Its ten largest holdings made up 16.5% of the fund. The GIOAX share class costs 1.29% a year. Over the 12 months to May 2026, GIOAX returned 5.7%, with dividends reinvested. In 2026 Q2 it added 146 new positions and exited 144.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.50% · due 2056-08-15 | 7.87% | $732.42M | — | — |
GIKRXGuggenheim Funds Trust | 1.55% | $143.94M | 5.9M | $24.47 |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.00% · due 2056-08-15 | 1.33% | $123.95M | — | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.00% · 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% | $74.00M | 99.1K | $746.77 |
FEDERAL HOME LOAN MORTGAGE CORP 5.50% · due 2056-02-01 | 0.78% | $73.00M | — | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.00% · due 2056-04-01 | 0.73% | $68.40M | — | — |
AUSTRALIA, COMMONWEALTH OF 4.25% · due 2036-03-21 | 0.64% | $59.77M | — | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.50% · 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.
The 200 largest of 1,212 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Securitized
- 38.5%
- Other
- 33.2%
- International
- 15.7%
- Financials
- 4.6%
- 11 other sectors
- 8.1%
- Securitized
- 38.5%
- Other
- 33.2%
- International
- 15.7%
- Financials
- 4.6%
- Government
- 1.3%
- Utilities
- 1.3%
- Communication Services
- 1.1%
- Cash
- 0.9%
- Information Technology
- 0.8%
- Materials
- 0.6%
- Energy
- 0.6%
- Health Care
- 0.5%
- Industrials
- 0.4%
- Consumer Discretionary
- 0.3%
- Consumer Staples
- 0.2%
How it has done
GIOAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.14%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.29% | +5.72% | +23.43% | +16.77% | -1.33% | |
| 2.04% | +4.93% | +20.75% | +12.49% | -1.41% | |
| 0.94% | +6.08% | +24.72% | +18.93% | -1.22% | |
| 0.94% | +6.08% | +24.68% | +18.93% | -1.26% | |
| 1.35% | +5.67% | +23.23% | +16.54% | -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.
Fees & fund details
Guggenheim Macro Opportunities Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.94% – 2.04%· GIOAX 1.29%
- Portfolio turnover
- 35.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
146 new· the largest 5
144 exited· the largest 3
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.
Understand how this fund fits with the rest.
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