Read the prospectus & site lit. SKF et al trades credit swap agreements; closed out daily. The counterparties to the swap agreements are free to do whatever they choose to hedge their bets (gains/losses).
This ETN (not ETF) doesn't "hold" any securities per se.
JPMorgan Chase & Co. Wells Fargo & Co. Bank of America Corp. Goldman Sachs Group Inc. Bank of New York Mellon Corp. U.S. Bancorp VISA Inc. Cl A Morgan Stanley Travelers Cos. Inc. Chubb Corp. CME Group Inc. Cl A American Express Co. Charles Schwab Corp. Citigroup Inc. MasterCard Inc. Cl A Northern Trust Corp. ACE Ltd. PNC Financial Services Group Inc. State Street Corp. MetLife Inc. Marsh & McLennan Cos. BB&T Corp. Allstate Corp. AON Corp. Prudential Financial Inc. Progressive Corp. Annaly Capital Management Inc. Franklin Resources Inc. Loews Corp. Simon Property Group Inc. AFLAC Inc. Public Storage T. Rowe Price Group Inc. Equity Residential Vornado Realty Trust Hudson City Bancorp Inc. IntercontinentalExchange Inc. Capital One Financial Corp. INVESCO Ltd. HCP Inc. Boston Properties Inc. Plum Creek Timber Co. Inc. REIT SunTrust Banks Inc. KeyCorp