Last revision date: October 15, 2026
PLEASE READ THESE TERMS OF SERVICE BEFORE ACCESSING OR USING OUR WEBSITE.
This website (the “Site”) is operated by BondBloxx (sometimes referred to as “us,” “we,” or “our” herein). BondBloxx is the first ETF issuer to focus solely on bringing more choice and flexibility to fixed income investors, offering a range of exposures spanning U.S. Treasuries, investment grade and high yield corporate bonds, emerging markets bonds, tax-aware strategies, and private credit. These Terms of Service (“TOS” or “Terms”) govern your access to and use of the Site (you are sometimes referred to as “you,” “your,” or “User” herein).
BY ACCESSING, BROWSING OR OTHERWISE USING THIS WEBSITE, YOU AGREE TO BE BOUND BY THESE TERMS (AND ANY TERMS INCORPORATED BY REFERENCE).
DO NOT USE THIS WEBSITE IF YOU DO NOT AGREE TO ALL OF THE TERMS.
PLEASE READ: THESE TERMS CONTAIN A BINDING ARBITRATION AGREEMENT AND CLASS ACTION WAIVER (SECTION 13). READ CAREFULLY, INCLUDING YOUR RIGHT, IF APPLICABLE, TO OPT OUT OF ARBITRATION. EXCEPT FOR CERTAIN TYPES OF DISPUTES DESCRIBED IN SECTION 13 BELOW, OR WHERE PROHIBITED BY LAW, BY ENTERING INTO THESE TERMS YOU EXPRESSLY AGREE THAT DISPUTES BETWEEN YOU AND BONDBLOXX WILL BE RESOLVED BY BINDING, INDIVIDUAL ARBITRATION, AND YOU HEREBY WAIVE YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION.
This Site is not targeted towards, nor intended to be used by children under the age of 13. If you are not at least 13 years of age, do not access or use the Site. If you are under the age of 18 (and over the age of 13), do not access or use this Site without the involvement and supervision of a parent or guardian.
This Site and all the content and materials, including but not limited to BondBloxx’s logo and all designs, text, images, data, software and other related files (collectively “Site Content”) are the proprietary property of BondBloxx and are protected by the United States and international copyright and trademark laws. Subject to your compliance with the Terms, you are granted a limited, non-exclusive, non-sublicensable, non-transferable, and revocable license to access and use this Site and Site Content solely for your personal, non-commercial use. Nothing contained on our Site should be construed as granting by implication, estoppel, or otherwise, any license or right to use any of BondBloxx’s intellectual property or the look and feel of our Site without the express written consent of BondBloxx.
“BondBloxx”, our logo and mark, and other product or service names, logos or slogans that may appear on our website are trademarks or registered trademarks of BondBloxx and/or its affiliates, licensors and suppliers and as the exclusive property of BondBloxx and/or its affiliates, licensors and suppliers may not be copied, imitated or used, in whole or in part, without the prior written permission of BondBloxx or the applicable trademark holder. In addition, the look and feel of our website, including the design, arrangement and collection of the content constitutes the service mark, trademark and/or trade dress of BondBloxx and may not be copied, imitated or used, in whole or in part, without prior written permission of BondBloxx. All other trademarks, registered trademarks, product names and BondBloxx names or logos mentioned in our website are the property of their respective owners. Reference to any products, services, processes or other information, by name, trademark, manufacturer, supplier or otherwise does not constitute or imply endorsement, sponsorship or recommendation by BondBloxx. Nothing contained on our website grants or should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any of BondBloxx’s intellectual property or the look and feel of our website without the express written consent of BondBloxx.
In addition to other prohibitions as set forth in the Terms of Service, you are prohibited from using the site or its content: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Site or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the Site or any related website, other websites, or the Internet. Use any robot, data mining, spider, scraper, crawler, or other similar data gathering and extraction tools to access, extract, copy, or index any portion of the Service, except for search engine indexing of publicly accessible pages by widely recognized search engines (e.g., Google, Bing) operating in compliance with our robots.txt; Use any third-party software or browser extensions that scrape, modify the appearance of, or automate activity on our Site; Circumvent, disable, or interfere with rate limits, access controls, authentication, or any other security or access-management features; Use headless browsers, browser automation tools, or AI agents to systematically access the Service; Use any portion of the Service, including text, data, metadata, citations, or compiled records, to train, fine-tune, evaluate, or otherwise develop any machine learning model, large language model, generative AI system, or similar technology; Provide any portion of the Service to a third party for the purposes described above; or Use AI agents acting on your behalf to systematically extract, compile, or summarize substantial portions of the Service.
We reserve the right to terminate your use of the Site or any related website for violating any of the prohibited uses. You may not use the Site for any illegal or unauthorized purpose nor may you, in the use of the Site, violate any laws in your jurisdiction (including but not limited to copyright laws). We reserve the right to refuse access to the Site to anyone for any reason at any time.
Nothing contained on the Website constitutes investment, legal, tax, accounting, regulatory, or other advice. Information contained on the Website does not constitute an offer to sell or a solicitation of an offer to buy any shares of any BondBloxx ETFs. The investments and strategies discussed in the Website may not be suitable for all investors and are not obligations of BondBloxx.
Nothing on the Website is intended to, nor will, constitute an offer (or an invitation to make an offer) to buy, sell or otherwise transact in any investment fund and/or strategy referred to on the Website or any other security or financial instrument, or to provide any investment services or advice in any jurisdiction.
The views expressed in commentary on this website are subject to change based on market and other conditions. Commentary on this website may contain certain statements that may be deemed forward looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.
Decisions based on information contained on the Website are the sole responsibility of the visitor. You should obtain relevant and specific professional advice before making any investment decision. The information on the site is provided for informational purposes only and is subject to change without notice.
BondBloxx makes no representations that the contents are appropriate for use in all locations, or that the transactions, securities, products, instruments, or services discussed on this site are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. By making available information on the Website, BondBloxx does not represent that any investment vehicle is available or suitable for any particular investor. All persons and entities accessing the Website do so on their own initiative and are responsible for compliance with applicable local laws and regulations.
BondBloxx and its partners, officers and/or employees may have holdings in the investment funds that may be referred to on the Site and may otherwise be interested in transactions that you effect in those funds.
We are not responsible if information made available on our site is not accurate, complete or current. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is at your own risk.
The information is provided without obligation on our part and on the understanding that any person or entity who acts upon it or changes his, her or its investment position in reliance on it does so entirely at his, her or its own risk.
This site may contain certain historical information. Historical information, necessarily, is not current and is provided for your reference only. We reserve the right to modify the contents of our site at any time, but we have no obligation to update any information on our site. You agree that it is your responsibility to monitor changes to our site.
We do not guarantee that any material will be made available through the Site. We reserve the right to, but do not have any obligation to, (i) remove, edit or modify any content in our sole discretion, at any time, without notice to you and for any reason (including, but not limited to, upon receipt of claims or allegations from third parties or authorities relating to such content or if we are concerned that you may have violated the Terms of Service), or for no reason at all and (ii) to remove or block any content from the Site.
Third-party links on this site may direct you to third-party websites that are not affiliated with us. We are not responsible for examining or evaluating the content or accuracy and we do not warrant and will not have any liability or responsibility for any third-party materials or websites, or for any other materials, products, or Services of third-parties.
We are not liable for any harm or damages related to the purchase or use of goods, Services, resources, content, or any other transactions made in connection with any third-party websites. Please review carefully the third-party’s policies and practices and make sure you understand them before you engage in any transaction. Complaints, claims, concerns, or questions regarding third-party products should be directed to the third-party.
Your submission of personal information through the Site is governed by our Privacy Policy.
Occasionally there may be information on our site or in the Site that contains typographical errors, inaccuracies or omissions. We reserve the right to correct any errors, inaccuracies or omissions, and to change or update information if any information in the Site or on any related website is inaccurate at any time without prior notice.
We undertake no obligation to update, amend or clarify information in the Site or on any related website, except as required by law. No specified update or refresh date applied in the Site or on any related website, should be taken to indicate that all information in the Site or on any related website has been modified or updated.
USE OF THE SITE IS AT YOUR OWN RISK WITH NO WARRANTIES OR GUARANTEES WHATSOEVER. BONDBLOXX EXPRESSLY DISCLAIMS TO THE FULLEST EXTENT PERMITTED BY LAW ALL EXPRESS, IMPLIED, STATUTORY, AND OTHER WARRANTIES, GUARANTEES, OR REPRESENTATIONS, INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT OF PROPRIETARY AND INTELLECTUAL PROPERTY RIGHTS. WITHOUT LIMITATION, BONDBLOXX MAKES NO WARRANTY OR GUARANTEE THAT THE SITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE. THESE EXCLUSIONS OF WARRANTIES WILL APPLY TO YOU TO THE FULLEST EXTENT ALLOWED BY LAW. IN NO EVENT WILL BONDBLOXX BE LIABLE TO YOU FOR ANY CLAIM OR LOSS CLAIMED BY YOU OR ANY THIRD PARTY RELATING TO BUSINESS DECISIONS MADE BY YOU AS A RESULT OF YOUR USE OF THE WEBSITE OR THE CONTENT.
IN NO EVENT WILL BONDBLOXX BE LIABLE TO ANY PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY TYPE WHATSOEVER RELATED TO OR ARISING FROM THE SITE, OR OF ANY SITE OR RESOURCE LINKED TO, REFERENCED, OR ACCESSED THROUGH THE SITE. THIS EXCLUSION AND WAIVER OF LIABILITY INCLUDES, WITHOUT LIMITATION, ANY LOST PROFITS, BUSINESS INTERRUPTION, LOST SAVINGS, OR LOSS OF DATA, EVEN IF BONDBLOXX IS EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS EXCLUSION AND WAIVER OF LIABILITY APPLIES TO ALL CAUSES OF ACTION, NO MATTER THE LEGAL THEORIES, AND WILL APPLY TO THE FULLEST EXTENT PERMISSIBLE BY LAW.
You agree to indemnify, defend and hold harmless BondBloxx and our parent, subsidiaries, affiliates, partners, officers, directors, agents, contractors, licensors, Service providers, subcontractors, suppliers, interns and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third-party due to or arising out of your breach of these Terms of Service or the documents they incorporate by reference, or your violation of any law or the rights of a third-party.
Arbitration clause and class action waiver.
Important – please review as this affects your legal rights.
(a) Arbitration notice
You agree that if there is any dispute or claim arising from or related to the Site or these Terms (except for the Exempt Claims, as defined below), it will be resolved by confidential binding arbitration in the County of Marin, California, rather than in court, after first giving Notice of the Dispute (“Notice”) to the other party and the opportunity to discuss resolution within thirty (30) days of such Notice. The Notice to BondBloxx should be sent to 700 Larkspur Landing Circle, Suite 250, Larkspur, CA 94939 Attn: CEO.
This Notice must include a description of the nature and basis of the claims the party is asserting, and the relief sought. It should also include your name, address and date in the correspondence. If we are unable to resolve the claims described in the Notice within thirty (30) days after the Notice is sent, either party may initiate arbitration proceedings to be conducted by a single impartial arbitrator chosen from the American Arbitration Association (AAA)’s National Roster of Commercial Arbitrators by mutual agreement of the Parties (or by the AAA if the Parties cannot agree). There is no judge or jury in arbitration, and court review of an arbitration award is limited. However, an arbitrator can award on an individual basis the same damages and relief as a court (including injunctive and declaratory relief or statutory damages) and must follow the provisions of these Terms as a court would. YOU ACKNOWLEDGE THAT YOU ARE VOLUNTARILY AND KNOWINGLY FORFEITING YOUR RIGHT TO A TRIAL BY JURY AND TO OTHERWISE PROCEED IN A LAWSUIT IN STATE OR FEDERAL COURT.
The Federal Arbitration Act and federal arbitration law apply, and the AAA will administer the arbitration under its Commercial Arbitration Rules and the Supplementary Procedures for Consumer Related Disputes. Payment of all filing, administration and arbitrator fees will be governed by the AAA’s rules.
The arbitration shall be held in the County of Marin, California or at another mutually agreed location. If the arbitration involves a consumer, the arbitration will be held at a location convenient to the consumer. If the value of the relief sought is $10,000 or less, either party may elect to have the arbitration conducted by telephone or based solely on written submissions, which election shall be binding on you and us subject to the arbitrator’s discretion to require an in-person hearing if the circumstances warrant. Attendance at an in-person hearing may be made by telephone by either party unless the arbitrator requires otherwise.
The arbitrator will decide the substance of all claims in accordance with the laws of the State of California, including recognized principles of equity, and will honor all claims of privilege recognized by applicable law. The arbitrator will also decide any questions relating to the interpretation, applicability, or enforceability of this arbitration clause, except where a party files a claim in court because it is an Exempt Claim (as defined below). If either party files an Exempt Claim, the court presiding over that claim will determine if the claim is an Exempt Claim under this Arbitration Clause. The arbitrator’s award shall be confidential, final, and binding, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.
Notwithstanding any provision in these Terms of Service to the contrary, both parties agree that if BondBloxx makes any change to this Section (other than a change to any notice address or website link provided herein) in the future, that change shall not apply to any claim that was filed in a proceeding against BondBloxx prior to the effective date of the change. Moreover, if BondBloxx seeks to terminate this Section, any such termination shall not be effective until thirty (30) days after the version of the Terms of Service containing this Section is posted to the Site and shall not be effective as to any claim that was filed in a proceeding against BondBloxx prior to the effective date of termination.
CLASS ACTION WAIVER: YOU AND BONDBLOXX AGREE THAT DISPUTES BETWEEN YOU AND BONDBLOXX WILL BE RESOLVED BY BINDING, INDIVIDUAL ARBITRATION AND YOU WAIVE YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION.
If for any reason a claim proceeds in court rather than in arbitration, you and BondBloxx each waive any right to a jury trial.
EXEMPT CLAIMS: You and BondBloxx agree that the following two types of claims are not required to be submitted to an arbitration subject to the following conditions:
(i) Neither party is required to arbitrate a claim brought on an individual basis in small-claims court. However, if (a) there is an appeal from small-claims court; or (b) a change in the claim that renders the small-claims court unable to resolve the claim, then the claim must be resolved in an arbitration under the terms of this arbitration provision.
(ii) Neither party is required to arbitrate a claim brought on an individual basis to enjoin infringement or other misuse of intellectual property rights. Such a claim may be brought in any court of competent jurisdiction. Both parties agree that the infringement or other misuse of intellectual property rights could cause irreparable harm for which monetary damages are an inadequate remedy. The prevailing party in an action to enjoin infringement or other misuse of intellectual property rights is entitled to recover costs and fees (including reasonable attorneys’ fees) in pursuing that remedy.
OPT-OUT: You may opt-out of this mandatory arbitration provision by writing to BondBloxx within sixty (60) calendar days of your agreement to this arbitration provision, by mail to: 700 Larkspur Landing Circle, Suite 250, Larkspur, CA 94939 Attn: CEO. Include your name, address and date in the correspondence. This is the only way you can opt-out.
In the event that any provision of these Terms of Service is determined to be unlawful, void or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from these Terms of Service, such determination shall not affect the validity and enforceability of any other remaining provisions.
These Terms of Service are effective unless and until terminated by either you or us. You may terminate these Terms of Service at any time by ceasing to use our site.
The failure of us to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of such right or provision.
These Terms of Service and any policies or operating rules posted by us on this site constitutes the entire agreement and understanding between you and us and govern your use of the Site, superseding any prior or contemporaneous agreements, communications and proposals, whether oral or written, between you and us (including, but not limited to, any prior versions of the Terms of Service).
Any ambiguities in the interpretation of these Terms of Service shall not be construed against the drafting party.
These Terms of Service shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of law rules. Subject to the arbitration provision in Section 13 above, all disputes arising hereunder shall be adjudicated in the state and federal courts having jurisdiction over disputes arising in the County of Marin, California, and each party hereby consents to the personal jurisdiction of such courts.
You can review the most current version of the Terms of Service at any time at this page.
We reserve the right, at our sole discretion, to update, change or replace any part of these Terms of Service by posting updates and changes to our website. It is your responsibility to check our website periodically for changes. Your continued use of or access to our Site following the posting of any changes to these Terms of Service constitutes acceptance of those changes. We reserve the right at any time to modify without notice at any time. We shall not be liable to you or to any third-party for any modification, suspension or discontinuance of the Site.
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.
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): 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/
