"Market Price" means the fund's per share closing price reported by its primary listing exchange.
Median Bid-Ask Spread The fund's "median bid-ask spread" is calculated by identifying the fund's national best bid and best offer (NBBO) as of the end of each 10 second interval during each trading day of the last 30 calendar days, then dividing the difference between each such bid and offer by the midpoint of the NBBO, and then calculating the median of those values.
Median Bid-Ask Spread
Tracking Basket is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio holdings. It is comprised of Strategy Components (select recently disclosed portfolio holdings), Representative ETFs (liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests), and cash and cash equivalents. The Tracking Basket often may include a significant percentage of the securities held in the Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in the Fund’s portfolio, such as those securities that the Fund’s portfolio managers are actively looking to purchase or sell.
Tracking Basket Weight Overlap is the percentage weight overlap between the prior business day’s Tracking Basket, compared to the portfolio holdings of the Fund that formed the basis for the Fund’s calculation of NAV at the end of the prior business day.
Tracking Basket Weight Overlap
Fund expense ratios are calculated based on the Fund's average net assets during the Fund's most recently completed fiscal year (or based on estimated amounts for funds that have been in existence less than one year), and have not been adjusted for current asset levels. If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. Please see the Fund's prospectus for additional details.
Gross Expense Ratio
Net expenses are after expense waiver/reimbursement. The investment manager and certain of its affiliates have contractually (for at least the current fiscal year) agreed to waive certain fees and/or to reimburse certain expenses of the Fund, as described in the Fund's prospectus, unless sooner terminated at the sole discretion of the Fund's board. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year.
Net Expense Ratio
An estimate of the fund’s rate of investment income reflecting an estimated yield to maturity (assuming all current portfolio holdings are held to maturity), and it may not equal the fund’s actual income distribution rate or the income paid to a shareholder’s account. The yield shown reflects fee waivers/expense reimbursements in effect, if any as outlined in the fund’s prospectus. In the absence of such waivers/reimbursements, yields would be reduced. The yield will reflect an inflation adjustment that is attributable to any inflation-protected securities owned by the fund. This adjustment and the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation).
30-Day SEC Yield
The average (annualized) income return over the previous 7 days. The yield shown reflects fee waivers/expense reimbursements in effect, if any, as outlined in the fund’s prospectus.
7-Day Current Yield
Annualized net yield expectation assuming dividends are reinvested at the average rate of the last 7 days.
7-Day Effective Yield
7-day current yield adjusted to reflect gross expenses applicable to the share class shown without regard to contractual reimbursements and/or fee waivers.
"Active Share" is a measure of the percentage of equity holdings in a portfolio that differ from the benchmark index as of month end. It is calculated by taking the sum of the absolute value of the differences of the weight of each holding in a portfolio versus the weight of each holding in the benchmark index and dividing by two.
"Alpha" measures the relationship between the Fund's performance and its beta over a three-year period. Alpha greater than 0.0 means an investment has performed better than the compared index given its level of risk. It can be viewed as a measure of the value added by the Fund manager.
"Annual Distribution Rate at NAV" is based on the Fund's most recent distribution per share (annualized) divided by the Fund's NAV.
Annual distribution rate at NAV
"Average Coupon" is a calculation of the total interest cost for a bond issue expressed as a percentage. The average coupon is equal to the total interest payments of an issue divided by bond year dollars.
"Average effective duration" provides a measure of the fund's interest-rate sensitivity.
Average Effective Duration
"Beta" measures a fund's risk relative to its benchmark The index is equivalent to 1.0. A fund with a beta greater than 1.0 has been more volatile than the index while a fund with a beta less than 1.0 has been less volatile.
Duration to Worst is the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.
Duration to Worst
"Price-to-Book Ratio" is a stock's price divided by its book value, and may help determine if the stock is valued fairly.
"Price-to-Earnings Ratio" is a stock's price divided by after-tax earnings over a trailing 12-month period, which serves as an indicator of value based on earnings.
"R-Squared" ranges from 0.00 to 100 and measures how closely the Fund's performance matches (or doesn't match) the performance of its benchmark index.
"Sharpe Ratio" divides a fund's return in excess of the 90-day Treasury bill by the investment's standard deviation to measure risk-adjusted performance.
"Standard Deviation" is a statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution.
"Turnover Rate (fiscal year end%)" measures the percentage of holdings that has been "turned over" or replaced, in the past year.
Turnover Rate (fiscal year end%)
30-day SEC yield adjusted to reflect gross expenses applicable to the share class shown without regard to contractual reimbursements and/or fee waivers. Subsidized and unsubsidized yields may appear to be the same due to rounding.
Unsubsidized 30-Day SEC Yield