F/m 10-Year Investment Grade Corporate Bond ETF (ZTEN)

An ETF Designed to Equitize 10-Year Investment Grade Corporate Bonds

Potential Benefits

1
ZTEN aims to provide exposure to the most recent current coupon investment grade corporate bonds, with the ease and efficiency of an ETF.
2
ZTEN aims to make monthly dividend payments, more frequent than those of the underlying bonds.
3
Minimize transaction costs and the operational burden required to continually maintain 10-year maturity and enjoy the potential tax efficiencies of an ETF.

Overview

Investment Objective

The investment objective of the F/m 10-Year Investment Grade Corporate Bond ETF (the “F/m 10-Year Bond ETF”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE 10-Year Target Maturity Index.

Underlying Bonds

  • The most recent current coupon investment grade corporate bonds available in the 10-year maturity.

  • Monthly rebalances to maintain 10-year maturity term and participation in new issue market to capture current market coupon and for optimal liquidity.

Fund Facts

As of 04/12/2024
Ticker zten
Exchange NYSE Arca
CUSIP 74933W411
Inception Date 01/10/2024
# of Holdings 213
Expense Ratio 0.15%
Management Fees & Expenses 0.15%
Leverage None
Net Assets $13.68M
Shares Outstanding 280,000
NAV $48.88
Closing Price $48.91
Median 30 Day Spread 0.08%
Premium / Discount 0.07%
30-Day Yield * 5.33%
-- --
*Yield
As of 03/31/2024
Type Declaration Date Ex Date Record Date Payable Date Dividend Declared (per share)
02/29/202403/01/202403/04/202403/05/2024$0.28812289
03/28/202404/01/202404/02/202404/03/2024$0.19032931
04/30/202405/01/202405/02/202405/03/2024$x
05/31/202406/03/202406/03/202406/04/2024$x
06/28/202407/01/202407/01/202407/01/2024$x
07/31/202408/01/202408/01/202408/02/2024$x
08/30/202409/03/202409/03/202409/04/2024$x
09/30/202410/01/202410/01/202410/02/2024$x
10/31/202411/01/202411/01/202411/04/2024$x
11/29/202412/02/202412/02/202412/03/2024$x
12/27/202412/30/202412/30/202412/31/2024$x
12/27/202412/30/202412/30/202412/31/2024$x

Performance

Market Price Performance

Quarter-end Performance

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Top Holdings

As of 04/15/2024
Name Symbol Par Value Market Value Weightings (%)
U.S. Bank Money Market Deposit Account 08/01/2031USBFS044,560.44$4,560.440.03%
Smith & Nephew PLC 5.4% 03/20/203483192PAD064,000.00$62,013.890.45%
VICI Properties LP 5.75% 04/01/2034925650AF064,000.00$62,064.130.45%
COPT Defense Properties LP 2.9% 12/01/203322003BAP180,000.00$61,296.930.45%
Duke Energy Florida LLC 5.875% 11/15/203326444HAQ460,000.00$62,110.220.45%
Invitation Homes Operating Partnership LP 2.7% 01/15/203446188BAC680,000.00$62,265.270.45%
Lincoln National Corp 5.852% 03/15/2034534187BT564,000.00$62,014.370.45%
Solventum Corp 5.6% 03/23/203483444MAG664,000.00$62,474.430.46%
TPG Operating Group II LP 5.875% 03/05/2034872652AA064,000.00$63,163.160.46%
Tapestry Inc 7.85% 11/27/2033876030AF460,000.00$63,547.150.46%
Targa Resources Corp 6.5% 03/30/203487612GAF860,000.00$63,078.850.46%
Tyson Foods Inc 5.7% 03/15/2034902494BM464,000.00$63,385.050.46%
UnitedHealth Group Inc 5% 04/15/203491324PFB364,000.00$62,419.050.46%
Vistra Operations Co LLC 6.95% 10/15/203392840VAQ560,000.00$63,118.140.46%
Waste Management Inc 4.875% 02/15/203494106LBW865,000.00$63,157.940.46%
Wells Fargo & Co 6.491% 10/23/203495000U3H460,000.00$62,963.130.46%
Westinghouse Air Brake Technologies Corp 5.611% 03/11/2034960386AR164,000.00$63,642.530.46%
Westpac Banking Corp 6.82% 11/17/2033961214FP359,000.00$63,091.860.46%
Wisconsin Power and Light Co 5.375% 03/30/2034976826BS564,000.00$63,135.240.46%
Xcel Energy Inc 5.5% 03/15/203498389BBB564,000.00$62,402.850.46%
AGCO Corp 5.8% 03/21/2034001084AS164,000.00$63,439.630.46%
AEP Transmission Co LLC 5.15% 04/01/203400115AAR064,000.00$62,349.940.46%
AT&T Inc 2.55% 12/01/203300206RMM180,000.00$62,391.740.46%
AbbVie Inc 5.05% 03/15/203400287YDU064,000.00$63,065.030.46%
Altria Group Inc 6.875% 11/01/203302209SBR359,000.00$63,049.520.46%
Anheuser-Busch InBev Worldwide Inc 5% 06/15/203403523TBY364,000.00$62,681.200.46%
Aon North America Inc 5.45% 03/01/203403740MAD264,000.00$63,211.940.46%
Apollo Global Management Inc 6.375% 11/15/203303769MAA460,000.00$63,146.030.46%
Atmos Energy Corp 5.9% 11/15/2033049560AZ861,000.00$63,280.450.46%
AutoZone Inc 6.55% 11/01/2033053332BH459,000.00$63,224.420.46%
Bank of New York Mellon Corp/The 6.474% 10/25/203406406RBU059,000.00$62,839.540.46%
Black Hills Corp 6.15% 05/15/2034092113AW963,000.00$63,491.910.46%
BlackRock Funding Inc 5% 03/14/203409290DAB764,000.00$62,758.460.46%
Boeing Co/The 3.6% 05/01/2034097023CJ278,000.00$62,416.440.46%
BP Capital Markets America Inc 4.989% 04/10/203410373QBW964,000.00$62,455.020.46%
Brookfield Finance Inc 6.35% 01/05/203411271LAK861,000.00$63,626.000.46%
Coterra Energy Inc 5.6% 03/15/2034127097AL764,000.00$63,263.120.46%
Campbell Soup Co 5.4% 03/21/2034134429BP364,000.00$63,058.000.46%
CenterPoint Energy Houston Electric LLC 5.15% 03/01/203415189XBE764,000.00$62,957.790.46%
Charter Communications Operating LLC / Charter Communications Operating Capital 6.65% 02/01/2034161175CP764,000.00$63,483.780.46%
Cheniere Energy Inc 5.65% 04/15/203416411RAL364,000.00$63,053.380.46%
Chubb INA Holdings LLC 5% 03/15/2034171239AK264,000.00$62,540.800.46%
Columbia Pipelines Operating Co LLC 6.036% 11/15/203319828TAB262,000.00$62,933.200.46%
Darden Restaurants Inc 6.3% 10/10/2033237194AN562,000.00$63,485.660.46%
Dell International LLC / EMC Corp 5.4% 04/15/203424703DBN064,000.00$62,791.730.46%
Entergy Louisiana LLC 5.35% 03/15/203429364WBM964,000.00$62,842.940.46%
Essex Portfolio LP 5.5% 04/01/203429717PBA464,000.00$62,540.680.46%
Evergy Kansas Central Inc 5.9% 11/15/203330036FAC562,000.00$63,545.540.46%
Fiserv Inc 5.45% 03/15/2034337738BL164,000.00$63,072.360.46%
Fox Corp 6.5% 10/13/203335137LAN561,000.00$63,169.190.46%
GATX Corp 6.9% 05/01/2034361448BN259,000.00$63,091.260.46%
GlaxoSmithKline Capital Inc 5.375% 04/15/2034377372AB361,000.00$63,549.580.46%
Glencore Funding LLC 6.5% 10/06/2033378272BQ060,000.00$62,694.330.46%
Goldman Sachs Group Inc/The 6.561% 10/24/203438141GA5359,000.00$62,832.840.46%
Huntington Bancshares Inc/OH 5.709% 02/02/2035446150BD566,000.00$63,553.870.46%
Johnson & Johnson 4.375% 12/05/2033478160BJ265,000.00$63,187.280.46%
Keurig Dr Pepper Inc 5.3% 03/15/203449271VAV264,000.00$62,830.960.46%
KeyCorp 6.401% 03/06/203549326EEP464,000.00$63,226.360.46%
Kilroy Realty LP 2.65% 11/15/203349427RAR387,000.00$63,103.800.46%
LYB International Finance III LLC 5.5% 03/01/203450249AAM564,000.00$62,527.710.46%
Lockheed Martin Corp 4.75% 02/15/2034539830CA566,000.00$63,592.730.46%
Marsh & McLennan Cos Inc 5.15% 03/15/2034571748BW164,000.00$62,861.220.46%
Motorola Solutions Inc 5.4% 04/15/2034620076BZ164,000.00$62,704.270.46%
NNN REIT Inc 5.6% 10/15/2033637417AS564,000.00$63,370.060.46%
Newmont Corp / Newcrest Finance Pty Ltd 5.35% 03/15/203465163LAP464,000.00$62,845.690.46%
NiSource Inc 5.35% 04/01/203465473PAQ864,000.00$62,286.340.46%
PNC Financial Services Group Inc/The 6.875% 10/20/2034693475BU859,000.00$62,904.340.46%
Pacific Gas and Electric Co 5.8% 05/15/2034694308KR764,000.00$63,438.060.46%
Patterson-UTI Energy Inc 7.15% 10/01/2033703481AD360,000.00$63,170.320.46%
Prologis Targeted US Logistics Fund LP 5.5% 04/01/203474350LAB064,000.00$63,041.510.46%
Providence St Joseph Health Obligated Group 5.403% 10/01/2033743820AC664,000.00$63,326.890.46%
Quest Diagnostics Inc 6.4% 11/30/203374834LBD160,000.00$63,559.280.46%
Safehold GL Holdings LLC 6.1% 04/01/2034785931AA464,000.00$62,685.680.46%
Merck & Co Inc 6.5% 12/01/2033806605AG658,000.00$64,376.390.47%
Simon Property Group LP 6.25% 01/15/2034828807DW461,000.00$63,809.290.47%
J M Smucker Co/The 6.2% 11/15/2033832696AX661,000.00$63,662.300.47%
Southern California Edison Co 5.2% 06/01/2034842400HZ966,000.00$63,931.460.47%
Southern Co/The 5.7% 03/15/2034842587DT164,000.00$64,590.530.47%
Starbucks Corp 5% 02/15/2034855244BJ767,000.00$64,759.820.47%
State Street Corp 6.123% 11/21/2034857477CG663,000.00$64,150.010.47%
Sysco Corp 6% 01/17/2034871829BT362,000.00$64,466.060.47%
T-Mobile USA Inc 5.15% 04/15/203487264ADF966,000.00$64,291.420.47%
Texas Instruments Inc 4.85% 02/08/2034882508CH566,000.00$64,524.350.47%
Textron Inc 6.1% 11/15/2033883203CD162,000.00$63,812.690.47%
Williams Cos Inc/The 5.15% 03/15/203488339WAC066,000.00$63,721.640.47%
Thermo Fisher Scientific Inc 5.2% 01/31/2034883556DB565,000.00$64,729.490.47%
Toyota Motor Credit Corp 4.8% 01/05/203489236TLM567,000.00$64,325.820.47%
Truist Financial Corp 5.711% 01/24/203589788MAS166,000.00$64,548.200.47%
US Bancorp 5.678% 01/23/203591159HJR266,000.00$64,863.960.47%
Vale Overseas Ltd 8.25% 01/17/203491911TAE356,000.00$64,833.050.47%
Virginia Electric and Power Co 5% 01/15/2034927804GP367,000.00$64,489.280.47%
Waste Connections Inc 5% 03/01/203494106BAG667,000.00$64,819.060.47%
Wyeth LLC 6.5% 02/01/2034983024AG559,000.00$64,103.340.47%
Air Products and Chemicals Inc 4.85% 02/08/2034009158BK167,000.00$64,689.360.47%
Rio Tinto Alcan Inc 6.125% 12/15/2033013716AU961,000.00$64,234.120.47%
Alexandria Real Estate Equities Inc 2.95% 03/15/2034015271AY580,000.00$64,056.860.47%
Alimentation Couche-Tard Inc 5.267% 02/12/203401626PAU066,000.00$64,310.340.47%
American Honda Finance Corp 4.9% 01/10/203402665WEZ067,000.00$64,324.040.47%
American Homes 4 Rent LP 5.5% 02/01/203402666TAG266,000.00$64,615.790.47%
American Tower Corp 5.9% 11/15/203303027XCF563,000.00$63,915.210.47%
American Water Capital Corp 5.15% 03/01/203403040WBD666,000.00$64,713.160.47%
Cencora Inc 5.125% 02/15/203403073EAU966,000.00$64,338.570.47%
Arch Capital Group Ltd 7.35% 05/01/203403937LAA358,000.00$64,241.120.47%
Astrazeneca Finance LLC 5% 02/26/203404636NAN366,000.00$64,819.960.47%
Athene Holding Ltd 5.875% 01/15/203404686JAG665,000.00$64,095.730.47%
AvalonBay Communities Inc 5.3% 12/07/2033053484AE165,000.00$64,245.040.47%
Bank of America Corp 5.468% 01/23/203506051GMA466,000.00$64,718.740.47%
Bank of Nova Scotia/The 5.65% 02/01/203406418JAC564,000.00$64,143.380.47%
Becton Dickinson & Co 5.11% 02/08/2034075887CS666,000.00$64,202.650.47%
Bell Telephone Co of Canada or Bell Canada 5.2% 02/15/20340778FPAM166,000.00$63,979.030.47%
Berry Global Inc 5.65% 01/15/203408576PAP666,000.00$64,315.180.47%
Boardwalk Pipelines LP 5.625% 08/01/2034096630AK466,000.00$64,396.250.47%
Boston Properties LP 2.45% 10/01/203310112RBF088,000.00$64,581.590.47%
Brixmor Operating Partnership LP 5.5% 02/15/203411120VAM567,000.00$64,710.890.47%
Broadcom Inc 3.469% 04/15/203411135FBL477,000.00$64,474.750.47%
Cigna Group/The 5.25% 02/15/2034125523CV066,000.00$64,246.820.47%
CNA Financial Corp 5.125% 02/15/2034126117AY668,000.00$64,900.430.47%
CSX Corp 5.2% 11/15/2033126408HW664,000.00$63,782.520.47%
Camden Property Trust 4.9% 01/15/2034133131BB768,000.00$64,617.070.47%
Canadian Imperial Bank of Commerce 6.092% 10/03/203313607LWW962,000.00$63,765.510.47%
Canadian National Railway Co 6.25% 08/01/2034136375BL560,000.00$64,728.820.47%
Capital One Financial Corp 6.051% 02/01/203514040HDF965,000.00$64,339.920.47%
Carrier Global Corp 5.9% 03/15/203414448CBC763,000.00$64,802.860.47%
Celanese US Holdings LLC 6.7% 11/15/203315089QAY061,000.00$63,694.080.47%
CIMIC Finance USA Pty Ltd 7% 03/25/2034171873AB864,000.00$63,958.730.47%
Citigroup Inc 5.827% 02/13/2035172967PG066,000.00$64,017.600.47%
Corebridge Financial Inc 5.75% 01/15/203421871XAS865,000.00$64,787.190.47%
DTE Electric Co 5.2% 03/01/203423338VAV866,000.00$64,856.500.47%
Discover Financial Services 7.964% 11/02/2034254709AT558,000.00$64,357.380.47%
Dow Chemical Co/The 5.15% 02/15/2034260543DJ966,000.00$64,275.070.47%
ERAC USA Finance LLC 6.7% 06/01/203426882PAR359,000.00$64,380.380.47%
EQT Corp 5.75% 02/01/203426884LAR066,000.00$64,405.760.47%
Enbridge Inc 8.5% 01/15/208429250NBT160,000.00$64,216.440.47%
Energy Transfer LP 6.55% 12/01/203329273VAU461,000.00$64,066.530.47%
Enterprise Products Operating LLC 4.85% 01/31/203429379VCF867,000.00$64,550.630.47%
Essential Utilities Inc 5.375% 01/15/203429670GAH566,000.00$64,179.140.47%
Estee Lauder Cos Inc/The 5% 02/14/203429736RAV266,000.00$64,015.400.47%
Eversource Energy 5.5% 01/01/203430040WAX666,000.00$64,640.550.47%
Exelon Corp 5.45% 03/15/203430161NBN066,000.00$64,991.420.47%
Extra Space Storage LP 5.4% 02/01/203430225VAS666,000.00$63,980.870.47%
FedEx Corp 4.9% 01/15/203431428XAX467,000.00$64,630.610.47%
GLP Capital LP / GLP Financing II Inc 6.75% 12/01/2033361841AS862,000.00$64,087.600.47%
General Motors Financial Co Inc 6.1% 01/07/203437045XEP764,000.00$64,040.590.47%
Genuine Parts Co 6.875% 11/01/2033372460AD759,000.00$63,811.410.47%
Gilead Sciences Inc 5.25% 10/15/2033375558BZ564,000.00$63,880.190.47%
Highwoods Realty LP 7.65% 02/01/2034431282AU660,000.00$63,727.970.47%
Honeywell International Inc 4.5% 01/15/2034438516CM668,000.00$64,586.610.47%
Humana Inc 5.95% 03/15/2034444859BY764,000.00$64,817.110.47%
Intel Corp 5.15% 02/21/2034458140CL266,000.00$64,586.910.47%
JPMorgan Chase & Co 5.336% 01/23/203546647PEC666,000.00$64,523.110.47%
JBS USA LUX SA / JBS USA Food Co / JBS Luxembourg SARL 6.75% 03/15/203447214BAA663,000.00$64,784.350.47%
KLA Corp 4.7% 02/01/2034482480AP567,000.00$64,182.220.47%
Kimco Realty OP LLC 6.4% 03/01/203449447BAA162,000.00$64,892.390.47%
Kinder Morgan Inc 5.4% 02/01/2034494553AE066,000.00$64,195.580.47%
Kite Realty Group LP 5.5% 03/01/203449803XAE366,000.00$63,822.780.47%
Eli Lilly & Co 4.7% 02/09/2034532457CL066,000.00$64,039.660.47%
Macquarie Group Ltd 6.255% 12/07/203455608JBQ063,000.00$64,880.850.47%
Mars Inc 3.6% 04/01/2034571676AC973,000.00$63,937.620.47%
Marriott International Inc/MD 5.3% 05/15/2034571903BQ567,000.00$64,822.460.47%
MetLife Inc 6.375% 06/15/203459156RAJ760,000.00$64,327.660.47%
Mid-America Apartments LP 5% 03/15/203459523UAV967,000.00$64,282.430.47%
Morgan Stanley 5.466% 01/18/203561747YFL466,000.00$64,911.810.47%
Mosaic Co/The 5.45% 11/15/203361945CAD566,000.00$64,457.660.47%
Narragansett Electric Co/The 5.35% 05/01/2034631005BK066,000.00$64,625.390.47%
National Grid PLC 5.418% 01/11/2034636274AF966,000.00$64,427.490.47%
New York Life Global Funding 5% 01/09/203464952WFE867,000.00$64,662.270.47%
NextEra Energy Capital Holdings Inc 5.25% 03/15/203465339KCU266,000.00$64,180.680.47%
Norfolk Southern Corp 5.55% 03/15/2034655844CT364,000.00$64,928.210.47%
Northrop Grumman Corp 4.9% 06/01/2034666807CL467,000.00$64,686.480.47%
Oncor Electric Delivery Co LLC 5.65% 11/15/203368233JCS163,000.00$64,059.910.47%
Oracle Corp 4.3% 07/08/203468389XAV772,000.00$64,849.580.47%
PACCAR Financial Corp 5% 03/22/203469371RS9866,000.00$64,873.550.47%
PacifiCorp 5.45% 02/15/2034695114DD766,000.00$64,653.010.47%
Packaging Corp of America 5.7% 12/01/2033695156AX763,000.00$63,765.560.47%
Pepsico Singapore Financing I Pte Ltd 4.7% 02/16/2034713466AD266,000.00$63,712.230.47%
Procter & Gamble Co/The 4.55% 01/29/2034742718GG866,000.00$63,822.410.47%
Prologis LP 5% 03/15/203474340XCJ866,000.00$64,019.530.47%
Prudential Financial Inc 6.5% 03/15/2054744320BP664,000.00$64,222.980.47%
Public Service Enterprise Group Inc 6.125% 10/15/2033744573AX462,000.00$63,787.390.47%
RTX Corp 6.1% 03/15/203475513ECW962,000.00$64,764.980.47%
Realty Income Corp 5.125% 02/15/2034756109CG767,000.00$64,333.380.47%
Regency Centers LP 5.25% 01/15/203475884RBB866,000.00$64,038.630.47%
Republic Services Inc 5% 04/01/2034760759BC366,000.00$64,246.420.47%
Rogers Communications Inc 5.3% 02/15/2034775109DF566,000.00$63,828.350.47%
Royal Bank of Canada 5.15% 02/01/203478016HZW366,000.00$64,560.950.47%
Ryder System Inc 6.6% 12/01/203378355HKY461,000.00$64,736.600.47%
TransCanada PipeLines Ltd 4.625% 03/01/203489352HAM171,000.00$65,239.300.48%
Whirlpool Corp 5.75% 03/01/2034963320BC966,000.00$65,057.610.48%
Arthur J Gallagher & Co 5.45% 07/15/203404316JAH266,000.00$65,024.540.48%
BAT Capital Corp 6% 02/20/203405526DBZ766,000.00$65,451.830.48%
Bristol-Myers Squibb Co 5.2% 02/22/2034110122EH766,000.00$65,489.810.48%
CBRE Services Inc 5.95% 08/15/203412505BAG565,000.00$65,279.820.48%
CF Industries Inc 5.15% 03/15/203412527GAF068,000.00$65,085.470.48%
Cardinal Health Inc 5.45% 02/15/203414149YBP266,000.00$65,201.920.48%
Cisco Systems Inc 5.05% 02/26/203417275RBT866,000.00$65,204.680.48%
Comcast Corp 4.2% 08/15/203420030NBM272,000.00$65,273.380.48%
Consolidated Edison Co of New York Inc 5.5% 03/15/2034209111GF465,000.00$65,603.830.48%
Constellation Software Inc/Canada 5.461% 02/16/203421037XAD266,000.00$65,046.670.48%
Constellation Energy Generation LLC 6.125% 01/15/2034210385AD263,000.00$65,279.380.48%
Crown Castle Inc 5.8% 03/01/203422822VBE065,000.00$65,111.870.48%
Cummins Inc 5.15% 02/20/2034231021AW666,000.00$65,376.830.48%
Eastman Chemical Co 5.625% 02/20/2034277432AY666,000.00$65,060.900.48%
Ovintiv Inc 6.5% 08/15/2034292505AD663,000.00$65,873.190.48%
Fairfax Financial Holdings Ltd 6% 12/07/2033303901BM365,000.00$65,232.080.48%
HCA Inc 5.6% 04/01/2034404119CU166,000.00$65,074.370.48%
IPALCO Enterprises Inc 5.75% 04/01/2034462613AQ367,000.00$65,587.530.48%
Kyndryl Holdings Inc 6.35% 02/20/203450155QAN065,000.00$66,009.460.48%
L3Harris Technologies Inc 5.35% 06/01/2034502431AU367,000.00$65,487.840.48%
Liberty Utilities Co 5.869% 01/31/2034531542AB466,000.00$65,258.800.48%
Monongahela Power Co 5.85% 02/15/2034609935AA965,000.00$65,528.120.48%
Nasdaq Inc 5.55% 02/15/203463111XAJ066,000.00$65,664.950.48%
Philip Morris International Inc 5.25% 02/13/2034718172DJ567,000.00$65,045.440.48%
Cash & OtherCash&Other180,790.35$180,790.351.32%
Holdings are subject to change without notice.

Documents

Team

Alexander Morris
Series Founder
Peter Baden
Series Founder
Justin Hennessy
Senior Portfolio Manager
John Han, CFA
Portfolio Manager
Marcin Zdunek
Senior Portfolio Manager

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004 or visit our website at www.fminvest.com. Read the prospectus or summary prospectus carefully before investing.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments).

Fund Risks:
Fixed-Income Market Risk. The market value of a fixed income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

Income Risk. The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds.

New Fund Risk. The Fund’s is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund’s will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund.

High Portfolio Turnover Risk. In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.

Liquidity Risk. Certain securities held may be difficult (or impossible) to sell at the time and at the price the Adviser would like. New Fund Risk. The funds are newly organized, management investment company with no operating history.

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.

Cash flow is the net cash and cash equivalents transferred in and out of a company. Cash received represents inflows, while money spent represents outflows.

A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity.

ICE 10-Year US Target Maturity Corporate Index is a subset of the ICE BofA US Corporate Index comprised of selected securities with a remaining term maturity of roughly ten years. In order to qualify for selection, securities must be TRACE eligible with at least $300 million face amount outstanding and have at least 9.5 years but less than 10.5 years remaining years to maturity. Of the qualifying securities, one is selected per issuer based on the priority of (1) rank, (2) amount outstanding and (3) time since issue. For the rank, senior bonds are selected first, followed by senior secured and finally all subordinated debt.

Premium/Discount is the amount the fund’s closing price is trading above or below the reported NAV, expressed as a percentage of the NAV. When the fund’s closing price is greater than the fund’s NAV, it is said to be trading at a “premium” and the percentage is expressed as a positive number. When the fund’s closing price is less than the fund’s NAV, it is said to be trading at a “discount” and the percentage is expressed as a negative number.

Investments involve risk. Principal loss is possible.

Distributed by Quasar Distributors, LLC

F/m Investments, LLC is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement. By clicking the buttons above you are leaving the F/m Invest website and going to a 3rd party site. F/m Invest is not responsible for content on 3rd party sites.

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F/m Investments, LLC is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement. By clicking the buttons above you are leaving the F/m Invest website and going to a 3rd party site. F/m Invest is not responsible for content on 3rd party sites.

Invest Now

Choose your current broker
F/m Investments, LLC is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement. By clicking the buttons above you are leaving the F/m Invest website and going to a 3rd party site. F/m Invest is not responsible for content on 3rd party sites.

Invest Now

Choose your current broker
F/m Investments, LLC is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement. By clicking the buttons above you are leaving the F/m Invest website and going to a 3rd party site. F/m Invest is not responsible for content on 3rd party sites.

Marcin Zdunek

Head trader and Assistant Portfolio Manager
Marcin has over 25 years experience in trading all aspects of Fixed Income; including U.S. Governments, Investment Grade and Below Investment Grade Corporate Bonds, Asset Backed debt, etc. with Insurance Companies, ETF's, RIA's and customized individual bond portfolios.

Justin Jennessy

Director of Portfolio Management / Co-Portfolio Manager
Justin’s 40+ years encompass leadership roles in investment advisory firms, insurance companies, mutual funds, and bank trust departments.

Peter Baden

Chief Investment Office / Lead Portfolio Manager
Peter has over 25 years of investment management experience, encompassing management, mergers and acquisitions, financials institutions, and credit analysis. Peter takes the lead on taxable bond strategies.