LDRI - Invesco LadderRite 0-5 Year Corporate Bond ETF
Fixed Income - US Fixed IncomeProduct Details
The Invesco LadderRite 0-5 Year Corporate Bond ETF (Fund) is based on the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index (Index). The Fund will normally invest at least 80% of its total assets in short-term investment grade corporate bonds that comprise the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to help to achieve its investment objective, which seeks to track the investment results (before fees and expenses) of the Index. The Fund and Index are rebalanced monthly.
Morningstar Rating ™
Overall Rating - Short-Term Bond CategoryAs of 11/30/2019 the Fund had an overall rating of 4 stars out of 490 funds and was rated 4 stars out of 490 funds, 4 stars out of 440 funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.
Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2019 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.
Performance
| YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception | |
|---|---|---|---|---|---|---|
| Index History (%) | ||||||
| NASDAQ LadderRite 0-5 Year USD Corporate Bond Index | 5.80 | 6.59 | 3.13 | 2.51 | N/A | 2.51 |
| ICE BofAML 0-5 Year US Corporate Index | 6.10 | 6.90 | 3.30 | 2.65 | N/A | 2.65 |
| Fund History (%) | ||||||
| Fund NAV | 5.48 | 6.18 | 2.88 | 2.19 | N/A | 2.18 |
| After Tax Held | 4.49 | 5.07 | 1.95 | 1.35 | N/A | 1.35 |
| After Tax Sold | 3.23 | 3.64 | 1.79 | 1.29 | N/A | 1.29 |
| Fund Market Price | 6.79 | 6.19 | 2.84 | 2.15 | N/A | 2.15 |
| YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception | |
|---|---|---|---|---|---|---|
| Index History (%) | ||||||
| NASDAQ LadderRite 0-5 Year USD Corporate Bond Index | 5.29 | 6.04 | 2.70 | 2.52 | N/A | 2.49 |
| ICE BofAML 0-5 Year US Corporate Index | 5.52 | 6.32 | 2.82 | 2.66 | N/A | 2.63 |
| Fund History (%) | ||||||
| Fund NAV | 5.00 | 5.66 | 2.43 | 2.19 | N/A | 2.16 |
| After Tax Held | 4.19 | 4.55 | 1.52 | 1.36 | N/A | 1.34 |
| After Tax Sold | 2.95 | 3.33 | 1.46 | 1.30 | N/A | 1.28 |
| Fund Market Price | 6.30 | 5.92 | 2.30 | 2.08 | N/A | 2.13 |
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.
Growth of $10,000
Data beginning Fund inception and ending 09/30/2019. 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.
Industry Allocations
| Industry | Percent of Fund |
|---|---|
| Banks | 22.00% |
| Capital Markets | 8.76% |
| Oil, Gas & Consumable Fuels | 8.75% |
| Software | 3.56% |
| Automobiles | 3.56% |
| Technology Hardware, Storage & Peripherals | 3.07% |
| Biotechnology | 3.05% |
| Health Care Providers & Services | 3.01% |
| Beverages | 2.98% |
| Equity Real Estate Investment Trusts (REITs) | 2.63% |
| Aerospace & Defense | 2.60% |
| Pharmaceuticals | 2.56% |
| Diversified Telecommunication Services | 2.56% |
| Semiconductors & Semiconductor Equipment | 2.55% |
| Consumer Finance | 2.30% |
| Electric Utilities | 2.02% |
| Food & Staples Retailing | 1.96% |
| Insurance | 1.57% |
| Specialty Retail | 1.54% |
| Unclassified | 1.53% |
| Internet & Direct Marketing Retail | 1.52% |
| Industrial Conglomerates | 1.52% |
| Chemicals | 1.06% |
| Trading Companies & Distributors | 1.04% |
| Tobacco | 1.03% |
| Diversified Financial Services | 1.03% |
| Household Products | 1.02% |
| Health Care Equipment & Supplies | 1.02% |
| Machinery | 1.02% |
| Communications Equipment | 1.01% |
| Media | 0.62% |
| Commercial Services & Supplies | 0.54% |
| Life Sciences Tools & Services | 0.54% |
| Hotels, Restaurants & Leisure | 0.53% |
| Wireless Telecommunication Services | 0.53% |
| Food Products | 0.53% |
| Metals & Mining | 0.52% |
| Road & Rail | 0.51% |
| Multi-Utilities | 0.51% |
| Air Freight & Logistics | 0.51% |
| Entertainment | 0.50% |
| Energy Equipment & Services | 0.31% |
Sector Allocation
| Sector | Percent of Fund |
|---|---|
| Financials | 35.67% |
| Information Technology | 10.20% |
| Health Care | 10.18% |
| Energy | 9.06% |
| Industrials | 7.74% |
| Consumer Staples | 7.52% |
| Consumer Discretionary | 7.15% |
| Communication Services | 4.21% |
| Real Estate | 2.63% |
| Utilities | 2.53% |
| Materials | 1.58% |
| Telecommunication Services | 1.53% |
Top Country Allocation
| Country | Percentage |
|---|---|
| United States | 85.34% |
| United Kingdom | 4.64% |
| Canada | 3.53% |
| Netherlands | 2.04% |
| Japan | 1.51% |
| France | 1.01% |
| Belgium | 0.92% |
| Germany | 0.50% |
| Switzerland | 0.50% |
Quality Allocations† as of 12/09/2019
| S&P | Moody's |
|---|---|
| AAA : 2% | Aaa : 3% |
| AA : 11% | Aa : 13% |
| A : 41% | A : 42% |
| BBB : 45% | Baa : 37% |
| BB : 1% | Ba : 4% |
| Not Rated : 0% | Not Rated : 1% |
Cash is excluded from the credit rating quality allocations table.
Maturity
| Years | % of Fund |
|---|---|
| 0 - 1 years | 22.28 |
| 1 - 5 years | 77.72 |
| 5 - 10 years | 0.00 |
| 10 - 15 years | 0.00 |
| 15 - 20 years | 0.00 |
| 20 - 25 years | 0.00 |
| 25 years and over | 0.00 |
as of 12/09/2019 Top Fixed-Income Holdings | View All
| Holding Name | Coupon Rate | Maturity Date | S&P / Moody's Rating† | Weight |
|---|---|---|---|---|
| HSBC Holdings PLC | 2.65% | 01/05/2022 | A/A2 | 2.02% |
| Verizon Communications Inc | 5.15% | 09/15/2023 | BBB+/Baa1 | 1.11% |
| Royal Bank of Scotland Group PLC | 6.10% | 06/10/2023 | BB+/Baa3 | 1.10% |
| Crown Castle International Corp | 5.25% | 01/15/2023 | BBB-/Baa3 | 1.09% |
| HCA Inc | 4.75% | 05/01/2023 | BBB-/Baa3 | 1.07% |
| Bank of New York Mellon Corp/The | 3.65% | 02/04/2024 | A/A1 | 1.06% |
| JPMorgan Chase & Co | 3.62% | 05/13/2024 | A-/A2 | 1.06% |
| Williams Cos Inc/The | 4.30% | 03/04/2024 | BBB/Baa3 | 1.06% |
| Hewlett Packard Enterprise Co | 4.40% | 10/15/2022 | BBB/Baa2 | 1.06% |
| United Technologies Corp | 3.65% | 08/16/2023 | BBB+/Baa1 | 1.06% |
Holdings are subject to change and are not buy/sell recommendations.
Distributions | HideView All | Distribution Information
| Ex-Date | Record Date | Pay Date | $/ Share |
Ordinary Income | Short Term Gains | Long Term Gains | Return of Capital |
|---|---|---|---|---|---|---|---|
| 11/18/2019 | 11/19/2019 | 11/29/2019 | 0.05464 | 0.05464 | - | - | - |
| 10/21/2019 | 10/22/2019 | 10/31/2019 | 0.05048 | 0.05048 | - | - | - |
| 09/23/2019 | 09/24/2019 | 09/30/2019 | 0.05275 | 0.05275 | - | - | - |
| 08/19/2019 | 08/20/2019 | 08/30/2019 | 0.05371 | 0.05371 | - | - | - |
| 07/22/2019 | 07/23/2019 | 07/31/2019 | 0.05497 | 0.05497 | - | - | - |
| 06/24/2019 | 06/25/2019 | 06/28/2019 | 0.05401 | 0.05401 | - | - | - |
| 05/20/2019 | 05/21/2019 | 05/31/2019 | 0.05570 | 0.05570 | - | - | - |
| 04/22/2019 | 04/23/2019 | 04/30/2019 | 0.05287 | 0.05287 | - | - | - |
| 03/18/2019 | 03/19/2019 | 03/29/2019 | 0.05234 | 0.05234 | - | - | - |
| 02/19/2019 | 02/20/2019 | 02/28/2019 | 0.05116 | - | - | - | - |
| 01/22/2019 | 01/23/2019 | 01/31/2019 | 0.05162 | 0.05162 | - | - | - |
| 12/24/2018 | 12/26/2018 | 12/31/2018 | 0.06214 | 0.06214 | - | - | - |
| 11/19/2018 | 11/20/2018 | 11/30/2018 | 0.05087 | 0.05087 | - | - | - |
| 10/22/2018 | 10/23/2018 | 10/31/2018 | 0.05000 | 0.05000 | - | - | - |
| 09/24/2018 | 09/25/2018 | 09/28/2018 | 0.04809 | 0.04809 | - | - | - |
| 08/20/2018 | 08/21/2018 | 08/31/2018 | 0.04500 | 0.04500 | - | - | - |
| 07/23/2018 | 07/24/2018 | 07/31/2018 | 0.04300 | 0.04300 | - | - | - |
| 06/18/2018 | 06/19/2018 | 06/29/2018 | 0.04250 | 0.04250 | - | - | - |
| 05/21/2018 | 05/22/2018 | 05/31/2018 | 0.04200 | 0.04200 | - | - | - |
| 04/23/2018 | 04/24/2018 | 04/30/2018 | 0.04184 | 0.04184 | - | - | - |
| 03/19/2018 | 03/20/2018 | 03/29/2018 | 0.04145 | 0.04145 | - | - | - |
| 02/20/2018 | 02/21/2018 | 02/28/2018 | 0.04019 | 0.04019 | - | - | - |
| 01/22/2018 | 01/23/2018 | 01/31/2018 | 0.04089 | 0.04089 | - | - | - |
| 12/18/2017 | 12/19/2017 | 12/29/2017 | 0.04500 | 0.04500 | - | - | - |
| 11/20/2017 | 11/21/2017 | 11/30/2017 | 0.04058 | 0.04058 | - | - | - |
| 10/23/2017 | 10/24/2017 | 10/31/2017 | 0.03831 | 0.03831 | - | - | - |
| 09/18/2017 | 09/19/2017 | 09/29/2017 | 0.03778 | 0.03778 | - | - | - |
| 08/15/2017 | 08/17/2017 | 08/31/2017 | 0.03867 | 0.03867 | - | - | - |
| 07/14/2017 | 07/18/2017 | 07/31/2017 | 0.03812 | 0.03812 | - | - | - |
| 06/15/2017 | 06/19/2017 | 06/30/2017 | 0.03757 | 0.03757 | - | - | - |
| 05/15/2017 | 05/17/2017 | 05/31/2017 | 0.03863 | 0.03863 | - | - | - |
| 04/13/2017 | 04/18/2017 | 04/28/2017 | 0.03687 | 0.03687 | - | - | - |
| 03/15/2017 | 03/17/2017 | 03/31/2017 | 0.03702 | 0.03702 | - | - | - |
| 02/15/2017 | 02/17/2017 | 02/28/2017 | 0.03582 | 0.03582 | - | - | - |
| 01/13/2017 | 01/18/2017 | 01/31/2017 | 0.03811 | 0.03811 | - | - | - |
| 12/15/2016 | 12/19/2016 | 12/30/2016 | 0.03673 | 0.03673 | - | - | - |
| 11/15/2016 | 11/17/2016 | 11/30/2016 | 0.03629 | 0.03629 | - | - | - |
| 10/14/2016 | 10/18/2016 | 10/31/2016 | 0.03424 | 0.03424 | - | - | - |
| 09/15/2016 | 09/19/2016 | 09/30/2016 | 0.03552 | 0.03552 | - | - | - |
| 08/15/2016 | 08/17/2016 | 08/31/2016 | 0.03729 | 0.03729 | - | - | - |
| 07/15/2016 | 07/19/2016 | 07/29/2016 | 0.03893 | 0.03893 | - | - | - |
| 06/15/2016 | 06/17/2016 | 06/30/2016 | 0.03887 | 0.03887 | - | - | - |
| 05/13/2016 | 05/17/2016 | 05/31/2016 | 0.03887 | 0.03887 | - | - | - |
| 04/15/2016 | 04/19/2016 | 04/29/2016 | 0.03756 | 0.03756 | - | - | - |
| 03/15/2016 | 03/17/2016 | 03/31/2016 | 0.03714 | 0.03714 | - | - | - |
| 02/12/2016 | 02/17/2016 | 02/29/2016 | 0.03451 | 0.03451 | - | - | - |
| 01/15/2016 | 01/20/2016 | 01/29/2016 | 0.03500 | 0.03500 | - | - | - |
| 12/24/2015 | 12/29/2015 | 12/31/2015 | 0.03523 | - | 0.03459 | 0.00064 | - |
| 12/15/2015 | 12/17/2015 | 12/31/2015 | 0.04250 | 0.04250 | - | - | - |
| 11/13/2015 | 11/17/2015 | 11/30/2015 | 0.03100 | 0.03100 | - | - | - |
| 10/15/2015 | 10/19/2015 | 10/30/2015 | 0.02805 | 0.02805 | - | - | - |
| 09/15/2015 | 09/17/2015 | 09/30/2015 | 0.02909 | 0.02909 | - | - | - |
| 08/14/2015 | 08/18/2015 | 08/31/2015 | 0.02965 | 0.02965 | - | - | - |
| 07/15/2015 | 07/17/2015 | 07/31/2015 | 0.02629 | 0.02629 | - | - | - |
| 06/15/2015 | 06/17/2015 | 06/30/2015 | 0.02620 | 0.02620 | - | - | - |
| 05/15/2015 | 05/19/2015 | 05/29/2015 | 0.02660 | 0.02660 | - | - | - |
| 04/15/2015 | 04/17/2015 | 04/30/2015 | 0.02681 | 0.02681 | - | - | - |
| 03/13/2015 | 03/17/2015 | 03/31/2015 | 0.02449 | 0.02449 | - | - | - |
| 02/13/2015 | 02/18/2015 | 02/27/2015 | 0.02574 | 0.02574 | - | - | - |
| 01/15/2015 | 01/20/2015 | 01/30/2015 | 0.02700 | 0.02700 | - | - | - |
| 12/15/2014 | 12/17/2014 | 12/31/2014 | 0.02506 | 0.02506 | - | - | - |
| 11/14/2014 | 11/18/2014 | 11/28/2014 | 0.02266 | 0.02266 | - | - | - |
| 10/15/2014 | 10/17/2014 | 10/31/2014 | 0.02500 | 0.02500 | - | - | - |
Distribution Information
QQQ/BLDRs (ADRA, ADRD, ADRE, and ADRU)
Fund distributions
Dividends from net investment income, if any, are declared and paid quarterly. For Funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of April, July, October and December respectively.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Fund distributions
Dividends from net investment income, if any, are declared and paid either annually, quarterly or monthly, depending on the Fund. For funds on an annual dividend payment cycle, the dividend ex-date is the next business day following the third Friday of December, payable the last business day of the year. For funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of the month. For funds on a monthly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each month, payable the last business day of the month.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
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% |
| 09/30/2019 | 64 | 2 | 0 | 0 | 0 | 0 | 0 |
| 03/31/2019 | 61 | 3 | 0 | 0 | 0 | 0 | 0 |
| 12/31/2018 | 63 | 2 | 1 | 0 | 2 | 0 | 0 |
| 09/30/2018 | 63 | 2 | 1 | 0 | 0 | 0 | 0 |
| Year Ended 2018 | 251 | 8 | 2 | 0 | 2 | 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% |
| 09/30/2019 | 64 | 59 | 3 | 0 | 0 | 0 | 0 |
| 03/31/2019 | 61 | 57 | 1 | 0 | 0 | 0 | 0 |
| 12/31/2018 | 63 | 54 | 2 | 1 | 1 | 0 | 0 |
| 09/30/2018 | 63 | 48 | 12 | 0 | 0 | 0 | 0 |
| Year Ended 2018 | 251 | 201 | 33 | 4 | 1 | 0 | 0 |
Fund Inception : 09/10/2014
Fund Documents
Materials & Resources
Risk & Other Information
Typically, security classifications used in calculating allocation tables are as of the last trading day of the previous month.
† 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. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying 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 risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.
The Fund will invest in bonds with short- or intermediate-term (five years or less) maturity 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.
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’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.
Investments focused in a particular sector, such as financials, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.
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.
Investments focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.
The ICE BofAML 0-5 Year US Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market.
The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.
The NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index is a trademark jointly owned by The NASDAQ OMX Group, Inc. and LadderRite Portfolios LLC and has been licensed for use for certain purposes by the Adviser. The Fund is not sponsored, endorsed, sold or promoted by The NASDAQ OMX Group, Inc., LadderRite Portfolios LLC or their affiliates (collectively referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund's Underlying Index to track general stock market performance. The Corporations' only relationship to the Adviser is in the licensing of the trade/service marks of NASDAQ OMX®, and the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index, and certain trade names of the Corporations and the use of the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index, which is determined, composed and calculated by NASDAQ OMX without regard to the Adviser or the Fund. NASDAQ OMX has no obligation to take the needs of the Adviser or the owners of the Fund into consideration in determining, composing or calculating the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index. The Corporations are not responsible for, and have not participated in, the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Fund. "NASDAQ®" is a registered trademark and is used under license. "LadderRite®" is a registered trademark and is used under license.
Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.