BondBloxx Logo
TAXX

BondBloxx IR+M Tax-Aware Short Duration ETF

ACTIVE

Net asset value

$50.21

EXPENSE RATIO

0.35%

Tax Equivalent Yield

5.88%

30-Day Sec Yield

3.69%
ALL DATA AS OF 07/19/2024, UNLESS OTHERWISE STATED. 30-DAY SEC YIELD AS OF 06/28/2024. 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 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 $70,297,017
Shares Outstanding 1,400,000
Median Spread 0.12%
Premium Discount Ratio 0.17%
Closing Price as of 07/19/2024 $50.30

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 4.49%
Average Maturity 4.24 Years
30-Day SEC Yield 3.69%
* 30-Day SEC Yield is as of 06/28/2024
Yield to Worst 4.28%
Option Adjusted Duration 1.83 Years
Tax Equivalent Yield 5.88%
After-Tax Yield 3.48%

Detailed Asset Breakdown

Munis - Revenue 49.6%
Munis - GO 16.6%
Corporate - Finance 10.3%
Securitized - CMBS 8.3%
Corporate - Industrial 8.3%
Securitized - ABS 6%
Cash and Equivalents 0.4%
Corporate - Utility 0.4%
Securitized - RMBS 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 %

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

Asset Weight
Municipal 66.120 %
Credit 18.920 %
Securitized 14.620 %
Cash and Equivalents 0.370 %
Asset Weight
Munis - Revenue 49.560 %
Munis - GO 16.560 %
Corporate - Finance 10.300 %
Securitized - CMBS 8.320 %
Corporate - Industrial 8.260 %
Securitized - ABS 5.970 %
Cash and Equivalents 0.370 %
Corporate - Utility 0.360 %
Securitized - RMBS 0.330 %
State Weight
Illinois 13.59 %
Indiana 7.49 %
Pennsylvania 4.22 %
Texas 3.77 %
New York 3.41 %
Alabama 3.26 %
New Jersey 3.15 %
Florida 3.04 %
Tennessee 3.00 %
Michigan 2.07 %
Wisconsin 1.98 %
Kentucky 1.77 %
West Virginia 1.58 %
Arizona 1.51 %
Ohio 1.43 %
Missouri 1.29 %
Washington 1.15 %
New Hampshire 1.08 %
Georgia 0.99 %
Iowa 0.81 %
Virginia 0.80 %
Nevada 0.79 %
Louisiana 0.77 %
Oregon 0.76 %
Maryland 0.75 %
Connecticut 0.55 %
Rhode Island 0.37 %
Hawaii 0.27 %
Oklahoma 0.24 %
New Mexico 0.23 %
Non-Municipal Bonds 33.91 %
Name CUSIP Market Value % of Net Assets
ILLINOIS ST 5% 11/01/26 452152Q61 $1,259,336.79 1.790 %
MICHIGAN ST FIN AU 5% 11/15/25 59447TMA8 $1,240,662.31 1.760 %
SAINT JOSEPH CNTY 5% 04/01/26 790608EQ2 $1,222,369.54 1.740 %
PITTSBURGH & ALLEG 4% 02/01/26 724791CC0 $1,135,605.66 1.620 %
NORTH EAST TX IND V/R 08/01/49 659155QL2 $1,123,450.12 1.600 %
WEST VIRGINIA S 3.25% 11/01/27 95662NMV7 $1,112,849.11 1.580 %
NEW YORK CITY NY T 5% 02/01/29 64971WG38 $1,109,190.83 1.580 %
INDIANA ST MUNI PW 5% 01/01/27 454898TK3 $1,034,635.09 1.470 %
HAMILTON IN S ESTR 5% 06/30/25 40785TBN2 $1,019,688.34 1.450 %
MADISON MACOUPIN E 4% 05/01/29 557738PJ4 $1,022,150.08 1.450 %
NEW YORK CITY NY V/R 11/01/63 64972KCN3 $1,014,934.05 1.440 %
CHATTANOOGA TN HL V/R 12/01/29 162404DR5 $1,010,768.11 1.440 %
FRANKLIN CNTY OH C 5% 12/01/26 353174GG4 $1,001,743.14 1.430 %
NEW JERSEY ST HLT V/R 07/01/42 645790MC7 $966,983.33 1.380 %
COOK CNTY IL SALES 5% 11/15/25 213248DH7 $956,579.11 1.360 %
MOUNT VERNON IL 4% 12/15/27 623385EY3 $925,847.38 1.320 %
MISSOURI ST HLTH & 5% 10/01/25 60636ATZ6 $904,995.96 1.290 %
DU PAGE CNTY IL CM 5% 10/01/25 263493YM4 $845,436.65 1.200 %
BLACK BELT ENERGY V/R 10/01/52 09182TAM9 $832,442.04 1.180 %
WISCONSIN ST 5% 11/01/25 97705MBT1 $769,410.55 1.090 %
BLACK BELT ENERGY V/R 10/01/49 09182RBE0 $761,216.26 1.080 %
NEW HAMPSHIRE ST M 5% 08/15/24 64465P4J4 $761,936.29 1.080 %
MACON CNTY IL SCH 4% 01/01/29 555597HJ5 $720,615.08 1.030 %
NEW JERSEY ST HS 3.6% 10/01/27 64613AHR6 $721,523.66 1.030 %
COMM 2015-LC1 3.183% 01/10/25 200474BC7 $707,870.96 1.010 %
SOUTHEAST ENERGY A 4% 06/01/29 84136FAR8 $701,478.99 1.000 %
BURKE CNTY GA DEV V/R 10/01/32 121342QM4 $698,377.83 0.990 %
PHILADELPHIA PA AU 5% 12/01/27 71779QAL6 $667,458.91 0.950 %
ILLINOIS ST DEV F ZCP 07/15/25 451913AH0 $653,047.72 0.930 %
SOUTH BEND IN REDE 5% 08/01/28 836562D39 $647,182.41 0.920 %
TENNERGY CORP TN V/R 10/01/54 880397CJ1 $636,824.35 0.910 %
PORT TACOMA WA 5% 12/01/27 735422NT0 $635,278.10 0.900 %
PRESCOTT VLY AZ PL 5% 01/01/25 74080WAD9 $631,456.06 0.900 %
WISCONSIN ST HSG V/R 11/01/58 97689RFF6 $623,434.02 0.890 %
BX 2021-VOLT A V/R 09/15/23 05609VAA3 $617,782.21 0.880 %
DALLAS TX HSG FIN V/R 08/01/27 235298BV7 $618,758.87 0.880 %
HILLSBOROUGH CNTY 5% 07/01/26 43232VSU6 $609,858.71 0.870 %
JPMBB 2015-C33 A V/R 11/15/25 46645JAD4 $594,121.81 0.850 %
PEFA INC IA GAS P V/R 09/01/49 70556CAB0 $571,930.96 0.810 %
BX 2024-XL4 A V/R 02/15/26 05611VAA9 $570,197.17 0.810 %
DALLAS TX HOTEL OC 4% 08/15/28 235286AG6 $561,413.12 0.800 %
LOUISA VA INDL DE V/R 11/01/35 546068AY3 $559,858.08 0.800 %
KENTUCKY ST TURNPI 5% 07/01/25 491552B61 $561,680.35 0.800 %
OKEECHOBEE CNTY F V/R 07/01/39 678438AC6 $553,064.14 0.790 %
SCRANTON PA 5% 09/01/29 810759PX2 $541,308.85 0.770 %
INDIANA FIN AUTH E 5% 07/01/28 45470ECJ2 $542,158.91 0.770 %
LOUISIANA ST HSG V/R 02/01/28 54627CBU6 $543,480.95 0.770 %
OREGON ST DEPT OF 5% 04/01/27 68607VN84 $535,074.22 0.760 %
MARYLAND ST HLT 5.25% 06/01/28 57421CFN9 $524,428.45 0.750 %
PENNSYLVANIA ST TU 5% 12/01/28 709221UV5 $523,064.03 0.740 %
WFCM 2015-C29 3.637% 06/15/25 94989KAV5 $513,361.80 0.730 %
MSBAM 2015-C2 3.732% 07/15/25 61765LAU4 $513,155.87 0.730 %
COOK CNTY IL SCH D 5% 12/01/27 215399DQ6 $491,870.12 0.700 %
WFLF 2023-1A A 5.8% 04/18/38 96328GAS6 $494,538.53 0.700 %
DEPOSITORY TRUST & V/R /PERP/ 249670AB6 $471,088.15 0.670 %
PINELLAS CNTY FL S 5% 07/01/25 723203BC8 $459,093.82 0.650 %
TENNERGY CORP TN V/R 02/01/50 880397BG8 $460,221.78 0.650 %
COOK CNTY IL SCH D 4% 12/01/24 214057GR6 $443,352.60 0.630 %
INDIANA FIN AUTH I 5% 10/01/28 45505MFQ4 $442,812.38 0.630 %
WEN 2019-1A A 3.783% 09/15/26 95058XAG3 $433,611.72 0.620 %
SALT RIVER AZ PROJ 5% 01/01/25 79574CBQ5 $429,858.22 0.610 %
AIMCO 2017-AA AR V/R 04/20/34 00900CAL8 $411,000.00 0.580 %
WASHOE CNTY NV SCH 5% 10/01/24 940859AY7 $397,279.27 0.570 %
NEW HAVEN CT 5% 08/01/25 645021BC9 $389,278.92 0.550 %
MSBAM 2016-C32 3.72% 12/15/26 61691GAS9 $379,004.30 0.540 %
NORTHERN TRUST CORP V/R /PERP/ 665859AQ7 $379,163.94 0.540 %
CHICAGO IL O'HARE 5% 01/01/26 167593RC8 $378,203.58 0.540 %
DPABS 2021-1A 2.662% 10/25/28 25755TAN0 $373,430.43 0.530 %
EPR PROPERTIES 4.75% 12/15/26 26884UAC3 $363,375.85 0.520 %
LOUISVILLE & JEFFE 5% 10/01/29 54659LBM5 $363,917.01 0.520 %
PEORIA IL PUBLIC B 4% 12/01/26 71323MEH1 $355,999.69 0.510 %
BOSTON PROPERTI 2.75% 10/01/26 10112RAY0 $359,925.49 0.510 %
CARMEL IN LOCAL PU 5% 06/01/28 143287CP3 $357,807.63 0.510 %
WARNERMEDIA HO 3.755% 03/15/27 55903VBA0 $358,152.61 0.510 %
CVS PASS-THROU 5.926% 01/10/34 126650BY5 $352,119.76 0.500 %
COOK CNTY IL SCH D 5% 12/15/26 213327VL0 $346,872.21 0.490 %
COMM 2015-CR2 3.612% 09/10/25 12635QBG4 $341,921.42 0.490 %
SBL HOLDINGS I 5.125% 11/13/26 78432MAA3 $338,381.24 0.480 %
ATHENE GLOBAL F 1.73% 10/02/26 04685A3D1 $334,273.16 0.480 %
WELLS FARGO & COMPA V/R /PERP/ 949746TD3 $335,693.84 0.480 %
CHICAGO IL WTRWKS 5% 11/01/30 167736G76 $338,397.94 0.480 %
BROWARD CNTY FL SC 5% 07/01/30 115065YH1 $330,159.08 0.470 %
TRUIST FINANCIAL CO V/R /PERP/ 89832QAE9 $330,504.96 0.470 %
VICI PROPERTIE 4.375% 05/15/25 925650AA1 $320,419.41 0.460 %
ELEMENT FLEET 5.643% 03/13/27 286181AM4 $323,000.74 0.460 %
KENTUCKY ST PUBLI V/R 02/01/50 74440DCM4 $318,155.47 0.450 %
BANK OF NY MELLON C V/R /PERP/ 064058AH3 $318,855.49 0.450 %
UBSCM 2019-C16 3.46% 10/15/28 90276YAC7 $313,267.39 0.450 %
ILLINOIS ST FIN AU 5% 04/01/27 45204FXK6 $318,862.84 0.450 %
NEW JERSEY ST TRAN 5% 06/15/26 64613CCZ9 $312,454.77 0.440 %
ILLINOIS ST FIN AU 5% 04/01/26 45204FXJ9 $309,048.73 0.440 %
F&G GLOBAL FUND 1.75% 06/30/26 30321L2A9 $309,442.14 0.440 %
TRITON CONTAINE 2.05% 04/15/26 89680YAA3 $301,645.52 0.430 %
DNKN 2021-1A 2.045% 11/20/26 233046AN1 $271,312.28 0.390 %
NEW YORK CITY NY M 5% 06/15/28 64972GFS8 $270,734.70 0.390 %
GLM 2021-10A A V/R 07/20/34 38138TAC5 $269,935.07 0.380 %
METLIFE INC V/R /PERP/ 59156RCA4 $265,494.14 0.380 %
RHODE ISLAND COMME 5% 06/15/27 762232AM8 $260,110.78 0.370 %
CASH CASH $258,118.89 0.370 %
DELTA AIR LINES 20 2% 06/10/28 247361ZV3 $258,664.41 0.370 %
AMERICAN EXPRESS CO V/R /PERP/ 025816CH0 $254,111.47 0.360 %
NEXTERA ENERGY 3.875% 10/15/26 65342QAL6 $253,308.96 0.360 %
AESOP 2024-2A 5.13% 10/20/27 05377RJG0 $249,755.63 0.360 %
BX 2024-BIO A V/R 02/15/29 05612AAA4 $248,971.04 0.350 %
ANTARES HOLDING 3.95% 07/15/26 03666HAC5 $238,083.93 0.340 %
PLNT 2022-1A 3.251% 12/05/26 72703PAD5 $242,494.72 0.340 %
TRI POINTE HOME 5.25% 06/01/27 87265HAF6 $237,791.34 0.340 %
SEMT 2024-7 A11 V/R 08/25/54 81748EAL0 $230,197.41 0.330 %
LCM 18A A1R V/R 04/20/31 50188GAT0 $231,063.82 0.330 %
AVIATION CAPITA 1.95% 01/30/26 05369AAK7 $230,419.32 0.330 %
CIFC 2015-3A AR V/R 04/19/29 12550MAJ9 $214,936.14 0.310 %
SAGINAW MI WTR SPL 4% 07/01/25 786795CZ5 $217,591.27 0.310 %
GEN LUX SARL/GE 1.75% 04/10/26 37190AAA7 $220,378.15 0.310 %
HERCULES CAPIT 2.625% 09/16/26 427096AH5 $217,645.77 0.310 %
BX 2022-CLS A 5.76% 10/13/27 05609XAA9 $219,716.87 0.310 %
NEW JERSEY ST TRAN 5% 06/15/27 6461362B6 $212,550.38 0.300 %
CIFC 2018-3A A V/R 07/18/31 12551YAA1 $208,843.68 0.300 %
HSBC HOLDINGS PLC V/R 08/14/27 404280DZ9 $207,560.17 0.300 %
BRINK'S CO/THE 4.625% 10/15/27 109696AA2 $209,379.18 0.300 %
BLUE OWL TECHNO 3.75% 06/17/26 691205AE8 $205,905.68 0.290 %
LITHIA MOTORS 4.625% 12/15/27 536797AE3 $205,022.38 0.290 %
CCO HLDGS LLC/ 5.125% 05/01/27 1248EPBT9 $202,627.61 0.290 %
STARWOOD PROPE 4.375% 01/15/27 85571BAY1 $204,375.81 0.290 %
BARCLAYS PLC V/R 05/09/27 06738ECF0 $203,868.26 0.290 %
HPS CORPORATE L 6.75% 01/30/29 40440VAA3 $196,264.75 0.280 %
CHICAGO IL MET WTR 5% 12/01/29 167560SY8 $188,549.79 0.270 %
FORD MOTOR CREDI 2.7% 08/10/26 345397B77 $191,871.33 0.270 %
ASHTEAD CAPITAL IN 4% 05/01/28 045054AJ2 $192,319.32 0.270 %
HONOLULU CITY & CN 5% 03/01/25 438687LY9 $190,774.03 0.270 %
TFLAT 2016-1A AR V/R 01/17/32 87230AAW6 $191,272.47 0.270 %
ANTERO MIDSTREA 5.75% 03/01/27 03690AAD8 $186,627.84 0.270 %
MIAMI-DADE CNTY FL 5% 07/01/28 59333FSL5 $181,127.49 0.260 %
SIXTH STREET LEN 6.5% 03/11/29 829932AA0 $185,143.99 0.260 %
OAKTREE SPECIALT 2.7% 01/15/27 67401PAC2 $180,966.00 0.260 %
NOVELIS CORP 3.25% 11/15/26 670001AG1 $182,754.90 0.260 %
NEW FORTRESS ENE 6.5% 09/30/26 644393AB6 $183,457.10 0.260 %
JPMORGAN CHASE & V/R 04/22/27 46647PCB0 $172,633.17 0.250 %
HARRIS CNTY TX MET 5% 11/01/27 41422EFR9 $173,782.54 0.250 %
ENERGY N W WA ELEC 5% 07/01/25 29270CP90 $178,880.33 0.250 %
DNKN 2021-1A 2.493% 11/20/28 233046AQ4 $173,741.98 0.250 %
NAVIENT CORP 5% 03/15/27 63938CAK4 $168,650.48 0.240 %
LOWER COLORADO RIV 5% 05/15/25 54811BWD9 $169,050.15 0.240 %
OKLAHOMA ST MUNI P 5% 01/01/25 67910HPP9 $171,733.61 0.240 %
BERRY GLOBAL INC 4.5% 02/15/26 08576PAA9 $170,353.46 0.240 %
NEW MEXICO ST SEVE 5% 07/01/25 6473102W0 $158,393.29 0.230 %
BATH & BODY WO 6.694% 01/15/27 501797AQ7 $163,505.28 0.230 %
GSMS 2023-SHIP A V/R 09/06/26 36270GAA9 $161,293.69 0.230 %
ONEMAIN FINANCE 3.5% 01/15/27 682691AB6 $157,080.62 0.220 %
MORGAN STANLEY V/R 12/10/26 6174468V4 $154,409.79 0.220 %
CLARK CNTY NV 5% 07/01/27 180848PA5 $158,095.40 0.220 %
BUCKEYE PARTNER 3.95% 12/01/26 118230AQ4 $137,614.40 0.200 %
DNKN 2017-1A A 4.03% 11/20/27 233046AF8 $136,076.49 0.190 %
COMM 2015-CR2 3.497% 04/10/25 12593ABA2 $127,918.00 0.180 %
MSBAM 2015-C2 3.479% 05/15/25 61765LAT7 $125,421.86 0.180 %
CONTL AIRLINES 201 4% 10/29/24 210795QB9 $127,792.67 0.180 %
PENNSYLVANIA ST UN 5% 09/01/24 709235UY9 $97,030.96 0.140 %
NAVIENT CORP 6.75% 06/15/26 63938CAJ7 $96,826.43 0.140 %
TCN 2023-SFR1 A 5.1% 07/17/28 89616WAA6 $99,763.89 0.140 %
SBA COMMUNICAT 3.875% 02/15/27 78410GAD6 $95,411.99 0.140 %
PFSFC 2022-D A 4.27% 08/15/25 69335PEP6 $98,966.26 0.140 %
NFMOT 2023-1A 5.74% 03/15/26 65345GAB7 $100,781.10 0.140 %
MINERAL RESOUR 8.125% 05/01/27 603051AA1 $95,813.05 0.140 %
CCG 2023-2 A2 6.28% 03/14/27 12511QAB5 $101,209.29 0.140 %
ROYAL CARIBBEAN 5.5% 08/31/26 780153BJ0 $92,413.83 0.130 %
WILLIAM CARTER 5.625% 03/15/27 96926JAC1 $91,727.35 0.130 %
COTY INC 5% 04/15/26 222070AE4 $91,212.51 0.130 %
WFCM 2015-C31 3.695% 10/15/25 94989WAS6 $87,961.23 0.130 %
GFL ENVIRONMEN 5.125% 12/15/26 36168QAF1 $91,887.63 0.130 %
BEACON ROOFING S 4.5% 11/15/26 073685AF6 $90,707.67 0.130 %
UNITED WHOLESALE 5.5% 11/15/25 91153LAA5 $91,364.29 0.130 %
PERMIAN RESOURC 7.75% 02/15/26 19416MAA7 $89,952.48 0.130 %
BARINGS BDC INC 3.3% 11/23/26 06759LAC7 $92,935.19 0.130 %
CCO HLDGS LLC/CA 5.5% 05/01/26 1248EPBR3 $91,539.69 0.130 %
GGAM FINANCE LT 7.75% 05/15/26 36170JAB2 $90,884.80 0.130 %
ACADEMY LTD 6% 11/15/27 00401YAA8 $91,232.52 0.130 %
CIVITAS RESOURCES 5% 10/15/26 097793AE3 $94,186.51 0.130 %
WESTERN DIGITAL 4.75% 02/15/26 958102AM7 $90,266.76 0.130 %
SEAGATE HDD CAY 4.75% 01/01/25 81180WAL5 $88,616.24 0.130 %
CGCMT 2016-GC3 3.05% 01/10/26 17290XAS9 $85,281.11 0.120 %
GSMS 2016-GS2 3.05% 02/10/26 36252TAR6 $81,751.59 0.120 %
CVS PASS-THROU 5.773% 01/31/33 126650BV1 $74,223.78 0.110 %
TRUIST FINANCIAL V/R 07/28/26 89788MAH5 $77,503.71 0.110 %
MSBAM 2015-C2 3.372% 08/15/25 61765TAE3 $49,100.55 0.070 %
As of 07/19/2024 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)
Jul 1, 2024 Jul 1, 2024 Jul 5, 2024 0.14170
Jun 3, 2024 Jun 3, 2024 Jun 6, 2024 0.16574
May 1, 2024 May 2, 2024 May 7, 2024 0.15440

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/