The average coupon is equal to the total interest payments of an issue divided by bond year dollars. Annual distribution rate at NAV "Average Coupon" is a calculation of the total interest cost for a bond issue expressed as a percentage. Alpha "Annual Distribution Rate at NAV" is based on the Fund's most recent distribution per share (annualized) divided by the Fund's NAV. It can be viewed as a measure of the value added by the Fund manager. Alpha greater than 0.0 means an investment has performed better than the compared index given its level of risk. Active Share "Alpha" measures the relationship between the Fund's performance and its beta over a three-year period. 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. 7-Day Unsubsidized "Active Share" is a measure of the percentage of equity holdings in a portfolio that differ from the benchmark index as of month end. 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. 7-Day Current Yield Annualized net yield expectation assuming dividends are reinvested at the average rate of the last 7 days. The yield shown reflects fee waivers/expense reimbursements in effect, if any, as outlined in the fund’s prospectus. 30-Day SEC Yield The average (annualized) income return over the previous 7 days. This adjustment and the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation). The yield will reflect an inflation adjustment that is attributable to any inflation-protected securities owned by the fund. In the absence of such waivers/reimbursements, yields would be reduced. The yield shown reflects fee waivers/expense reimbursements in effect, if any as outlined in the fund’s prospectus. 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. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year. 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. Gross Expense Ratio Net expenses are after expense waiver/reimbursement. Please see the Fund's prospectus for additional details.
If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. 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.
Tracking Basket 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. 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. 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. Options: Number of Contracts Swaps: Notional Derivative Type and Quantity definitions: Tracking Basket is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio holdings. Market Price 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. "Market Price" means the fund's per share closing price reported by its primary listing exchange.
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