The performance data shown represents past performance, which is no guarantee of future results. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes.) It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating TM for funds, or "star rating," is calculated for funds with at least a three-year history. **The Overall Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics, which are based on risk-adjusted returns. This chart is not intended to imply any future performance of the fund. Figures include reinvestment of capital gains and dividends, but do not reflect the effect of any applicable sales charges or redemption fees, which would lower these figures. *The chart illustrates the NAV performance of a hypothetical $10,000 investment made in the fund on or on commencement of operations (whichever is later). Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. ETFs are subject to management fees and other expenses. ETFs are subject to market fluctuation and the risks of their underlying investments. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Updated daily and calculated using constituent assets (ETP's holdings) aggregated and mapped to corresponding category.įree commission offer applies to online purchases select ETFs in a Fidelity brokerage account. Long-Term (bonds): maturities greater than ten years.Intermediate-Term (notes): maturities between six to ten years.Short-Term (bills): maturities between one and five years (instruments with maturities less than one year are called Money Market Instruments).Bonds are typically classified into the following three categories: Maturity refers to the length of time until the principal amount of a bond must be repaid. A link has been provided to learn more about the ETP's Managers' investment approach and credit grade analytics.Ī classification of an ETFs exposure according to the maturity of the constituent debt. The resulting credit quality analytics shown may differ from the ETP Manager's methodology to determine credit quality of the ETP's fixed income securities. "Default" consists of securities rated D. "High Yield" consists of all securities whose lowest rating is below BBB (or for municipal Money Market securities, a rating of SP2 or SP3, and corporate Money Market securities, a rating of P2 or P3) that are not in default. "Investment-Grade" consists of securities with a credit rating of AA down to BBB (or for municipal Money Market securities, a rating of SP1 and corporate money market securities, a rating of P1). "AAA" consists of securities having a credit rating of AAA. If a security is not rated by an NRSRO, the holding is classified as "Not Rated". If only one NRSRO rates the security, that rating is assigned to the holding. If a security is rated by two or more NRSROs, then the lowest rating is assigned to the holding. The percentages shown in the table are based on the ETP's fixed-income holdings and may not total 100% if an ETP holds non-fixed income securities such as cash, derivatives, and/or equities. Credit Grade Exposure is provided by a third-party using a proprietary algorithm which considers the ratings assigned to the ETP's underlying fixed income securities by three Nationally Recognized Statistical Rating Organizations ("NRSROs"): Moody's Investors Service ("Moody's"), Standard & Poor's Rating Services ("S&P"), or Fitch, Inc.
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