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TAXX

BondBloxx IR+M Tax-Aware Short Duration ETF

ACTIVE
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Net asset value

$50.03

EXPENSE RATIO

0.35%

TAX Equivalent Yield

6.28%

30-Day Sec Yield

3.72%
ALL DATA AS OF 10/16/2026, UNLESS OTHERWISE STATED. 30-DAY SEC YIELD AS OF 09/30/2026. 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 IR+M Tax-Aware Short Duration ETF (TAXX) is an actively managed fund that seeks attractive after-tax income, consistent with preservation of capital and prudent investment management.

TAXX invests in a diversified portfolio with at least 50% exposure to U.S. dollar denominated municipal bonds and the remainder invested in taxable short duration fixed income securities.

Key Features

Seeks to maximize after-tax income: Provides exposure to a diversified portfolio of municipal and taxable short duration bonds, a wider opportunity set to improve after-tax total return potential than municipal bonds alone.

Actively managed tax-aware strategy: Dynamically adjusts the weights of tax-exempt and taxable bonds using a bottom-up, relative value approach.

Experienced investment team: Leverages the strength of a team with extensive experience in active tax-aware strategies and ETF management.

Investment Team

The fund’s sub-adviser is Income Research + Management (IR+M), a fixed income investment management firm with extensive experience in active portfolio management and tax-aware strategies. IR+M provides asset allocation and tax efficient security selection recommendations for TAXX. Learn more about IR+M.

Portfolio managers: Elya Schwartzman, Mike Sheldon, Jim Gubitosi, Rachel Campbell, Allysen Mattison, Bill O’Neill, Jake Remley, Matt Walker, Wesly Pate

Fund Details

Product Name BondBloxx IR+M Tax-Aware Short Duration ETF
Ticker TAXX
CUSIP 09789C721
Asset Class Fixed Income
Fund Inception Date 3/14/2024
Exchange NYSE Arca
Distribution Frequency Monthly
Fund Net Assets $279,183,694
Shares Outstanding 5,580,000
Median Spread 0.02%
Premium Discount Ratio 0.08%
Closing Price as of 10/16/2026 $50.08

Fees

Management Fee 0.35%
Acquired Fund Fees and Expenses 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio 0.35%

Asset Breakdown

Portfolio Characteristics

Average Coupon 4.54%
Average Maturity 3.25 Years
30-Day SEC Yield 3.72%
* 30-Day SEC Yield is as of 09/30/2026
Yield to Worst 4.51%
Option Adjusted Duration 1.84 Years
Tax Equivalent Yield 6.28%
After-Tax Yield 3.72%

Detailed Asset Breakdown

Munis - Revenue 50.3%
Munis - GO 17.7%
Securitized - ABS 8.7%
Securitized - CMBS 8%
Securitized - RMBS 6.1%
Corporate - Finance 6%
Corporate - Industrial 1.9%
Cash and Equivalents 1.4%
Governments - U.S. Treasury 0.3%
Due to rounding, these values may exceed 100%

Performance Benchmark Details

Performance Benchmark Bloomberg Municipal 1-3 Year Index
Ticker I20907US

Duration Breakdown %

Credit Rating Breakdown %

Credit quality ratings are determined using a methodology implemented by the Sub-Adviser that incorporates ratings from select nationally recognized statistical rating organizations (NRSROs). Ratings generally range from AAA to C or D, depending on the agency’s scale. Investment-grade is represented by a rating of BBB- (or agency equivalent) or higher. Unrated securities do not necessarily indicate low quality. Ratings and portfolio credit quality may change over time.

Holdings

Asset Weight
Municipal 67.910 %
Securitized 22.870 %
Credit 7.890 %
Cash and Equivalents 1.390 %
Government 0.320 %
Asset Weight
Munis - Revenue 50.260 %
Munis - GO 17.650 %
Securitized - ABS 8.740 %
Securitized - CMBS 8.030 %
Securitized - RMBS 6.100 %
Corporate - Finance 6.030 %
Corporate - Industrial 1.860 %
Cash and Equivalents 1.390 %
Governments - U.S. Treasury 0.320 %
State Weight
Texas 12.48 %
Illinois 7.13 %
New York 5.61 %
Georgia 3.75 %
Alabama 3.41 %
Tennessee 2.75 %
District Of Columbia 2.27 %
Florida 2.26 %
Indiana 2.18 %
Washington 2.11 %
Oklahoma 2.00 %
New Jersey 1.92 %
Minnesota 1.84 %
Wisconsin 1.74 %
Arizona 1.61 %
California 1.60 %
Michigan 1.12 %
South Carolina 1.04 %
Ohio 1.02 %
Missouri 1.00 %
Connecticut 0.96 %
Virginia 0.89 %
Maryland 0.76 %
Nebraska 0.73 %
Pennsylvania 0.57 %
Maine 0.55 %
Oregon 0.50 %
Colorado 0.49 %
Hawaii 0.48 %
Louisiana 0.45 %
West Virginia 0.40 %
Montana 0.37 %
Massachusetts 0.36 %
North Carolina 0.35 %
Iowa 0.31 %
New Mexico 0.23 %
Nevada 0.22 %
Utah 0.18 %
Rhode Island 0.16 %
Kentucky 0.11 %
Non-Municipal Bonds 32.03 %
Name CUSIP Market Value % of Net Assets
SAN ANTONIO TX EL V/R 02/01/56 79625GNV1 $5,420,934.24 1.940 %
WASHINGTON DC CONV 5% 10/01/29 93878LBW6 $5,337,131.22 1.910 %
NEW YORK CITY NY T 5% 07/15/34 64972HZV7 $4,601,394.29 1.650 %
CASHUSD CASHUSD $3,874,723.80 1.390 %
TEXAS ST MUNI GAS V/R 01/01/54 88256PAG5 $3,657,215.96 1.310 %
SCHERTZ-CIBOLO-UN V/R 02/01/56 806640Q92 $3,598,689.31 1.290 %
PHOENIX AZ INDL D V/R 02/01/59 718903RV1 $3,595,874.56 1.290 %
ATLANTA GA URBAN V/R 12/01/29 04785VCF9 $3,391,718.96 1.210 %
FORT BEND TX INDE V/R 08/01/56 346843XW0 $3,215,192.64 1.150 %
INDIANA ST FIN AU V/R 10/01/64 45470YGD7 $3,066,967.57 1.100 %
HARRIS CNTY TX MUN 4% 03/01/32 414962ZY9 $3,015,802.23 1.080 %
DICKSON TN HLTH & V/R 04/01/44 253509AC7 $2,949,284.27 1.060 %
LAS VARAS PUBLIC V/R 03/01/45 51766AAS3 $2,933,100.60 1.050 %
ILLINOIS ST TOLL H 5% 01/01/39 452252MS5 $2,909,641.33 1.040 %
MSRM 2026-NQM8 A V/R 07/25/30 61781CAC4 $2,871,670.60 1.030 %
GREAT LAKES MI WT V/R 07/01/56 39081JMQ8 $2,842,209.43 1.020 %
COOK CNTY IL 5% 11/15/35 213185LJ8 $2,760,146.04 0.990 %
NEW YORK CITY NY T 5% 02/01/36 64971W4U1 $2,389,523.02 0.860 %
MAIN STREET NATUR V/R 09/01/52 56035DDX7 $2,304,453.29 0.830 %
DENTON TX INDEP S V/R 08/15/55 249002NL6 $2,285,309.65 0.820 %
NRTHRN CA ENERGY V/R 12/01/54 664840AL9 $2,262,617.84 0.810 %
WFCM 2026-1250B V/R 03/10/29 949939AA0 $2,215,931.97 0.790 %
WISCONSIN ST 5% 05/01/28 97705MM69 $2,051,816.24 0.730 %
OHIO ST HSG FIN A V/R 10/01/46 676900ZF3 $2,000,242.60 0.720 %
NORTH BROWARD FL H 5% 01/01/32 657883DF8 $1,991,804.73 0.710 %
JACKSON CNTY MO CO 4% 03/01/31 467484RS2 $1,966,810.96 0.700 %
SOUTHEAST ENERGY V/R 01/01/53 84136FBL0 $1,952,131.25 0.700 %
UNIV OK REVENUES 5% 07/01/29 91476PQA9 $1,879,360.10 0.670 %
NEW YORK CITY NY T 5% 11/01/31 64971WU81 $1,720,225.68 0.620 %
SOUTH CAROLINA ST V/R 11/01/55 83703EMV4 $1,671,622.75 0.600 %
CHASE 2026-5 A4A V/R 07/25/33 16160KAK3 $1,661,397.20 0.600 %
BALTIMORE CNTY MD 5% 03/01/32 05914FS92 $1,618,437.70 0.580 %
WISCONSIN ST HSG V/R 11/01/56 9769046M9 $1,599,016.87 0.570 %
ALABAMA ST TOLL RO 5% 10/01/32 01065CAM5 $1,591,758.84 0.570 %
MAIN STREET NATUR V/R 06/01/53 56035DEN8 $1,553,649.88 0.560 %
TENNESSEE ST 5% 02/01/35 880541YW1 $1,541,175.83 0.550 %
MAINE ST HSG AU 3.15% 11/15/31 56052FX34 $1,540,007.11 0.550 %
APID 2022-39A A1 V/R 10/21/38 03766HAQ3 $1,519,578.84 0.540 %
CIFC 2018-4A AR V/R 01/17/38 17181TAJ0 $1,501,237.50 0.540 %
OKLAHOMA ST HSG F V/R 10/01/47 678901EH8 $1,472,047.10 0.530 %
OBX 2026-NQM9 A1 V/R 04/25/66 67449PAE2 $1,470,171.83 0.530 %
JPMMT 2026-4MPR V/R 05/25/30 46594UAD0 $1,470,143.35 0.530 %
ORLANDO FL TOURIST 5% 11/01/33 686499BY9 $1,447,848.86 0.520 %
CHASE 2026-8 A4A V/R 09/25/33 16163VAK6 $1,447,677.73 0.520 %
CLACKAMAS CNTY OR 4% 06/15/32 179093HE2 $1,409,583.08 0.500 %
APID 2025-54A A1 V/R 10/20/38 03771RAA9 $1,403,557.40 0.500 %
MINNEAPOLIS MN SPL 5% 02/01/31 603790JQ0 $1,388,936.22 0.500 %
BX 2025-VOLT A V/R 12/15/27 05619PAA4 $1,385,904.29 0.500 %
GSMBS 2026-PJ8 A V/R 11/25/56 36275GAH9 $1,382,845.43 0.500 %
TEXAS ST MUNI GAS 5% 01/01/28 88256RAC0 $1,382,630.48 0.500 %
HAWAII ST 4% 10/01/32 419792LP9 $1,351,160.97 0.480 %
HAYS TX CONSOL IND 4% 02/15/34 4211105X1 $1,300,544.17 0.470 %
LEGACY DENTON PUB V/R 11/01/43 52474GAC6 $1,300,287.56 0.470 %
NEW JERSEY ST HS 3.5% 05/01/29 6461084N7 $1,294,921.35 0.460 %
INDIANAPOLIS IN LO 5% 01/01/33 45528UXM8 $1,291,519.65 0.460 %
CLARKE CNTY GA HOS 5% 07/01/30 181685JD1 $1,264,570.81 0.450 %
TPG OPERATING 4.875% 05/15/31 87268QAA4 $1,261,885.27 0.450 %
GSMBS 2026-PJ7 A V/R 07/25/33 362982AD2 $1,236,478.86 0.440 %
SEMT 2026-4 A5 V/R 07/25/33 81750QAE4 $1,232,653.37 0.440 %
ILLINOIS ST 5% 11/01/26 452152Q61 $1,228,342.99 0.440 %
CALIFORNIA ST 4% 09/01/33 13063CD80 $1,206,146.05 0.430 %
CMDC 2026-1A 4.897% 02/25/31 20469BAF4 $1,202,049.40 0.430 %
NEW JERSEY ST TRAN 5% 06/15/30 6461363N9 $1,195,596.51 0.430 %
NEW JERSEY ST H 3.05% 11/01/29 64610ABH7 $1,189,020.95 0.430 %
PNC FINANCIAL SERVI V/R /PERP/ 693475BD6 $1,173,520.19 0.420 %
US BANCORP V/R /PERP/ 902973BC9 $1,168,273.26 0.420 %
BANK OF AMERICA COR V/R /PERP/ 060505GB4 $1,166,424.34 0.420 %
OAKC 2019-4A AR2 V/R 01/22/38 67098DBC6 $1,165,362.22 0.420 %
TENNERGY CORP TN V/R 10/01/54 880397CJ1 $1,145,120.23 0.410 %
WFCM 2018-C45 4.184% 06/15/28 95001NAY4 $1,129,408.17 0.400 %
CHICAGO IL WSTWTR 5% 01/01/33 167727YD2 $1,118,101.95 0.400 %
SEMT 2026-INV1 A V/R 01/25/56 816942AD8 $1,115,307.70 0.400 %
WEST VIRGINIA S 3.25% 11/01/27 95662NMV7 $1,112,058.32 0.400 %
SUBWAY 2024-1 6.028% 07/30/29 864300AA6 $1,110,009.99 0.400 %
TACOMA WA SOL WST 5% 12/01/31 87354VAK6 $1,070,316.54 0.380 %
SAN MARCOS TX 5% 08/15/35 798765EX7 $1,068,317.69 0.380 %
MNET 2025-4A 5.163% 12/20/30 59170JBD9 $1,060,496.00 0.380 %
AQUARION WTR AUTH 5% 08/01/29 03843TAD3 $1,054,444.77 0.380 %
KIND 2024-1 A V/R 08/15/26 494925AA8 $1,054,357.15 0.380 %
SALES TAX SECURI 5.5% 01/01/33 79467BCB9 $1,045,535.24 0.370 %
ANTARES HOLDING 3.75% 07/15/27 03666HAE1 $1,044,553.97 0.370 %
BLACK BELT ENERGY V/R 02/01/53 09182TCG0 $1,039,703.63 0.370 %
FLORIDA ST TURNPIK 5% 07/01/32 343137ER2 $1,036,869.52 0.370 %
TENNESSEE ST ENER V/R 05/01/53 880443JF4 $1,033,466.96 0.370 %
CLINTON OK PUBLIC 5% 10/01/29 188411AN2 $1,031,058.32 0.370 %
ILLINOIS ST 5% 12/01/31 452152T27 $1,027,975.19 0.370 %
NORTH EAST TX IND V/R 08/01/49 659155QL2 $1,024,192.32 0.370 %
CENTRL PLAINS ENER 5% 09/01/29 154871CE5 $1,022,347.09 0.370 %
MONTANA ST BRD OF V/R 11/01/46 61212VBB2 $1,021,808.38 0.370 %
HENNEPIN CNTY MN 5% 12/01/34 425507DN7 $1,020,841.79 0.370 %
MADISON MACOUPIN E 4% 05/01/29 557738PJ4 $1,020,084.54 0.370 %
CENTRL PLAINS ENE V/R 05/01/53 154871CU9 $1,017,495.82 0.360 %
NEW YORK CITY NY V/R 11/01/63 64972KCN3 $1,016,911.38 0.360 %
CHATTANOOGA TN HL V/R 12/01/29 162404DR5 $1,014,574.96 0.360 %
SNOHOMISH CNTY WA 4% 12/01/33 833209LY3 $1,009,983.21 0.360 %
MASSACHUSETTS ST 5% 04/01/35 57582RMS2 $1,006,801.92 0.360 %
PLMRS 2021-4A A1 V/R 07/15/38 69702EAL9 $1,001,883.92 0.360 %
OCP 2025-45A A V/R 10/15/38 67126BAA1 $1,001,197.92 0.360 %
CGMS 2021-9A AR V/R 10/20/34 14317KAQ7 $1,001,005.00 0.360 %
LBA 2026-LBA6 A V/R 07/15/28 50177CAA3 $1,000,315.90 0.360 %
GCBSL 2021-53A A V/R 07/20/34 38177YAL6 $1,000,295.00 0.360 %
BLACK BELT ENERGY V/R 04/01/53 09182TBC0 $999,432.38 0.360 %
DECATUR GA HSG AU V/R 09/01/28 24311PAF5 $999,112.48 0.360 %
UNIV OF CALIFORNIA 5% 05/15/36 91412HCU5 $998,705.39 0.360 %
DIST OF COLUMBIA H 5% 03/01/28 25477PQC2 $998,659.73 0.360 %
PEND OREILLE CNTY 5% 01/01/33 706643CX9 $996,493.44 0.360 %
NORTHSIDE TX INDE V/R 06/01/50 66702RR79 $995,454.70 0.360 %
VIRGINIA HSG DE 2.95% 07/01/29 92812XUU4 $989,910.93 0.350 %
NEW BRAUNFELS TX I 4% 02/01/34 642543ZK1 $989,418.34 0.350 %
NEW JERSEY ST TRAN 5% 06/15/27 6461362B6 $987,293.88 0.350 %
NORTH CAROLINA 3.15% 01/01/31 65821FKH8 $982,632.35 0.350 %
NEW YORK ST HSG F V/R 05/01/65 64987J6Z9 $979,749.30 0.350 %
CIFC 2021-4A AR V/R 07/23/37 12547DAL0 $970,738.55 0.350 %
INT 2025-PLAZA A V/R 11/05/30 44989YAA6 $969,346.77 0.350 %
LOWER COLORADO RIV 5% 05/15/33 54811BRT0 $966,160.45 0.350 %
VIRGINIA HSG DEV 2.9% 01/01/29 92812XUT7 $959,486.54 0.340 %
SLG 2026-OMA A V/R 04/15/31 78451FAA4 $949,189.51 0.340 %
BELL 2018-1A A 4.94% 11/25/28 87342RAE4 $946,104.30 0.340 %
NEW YORK NY 5% 08/01/28 64966MAW9 $945,048.03 0.340 %
BSTN 2025-1C A V/R 06/15/32 05615EAA3 $938,934.10 0.340 %
BX 2026-AMC A V/R 10/15/31 05621BAA1 $934,262.50 0.330 %
SOUTH CAROLINA ST 5% 05/01/33 83703FLF7 $933,669.50 0.330 %
BX 2025-VLT6 A V/R 03/15/27 12433KAA5 $925,609.33 0.330 %
MOUNT VERNON IL 4% 12/15/27 623385EY3 $922,438.86 0.330 %
SBL HOLDINGS INC 5.9% 09/26/28 78397DAE8 $919,332.79 0.330 %
JEA FL ELEC SYS RE 5% 10/01/30 46613SFX3 $915,395.42 0.330 %
CHASE 2025-9 A4A V/R 10/25/32 16160UAE5 $909,143.44 0.330 %
GOLUB CAPITAL B 7.05% 12/05/28 38173MAD4 $908,967.28 0.330 %
ARIZONA BRD OF RGT 5% 07/01/33 04048RSX5 $901,138.06 0.320 %
BX 2026-CLS A V/R 05/15/28 123915AA8 $900,432.73 0.320 %
US T BILL ZCP 11/12/26 912797UY1 $893,664.42 0.320 %
SIXTH STREET LEN 6.5% 03/11/29 829932AB8 $891,946.89 0.320 %
BX 2026-SUMT A V/R 10/15/28 05595QAA0 $883,264.62 0.320 %
ELM22 2023-1A AR V/R 04/17/38 29001YAJ2 $881,870.88 0.320 %
EQT 2024-EXTR A V/R 08/05/29 29439DAA9 $878,680.99 0.310 %
ANKENY IA CMNTY SC 5% 06/01/29 035361CK8 $876,311.01 0.310 %
MADISON AL BRD OF 4% 02/01/34 55658FAP0 $867,566.23 0.310 %
SOUTHEAST ENERGY V/R 01/01/54 84136GAK1 $865,194.48 0.310 %
HPS CORPORATE L 6.75% 01/30/29 40440VAF2 $864,815.77 0.310 %
MAIN STREET CAPI 5.4% 08/15/28 56035LAK0 $851,045.32 0.300 %
ARES CAPITAL CO 5.55% 01/15/30 04010LBN2 $850,334.25 0.300 %
LANCASTER OH PORT V/R 02/01/55 514401BN7 $847,980.91 0.300 %
MINNESOTA ST AGRIC 5% 11/15/29 60389WAD6 $845,999.38 0.300 %
BLACK BELT ENERGY V/R 12/01/53 09182NCT5 $843,146.27 0.300 %
BRIDGEPORT CT 5% 11/01/33 108152AP4 $842,521.62 0.300 %
KANSAS CITY MO SCH 5% 04/01/30 485096AP6 $837,349.13 0.300 %
NEW YORK CITY NY V/R 11/01/63 64972E7D5 $819,140.46 0.290 %
COOK CNTY IL 5% 11/15/30 213185KL4 $817,821.05 0.290 %
STARWOOD PROPE 5.875% 08/15/29 85571BBJ3 $809,713.69 0.290 %
BX 2024-BIO A V/R 02/15/29 05612AAA4 $806,916.42 0.290 %
DNKN 2019-1A 4.352% 05/20/29 233046AL5 $782,925.50 0.280 %
BRIDGEPORT CT 5% 08/15/33 1081515H0 $777,215.07 0.280 %
LEE CNTY IL CMNTY 4% 01/01/33 523588BE0 $770,360.34 0.280 %
MIDCAP FINANCIAL 6.5% 05/01/28 59567LAA2 $761,526.63 0.270 %
NEW YORK ST DORM A 5% 07/01/32 64990BT86 $761,118.10 0.270 %
CHICAGO IL WTRWKS 5% 11/01/28 167736N94 $754,388.43 0.270 %
PLMRS 2022-4A A1 V/R 10/20/37 69700XAN5 $749,904.75 0.270 %
BX 2025-DIME A V/R 02/15/27 05613UAA9 $747,424.44 0.270 %
ATLAS WAREHOUSE 4.95% 11/15/30 049463AG7 $738,963.68 0.260 %
JPMCC 2024-OMNI V/R 10/05/27 46593JAA2 $736,177.56 0.260 %
SAINT JOHN THE BA V/R 06/01/37 79020FBB1 $733,090.29 0.260 %
MACON CNTY IL SCH 4% 01/01/29 555597HJ5 $719,028.48 0.260 %
NEW JERSEY ST HS 3.6% 10/01/27 64613AHR6 $711,548.51 0.250 %
MINNESOTA MUNI GA V/R 12/01/52 60406UAM9 $710,629.23 0.250 %
UNITK 2026-1A 5.219% 02/25/31 49459AAA8 $709,943.23 0.250 %
SOUTHEAST ENERGY A 4% 06/01/29 84136FAR8 $708,218.71 0.250 %
COLORADO ST HLTH V/R 11/15/60 19648FZQ0 $706,283.82 0.250 %
BOOZ ALLEN HAM 3.875% 09/01/28 09951LAA1 $702,489.56 0.250 %
MINNEAPOLIS MN HL V/R 11/15/52 60374VEW9 $700,462.76 0.250 %
LBTY 2026-225L A V/R 02/10/31 50178LAA2 $694,618.42 0.250 %
NEW YORK CITY NY T 5% 07/15/34 64972HY63 $692,679.62 0.250 %
DEWEY CNTY OK EDUC 5% 09/01/30 252020AN2 $685,021.11 0.250 %
WASHINGTON ST 5% 02/01/33 93974DF45 $684,403.40 0.250 %
BURKE CNTY GA DEV V/R 10/01/32 121342QM4 $683,756.55 0.240 %
SOUTHEAST ENERGY V/R 01/01/54 84136FBT3 $681,434.32 0.240 %
BX 2024-VLT4 A V/R 06/15/29 05612TAA3 $676,449.85 0.240 %
COLORADO SPRINGS V/R 12/01/45 196623AD4 $668,934.52 0.240 %
CONE 2026-ACD6 A V/R 07/15/31 12637SAA2 $658,716.06 0.240 %
NEW MEXICO ST MUNI 5% 05/01/29 647207BG3 $655,359.41 0.230 %
TRINITY RIVER TX A 5% 08/01/32 89658HWC0 $647,642.97 0.230 %
BCC 2022-6A A1R V/R 01/22/38 05685LAN4 $639,049.53 0.230 %
ARES STRATEGIC 4.85% 01/15/29 04020EAQ0 $638,295.79 0.230 %
SOUTH BEND IN REDE 5% 08/01/28 836562D39 $632,671.30 0.230 %
ILLINOIS ST FIN AU 5% 11/15/30 45204FS89 $630,761.83 0.230 %
JPMMT 2025-12MPR V/R 12/25/29 46660LAD9 $621,347.98 0.220 %
NEVADA ST HSG DIV V/R 07/01/28 641272HR3 $619,865.28 0.220 %
PORT TACOMA WA 5% 12/01/27 735422NT0 $617,609.28 0.220 %
JPMMT 2026-1 A4A V/R 07/25/56 46594NAQ7 $609,832.27 0.220 %
WISCONSIN ST HSG V/R 11/01/58 97689RFF6 $608,624.25 0.220 %
KING CNTY WA 4% 07/01/32 49474FSJ0 $607,445.39 0.220 %
SBA TOWER TRUS 1.631% 11/15/26 78403DAT7 $606,584.37 0.220 %
LADDER CAP FIN 4.25% 02/01/27 505742AM8 $602,390.47 0.220 %
WISCONSIN ST HLTH 5% 10/01/29 97712DSX5 $601,818.25 0.220 %
LV 2024-SHOW A V/R 10/10/29 50245XAA5 $589,767.69 0.210 %
BX 2024-CNYN A V/R 04/15/41 05612HAA9 $577,782.62 0.210 %
HOBART IN BLDG COR 5% 07/15/32 433747DU3 $563,314.71 0.200 %
LOUISA VA INDL DE V/R 11/01/35 546068AY3 $558,061.72 0.200 %
DALLAS TX HOTEL OC 4% 08/15/28 235286AG6 $553,811.77 0.200 %
OKEECHOBEE CNTY F V/R 07/01/39 678438AC6 $552,373.41 0.200 %
LOUISIANA ST HSG V/R 02/01/28 54627CBU6 $544,336.24 0.190 %
INDIANA FIN AUTH E 5% 07/01/28 45470ECJ2 $537,519.39 0.190 %
GENERAL MOTORS 5.05% 04/04/28 37045XFE1 $532,630.91 0.190 %
BX 2024-XL4 A V/R 02/15/26 05611VAA9 $530,427.99 0.190 %
MET TRANSPRTN AUTH 5% 11/15/32 59261ASZ1 $530,400.52 0.190 %
SCRANTON PA 5% 09/01/29 810759PX2 $522,464.56 0.190 %
AIR CANADA 2015 3.75% 12/15/27 009088AA3 $515,668.57 0.180 %
WASHINGTON ST HGR 5% 05/01/31 939781X62 $514,805.18 0.180 %
MARYLAND ST HLT 5.25% 06/01/28 57421CFN9 $514,580.72 0.180 %
UTAH ST ASSOCIATED 5% 09/01/32 917328RW8 $511,564.69 0.180 %
PENNSYLVANIA ST TU 5% 12/01/28 709221UV5 $510,480.19 0.180 %
COWETA OK PUBLIC W 4% 08/01/27 223666EF1 $509,449.12 0.180 %
NEW YORK CITY NY V/R 05/01/64 64972KDQ5 $509,145.41 0.180 %
DELTA AIR LINES 4.75% 10/20/28 830867AB3 $505,105.33 0.180 %
BLP 2025-IND A V/R 03/15/27 05625BAA7 $501,045.29 0.180 %
UNIT 2025-1A 5.877% 04/20/30 91326EAA3 $496,469.89 0.180 %
COOK CNTY IL SCH D 5% 12/01/27 215399DQ6 $481,457.88 0.170 %
ILLINOIS ST FIN AU 5% 05/15/32 45204EL63 $477,172.22 0.170 %
MUNDELEIN IL 4% 12/15/33 626082JC6 $466,808.67 0.170 %
MINNESOTA ST AGRIC 5% 11/15/28 60389WAC8 $466,170.57 0.170 %
FLAT 2021-2A AR V/R 10/15/34 33883QAQ8 $460,049.74 0.160 %
TEXAS ST DEPT 3.875% 01/01/30 882750E32 $456,513.35 0.160 %
RHODE ISLAND ST CO 5% 07/01/31 76218NAF4 $451,949.80 0.160 %
EPR PROPERTIES 4.75% 12/15/26 26884UAC3 $451,684.99 0.160 %
ELM30 2024-6A A1 V/R 07/17/39 29001JAN6 $451,332.00 0.160 %
ELM10 2021-3A AR V/R 07/20/38 29002VAW8 $450,922.50 0.160 %
PEORIA & FULTON CN 5% 12/01/27 712746EE2 $448,868.41 0.160 %
DNKN 2021-1A 2.493% 11/20/28 233046AQ4 $448,862.89 0.160 %
BLUE OWL CAPITA 5.95% 03/15/29 69121KAH7 $445,880.30 0.160 %
APID 2022-40A AR V/R 07/15/37 03769RAN5 $440,619.78 0.160 %
NTHRN IL MUNI PWR 5% 12/01/30 665250CP9 $438,961.97 0.160 %
BLUE OWL CAPIT 2.875% 06/11/28 69121KAG9 $421,902.45 0.150 %
ELMW1 2019-1A A1 V/R 04/20/37 290015BJ4 $407,144.89 0.150 %
WASHINGTON ST HGR 4% 05/01/33 939781X88 $401,845.30 0.140 %
DPABS 2021-1A 2.662% 10/25/28 25755TAN0 $392,868.89 0.140 %
GSMBS 2025-PJ7 A V/R 06/25/32 36272MAE6 $383,605.76 0.140 %
TCN 2023-SFR2 A 5% 12/17/28 895978AA2 $377,500.69 0.140 %
ELM20 2022-7A AR V/R 01/20/39 29002AAW4 $375,000.00 0.130 %
HILLSBOROUGH CNTY 5% 07/01/27 43232VUX7 $374,373.21 0.130 %
SEMT 2025-10 A5 V/R 02/25/33 81750CAE5 $364,938.36 0.130 %
NEW YORK ST DORM A 5% 03/15/32 64990AFC4 $357,003.18 0.130 %
PEORIA IL PUBLIC B 4% 12/01/26 71323MEH1 $355,360.01 0.130 %
MET TRANSPRTN AUTH 5% 11/15/30 59261AHB6 $337,265.98 0.120 %
COOK CNTY IL SCH D 5% 12/15/26 213327VL0 $336,512.67 0.120 %
MSBAM 2016-C32 3.72% 12/15/26 61691GAS9 $336,485.58 0.120 %
CHICAGO IL WTRWKS 5% 11/01/30 167736G76 $332,678.44 0.120 %
BX 2024-XL5 A V/R 03/15/26 05612GAA1 $329,760.50 0.120 %
PENNSYLVANIA ST TU 5% 12/01/32 709221UK9 $326,707.32 0.120 %
DILLON CNTY SC SCH 5% 12/01/30 25420CAL6 $317,615.76 0.110 %
ELEMENT FLEET 5.643% 03/13/27 286181AM4 $316,525.26 0.110 %
KENTUCKY ST PUBLI V/R 02/01/50 74440DCM4 $312,216.58 0.110 %
ONEMAIN FINANC 5.375% 11/15/29 85172FAR0 $311,561.29 0.110 %
ILLINOIS ST FIN AU 5% 04/01/27 45204FXK6 $307,184.14 0.110 %
SKYWORKS SOLUTIONS 5% 08/10/28 83088MAP7 $299,670.67 0.110 %
SBA COMMUNICAT 3.875% 02/15/27 78410GAD6 $298,734.07 0.110 %
MADISON CNTY IL CM 5% 12/01/26 557021JZ6 $295,930.59 0.110 %
MAIN STREET NATUR V/R 07/01/52 56035DDH2 $291,437.44 0.100 %
OCP 2025-44A A V/R 10/24/38 67570UAA0 $290,290.82 0.100 %
MAD 2025-11MD A V/R 10/15/30 55616AAA5 $290,152.91 0.100 %
CVS PASS-THROU 5.926% 01/10/34 126650BY5 $285,239.88 0.100 %
MICHIGAN ST FIN AU 5% 11/15/26 59447TMB6 $265,763.55 0.100 %
PLNT 2025-1A 5.274% 12/05/30 72703PAH6 $253,992.30 0.090 %
AESOP 2024-2A 5.13% 10/20/27 05377RJG0 $250,442.80 0.090 %
TRI POINTE HOME 5.25% 06/01/27 87265HAF6 $244,158.10 0.090 %
WEN 2021-1A A2 2.37% 03/15/29 95058XAK4 $238,888.43 0.090 %
DELTA AIR LINES 20 2% 06/10/28 247361ZV3 $231,958.73 0.080 %
PENNSYLVANIA ST TU 5% 12/01/31 709224C49 $231,629.15 0.080 %
BRINK'S CO/THE 4.625% 10/15/27 109696AA2 $211,497.03 0.080 %
SEMT 2025-1 A5 V/R 03/25/32 81743EAE1 $206,232.74 0.070 %
ASHTEAD CAPITAL IN 4% 05/01/28 045054AJ2 $199,784.91 0.070 %
OAKTREE SPECIALT 2.7% 01/15/27 67401PAC2 $196,980.28 0.070 %
CHICAGO IL MET WTR 5% 12/01/29 167560SY8 $183,751.52 0.070 %
CVS PASS-THROU 5.773% 01/31/33 126650BV1 $180,507.63 0.060 %
METHANEX CORP 5.125% 10/15/27 59151KAM0 $174,288.58 0.060 %
UBSCM 2019-C16 3.46% 10/15/28 90276YAC7 $171,261.34 0.060 %
CVS CAREMARK 6.943% 1/10/30 126650BQ2 $169,639.95 0.060 %
CVS HEALTH CORP AMRTZ 6.036%28 126650BP4 $155,197.55 0.060 %
HERCULES CAPITAL I 6% 06/16/30 427096AN2 $148,552.10 0.050 %
SIXTH STREET LE 5.75% 01/15/30 829932AD4 $148,488.24 0.050 %
BUCKEYE PARTNER 3.95% 12/01/26 118230AQ4 $143,995.33 0.050 %
DNKN 2017-1A A 4.03% 11/20/27 233046AF8 $136,365.95 0.050 %
BARINGS BDC INC 3.3% 11/23/26 06759LAC7 $100,158.44 0.040 %
TCN 2023-SFR1 A 5.1% 07/17/28 89616WAA6 $98,763.75 0.040 %
BLP 2024-IND2 A V/R 03/15/26 05625AAA9 $97,217.93 0.030 %
CCO HLDGS LLC/ 5.125% 05/01/27 1248EPBT9 $64,291.70 0.020 %
WFLF 2023-1A A 5.8% 04/18/38 96328GAS6 $34,079.59 0.010 %
MSBAM 2015-C2 3.306% 04/15/25 61690FAM5 $28,599.34 0.010 %
CCG 2023-2 A2 6.28% 03/14/27 12511QAB5 $8,500.14 0.000 %
GSMS 2016-GS2 3.05% 02/10/26 36252TAR6 $4,021.46 0.000 %
NET OTHER ASSETS -$1,222,595.75 -0.440 %
As of 10/16/2026 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 Total
Distribution		 Income ST Cap Gains LT Cap Gains Return of Capital
Oct 1, 2026 Oct 1, 2026 Oct 6, 2026 0.14642 0.14642 0.00000 0.00000 0.00000
Sep 1, 2026 Sep 1, 2026 Sep 4, 2026 0.15100 0.15100 0.00000 0.00000 0.00000
Aug 3, 2026 Aug 3, 2026 Aug 6, 2026 0.15557 0.15557 0.00000 0.00000 0.00000
Jul 1, 2026 Jul 1, 2026 Jul 7, 2026 0.12578 0.12578 0.00000 0.00000 0.00000
Jun 1, 2026 Jun 1, 2026 Jun 4, 2026 0.15222 0.15222 0.00000 0.00000 0.00000
May 1, 2026 May 1, 2026 May 6, 2026 0.10384 0.10384 0.00000 0.00000 0.00000
Apr 1, 2026 Apr 1, 2026 Apr 7, 2026 0.06146 0.06146 0.00000 0.00000 0.00000
Mar 2, 2026 Mar 2, 2026 Mar 5, 2026 0.16035 0.16035 0.00000 0.00000 0.00000
Feb 2, 2026 Feb 2, 2026 Feb 5, 2026 0.17591 0.17591 0.00000 0.00000 0.00000
Dec 30, 2025 Dec 30, 2025 Jan 5, 2026 0.23070 0.23070 0.00000 0.00000 0.00000
Dec 1, 2025 Dec 1, 2025 Dec 4, 2025 0.13789 0.13789 0.00000 0.00000 0.00000
Nov 3, 2025 Nov 3, 2025 Nov 6, 2025 0.14200 0.14200 0.00000 0.00000 0.00000
Oct 1, 2025 Oct 1, 2025 Oct 6, 2025 0.14544 0.14544 0.00000 0.00000 0.00000
Sep 2, 2025 Sep 2, 2025 Sep 5, 2025 0.15196 0.15196 0.00000 0.00000 0.00000
Aug 1, 2025 Aug 1, 2025 Aug 6, 2025 0.15526 0.15526 0.00000 0.00000 0.00000
Jul 1, 2025 Jul 1, 2025 Jul 7, 2025 0.15315 0.15315 0.00000 0.00000 0.00000
Jun 2, 2025 Jun 2, 2025 Jun 5, 2025 0.15976 0.15976 0.00000 0.00000 0.00000
May 1, 2025 May 1, 2025 May 6, 2025 0.15408 0.15408 0.00000 0.00000 0.00000
Apr 1, 2025 Apr 1, 2025 Apr 4, 2025 0.16058 0.16058 0.00000 0.00000 0.00000
Mar 3, 2025 Mar 3, 2025 Mar 6, 2025 0.14207 0.14207 0.00000 0.00000 0.00000
Feb 3, 2025 Feb 3, 2025 Feb 6, 2025 0.15317 0.15317 0.00000 0.00000 0.00000
Dec 30, 2024 Dec 30, 2024 Jan 3, 2025 0.15505 0.15505 0.00000 0.00000 0.00000
Dec 2, 2024 Dec 2, 2024 Dec 5, 2024 0.13861 0.13861 0.00000 0.00000 0.00000
Nov 1, 2024 Nov 1, 2024 Nov 6, 2024 0.14724 0.14724 0.00000 0.00000 0.00000
Oct 1, 2024 Oct 1, 2024 Oct 4, 2024 0.14998 0.14998 0.00000 0.00000 0.00000
Sep 3, 2024 Sep 3, 2024 Sep 6, 2024 0.15362 0.15362 0.00000 0.00000 0.00000
Aug 1, 2024 Aug 1, 2024 Aug 6, 2024 0.15563 0.15563 0.00000 0.00000 0.00000
Jul 1, 2024 Jul 1, 2024 Jul 5, 2024 0.14173 0.14173 0.00000 0.00000 0.00000
Jun 3, 2024 Jun 3, 2024 Jun 6, 2024 0.16574 0.16574 0.00000 0.00000 0.00000
May 1, 2024 May 2, 2024 May 7, 2024 0.15440 0.15440 0.00000 0.00000 0.00000

Performance Returns

Average Annual
As of
1yr 2yr 3yr Incept.
NAV 1.36% 2.68% - 3.30%
Market Price 1.20% 2.62% - 3.31%
Performance Benchmark 0.62% 1.84% - 2.37%
Cumulative Performance
As of Oct 16, 2026 WTD MTD QTD YTD
NAV 0.36% 0.66% 0.66% 1.25%
Market Price 0.42% 0.76% 0.76% 1.17%
Performance Benchmark 0.43% 0.94% 0.94% 1.05%

The performance quoted represents past performance and does not guarantee future results. The investment return and principal will fluctuate. Investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Returns less than one year are not annualized. Shares of the Fund are bought and sold at market price (not NAV) and are not individually redeemed from a Fund.

Premium/Discount

Number of Days At 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Premium 232 60 43 24 --
NAV 5 -- 3 9 --
Discount 13 1 16 31 --

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THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS. Click here to download

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Read the prospectus carefully before investing.

There are risks associated with investing, including possible loss of principal. Fixed income investments are subject to interest rate risk; their value will normally decline as interest rates rise. Fixed income investments are also subject to credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline.

The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund is newly organized and seeks to achieve its investment objective by investing in a diversified portfolio of U.S. dollar denominated municipal and taxable short duration fixed income securities. The Fund invests, under normal circumstances, at least 50% of its total assets in municipal securities that pay interest that is exempt from U.S. federal income tax. These securities may pay interest that is subject to the U.S. federal alternative minimum tax and state and local income tax for certain taxpayers. The income earned and distributed to shareholders on taxable securities would not be exempt from U.S. federal, state or local income tax. The Sub-Adviser selects securities for the Fund based on a variety of factors, including credit quality, maturity, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering federal tax rates and without regard to state and local income taxes). Consistent with the Fund’s investment objective, the Fund could continue to hold a security even if the interest on that security changes from being tax-exempt to taxable. The fund is new with a limited operating history.

Municipal securities risks include the possibility that the issuer may be unable to pay interest or repay principal on a timely basis or at all, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities.

Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.

The U.S. Government and the U.S. Congress consider changes in U.S. federal tax law that could limit or eliminate the U.S. federal income tax exemption for municipal bond income, which would in effect reduce the after-tax returns received by shareholders from the Fund by increasing taxes on distributions from the Fund.

Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates.

Tax aware risk is the possibility that the use of investment practices that seek to minimize tax consequences will lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.

Distributor: Foreside Fund Services, LLC.

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Products

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

Premium Discount Ratio The premium discount ratio measures how far an ETF’s market price is trading above or below its net asset value (NAV), expressed as a percentage.

30 Day Median Bid/Ask Spread The median bid-ask spread is calculated by identifying the national best bid and national best offer (“NBBO”) for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

The median bid-ask spread is calculated by identifying the national best bid and national best offer (“NBBO”) for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

This shows how much the ETF’s market price differs from its Net Asset Value (NAV), expressed as a percentage. When the ETF’s closing price is above its NAV, it is said to be trading at a premium (shown as a positive percentage). When it is below the NAV, it is said to be trading at a discount (shown as a negative percentage).

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.

Distribution Schedule
Index Overview
Prospectus 
Statement of Additional Information

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.

Distribution Schedule
Index Overview
Prospectus
SAI

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

Distribution Schedule 
Index Overview
Prospectus
SAI

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): OAS is the yield spread between a bond or portfolio and a risk-free benchmark, typically US government securities, adjusted for the effects of embedded options. It reflects compensation for credit, liquidity, and other risks, excluding interest rate volatility.

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/

NAV: Inception date for NAV calculation is as of 3/14/2024.

Market Price: Inception date for Market Price Calculation is as of 3/14/2024. 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.