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Fixed Income | International and Global Fixed Income

Invesco Total Return Bond ETF

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  • Invesco 1-30 Laddered Treasury ETF
  • Invesco Active U.S. Real Estate ETF
  • Invesco Aerospace & Defense ETF
  • Invesco BLDRS Emerging Markets 50 ADR Index Fund
  • Invesco Balanced Multi-Asset Allocation ETF
  • Invesco BulletShares 2019 Corporate Bond ETF
  • Invesco BulletShares 2019 High Yield Corporate Bond ETF
  • Invesco BulletShares 2020 Corporate Bond ETF
  • Invesco BulletShares 2020 High Yield Corporate Bond ETF
  • Invesco BulletShares 2021 Corporate Bond ETF
  • Invesco BulletShares 2021 High Yield Corporate Bond ETF
  • Invesco BulletShares 2021 Municipal Bond ETF
  • Invesco BulletShares 2021 USD Emerging Markets Debt ETF
  • Invesco BulletShares 2022 Corporate Bond ETF
  • Invesco BulletShares 2022 High Yield Corporate Bond ETF
  • Invesco BulletShares 2022 Municipal Bond ETF
  • Invesco BulletShares 2022 USD Emerging Markets Debt ETF
  • Invesco BulletShares 2023 Corporate Bond ETF
  • Invesco BulletShares 2023 High Yield Corporate Bond ETF
  • Invesco BulletShares 2023 Municipal Bond ETF
  • Invesco BulletShares 2023 USD Emerging Markets Debt ETF
  • Invesco BulletShares 2024 Corporate Bond ETF
  • Invesco BulletShares 2024 High Yield Corporate Bond ETF
  • Invesco BulletShares 2024 Municipal Bond ETF
  • Invesco BulletShares 2024 USD Emerging Markets Debt ETF
  • Invesco BulletShares 2025 Corporate Bond ETF
  • Invesco BulletShares 2025 High Yield Corporate Bond ETF
  • Invesco BulletShares 2025 Municipal Bond ETF
  • Invesco BulletShares 2026 Corporate Bond ETF
  • Invesco BulletShares 2026 High Yield Corporate Bond ETF
  • Invesco BulletShares 2026 Municipal Bond ETF
  • Invesco BulletShares 2027 Corporate Bond ETF
  • Invesco BulletShares 2027 High Yield Corporate Bond ETF
  • Invesco BulletShares 2027 Municipal Bond ETF
  • Invesco BulletShares 2028 Corporate Bond ETF
  • Invesco BulletShares 2028 Municipal Bond ETF
  • Invesco BulletShares 2029 Corporate Bond ETF
  • Invesco BulletShares 2029 Municipal Bond ETF
  • Invesco BuyBack Achievers ETF
  • Invesco CEF Income Composite ETF
  • Invesco California AMT-Free Municipal Bond ETF
  • Invesco China Technology ETF
  • Invesco Cleantech ETF
  • Invesco Conservative Multi-Asset Allocation ETF
  • Invesco CurrencyShares Australian Dollar Trust
  • Invesco CurrencyShares British Pound Sterling Trust
  • Invesco CurrencyShares Canadian Dollar Trust
  • Invesco CurrencyShares Euro Trust
  • Invesco CurrencyShares Japanese Yen Trust
  • Invesco CurrencyShares Swiss Franc Trust
  • Invesco DB Agriculture Fund
  • Invesco DB Base Metals Fund
  • Invesco DB Commodity Index Tracking Fund
  • Invesco DB Energy Fund
  • Invesco DB G10 Currency Harvest Fund
  • Invesco DB Gold Fund
  • Invesco DB Oil Fund
  • Invesco DB Precious Metals Fund
  • Invesco DB Silver Fund
  • Invesco DB US Dollar Index Bearish Fund
  • Invesco DB US Dollar Index Bullish Fund
  • Invesco DWA Basic Materials Momentum ETF
  • Invesco DWA Consumer Cyclicals Momentum ETF
  • Invesco DWA Consumer Staples Momentum ETF
  • Invesco DWA Developed Markets Momentum ETF
  • Invesco DWA Emerging Markets Momentum ETF
  • Invesco DWA Energy Momentum ETF
  • Invesco DWA Financial Momentum ETF
  • Invesco DWA Healthcare Momentum ETF
  • Invesco DWA Industrials Momentum ETF
  • Invesco DWA Momentum ETF
  • Invesco DWA SmallCap Momentum ETF
  • Invesco DWA Technology Momentum ETF
  • Invesco DWA Utilities Momentum ETF
  • Invesco Defensive Equity ETF
  • Invesco Dividend Achievers ETF
  • Invesco Dow Jones Industrial Average Dividend ETF
  • Invesco Dynamic Biotechnology & Genome ETF
  • Invesco Dynamic Building & Construction ETF
  • Invesco Dynamic Energy Exploration & Production ETF
  • Invesco Dynamic Food & Beverage ETF
  • Invesco Dynamic Large Cap Growth ETF
  • Invesco Dynamic Large Cap Value ETF
  • Invesco Dynamic Leisure and Entertainment ETF
  • Invesco Dynamic Market ETF
  • Invesco Dynamic Media ETF
  • Invesco Dynamic Networking ETF
  • Invesco Dynamic Oil & Gas Services ETF
  • Invesco Dynamic Pharmaceuticals ETF
  • Invesco Dynamic Semiconductors ETF
  • Invesco Dynamic Software ETF
  • Invesco Emerging Markets Sovereign Debt ETF
  • Invesco FTSE International Low Beta Equal Weight ETF
  • Invesco FTSE RAFI Developed Markets ex-U.S. ETF
  • Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
  • Invesco FTSE RAFI Emerging Markets ETF
  • Invesco FTSE RAFI US 1000 ETF
  • Invesco FTSE RAFI US 1500 Small-Mid ETF
  • Invesco Financial Preferred ETF
  • Invesco Fundamental High Yield Corporate Bond ETF
  • Invesco Fundamental Investment Grade Corporate Bond ETF
  • Invesco Global Clean Energy ETF
  • Invesco Global Listed Private Equity ETF
  • Invesco Global Short Term High Yield Bond ETF
  • Invesco Global Water ETF
  • Invesco Golden Dragon China ETF
  • Invesco Growth Multi-Asset Allocation ETF
  • Invesco High Yield Equity Dividend Achievers ETF
  • Invesco India ETF
  • Invesco International BuyBack Achievers ETF
  • Invesco International Corporate Bond ETF
  • Invesco International Dividend Achievers ETF
  • Invesco Investment Grade Defensive ETF
  • Invesco Investment Grade Value ETF
  • Invesco KBW Bank ETF
  • Invesco KBW High Dividend Yield Financial ETF
  • Invesco KBW Premium Yield Equity REIT ETF
  • Invesco KBW Property & Casualty Insurance ETF
  • Invesco KBW Regional Banking ETF
  • Invesco MSCI Global Timber ETF
  • Invesco Moderately Conservative Multi-Asset Allocation ETF
  • Invesco NASDAQ Internet ETF
  • Invesco National AMT-Free Municipal Bond ETF
  • Invesco New York AMT-Free Municipal Bond ETF
  • Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
  • Invesco Preferred ETF
  • Invesco PureBeta 0-5 Yr US TIPS ETF
  • Invesco PureBeta FTSE Developed ex-North America ETF
  • Invesco PureBeta FTSE Emerging Markets ETF
  • Invesco PureBeta MSCI USA ETF
  • Invesco PureBeta MSCI USA Small Cap ETF
  • Invesco PureBeta US Aggregate Bond ETF
  • Invesco QQQ
  • Invesco RAFI Strategic Developed ex-US ETF
  • Invesco RAFI Strategic Developed ex-US Small Company ETF
  • Invesco RAFI Strategic Emerging Markets ETF
  • Invesco RAFI Strategic US ETF
  • Invesco RAFI Strategic US Small Company ETF
  • Invesco Raymond James SB-1 Equity ETF
  • Invesco Russell 1000 Dynamic Multifactor ETF
  • Invesco Russell 1000 Enhanced Equal Weight ETF
  • Invesco Russell 1000 Equal Weight ETF
  • Invesco Russell 1000 Low Beta Equal Weight ETF
  • Invesco Russell 2000 Dynamic Multifactor ETF
  • Invesco S&P 100 Equal Weight ETF
  • Invesco S&P 500 BuyWrite ETF
  • Invesco S&P 500 Downside Hedged ETF
  • Invesco S&P 500 Enhanced Value ETF
  • Invesco S&P 500 Equal Weight Communication Services ETF
  • Invesco S&P 500 Equal Weight Consumer Discretionary ETF
  • Invesco S&P 500 Equal Weight Consumer Staples ETF
  • Invesco S&P 500 Equal Weight ETF
  • Invesco S&P 500 Equal Weight Energy ETF
  • Invesco S&P 500 Equal Weight Financials ETF
  • Invesco S&P 500 Equal Weight Health Care ETF
  • Invesco S&P 500 Equal Weight Industrials ETF
  • Invesco S&P 500 Equal Weight Materials ETF
  • Invesco S&P 500 Equal Weight Real Estate ETF
  • Invesco S&P 500 Equal Weight Technology ETF
  • Invesco S&P 500 Equal Weight Utilities ETF
  • Invesco S&P 500 GARP ETF
  • Invesco S&P 500 High Beta ETF
  • Invesco S&P 500 High Dividend Low Volatility ETF
  • Invesco S&P 500 Low Volatility ETF
  • Invesco S&P 500 Minimum Variance ETF
  • Invesco S&P 500 Momentum ETF
  • Invesco S&P 500 Pure Growth ETF
  • Invesco S&P 500 Pure Value ETF
  • Invesco S&P 500 Quality ETF
  • Invesco S&P 500 Revenue ETF
  • Invesco S&P 500 Top 50 ETF
  • Invesco S&P 500 Value with Momentum ETF
  • Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF
  • Invesco S&P Emerging Markets Low Volatility ETF
  • Invesco S&P Emerging Markets Momentum ETF
  • Invesco S&P Global Water Index ETF
  • Invesco S&P International Developed High Dividend Low Volatility ETF
  • Invesco S&P International Developed Low Volatility ETF
  • Invesco S&P International Developed Momentum ETF
  • Invesco S&P International Developed Quality ETF
  • Invesco S&P MidCap 400 Equal Weight ETF
  • Invesco S&P MidCap 400 Pure Growth ETF
  • Invesco S&P MidCap 400 Pure Value ETF
  • Invesco S&P MidCap 400 Revenue ETF
  • Invesco S&P MidCap Low Volatility ETF
  • Invesco S&P MidCap Momentum ETF
  • Invesco S&P MidCap Quality ETF
  • Invesco S&P MidCap Value with Momentum ETF
  • Invesco S&P SmallCap 600 Equal Weight ETF
  • Invesco S&P SmallCap 600 Pure Growth ETF
  • Invesco S&P SmallCap 600 Pure Value ETF
  • Invesco S&P SmallCap 600 Revenue ETF
  • Invesco S&P SmallCap Consumer Discretionary ETF
  • Invesco S&P SmallCap Consumer Staples ETF
  • Invesco S&P SmallCap Energy ETF
  • Invesco S&P SmallCap Financials ETF
  • Invesco S&P SmallCap Health Care ETF
  • Invesco S&P SmallCap High Dividend Low Volatility ETF
  • Invesco S&P SmallCap Industrials ETF
  • Invesco S&P SmallCap Information Technology ETF
  • Invesco S&P SmallCap Low Volatility ETF
  • Invesco S&P SmallCap Materials ETF
  • Invesco S&P SmallCap Momentum ETF
  • Invesco S&P SmallCap Quality ETF
  • Invesco S&P SmallCap Utilities & Communication Services ETF
  • Invesco S&P SmallCap Value with Momentum ETF
  • Invesco S&P Spin-Off ETF
  • Invesco S&P Ultra Dividend Revenue ETF
  • Invesco Senior Loan ETF
  • Invesco Solar ETF
  • Invesco Taxable Municipal Bond ETF
  • Invesco Total Return Bond ETF
  • Invesco Treasury Collateral ETF
  • Invesco Ultra Short Duration ETF
  • Invesco VRDO Tax-Free Weekly ETF
  • Invesco Variable Rate Investment Grade ETF
  • Invesco Variable Rate Preferred ETF
  • Invesco Water Resources ETF
  • Invesco WilderHill Clean Energy ETF
  • Invesco Zacks Mid-Cap ETF
  • Invesco Zacks Multi-Asset Income ETF

Product Details

The Invesco Total Return Bond ETF (Fund) is an actively managed intermediate-term bond exchange-traded fund (ETF) for investors seeking monthly income and total return opportunities. The Fund will invest at least 80% of its total assets in fixed income instruments of varying maturities and of any credit qualities.

as of 07/31/2020 06/30/2020

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays U.S. Aggregate Bond Index 7.72 10.12 5.69 4.47 3.87 4.53
Fund History (%)
Fund NAV 9.26 12.54 7.63 N/A N/A 7.12
After Tax Held 8.58 11.21 6.07 N/A N/A 5.63
After Tax Sold 5.45 7.37 5.18 N/A N/A 4.83
Fund Market Price 9.24 12.82 7.55 N/A N/A 7.14
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays U.S. Aggregate Bond Index 6.14 8.74 5.32 4.30 3.82 4.26
Fund History (%)
Fund NAV 6.68 10.35 6.84 N/A N/A 6.68
After Tax Held 6.12 9.05 5.29 N/A N/A 5.19
After Tax Sold 3.94 6.08 4.58 N/A N/A 4.49
Fund Market Price 6.67 10.39 6.87 N/A N/A 6.70

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. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

As the result of a reorganization on April 6, 2018, the returns presented reflect performance of the Guggenheim predecessor fund. Invesco is not affiliated with Guggenheim.

as of 06/30/2020

Growth of $10,000

Data beginning Fund inception and ending 06/30/2020. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

as of 08/10/2020

Sector Allocation

Sector Percent of Fund
Financials 21.05%
U.S. Government Securities 16.69%
NonAgy ARM, Pass Thru, CMO, CMBS 8.92%
U.S. Agency Securities 8.10%
Cash 6.61%
UnClassified 5.70%
Energy 5.04%
Consumer Discretionary 4.19%
Communication Services 4.14%
Real Estate 4.08%
Information Technology 2.93%
Health Care 2.61%
Industrials 2.53%
Derivatives 2.13%
Materials 1.68%
Consumer Staples 1.16%
Utilities 0.91%
Sovereign Debt 0.66%
CMOs 0.50%
Telecommunication Services 0.38%
as of 08/10/2020

Top Country Allocation

Country Percentage
United States 88.77%
Cayman Islands 1.50%
Japan 1.24%
Canada 1.21%
Mexico 1.15%
United Kingdom 0.89%
China 0.83%
South Korea 0.74%
Switzerland 0.51%
Jamaica 0.36%
as of 08/10/2020

Currency Allocation

Currency Percentage
USD 99.60%
Euro 0.38%
Canadian Dollar 0.01%

Quality Allocations as of 08/10/2020

S&P Moody's
AAA : 5% Aaa : 40%
AA : 40% Aa : 2%
A : 11% A : 14%
BBB : 28% Baa : 21%
BB : 7% Ba : 6%
B : 1% B : 2%
CCC : 0% Caa : 0%
Not Rated : 8% Not Rated : 17%

Cash is excluded from the credit rating quality allocations table.

as of 08/10/2020

Maturity

Years % of Fund
0 - 1 years 11.01
1 - 5 years 13.47
5 - 10 years 24.68
10 - 15 years 10.43
15 - 20 years 2.67
20 - 25 years 2.40
25 years and over 35.34

as of 08/10/2020 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
CBOT 2 Year US Treasury Note Future N/A 09/30/2020 N/A NR/NR 15.99%
Cash/Receivables/Payables 0.00% N/A NR/NR 6.51%
United States Treasury Note/Bond 0.62% 05/15/2030 N/A AA+u/Aaa 5.80%
United States Treasury Note/Bond 0.25% 07/31/2025 N/A AA+u/Aaa 4.51%
United States Treasury Note/Bond 2.00% 02/15/2050 N/A AA+u/Aaa 4.23%
CBOT US Long Bond Future N/A 09/21/2020 N/A NR/NR 3.11%
Fannie Mae or Freddie Mac 3.00% 09/01/2050 N/A AA+/Aaa 2.62%
CBOT 5 Year US Treasury Note N/A 09/30/2020 N/A NR/NR 2.53%
Fannie Mae or Freddie Mac 2.50% 09/01/2050 N/A AA+/Aaa 2.30%
Freddie Mac Pool 3.50% 08/01/2049 N/A AA+/Aaa 1.50%

Holdings are subject to change and are not buy/sell recommendations.

The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
07/20/2020 07/21/2020 07/31/2020 0.12579 0.12579 - - - -
06/22/2020 06/23/2020 06/30/2020 0.13107 0.13107 - - - -
05/18/2020 05/19/2020 05/29/2020 0.12827 0.12827 - - - -
04/20/2020 04/21/2020 04/30/2020 0.11938 0.11938 - - - -
03/23/2020 03/24/2020 03/31/2020 0.10774 0.10774 - - - -
02/24/2020 02/25/2020 02/28/2020 0.10897 0.10897 - - - -
01/21/2020 01/22/2020 01/31/2020 0.10933 0.10933 - - - -
12/23/2019 12/24/2019 12/31/2019 0.37352 0.11127 0.26225 - - -
11/18/2019 11/19/2019 11/29/2019 0.09048 0.09048 - - - -
10/21/2019 10/22/2019 10/31/2019 0.08694 0.08694 - - - -
09/23/2019 09/24/2019 09/30/2019 0.11237 0.11237 - - - -
08/19/2019 08/20/2019 08/30/2019 0.10394 0.10394 - - - -
07/22/2019 07/23/2019 07/31/2019 0.11762 0.11762 - - - -
06/24/2019 06/25/2019 06/28/2019 0.11007 0.11007 - - - -
05/20/2019 05/21/2019 05/31/2019 0.11097 0.11097 - - - -
04/22/2019 04/23/2019 04/30/2019 0.11405 0.11405 - - - -
03/18/2019 03/19/2019 03/29/2019 0.12237 0.12237 - - - -
02/19/2019 02/20/2019 02/28/2019 0.11853 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.15072 0.15072 - - - -
12/26/2018 12/27/2018 12/31/2018 - - 0.62778 0.32827 - -
12/24/2018 12/26/2018 12/31/2018 0.25108 0.25108 - - - -
11/19/2018 11/20/2018 11/30/2018 0.15385 0.15385 - - - -
10/22/2018 10/23/2018 10/31/2018 0.14267 0.14267 - - - -
09/24/2018 09/25/2018 09/28/2018 0.17538 0.17538 - - - -
08/20/2018 08/21/2018 08/31/2018 0.07240 0.07240 - - - -
08/02/2018 08/03/2018 08/07/2018 0.14543 0.14543 - - - -
07/03/2018 07/05/2018 07/09/2018 0.14427 0.14427 - - - -
06/04/2018 06/05/2018 06/07/2018 0.12681 0.12681 - - - -
05/02/2018 05/03/2018 05/07/2018 0.11356 0.11356 - - - -
04/03/2018 04/04/2018 04/06/2018 0.13440 0.13440 - - - -
03/02/2018 03/06/2018 03/08/2018 0.09230 0.09230 - - - -
02/02/2018 02/06/2018 02/08/2018 0.11840 0.11840 - - - -
12/28/2017 12/29/2017 01/02/2018 0.31770 0.19780 0.04120 0.07870 - -
12/04/2017 12/05/2017 12/07/2017 0.09090 0.09090 - - - -
11/02/2017 11/03/2017 11/07/2017 0.08570 0.08570 - - - -
10/03/2017 10/04/2017 10/06/2017 0.11480 0.11480 - - - -
09/01/2017 09/06/2017 09/08/2017 0.05820 0.05820 - - - -
08/01/2017 08/03/2017 08/07/2017 0.06400 0.06400 - - - -
07/03/2017 07/06/2017 07/10/2017 0.11920 0.11920 - - - -
06/01/2017 06/05/2017 06/07/2017 0.10650 0.10650 - - - -
05/01/2017 05/03/2017 05/05/2017 0.10870 0.10870 - - - -
04/03/2017 04/05/2017 04/07/2017 0.14360 0.14360 - - - -
03/01/2017 03/03/2017 03/07/2017 0.11340 0.11340 - - - -
02/01/2017 02/03/2017 02/07/2017 0.16190 0.16190 - - - -
12/28/2016 12/30/2016 01/04/2017 0.44400 0.13650 0.30750 - - -
12/01/2016 12/05/2016 12/07/2016 0.11550 0.11550 - - - -
11/01/2016 11/03/2016 11/07/2016 0.06880 0.06880 - - - -
10/03/2016 10/05/2016 10/07/2016 0.11640 0.11640 - - - -
09/01/2016 09/06/2016 09/08/2016 0.12830 0.12830 - - - -
08/01/2016 08/03/2016 08/05/2016 0.12030 0.12030 - - - -
07/01/2016 07/06/2016 07/08/2016 0.11740 0.11740 - - - -
06/01/2016 06/03/2016 06/07/2016 0.11890 0.11890 - - - -
05/02/2016 05/04/2016 05/06/2016 0.10940 0.10940 - - - -
04/01/2016 04/05/2016 04/07/2016 0.09910 0.09910 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2020 63 38 7 0 0 0 0
03/31/2020 62 35 6 2 0 0 0
12/31/2019 64 45 1 0 0 0 0
09/30/2019 64 48 2 0 0 0 0
Year Ended 2019 252 205 4 0 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2020 63 17 0 1 0 0 0
03/31/2020 62 8 2 5 3 1 0
12/31/2019 64 18 0 0 0 0 0
09/30/2019 64 14 0 0 0 0 0
Year Ended 2019 252 42 1 0 0 0 0

Fund Inception : 02/10/2016

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

Premiums/Discounts

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

The Fund is non-diversified and may experience greater volatility than a more diversified investment. 

Mortgage- and asset-backed securities, which are subject to call (prepayment) risk, reinvestment risk and extension risk. These securities are also susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support.

Risks of collateralized loan obligations include the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, these loan obligations may be subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Issuers of sovereign debt or governmental authorities that control repayment may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of default. Without debt holder approval, some governmental debtors may be able to reschedule or restructure their debt payments or declare moratoria on payments.

Because the Fund may invest in other investment companies, it's subject to the risks associated with the investment company and its performance may depend on the underlying investment company's performance. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying investment companies’ expenses, which will reduce the Fund’s performance, and the purchase of shares of some investment companies.

Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer’s ability to make payments of principal and/ or interest.

The Fund’s income may decline when interest rates fall if it holds a significant portion of short duration securities and/or securities with floating or variable interest rates. If the Fund invests in lower yielding bonds, as the bond’s portfolio mature; the Fund will need to purchase additional bonds, thereby reducing its income.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested.

Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate, generally below investment grade and may be unrated. Loans can be difficult to value accurately and may be more susceptible to liquidity risk than other fixed-income securities. The value of the loan's collateral may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent.

Restricted securities generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which may result in substantial losses to the Fund.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.