Fund
Name |
Ticker |
Listing
Exchange |
JPMorgan
Active Bond ETF (the “Active Bond ETF”) |
JBND |
New
York Stock Exchange LLC |
JPMorgan
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (the
“BetaBuilders
1-5 Year U.S. Aggregate Bond ETF”) |
BBSA |
Cboe
BZX Exchange, Inc. |
JPMorgan
BetaBuilders U.S. Aggregate Bond ETF (the “BetaBuilders
U.S.
Aggregate Bond ETF”) |
BBAG |
NYSE
Arca, Inc. |
JPMorgan
BetaBuilders USD High Yield Corporate Bond ETF (the
“BetaBuilders
USD High Yield Corporate Bond ETF”) |
BBHY |
Cboe
BZX Exchange, Inc. |
JPMorgan
BetaBuilders USD Investment Grade Corporate Bond ETF (the
“BetaBuilders
USD Investment Grade Corporate Bond ETF”) |
BBCB |
NYSE
Arca, Inc. |
JPMorgan
Core Plus Bond ETF (the “Core Plus Bond ETF”) |
JCPB |
Cboe
BZX Exchange, Inc. |
JPMorgan
Income ETF (the “Income ETF”) |
JPIE |
NYSE
Arca, Inc. |
JPMorgan
International Bond Opportunities ETF (the “International
Bond
Opportunities ETF”) |
JPIB |
Cboe
BZX Exchange, Inc. |
JPMorgan
Municipal ETF (the “Municipal ETF”) |
JMUB |
Cboe
BZX Exchange, Inc. |
JPMorgan
Short Duration Core Plus ETF (the “Short Duration Core Plus
ETF”) |
JSCP |
NYSE
Arca, Inc. |
JPMorgan
Ultra-Short Income ETF (the “Ultra-Short Income
ETF”) |
JPST |
NYSE
Arca, Inc. |
JPMorgan
Ultra-Short Municipal Income ETF (the “Ultra-Short
Municipal
Income ETF”) |
JMST |
Cboe
BZX Exchange, Inc. |
JPMorgan
USD Emerging Markets Sovereign Bond ETF (the “USD
Emerging
Markets Sovereign Bond ETF”) |
JPMB |
NYSE
Arca, Inc. |
1
| |
1
| |
1
| |
2
| |
3
| |
5
| |
5
| |
6
| |
11
| |
11
| |
12
| |
12
| |
12
| |
14
| |
16
| |
16
| |
16
| |
16
| |
19
| |
20
| |
20
| |
20
| |
21
| |
21
| |
21
| |
22
| |
23
| |
24
| |
25
| |
25
| |
25
| |
25
| |
25
| |
26
| |
26
| |
26
| |
26
| |
27 |
FUND
NAME |
FUND
CODE |
Active
Bond ETF |
1 |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF |
2 |
BetaBuilders
U.S. Aggregate Bond ETF |
3 |
BetaBuilders
USD High Yield Corporate Bond ETF |
4 |
BetaBuilders
USD Investment Grade Corporate Bond ETF |
5 |
Core
Plus Bond ETF |
6 |
Income
ETF |
7 |
International
Bond Opportunities ETF |
8 |
Municipal
ETF
|
9 |
Short
Duration Core Plus ETF |
10 |
Ultra-Short
Income ETF |
11 |
Ultra-Short
Municipal Income ETF |
12 |
USD
Emerging Markets Sovereign Bond ETF |
13 |
Instrument |
Fund
Code |
Part
II
Section
Reference |
Adjustable
Rate Mortgage Loans (“ARMs”): Loans
in a
mortgage
pool which provide for a fixed initial mortgage
interest
rate for a specified period of time, after which the
rate
may be subject to periodic adjustments. |
1-3,
6-8,
10-11 |
Mortgage-Related
Securities |
Asset-Backed
Securities: Securities
secured by company
receivables,
home equity loans, truck and auto loans, leases,
and
credit card receivables or other securities backed by
other
types of receivables or other assets. and pools of loans,
such
as collateralized loan obligations. |
1-3,
6-12 |
Asset-Backed
Securities |
Auction
Rate Securities: Auction
rate municipal securities
and
auction rate preferred securities issued by closed-end
investment
companies. |
7-10,
12 |
Auction
Rate
Securities |
Bank
Obligations: Bankers’
acceptances, certificates of
deposit
and time deposits. Bankers’ acceptances are bills of
exchange
or time drafts drawn on and accepted by a
commercial
bank. Maturities are generally six months or
less.
Certificates of deposit are negotiable certificates issued
by
a bank for a specified period of time and earning a
specified
return. Time deposits are non-negotiable receipts
issued
by a bank in exchange for the deposit of funds. |
1-12 |
Bank
Obligations |
Borrowings:
A
Fund may borrow for temporary purposes
and/or
for investment purposes. Such a practice will result
in
leveraging of a Fund’s assets and may cause a Fund to
liquidate
portfolio positions when it would not be
advantageous
to do so. A Fund must maintain continuous
asset
coverage of 300% of the amount borrowed, with the
exception
for borrowings not in excess of 5% of the Fund’s
total
assets made for temporary administrative purposes. |
1-5,
7-12 |
Miscellaneous
Investment
Strategies
and Risks |
Brady
Bonds: Securities
created through the exchange of
existing
commercial bank loans to public and private entities
in
certain emerging markets for new bonds in connection
with
debt restructurings. |
2-3,
6-8, 10,
13 |
Foreign
Investments
(including
Foreign
Currencies) |
Instrument |
Fund
Code |
Part
II
Section
Reference |
Call
and Put Options: A
call option gives the buyer the right
to
buy, and obligates the seller of the option to sell, a
security
at a specified price at a future date. A put option
gives
the buyer the right to sell, and obligates the seller of
the
option to buy, a security at a specified price at a future
date. |
1,
6-10, 12 |
Options
and Futures
Transactions |
Commercial
Paper: Secured
and unsecured short-term
promissory
notes issued by corporations and other entities.
Maturities
generally vary from a few days to nine months |
1-4,
6-12 |
Commercial
Paper |
Commodity-Related
Pooled Investment Vehicles: Ownership
interests
in grantor trusts and other pooled investment
vehicles
that hold tangible assets such as gold, silver and
other
commodities or invest in commodities futures. Grantor
trusts
are typically traded on an exchange. |
7-8 |
Commodity-Related
Pooled
Investment
Vehicles |
Common
Stock: Shares
of ownership of a company. |
4,
6-8, 10 |
Equity
Securities,
Warrants
and Rights |
Common
Stock Warrants and Rights: Securities,
typically
issued
with preferred stock or bonds, that give the holder the
right
to buy a proportionate amount of common stock at a
specified
price. |
4,
6-7 |
Equity
Securities,
Warrants
and Rights |
Contract
for Differences: An
arrangement made in a futures
contract
whereby differences in settlement are made through
cash
payments, rather than the delivery of physical goods or
securities. |
11 |
Swaps
and Related
Swap
Products |
Convertible
Securities: Bonds
or preferred stock that can
convert
to common stock. |
4-8,
10 |
Convertible
Securities |
Corporate
Debt Securities: May
include bonds and other
debt
securities of domestic and foreign issuers, including
obligations
of industrial, utility, banking and other corporate
issuers. |
1-13 |
Debt
Instruments |
Credit
Default Swaps (“CDSs”): A
swap agreement
between
two parties pursuant to which one party pays the
other
a fixed periodic coupon for the specified life of the
agreement.
The other party makes no payment unless a
credit
event, relating to a predetermined reference asset,
occurs.
If such an event occurs, the party will then make a
payment
to the first party, and the swap will terminate. |
1-10,
13 |
Swaps
and Related
Swap
Products |
Custodial
Receipts: A
Fund may acquire securities in the
form
of custodial receipts that evidence ownership of future
interest
payments, principal payments or both on certain
U.S.
Treasury notes or bonds in connection with programs
sponsored
by banks and brokerage firms. These are not
considered
to be U.S. government securities. These notes
and
bonds are held in custody by a bank on behalf of the
owners
of the receipts. |
6-8 |
Custodial
Receipts |
Demand
Features: Securities
that are subject to puts and
standby
commitments to purchase the securities at a fixed
price
(usually with accrued interest) within a fixed period of
time
following demand by a Fund. |
6-10,
12 |
Demand
Features |
Emerging
Market Securities: Securities
issued by issuers or
governments
in countries with emerging economies or
securities
markets which may be undergoing significant
evolution
and rapid development. |
2-3,
6-10, 12 |
Foreign
Investments
(including
Foreign
Currencies) |
Instrument |
Fund
Code |
Part
II
Section
Reference |
Exchange-Traded
Funds (“ETFs”): Ownership
interest in
unit
investment trusts, depositary receipts, and other pooled
investment
vehicles that hold a portfolio of securities or
stocks
designed to track the price performance and dividend
yield
of a particular broad-based, sector or international
index.
ETFs include a wide range of investments. |
1-3,
6-10,
12-13 |
Investment
Company
Securities
and
Exchange-
Traded
Funds |
Foreign
Currency Transactions: Strategies
used to hedge
against
currency risks, for other risk management purposes
or
to increase income or gain to a Fund. These strategies
may
consist of use of any of the following: options on
currencies,
currency futures, options on such futures,
forward
foreign currency transactions (including non-
deliverable
forwards (“NDFs”)), forward rate agreements
and
currency swaps, caps and floors. |
6-8,
10 |
Foreign
Investments
(including
Foreign
Currencies) |
Foreign
Investments: Equity
securities of foreign entities
and
obligations of foreign branches of U.S. banks and
foreign
banks. Foreign securities may also include American
Depositary
Receipts (“ADRs”), Global Depositary Receipts
(“GDRs”),
European Depositary Receipts (“EDRs”) and
American
Depositary Securities (“ADSs”).
|
1-8,
10-11,
13 |
Foreign
Investments
(including
Foreign
Currencies) |
High
Yield/High Risk Securities/Junk Bonds: Securities
that
are
generally rated below investment grade by the primary
rating
agencies or are unrated but are deemed by a Fund’s
adviser
to be of comparable quality. |
4-13 |
Debt
Instruments |
Inflation-Linked
Debt Securities: Includes
fixed and floating
rate
debt securities of varying maturities issued by the U.S.
government
as well as securities issued by other entities
such
as corporations, foreign governments and foreign
issuers. |
1,
6-12 |
Debt
Instruments |
Initial
Public Offering (“IPOs”): A
transaction in which a
previously
private company makes its first sale of stock to
the
public. |
7-8 |
Equity
Securities,
Warrants
and Rights |
Interfund
Lending: Involves
lending money and borrowing
money
for temporary purposes through a credit facility. |
1-13 |
Miscellaneous
Investment
Strategies
and Risks |
Inverse
Floating Rate Instruments: Leveraged
variable debt
instruments
with interest rates that reset in the opposite
direction
from the market rate of interest to which the
inverse
floater is indexed. |
1,
6-10, 12 |
Inverse
Floaters and
Interest
Rate Caps |
Investment
Company Securities: Shares
of other investment
companies,
including money market funds for which the
Adviser
and/or its affiliates serve as investment adviser or
administrator.
The Adviser will waive certain fees when
investing
in funds for which it serves as investment adviser,
to
the extent required by law or by contract. |
1-13 |
Investment
Company
Securities
and
Exchange-
Traded
Funds |
Loan
Assignments and Participations: Assignments
of, or
participations
in, all or a portion of loans to corporations or
to
governments, including governments of lesser developed
countries. |
6-10,
13 |
Loans |
Master
Limited Partnerships (“MLPs”): Limited
partnerships
that are publicly traded on a securities
exchange. |
7-8,
10 |
Master
Limited
Partnerships |
Mortgages
(Directly Held): Debt
instruments secured by
real
property. |
6-8,
10 |
Mortgage-Related
Securities |
Mortgage-Backed
Securities: Debt
obligations secured by
real
estate loans and pools of loans. |
1-3,
6-12 |
Mortgage-Related
Securities |
Instrument |
Fund
Code |
Part
II
Section
Reference |
Mortgage
Dollar Rolls1:
A
transaction in which a Fund sells
securities
for delivery in a current month and
simultaneously
contracts with the same party to repurchase
similar
but not identical securities on a specified future date.
|
1,
6-8, 10-11 |
Mortgage-Related
Securities |
Municipal
Securities: Securities
issued by a state or political
subdivision
(including securities issued by a foreign state or
subdivision)
to obtain funds for various public purposes.
Municipal
securities include, among others, private activity
bonds
and industrial development bonds, as well as general
obligation
notes, tax anticipation notes, bond anticipation
notes,
revenue anticipation notes, other short-term tax-
exempt
obligations, municipal leases, obligations of
municipal
housing authorities and single family revenue
bonds. |
1-3,
6-12 |
Municipal
Securities |
New
Financial Products: New
options and futures contracts
and
other financial products continue to be developed and a
Fund
may invest in such options, contracts and products. |
6-10,
12 |
New
Financial
Products
|
Obligations
of Supranational Agencies: Obligations
which
are
chartered to promote economic development and are
supported
by various governments and governmental
agencies. |
1-3,
6-8,
10-11 |
Foreign
Investments
(including
Foreign
Currencies) |
Options
and Futures Transactions: A
Fund may purchase
and
sell (a) exchange traded and over the counter put and
call
options on securities, indexes of securities and futures
contracts
on securities and indexes of securities,
commodities,
interest rate futures contracts and interest rate
swaps
and (b) futures contracts on securities and indexes of
securities
and commodities. |
1-3,
5-13 |
Options
and Futures
Transactions |
Preferred
Stock: A
class of stock that generally pays a
dividend
at a specified rate and has preference over common
stock
in the payment of dividends and in liquidation. |
4,
6-8, 10 |
Equity
Securities,
Warrants
and Rights |
Private
Placements, Restricted Securities and Other
Unregistered
Securities:
Securities
not registered under the
Securities
Act of 1933, such as privately placed commercial
paper
and Rule 144A securities. |
1-13 |
Miscellaneous
Investment
Strategies
and Risks |
Real
Estate Investment Trusts (“REITs”): Pooled
investment
vehicles
which invest primarily in income producing real
estate
or real estate related loans or interest. |
1,
4, 6-7 |
Real
Estate
Investment
Trusts |
Repurchase
Agreements: The
purchase of a security and the
simultaneous
commitment to return the security to the seller
at
an agreed upon price on an agreed upon date. This is
treated
as a loan. |
1,
6-7, 9-12 |
Repurchase
Agreements |
Reverse
Repurchase Agreements: The
sale of a security and
the
simultaneous commitment to buy the security back at an
agreed
upon price on an agreed upon date. This is treated as
a
borrowing by a Fund. |
6-7,
10, 12 |
Reverse
Repurchase
Agreements |
Securities
Issued in Connection with Reorganizations and
Corporate
Restructurings:
In
connection with reorganizing
or
restructuring of an issuer, an issuer may issue common
stock
or other securities to holders of its debt
securities. |
1-4,
6-8, 10,
13 |
Miscellaneous
Investment
Strategies
and Risks |
Securities
Lending: The
lending of up to 33 1∕3%
of a Fund’s
total
assets. In return, a Fund will receive cash as
collateral. |
1-7,
10, 12 |
Securities
Lending |
Instrument |
Fund
Code |
Part
II
Section
Reference |
Short-Term
Funding Agreements: Agreements
issued by
banks
and highly rated U.S. insurance companies such as
Guaranteed
Investment Contracts (“GICs”) and Bank
Investment
Contracts (“BICs”). |
6-10,
12 |
Short-Term
Funding
Agreements |
Short
Selling: A
Fund sells a security it does not own in
anticipation
of a decline in the market value of the security.
To
complete the transaction, a Fund must borrow the
security
to make delivery to the buyer. A Fund is obligated
to
replace the security borrowed by purchasing it
subsequently
at the market price at the time of replacement.
A
Fund may enter into physical short transactions or obtain
the
short exposure through synthetic derivative
transactions. |
8 |
Short
Selling |
Sovereign
Obligations: Investments
in debt obligations
issued
or guaranteed by a foreign sovereign government or
its
agencies, authorities or political subdivisions. |
1-3,
6-8,
10-11,
13 |
Foreign
Investments
(including
Foreign
Currencies) |
Stripped
Mortgage-Backed Securities: Derivative
multi-
class
mortgage securities which are usually structured with
two
classes of shares that receive different proportions of the
interest
and principal from a pool of mortgage assets. These
include
Interest-Only (“IO”) and Principal-Only (“PO”)
securities
issued outside a Real Estate Mortgage Investment
Conduit
(“REMIC”) or collateralized mortgage obligations
(“CMOs”)
structure. |
1,
6-8, 10-11 |
Mortgage-Related
Securities |
Structured
Investments: A
security having a return tied to an
underlying
index or other security or asset class. Structured
investments
generally are individually negotiated
agreements
and may be traded over-the-counter. Structured
investments
are organized and operated to restructure the
investment
characteristics of the underlying index, currency,
commodity
or financial instrument. |
2-3,
6-8, 10,
12-13 |
Structured
Investments |
Swaps
and Related Swap Products: Swaps
involve an
exchange
of obligations by two parties. Caps and floors
entitle
a purchaser to a principal amount from the seller of
the
cap or floor to the extent that a specified index exceeds
or
falls below a predetermined interest rate or amount. A
Fund
may enter into these transactions to manage its
exposure
to changing interest rates and other factors. |
1,
6-10, 12 |
Swaps
and Related
Swap
Products |
Synthetic
Variable Rate Instruments: Instruments
that
generally
involve the deposit of a long-term tax exempt
bond
in a custody or trust arrangement and the creation of a
mechanism
to adjust the long-term interest rate on the bond
to
a variable short- term rate and a right (subject to certain
conditions)
on the part of the purchaser to tender it
periodically
to a third party at par. |
6-8,
10, 12 |
Synthetic
Variable
Rate
Instruments |
Temporary
Defensive Positions: To
respond to unusual
circumstances,
a Fund may invest in cash and cash
equivalents
for temporary defensive purposes. |
1,
4, 6-10,
11-12 |
Miscellaneous
Investment
Strategies
and Risks |
Treasury
Receipts: A
Fund may purchase interests in
separately
traded interest and principal component parts of
U.S.
Treasury obligations that are issued by banks or
brokerage
firms and that are created by depositing U.S.
Treasury
notes and U.S. Treasury bonds into a special
account
at a custodian bank. Receipts include Treasury
Receipts
(“TRs”), Treasury Investment Growth Receipts
(“TIGRs”),
and Certificates of Accrual on Treasury
Securities
(“CATS”). |
1,
4, 6-10,
11-12 |
Treasury
Receipts |
Instrument |
Fund
Code |
Part
II
Section
Reference |
Trust
Preferred: Securities
with characteristics of both
subordinated
debt and preferred stock. Trust preferreds are
generally
long term securities that make periodic fixed or
variable
interest payments. |
4,
6-8, 10 |
Trust
Preferred |
U.S.
Government Agency Securities: Securities
issued or
guaranteed
by agencies and instrumentalities of the U.S.
government.
These include all types of securities issued by
the
Government National Mortgage Association (“Ginnie
Mae”),
the Federal National Mortgage Association (“Fannie
Mae”)
and the Federal Home Loan Mortgage Corporation
(“Freddie
Mac”), including funding notes, subordinated
benchmark
notes, CMOs and REMICs. |
1-12 |
Mortgage-Related
Securities |
U.S.
Government Obligations: May
include direct
obligations
of the U.S. Treasury, including Treasury bills,
notes
and bonds, all of which are backed as to principal and
interest
payments by the full faith and credit of the United
States,
and separately traded principal and interest
component
parts of such obligations that are transferable
through
the Federal book-entry system known as Separate
Trading
of Registered Interest and Principal of Securities
(“STRIPS”)
and Coupons Under Book Entry Safekeeping
(“CUBES”). |
1-12 |
U.S.
Government
Obligations |
Variable
and Floating Rate Instruments: Obligations
with
interest
rates which are reset daily, weekly, quarterly or some
other
frequency and which may be payable to a Fund on
demand
or at the expiration of a specified term. |
1,
3-4, 6-12 |
Debt
Instruments |
When-Issued
Securities, Delayed Delivery Securities and
Forward
Commitments:
Purchase or contract to purchase
securities
at a fixed price for delivery at a future date. |
1-4,
6-12 |
When-Issued
Securities,
Delayed
Delivery
Securities
and
Forward
Commitments |
Zero-Coupon,
Pay-in-Kind and Deferred Payment
Securities:
Zero-coupon
securities are securities that are
sold
at a discount to par value and on which interest
payments
are not made during the life of the security. Pay-
in-kind
securities are securities that have interest payable by
delivery
of additional securities. Deferred payment
securities
are zero-coupon debt securities which convert on
a
specified date to interest bearing debt securities. |
1-4,
6-12 |
Debt
Instruments |
|
Fiscal
Year Ended | |
Fund |
February
28, 2023 |
February
29, 2024 |
Active
Bond ETF1
|
N/A |
78% |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF |
60% |
55% |
BetaBuilders
U.S. Aggregate Bond ETF |
107% |
138% |
BetaBuilders
USD High Yield Corporate Bond ETF |
39% |
16% |
BetaBuilders
USD Investment Grade Corporate Bond ETF |
35% |
13% |
Core
Plus Bond ETF |
36% |
57% |
Income
ETF |
216% |
162% |
International
Bond Opportunities ETF |
71% |
25% |
Municipal
ETF |
33% |
27% |
Short
Duration Core Plus ETF |
199% |
48% |
Ultra-Short
Income ETF |
57% |
77% |
Ultra-Short
Municipal Income ETF |
94% |
76% |
USD
Emerging Markets Sovereign Bond ETF |
34% |
26% |
Committee |
Fiscal
Year Ended
February
29, 2024 |
Audit
and Valuation Committee |
4 |
Compliance
Committee |
4 |
Governance
Committee |
6 |
Equity
Committee |
7 |
ETF
Committee |
4 |
Fixed
Income Committee |
6 |
Money
Market and Alternative Products Committee |
5 |
Name
of Trustee |
Dollar
Range
of
Equity
Securities
in
Active
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
1-5
Year
U.S.
Aggregate
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
U.S.
Aggregate
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
USD
High
Yield
Corporate
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
USD
Investment
Grade
Corporate
Bond
ETF |
Independent
Trustees |
|
|
|
|
|
John
F. Finn |
None |
None |
None |
None |
None |
Stephen
P. Fisher |
None |
None |
None |
None |
None |
Gary
L. French |
None |
None |
None |
None |
None |
Kathleen
M. Gallagher |
None |
None |
None |
None |
None |
Robert
J. Grassi |
None |
None |
None |
None |
None |
Frankie
D. Hughes |
None |
None |
None |
None |
None |
Raymond
Kanner |
None |
None |
None |
None |
None |
Thomas
P. Lemke |
None |
None |
None |
None |
None |
Name
of Trustee |
Dollar
Range
of
Equity
Securities
in
Active
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
1-5
Year
U.S.
Aggregate
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
U.S.
Aggregate
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
USD
High
Yield
Corporate
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
BetaBuilders
USD
Investment
Grade
Corporate
Bond
ETF |
Lawrence
R. Maffia |
None |
None |
None |
None |
None |
Mary
E. Martinez |
None |
None |
None |
None |
None |
Marilyn
McCoy |
None |
None |
None |
None |
None |
Dr.
Robert A. Oden, Jr. |
None |
None |
None |
None |
None |
Marian
U. Pardo |
None |
None |
None |
None |
None |
Emily
A. Youssouf |
None |
None |
None |
None |
None |
Interested
Trustees |
|
|
|
|
|
Robert
Deutsch |
None |
None |
None |
None |
None |
Nina
O. Shenker |
None |
None |
None |
None |
None |
Name
of Trustee |
Dollar
Range
of
Equity
Securities
in
Core
Plus
Bond
ETF |
Dollar
Range
of
Equity
Securities
in
Income
ETF |
Dollar
Range
of
Equity
Securities
in
International
Bond
Opportunities
ETF |
Dollar
Range
of
Equity
Securities
in
Municipal
ETF |
Dollar
Range
of
Equity
Securities
in
Short
Duration
Core
Plus
ETF |
Independent
Trustees |
|
|
|
|
|
John
F. Finn |
None |
None |
None |
None |
None |
Stephen
P. Fisher |
$10,001–
$50,000 |
None |
None |
None |
None |
Gary
L. French |
None |
None |
None |
None |
None |
Kathleen
M. Gallagher |
None |
None |
None |
None |
None |
Robert
J. Grassi |
None |
None |
None |
$50,001–
$100,000 |
None |
Frankie
D. Hughes |
None |
None |
None |
None |
None |
Raymond
Kanner |
None |
None |
None |
None |
None |
Thomas
P. Lemke |
None |
None |
None |
None |
None |
Lawrence
R. Maffia |
None |
None |
None |
None |
None |
Mary
E. Martinez |
None |
None |
None |
None |
None |
Marilyn
McCoy |
None |
None |
None |
None |
None |
Dr.
Robert A. Oden, Jr. |
None |
None |
None |
None |
None |
Marian
U. Pardo |
None |
None |
None |
None |
None |
Emily
A. Youssouf |
None |
None |
None |
None |
None |
Interested
Trustees |
|
|
|
|
|
Robert
Deutsch |
None |
None |
None |
None |
None |
Nina
O. Shenker |
None |
None |
None |
None |
None |
Name
of Trustee |
Dollar
Range
of
Equity
Securities
in
Ultra-Short
Income
ETF |
Dollar
Range
of
Equity
Securities
in
Ultra-Short
Municipal
Income
ETF |
Dollar
Range
of
Equity
Securities
in
USD
Emerging
Markets
Sovereign
Bond
ETF |
Aggregate
Dollar
Range
of
Equity
Securities
in
All
Registered
Investment
Companies
Overseen
by the
Trustee
in
Family
of
Investment
Companies1,2
|
Independent
Trustees |
|
|
|
|
John
F. Finn |
None |
None |
None |
Over
$100,000 |
Stephen
P. Fisher |
None |
None |
None |
Over
$100,000 |
Gary
L. French |
None |
None |
None |
Over
$100,000 |
Kathleen
M. Gallagher |
None |
None |
None |
Over
$100,000 |
Robert
J. Grassi |
$50,001–
$100,000 |
None |
$10,001–
$50,000 |
Over
$100,000 |
Frankie
D. Hughes |
None |
None |
None |
Over
$100,000 |
Name
of Trustee |
Dollar
Range
of
Equity
Securities
in
Ultra-Short
Income
ETF |
Dollar
Range
of
Equity
Securities
in
Ultra-Short
Municipal
Income
ETF |
Dollar
Range
of
Equity
Securities
in
USD
Emerging
Markets
Sovereign
Bond
ETF |
Aggregate
Dollar
Range
of
Equity
Securities
in
All
Registered
Investment
Companies
Overseen
by the
Trustee
in
Family
of
Investment
Companies1,2 |
Raymond
Kanner |
None |
None |
None |
Over
$100,000 |
Thomas
P. Lemke |
Over
$100,000 |
None |
None |
Over
$100,000 |
Lawrence
R. Maffia |
Over
$100,000 |
None |
None |
Over
$100,000 |
Mary
E. Martinez |
None |
None |
None |
Over
$100,000 |
Marilyn
McCoy |
None |
None |
None |
Over
$100,000 |
Dr.
Robert A. Oden, Jr. |
None |
None |
None |
Over
$100,000 |
Marian
U. Pardo |
None |
None |
None |
Over
$100,000 |
Emily
A. Youssouf |
None |
None |
None |
Over
$100,000 |
Interested
Trustees |
|
|
|
|
Robert
Deutsch |
None |
None |
None |
Over
$100,000 |
Nina
O. Shenker |
None |
None |
None |
Over
$100,000 |
Name
of Trustee |
Active
Bond
ETF |
BetaBuilders
1-5 Year
U.S.
Aggregate
Bond
ETF |
BetaBuilders
U.S.
Aggregate
Bond
ETF |
BetaBuilders
USD
High
Yield
Corporate
Bond
ETF |
BetaBuilders
USD
Investment
Grade
Corporate
Bond
ETF |
Independent
Trustees |
|
|
|
|
|
John
F. Finn |
$267 |
$1,571 |
$2,171 |
$1,699 |
$1,579 |
Stephen
P. Fisher |
264 |
1,567 |
1,907 |
1,639 |
1,572 |
Gary
L. French |
263 |
1,566 |
1,808 |
1,617 |
1,569 |
Kathleen
M. Gallagher |
264 |
1,567 |
1,907 |
1,639 |
1,572 |
Robert
J. Grassi |
263 |
1,566 |
1,808 |
1,617 |
1,569 |
Frankie
D. Hughes |
263 |
1,566 |
1,808 |
1,617 |
1,569 |
Raymond
Kanner |
264 |
1,567 |
1,907 |
1,639 |
1,572 |
Thomas
P. Lemke |
263 |
1,566 |
1,808 |
1,617 |
1,569 |
Name
of Trustee |
Active
Bond
ETF |
BetaBuilders
1-5 Year
U.S.
Aggregate
Bond
ETF |
BetaBuilders
U.S.
Aggregate
Bond
ETF |
BetaBuilders
USD
High
Yield
Corporate
Bond
ETF |
BetaBuilders
USD
Investment
Grade
Corporate
Bond
ETF |
Lawrence
R. Maffia |
$263 |
$1,566 |
$1,808 |
$1,617 |
$1,569 |
Mary
E. Martinez |
265 |
1,569 |
2,020 |
1,665 |
1,575 |
Marilyn
McCoy |
263 |
1,566 |
1,808 |
1,617 |
1,569 |
Dr.
Robert A. Oden, Jr. |
264 |
1,567 |
1,907 |
1,639 |
1,572 |
Marian
U. Pardo |
264 |
1,567 |
1,907 |
1,639 |
1,572 |
Emily
A. Youssouf |
263 |
1,566 |
1,808 |
1,617 |
1,569 |
Interested
Trustees |
|
|
|
|
|
Robert
Deutsch |
264 |
1,567 |
1,907 |
1,639 |
1,572 |
Nina
O. Shenker8
|
263 |
1,566 |
1,808 |
1,617 |
1,569 |
Name
of Trustee |
Core
Plus
Bond
ETF |
Income
ETF |
International
Bond
Opportunities
ETF |
Municipal
ETF |
Short
Duration
Core
Plus
ETF |
Independent
Trustees |
|
|
|
|
|
John
F. Finn |
$1,963 |
$1,732 |
$1,682 |
$1,746 |
$1,649 |
Stephen
P. Fisher |
1,789 |
1,658 |
1,630 |
1,666 |
1,611 |
Gary
L. French |
1,724 |
1,631 |
1,611 |
1,637 |
1,597 |
Kathleen
M. Gallagher |
1,789 |
1,658 |
1,630 |
1,666 |
1,611 |
Robert
J. Grassi |
1,724 |
1,631 |
1,611 |
1,637 |
1,597 |
Frankie
D. Hughes |
1,724 |
1,631 |
1,611 |
1,637 |
1,597 |
Raymond
Kanner |
1,789 |
1,658 |
1,630 |
1,666 |
1,611 |
Thomas
P. Lemke |
1,724 |
1,631 |
1,611 |
1,636 |
1,597 |
Lawrence
R. Maffia |
1,724 |
1,631 |
1,611 |
1,637 |
1,597 |
Mary
E. Martinez |
1,864 |
1,690 |
1,652 |
1,700 |
1,627 |
Marilyn
McCoy |
1,724 |
1,631 |
1,611 |
1,637 |
1,597 |
Dr.
Robert A. Oden, Jr. |
1,789 |
1,658 |
1,630 |
1,666 |
1,611 |
Marian
U. Pardo |
1,789 |
1,658 |
1,630 |
1,666 |
1,611 |
Emily
A. Youssouf |
1,724 |
1,631 |
1,611 |
1,637 |
1,597 |
Interested
Trustees |
|
|
|
|
|
Robert
Deutsch |
1,789 |
1,658 |
1,630 |
1,666 |
1,611 |
Nina
O. Shenker8
|
1,724 |
1,631 |
1,611 |
1,637 |
1,597 |
Name
of Trustee |
Ultra-
Short
Municipal
Income
ETF |
Ultra-Short
Income
ETF |
USD
Emerging
Markets
Sovereign
Bond
ETF |
Total
Compensation
Paid
From
Fund
Complex1
|
Independent
Trustees |
|
|
|
|
John
F. Finn |
$2,506 |
$10,361 |
$1,690 |
$660,000 |
Stephen
P. Fisher |
2,095 |
6,536 |
1,634 |
485,000 |
Gary
L. French |
1,943 |
5,115 |
1,614 |
420,0002
|
Kathleen
M. Gallagher |
2,095 |
6,536 |
1,634 |
485,0003
|
Robert
J. Grassi |
1,943 |
5,115 |
1,614 |
420,000 |
Frankie
D. Hughes |
1,943 |
5,115 |
1,614 |
420,000 |
Raymond
Kanner |
2,095 |
6,536 |
1,634 |
485,0004
|
Thomas
P. Lemke |
1,943 |
5,115 |
1,614 |
420,0005
|
Lawrence
R. Maffia |
1,943 |
5,115 |
1,614 |
420,000 |
Mary
E. Martinez |
2,271 |
8,175 |
1,658 |
560,000 |
Marilyn
McCoy |
1,943 |
5,115 |
1,614 |
420,0006
|
Dr.
Robert A. Oden, Jr. |
2,095 |
6,536 |
1,634 |
485,000 |
Marian
U. Pardo |
2,095 |
6,536 |
1,634 |
485,000 |
Emily
A. Youssouf |
1,943 |
5,115 |
1,614 |
420,0002
|
Interested
Trustees |
|
|
|
|
Name
of Trustee |
Ultra-
Short
Municipal
Income
ETF |
Ultra-Short
Income
ETF |
USD
Emerging
Markets
Sovereign
Bond
ETF |
Total
Compensation
Paid
From
Fund
Complex1 |
Robert
Deutsch |
$2,095 |
$6,536 |
$1,634 |
$485,0007
|
Nina
O. Shenker8
|
1,943 |
5,115 |
1,614 |
420,0006
|
|
Fiscal
Year Ended | ||
Fund |
February
28, 2022 |
February
28, 2023 |
February
29, 2024 |
Active
Bond ETF1
|
N/A |
N/A |
$171,056 |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF |
$26,015 |
$17,168 |
8,151 |
BetaBuilders
U.S. Aggregate Bond ETF |
736,828 |
691,855 |
393,720 |
BetaBuilders
USD High Yield Corporate Bond
ETF |
3,771,426 |
1,286,130 |
618,253 |
BetaBuilders
USD Investment Grade Corporate
Bond
ETF |
76,457 |
57,997 |
47,695 |
Core
Plus Bond ETF |
740,125 |
1,678,730 |
5,949,316 |
Income
ETF2
|
150,241 |
729,986 |
2,545,434 |
International
Bond Opportunities ETF |
1,470,475 |
1,491,026 |
1,737,828 |
Municipal
ETF |
161,324 |
368,142 |
1,140,487 |
Short
Duration Core Plus ETF |
387,921 |
660,115 |
855,357 |
Ultra-Short
Income ETF |
31,237,223 |
35,035,467 |
38,918,174 |
Ultra-Short
Municipal Income ETF |
3,507,246 |
5,010,686 |
4,324,067 |
USD
Emerging Markets Sovereign Bond ETF |
300,950 |
382,429 |
1,804,823 |
|
Non-Performance
Based Fee Advisory Accounts | |||||
|
Registered
Investment
Companies |
Other
Pooled
Investment
Vehicles |
Other
Accounts | |||
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) | |
Active
Bond ETF | ||||||
Richard
Figuly |
25 |
$91,880,787 |
15 |
$24,812,686 |
16 |
$4,477,549 |
|
Non-Performance
Based Fee Advisory Accounts | |||||
|
Registered
Investment
Companies |
Other
Pooled
Investment
Vehicles |
Other
Accounts | |||
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) | |
Justin
Rucker |
12 |
$59,900,550 |
12 |
$20,027,957 |
23 |
$16,714,623 |
Andrew
Melchiorre |
13 |
69,041,374 |
10 |
22,082,791 |
21 |
5,567,648 |
Edward
Fitzpatrick III |
6 |
50,916,678 |
9 |
17,579,436 |
5 |
3,660,259 |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF | ||||||
Naveen
Kumar |
10 |
2,844,790 |
18 |
5,800,160 |
5 |
848,338 |
Evan
Olonoff |
7 |
1,896,017 |
1 |
48,905 |
6 |
3,907,310 |
Jan
Ho |
4 |
5,568,393 |
5 |
2,662,153 |
23 |
6,396,690 |
BetaBuilders
U.S. Aggregate Bond ETF | ||||||
Naveen
Kumar |
10 |
1,212,336 |
18 |
5,800,160 |
5 |
848,338 |
Evan
Olonoff |
7 |
263,563 |
1 |
48,905 |
6 |
3,907,310 |
Jan
Ho |
4 |
3,935,939 |
5 |
2,662,153 |
23 |
6,396,690 |
BetaBuilders
USD High Yield Corporate Bond ETF | ||||||
Edward
Gibbons |
4 |
1,396,299 |
7 |
1,809,779 |
5 |
943,016 |
John
Lux |
4 |
1,396,299 |
7 |
1,809,779 |
5 |
943,016 |
BetaBuilders
USD Investment Grade Corporate Bond ETF | ||||||
Qiwei
Zhu |
2 |
607,074 |
6 |
574,880 |
5 |
800,705 |
Sameer
Iqbal |
0 |
0 |
2 |
93,019 |
31 |
30,018,804 |
Core
Plus Bond ETF | ||||||
Richard
Figuly |
25 |
89,455,287 |
15 |
24,812,686 |
16 |
4,477,549 |
J.
Andrew Norelli |
5 |
33,306,335 |
5 |
16,758,305 |
8 |
2,342,292 |
Lisa
Coleman |
8 |
28,919,451 |
24 |
28,561,632 |
18 |
18,335,061 |
Thomas
Hauser |
17 |
42,700,926 |
12 |
25,221,488 |
41 |
12,762,014 |
Kay
Herr |
5 |
27,138,908 |
2 |
6,307,538 |
8 |
2,342,292 |
Priya
Misra |
3 |
22,980,703 |
2 |
6,307,538 |
19 |
9,383,982 |
Income
ETF | ||||||
J.
Andrew Norelli |
5 |
34,854,824 |
5 |
16,758,305 |
8 |
2,342,292 |
Andrew
Headley |
12 |
14,617,907 |
36 |
26,005,782 |
8 |
3,458,064 |
Thomas
Hauser |
17 |
44,249,416 |
12 |
25,221,488 |
41 |
12,762,014 |
International
Bond Opportunities ETF | ||||||
Bob
Michele |
2 |
4,437,124 |
13 |
14,449,198 |
4 |
2,554,629 |
Iain
Stealey |
3 |
4,624,454 |
33 |
30,329,994 |
12 |
12,227,346 |
Lisa
Coleman |
8 |
31,124,201 |
24 |
28,561,632 |
18 |
18,335,061 |
Peter
Aspbury |
2 |
151,253 |
10 |
2,181,562 |
6 |
2,487,482 |
Municipal
ETF | ||||||
Michelle
V. Hallam |
6 |
4,796,568 |
0 |
0 |
66 |
2,098,458 |
Michael
R. Myers |
3 |
3,587,784 |
0 |
0 |
3 |
335,358 |
Rachel
Betton |
7 |
4,661,262 |
0 |
0 |
0 |
0 |
Short
Duration Core Plus ETF | ||||||
Cary
Fitzgerald |
5 |
11,332,538 |
8 |
6,737,324 |
88 |
34,737,518 |
Kay
Herr |
5 |
29,349,196 |
2 |
6,307,538 |
8 |
2,342,292 |
Ultra-Short
Income ETF | ||||||
James
McNerny |
1 |
5,726,922 |
2 |
2,776,195 |
42 |
18,361,949 |
David
Martucci |
5 |
6,226,174 |
5 |
2,780,800 |
161 |
41,654,140 |
Cecilia
Junker |
1 |
5,726,922 |
2 |
2,776,195 |
59 |
26,912,890 |
Kyongsoo
Noh |
6 |
6,230,534 |
6 |
9,715,694 |
43 |
15,046,011 |
Ultra-Short
Municipal Income ETF | ||||||
Curtis
White |
4 |
2,949,988 |
0 |
0 |
2 |
14,068 |
Josh
Brunner |
4 |
3,237,526 |
0 |
0 |
40 |
1,327,868 |
USD
Emerging Markets Sovereign Bond ETF | ||||||
Andrew
Bartlett |
2 |
187,671 |
8 |
2,133,007 |
32 |
12,164,575 |
Supreet
Khandate |
0 |
0 |
2 |
688,334 |
2 |
679,829 |
Kush
Purohit |
0 |
0 |
2 |
688,334 |
3 |
363,380 |
|
Performance
Based Fee Advisory Accounts | |||||
|
Registered
Investment
Companies |
Other
Pooled
Investment
Vehicles |
Other
Accounts | |||
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) | |
Active
Bond ETF | ||||||
Richard
Figuly |
0 |
$0 |
0 |
$0 |
1 |
$1,990,943 |
Justin
Rucker |
0 |
0 |
0 |
0 |
1 |
1,990,943 |
Andrew
Melchiorre |
0 |
0 |
0 |
0 |
0 |
0 |
Edward
Fitzpatrick III |
0 |
0 |
0 |
0 |
1 |
92,555 |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF | ||||||
Naveen
Kumar |
0 |
0 |
0 |
0 |
0 |
0 |
Evan
Olonoff |
0 |
0 |
0 |
0 |
0 |
0 |
Jan
Ho |
0 |
0 |
0 |
0 |
0 |
0 |
BetaBuilders
U.S. Aggregate Bond ETF | ||||||
Naveen
Kumar |
0 |
0 |
0 |
0 |
0 |
0 |
Evan
Olonoff |
0 |
0 |
0 |
0 |
0 |
0 |
Jan
Ho |
0 |
0 |
0 |
0 |
0 |
0 |
BetaBuilders
USD High Yield Corporate Bond ETF | ||||||
Edward
Gibbons |
0 |
0 |
0 |
0 |
0 |
0 |
John
Lux |
0 |
0 |
0 |
0 |
0 |
0 |
BetaBuilders
USD Investment Grade Corporate Bond ETF | ||||||
Qiwei
Zhu |
0 |
0 |
0 |
0 |
0 |
0 |
Sameer
Iqbal |
0 |
0 |
0 |
0 |
0 |
0 |
Core
Plus Bond ETF | ||||||
Richard
Figuly |
0 |
0 |
0 |
0 |
1 |
1,990,943 |
J.
Andrew Norelli |
0 |
0 |
0 |
0 |
0 |
0 |
Lisa
Coleman |
0 |
0 |
0 |
0 |
1 |
272,085 |
Thomas
Hauser |
0 |
0 |
1 |
22,941 |
0 |
0 |
Kay
Herr |
0 |
0 |
0 |
0 |
0 |
0 |
Priya
Misra |
0 |
0 |
0 |
0 |
0 |
0 |
Income
ETF | ||||||
J.
Andrew Norelli |
0 |
0 |
0 |
0 |
0 |
0 |
Andrew
Headley |
0 |
0 |
0 |
0 |
2 |
231,955 |
Thomas
Hauser |
0 |
0 |
1 |
22,941 |
0 |
0 |
International
Bond Opportunities ETF | ||||||
Bob
Michele |
0 |
0 |
0 |
0 |
0 |
0 |
Iain
Stealey |
0 |
0 |
0 |
0 |
1 |
150,946 |
Lisa
Coleman |
0 |
0 |
0 |
0 |
1 |
272,085 |
Peter
Aspbury |
0 |
0 |
0 |
0 |
0 |
0 |
Municipal
ETF | ||||||
Michelle
V. Hallam |
0 |
0 |
0 |
0 |
0 |
0 |
Michael
R. Myers |
0 |
0 |
0 |
0 |
0 |
0 |
Rachel
Betton |
0 |
0 |
0 |
0 |
0 |
0 |
Short
Duration Core Plus ETF | ||||||
Cary
Fitzgerald |
0 |
0 |
0 |
0 |
1 |
365,979 |
Kay
Herr |
0 |
0 |
0 |
0 |
0 |
0 |
Ultra-Short
Income ETF | ||||||
James
McNerny |
0 |
0 |
0 |
0 |
0 |
0 |
David
Martucci |
0 |
0 |
0 |
0 |
0 |
0 |
Cecilia
Junker |
0 |
0 |
0 |
0 |
0 |
0 |
Kyongsoo
Noh |
0 |
0 |
0 |
0 |
0 |
0 |
Ultra-Short
Municipal Income ETF | ||||||
Curtis
White |
0 |
0 |
0 |
0 |
0 |
0 |
Josh
Brunner |
0 |
0 |
0 |
0 |
0 |
0 |
USD
Emerging Markets Sovereign Bond ETF | ||||||
Andrew
Bartlett |
0 |
0 |
0 |
0 |
8 |
1,712,842 |
|
Performance
Based Fee Advisory Accounts | |||||
|
Registered
Investment
Companies |
Other
Pooled
Investment
Vehicles |
Other
Accounts | |||
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) | |
Supreet
Khandate |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Kush
Purohit |
0 |
0 |
0 |
0 |
0 |
0 |
Fund |
Aggregate
Dollar Range of Securities in the Fund | ||||||
None |
$1-
$10,000 |
$10,001-
$50,000 |
$50,001-
$100,000 |
$100,001-
$500,000 |
$500,001-
$1,000,000 |
Over
$1,000,000 | |
Active
Bond ETF | |||||||
Richard
Figuly |
|
|
|
|
X |
|
|
Justin
Rucker |
|
|
|
|
X |
|
|
Andrew
Melchiorre |
|
|
|
|
X |
|
|
Edward
Fitzpatrick III |
X |
|
|
|
|
|
|
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF | |||||||
Naveen
Kumar |
X |
|
|
|
|
|
|
Evan
Olonoff |
X |
|
|
|
|
|
|
Jan
Ho |
X |
|
|
|
|
|
|
BetaBuilders
U.S. Aggregate Bond ETF | |||||||
Naveen
Kumar |
X |
|
|
|
|
|
|
Evan
Olonoff |
X |
|
|
|
|
|
|
Jan
Ho |
X |
|
|
|
|
|
|
BetaBuilders
USD High Yield Corporate Bond ETF | |||||||
Edward
Gibbons |
|
|
X |
|
|
|
|
John
Lux |
|
|
X |
|
|
|
|
BetaBuilders
USD Investment Grade Corporate Bond ETF | |||||||
Qiwei
Zhu |
X |
|
|
|
|
|
|
Sameer
Iqbal |
|
X |
|
|
|
|
|
Core
Plus Bond ETF | |||||||
Richard
Figuly |
X |
|
|
|
|
|
|
J.
Andrew Norelli |
|
|
|
|
X |
|
|
Lisa
Coleman |
X |
|
|
|
|
|
|
Thomas
Hauser |
X |
|
|
|
|
|
|
Kay
Herr |
|
|
|
|
|
|
X |
Priya
Misra |
|
|
|
|
X |
|
|
Income
ETF | |||||||
J.
Andrew Norelli |
|
|
|
|
|
|
X |
Andrew
Headley |
|
|
|
|
X |
|
|
Thomas
Hauser |
X |
|
|
|
|
|
|
International
Bond Opportunities ETF | |||||||
Bob
Michele |
X |
|
|
|
|
|
|
Iain
Stealey |
X |
|
|
|
|
|
|
Lisa
Coleman |
X |
|
|
|
|
|
|
Peter
Aspbury |
X |
|
|
|
|
|
|
Municipal
ETF | |||||||
Michelle
V. Hallam |
|
|
X |
|
|
|
|
Michael
R. Myers |
|
|
|
|
X |
|
|
Rachel
Betton |
X |
|
|
|
|
|
|
Short
Duration Core Plus ETF | |||||||
Cary
Fitzgerald |
X |
|
|
|
|
|
|
Fund |
Aggregate
Dollar Range of Securities in the Fund | ||||||
None |
$1-
$10,000 |
$10,001-
$50,000 |
$50,001-
$100,000 |
$100,001-
$500,000 |
$500,001-
$1,000,000 |
Over
$1,000,000 | |
Kay
Herr |
|
|
|
|
|
|
X |
Ultra-Short
Income ETF | |||||||
James
McNerny |
|
|
|
|
X |
|
|
David
Martucci |
|
|
|
|
X |
|
|
Cecilia
Junker |
|
|
|
|
X |
|
|
Kyongsoo
Noh |
|
|
|
|
X |
|
|
Ultra-Short
Municipal Income ETF | |||||||
Curtis
White |
|
X |
|
|
|
|
|
Josh
Brunner |
X |
|
|
|
|
|
|
USD
Emerging Markets Sovereign Bond ETF | |||||||
Andrew
Bartlett |
X |
|
|
|
|
|
|
Supreet
Khandate |
X |
|
|
|
|
|
|
Kush
Purohit |
X |
|
|
|
|
|
|
Name
of Fund |
Benchmark |
Active
Bond ETF |
Bloomberg
U.S. Aggregate Index |
BetaBuilders
1-5 Year U.S. Aggregate Bond
ETF |
Bloomberg
Short-Term U.S. Aggregate Bond Index |
BetaBuilders
U.S. Aggregate Bond ETF |
Bloomberg
U.S. Aggregate Index |
BetaBuilders
USD High Yield Corporate
Bond
ETF |
ICE
BofA US High Yield Total Return Index |
BetaBuilders
USD Investment Grade
Corporate
Bond ETF |
Bloomberg
US Corporate Bond Index |
Core
Plus Bond ETF |
Bloomberg
U.S. Aggregate Index |
Income
ETF |
Bloomberg
U.S. Aggregate Index |
International
Bond Opportunities ETF |
Bloomberg
Multiverse ex-USA (USD Hedged) Index |
Municipal
ETF |
Bloomberg
US Municipal Index |
Short
Duration Core Plus ETF |
Bloomberg
1-5 Year Government/Credit Index |
Ultra-Short
Income ETF |
ICE
BofA 3-Month US Treasury Bill Index |
Ultra-Short
Municipal Income ETF |
Bloomberg
1-Year Municipal Bond Index |
USD
Emerging Markets Sovereign Bond ETF |
JPMorgan
Emerging Markets Risk-Aware Bond
Index |
|
Fiscal
Year Ended | ||
Fund |
February
28, 2022 |
February
28, 2023 |
February
29, 2024 |
Active
Bond ETF1
|
N/A |
N/A |
$8,226 |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF |
$22,500 |
$21,875 |
20,000 |
BetaBuilders
U.S. Aggregate Bond ETF |
30,637 |
31,539 |
45,031 |
BetaBuilders
USD High Yield Corporate Bond
ETF |
45,127 |
23,253 |
20,000 |
BetaBuilders
USD Investment Grade Corporate
Bond
ETF |
22,500 |
21,875 |
20,000 |
Core
Plus Bond ETF |
22,500 |
21,875 |
38,775 |
Income
ETF2
|
7,742 |
21,875 |
20,723 |
International
Bond Opportunities ETF |
22,500 |
21,875 |
20,000 |
|
Fiscal
Year Ended | ||
Fund |
February
28, 2022 |
February
28, 2023 |
February
29, 2024 |
Municipal
ETF |
$22,500 |
$21,875 |
$21,392 |
Short
Duration Core Plus ETF |
22,500 |
21,875 |
20,000 |
Ultra-Short
Income ETF |
509,400 |
589,171 |
559,328 |
Ultra-Short
Municipal Income ETF |
60,820 |
82,474 |
61,366 |
USD
Emerging Markets Sovereign Bond ETF |
22,500 |
21,875 |
20,000 |
|
Short
Duration
Core
Plus
ETF |
BetaBuilder
U.S. Aggregate
Bond
ETF |
Ultra-Short
Income
ETF |
USD
Emerging
Markets
Sovereign
Bond
ETF |
Gross
Income from Securities Lending
Activities1
|
$41,195 |
$696,940 |
$978,628 |
$591,936 |
Fees
and/or Compensation for Securities
Lending
Activities |
|
|
|
|
Revenue
Split2
|
883 |
11,655 |
11,331 |
8,354 |
Cash
Collateral Management Fees3
|
1,031 |
9,905 |
14,719 |
8,975 |
Administrative
Fees |
— |
— |
— |
— |
Indemnification
Fees |
— |
— |
— |
— |
Rebates
to Borrowers |
28,590 |
539,994 |
824,813 |
476,058 |
Others
Fees |
— |
— |
— |
— |
Aggregate
Fees/Compensation for
Securities
Lending Activities |
30,505 |
561,554 |
850,863 |
493,388 |
Net
Income from the Securities Lending
Activities |
10,690 |
135,386 |
127,765 |
98,548 |
|
Fiscal
Year Ended | ||
Fund |
February
28, 2022 |
February
28, 2023 |
February
29, 2024 |
Active
Bond ETF1 | |||
Total
Brokerage Commissions |
N/A |
N/A |
$329 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
N/A |
N/A |
— |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF | |||
Total
Brokerage Commissions |
$— |
$— |
— |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
|
Fiscal
Year Ended | ||
Fund |
February
28, 2022 |
February
28, 2023 |
February
29, 2024 |
BetaBuilders
U.S. Aggregate Bond ETF | |||
Total
Brokerage Commissions |
$— |
$— |
$— |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
BetaBuilders
USD High Yield Corporate Bond ETF | |||
Total
Brokerage Commissions |
— |
— |
— |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
BetaBuilders
USD Investment Grade Corporate Bond ETF | |||
Total
Brokerage Commissions |
897 |
551 |
— |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
Core
Plus Bond ETF | |||
Total
Brokerage Commissions |
4,674 |
18,977 |
89,774 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
Income
ETF2 | |||
Total
Brokerage Commissions |
5,890 |
19,349 |
79,861 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
International
Bond Opportunities ETF | |||
Total
Brokerage Commissions |
8,703 |
18,011 |
43,540 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
Municipal
ETF | |||
Total
Brokerage Commissions |
225 |
132 |
2,302 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
Short
Duration Core Plus ETF | |||
Total
Brokerage Commissions |
4,547 |
9,336 |
13,781 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
Ultra-Short
Income ETF | |||
Total
Brokerage Commissions |
132,438 |
130,279 |
134,930 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
Ultra-Short
Municipal Income ETF | |||
Total
Brokerage Commissions |
— |
3,813 |
6,312 |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
USD
Emerging Markets Sovereign Bond ETF | |||
Total
Brokerage Commissions |
— |
— |
— |
Brokerage
Commissions to Affiliated Broker/
Dealers |
— |
— |
— |
Fund |
Name
of Broker-
Dealer |
Value
of Securities
Owned1
|
Active
Bond ETF |
Bank
of America
Corp. |
$1,203,163 |
|
Barclays
plc |
347,286 |
|
BNP
Paribas SA |
396,256 |
|
Citigroup,
Inc. |
346,082 |
|
Goldman
Sachs
Group,
Inc. (The) |
424,675 |
|
Morgan
Stanley |
559,875 |
|
Wells
Fargo & Co. |
782,166 |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF |
Bank
of America
Corp. |
130,618 |
|
Bank
of Montreal |
46,536 |
|
Barclays
plc |
39,165 |
|
Citigroup,
Inc. |
118,089 |
|
Goldman
Sachs
Group,
Inc. (The) |
106,662 |
|
Morgan
Stanley |
133,819 |
|
Wells
Fargo & Co. |
104,594 |
BetaBuilders
U.S. Aggregate Bond ETF |
Bank
of America
Corp. |
12,197,859 |
|
Barclays
plc |
3,244,324 |
|
Citigroup,
Inc. |
8,518,612 |
|
Goldman
Sachs
Group,
Inc. (The) |
7,583,274 |
|
Morgan
Stanley |
10,013,982 |
|
Nomura
Holdings,
Inc. |
1,172,350 |
|
Royal
Bank of
Canada |
413,937 |
|
Wells
Fargo & Co. |
8,843,887 |
BetaBuilders
USD High Yield Corporate Bond ETF |
Jane
Street Group |
632,170 |
|
Jefferies |
717,727 |
BetaBuilders
USD Investment Grade Corporate Bond ETF |
Bank
of America
Corp. |
1,430,904 |
|
Bank
of New York
Mellon
Corp. (The) |
41,325 |
|
Barclays
plc |
396,288 |
|
Citigroup,
Inc. |
959,902 |
|
Goldman
Sachs
Group,
Inc. (The) |
749,176 |
|
Morgan
Stanley |
1,003,817 |
Core
Plus Bond ETF |
Bank
of America
Corp. |
28,612,515 |
|
Barclays
plc |
1,480,039 |
|
BNP
Paribas SA |
9,064,645 |
|
Citigroup,
Inc. |
16,510,013 |
|
Deutsche
Bank AG |
1,539,189 |
|
Goldman
Sachs
Group,
Inc. (The) |
18,736,014 |
|
Morgan
Stanley |
19,938,990 |
|
Wells
Fargo & Co. |
20,634,466 |
Income
ETF |
BNP
Paribas SA |
577,400 |
|
Citigroup,
Inc. |
187,713 |
|
Goldman
Sachs
Group,
Inc. (The) |
1,659,394 |
|
Wells
Fargo & Co. |
152,433 |
Fund |
Name
of Broker-
Dealer |
Value
of Securities
Owned1 |
International
Bond Opportunities ETF |
Bank
of America
Corp. |
$3,873,882 |
|
Bank
of Nova
Scotia
(The) |
854,523 |
|
Barclays
plc |
278,312 |
|
BNP
Paribas SA |
1,483,351 |
|
Citigroup,
Inc. |
1,172,946 |
|
Deutsche
Bank AG |
361,650 |
|
Goldman
Sachs
Group,
Inc. (The) |
1,513,640 |
|
HSBC
Holdings
plc |
6,870,005 |
|
Morgan
Stanley |
3,709,716 |
|
UBS
Group AG |
3,061,506 |
Short
Duration Core Plus ETF |
Bank
of America
Corp. |
5,246,977 |
|
Bank
of Montreal |
587,280 |
|
Barclays
plc |
749,442 |
|
BNP
Paribas SA |
1,887,995 |
|
Citigroup,
Inc. |
5,481,282 |
|
Deutsche
Bank AG |
2,886,890 |
|
Goldman
Sachs
Group,
Inc. (The) |
4,243,488 |
|
Morgan
Stanley |
4,537,410 |
|
Nomura
Holdings,
Inc. |
189,942 |
|
Wells
Fargo & Co. |
4,113,791 |
Ultra-Short
Income ETF |
Bank
of America
Corp. |
328,825,734 |
|
Barclays
plc |
137,246,544 |
|
Citigroup,
Inc. |
359,230,678 |
|
Goldman
Sachs
Group,
Inc. (The) |
249,962,964 |
|
Mitsubishi
UFJ
Financial
Group,
Inc. |
247,529,757 |
|
Mizuho
Financial
Group,
Inc. |
9,179,669 |
|
Morgan
Stanley |
264,953,203 |
|
Royal
Bank of
Canada |
42,367,164 |
|
The
Toronto-
Dominion
Bank |
239,634,084 |
|
Wells
Fargo & Co. |
513,606,476 |
Ultra-Short
Municipal Income ETF |
Royal
Bank of
Canada |
16,860,000 |
|
Capital
Loss Carryforward
Character | |
Fund |
Short-Term |
Long-Term |
BetaBuilders
1-5 Year U.S. Aggregate Bond ETF |
$217,994 |
$589,081 |
BetaBuilders
U.S. Aggregate Bond ETF |
45,823,372 |
26,984,148 |
BetaBuilders
USD High Yield Corporate Bond ETF |
16,712,124 |
40,720,880 |
BetaBuilders
USD Investment Grade Corporate Bond ETF |
673,732 |
2,585,312 |
Core
Plus Bond ETF |
8,342,950 |
17,479,636 |
Income
ETF |
9,260,883 |
6,876,926 |
International
Bond Opportunities ETF |
2,913,939 |
12,377,170 |
Municipal
ETF |
5,018,417 |
3,480,533 |
Short
Duration Core Plus ETF |
4,672,924 |
5,461,046 |
Ultra-Short
Income ETF |
48,194,853 |
70,064,006 |
Ultra-Short
Municipal Income ETF |
10,449,843 |
11,197,638 |
USD
Emerging Markets Sovereign Bond ETF |
9,330,219* |
7,664,625* |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
JPMORGAN
ACTIVE BOND ETF | ||
|
BERGER
FINANCIAL GROUP
1695
HIGHWAY 169 N
MINNEAPOLIS,
MN 55441 |
23.39% |
|
|
|
|
PALLAS
CAPITAL ADVISORS, LLC
45
BRAINTREE HILL PARK
BRAINTREE,
MA 02184 |
13.45% |
|
|
|
|
FIDELITY
BROKERAGE SERVICES LLC
10000
RESEARCH BLVD
AUSTIN,
TX 78759 |
10.10% |
|
|
|
|
LPL
FINANCIAL LLC
1055
LPL WAY
FORT
MILL, SC 29715 |
8.51% |
|
|
|
|
RHP
WEALTH MANAGEMENT
12000
AEROSPACE AVE
HOUSTON,
TX 77034 |
5.40% |
JPMORGAN
BETABUILDERS 1-5 YEAR U.S. AGGREGATE BOND ETF | ||
|
CHARLES
SCHWAB & CO., INC.
101
MONTEGOMERY ST
SAN
FRANCISCO, CA 94104 |
25.50% |
|
|
|
|
DAYMARK
WEALTH PARTNERS, LLC
9675
MONTGOMERY RD
MONTGOMERY,
OH 45242 |
24.08% |
|
|
|
|
LPL
FINANCIAL LLC
1055
LPL WAY
FORT
MILL, SC 29715 |
13.43% |
|
|
|
|
J.P.
MORGAN SECURITIES LLC*
383
MADISON AVE
NEW
YORK, NY 10017 |
5.63% |
|
|
|
|
HUDOCK
CAPITAL GROUP
400
MARKET ST
WILLIAMSPORT,
PA 17701 |
5.13% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
JPMORGAN
BETABUILDERS U.S. AGGREGATE BOND ETF | ||
|
JPMORGAN
CHASE BANK, NATIONAL
ASSOCIATION*
383
MADISON AVE
NEW
YORK, NY 10017 |
25.01% |
|
|
|
|
THE
BANK OF NEW YORK MELLON
500
GRANT ST
PITTSBURGH,
PA 15219 |
22.61% |
|
|
|
|
COMERICA
BANK
1717
MAIN STREET
DALLAS,
TX 75201 |
8.90% |
|
|
|
|
J.P.
MORGAN SECURITIES LLC*
383
MADISON AVE
NEW
YORK, NY 10017 |
8.78% |
|
|
|
|
THE
NORTHERN TRUST COMPANY
50
SOUTH LASALLE ST
CHICAGO,
IL 60603 |
5.30% |
JPMORGAN
BETABUILDERS USD HIGH YIELD CORPORATE BOND ETF | ||
|
JPMORGAN
CHASE BANK, NATIONAL
ASSOCIATION*
383
MADISON AVE
NEW
YORK, NY 10017 |
33.30% |
| ||
|
BROWN
BROTHERS HARRIMAN TRUST
COMPANY,
NA
140
BROADWAY
NEW
YORK, NY 10005 |
10.85% |
|
|
|
|
THE
BANK OF NEW YORK MELLON
500
GRANT ST
PITTSBURGH,
PA 15219 |
7.55% |
|
|
|
|
MERRILL
LYNCH, PIERCE, FENNER &
SMITH
INCORPORATED
10000
AVALON BLVD
ALPHARETTA,
GA 30009 |
5.00% |
JPMORGAN
BETABUILDERS USD INVESTMENT GRADE CORPORATE BOND
ETF | ||
|
TRUIST
INVESTMENT SERVICES, INC.
600
CALIFORNIA ST
SAN
FRANCISCO, CA 94108 |
15.47% |
| ||
|
BNP
PARIBAS SECURITIES CORP.
787
SEVENTH AVENUE
NEW
YORK, NY 10019 |
10.73% |
|
|
|
|
THE
BANK OF NEW YORK MELLON
500
GRANT ST
PITTSBURGH,
PA 15219 |
10.01% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
| ||
|
THE
GOLDMAN SACHS TRUST COMPANY,
NATIONAL
ASSOCIATION
200
WEST STREET
NEW
YORK, NY 10282 |
9.90% |
| ||
|
TIMBERLINE
INVESTMENT MANAGEMENT,
LLC
31031
SW RIVER LANE RD
WEST
LINN, OR 97068 |
8.08% |
| ||
|
JMAC
ENTERPRISES LLC
201
S STATE ST
NEWTOWN,
PA 18940 |
5.84% |
| ||
|
BOFA
SECURITIES, INC.
1
BRYANT PARK
NEW
YORK, NY 10036 |
5.57% |
| ||
|
GOLDMAN
SACHS CUSTODY SOLUTIONS
8180
GREENSBORO DR 8TH FLOOR
MCLEAN,
VA 22102 |
5.36% |
JPMORGAN
CORE PLUS BOND ETF | ||
|
MERRILL
LYNCH, PIERCE, FENNER &
SMITH
INCORPORATED
10000
AVALON BLVD
ALPHARETTA,
GA 30009 |
10.90% |
| ||
|
FIDELITY
BROKERAGE SERVICES LLC
10000
RESEARCH BLVD
AUSTIN,
TX 78759 |
5.44% |
JPMORGAN
INCOME ETF | ||
|
FIDELITY
BROKERAGE SERVICES LLC
10000
RESEARCH BLVD
AUSTIN,
TX 78759 |
8.83% |
| ||
|
HERITAGE
FINANCIAL SERVICES
100
LOWDER BROOK DR
WESTWOOD,
MA 02090 |
7.66% |
| ||
|
JPMORGAN
CHASE BANK, NATIONAL
ASSOCIATION*
383
MADISON AVENUE
NEW
YORK, NY 10017 |
5.49% |
| ||
|
MERRILL
LYNCH, PIERCE, FENNER &
SMITH
INCORPORATED
10000
AVALON BLVD
ALPHARETTA,
GA 30009 |
5.24% |
JPMORGAN
INTERNATIONAL BOND OPPORTUNITIES ETF | ||
|
FIDELITY
BROKERAGE SERVICES LLC
10000
RESEARCH BLVD
AUSTIN,
TX 78759 |
7.56% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
|
|
|
|
MERRILL
LYNCH, PIERCE, FENNER &
SMITH
INCORPORATED
10000
AVALON BLVD
ALPHARETTA,
GA 30009 |
5.69% |
JPMORGAN
MUNICIPAL ETF | ||
|
LPL
FINANCIAL LLC
1055
LPL WAY
FORT
MILL, SC 29715 |
7.47% |
|
|
|
|
FIDELITY
BROKERAGE SERVICES LLC
10000
RESEARCH BLVD
AUSTIN,
TX 78759 |
7.24% |
JPMORGAN
SHORT DURATION CORE PLUS ETF | ||
|
BROWN
BROTHERS HARRIMAN TRUST
COMPANY,
NA
140
BROADWAY
NEW
YORK, NY 10005 |
15.65% |
|
|
|
|
EP
WEALTH ADVISORS
1301
5TH
AVE
SEATTLE,
WA 98101 |
10.72% |
|
|
|
|
WMS
PARTNERS, LLC
1
OLYMPIC PL
TOWSON,
MD 21204 |
9.68% |
|
|
|
|
WEALTH
ENHANCEMENT ADVISORY
SERVICES,
LLC
1001
3RD
AVE W
BRADENTON,
FL 34205 |
6.35% |
JPMORGAN
ULTRA-SHORT INCOME ETF | ||
|
MORGAN
STANLEY
101
PARK AVE
NEW
YORK, NY 10178 |
14.90% |
|
|
|
|
J.P.
MORGAN SECURITIES LLC*
383
MADISON AVENUE
NEW
YORK, NY 10017 |
12.71% |
|
|
|
|
FIDELITY
BROKERAGE SERVICES LLC
10000
RESEARCH BLVD
AUSTIN,
TX 78759 |
5.97% |
| ||
|
MERRILL
LYNCH, PIERCE, FENNER &
SMITH
INCORPORATED
10000
AVALON BLVD
ALPHARETTA,
GA 30009 |
5.25% |
JPMORGAN
ULTRA-SHORT MUNICIPAL INCOME ETF | ||
|
STATE
STREET BANK AND TRUST
COMPANY
ONE
CONGRESS STREET
BOSTON,
MA 02114 |
7.51% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
|
|
|
|
FIDELITY
BROKERAGE SERVICES LLC
10000
RESEARCH BLVD
AUSTIN,
TX 78759 |
6.81% |
|
|
|
|
MERRILL
LYNCH, PIERCE, FENNER &
SMITH
INCORPORATED
10000
AVALON BLVD
ALPHARETTA,
GA 30009 |
5.79% |
JPMORGAN
USD EMERGING MARKETS SOVEREIGN BOND ETF | ||
|
THE
NORTHERN TRUST COMPANY
50
SOUTH LASALLE STREET
CHICAGO,
IL 60609 |
83.08% |
1
| |
1
| |
3
| |
3
| |
4
| |
4
| |
5
| |
5
| |
9
| |
9
| |
10
| |
10
| |
20
| |
20
| |
21
| |
26
| |
33
| |
41
| |
45
| |
50
| |
50
| |
51
| |
52
| |
53
| |
53
| |
55
| |
55
| |
55
| |
56
| |
59
| |
61
| |
61
| |
62
| |
62
| |
63
| |
63
| |
63
| |
64
| |
64
| |
65
| |
66
| |
75
| |
76
| |
76
| |
78
| |
79
| |
81
| |
81
| |
81
| |
82
|
82
| |
83
| |
84
| |
84
| |
86
| |
86
| |
90
| |
91
| |
91
| |
93
| |
93
| |
94
| |
94
| |
94
| |
95
| |
95
| |
101
| |
105
| |
105
| |
108
| |
108
| |
108
| |
110
| |
110
| |
110
| |
111
| |
112
| |
112
| |
117
| |
118
| |
119
| |
119
| |
119
| |
122
| |
123
| |
123
| |
124
| |
124
| |
125
| |
125
| |
126
| |
126
| |
127
| |
127
| |
127
| |
127
| |
128
| |
129
| |
130
| |
130
| |
131
| |
132
|
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1)
|
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2)
|
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3)
|
Independent
Trustees |
|
|
|
John
F. Finn
(1947);
Chair, since 2020;
Trustee,
since 1998. |
Chairman,
Gardner,
Inc.
(supply chain
management
company
serving
industrial and
consumer
markets)
(serving
in various
roles
1974–present). |
168 |
Director,
Greif, Inc.
(GEF)
(industrial
package
products and
services)
(2007–2023);
Trustee,
Columbus
Association
for the
Performing
Arts (1988-
present). |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2)
|
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Stephen
P. Fisher
(1959);
Trustee, since 2018. |
Retired;
Chairman and
Chief
Executive
Officer,
NYLIFE
Distributors
LLC
(registered
broker-
dealer)
(serving in
various
roles 2008-
2013);
Chairman,
NYLIM
Service
Company
LLC
(transfer
agent) (2008-
2017);
New York Life
Investment
Management
LLC
(registered
investment
adviser)
(serving in
various
roles 2005-
2017);
Chairman,
IndexIQ
Advisors LLC
(registered
investment
adviser
for ETFs)
(2014-2017);
President,
MainStay
VP Funds
Trust
(2007-2017),
MainStay
DefinedTerm
Municipal
Opportunities
Fund
(2011-2017)
and Main-
Stay
Funds Trust
(2007-2017)
(registered
investment
companies). |
168 |
None. |
Gary
L. French
(1951);
Trustee, since 2014. |
Real
Estate Investor
(2011-2020);
Investment
management
industry
Consultant
and Expert
Witness
(2011-present);
Senior
Consultant for
The
Regulatory
Fundamentals
Group
LLC
(2011-2017). |
168 |
Independent
Trustee, The
China
Fund, Inc. (2013-
2019);
Exchange Traded
Concepts
Trust II (2012-
2014);
Exchange Traded
Concepts
Trust I (2011-
2014). |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2)
|
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Kathleen
M. Gallagher
(1958);
Trustee, since 2018. |
Retired;
Chief
Investment
Officer –
Benefit
Plans, Ford
Motor
Company
(serving
in various
roles
1985-2016). |
168 |
Non-Executive
Director,
Legal
& General
Investment
Management
(Holdings)
(2018-
present);
Non-Executive
Director,
Legal &
General
Investment
Management
America
(U.S.
Holdings)
(financial
services and
insurance)
(2017-
present);
Advisory Board
Member,
State Street
Global
Advisors Total
Portfolio
Solutions
(2017-present);
Member,
Client
Advisory Council,
Financial
Engines, LLC
(registered
investment
adviser)
(2011-2016);
Director,
Ford Pension
Funds
Investment
Management
Ltd. (2007-
2016). |
Robert
J. Grassi
(1957);
Trustee, since 2014. |
Sole
Proprietor,
Academy
Hills
Advisors
LLC (2012-
present);
Pension
Director,
Corning
Incorporated
(2002-
2012). |
168 |
None. |
Frankie
D. Hughes
(1952);
Trustee, since 2008. |
President,
Ashland
Hughes
Properties
(property
management)
(2014–present);
President
and Chief
Investment
Officer,
Hughes
Capital
Management,
Inc.
(fixed
income asset
management)
(1993–
2014). |
168 |
None. |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2)
|
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Raymond
Kanner
(1953);
Trustee, since 2017. |
Retired;
Managing
Director
and Chief
Investment
Officer,
IBM
Retirement Funds
(2007–2016). |
168 |
Advisory
Board
Member,
Penso
Advisors,
LLC (2020-
present);
Advisory Board
Member,
Los Angeles
Capital
(2018-present);
Advisory
Board
Member,
State Street
Global
Advisors Total
Portfolio
Solutions
(2017-present);
Acting
Executive
Director,
Committee
on
Investment
of Employee
Benefit
Assets (CIEBA)
(2016-2017);
Advisory
Board
Member,
Betterment
for Business
(robo
advisor) (2016–
2017);
Advisory Board
Member,
BlueStar
Indexes
(index creator)
(2013–2017);
Director,
Emerging
Markets
Growth
Fund (registered
investment
company)
(1997-2016);
Member,
Russell
Index Client
Advisory
Board (2001-
2015). |
Thomas
P. Lemke
(1954);
Trustee, since 2014. |
Retired
since 2013. |
168 |
Independent
Trustee of
Advisors’
Inner Circle III
fund
platform, consisting
of
the following: (i) the
Advisors’
Inner Circle
Fund
III, (ii) the Gallery
Trust,
(iii) the Schroder
Series
Trust, (iv) the
Delaware
Wilshire
Private
Markets Fund
(since
2020), (v) Chiron
Capital
Allocation Fund
Ltd.,
(vi) formerly the
Winton
Diversified
Opportunities
Fund
(2014-2018),
and (vii)
Symmetry
Panoramic
Trust
(since 2018). |
Lawrence
R. Maffia
(1950);
Trustee, since 2014. |
Retired;
Director and
President,
ICI Mutual
Insurance
Company
(2006-2013). |
168 |
Director,
ICI Mutual
Insurance
Company
(1999-2013). |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2)
|
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Mary
E. Martinez
(1960);
Vice Chair, since 2021;
Trustee,
since 2013. |
Associate,
Special
Properties,
a Christie’s
International
Real
Estate
Affiliate (2010–
present);
Managing
Director,
Bank of
America
(asset
management)
(2007–
2008);
Chief Operating
Officer,
U.S. Trust
Asset
Management,
U.S.
Trust Company
(asset
management)
(2003–2007);
President,
Excelsior
Funds
(registered
investment
companies)
(2004–2005). |
168 |
None. |
Marilyn
McCoy
(1948);
Trustee, since 1999. |
Retired;
Vice President
of
Administration and
Planning,
Northwestern
University
(1985–
2023). |
168 |
None. |
Dr.
Robert A. Oden, Jr.
(1946);
Trustee, since 1997. |
Retired;
President,
Carleton
College
(2002–2010);
President,
Kenyon
College
(1995–2002). |
168 |
Trustee,
The Coldwater
Conservation
Fund;
Trustee,
American
Museum
of Fly Fishing
(2013–present);
Trustee
and
Vice Chair, Trout
Unlimited
(2017-2021);
Trustee,
Dartmouth-
Hitchcock
Medical
Center
(2011–2020). |
Marian
U. Pardo
(1946);
Trustee, since 2013. |
Managing
Director and
Founder,
Virtual
Capital
Management
LLC
(investment
consulting)
(2007–
present);
Managing
Director,
Credit Suisse
Asset
Management
(portfolio
manager)
(2003–2006). |
168 |
Board
Chair and
Member,
Board of
Governors,
Columbus
Citizens
Foundation
(not-for-profit
supporting
philanthropic
and
cultural programs)
(2006–present). |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2)
|
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Emily
A. Youssouf
(1951);
Trustee, since 2014. |
Adjunct
Professor
(2011-present)
and
Clinical
Professor
(2009-2011),
NYU
Schack
Institute of Real
Estate;
Board Member
and
Member of the
Audit
Committee
(2013-present),
Chair
of
Finance Committee
(2019-present),
Member
of Related
Parties
Committee
(2013-2018)
and
Member
of the
Enterprise
Risk
Committee
(2015-
2018),
PennyMac
Financial
Services,
Inc.;
Board Member
(2005-2018),
Chair of
Capital
Committee
(2006-2016),
Chair of
Audit
Committee
(2005-2018),
Member
of
Finance Committee
(2005-2018)
and Chair
of
IT Committee
(2016-2018),
NYC
Health
and Hospitals
Corporation. |
168 |
Trustee,
NYC School
Construction
Authority
(2009-present);
Board
Member,
NYS Job
Development
Authority
(2008-present);
Trustee
and
Chair of the Audit
Committee
of the Transit
Center
Foundation
(2015-2019). |
Interested
Trustees |
|
|
|
Robert
F. Deutsch(4)
(1957);
Trustee, since 2014. |
Retired;
Head of ETF
Business
for JPMorgan
Asset
Management
(2013-2017);
Head of
Global
Liquidity
Business
for JPMorgan
Asset
Management
(2003-2013). |
168 |
Treasurer
and Director of
the
JUST Capital
Foundation
(2017-
present). |
Nina
O. Shenker(4)
(1957);
Trustee, since 2022. |
Vice
Chair (2017-
2021),
General Counsel
and
Managing Director
(2008-2016),
Associate
General
Counsel and
Managing
Director
(2004-2008),
J.P.
Morgan
Asset & Wealth
Management. |
168 |
Director
and Member of
Executive,
Legal and
Human
Resources
Committees;
American
Jewish
Joint Distribution
Committee
(2018-present). |
Name
of Committee |
Members |
Committee
Chair |
Audit
and Valuation Committee |
Ms.
Gallagher
Mr.
Maffia
Mr.
French
Mr.
Kanner |
Ms.
Gallagher |
Compliance
Committee |
Ms.
Pardo
Mr.
Fisher
Ms.
Hughes
Mr.
Lemke |
Ms.
Pardo |
Governance
Committee |
Mr.
Finn
Ms.
Martinez
Ms.
McCoy
Dr.
Oden |
Mr.
Finn |
ETF
Committee |
Mr.
Deutsch
Mr.
Fisher
Mr.
Grassi
Ms.
Hughes
Ms.
Shenker
Ms.
Youssouf |
Mr.
Deutsch |
Equity
Committee |
Mr.
Kanner
Mr.
French
Mr.
Maffia
Ms.
Pardo |
Mr.
Kanner |
Fixed
Income Committee |
Dr.
Oden
Mr.
Grassi
Ms.
Hughes
Ms.
Martinez
Ms.
Shenker
Ms.
Youssouf |
Dr.
Oden |
Money
Market and Alternative
Products
Committee |
Mr.
Fisher
Mr.
Deutsch
Ms.
Gallagher
Mr.
Lemke
Ms.
McCoy |
Mr.
Fisher |
Name
(Year of Birth),
Positions
Held with the Trust (Since) |
Principal
Occupations During Past 5 Years |
Brian
S. Shlissel (1964),
President
and Principal
Executive
Officer (2021) |
Managing
Director and Chief Administrative Officer for J.P.
Morgan
pooled vehicles, J.P. Morgan Investment Management Inc.
since
2014. |
Timothy
J. Clemens (1975),
Treasurer
and Principal
Financial
Officer (2020) |
Managing
Director, J.P. Morgan Investment Management Inc. Mr.
Clemens
has been with J.P. Morgan Investment Management Inc.
since
2013. |
Gregory
S. Samuels (1980),
Secretary
(2022) (formerly
Assistant
Secretary 2014-2022) |
Managing
Director and Assistant General Counsel, JPMorgan
Chase.
Mr. Samuels has been with JPMorgan Chase since
2010. |
Stephen
M. Ungerman (1953),
Chief
Compliance Officer
(2014) |
Managing
Director, JPMorgan Chase & Co. Mr. Ungerman has been
with
JPMorgan Chase & Co. since
2000. |
Name
(Year of Birth),
Positions
Held with the Trust (Since) |
Principal
Occupations During Past 5 Years |
Kiesha
Astwood-Smith (1973),
Assistant
Secretary (2021) |
Vice
President and Assistant General Counsel, JPMorgan Chase
since
June 2021; Senior Director and Counsel, Equitable Financial
Life
Insurance Company (formerly, AXA Equitable Life Insurance
Company)
from September 2015 through June 2021.
|
Matthew
Beck (1988),
Assistant
Secretary (2021)* |
Vice
President and Assistant General Counsel, JPMorgan Chase
since
May 2021; Senior Legal Counsel, Ultimus Fund Solutions
from
May 2018 through May 2021; General Counsel, The
Nottingham
Company from April 2014 through May 2018. |
Elizabeth
A. Davin (1964),
Assistant
Secretary (2022)*
(formerly
Secretary 2018-2022) |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
Ms. Davin has been with JPMorgan Chase (formerly Bank
One
Corporation) since 2004. |
Jessica
K. Ditullio (1962),
Assistant
Secretary (2014)* |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
Ms. Ditullio has been with JPMorgan Chase (formerly Bank
One
Corporation) since 1990. |
Anthony
Geron (1971),
Assistant
Secretary (2019) |
Vice
President and Assistant General Counsel, JPMorgan Chase
since
September 2018; Lead Director and Counsel, AXA Equitable
Life
Insurance Company from 2015 to 2018 and Senior Director and
Counsel,
AXA Equitable Life Insurance Company from 2014 to
2015. |
Carmine
Lekstutis (1980),
Assistant
Secretary (2014) |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
Mr. Lekstutis has been with JPMorgan Chase since
2011. |
Max
Vogel (1990),
Assistant
Secretary (2021) |
Vice
President and Assistant General Counsel, JPMorgan Chase
since
June 2021; Associate, Proskauer Rose LLP (law firm) from
March
2017 to June 2021. |
Zachary
E. Vonnegut-Gabovitch
(1986),
Assistant Secretary
(2017) |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
Mr. Vonnegut-Gabovitch has been with JPMorgan Chase
since
September 2016. |
Frederick
J. Cavaliere (1978),
Assistant
Treasurer (2015)** |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Cavaliere
has been with JPMorgan since May 2006. |
Michael
M. D’Ambrosio (1969),
Assistant
Treasurer (2014) |
Managing
Director, J.P. Morgan Investment Management Inc. Mr.
D’Ambrosio
has been with J.P. Morgan Investment Management
Inc.
since 2012. |
Aleksandr
Fleytekh (1972),
Assistant
Treasurer (2023) |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Fleytekh
has been with J.P. Morgan Investment Management Inc.
since
February 2012. |
Shannon
Gaines (1977),
Assistant
Treasurer (2019)* |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Gaines
has been with J.P. Morgan Investment Management Inc.
since
January 2014. |
Jeffrey
D. House (1972),
Assistant
Treasurer (2023)* |
Vice
President, J.P. Morgan Investment Management Inc. Mr. House
has
been with J.P. Morgan Investment Management Inc. since July
2006. |
Michael
Mannarino (1985),
Assistant
Treasurer (2023) |
Vice
President, J.P. Morgan Investment Management Inc. Mr.
Mannarino
has been with J.P. Morgan Investment Management Inc.
since
2014. |
Nektarios
E. Manolakakis
(1972),
Assistant Treasurer
(2020) |
Executive
Director, J.P. Morgan Investment Management Inc. since
February
2021, formerly Vice President, J.P. Morgan Investment
Management
Inc. since 2014; Vice President, J.P. Morgan Corporate
&
Investment Bank 2010-2014. |
Todd
McEwen (1981),
Assistant
Treasurer (2020)* |
Vice
President, J.P. Morgan Investment Management Inc. Mr.
McEwen
has been with J.P. Morgan Investment Management Inc.
since
2010. |
Name
(Year of Birth),
Positions
Held with the Trust (Since) |
Principal
Occupations During Past 5 Years |
Joseph
Parascondola (1963),
Assistant
Treasurer (2023)** |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Parascondola
has been with J.P. Morgan Investment Management
Inc.
since 2006. |
Gillian
I. Sands (1969), Assistant
Treasurer
(2023) |
Executive
Director, J.P. Morgan Investment Management Inc. Ms.
Sands
has been with J.P. Morgan Investment Management Inc. since
September
2012. |
Tier
One |
Up
to $15 billion |
0.0030% |
Tier
Two |
Next
$85 billion |
0.0025% |
Tier
Three |
Over
$100 billion |
0.0015% |
|
|
|
Other
Fees: |
|
|
Minimum |
|
$20,000
per Fund per year |
8
| |
9
| |
9
| |
9
| |
11
| |
13
| |
14
| |
15
| |
19
| |
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81
|
Join the
Conversation | ||
Glass Lewis is
committed to ongoing engagement with all market
participants. | ||
| |
www.glasslewis.com |
Corporate
Website |
| |
www.glasslewis.com |
| ||
Email |
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Social |
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Glass,
Lewis & Co. |
North
America |
United
States |
|
Headquarters |
|
100
Pine Street, Suite 1925
San
Francisco, CA 94111
+1
415 678 4110 |
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York, NY
+1
646 606 2345 |
|
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City, MO 64108
+1
816 945 4525 |
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Pacific |
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Glass Lewis |
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5.03, Level 5
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Shinjuku
Mitsui Building
11th
floor
2-1-1,
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Shinjuku-ku,
Tokyo
163-0411, Japan |
Europe |
Ireland |
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15
Henry Street
Limerick
V94 V9T4
+353
61 292 800 |
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Kingdom |
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80
Coleman Street
Suite
4.02
London
EC2R 5BJ
+44
20 7653 8800 |
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France |
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IVOX
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76133
Karlsruhe
+49
721 35 49 622 |
A-1 |
A
short-term obligation rated ‘A-1’ is rated in the highest category by
S&P Global
Ratings.
The obligor’s capacity to meet its financial commitments on the obligation
is
strong.
Within this category, certain obligations are designated with a plus sign
(+). This
indicates
that the obligor’s capacity to meet its financial commitments on these
obligations
is extremely strong. |
A-2 |
A
short-term obligation rated ‘A-2’ is somewhat more susceptible to the
adverse effects
of
changes in circumstances and economic conditions than obligations in
higher rating
categories.
However, the obligor’s capacity to meet its financial commitments on the
obligation
is satisfactory. |
A-3 |
A
short-term obligation rated ‘A-3’ exhibits adequate protection parameters.
However,
adverse
economic conditions or changing circumstances are more likely to weaken an
obligor’s
capacity to meet its financial commitments on the
obligation. |
B |
A
short-term obligation rated ‘B' is regarded as vulnerable and has
significant
speculative
characteristics. The obligor currently has the capacity to meet its
financial
commitments;
however, it faces major ongoing uncertainties that could lead to the
obligor's
inadequate capacity to meet its financial
commitments. |
C |
A
short-term obligation rated ‘C’ is currently vulnerable to nonpayment and
is
dependent
upon favorable business, financial, and economic conditions for the
obligor
to
meet its financial commitments on the obligation. |
D |
A
short-term obligation rated ‘D’ is in default or in breach of an imputed
promise. For
non-hybrid
capital instruments, the ‘D’ rating category is used when payments on an
obligation
are not made on the date due, unless S&P Global Ratings believes that
such
payments
will be made within any stated grace period. However, any stated grace
period
longer
than five business days will be treated as five business days. The ‘D’
rating also
will
be used upon the filing of a bankruptcy petition or the taking of a
similar action and
where
default on an obligation is a virtual certainty, for example due to
automatic stay
provisions.
A rating on an obligation is lowered to ‘D’ if it is subject to a
distressed debt
restructuring. |
F1 |
HIGHEST
SHORT-TERM CREDIT QUALITY. Indicates the strongest intrinsic
capacity
for timely payment of financial commitments; may have an added “+” to
denote
any exceptionally strong credit feature. |
F2 |
GOOD
SHORT-TERM CREDIT QUALITY. Good intrinsic capacity for timely payment
of
financial commitments. |
F3 |
FAIR
SHORT-TERM CREDIT QUALITY. The intrinsic capacity for timely payment of
financial
commitments is
adequate. |
B |
SPECULATIVE
SHORT-TERM CREDIT QUALITY. Minimal capacity for timely
payment
of financial commitments, plus heightened vulnerability to near term
adverse
changes
in financial and economic conditions. |
C |
HIGH
SHORT-TERM DEFAULT RISK. Default is a real
possibility. |
RD |
RESTRICTED
DEFAULT. Indicates an entity that has defaulted on one or more of its
financial
commitments, although it continues to meet other financial obligations.
Typically
applicable to entity ratings only. |
D |
DEFAULT.
Indicates a broad-based default event for an entity, or the default of a
short-
term
obligation. |
P-1 |
Ratings
of Prime-1 reflect a superior ability to repay short-term debt
obligations. |
P-2 |
Ratings
of Prime-2 reflect a strong ability to repay short-term debt
obligations. |
P-3 |
Ratings
of Prime-3 reflect an acceptable ability to repay short-term
obligations. |
NP |
Issuers
(or supporting institutions) rated Not Prime do not fall within any of the
Prime
rating
categories. |
R-1
(high) |
Highest
credit quality. The capacity for the payment of short-term financial
obligations
as
they fall due is exceptionally high. Unlikely to be adversely affected by
future events. |
R-1
(middle) |
Superior
credit quality. The capacity for the payment of short-term financial
obligations
as
they fall due is very high. Differs from R-1 (high) by a relatively modest
degree.
Unlikely
to be significantly vulnerable to future events. |
R-1
(low) |
Good
credit quality. The capacity for the payment of short-term financial
obligations as
they
fall due is substantial. Overall strength is not as favorable as higher
rating
categories.
May be vulnerable to future events, but qualifying negative factors are
considered
manageable. |
R-2
(high) |
Upper
end of adequate credit quality. The capacity for the payment of short-term
financial
obligations as they fall due is acceptable. May be vulnerable to future
events. |
R-2
(middle) |
Adequate
credit quality. The capacity for the payment of short-term financial
obligations
as they fall due is acceptable. May be vulnerable to future events or may
be
exposed
to other factors that could reduce credit
quality. |
R-2
(low) |
Lower
end of adequate credit quality. The capacity for the payment of short-term
financial
obligations as they fall due is acceptable. May be vulnerable to future
events.
A
number of challenges are present that could affect the issuer’s ability to
meet such
obligations. |
R-3 |
Lowest
end of adequate credit quality. There is a capacity for the payment of
short-term
financial
obligations as they fall due. May be vulnerable to future events and the
certainty
of meeting such obligations could be impacted by a variety of
developments. |
R-4 |
Speculative
credit quality. The capacity for the payment of short-term financial
obligations
as they fall due is uncertain. |
R-5 |
Highly
speculative credit quality. There is a high level of uncertainty as to the
capacity
to
meet short-term financial obligations as they fall
due. |
D |
When
the issuer has filed under any applicable bankruptcy, insolvency or
winding up
statute
or there is a failure to satisfy an obligation after the exhaustion of
grace periods,
a
downgrade to D may occur. DBRS Morningstar may also use SD (Selective
Default)
in
cases where only some securities are impacted, such as the case of a
“distressed
exchange.” |
AAA |
An
obligation rated ‘AAA’ has the highest rating assigned by S&P Global
Ratings. The
obligor’s
capacity to meet its financial commitments on the obligation is extremely
strong. |
AA |
An
obligation rated ‘AA’ differs from the highest-rated obligations only to a
small
degree.
The obligor’s capacity to meet its financial commitments on the obligation
is
very
strong. |
A |
An
obligation rated ‘A’ is somewhat more susceptible to the adverse effects
of changes
in
circumstances and economic conditions than obligations in higher-rated
categories.
However,
the obligor’s capacity to meet its financial commitments on the obligation
is
still
strong. |
BBB |
An
obligation rated ‘BBB’ exhibits adequate protection parameters. However,
adverse
economic
conditions or changing circumstances are more likely to weaken the
obligor’s
capacity
to meet its financial commitments on the
obligation. |
BB,B,CCC,CC
and
C |
Obligations
rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant
speculative
characteristics. ‘BB’ indicates the least degree of speculation and ‘C’
the
highest.
While such obligations will likely have some quality and protective
characteristics,
these may be outweighed by large uncertainties or major exposure to
adverse
conditions. |
BB |
An
obligation rated ‘BB’ is less vulnerable to nonpayment than other
speculative issues.
However,
it faces major ongoing uncertainties or exposure to adverse business,
financial,
or economic conditions that could lead to the obligor’s inadequate
capacity to
meet
its financial commitments on the obligation. |
B |
An
obligation rated ‘B’ is more vulnerable to nonpayment than obligations
rated ‘BB’,
but
the obligor currently has the capacity to meet its financial commitments
on the
obligation.
Adverse business, financial, or economic conditions will likely impair the
obligor’s
capacity or willingness to meet its financial commitments on the
obligation. |
CCC |
An
obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is
dependent
upon
favorable business, financial, and economic conditions for the obligor to
meet its
financial
commitments on the obligation. In the event of adverse business,
financial, or
economic
conditions, the obligor is not likely to have the capacity to meet its
financial
commitments
on the obligation. |
CC |
An
obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The
‘CC’ rating
is
used when a default has not yet occurred but S&P Global Ratings
expects default to
be
a virtual certainty, regardless of the anticipated time to
default. |
C |
An
obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the
obligation
is
expected to have lower relative seniority or lower ultimate recovery
compared with
obligations
that are rated higher. |
D |
An
obligation rated ‘D’ is in default or in breach of an imputed promise. For
non-hybrid
capital
instruments, the ‘D’ rating category is used when payments on an
obligation are
not
made on the date due, unless S&P Global Ratings believes that such
payments will
be
made within five business days in the absence of a stated grace period or
within the
earlier
of the stated grace period or 30 calendar days. The ‘D’ rating also will
be used
upon
the filing of a bankruptcy petition or the taking of similar action and
where default
on
an obligation is a virtual certainty, for example due to automatic stay
provisions. A
rating
on an obligation is lowered to ‘D’ if it is subject to a distressed debt
restructuring. |
AAA |
HIGHEST
CREDIT QUALITY. ‘AAA’ ratings denote the lowest expectation of default
risk.
They are assigned only in cases of exceptionally strong capacity for
payment of
financial
commitments. This capacity is highly unlikely to be adversely affected by
foreseeable
events. |
AA |
VERY
HIGH CREDIT QUALITY. ‘AA’ ratings denote expectations of very low default
risk.
They indicate very strong capacity for payment of financial commitments.
This
capacity
is not significantly vulnerable to foreseeable
events. |
A |
HIGH
CREDIT QUALITY. ‘A’ ratings denote expectations of low default risk. The
capacity
for payment of financial commitments is considered strong. This capacity
may,
nevertheless,
be more vulnerable to adverse business or economic conditions than is the
case
for higher ratings. |
BBB |
GOOD
CREDIT QUALITY. ‘BBB’ ratings indicate that expectations of default risk
are
currently
low. The capacity for payment of financial commitments is considered
adequate,
but adverse business or economic conditions are more likely to impair this
capacity. |
BB |
SPECULATIVE.
‘BB’ ratings indicate an elevated vulnerability to default risk,
particularly
in the event of adverse changes in business or economic conditions over
time;
however, business or financial flexibility exists that supports the
servicing of
financial
commitments. |
B |
HIGHLY
SPECULATIVE. ‘B’ ratings indicate that material default risk is present,
but a
limited
margin of safety remains. Financial commitments are currently being met;
however,
capacity for continued payment is vulnerable to deterioration in the
business
and
economic environment. |
CCC |
SUBSTANTIAL
CREDIT RISK. Default is a real possibility. |
CC |
VERY
HIGH LEVELS OF CREDIT RISK. Default of some kind appears
probable. |
C |
NEAR
DEFAULT. A default or default-like process has begun, or the issuer is in
standstill,
or for a closed funding vehicle, payment capacity is irrevocably impaired.
Conditions
that are indicative of a ‘C’ category rating for an issuer
include: |
|
●the
issuer has entered into a grace or cure period following non-payment of a
material
financial obligation;
●the
issuer has entered into a temporary negotiated waiver or standstill
agreement
following
a payment default on a material financial obligation;
●the
formal announcement by the issuer or their agent of a distressed debt
exchange;
●a
closed financing vehicle where payment capacity is irrevocably impaired
such that
it
is not expected to pay interest and/or principal in full during the life
of the
transaction,
but where no payment default is imminent. |
RD |
RESTRICTED
DEFAULT. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has
experienced: |
|
●an
uncured payment default or distressed debt exchange on a bond, loan or
other
material
financial obligation, but
●has
not entered into bankruptcy filings, administration, receivership,
liquidation or
other
formal winding-up procedure, and
●has
not otherwise ceased operating. This would include:
●the
selective payment default on a specific class or currency of
debt;
●the
uncured expiry of any applicable grace period, cure period or default
forbearance
period
following a payment default on a bank loan, capital markets security or
other
material
financial obligation;
●the
extension of multiple waivers or forbearance periods upon a payment
default on
one
or more material financial obligations, either in series or in parallel;
ordinary
execution
of a distressed debt exchange on one or more material financial
obligations. |
D |
DEFAULT.
‘D’ ratings indicate an issuer that in Fitch Ratings’ opinion has entered
into
bankruptcy filings, administration, receivership, liquidation or other
formal
winding-up
procedure or that has otherwise ceased
business. |
Aaa |
Obligations
rated Aaa are judged to be of the highest quality, with minimal
risk. |
Aa |
Obligations
rated Aa are judged to be of high quality and are subject to very low
credit
risk. |
A |
Obligations
rated A are judged to be upper-medium-grade and are subject to low credit
risk. |
Baa |
Obligations
rated Baa are subject to moderate credit risk. They are considered
medium-
grade
and as such may possess certain speculative
characteristics. |
Ba |
Obligations
rated Ba are judged to have speculative elements and are subject to
substantial
credit risk. |
B |
Obligations
rated B are considered speculative and are subject to high credit
risk. |
Caa |
Obligations
rated Caa are judged to be of poor standing and are subject to very high
credit
risk. |
Ca |
Obligations
rated Ca are highly speculative and are likely in, or very near, default,
with
some
prospect of recovery in principal and interest. |
C |
Obligations
rated C are the lowest-rated class of bonds and are typically in default,
with
little
prospect for recovery of principal or
interest. |
AAA |
Highest
credit quality. The capacity for the payment of financial obligations is
exceptionally
high and unlikely to be adversely affected by future
events. |
AA |
Superior
credit quality. The capacity for the payment of financial obligations is
considered
high. Credit quality differs from AAA only to a small degree. Unlikely to
be
significantly
vulnerable to future events. |
A |
Good
credit quality. The capacity for the payment of financial obligations is
substantial,
but
of lesser credit quality than AA. May be vulnerable to future events, but
qualifying
negative
factors are considered manageable. |
BBB |
Adequate
credit quality. The capacity for the payment of financial obligations is
considered
acceptable. May be vulnerable to future events. |
BB |
Speculative,
non-investment grade credit quality. The capacity for the payment of
financial
obligations is uncertain. Vulnerable to future
events. |
B |
Highly
speculative credit quality. There is a high level of uncertainty as to the
capacity
to
meet financial obligations. |
CCC/CC/C |
Very
highly speculative credit quality. In danger of defaulting on financial
obligations.
There
is little difference between these three categories, although CC and C
ratings are
normally
applied to obligations that are seen as highly likely to default, or
subordinated
to
obligations rated in the CCC to B range. Obligations in respect of which
default has
not
technically taken place but is considered inevitable may be rated in the C
category. |
D |
When
the issuer has filed under any applicable bankruptcy, insolvency or
winding up
statute
or there is a failure to satisfy an obligation after the exhaustion of
grace periods,
a
downgrade to D may occur. DBRS Morningstar may also use SD (Selective
Default)
in
cases where only some securities are impacted, such as the case of a
“distressed
exchange.” |
AAA |
An
insurer rated ‘AAA’ has extremely strong financial security
characteristics. ‘AAA’ is
the
highest insurer financial strength rating assigned by S&P Global
Ratings. |
AA |
An
insurer rated ‘AA’ has very strong financial security characteristics,
differing only
slightly
from those rated higher. |
A |
An
insurer rated ‘A’ has strong financial security characteristics, but is
somewhat more
likely
to be affected by adverse business conditions than are insurers with
higher ratings. |
BBB |
An
insurer rated ‘BBB’ has good financial security characteristics, but is
more likely to
be
affected by adverse business conditions than are higher-rated
insurers. |
BB,
B, CCC,
and
CC |
An
insurer rated ‘BB’ or lower is regarded as having vulnerable
characteristics that may
outweigh
its strengths, ‘BB’ indicates the least degree of vulnerability within the
range
and
‘CC’ the highest. |
BB |
An
insurer rated ‘BB’ has marginal financial security characteristics.
Positive attributes
exist,
but adverse business conditions could lead to insufficient ability to meet
financial
commitments. |
B |
An
insurer rated ‘B’ has weak financial security characteristics. Adverse
business
conditions
will likely impair its ability to meet financial
commitments. |
CCC |
An
insurer rated ‘CCC’ has very weak financial security characteristics, and
is
dependent
on favorable business conditions to meet financial
commitments. |
CC |
An
insurer rated ‘CC’ has extremely weak financial security characteristics
and is likely
not
to meet some of its financial commitments. |
SD
and D |
An
insurer rated ‘SD’ (selective default) or ‘D’ is in default on one or more
of its
insurance
policy obligations.
The
‘D’ rating also will be used upon the filing of a bankruptcy petition or
the taking of
similar
action if payments on a policy obligation are at risk. A ‘D’ rating is
assigned
when
S&P Global Ratings believes that the default will be a general default
and that the
obligor
will fail to pay substantially all of its obligations in full in
accordance with the
policy
terms.
An
‘SD’ rating is assigned when S&P Global Ratings believes that the
insurer has
selectively
defaulted on a specific class of policies but it will continue to meet its
payment
obligations on other classes of obligations. An ‘SD’ includes the
completion of
a
distressed debt restructuring. Claim denials due to lack of coverage or
other legally
permitted
defenses are not considered
defaults. |
AAA |
EXCEPTIONALLY
STRONG. ‘AAA’ IFS Ratings denote the lowest expectation of
ceased
or interrupted payments. They are assigned only in the case of
exceptionally
strong
capacity to meet policyholder and contract obligations. This capacity is
highly
unlikely
to be adversely affected by foreseeable events. |
AA |
VERY
STRONG. ‘AA’ IFS Ratings denote a very low expectation of ceased or
interrupted
payments. They indicate very strong capacity to meet policyholder and
contract
obligations. This capacity is not significantly vulnerable to foreseeable
events. |
A |
STRONG.
‘A’ IFS Ratings denote a low expectation of ceased or interrupted
payments.
They
indicate strong capacity to meet policyholder and contract obligations.
This
capacity
may, nonetheless, be more vulnerable to changes in circumstances or in
economic
conditions than is the case for higher ratings. |
BBB |
GOOD.
‘BBB’ IFS Ratings indicate that there is currently a low expectation of
ceased
or
interrupted payments. The capacity to meet policyholder and contract
obligations on
a
timely basis is considered adequate, but adverse changes in circumstances
and
economic
conditions are more likely to impact this
capacity. |
BB |
MODERATELY
WEAK. ‘BB’ IFS Ratings indicate that there is an elevated
vulnerability
to ceased or interrupted payments, particularly as the result of adverse
economic
or market changes over time. However, business or financial alternatives
may
be
available to allow for policyholder and contract obligations to be met in
a timely
manner. |
B |
WEAK.
‘B’ IFS Ratings indicate two possible conditions. If obligations are still
being
met
on a timely basis, there is significant risk that ceased or interrupted
payments could
occur
in the future, but a limited margin of safety remains. Capacity for
continued
timely
payments is contingent upon a sustained, favorable business and economic
environment,
and favorable market conditions. Alternatively, a ‘B’ IFS Rating is
assigned
to obligations that have experienced ceased or interrupted payments, but
with
the
potential for extremely high recoveries. Such obligations would possess a
recovery
assessment
of ‘RR1’ (Outstanding). |
CCC |
VERY
WEAK. ‘CCC’ IFS Ratings indicate two possible conditions. If obligations
are
still
being met on a timely basis, there is a real possibility that ceased or
interrupted
payments
could occur in the future. Capacity for continued timely payments is
solely
reliant
upon a sustained, favorable business and economic environment, and
favorable
market
conditions. Alternatively, a ‘CCC’ IFS Rating is assigned to obligations
that have
experienced
ceased or interrupted payments, and with the potential for average to
superior
recoveries. Such obligations would possess a recovery assessment of ‘RR2’
(Superior),
‘RR3’ (Good), and ‘RR4’
(Average). |
CC |
EXTREMELY
WEAK. ‘CC’ IFS Ratings indicate two possible conditions. If
obligations
are still being met on a timely basis, it is probable that ceased or
interrupted
payments
will occur in the future. Alternatively, a ‘CC’ IFS Rating is assigned to
obligations
that have experienced ceased or interrupted payments, with the potential
for
average
to below-average recoveries. Such obligations would possess a recovery
assessment
of ‘RR4’ (Average) or ‘RR5’ (Below Average). |
C |
DISTRESSED.
‘C’ IFS Ratings indicate two possible conditions. If obligations are still
being
met on a timely basis, ceased or interrupted payments are imminent.
Alternatively,
a
‘C’ IFS Rating is assigned to obligations that have experienced ceased or
interrupted
payments,
and with the potential for below average to poor recoveries. Such
obligations
would
possess a recovery assessment of ‘RR5’ (Below Average) or ‘RR6’
(Poor). |
F1 |
Insurers
are viewed as having a strong capacity to meet their near-term
obligations.
When
an insurer rated in this rating category is designated with a (+) sign, it
is viewed
as
having a very strong capacity to meet near-term
obligations. |
F2 |
Insurers
are viewed as having a good capacity to meet their near-term
obligations. |
F3 |
Insurers
are viewed as having an adequate capacity to meet their near-term
obligations. |
B |
Insurers
are viewed as having a weak capacity to meet their near-term
obligations. |
C |
Insurers
are viewed as having a very weak capacity to meet their near-term
obligations. |
RR1 |
OUTSTANDING
RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR1’ rated securities
have
characteristics consistent with securities historically recovering
91%–100% of
current
principal and related interest. |
RR2 |
SUPERIOR
RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR2’ rated securities have
characteristics
consistent with securities historically recovering 71%–90% of current
principal
and related interest. |
RR3 |
GOOD
RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR3’ rated securities have
characteristics
consistent with securities historically recovering 51%–70% of current
principal
and related interest. |
RR4 |
AVERAGE
RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR4’ rated securities have
characteristics
consistent with securities historically recovering 31%–50% of current
principal
and related interest. |
RR5 |
BELOW
AVERAGE RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR5’ rated
securities
have characteristics consistent with securities historically recovering
11%–
30%
of current principal and related interest. |
RR6 |
POOR
RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR6’ rated securities have
characteristics
consistent with securities historically recovering 0%–10% of current
principal
and related interest. |
Aaa |
Insurance
companies rated Aaa are judged to be of the highest quality, subject to
the
lowest
level of credit risk. |
Aa |
Insurance
companies rated Aa are judged to be of high quality and are subject to
very
low
credit risk. |
A |
Insurance
companies rated A are judged to be upper-medium grade and are subject to
low
credit risk. |
Baa |
Insurance
companies rated Baa are judged to be medium-grade and subject to moderate
credit
risk and as such may possess certain speculative
characteristics. |
Ba |
Insurance
companies rated Ba are judged to be speculative and are subject to
substantial
credit
risk. |
B |
Insurance
companies rated B are considered speculative and are subject to high
credit
risk. |
Caa |
Insurance
companies rated Caa are judged to be speculative of poor standing and are
subject
to very high credit risk. |
Ca |
Insurance
companies rated Ca are highly speculative and are likely in, or very near,
default,
with some prospect of recovery of principal and
interest. |
C |
Insurance
companies rated C are the lowest rated and are typically in default, with
little
prospect
for recovery of principal or
interest. |
P-1 |
Ratings
of Prime-1 reflect a superior ability to repay short-term debt
obligations. |
P-2 |
Ratings
of Prime-2 reflect a strong ability to repay short-term debt
obligations. |
P-3 |
Ratings
of Prime-3 reflect an acceptable ability to repay short-term
obligations. |
P-4 |
Issuers
(or supporting institutions) rated Not Prime do not fall within any of the
Prime
rating
categories. |
SP-1 |
Strong
capacity to pay principal and interest. An issue determined to possess a
very
strong
capacity to pay debt service is given a plus (+)
designation. |
SP-2 |
Satisfactory
capacity to pay principal and interest, with some vulnerability to adverse
financial
and economic changes over the term of the notes. |
SP-3 |
Speculative
capacity to pay principal and
interest. |
D |
‘D’
is assigned upon failure to pay the note when due, completion of a
distressed debt
restructuring,
or the filing of a bankruptcy petition or the taking of similar action and
where
default on an obligation is a virtual certainty, for example, due to
automatic stay
provisions. |
MIG
1 |
This
designation denotes superior credit quality. Excellent protection is
afforded by
established
cash flows, highly reliable liquidity support or demonstrated broad-based
access
to the market for refinancing. |
MIG
2 |
This
designation denotes strong credit quality. Margins of protection are
ample,
although
not as large as in the preceding group. |
MIG
3 |
This
designation denotes acceptable credit quality. Liquidity and cash-flow
protection
may
be narrow, and market access for refinancing is likely to be less
well-established. |
SG |
This
designation denotes speculative-grade credit quality. Debt instruments in
this
category
may lack sufficient margins of
protection. |
VMIG
1 |
This
designation denotes superior credit quality. Excellent protection is
afforded by the
superior
short-term credit strength of the liquidity provider and structural and
legal
protections
that ensure the timely payment of purchase price upon
demand. |
VMIG
2 |
This
designation denotes strong credit quality. Good protection is afforded by
the strong
short-term
credit strength of the liquidity provider and structural and legal
protections
that
ensure the timely payment of purchase price upon
demand. |
VMIG
3 |
This
designation denotes acceptable credit quality. Adequate protection is
afforded by
the
satisfactory short-term credit strength of the liquidity provider and
structural and
legal
protections that ensure the timely payment of purchase price upon
demand. |
SG |
This
designation denotes speculative-grade credit quality. Demand features
rated in this
category
may be supported by a liquidity provider that does not have a sufficiently
strong
short-term rating or may lack the structural or legal protections
necessary to
ensure
the timely payment of purchase price upon
demand. |
Pfd-1 |
Preferred
shares rated Pfd-1 are generally of superior credit quality, and are
supported
by
entities with strong earnings and balance sheet characteristics. Pfd-1
ratings
generally
correspond with issuers with a AAA or AA category reference
point1. |
Pfd-2 |
Preferred
shares rated Pfd-2 are generally of good credit quality. Protection of
dividends
and
principal is still substantial, but earnings, the balance sheet and
coverage ratios are
not
as strong as Pfd-1 rated companies. Generally, Pfd-2 ratings correspond
with issuers
with
an A category or higher reference point. |
Pfd-3 |
Preferred
shares rated Pfd-3 are generally of adequate credit quality. While
protection of
dividends
and principal is still considered acceptable, the issuing entity is more
susceptible
to adverse changes in financial and economic conditions, and there may be
other
adverse conditions present which detract from debt protection. Pfd-3
ratings
generally
correspond with issuers with a BBB category or higher reference
point. |
Pfd-4 |
Preferred
shares rated Pfd-4 are generally speculative, where the degree of
protection
afforded
to dividends and principal is uncertain, particularly during periods of
economic
adversity.
Issuers with preferred shares rated Pfd-4 generally correspond with
issuers
with
a BB category or higher reference point. |
Pfd-5 |
Preferred
shares rated Pfd-5 are generally highly speculative and the ability of the
entity
to
maintain timely dividend and principal payments in the future is highly
uncertain.
Entities
with a Pfd-5 rating generally correspond with issuers with a B category or
higher
reference point. Preferred shares rated Pfd-5 often have characteristics
that, if not
remedied,
may lead to default. |
D |
When
the issuer has filed under any applicable bankruptcy, insolvency or
winding up or
the
issuer is in default per the legal documents, a downgrade to D may occur.
Because
preferred
share dividends are only payable when approved, the non-payment of a
preferred
share dividend does not necessarily result in a D. DBRS Morningstar may
also
use
SD (Selective Default) in cases where only some securities are impacted,
such as the
case
of a “distressed exchange”. See the Default Definition document posted on
the
website
for more information. |