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Data as of Top 10 Holdings Ticker Shares Held Holdings Updated Quarterly + 60-Day lag
05/17/2024 KKR & CO INC KKR 69,514.00 7.87%
05/17/2024 MICROSOFT CORP MSFT 15,527.00 7.06%
05/17/2024 BERKSHIRE HATH-A BRK/A 8.00 5.45%
05/17/2024 ASPEN TECHNOLOGY AZPN 21,477.00 5.16%
05/17/2024 VERALTO CORP VLTO 44,112.00 4.70%
05/17/2024 LINDE PLC LIN 9,903.00 4.63%
05/17/2024 LOWE'S COS INC LOW 17,806.00 4.45%
05/17/2024 GS-GOVT-FST FGTXX 3,947,432.54 4.27%
05/17/2024 TAKE-TWO INTERAC TTWO 24,999.00 4.00%
05/17/2024 O'REILLY AUTOMOT ORLY 3,514.00 3.85%

The Premium/Discount shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”).

The vertical axis on the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day. The data presented in the chart represents past performance and cannot be used to predict future results.

How can the Fund trade at a premium/discount to its NAV? 

The primary explanation is that timing discrepancies can arise between the NAV and the trading price of the Fund. Since shares of the Fund trade on the open market, prices are affected by the constant flow of information received by investors, corporation and financial institutions. Depending on how this changing information affects investor sentiment, shares of the Fund may deviate slightly from the value of the Fund’s underlying assets. The NAV of the Fund is only calculated once a day (normally at 4:00 p.m. Eastern Time). As a result, shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are purchased and sold at current market prices. However, due to the creation and redemption process that is unique to ETFs, market makers are able to minimize these deviations from NAV by taking advantage of arbitrage opportunities.

What causes these time discrepancies?

Close of Trading Times. Although both the NAV and the daily market price of the Fund are generally calculated based on prices at the closing time of the exchange (generally 4:00 p.m. Eastern Time), slight differences in this timing may cause discrepancies.

Time of Last Trade. Trading of the Fund generally takes place during normal trading hours (9:30 a.m. to 4:00 p.m. Eastern Time). However, it is important to note that the last trade – from which the closing price is determined – may not occur at exactly 4:00 p.m. Eastern Time. Therefore, changing market sentiment during the time difference may cause the NAV to deviate from the closing price.

Sector Allocation

This value represents the sectors included in the portfolio on a percent of assets basis.

30-Day Median Bid-Ask Spread

The median bid-ask spread is calculated by dividing the difference between the national best bid and national best offer (“NBBO”) for the fund by the midpoint of the NBBO as of the end of each ten second interval during each trading day of the last 30 calendar days. The median of those values is then expressed as a percentage rounded to the nearest hundredth.

30-Day SEC Yield

A non-money market fund’s SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund’s hypothetical annualized income as a percentage of its assets. A security’s income, for the purposes of this calculation, is based on the current market yield to maturity (for bonds) or projected dividend yield (for stocks) of the fund’s holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund’s actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous 7 days.

Gross Expense Ratio

The gross expense ratio is the fund’s total annual operating costs, expressed as a percentage of the fund’s average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund’s most recent fiscal year. Please see the prospectus for more information.

Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

  • You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
  • The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
  • These additional risks may be even greater in bad or uncertain market conditions.

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance.

For additional information regarding the distinctive attributes and risks of the ETF, see Risk and Additional Disclosures.