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CANQ

Calamos Nasdaq® Equity & Income ETF

Important Disclosure

Fund Stats

  • NAV

    $27.67

    $0.16 (0.58%)

    As of 5/15/25

  • Market Price

    $27.58

    As of 5/15/25

  • Total Net Assets

    $11.1 Million

    As of 5/15/25

  • Inception Date

    2/13/24

Calamos Nasdaq Equity & Income ETF Overview

The Calamos Nasdaq® Equity & Income ETF (CANQ) is designed to provide upside potential to Nasdaq-100® stocks through options and seeks to limit downside risk through an actively managed fixed income portfolio. This results in a unique combination of high equity upside capture, risk-adjusted returns, and monthly income through all market cycles.

Why CANQ?

  • Outperformed the Nasdaq-100 (13.39% vs. 10.03%) since the fund’s inception, with lower volatility*
  • CANQ has captured 93% of the Nasdaq-100’s upside with only 65% of the downside – notable outperformance with less volatility*
  • Delivered consistent monthly income over the risk-free rate*
  • Tax efficient exposure

Key Features

Nasdaq 100 Growth with Less Volatility
  • Unlimited upside with the goal of a smoother return profile
  • Capital Efficient: Laddered options portfolio makes up around 10% of the portfolio, and has achieved nearly 100% upside participation to the Nasdaq 100*
Active Fixed Income Management
  • Active fixed income portfolio seeks to limit drawdowns, reduce volatility and targets regular monthly income above risk-free rates
  • Professional management across duration, credit quality and sector
Tax-Efficient
  • ETF structure and use of equity FLEX® Options seek to minimize taxable gains
  • Lower turnover than many traditional equity or covered call strategies

Portfolio Fit

Defensive Equity: Helps reduce overall portfolio volatility while maintaining uncapped growth

Income Enhancement: Add monthly income to your portfolio without sacrificing upside potential

Capital Efficient: A more capital efficient approach to Nasdaq-100® exposure - approximately 10% to equity options and 90% to active fixed income.

*As of 4/30/2024

Newcomer ETF Firm of the Year Award

Performance Attribution

CANQ NAV Component Analysis: Protective Bond Layer and Options Growth Exposure

As of 4/30/25

To illustrate CANQ's portfolio components relative to the Nasdaq 100® Index, the performance of both the fund and the index have been set to a baseline of 100. The performance includes reinvestment of dividends.

Source: Calamos Investments and Nasdaq

Nasdaq-100® Index is represented by the Nasdaq-100 Total Return Index (XNDX), which includes both price performance and dividend reinvestment.

CANQ Contribution to Return includes reinvestment of dividends.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee and other expenses, which can be found on the fund fees and expenses tab. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment.

Performance

Annualized Total Returns (%)

As of 3/31/25 As of 4/30/25
Name 1 Month 3 Month 6 Month 1 Year 3 Year 5 Year 10 Year Since Inception (02/13/24)
CANQ Market Price -5.41 -3.79 1.99 11.66 - - - 11.96
CANQ NAV -5.23 -3.71 2 11.99 - - - 12.22
Nasdaq-100 Total Return Index (XNDX) -7.61 -8.07 -3.54 6.44 10.04 20.77 17.23 7.75
Nasdaq-100 Top 30 Hybrid Income Total Return Index -2.73 -2.52 2.94 13.99 12.19 13.57 12.92 14.05
Name 1 Month 6 Month 1 Year 3 Year 5 Year 10 Year Since Inception (02/13/24)
CANQ Market Price 1.01 4.23 17 - - - 12.03
CANQ NAV 0.64 3.99 17.2 - - - 11.93
Nasdaq-100 Total Return Index (XNDX) 1.55 -1.24 13.1 16.01 17.75 17.19 8.58
Nasdaq-100 Top 30 Hybrid Income Total Return Index 1.48 6.19 20.78 15.75 12.5 13.02 14.42

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee and other expenses, which can be found on the fund fees and expenses tab.You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment.

The Nasdaq-100 Index® is a stock market index made up of equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange. It is a modified capitalization-weighted index.

The Nasdaq-100 Top 30 Hybrid Income Index® tracks the performance of a systematic strategy of purchasing long call options on the 30 largest stocks in the Nasdaq-100® Index combined with a Fixed Income ETF.

Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

The fund's expense ratio as of the prospectus dated 5/2/2025 is 0.89%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio

A list of all fund holdings is made available daily through the link below.

View All Holdings

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Top 10 Holdings

As of 5/15/25
Holding %
Simplify MBS ETF 22.2%
Vanguard Emerging Markets Government Bond ETF 20.0%
SPDR Portfolio High Yield Bond ETF 14.4%
Janus Henderson Aaa Clo ETF 12.3%
Franklin Senior Loan ETF 8.6%
Schwab 1-5 Year Corporate Bond ETF 5.6%
iShares 5-10 Year Investment Grade Corporate Bond ETF 2.8%
Netflix, Inc. 2.8%
Costco Wholesale Corp. 1.8%
Direxion NASDAQ-100 Equal Weighted Index Shares 1.6%

Fund Facts

As of 4/30/25
Name Fund
Net Assets $11.1 M
Number of Holdings 29

Yield

Name %
Distribution Yield
(As of 4/30/25)		 5.01%
30-day SEC yield
(As of 4/30/25)		 5.25%
Unsubsidized 30-day SEC yield
(As of 4/30/25)		 5.25%

Distributions

Schedule

Name Frequency
Distributions MONTHLY
Capital Gains ANNUAL

Distributions

Schedule: MONTHLY
Frequency Income Reinvest
April 2025 $0.1120
March 2025 $0.1200
February 2025 $0.1510
January 2025 $0.1700
December 2024 $0.2863
October 2024 $0.1316
September 2024 $0.1097
August 2024 $0.1137
July 2024 $0.1030
June 2024 $0.1126
May 2024 $0.1100
April 2024 $0.1053
March 2024 $0.1034
February 2024 $0.0000

Most recent 19a Notice

Capital Gains Schedule
This ETF has no distributed capital gains.
To view the entire Calamos ETF capital gains distribution posted December 23, 2024, click here.

Pricing

Fund Details

As of 5/15/25
Detail Value
Ticker CANQ
NAV $27.67
Market Price $27.58
Premium/Discount -0.33%
Exchange NASDAQ
Inception Date 2/13/24

30 Day Median Bid/Ask

As of 5/15/25
30 Day Median Bid/Ask
0.31%

Premium / Discount

As of 5/15/25
Date Value
02/13/2024 0.37
02/14/2024 0.16
02/15/2024 0.2
02/16/2024 0.04
02/20/2024 0
02/21/2024 -0.16
02/22/2024 -0.08
02/23/2024 0.04
02/26/2024 0.08
02/27/2024 0.2
02/28/2024 0.08
02/29/2024 0.2
03/01/2024 -0.04
03/04/2024 0.08
03/05/2024 0.12
03/06/2024 0.12
03/07/2024 0.16
03/08/2024 0.16
03/11/2024 0.32
03/12/2024 0.28
03/13/2024 0.28
03/14/2024 0.16
03/15/2024 0.28
03/18/2024 0.12
03/19/2024 0.12
03/20/2024 0.12
03/21/2024 0.12
03/22/2024 0.16
03/25/2024 0.04
03/26/2024 -0.04
03/27/2024 -0.08
03/28/2024 0.04
04/01/2024 -0.04
04/02/2024 0
04/03/2024 0
04/04/2024 -0.08
04/05/2024 0
04/08/2024 0.12
04/09/2024 0.2
04/10/2024 0.28
04/11/2024 0.2
04/12/2024 0.28
04/15/2024 0.25
04/16/2024 0.45
04/17/2024 0.41
04/18/2024 0.49
04/19/2024 0.42
04/22/2024 0.5
04/23/2024 0.54
04/24/2024 0.83
04/25/2024 0.54
04/26/2024 0.49
04/29/2024 0.37
04/30/2024 0.29
05/01/2024 0.17
05/02/2024 0.33
05/03/2024 0.29
05/06/2024 0.12
05/07/2024 0.16
05/08/2024 0.16
05/09/2024 0.12
05/10/2024 0.24
05/13/2024 0.24
05/14/2024 0.2
05/15/2024 0.08
05/16/2024 0.28
05/17/2024 0.12
05/20/2024 0
05/21/2024 0.08
05/22/2024 0.16
05/23/2024 -0.16
05/24/2024 0
05/28/2024 0.04
05/29/2024 0.04
05/30/2024 0
05/31/2024 -0.08
06/03/2024 0.12
06/04/2024 -0.4
06/05/2024 0.12
06/06/2024 0.04
06/07/2024 0.08
06/10/2024 0.04
06/11/2024 -0.12
06/12/2024 -0.08
06/13/2024 0
06/14/2024 -0.11
06/17/2024 -0.07
06/18/2024 -0.07
06/20/2024 -0.19
06/21/2024 -0.23
06/24/2024 -0.11
06/25/2024 -0.08
06/26/2024 0.04
06/27/2024 -0.26
06/28/2024 -0.08
07/01/2024 0.04
07/02/2024 -0.11
07/03/2024 0
07/05/2024 -0.11
07/08/2024 0
07/09/2024 0
07/10/2024 -0.15
07/11/2024 -0.07
07/12/2024 -0.07
07/15/2024 0.11
07/16/2024 0.07
07/17/2024 0
07/18/2024 -0.26
07/19/2024 -0.04
07/22/2024 0.19
07/23/2024 0.19
07/24/2024 0.23
07/25/2024 0.2
07/26/2024 0.23
07/29/2024 0.23
07/30/2024 -0.08
07/31/2024 -0.08
08/01/2024 0.35
08/02/2024 0.47
08/05/2024 0.76
08/06/2024 0.36
08/07/2024 0.44
08/08/2024 0.28
08/09/2024 0.51
08/12/2024 0.16
08/13/2024 0.35
08/14/2024 0.42
08/15/2024 0.53
08/16/2024 0.34
08/19/2024 0
08/20/2024 -0.07
08/21/2024 -0.04
08/22/2024 -0.34
08/23/2024 -0.04
08/26/2024 -0.07
08/27/2024 -0.07
08/28/2024 -0.38
08/29/2024 -0.11
08/30/2024 0.04
09/03/2024 0.04
09/04/2024 -0.12
09/05/2024 -0.12
09/06/2024 -0.16
09/09/2024 0.12
09/10/2024 0.15
09/11/2024 0.27
09/12/2024 0.15
09/13/2024 0.15
09/16/2024 -0.04
09/17/2024 -0.11
09/18/2024 0.19
09/19/2024 -0.04
09/20/2024 -0.07
09/23/2024 0
09/24/2024 -0.22
09/25/2024 -0.18
09/26/2024 -0.15
09/27/2024 -0.33
09/30/2024 -0.26
10/01/2024 -0.22
10/02/2024 -0.49
10/03/2024 -0.22
10/04/2024 -0.19
10/07/2024 -0.15
10/08/2024 -0.18
10/09/2024 -0.55
10/10/2024 -0.22
10/11/2024 -0.26
10/14/2024 -0.29
10/15/2024 -0.22
10/16/2024 -0.15
10/17/2024 -0.15
10/18/2024 -0.15
10/21/2024 0.15
10/22/2024 -0.04
10/23/2024 -0.11
10/24/2024 -0.11
10/25/2024 -0.18
10/28/2024 -0.22
10/29/2024 -0.29
10/30/2024 -0.15
10/31/2024 -0.11
11/01/2024 -0.19
11/04/2024 -0.23
11/05/2024 -0.22
11/06/2024 -0.29
11/07/2024 -0.22
11/08/2024 -0.22
11/11/2024 -0.22
11/12/2024 -0.18
11/13/2024 -0.51
11/14/2024 -0.22
11/15/2024 -0.07
11/18/2024 -0.22
11/19/2024 -0.26
11/20/2024 -0.18
11/21/2024 -0.26
11/22/2024 -0.18
11/25/2024 -0.62
11/26/2024 -0.18
11/27/2024 -0.25
11/29/2024 -0.22
12/02/2024 -0.18
12/03/2024 -0.18
12/04/2024 -0.21
12/05/2024 -0.21
12/06/2024 -0.28
12/09/2024 -0.25
12/10/2024 -0.39
12/11/2024 -0.31
12/12/2024 -0.28
12/13/2024 -0.27
12/16/2024 -0.2
12/17/2024 -0.24
12/18/2024 -0.17
12/19/2024 -0.24
12/20/2024 -0.63
12/23/2024 -0.24
12/24/2024 -0.14
12/26/2024 -0.17
12/27/2024 -0.14
12/30/2024 0.11
12/31/2024 -0.18
01/02/2025 0.29
01/03/2025 0
01/06/2025 -0.14
01/07/2025 -0.18
01/08/2025 -0.21
01/10/2025 -0.14
01/13/2025 -0.11
01/14/2025 -0.18
01/15/2025 0.14
01/16/2025 -0.25
01/17/2025 -0.18
01/21/2025 -0.18
01/22/2025 -0.17
01/23/2025 0
01/24/2025 0
01/27/2025 0.11
01/28/2025 -0.03
01/29/2025 -0.03
01/30/2025 -0.14
01/31/2025 -0.17
02/03/2025 -0.53
02/04/2025 -0.17
02/05/2025 -0.17
02/06/2025 -0.14
02/07/2025 -0.14
02/10/2025 -0.17
02/11/2025 -0.07
02/12/2025 -0.14
02/13/2025 -0.1
02/14/2025 -0.1
02/18/2025 -0.14
02/19/2025 -0.14
02/20/2025 -0.17
02/21/2025 -0.14
02/24/2025 -0.21
02/25/2025 -0.07
02/26/2025 -0.21
02/27/2025 0
02/28/2025 -0.07
03/03/2025 -0.14
03/04/2025 -0.18
03/05/2025 -0.54
03/06/2025 0.04
03/07/2025 -0.04
03/10/2025 0.37
03/11/2025 0.22
03/12/2025 -0.15
03/13/2025 0.37
03/14/2025 -0.3
03/17/2025 0.04
03/18/2025 0.37
03/19/2025 0
03/20/2025 0.3
03/21/2025 -0.19
03/24/2025 -0.29
03/25/2025 -0.7
03/26/2025 -0.15
03/27/2025 -0.15
03/28/2025 0.19
03/31/2025 -0.26
04/01/2025 -0.15
04/02/2025 -0.19
04/03/2025 0.53
04/04/2025 -0.35
04/07/2025 -0.04
04/08/2025 0.16
04/09/2025 -0.57
04/10/2025 0.35
04/11/2025 0.27
04/14/2025 -0.27
04/15/2025 -0.31
04/16/2025 0.12
04/17/2025 -0.31
04/21/2025 -0.16
04/22/2025 -0.31
04/23/2025 -0.11
04/24/2025 -0.11
04/25/2025 0
04/28/2025 -0.19
04/29/2025 -0.11
04/30/2025 0.11
05/01/2025 -0.3
05/02/2025 -0.45
05/05/2025 -0.15
05/06/2025 -0.07
05/07/2025 -0.15
05/08/2025 -0.3
05/09/2025 -0.19
05/12/2025 -0.15
05/13/2025 0
05/14/2025 -0.04
05/15/2025 -0.33

Premium and Discount

As of 5/15/25
Calendar Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Days Traded at Premium 107 13 8 -- --
Days Traded at Discount 116 47 24 -- --

The above chart presents information about the difference between the daily market price for shares of the ETF and the ETF's net asset value. The market price displayed is the official closing price reported by the exchange​. The vertical axis of the chart shows the premium or discount expressed in basis points (bps). If the fund's market price exceeds its NAV, it is trading at a premium and is expressed by a positive value. If the fund's market price is below the NAV, the ETF is trading at a discount and is represented by a negative value. This value is recorded daily over the time period displayed along the horizontal axis.

Fees & Expenses

Fees & Expenses

Expenses %
Management Fees 0.74%
Distribution and/or Service Fees (12b-1) 0.00%
Other Expenses1 0.00%
Acquired Fund Fees and Expenses2 0.15%
Total Annual Fund Operating Expenses3 0.89%

Fund Information

Name Fund
Inception Date 2/13/24
Ticker Symbol CANQ
CUSIP number 12811T506

Expenses as of the prospectus dated 5/2/2025.

1“Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.

2“Acquired Fund Fees and Expenses” include certain expenses incurred in connection with the Fund’s investment in closed-end funds, exchange-traded funds (“ETFs”), other investment companies, and business development companies (“BDCs”). The amount shown is based on estimated amounts for the current fiscal year.

3The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund’s financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.

Literature

About the Fund

Calamos Nasdaq Equity & Income ETF Fact Sheet

The Calamos Nasdaq Equity & Income ETF fact sheet provides a snapshot of the investment team and product strategy.

Prospectus and Reports

Summary Prospectus

This summary contains important information about the investment objective, fees and expenses, principal investment strategies, principal risks and performance.

Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.

N-CSR

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Important Fund Information

Before investing, carefully consider the Fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

Risks of investing in the Calamos Nasdaq® Equity & Income ETF include risks associated with: Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions; Debt Securities Risk: Debt securities are subject to various risks, including interest rate risk, credit risk and default risk; Equity Securities Risk: The securities markets are volatile, and the market prices of the Fund's securities may decline generally; FLEX Options Risk: The Fund may invest in FLEX Options issued and guaranteed for settlement by The Options Clearing Corporation ("OCC"). FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions; High Yield Risk: High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks; LEAPS® Options Risk: The Fund's investments in options contracts may include long-term equity anticipation securities known as LEAPS Options. LEAPS Options are long-term exchange-traded call options that allow holders the opportunity to participate in the underlying securities' appreciation in excess of a specified strike price without receiving payments equivalent to any cash dividends declared on the underlying securities; Liquidity Risk - FLEX Options: In the event that trading in the underlying FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease; Liquidity Risk - LEAPS Options: In the event that trading in the underlying LEAPS Options is limited or absent, the value of the Fund's LEAPS Options may decrease; Market Maker Risk: If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund Shares; Market Risk: The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security; New Fund Risk: The Fund is a recently organized investment company with a limited operating history; Non-Diversification Risk: The Fund is classified as "non-diversified" under the 1940 Act; Options Risk: The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market; Other Investment Companies (including ETFs) Risk: The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act.

Prior to May 2, 2025, the name of the Calamos Nasdaq® Equity & Income ETF was the Calamos Alternative Nasdaq & Bond ETF.

Nasdaq®, Nasdaq-100®, Nasdaq-100 Index® and Nasdaq-100 Top 30 Hybrid Income Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Calamos Advisors LLC. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND(S).

FLEX® Options and LEAPS® Options are registered trademarks of Cboe Global Markets.

The Nasdaq-100 Index® is a stock market index made up of equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange. It is a modified capitalization-weighted index.

The Nasdaq-100 Top 30 Hybrid Income Index® tracks the performance of a systematic strategy of purchasing long call options on the 30 largest stocks in the Nasdaq-100® Index combined with a Fixed Income ETF.

The fund's expense ratio as of the prospectus dated 5/2/2025 is 0.89%.

Notes

30-day SEC yield reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

Distribution yield is calculated by annualizing the Fund's most recent distribution paid and dividing by the Fund's NAV as of the date of the period presented. Distributions may include interest and/or dividend income that represents the income accrued by the Fund during the period and are not guaranteed. Distribution Yield is based on distributions made in the past and therefore may not be reflective of the Fund's current portfolio.

Market price refers to the price at which shares of the fund trade in the market.

NAV or Net asset value refers to the net value of all the assets held in the fund on a per share basis.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE