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BBBS

BondBloxx BBB Rated 1-5 Year Corporate Bond ETF

Net asset value

$49.94

EXPENSE RATIO

0.19%

Yield to Maturity

5.47%

30-Day Sec Yield

5.42%
ALL DATA AS OF 05/17/2024, UNLESS OTHERWISE STATED. 30-DAY SEC YIELD AS OF 04/30/2024. The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance please visit the performance section of this page.

Overview

The BondBloxx BBB Rated 1-5 Year Corporate Bond ETF seeks to track the investment results of an index composed of BBB rated, fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. corporate issuers with remaining maturities of greater than or equal to one year and less than five years.

Key Features

Outperformance potential:

Exposure to BBB-rated corporate bonds, a persistent outperformer within the U.S. investment grade universe.1

Consistently higher income:

BBB-rated corporate bond outperformance has been driven by its historically higher average coupon income compared to broad U.S. corporate indices.2

More precise exposure:

Targets more precise maturities of 1-5 years within the BBB universe, enabling investors to better manage portfolio duration and implement active views with a single fund.

Sector

Fund Details

Product Name BondBloxx BBB Rated 1-5 Year Corporate Bond ETF
Ticker BBBS
CUSIP 09789C754
Asset Class Fixed Income
Fund Inception Date 1/25/2024
Exchange NYSE Arca
Distribution Frequency Monthly
Fund Net Assets $2,497,227
Shares Outstanding 50,000
Median Spread 0.08%
Premium Discount Ratio 0.07%
Closing Price as of 05/17/2024 $49.98

Fees

Management Fee 0.19%
Acquired Fund Fees and Expenses 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio 0.19%

Portfolio Characteristics

Number of Securities 407
Number of Issuers 243
Average Coupon 4.18%
Average Maturity 2.92 Years
* 30-Day SEC Yield is as of 04/30/2024
Yield to Maturity 5.47%
Yield to Worst 5.47%
Option Adjusted Duration 2.58
Option Adjusted Spread 76
Spread Duration 2.61
30-Day SEC Yield* 5.42%

Portfolio Breakdown

Corporates 99.4%
Cash and Equivalents 0.5%
Due to rounding, these values may exceed 100%

Index Details

Provider Name Bloomberg
Index Bloomberg US Corporate BBB 1-5 Year Index
Index Ticker I38367US
Index Market Cap $1.021T

Maturity Breakdown %

Credit Rating Breakdown %

Bloomberg index credit quality ratings are based on the middle rating of Moodys, S&P and Fitch, and range from AAA to C or D (depending on the agency issuing the rating). Investment-grade is represented by a rating of BBB- or above.

Holdings

Name Weight
BARCLAYS PLC 2.58 %
GENERAL MOTORS FINL CO 2.03 %
FORD MOTOR CREDIT CO LLC 1.98 %
T-MOBILE USA INC 1.74 %
AERCAP IRELAND CAP/GLOBA 1.73 %
ORACLE CORP 1.72 %
VERIZON COMMUNICATIONS 1.70 %
BOEING CO 1.55 %
CAPITAL ONE FINANCIAL CO 1.54 %
AT&T INC 1.53 %
Name CUSIP Market Value % of Net Assets
BARCLAYS PLC V/R 05/09/27 06738ECF0 $20,068.87 0.800 %
NEXTERA ENERGY 5.749% 09/01/25 65339KBS8 $15,219.43 0.610 %
CHARTER COMM O 4.908% 07/23/25 161175AY0 $15,124.43 0.610 %
AERCAP IRELAND 4.45% 10/01/25 00774MAG0 $14,865.24 0.600 %
FORD MOTOR COM 4.346% 12/08/26 345370CR9 $14,860.33 0.600 %
ORACLE CORP 2.95% 05/15/25 68389XBC8 $14,631.07 0.590 %
BARCLAYS PLC V/R 05/16/29 06738EBD6 $14,662.52 0.590 %
BOEING CO 5.04% 05/01/27 097023CU7 $14,724.38 0.590 %
BARCLAYS PLC V/R 05/07/26 06738EBL8 $14,606.84 0.580 %
FORD MOTOR CRE 3.375% 11/13/25 345397B28 $14,478.22 0.580 %
WARNERMEDIA HO 3.755% 03/15/27 55903VBA0 $14,346.40 0.570 %
T-MOBILE USA IN 2.25% 02/15/26 87264ABR5 $14,297.75 0.570 %
ORACLE CORP 2.65% 07/15/26 68389XBM6 $14,302.99 0.570 %
DEUTSCHE BANK NY V/R 11/24/26 251526CE7 $14,353.90 0.570 %
AERCAP IRELAND CAP 3% 10/29/28 00774MAW5 $13,610.43 0.550 %
CASH CASH $12,372.85 0.500 %
ALLY FINANCIAL IN V/R 06/13/29 02005NBT6 $10,638.63 0.430 %
SANTANDER HOLDING V/R 06/12/29 80282KBG0 $10,558.71 0.420 %
AIR LEASE CORP 5.85% 12/15/27 00914AAT9 $10,375.96 0.420 %
DEUTSCHE BANK NY V/R 11/20/29 251526CU1 $10,413.96 0.420 %
AMERICAN TOWER C 5.5% 03/15/28 03027XBY5 $10,163.56 0.410 %
GENERAL MOTORS F 5.8% 01/07/29 37045XEN2 $10,343.54 0.410 %
MPLX LP 4.875% 06/01/25 55336VAJ9 $10,149.65 0.410 %
FORD MOTOR CRED 6.95% 03/06/26 345397C43 $10,312.65 0.410 %
GENERAL MOTORS F 5.8% 06/23/28 37045XEH5 $10,336.35 0.410 %
CELANESE US HO 6.165% 07/15/27 15089QAM6 $10,360.33 0.410 %
BARCLAYS PLC V/R 08/09/28 06738EBY0 $10,117.66 0.410 %
GENERAL MOTORS 6.125% 10/01/25 37045VAV2 $10,139.78 0.410 %
FORD MOTOR CRE 6.798% 11/07/28 345397D59 $10,359.13 0.410 %
HCA INC 5.2% 06/01/28 404119CP2 $10,185.13 0.410 %
AIR LEASE CORP 3.375% 07/01/25 00914AAH5 $9,880.89 0.400 %
BOEING CO 4.875% 05/01/25 097023CT0 $9,915.40 0.400 %
T-MOBILE USA IN 4.95% 03/15/28 87264ACZ6 $9,994.16 0.400 %
AMGEN INC 5.15% 03/02/28 031162DP2 $10,112.28 0.400 %
TRANSCANADA PI 4.875% 01/15/26 89352HAT6 $10,078.88 0.400 %
HP ENTERPRISE CO 4.9% 10/15/25 42824CAW9 $9,961.56 0.400 %
HCA INC 5.375% 09/01/26 404121AH8 $10,089.57 0.400 %
CITIGROUP INC 4.4% 06/10/25 172967JT9 $10,065.35 0.400 %
RTX CORP 5% 02/27/26 75513ECQ2 $10,086.24 0.400 %
GENERAL MOTORS F 5.4% 04/06/26 37045XEF9 $10,037.18 0.400 %
GENERAL MOTORS FIN 5% 04/09/27 37045XDW3 $9,949.09 0.400 %
T-MOBILE USA IN 3.75% 04/15/27 87264ABD6 $9,636.76 0.390 %
CIGNA GROUP/TH 4.375% 10/15/28 125523AH3 $9,730.64 0.390 %
ELEVANCE HEALTH 3.65% 12/01/27 036752AB9 $9,708.30 0.390 %
CAPITAL ONE FINAN V/R 05/10/28 14040HCS2 $9,858.27 0.390 %
WELLTOWER OP LL 4.25% 04/01/26 95040QAC8 $9,849.34 0.390 %
CAPITAL ONE FIN 3.75% 07/28/26 14040HBK0 $9,745.68 0.390 %
CIGNA GROUP/THE 3.4% 03/01/27 125523CB4 $9,624.65 0.390 %
GENERAL MILLS IN 4.2% 04/17/28 370334CG7 $9,715.15 0.390 %
BROADCOM CRP / 3.875% 01/15/27 11134LAH2 $9,786.38 0.390 %
NOMURA HOLDING 1.851% 07/16/25 65535HAR0 $9,624.14 0.390 %
RTX CORP 4.125% 11/16/28 913017CY3 $9,615.13 0.390 %
WILLIAMS COMPAN 3.75% 06/15/27 96949LAD7 $9,734.59 0.390 %
PACIFIC GAS & E 3.15% 01/01/26 694308JP3 $9,729.91 0.390 %
VERIZON COMMUN 4.329% 09/21/28 92343VER1 $9,777.97 0.390 %
CVS HEALTH COR 2.875% 06/01/26 126650CU2 $9,641.36 0.390 %
CVS HEALTH CORP 4.3% 03/25/28 126650CX6 $9,710.34 0.390 %
STRYKER CORP 3.375% 11/01/25 863667AH4 $9,736.55 0.390 %
GILEAD SCIENCES 3.65% 03/01/26 375558BF9 $9,811.70 0.390 %
MCDONALD'S CORP 3.8% 04/01/28 58013MFF6 $9,632.61 0.390 %
CITIGROUP INC 4.45% 09/29/27 172967KA8 $9,799.96 0.390 %
MCDONALD'S CORP 1.45% 09/01/25 58013MFL3 $9,554.89 0.380 %
BOEING CO 2.196% 02/04/26 097023DG7 $9,452.91 0.380 %
BAT CAPITAL CO 3.557% 08/15/27 05526DBB0 $9,570.38 0.380 %
ORACLE CORP 3.25% 11/15/27 68389XBN4 $9,401.81 0.380 %
AMERICAN TOWER 3.375% 10/15/26 03027XAK6 $9,583.34 0.380 %
AT&T INC 1.7% 03/25/26 00206RML3 $9,388.61 0.380 %
NEXTERA ENERGY 3.55% 05/01/27 65339KAT7 $9,558.91 0.380 %
AERCAP IRELAND 2.45% 10/29/26 00774MAV7 $9,318.14 0.370 %
VERIZON COMMUNI 0.85% 11/20/25 92343VFS8 $9,362.98 0.370 %
AT&T INC 2.3% 06/01/27 00206RJX1 $9,306.89 0.370 %
VERIZON COMMUNI 1.45% 03/20/26 92343VGG3 $9,363.41 0.370 %
BAXTER INTERNA 1.915% 02/01/27 071813CL1 $9,197.65 0.370 %
DEUTSCHE BANK NY V/R 11/16/27 251526CP2 $9,186.93 0.370 %
BAT INTL FINAN 1.668% 03/25/26 05530QAN0 $9,361.37 0.370 %
NOMURA HOLDING 2.329% 01/22/27 65535HAZ2 $9,301.63 0.370 %
NEXTERA ENERGY C 1.9% 06/15/28 65339KBW9 $8,889.07 0.360 %
HUMANA INC 1.35% 02/03/27 444859BQ4 $9,059.73 0.360 %
CAPITAL ONE FINAN V/R 03/01/30 14040HCN3 $9,060.13 0.360 %
LOWE'S COS INC 1.7% 09/15/28 548661ED5 $8,742.54 0.350 %
DELL INT LLC / 5.25% 02/01/28 24703DBJ9 $8,171.42 0.330 %
SOUTHWEST AIRL 5.125% 06/15/27 844741BK3 $8,133.34 0.330 %
NETFLIX INC 5.875% 11/15/28 64110LAT3 $8,256.36 0.330 %
NISOURCE INC 5.25% 03/30/28 65473PAN5 $8,053.98 0.320 %
SANDS CHINA LTD 5.4% 08/08/28 80007RAE5 $7,989.91 0.320 %
KINDER MORGAN IN 4.3% 03/01/28 49456BAP6 $7,842.11 0.310 %
HALEON US CAPI 3.375% 03/24/27 36264FAK7 $7,666.09 0.310 %
BECTON DICKINSON 3.7% 06/06/27 075887BW8 $7,798.52 0.310 %
LOWE'S COS INC 2.5% 04/15/26 548661DM6 $7,632.75 0.310 %
ARES CAPITAL CO 2.15% 07/15/26 04010LBA0 $7,452.58 0.300 %
DELL INT LLC / 6.02% 06/15/26 24703TAD8 $6,212.65 0.250 %
BLACKSTONE PRIVA 7.3% 11/27/28 09261HBB2 $5,380.80 0.220 %
ARCELORMITTAL S 6.55% 11/29/27 03938LBE3 $5,333.97 0.210 %
CNH INDUSTRIAL C 5.5% 01/12/29 12592BAR5 $5,143.35 0.210 %
TAPESTRY INC 7.35% 11/27/28 876030AD9 $5,363.24 0.210 %
AERCAP IRELAND 6.45% 04/15/27 00774MBG9 $5,162.47 0.210 %
WESTERN MIDSTRE 6.35% 01/15/29 958667AF4 $5,274.42 0.210 %
DIGITAL REALTY 5.55% 01/15/28 25389JAV8 $5,131.42 0.210 %
SPRINT LLC 7.625% 03/01/26 85207UAK1 $5,223.25 0.210 %
M&T BANK CORPORAT V/R 10/30/29 55261FAS3 $5,291.92 0.210 %
COREBRIDGE FINANC V/R 12/15/52 21871XAP4 $5,186.67 0.210 %
TARGA RESOURCES 6.5% 07/15/27 87612BBL5 $5,155.63 0.210 %
SPRINT CAPITAL 6.875% 11/15/28 852060AD4 $5,295.08 0.210 %
TARGA RESOURCES 6.15% 03/01/29 87612GAE1 $5,214.49 0.210 %
GENERAL MOTORS FIN 6% 01/09/28 37045XEB8 $5,194.10 0.210 %
NOMURA HOLDINGS 6.07% 07/12/28 65535HBM0 $5,220.01 0.210 %
ALTRIA GROUP INC 6.2% 11/01/28 02209SBQ5 $5,197.69 0.210 %
EDISON INTERNAT 5.75% 06/15/27 281020AN7 $5,168.14 0.210 %
BLUE OWL CREDIT 7.95% 06/13/28 69120VAR2 $5,368.30 0.210 %
ENBRIDGE INC 6% 11/15/28 29250NBX2 $5,151.37 0.210 %
NASDAQ INC 5.35% 06/28/28 63111XAH4 $5,140.71 0.210 %
TRANSCONT GAS P 7.85% 02/01/26 893574AH6 $5,271.59 0.210 %
JEFFERIES FIN 5.875% 07/21/28 47233WBM0 $5,130.88 0.210 %
FIFTH THIRD BANCO V/R 10/27/28 316773DJ6 $5,121.43 0.210 %
RTX CORP 5.75% 01/15/29 75513ECU3 $5,284.55 0.210 %
CONCENTRIX CORP 6.6% 08/02/28 20602DAB7 $5,163.41 0.210 %
SABINE PASS LI 5.875% 06/30/26 785592AV8 $5,138.41 0.210 %
IQVIA INC 6.25% 02/01/29 46266TAF5 $5,230.66 0.210 %
CAPITAL ONE FINAN V/R 06/08/29 14040HCZ6 $5,243.00 0.210 %
ENERGY TRANSFER 6.05% 12/01/26 29273VAR1 $5,219.89 0.210 %
JM SMUCKER CO 5.9% 11/15/28 832696AW8 $5,154.36 0.210 %
AMEREN CORP 5.7% 12/01/26 023608AP7 $5,177.40 0.210 %
ENERGY TRANSFER 5.5% 06/01/27 29278NAN3 $5,144.84 0.210 %
ENERGY TRANSFER 6.1% 12/01/28 29273VAS9 $5,286.59 0.210 %
HUNTINGTON BANCSH V/R 08/21/29 446150BC7 $5,180.66 0.210 %
SANTANDER UK GROU V/R 01/10/29 80281LAT2 $5,258.74 0.210 %
EVERSOURCE ENER 5.95% 02/01/29 30040WAW8 $5,202.59 0.210 %
RYDER SYSTEM IN 5.65% 03/01/28 78355HKV0 $5,129.41 0.210 %
SABINE PASS LIQUEF 5% 03/15/27 785592AS5 $5,009.51 0.200 %
REGAL REXNORD C 6.05% 04/15/28 758750AM5 $5,087.66 0.200 %
EQUIFAX INC 5.1% 06/01/28 294429AW5 $5,092.83 0.200 %
VERALTO CORP 5.5% 09/18/26 92338CAA1 $5,041.07 0.200 %
GOLDMAN SACHS G 4.25% 10/21/25 38141GVR2 $4,931.61 0.200 %
COOPERATIEVE R 4.375% 08/04/25 21684AAC0 $4,979.18 0.200 %
MARRIOTT INTERNATI 5% 10/15/27 571903BJ1 $4,995.98 0.200 %
VICI PROPERTIES 4.75% 02/15/28 925650AB9 $4,924.88 0.200 %
MARRIOTT INTERNA 4.9% 04/15/29 571903BL6 $4,955.38 0.200 %
AMERICAN ELECTRI 5.2% 01/15/29 025537AY7 $5,095.86 0.200 %
ROPER TECHNOLOGI 3.8% 12/15/26 776743AD8 $4,908.71 0.200 %
ONEOK INC NEW 5.00% 03/01/26 682680BR3 $5,014.49 0.200 %
MICRON TECHNOL 4.185% 02/15/27 595112BP7 $4,914.35 0.200 %
TELEFONICA EMI 4.103% 03/08/27 87938WAT0 $4,891.96 0.200 %
CIGNA GROUP/TH 4.125% 11/15/25 125523AG5 $4,917.39 0.200 %
MORGAN STANLEY 5% 11/24/25 6174467X1 $5,085.19 0.200 %
MICROCHIP TECHN 4.25% 09/01/25 595017BA1 $4,965.53 0.200 %
LENNAR CORP 4.75% 11/29/27 526057CD4 $5,066.10 0.200 %
MARATHON PETROLE 4.7% 05/01/25 56585ABH4 $4,964.59 0.200 %
AMCOR FLEXIBLES NO 4% 05/17/25 02343JAA8 $4,911.48 0.200 %
CITIZENS FINANCIA V/R 01/23/30 174610BF1 $5,083.48 0.200 %
DUPONT DE NEMO 4.493% 11/15/25 26078JAC4 $4,938.94 0.200 %
DTE ENERGY CO 4.875% 06/01/28 233331BJ5 $5,036.05 0.200 %
CROWN CASTLE IN 4.45% 02/15/26 22822VAB7 $4,972.20 0.200 %
ALLY FINANCIAL I 5.8% 05/01/25 02005NBJ8 $5,011.40 0.200 %
LOWE'S COS INC 4.4% 09/08/25 548661EK9 $4,983.40 0.200 %
CNA FINANCIAL CO 4.5% 03/01/26 126117AT7 $4,966.40 0.200 %
PLAINS ALL AMER 4.65% 10/15/25 72650RBJ0 $4,959.77 0.200 %
HCA INC 5.625% 09/01/28 404121AJ4 $5,094.94 0.200 %
BANCO BILBAO VIZC V/R 09/14/26 05946KAK7 $5,054.77 0.200 %
AMGEN INC 5.507% 03/02/26 031162DN7 $5,050.45 0.200 %
L3HARRIS TECH IN 5.4% 01/15/27 502431AP4 $5,113.94 0.200 %
HOWMET AEROSPA 6.875% 05/01/25 443201AA6 $5,070.63 0.200 %
TAKEDA PHARMACEUTI 5% 11/26/28 874060AW6 $5,087.07 0.200 %
GE HEALTHCARE TE 5.6% 11/15/25 36267VAD5 $5,008.87 0.200 %
GE HEALTHCARE T 5.65% 11/15/27 36267VAF0 $5,070.77 0.200 %
SANTANDER UK GROU V/R 11/21/26 80281LAS4 $5,077.67 0.200 %
KINDER MORGAN INC 5% 02/01/29 494553AD2 $5,016.89 0.200 %
CITIGROUP INC 4.6% 03/09/26 172967KJ9 $4,963.89 0.200 %
DUKE ENERGY CORP 5% 12/08/25 26441CBV6 $5,085.58 0.200 %
ENBRIDGE INC 5.25% 04/05/27 29250NCA1 $5,027.61 0.200 %
DUPONT DE NEMO 4.725% 11/15/28 26078JAD2 $4,974.28 0.200 %
EXELON CORP 5.15% 03/15/28 30161NBJ9 $5,025.72 0.200 %
SANTANDER HOLDIN 4.5% 07/17/25 80282KAE6 $4,998.78 0.200 %
WHIRLPOOL CORP 4.75% 02/26/29 963320AW6 $4,918.48 0.200 %
ARES CAPITAL CO 3.25% 07/15/25 04010LAY9 $4,896.50 0.200 %
CONSTELLATION E 3.25% 06/01/25 30161MAS2 $4,957.12 0.200 %
SUZANO AUSTRIA GMB 6% 01/15/29 86964WAF9 $5,043.88 0.200 %
DOLLAR GENERAL 4.625% 11/01/27 256677AK1 $4,913.29 0.200 %
COOPERATIEVE RA 3.75% 07/21/26 21684AAF3 $4,870.04 0.200 %
SYNCHRONY FINANC 4.5% 07/23/25 87165BAG8 $4,975.69 0.200 %
AMERICAN TOWER C 5.8% 11/15/28 03027XCE8 $5,100.08 0.200 %
NETFLIX INC SR 4.375% 11/15/26 64110LAN6 $4,910.13 0.200 %
SOUTHERN CO V/R 01/15/51 842587DF1 $4,911.69 0.200 %
EVERSOURCE ENER 5.45% 03/01/28 30040WAT5 $5,066.80 0.200 %
PIONEER NATURAL 5.1% 03/29/26 723787AV9 $5,026.65 0.200 %
AES CORP/THE 5.45% 06/01/28 00130HCH6 $5,108.35 0.200 %
MARATHON OIL COR 4.4% 07/15/27 565849AP1 $4,933.77 0.200 %
SANDS CHINA LT 5.125% 08/08/25 80007RAF2 $5,037.82 0.200 %
ONEOK INC 4.55% 07/15/28 682680AU7 $4,942.53 0.200 %
PHILLIPS 66 CO 4.95% 12/01/27 718547AT9 $5,090.97 0.200 %
EASTMAN CHEMICAL 4.5% 12/01/28 277432AW0 $4,955.06 0.200 %
COLUMBIA PIPELIN 4.5% 06/01/25 198280AF6 $5,040.11 0.200 %
CONAGRA BRANDS I 5.3% 10/01/26 205887CJ9 $5,032.25 0.200 %
ELEVANCE HEALTH 4.9% 02/08/26 28622HAA9 $5,024.08 0.200 %
DOMINION ENERGY 3.9% 10/01/25 25746UCE7 $4,917.36 0.200 %
FIFTH THIRD BAN 3.85% 03/15/26 31677AAB0 $4,874.23 0.200 %
T-MOBILE USA IN 4.85% 01/15/29 87264ADE2 $5,018.24 0.200 %
BIOGEN INC 4.05% 09/15/25 09062XAF0 $4,942.59 0.200 %
OVINTIV INC 5.65% 05/15/28 69047QAB8 $5,063.74 0.200 %
DUKE ENERGY CORP 4.3% 03/15/28 26441CBS3 $4,889.83 0.200 %
KEY BANK NA 5.85% 11/15/27 49327M3F9 $4,980.43 0.200 %
L3HARRIS TECH IN 4.4% 06/15/28 502431AM1 $4,943.66 0.200 %
WESTINGHOUSE AIR 4.7% 09/15/28 960386AM2 $4,933.44 0.200 %
VODAFONE GROUP 4.125% 05/30/25 92857WBJ8 $5,026.48 0.200 %
VERIZON COMMUN 4.125% 03/16/27 92343VDY7 $4,911.70 0.200 %
ATHENE HOLDING 4.125% 01/12/28 04686JAA9 $4,884.39 0.200 %
AT&T INC 5.539% 02/20/26 00206RMP4 $5,063.46 0.200 %
CVS HEALTH COR 3.875% 07/20/25 126650CL2 $4,967.18 0.200 %
AON GLOBAL LTD 3.875% 12/15/25 00185AAK0 $4,964.58 0.200 %
LLOYDS BANKING 4.65% 03/24/26 53944YAB9 $4,941.36 0.200 %
KEURIG DR PEPP 4.597% 05/25/28 49271VAF7 $5,012.47 0.200 %
CVS HEALTH CORP 5% 01/30/29 126650DW7 $5,015.37 0.200 %
WEC ENERGY GROU 4.75% 01/09/26 92939UAK2 $5,032.34 0.200 %
UTAH ACQUISITIO 3.95% 06/15/26 62854AAN4 $4,909.31 0.200 %
AUTOZONE INC 3.75% 06/01/27 053332AV4 $4,898.93 0.200 %
DTE ENERGY CO 5.1% 03/01/29 233331BK2 $5,008.66 0.200 %
SOLVENTUM CORP 5.4% 03/01/29 83444MAC5 $5,039.07 0.200 %
AT&T INC 4.1% 02/15/28 00206RGL0 $4,877.42 0.200 %
CANADIAN NATL R 3.85% 06/01/27 136385AX9 $4,888.79 0.200 %
CONTINENTAL RE 4.375% 01/15/28 212015AS0 $4,893.62 0.200 %
STARBUCKS CORP 4.75% 02/15/26 855244BE8 $5,020.84 0.200 %
TYSON FOODS INC 5.4% 03/15/29 902494BL6 $5,060.93 0.200 %
SEMPRA 5.4% 08/01/26 816851BQ1 $5,073.41 0.200 %
ENEL CHILE SA 4.875% 06/12/28 29278DAA3 $4,937.34 0.200 %
FLEX LTD 3.75% 02/01/26 33938XAC9 $4,897.47 0.200 %
EXTRA SPACE STOR 5.7% 04/01/28 30225VAJ6 $5,096.60 0.200 %
WEYERHAEUSER CO 4.75% 05/15/26 962166CC6 $4,946.53 0.200 %
OCCIDENTAL PETR 5.55% 03/15/26 674599DC6 $5,047.04 0.200 %
CBRE SERVICES 4.875% 03/01/26 12505BAD2 $4,990.97 0.200 %
BANK OF NOVA SCO 4.5% 12/16/25 064159HB5 $5,002.13 0.200 %
FISERV INC 5.45% 03/02/28 337738BD9 $5,090.26 0.200 %
AMERICAN INTL GRO V/R 04/01/48 026874DM6 $4,952.44 0.200 %
ENERGY TRANSFER 5.55% 02/15/28 29273VAP5 $5,112.99 0.200 %
BROADCOM INC 4.75% 04/15/29 11135FBA8 $4,931.09 0.200 %
BARCLAYS PLC V/R 03/12/30 06738ECR4 $5,063.32 0.200 %
ALTRIA GROUP INC 4.8% 02/14/29 02209SBD4 $4,976.39 0.200 %
NUTRIEN LTD 4.9% 03/27/28 67077MBA5 $4,991.29 0.200 %
AT&T INC 4.35% 03/01/29 00206RHJ4 $4,882.91 0.200 %
KEY BANK NA 4.15% 08/08/25 49327M3E2 $4,948.78 0.200 %
BRIXMOR OPERAT 4.125% 06/15/26 11120VAC7 $4,947.10 0.200 %
CONAGRA BRANDS 4.85% 11/01/28 205887CC4 $4,912.85 0.200 %
SUZANO INTL FINA 5.5% 01/17/27 N8438JAB4 $5,057.84 0.200 %
HSBC HOLDINGS 4.375% 11/23/26 404280BH1 $4,972.19 0.200 %
PARKER-HANNIFIN 4.25% 09/15/27 701094AR5 $4,908.43 0.200 %
GLP CAPITAL LP 5.375% 04/15/26 361841AH2 $4,987.30 0.200 %
O'REILLY AUTOMO 5.75% 11/20/26 67103HAM9 $5,052.01 0.200 %
MORGAN STANLEY 4.35% 09/08/26 6174467Y9 $4,935.53 0.200 %
FOX CORP 4.709% 01/25/29 35137LAH8 $4,983.13 0.200 %
CONSTELLATION BRAN 5% 02/02/26 21036PBN7 $5,048.69 0.200 %
AMERICAN ELECTR 5.75% 11/01/27 025537AV3 $5,102.27 0.200 %
OTIS WORLDWIDE 5.25% 08/16/28 68902VAP2 $5,098.21 0.200 %
HESS CORP 4.3% 04/01/27 42809HAG2 $4,904.38 0.200 %
SOUTHERN CO 5.113% 08/01/27 842587DD6 $5,056.10 0.200 %
ARES CAPITAL C 5.875% 03/01/29 04010LBF9 $5,056.42 0.200 %
SOUTHERN CO 5.15% 10/06/25 842587DM6 $5,013.40 0.200 %
ENERGY TRANSFER 4.75% 01/15/26 29273RBG3 $5,020.49 0.200 %
NXP BV/NXP FDG/N 4.4% 06/01/27 62954HBE7 $4,982.95 0.200 %
ENERGY TRANSFER 5.25% 04/15/29 29278NAG8 $5,010.02 0.200 %
FORD MOTOR CREDI 5.8% 03/08/29 345397E58 $5,036.41 0.200 %
PRUDENTIAL FINANC V/R 09/15/48 744320BF8 $4,957.90 0.200 %
AVNET INC 4.625% 04/15/26 053807AS2 $4,928.37 0.200 %
GENERAL MOTORS 4.35% 01/17/27 37045XBT2 $4,946.14 0.200 %
WRKCO INC 4.65% 03/15/26 92940PAB0 $4,966.70 0.200 %
WILLIS NORTH AM 4.65% 06/15/27 970648AL5 $5,006.98 0.200 %
PUBLIC SERVICE 5.85% 11/15/27 744573AV8 $5,104.94 0.200 %
COMERICA INC V/R 01/30/30 200340AW7 $5,044.63 0.200 %
DISCOVER BANK 3.45% 07/27/26 25466AAJ0 $4,821.68 0.190 %
BLACKSTONE SECU 2.75% 09/16/26 09261XAB8 $4,659.92 0.190 %
VERIZON COMMUN 2.625% 08/15/26 92343VDD3 $4,767.26 0.190 %
OMNICOM GP/OMNIC 3.6% 04/15/26 68217FAA0 $4,866.85 0.190 %
CANADIAN PACIFI 1.75% 12/02/26 13645RBE3 $4,634.63 0.190 %
HP INC 2.2% 06/17/25 40434LAA3 $4,867.46 0.190 %
MYLAN INC 4.55% 04/15/28 628530BK2 $4,821.63 0.190 %
BLUE OWL CAPITAL 3.4% 07/15/26 69121KAE4 $4,769.04 0.190 %
SYNCHRONY FINAN 5.15% 03/19/29 87165BAP8 $4,854.73 0.190 %
FMC CORP 3.2% 10/01/26 302491AT2 $4,754.48 0.190 %
REGIONS FINANCI 2.25% 05/18/25 7591EPAQ3 $4,831.20 0.190 %
XYLEM INC 3.25% 11/01/26 98419MAJ9 $4,773.61 0.190 %
NORTHROP GRUMMA 3.25% 01/15/28 666807BN1 $4,762.08 0.190 %
MCCORMICK & CO 0.9% 02/15/26 579780AR8 $4,647.20 0.190 %
CITIGROUP INC 4.125% 07/25/28 172967KU4 $4,855.61 0.190 %
VMWARE LLC 3.9% 08/21/27 928563AC9 $4,826.86 0.190 %
VENTAS REALTY LP 4% 03/01/28 92277GAM9 $4,802.33 0.190 %
SHERWIN-WILLIAM 3.45% 06/01/27 824348AW6 $4,844.60 0.190 %
MOLSON COORS BEVER 3% 07/15/26 60871RAG5 $4,816.00 0.190 %
CHARTER COMM OPT 4.2% 03/15/28 161175BK9 $4,752.72 0.190 %
CNH INDUSTRIAL 1.45% 07/15/26 12592BAM6 $4,627.09 0.190 %
BORGWARNER INC 2.65% 07/01/27 099724AL0 $4,672.99 0.190 %
CROWN CASTLE INC 4.3% 02/15/29 22822VAL5 $4,827.89 0.190 %
SOUTHERN CO V/R 09/15/51 842587DJ3 $4,679.68 0.190 %
MORGAN STANLEY 3.95% 04/23/27 61761JZN2 $4,846.87 0.190 %
MONDELEZ INTER 2.625% 03/17/27 609207BA2 $4,703.15 0.190 %
FORD MOTOR CREDI 2.7% 08/10/26 345397B77 $4,710.01 0.190 %
VERISK ANALYTI 4.125% 03/15/29 92345YAF3 $4,808.62 0.190 %
ALLSTATE CORP 0.75% 12/15/25 020002BH3 $4,668.11 0.190 %
SEMPRA 3.4% 02/01/28 816851BG3 $4,747.13 0.190 %
CAPITAL ONE FINA 3.8% 01/31/28 14040HBW4 $4,799.42 0.190 %
KRAFT HEINZ FOODS 3% 06/01/26 50077LAD8 $4,858.16 0.190 %
BOSTON PROPERTIE 4.5% 12/01/28 10112RBA1 $4,819.63 0.190 %
BROADCOM INC 4.11% 09/15/28 11135FAL5 $4,838.08 0.190 %
CROWN CASTLE INC 3.8% 02/15/28 22822VAK7 $4,770.28 0.190 %
TYSON FOODS INC 3.55% 06/02/27 902494BC6 $4,849.41 0.190 %
DUKE ENERGY COR 3.15% 08/15/27 26441CAX3 $4,742.72 0.190 %
FORTIS INC 3.055% 10/04/26 349553AM9 $4,755.19 0.190 %
NORFOLK SOUTHERN 3.8% 08/01/28 655844BZ0 $4,829.58 0.190 %
FORTIVE CORPORA 3.15% 06/15/26 34959JAG3 $4,851.75 0.190 %
KRAFT HEINZ FO 3.875% 05/15/27 50077LBC9 $4,838.47 0.190 %
HP INC 3% 06/17/27 40434LAB1 $4,752.72 0.190 %
CARRIER GLOBAL 2.493% 02/15/27 14448CAP9 $4,690.24 0.190 %
SYSCO CORPORATIO 3.3% 07/15/26 871829BC0 $4,857.03 0.190 %
STANLEY BLACK & 4.25% 11/15/28 854502AH4 $4,815.02 0.190 %
ROGERS COMMUNICA 3.2% 03/15/27 775109CG4 $4,761.46 0.190 %
SPECTRA ENERGY 3.375% 10/15/26 84756NAH2 $4,792.27 0.190 %
CENCORA INC 3.45% 12/15/27 03073EAP0 $4,801.54 0.190 %
REPUBLIC SERVI 3.375% 11/15/27 760759AS9 $4,746.96 0.190 %
CARDINAL HEALTH 3.41% 06/15/27 14149YBJ6 $4,820.36 0.190 %
FIDELITY NATL I 1.15% 03/01/26 31620MBR6 $4,651.55 0.190 %
FIRSTENERGY CORP 4.15% 07/15/27 337932AH0 $4,856.55 0.190 %
SHIRE ACQ INV IR 3.2% 09/23/26 82481LAD1 $4,797.79 0.190 %
JBS USA HOLD/FOO 2.5% 01/15/27 46590XAS5 $4,659.38 0.190 %
DUKE ENERGY COR 2.65% 09/01/26 26441CAS4 $4,741.62 0.190 %
FS KKR CAPITAL C 3.4% 01/15/26 302635AG2 $4,815.52 0.190 %
MPLX LP 4% 03/15/28 55336VAR1 $4,818.60 0.190 %
OMEGA HLTHCARE I 4.5% 04/01/27 681936BF6 $4,861.33 0.190 %
BLACKSTONE PRI 2.625% 12/15/26 09261HAD9 $4,626.02 0.190 %
ROPER TECHNOLOGI 4.2% 09/15/28 776743AF3 $4,859.34 0.190 %
CDW LLC/CDW FIN 2.67% 12/01/26 12513GBG3 $4,720.43 0.190 %
KROGER CO 2.65% 10/15/26 501044DE8 $4,730.57 0.190 %
EXPEDIA GROUP IN 3.8% 02/15/28 30212PAP0 $4,789.57 0.190 %
EQUITABLE HOLDI 4.35% 04/20/28 054561AJ4 $4,836.27 0.190 %
CHARTER COMM OP 5.05% 03/30/29 161175BR4 $4,837.11 0.190 %
COREBRIDGE FINA 3.65% 04/05/27 21871XAD1 $4,798.93 0.190 %
PPG INDUSTRIES 3.75% 03/15/28 693506BP1 $4,821.75 0.190 %
TAKE-TWO INTERAC 3.7% 04/14/27 874054AG4 $4,817.54 0.190 %
PARAMOUNT GLOBAL 2.9% 01/15/27 124857AR4 $4,648.86 0.190 %
FEDEX CORP 3.25% 04/01/26 31428XBF2 $4,857.58 0.190 %
EXELON CORP 3.4% 04/15/26 30161NAU5 $4,857.86 0.190 %
ZOETIS INC 3% 09/12/27 98978VAL7 $4,703.56 0.190 %
LAS VEGAS SANDS 3.5% 08/18/26 517834AE7 $4,806.31 0.190 %
GLOBAL PAYMENTS 1.2% 03/01/26 37940XAE2 $4,649.44 0.190 %
MOSAIC CO 4.05% 11/15/27 61945CAG8 $4,818.30 0.190 %
FISERV INC 4.2% 10/01/28 337738AR9 $4,822.46 0.190 %
WARNERMEDIA HO 4.054% 03/15/29 55903VBB8 $4,664.15 0.190 %
CONSTELLATION BR 3.6% 02/15/28 21036PAY4 $4,773.28 0.190 %
CHENIERE ENERG 4.625% 10/15/28 16411RAK5 $4,856.93 0.190 %
BERRY GLOBAL IN 1.57% 01/15/26 08576PAH4 $4,709.29 0.190 %
PACIFIC GAS & EL 3.3% 12/01/27 694308HW0 $4,726.82 0.190 %
ENTERPRISE PRODUC V/R 08/16/77 29379VBN2 $4,833.20 0.190 %
NETAPP INC 1.875% 06/22/25 64110DAL8 $4,839.63 0.190 %
CAMPBELL SOUP C 4.15% 03/15/28 134429BG3 $4,868.91 0.190 %
SANTANDER UK GROU V/R 01/11/28 80281LAR6 $4,643.50 0.190 %
BOSTON PROPERTI 2.75% 10/01/26 10112RAY0 $4,676.09 0.190 %
SOUTHERN CO 3.25% 07/01/26 842587CV7 $4,861.42 0.190 %
DOLLAR TREE INC 4.2% 05/15/28 256746AH1 $4,803.02 0.190 %
KELLANOVA 3.25% 04/01/26 487836BP2 $4,838.45 0.190 %
KEY BANK NA 3.4% 05/20/26 49327V2A1 $4,742.35 0.190 %
BUNGE LTD FINAN 3.25% 08/15/26 120568AX8 $4,813.26 0.190 %
SANTANDER HOLD 3.244% 10/05/26 80282KAZ9 $4,736.85 0.190 %
BROADCOM INC 3.15% 11/15/25 11135FBB6 $4,838.83 0.190 %
CROWN CASTLE IN 3.65% 09/01/27 22822VAH4 $4,779.62 0.190 %
MANULIFE FINANCIA V/R 02/24/32 56501RAE6 $4,843.32 0.190 %
DISCOVER BANK 4.65% 09/13/28 25466AAP6 $4,828.77 0.190 %
EQUINIX INC 1% 09/15/25 29444UBK1 $4,715.65 0.190 %
EQT CORP 3.9% 10/01/27 26884LAF6 $4,794.51 0.190 %
AMERICAN WATER 2.95% 09/01/27 03040WAQ8 $4,703.25 0.190 %
PACIFIC GAS & E 3.75% 07/01/28 694308JK4 $4,740.05 0.190 %
GLOBAL PAYMENTS 2.15% 01/15/27 37940XAG7 $4,649.76 0.190 %
FISERV INC 3.2% 07/01/26 337738AT5 $4,848.36 0.190 %
EBAY INC 3.6% 06/05/27 278642AU7 $4,863.82 0.190 %
JABIL INC 4.25% 05/15/27 466313AM5 $4,827.76 0.190 %
CENTENE CORP 4.25% 12/15/27 15135BAR2 $4,854.79 0.190 %
ENTERGY CORP 2.95% 09/01/26 29364GAJ2 $4,769.50 0.190 %
BANK OF MONTREAL V/R 12/15/32 06368BGS1 $4,770.63 0.190 %
AMGEN INC 2.2% 02/21/27 031162CT5 $4,652.46 0.190 %
SOUTHWESTERN ELE 4.1% 09/15/28 845437BR2 $4,790.97 0.190 %
AMERICAN TOWER 3.65% 03/15/27 03027XBV1 $4,819.55 0.190 %
LOWE'S COS INC 3.1% 05/03/27 548661DP9 $4,745.99 0.190 %
FORD MOTOR CRE 3.815% 11/02/27 345397YT4 $4,690.97 0.190 %
AIR LEASE CORP 1.875% 08/15/26 00914AAM4 $4,641.46 0.190 %
AMGEN INC 1.65% 08/15/28 031162DB3 $4,381.37 0.180 %
BOEING CO 3.2% 03/01/29 097023CD5 $4,465.95 0.180 %
HUNTINGTON ING 2.043% 08/16/28 446413AZ9 $4,392.43 0.180 %
INVITATION HOMES 2.3% 11/15/28 46188BAB8 $4,401.09 0.180 %
AT&T INC 1.65% 02/01/28 00206RKG6 $4,442.20 0.180 %
TD SYNNEX CORP 1.75% 08/09/26 87162WAF7 $4,617.36 0.180 %
MASCO CORP 1.5% 02/15/28 574599BS4 $4,383.10 0.180 %
VERIZON COMMUNIC 2.1% 03/22/28 92343VGH1 $4,497.28 0.180 %
CENTENE CORP 2.45% 07/15/28 15135BAY7 $4,463.00 0.180 %
STARBUCKS CORP 2% 03/12/27 855244AV1 $4,618.09 0.180 %
JBS USA HOLD/FOOD/ 3% 02/02/29 46590XAN6 $4,484.03 0.180 %
XCEL ENERGY INC 1.75% 03/15/27 98388MAB3 $4,549.95 0.180 %
DXC TECHNOLOGY C 1.8% 09/15/26 23355LAL0 $4,566.39 0.180 %
CVS HEALTH CORP 1.3% 08/21/27 126650DM9 $4,417.67 0.180 %
BLUE OWL CAPIT 2.875% 06/11/28 69121KAG9 $4,496.93 0.180 %
CDW LLC/CDW FIN 3.25% 02/15/29 12513GBF5 $4,531.97 0.180 %
ARES CAPITAL C 2.875% 06/15/28 04010LBB8 $4,513.22 0.180 %
T-MOBILE USA IN 2.05% 02/15/28 87264ACA1 $4,497.94 0.180 %
ROYALTY PHARMA 1.75% 09/02/27 78081BAJ2 $4,483.01 0.180 %
MARVELL TECHNOL 2.45% 04/15/28 573874AF1 $4,504.46 0.180 %
GILEAD SCIENCES 1.2% 10/01/27 375558BX0 $4,434.33 0.180 %
HEALTHPEAK OP 2.125% 12/01/28 42250PAD5 $4,446.64 0.180 %
BAT CAPITAL CO 2.259% 03/25/28 05526DBR5 $4,479.63 0.180 %
D.R. HORTON INC 1.3% 10/15/26 23331ABQ1 $4,557.67 0.180 %
ORACLE CORP 2.3% 03/25/28 68389XCD5 $4,515.68 0.180 %
VMWARE LLC 1.4% 08/15/26 928563AJ4 $4,598.29 0.180 %
REVVITY INC 1.9% 09/15/28 714046AM1 $4,364.30 0.170 %
EQUINIX INC 1.55% 03/15/28 29444UBL9 $4,363.69 0.170 %
FS KKR CAPITAL 3.125% 10/12/28 302635AK3 $4,366.57 0.170 %
DCP MIDSTREAM 5.375% 07/15/25 23311VAG2 $3,046.93 0.120 %
As of 05/17/2024 and subject to change.

Performance

Growth Of $10,000 Since Inception

The Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distributions

Ex-Date Record Date Pay Date Distribution Paid
(Per Share)
May 1, 2024 May 2, 2024 May 7, 2024 0.20520
Apr 1, 2024 Apr 2, 2024 Apr 5, 2024 0.21144
Mar 1, 2024 Mar 4, 2024 Mar 7, 2024 0.24950

Yield to Worst: The bond yield is computed by using the lower of either the yield to maturity or the yield to call on every possible call date. Yield to worst is shown for all securities with the exception of agency mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS). Agency MBS are priced based on zero volatility yield. CMBS and ABS are priced based on effective maturity.

Option Adjusted Duration is a measure of the potential responsiveness of a bond or portfolio price to parallel shifts in interest rates.

After Tax Post-Liq.(%): After-Tax Post-Liquidation Returns measure the performance of the fund after accounting for both taxes on distributions and the taxes incurred from selling the fund shares. This metric provides a comprehensive view of the investment’s tax impact, including the realization of capital gains or losses upon the sale. The highest marginal Federal tax rate is assumed.

After Tax Pre-Liq.(%): After-Tax Pre-Liquidation Returns refer to the performance of the fund after considering the impact of taxes on distributions, but before any action to sell the fund shares is taken. This measure provides investors with insight into how taxes affect their returns without factoring in the potential taxes from selling the investment, thus focusing solely on the tax implications of the fund’s income and capital gains distributions. The highest marginal Federal tax rate is assumed.

After-tax yield: The after-tax yield is the return that investors can expect to receive after accounting for taxes owed on the interest income generated by the bond. This yield is particularly important when comparing the returns on municipal bonds, which are often exempt from federal income tax (and sometimes state and local taxes if the bond is issued within the investor’s state of residence), with those on taxable bonds, like corporate or government bonds.

Tax Equivalent Yield: The tax-equivalent yield (TEY) is the yield that a taxable bond would need to equal the yield on a comparable tax-exempt municipal bond, taking into account the impact of taxes. The calculation is a tool that investors can use to fairly compare the yield between a tax-free investment and a taxable alternative. TEY assumes the highest marginal Federal tax rate, is measured at the individual bond level, and aggregated to the portfolio level.

Tax Equivalent Yield = Tax Free Municipal Bond Yield / (1-Tax Rate)

Effective duration: Effective duration is a way to measure interest-rate sensitivity for bonds that have embedded options, such as callable or puttable features. Effective duration captures the potential variations in cash flows due to these options, and can be measured using modified duration for option-free bonds. The calculation is measured at the individual bond level and then aggregated to the portfolio level.

The 30-Day SEC Yield represents net investment income earned by the fund over the 30-Day period, expressed as an annual percent age rate based on the fund’s share price at the end of the 30-Day period.

Option Adjusted Duration is a measure of the potential responsiveness of a bond or portfolio price to parallel shifts in interest rates.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Market Price: Inception date for Market Price Calculation is as of 9/13/22. Market Returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.

NAV: Inception date for NAV calculation is as of 9/13/22.

Number of Countries: The number of unique countries that have issued bonds represented in the fund.

Spread to Worst: Spread to worst is a bond’s yield to worst minus the yield at a point on the fair value government yield curve that corresponds to the bond’s expected redemption date.

NAV: Inception date for NAV calculation is as of 2/15/22.

Premium Discount disclosure to be added here.

Index disclosure to be added here.

Market Price: Inception date for Market Price Calculation is as of 2/17/22. Market Returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.

Total return disclosure to be added here.

The Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Index Market Cap represents aggregate market value of bonds in the underlying index.

The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made per the past twelve months.

30 Day SEC Yield: A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time.

Spread Duration is a measure of the potential responsiveness of a bond or portfolio price to changes in credit spread.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Option Adjusted Spread (OAS): For a bond, the option-adjusted spread is the measurement of the spread between the bond and the underlying government yield curve. For an Index, the average of its constituent security government option-adjusted spreads, weighted by full market value. 

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Yield to Worst: The bond yield is computed by using the lower of either the yield to maturity or the yield to call on every possible call date.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Yield to Maturity: The discount rate that equates the present value of a bond’s cash flows with its market price (including accrued interest). The Fund Average Yield to Maturity is the weighted average of the fund’s individual bond holding yields based on Net Asset Value (‘NAV’). The measure does not include fees and expenses. For callable bonds, this yield is the yield-to-worst.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Average Maturity: The average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

Average Coupon: The average coupon rate of the underlying bonds in the fund, weighted by each bond’s face value.

Number of Issuers: The number of unique companies that have issued bonds represented in the fund (distinct from the number of issues from a company).

Expense Ratio: As stated in the Fund’s current prospectus.

Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund’s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund.

NAIC Rating: Property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Investment Analysis Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) assesses the credit quality of fixed income securities owned by state-regulated insurance companies and assigns appropriate NAIC designations, ranging from the highest quality of “1” to the lowest of “6.”  For more information visit https://content.naic.org/