YTD TOTAL RETURN
--
NAV
As of 07/25/2024
--
MARKET PRICE
EXPENSE RATIO
--
NET
As of 7/9/2024
0.27%
GROSS
NAV
$50.01
Prices as of 07/25/2024
MARKET PRICE
$50.18
YTD TOTAL RETURN As of 07/25/2024 NAV Market Price | -- -- |
EXPENSE RATIO As of 7/9/2024 Net Gross | -- 0.27% |
NAV Prices as of 07/25/2024 | $50.01 0.05% ($0.02) |
Market Price | $50.18 0.34% ($0.17) |
A research-driven, actively managed ETF seeking high current income that is exempt from federal and California income tax.
A Holistic Municipal Bond Holding
The fund invests primarily in investment-grade bonds exempt from federal and California income taxes.
Research-Driven Approach Reveals Opportunities
Top-down analysis drives allocation decisions to credit quality and duration/yield curve positioning while bond-by-bond research identifies promising securities that may include nonrated opportunities.
Focus on Steady After-Tax Income
The fund seeks to help investors meet income goals while managing federal and California income taxes.
Fixed Income Capabilities
Learn more about our full line-up of bond funds that pursue conviction-driven outperformance.
Key Facts
Investment Objective | Seeks high current income that is exempt from federal and California income tax. |
Inception Date | 07/16/2024 |
Benchmark | S&P California AMT-Free Municipal Bond IndexA |
Total Assets | $15,003,750.95 As of 07/25/2024 |
Shares Outstanding | 300,000.00 As of 07/25/2024 |
Distribution Frequency | Monthly (Non-Daily Accrual) |
Fees
| Gross Expense Ratio | 0.27% |
Trading Information
| Ticker | CATF |
| CUSIP | 025072117 |
| ISIN | US0250721174 |
| SEDOL | BRT4WF0 |
| Exchange | NYSE Arca |
Fees
| Gross Expense Ratio | 0.27% |
Trading Information
| Ticker | CATF |
| CUSIP | 025072117 |
| ISIN | US0250721174 |
| SEDOL | BRT4WF0 |
| Exchange | NYSE Arca |
As of 07/25/2024
Daily Market Prices
| Closing Price | $50.18 |
| Bid Ask Midpoint | $50.18 |
| Day High Price | $50.26 |
| Day Low Price | $50.09 |
| Bid Ask Spread | 0.14% |
| 30-Day Median Bid Ask Spread | 0.18% |
52-Week Range
| 52-Week High | $50.62 |
| 52-Week Low | $50.01 |
| Days > +/- 0.5% of NAV | 0 |
| Percent > +/- 0.5% of NAV | 0% |
| Days at Premium | 0 |
| Days at NAV | 0 |
| Days at Discount | 0 |
| Greatest Premium | 0% |
| Greatest Discount | 0% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that the investor's shares, when redeemed, may be worth more or less than the original cost. Returns less than one year are not annualized. Net asset value (NAV) prices are used to calculate market price performance prior to the date when the fund first traded on an exchange. Market performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. Index performance does not represent the fund's performance. It is not possible to invest directly in an index.
Average annual returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.
30-Day SEC Unsubsidized Yield
12 Month Distribution Rate
--
30-Day SEC Unsubsidized Yield: Represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.
12 Month Distribution Rate: The sum of a fund's total trailing 12-month interest and dividend payments divided by the most recent day's ending share price (NAV).
Yield to Worst: Lowest yield possible for a security given the current price, taking into account both call dates and maturity.
Yield to Maturity: The internal rate of return of the security based on the given market price—it is the single discount rate that equates a security price (inclusive of accrued interest) with its projected cashflows.
Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.
FREQUENCY
Monthly
| Total Paid | Ordinary Dividends | Reinvest Price |
|---|
| Weighted Average Coupon | As of 05/31/2024 |
| Option Adjusted Duration | As of 05/31/2024 |
| Option Adjusted Spread | undefined As of undefined |
| Holdings | undefined As of undefined |
As of 05/31/2024
Due to rounding, these values may exceed 100%.
Negative weights may be due to open security or capital stock
trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 07/24/2024
| BLACKROCK CASH SWEEP BLACKROCK LIQ FD MUNICASH IN | 12.26% |
| CALIFORNIA ST CAS 09/31 FIXED 5 | 3.80% |
| EAST BAY CA MUNI UTILITY DIST EBYWTR 06/44 FIXED 5 | 3.79% |
| UNIV OF CALIFORNIA CA REVENUES UNVHGR 05/29 FIXED 5 | 3.67% |
| CALIFORNIA ST MUNI FIN AUTH RE CASFIN 09/49 FIXED 5 | 3.64% |
| CALIFORNIA CMNTY CHOICE FING A CCEDEV 05/54 ADJUSTABLE VAR | 3.60% |
| STHRN CA PUBLIC PWR AUTH REVEN STNPWR 04/55 ADJUSTABLE VAR | 3.56% |
| LOS ANGELES CNTY CA PUBLIC WKS LOSFAC 12/27 FIXED 5 | 3.43% |
| SANTA CLARA VLY CA WTR DIST WT SCVWTR 06/30 FIXED 5 | 3.43% |
| SAN JOSE CA EVERGREEN CMNTY CL SJSHGR 09/45 FIXED OID 4 | 3.38% |
| % of Top Portfolio Holdings | 44.56% |
Due to rounding, these values may exceed 100%.
Negative weights may be due to open security or capital stock
trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 05/31/2024
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 05/31/2024
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 05/31/2024
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
Additional Resources
How To Buy
Individual Investors: Open a new brokerage account or use an existing brokerage account.
Open New Brokerage Account Log In NowFinancial Advisors: Contact your wholesaler at 1-800-345-6488 for more information.
Index performance does not represent the fund's performance. It is not possible to invest directly in an index.
Exchange Traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
This fund is an actively managed ETF that does not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund's performance may suffer.
Generally, as interest rates rise, the value of the bonds held in the fund will decline. The opposite is true when interest rates decline.
There is no guarantee that all of the fund’s income will be exempt from federal, California state or local income taxes. The portfolio managers are permitted to invest the fund’s assets in debt securities with interest payments that are subject to federal income tax, California state tax, local income tax and/or the federal alternative minimum tax. Capital gains are not exempt from state and federal income tax.
Because the fund invests primarily in California municipal securities and securities issued by U.S. territories, its yield and share price will be affected by political and economic developments within the state and territories.
The lower rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk.
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.
Brokerage Services are provided by American Century Brokerage, a division of American Century Investment Services, Inc., registered broker/dealer, member FINRA, SIPC.
The information is not intended as a personalized recommendation or fiduciary advice and should not be relied upon for, investment, accounting, legal or tax advice.
Designed to measure the performance of the investment grade, tax-exempt bonds issues within California.
Closing Price: The price of the last reported trade on the fund's primary exchange.
Bid Ask Midpoint: The midpoint between the highest bid and the lowest offer on the primary listing exchange, as of the time that the Fund's NAV is calculated, generally around 4 p.m. (Eastern time).
Premium Discount: A premium is the amount that the fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the fund is trading below the reported NAV, expressed as a percentage of the NAV.
ETF Market Performance (Inception to Date): The fund's per share Net Asset Value (NAV) is the value of one share of the fund. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
Weighted Average Coupon: The weighted average interest rate paid by the securities in the pool.
Option Adjusted Duration (OAD): OAD is the effective duration. It is a duration calculation for bonds that have embedded options. This measure of duration takes into account the fact that expected cash flows will fluctuate as interest rates change. The effective duration measures the percentage change in price for a 100 basis points parallel shift in the yield curve. Positive duration means that as rates rise, the price decreases, and negative duration means that as rates rise, the price increases.
Option Adjusted Spread (OAS): The measurement of the spread (in basis points) of a fixed-income security rate and the risk-free rate of return, which is adjusted to take into account an embedded option.
Holdings: The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards.
Investment Blend: Reflects the blend of securities owned by a fund. For example, the percentage of foreign or domestic stocks held by an equity fund or the percentage of corporate and government securities owned by a bond fund. The U.S./Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.
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