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VRIG

Fixed Income | US Fixed Income

Invesco Variable Rate Investment Grade 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 High Yield Corporate Bond ETF
  • Invesco BulletShares 2028 Municipal Bond ETF
  • Invesco BulletShares 2029 Corporate Bond ETF
  • Invesco BulletShares 2029 Municipal Bond ETF
  • Invesco BulletShares 2030 Corporate Bond ETF
  • Invesco BulletShares 2030 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 Bond Factor 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 100 ETF
  • Invesco NASDAQ Internet ETF
  • Invesco NASDAQ Next Gen 100 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 Variable Rate Investment Grade ETF (the "Fund") is an actively managed exchange-traded fund (ETF) that seeks to generate current income while maintaining low portfolio duration as a primary objective and capital appreciation as a secondary objective. Under normal market conditions, the Fund generally will invest at least 80% of its net assets, plus any borrowings, in a portfolio of investment-grade, variable rate instruments that are US dollar denominated and US issued. Invesco, Advisers, Inc., the sub-adviser to the Fund (Sub-Adviser), seeks to invest in floating rate US Treasuries, government sponsored agency mortgage-backed securities, US Agency debt, structured securities and floating rate investment grade corporates. The Fund is able to invest in other types of securities as outlined in the prospectus, including up to 20% in non-investment grade securities.

as of 10/31/2020 09/30/2020

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays US Floating Rate Note Index 1.13 1.62 2.44 2.25 1.68 2.40
Fund History (%)
Fund NAV 1.19 1.75 2.23 N/A N/A 2.45
After Tax Held 0.59 0.95 1.14 N/A N/A 1.39
After Tax Sold 0.70 1.02 1.23 N/A N/A 1.41
Fund Market Price 1.15 1.72 2.20 N/A N/A 2.40
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays US Floating Rate Note Index 1.01 1.85 2.48 2.24 1.68 2.42
Fund History (%)
Fund NAV 1.08 2.01 2.31 N/A N/A 2.48
After Tax Held 0.51 1.13 1.20 N/A N/A 1.40
After Tax Sold 0.63 1.18 1.28 N/A N/A 1.42
Fund Market Price 0.89 1.86 2.19 N/A N/A 2.39

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. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 09/30/2020

Growth of $10,000

Data beginning Fund inception and ending 09/30/2020. 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.

Quality Allocations as of 12/02/2020

Rating % of Fund
AAA N/A
AA+ N/A
AA N/A
AA- N/A
A+ N/A
A N/A
A- N/A
BBB+ N/A
BBB N/A
BBB- N/A
BB+ N/A
BB N/A
BB- N/A
B+ N/A

Cash is excluded from the credit rating quality allocations table.

as of 12/02/2020

Maturity

Years % of Fund
0 - 1 years 8.75
1 - 5 years 50.71
5 - 10 years 9.47
10 - 15 years 8.80
15 - 20 years 7.68
20 - 25 years 1.65
25 years and over 12.93

as of 12/02/2020 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date Quality Rating Weight
United States Treasury Floating Rate Note 0.14% 10/31/2022 N/A AAA 11.21%
Freddie Mac REMICS 0.49% 01/15/2048 N/A AAA 1.30%
Invitation Homes 2017-SFR2 Trust 1.59% 12/17/2036 N/A AA- 1.25%
Freddie Mac Structured Agency Credit Risk Debt Notes 2.65% 03/25/2030 07/25/2023 BBB- 1.23%
Freddie Mac Stacr Trust 2018-HQA2 2.45% 10/25/2048 04/25/2023 B+ 1.21%
Athene Global Funding 1.46% 07/01/2022 N/A A 1.18%
Banco Santander SA 1.78% 04/11/2022 N/A A- 1.17%
Freddie Mac Multifamily Structured Pass Through Certificates 0.49% 06/25/2027 N/A AAA 1.11%
Morgan Stanley 0.78% 01/20/2023 01/20/2022 A 1.11%
QUALCOMM Inc 0.94% 01/30/2023 N/A A 1.11%

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
11/23/2020 11/24/2020 11/30/2020 0.01919 0.01919 - - - -
10/19/2020 10/20/2020 10/30/2020 0.01537 0.01537 - - - -
09/21/2020 09/22/2020 09/30/2020 0.01732 0.01732 - - - -
08/24/2020 08/25/2020 08/31/2020 0.01825 0.01825 - - - -
07/20/2020 07/21/2020 07/31/2020 0.02401 0.02401 - - - -
06/22/2020 06/23/2020 06/30/2020 0.02801 0.02801 - - - -
05/18/2020 05/19/2020 05/29/2020 0.03999 0.03999 - - - -
04/20/2020 04/21/2020 04/30/2020 0.05168 0.05168 - - - -
03/23/2020 03/24/2020 03/31/2020 0.05331 0.05331 - - - -
02/24/2020 02/25/2020 02/28/2020 0.05317 0.05317 - - - -
01/21/2020 01/22/2020 01/31/2020 0.05365 0.05365 - - - -
12/23/2019 12/24/2019 12/31/2019 0.06408 0.06408 - - - -
11/18/2019 11/19/2019 11/29/2019 0.05457 0.05457 - - - -
10/21/2019 10/22/2019 10/31/2019 0.05856 0.05856 - - - -
09/23/2019 09/24/2019 09/30/2019 0.06271 0.06271 - - - -
08/19/2019 08/20/2019 08/30/2019 0.06360 0.06360 - - - -
07/22/2019 07/23/2019 07/31/2019 0.06406 0.06406 - - - -
06/24/2019 06/25/2019 06/28/2019 0.06731 0.06731 - - - -
05/20/2019 05/21/2019 05/31/2019 0.06950 0.06950 - - - -
04/22/2019 04/23/2019 04/30/2019 0.06942 0.06942 - - - -
03/18/2019 03/19/2019 03/29/2019 0.06846 0.06846 - - - -
02/19/2019 02/20/2019 02/28/2019 0.06864 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.06906 0.06906 - - - -
12/24/2018 12/26/2018 12/31/2018 0.07029 0.07029 - - - -
11/19/2018 11/20/2018 11/30/2018 0.06485 0.06485 - - - -
10/22/2018 10/23/2018 10/31/2018 0.06437 0.06437 - - - -
09/24/2018 09/25/2018 09/28/2018 0.06201 0.06201 - - - -
08/20/2018 08/21/2018 08/31/2018 0.06176 0.06176 - - - -
07/23/2018 07/24/2018 07/31/2018 0.06217 0.06217 - - - -
06/18/2018 06/19/2018 06/29/2018 0.05961 0.05961 - - - -
05/21/2018 05/22/2018 05/31/2018 0.05794 0.05794 - - - -
04/23/2018 04/24/2018 04/30/2018 0.05596 0.05596 - - - -
03/19/2018 03/20/2018 03/29/2018 0.05250 0.05250 - - - -
02/20/2018 02/21/2018 02/28/2018 0.05035 0.05035 - - - -
01/22/2018 01/23/2018 01/31/2018 0.04894 0.04894 - - - -
12/18/2017 12/19/2017 12/29/2017 0.05500 0.05500 - - - -
11/20/2017 11/21/2017 11/30/2017 0.04807 0.04807 - - - -
10/23/2017 10/24/2017 10/31/2017 0.04602 0.04602 - - - -
09/18/2017 09/19/2017 09/29/2017 0.04700 0.04700 - - - -
08/15/2017 08/17/2017 08/31/2017 0.04709 0.04709 - - - -
07/14/2017 07/18/2017 07/31/2017 0.04599 0.04599 - - - -
06/15/2017 06/19/2017 06/30/2017 0.04733 0.04733 - - - -
05/15/2017 05/17/2017 05/31/2017 0.05049 0.05049 - - - -
04/13/2017 04/18/2017 04/28/2017 0.05156 0.05156 - - - -
03/15/2017 03/17/2017 03/31/2017 0.04871 0.04871 - - - -
02/15/2017 02/17/2017 02/28/2017 0.04831 0.04831 - - - -
01/13/2017 01/18/2017 01/31/2017 0.04788 0.04788 - - - -
12/15/2016 12/19/2016 12/30/2016 0.05242 0.05242 - - - -
11/15/2016 11/17/2016 11/30/2016 0.04200 0.04200 - - - -
10/14/2016 10/18/2016 10/31/2016 0.05482 0.05482 - - - -

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%
09/30/2020 64 8 0 0 0 0 0
06/30/2020 63 7 1 2 0 0 0
03/31/2020 62 37 1 0 1 0 0
12/31/2019 64 24 0 0 0 0 0
Year Ended 2019 252 47 0 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%
09/30/2020 64 52 4 0 0 0 0
06/30/2020 63 24 17 10 1 1 0
03/31/2020 62 8 0 1 2 1 11
12/31/2019 64 40 0 0 0 0 0
Year Ended 2019 252 202 3 0 0 0 0

Fund Inception : 09/22/2016

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

† Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the home page; moodys.com and select 'Rating Methodologies' under Research and Ratings on the home page; fitchratings.com and select 'Ratings Definitions' on the home page.

The Bloomberg Barclays US Floating Rate Note Index measures the performance of US dollar-denominated, investment grade floating rate notes.

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.

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.

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

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

Investments focused in a particular industry or sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

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.

Defaulted securities involve the substantial risk that principal will not be repaid and may be subject to restrictions on resale.

Because the Fund may invest in ETFs and other investment companies, it's subject to the risks associated with the ETFs and investment company and its investment performance may depend on the underlying investment company's performance. The Fund will indirectly pay a proportional share of the investment company's fees and expenses, while continuing to pay its own management fee to the Adviser, resulting in shareholders absorbing duplicate levels of fees.

For mortgage-backed securities, if interest rates rise, borrowers may prepay mortgages more slowly than originally expected. This may further reduce market value and lengthen durations.

The Fund may invest in privately issued securities, including 144A securities which are restricted (i.e. not publicly traded). The liquidity market for Rule 144A securities may vary, as a result, delay or difficulty in selling such securities may result in a loss to the Fund.

Income generated from the Fund is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, the Fund's income may drop as well.

Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

Obligations issued by US Government agencies and instrumentalities may receive varying levels of support from the government, which could affect the fund’s ability to recover should they default.

The Fund will invest in bonds with short-term maturity (one year or less) which may have additional risks, including interest rate changes over the life of the bond. The average maturity of the Fund's investments will affect the volatility of the Fund's share price.