Category | Fund Name | Summary | Net Assets ($ M)* | YTD (%) |
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Alternatives | Diversified Return International Equity ETF | 769.39 | 2.4 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach to closely correspond to the performance of the Underlying Index. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is comprised of equity securities across developed global markets (excluding North America). Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. Also, the fund may invest up to 20% of its net assets in exchange-traded futures and currency forward contracts. |
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MLPs-NA | JPMorgan Alerian MLP Index ETN | 2.48 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in small-and mid-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. The Index is designed to track the performance of the energy MLP sector. Next, the research team seeks to provide exposure to midstream energy Master Limited Partnerships. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. |
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Alternatives | JPMorgan BetaBuilders Canada ETF | 6.75 | 2.7 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index consists of stocks traded primarily on the Toronto Stock Exchange. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund may invest up to 20% of its net assets in exchange-traded futures and forward foreign currency contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Alternatives | JPMorgan BetaBuilders Developed Asia ex-Japan ETF | 4.31 | 2.7 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index consists of equity securities from developed Asia-Pacific countries or regions other than Japan, including Australia, Hong Kong, New Zealand, and Singapore. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Underlying Index. However, the fund may utilize a representative sampling strategy when it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. Additionally, the fund may invest up to 20% of its net assets in exchange-traded futures and forward foreign currency contracts. |
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Alternatives | JPMorgan BetaBuilders Europe ETF | 8.98 | 6.3 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index consists of equity securities from developed European countries or regions, including: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund may invest up to 20% of its net assets in exchange-traded futures and forward foreign currency contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Alternatives | JPMorgan BetaBuilders Japan ETF | 7.26 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index consists of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund may invest up to 20% of its net assets in exchange-traded futures and forward foreign currency contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Real Estate-NA | JPMorgan BetaBuilders MSCI US REIT ETF | 1.18 | 0.7 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to measure the performance of US equity real estate investment trust securities. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Alternatives | JPMorgan Diversified Return Emerging Markets Equity ETF | 166 | 1.3 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is comprised of equity securities from emerging markets. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Underlying Index. However, the fund may utilize a representative sampling strategy when it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. Additionally, the fund may invest up to 20% of its net assets in exchange-traded futures contracts. |
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Mid-Cap-Core | JPMorgan Diversified Return U.S. Mid Cap Equity ETF | 252.12 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide U.S. mid-cap equity exposure with potential for better risk-adjusted returns than a market cap weighted index. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Small-Cap-Core | JPMorgan Diversified Return U.S. Small Cap Equity ETF | 210.27 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in small-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide U.S. small-cap equity exposure with potential for better risk-adjusted returns than a market cap weighted index. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Large-Cap-Core | JPMorgan Diversified Return US Equity ETF | 536.15 | 2.7 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid and large-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide domestic equity exposure with potential for better risk-adjusted returns than a market cap-weighted index. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Non-Investment Grade-Intermediate-Term | JPMorgan High Yield Research Enhanced ETF | 1.6 | 0 | |
The fund seeks primarily to provide a high level of income and secondarily capital appreciation by investing in companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in high yield securities. The team considers high yield security that is rated below investment grade or, if unrated, to be of comparable quality, to securities that are rated below investment grade. In selecting securities for the portfolio, the research team ranks issuers within each sector group according to their relative value. Also, the research team integrates environmental, social and governance factors as part of its process. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may invest up to 100% of its net assets in below investment grade or unrated securities. However, the fund may also invest in securities not included within the benchmark or securities or instruments with similar economic characteristics. |
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NA | JPMorgan International Bond Opportunities ETF | 323.11 | 0.7 | |
The fund seeks total return by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in bonds. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund’s net assets are invested primarily in debt securities of issuers located in countries other than the United States. Also, the fund invests in issuers in at least three countries other than the U.S. The fund may invest in developed or emerging markets, including sovereign debt issued by countries in developed and emerging markets. In addition, the fund generally invests at least 25% of its net assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. The fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy. In addition to currency derivatives, the fund may utilize other fixed income and credit derivatives including futures contracts, options and swaps. A significant portion of the fund’s net assets may be invested in asset-backed securities and mortgage-related and mortgage-backed securities. The fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The fund may also invest in mortgage pass-through securities including securities eligible to be sold in the to-be-announced or TBA market. In addition, the fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities. The fund may also invest in when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities, pay-in-kind securities, inverse floating rate securities, short-term funding agreements and deferred payment securities. |
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Alternatives | JPMorgan Long/Short ETF | 743.62 | 0 | |
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Investment Grade-Intermediate-Term | JPMorgan Municipal ETF | 126.59 | 0 | |
The fund seeks to deliver federal tax-exempt income and capital preservation by investing in companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in municipal securities, the income from which is exempt from federal income tax. Municipal securities are debt securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. As part of its investments in municipal securities, the team invests primarily in investment grade securities or the unrated equivalent. The team looks for individual fixed income investments that it believes will perform well over market cycles. Also, the research team integrates environmental, social and governance factors as part of its process. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. Also, the fund may invest in municipal mortgage-backed and asset-backed securities. The fund may also invest in high-quality, short-term money market instruments and repurchase agreements. Up to 20% of the fund’s net assets may be held in cash and cash equivalents. Additionally, up to 10% of the fund’s net assets may be invested in securities rated below investment grade (junk bonds). The fund may also invest in zero-coupon securities. In addition, up to 20% of the fund may be invested in money market funds, including affiliated money market funds, or cash. |
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Equity Income | JPMorgan U.S. Dividend ETF | 69.57 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide exposure to the highest dividend yielding sectors on a risk adjusted basis. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund seeks to replicate the composition of the Underlying Index, holding each security in approximately the same proportion as its weighting in the Underlying Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to buy all of the securities in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Investment Grade-Short-Term | JPMorgan Ultra-Short Income ETF | 19.22 | 0 | |
The fund seeks to provide current income while seeking to maintain a low volatility of principal by investing in companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt. As part of its principal investment strategy, the team may invest in corporate securities, asset-backed securities, mortgage-backed and mortgage-related securities, and high quality money market instruments such as commercial paper and certificates of deposit. In selecting securities for the portfolio, the research team focuses on characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. Also, the research team integrates environmental, social and governance factors as part of its process. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may also invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by foreign governments, repurchase agreements, when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities and privately placed securities. Also, the fund will invest more than 25% of its net assets in securities issued by companies in the banking industry. The fund seeks to maintain a duration of one year or less. Additionally, the fund may invest a significant portion of its net assets in mortgage-related and mortgage-backed, as well as restricted securities. |
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Investment Grade-Short-Term | JPMorgan Ultra-Short Municipal Income ETF | 170.4 | 0.4 | |
The fund seeks to deliver a high level of federal tax-exempt current income while maintaining stability of principal by investing in companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests significantly in municipal securities. Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. As part of its investments in municipal securities, the fund invests primarily in investment grade securities or the unrated equivalent. In selecting securities for the portfolio, the research team focuses on characteristics including interest rate risk, credit risk, duration, liquidity and the legal and technical structure of the transaction. Also, the research team integrates environmental, social and governance factors as part of its process. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less. Also, the fund may invest more than 25% of its net assets in municipal obligations. The fund also invests in municipal mortgage-backed and asset-backed securities, as well as auction rate securities and restricted securities. The fund may also invest in zero-coupon securities. In addition, up to 20% of the fund may be invested in money market funds, including affiliated money market funds, or cash. |
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Large-Cap-Core | JPMorgan US Minimum Volatility ETF | 30.15 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid and large-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide domestic equity exposure with a focus on companies with lower volatility characteristics. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Large-Cap-Core | JPMorgan US Momentum Factor ETF | 232.39 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide domestic equity exposure with a focus on companies with superior risk-adjusted momentum and the potential to enhance returns. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Large-Cap-Core | JPMorgan US Quality Factor ETF | 381.6 | 4 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide domestic equity exposure with a focus on companies with superior quality and profitability characteristics and the potential to enhance returns. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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Large-Cap-Value | JPMorgan US Value Factor ETF | 611.1 | 0 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in mid-and large-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is designed to provide domestic equity exposure with a focus on companies with attractive valuations and the potential to enhance returns. The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. Also, the fund employs a representative sampling strategy where it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. The fund may invest up to 20% of its net assets in exchange-traded futures contracts to seek performance that corresponds to the Underlying Index. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. |
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USD | JPMorgan USD Emerging Markets Sovereign Bond ETF | 65.1 | 0.3 | |
The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. As part of its strategy, the fund employs a passive or indexing investment approach. Next, the research team invests significantly in securities included in the Underlying Index. The Underlying Index is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the fund may concentrate in such industries or groups of industries. The fund may invest without limit in securities that are rated below investment grade or securities that are unrated but are deemed to be of comparable quality. Also, the fund may invest up to 20% of its net assets in exchange-traded futures contracts, credit default swaps and other exchange-traded funds. The fund is non-diversified. |
* Net Assets include for all classes