The Top Fund Holdings Summary shows a percentage breakdown of the Total Holdings that make up the fund. In some cases negative values will display and this is to ensure the total breaks down into 100%. There's three reasons why negative values would be in the holdings as laid out below.
Short Positions in Futures and Options:
Funds may take short positions in futures and options securities, which create negative exposure to the securities being shorted. This can lead to negative holding percentages.
Short Bond Exposures:
A fund may invest in bonds while simultaneously purchasing credit default swaps (CDS) for certain bond issuers to protect against default. This approach creates short exposure to specific bonds, which can result in negative values in the holding data.
Negative Cash Values:
Negative cash values may occur due to several factors:
Redemption requests that exceed fund inflows.
Loans taken by the fund, resulting in negative cash flow.
Hedging positions aimed at mitigating risk.
Cash distributions that lead to cash outflows.