F/m 3-Year Investment Grade Corporate Bond ETF (ZTRE)

An ETF Designed to Equitize 3-Year Investment Grade Corporate Bonds

Potential Benefits

1
ZTRE aims to provide exposure to the most recent current coupon investment grade corporate bonds, with the ease and efficiency of an ETF.
2
ZTRE 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 3-year maturity and enjoy the potential tax efficiencies of an ETF.

Overview

Investment Objective

The investment objective of the F/m 3-Year Investment Grade Corporate Bond ETF (the “F/m 3-Year Bond ETF”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE 3-Year Target Maturity Index.

Underlying Bonds

  • The most recent current coupon investment grade corporate bonds available in the 3-year maturity.

  • Monthly rebalances to maintain 3-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 ztre
Exchange NYSE Arca
CUSIP 74933W395
Inception Date 01/10/2024
# of Holdings 399
Expense Ratio 0.15%
Management Fees & Expenses 0.15%
Leverage None
Net Assets $15.86M
Shares Outstanding 320,000
NAV $49.57
Closing Price $49.63
Median 30 Day Spread 0.06%
Premium / Discount 0.11%
30-Day Yield * 5.13%
-- --
*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$0.29043828
03/28/202404/01/202404/02/202404/03/2024$0.19133641
04/30/202405/01/202405/02/202405/03/2024$x
05/31/202406/03/202406/03/202406/04/2024$x
06/28/202407/01/202407/01/202407/02/2024$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 08/01/2031USBFS044,470.36$4,470.360.03%
HF Sinclair Corp 6.375% 04/15/2027403949AK637,000.00$37,120.100.23%
Macquarie Bank Ltd 5.391% 12/07/202655608PBQ638,000.00$37,978.980.24%
Marathon Petroleum Corp 5.125% 12/15/202656585ABC539,000.00$38,765.160.24%
Mastercard Inc 3.3% 03/26/202757636QAR540,000.00$38,111.180.24%
Mid-America Apartments LP 3.6% 06/01/202759523UAN740,000.00$38,109.840.24%
AEP Transmission Co LLC 3.1% 12/01/202600115AAE941,000.00$38,834.500.24%
APA Infrastructure Ltd 4.25% 07/15/202700205GAD940,000.00$38,734.370.24%
Abbott Laboratories 3.75% 11/30/2026002824BF640,000.00$38,844.620.24%
Alabama Power Co 3.75% 09/01/2027010392FY940,000.00$38,174.780.24%
Northern Trust Corp 4% 05/10/2027665859AW440,000.00$38,675.120.24%
Ally Financial Inc 4.75% 06/09/202702005NBQ240,000.00$38,524.240.24%
Omega Healthcare Investors Inc 4.5% 04/01/2027681936BF640,000.00$38,431.000.24%
American Tower Corp 3.375% 10/15/202603027XAK640,000.00$38,070.520.24%
Blue Owl Credit Income Corp 7.75% 09/16/202769120VAP638,000.00$38,727.790.24%
Aon North America Inc 5.125% 03/01/202703740MAA838,000.00$37,879.190.24%
Apple Inc 3.35% 02/09/2027037833CJ740,000.00$38,276.700.24%
Parker-Hannifin Corp 4.25% 09/15/2027701094AR540,000.00$38,820.500.24%
Atmos Energy Corp 3% 06/15/2027049560AN541,000.00$38,385.910.24%
Phillips 66 Co 3.55% 10/01/2026718547AF940,000.00$38,363.860.24%
Bayport Polymers LLC 4.743% 04/14/2027073096AA740,000.00$38,043.360.24%
BlackRock Inc 3.2% 03/15/202709247XAN140,000.00$38,207.150.24%
Reliance Standard Life Global Funding II 4.928% 09/01/202775951AAS740,000.00$38,493.770.24%
SSM Health Care Corp 3.823% 06/01/2027784710AA340,000.00$38,243.280.24%
CSL Finance PLC 3.85% 04/27/202712661PAA740,000.00$38,296.360.24%
Southwest Airlines Co 5.125% 06/15/2027844741BK339,000.00$38,607.910.24%
Cantor Fitzgerald LP 4.5% 04/14/2027138616AK340,000.00$37,863.450.24%
Cenovus Energy Inc 4.25% 04/15/202715135UAM140,000.00$38,583.110.24%
Constellation Brands Inc 4.35% 05/09/202721036PBK340,000.00$38,864.670.24%
VF Corp 2.8% 04/23/2027918204BB343,000.00$38,686.280.24%
Diamondback Energy Inc 3.25% 12/01/202625278XAM140,000.00$38,088.430.24%
Vulcan Materials Co 3.9% 04/01/2027929160AT640,000.00$38,476.990.24%
Xylem Inc/NY 3.25% 11/01/202698419MAJ940,000.00$37,977.550.24%
Energy Transfer LP 6.05% 12/01/202629273VAR138,000.00$38,494.000.24%
Exxon Mobil Corp 3.294% 03/19/202730231GBJ040,000.00$38,364.890.24%
Flowers Foods Inc 3.5% 10/01/2026343498AB740,000.00$38,096.530.24%
GAIF Bond Issuer Pty Ltd 3.4% 09/30/2026361435AA841,000.00$38,693.360.24%
GATX Corp 5.4% 03/15/2027361448BP738,000.00$37,972.410.24%
General Dynamics Corp 3.5% 04/01/2027369550BL140,000.00$38,318.820.24%
Glencore Funding LLC 4% 03/27/2027378272AN840,000.00$38,346.310.24%
Goldman Sachs BDC Inc 6.375% 03/11/202738147UAE738,000.00$38,102.750.24%
Jabil Inc 4.25% 05/15/2027466313AM540,000.00$38,458.900.24%
Jackson Financial Inc 5.17% 06/08/202746817MAR839,000.00$38,566.510.24%
Kraft Heinz Foods Co 3.875% 05/15/202750077LBC940,000.00$38,423.310.24%
Kroger Co/The 2.65% 10/15/2026501044DE842,000.00$39,408.050.25%
Kyndryl Holdings Inc 2.05% 10/15/202650155QAJ944,000.00$40,264.620.25%
L3Harris Technologies Inc 5.4% 01/15/2027502431AP439,000.00$39,002.240.25%
Laboratory Corp of America Holdings 3.6% 09/01/202750540RAU642,000.00$39,789.620.25%
Lear Corp 3.8% 09/15/2027521865AY142,000.00$39,872.570.25%
Lennar Corp 5% 06/15/2027526057CV440,000.00$39,512.150.25%
Lennox International Inc 1.7% 08/01/2027526107AF445,000.00$40,027.450.25%
Eli Lilly & Co 4.5% 02/09/2027532457CJ540,000.00$39,588.830.25%
Lincoln National Corp 3.625% 12/12/2026534187BF542,000.00$40,022.300.25%
Lowe's Cos Inc 3.1% 05/03/2027548661DP942,000.00$39,511.560.25%
M&T Bank Corp 4.553% 08/16/202855261FAQ742,000.00$39,750.130.25%
MPLX LP 4.125% 03/01/202755336VAK641,000.00$39,628.490.25%
Warnermedia Holdings Inc 3.755% 03/15/202755903VBA042,000.00$39,735.560.25%
Manulife Financial Corp 2.484% 05/19/202756501RAK243,000.00$39,567.950.25%
Marathon Oil Corp 4.4% 07/15/2027565849AP141,000.00$39,639.700.25%
Martin Marietta Materials Inc 3.45% 06/01/2027573284AQ942,000.00$39,807.760.25%
McCormick & Co Inc/MD 3.4% 08/15/2027579780AN742,000.00$39,514.540.25%
McDonald's Corp 3.5% 07/01/202758013MFP442,000.00$39,877.760.25%
Merck & Co Inc 1.7% 06/10/202758933YBC844,000.00$39,752.730.25%
Mercury General Corp 4.4% 03/15/2027589400AB642,000.00$40,145.770.25%
Meritage Homes Corp 5.125% 06/06/202759001ABA941,000.00$40,099.700.25%
Microsoft Corp 3.3% 02/06/2027594918BY942,000.00$40,325.290.25%
MidAmerican Energy Co 3.1% 05/01/2027595620AQ842,000.00$39,590.720.25%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd 6.5% 06/20/2027599191AA140,296.07$40,353.250.25%
Mondelez International Inc 2.625% 03/17/2027609207BA243,000.00$39,955.720.25%
Monongahela Power Co 3.55% 05/15/2027610202BR342,000.00$39,634.780.25%
Morgan Stanley Direct Lending Fund 4.5% 02/11/202761774AAD542,000.00$40,228.550.25%
NGPL PipeCo LLC 4.875% 08/15/202762912XAF141,000.00$39,692.520.25%
NXP BV / NXP Funding LLC / NXP USA Inc 4.4% 06/01/202762954HBE741,000.00$39,871.080.25%
National Fuel Gas Co 5.5% 10/01/2026636180BS940,000.00$39,824.440.25%
NNN REIT Inc 3.6% 12/15/2026637417AJ542,000.00$40,007.790.25%
National Rural Utilities Cooperative Finance Corp 4.8% 02/05/202763743HFM940,000.00$39,704.170.25%
Aflac Inc 2.875% 10/15/2026001055AQ542,000.00$39,653.820.25%
NetApp Inc 2.375% 06/22/202764110DAJ343,000.00$39,177.190.25%
AGCO Corp 5.45% 03/21/2027001084AR340,000.00$39,919.370.25%
Netflix Inc 4.375% 11/15/202664110LAN641,000.00$40,121.750.25%
New York Life Global Funding 3.25% 04/07/202764952WEQ242,000.00$39,766.160.25%
New York State Electric & Gas Corp 3.25% 12/01/2026649840CQ642,000.00$39,356.600.25%
AT&T Inc 2.3% 06/01/202700206RJX143,000.00$39,313.150.25%
Newcastle Coal Infrastructure Group Pty Ltd 4.4% 09/29/202765106WAA341,856.21$39,680.430.25%
NextEra Energy Capital Holdings Inc 3.55% 05/01/202765339KAT742,000.00$39,766.510.25%
AbbVie Inc 2.95% 11/21/202600287YBV042,000.00$39,760.770.25%
NIKE Inc 2.75% 03/27/2027654106AJ242,000.00$39,401.350.25%
Adobe Inc 2.15% 02/01/202700724PAC343,000.00$39,830.550.25%
NiSource Inc 3.49% 05/15/202765473QBE242,000.00$39,781.300.25%
Air Lease Corp 2.2% 01/15/202700914AAR344,000.00$40,215.290.25%
Nokia Oyj 4.375% 06/12/2027654902AE542,000.00$40,117.440.25%
Air Products and Chemicals Inc 1.85% 05/15/2027009158AY243,000.00$39,288.790.25%
Norfolk Southern Corp 7.8% 05/15/2027655844AJ737,000.00$39,685.050.25%
Albemarle Corp 4.65% 06/01/2027012653AD341,000.00$39,915.190.25%
Northrop Grumman Corp 3.2% 02/01/2027666807BK742,000.00$39,870.310.25%
Howmet Aerospace Inc 5.9% 02/01/2027013817AJ040,000.00$40,250.320.25%
Alexandria Real Estate Equities Inc 3.95% 01/15/2027015271AJ842,000.00$40,278.600.25%
Novartis Capital Corp 2% 02/14/202766989HAQ143,000.00$39,780.200.25%
Alimentation Couche-Tard Inc 3.55% 07/26/202701626PAH942,000.00$39,705.580.25%
NSTAR Electric Co 3.2% 05/15/202767021CAM942,000.00$39,753.140.25%
Allstate Corp/The 3.28% 12/15/2026020002BD242,000.00$39,908.050.25%
Nucor Corp 4.3% 05/23/2027670346AY141,000.00$39,924.920.25%
Alphabet Inc 0.8% 08/15/202702079KAJ645,000.00$39,619.590.25%
O'Reilly Automotive Inc 5.75% 11/20/202667103HAM939,000.00$39,403.680.25%
Amazon.com Inc 3.15% 08/22/2027023135BC942,000.00$39,636.540.25%
Oaktree Specialty Lending Corp 2.7% 01/15/202767401PAC245,000.00$40,433.640.25%
Ameren Corp 5.7% 12/01/2026023608AP740,000.00$40,282.780.25%
Occidental Petroleum Corp 8.5% 07/15/2027674599DZ537,000.00$39,939.650.25%
American Express Credit Corp 3.3% 05/03/20270258M0EL942,000.00$39,837.690.25%
ONEOK Inc 5.55% 11/01/2026682680BH539,000.00$39,098.870.25%
Oracle Corp 2.8% 04/01/202768389XBU843,000.00$40,031.430.25%
American Water Capital Corp 2.95% 09/01/202703040WAQ843,000.00$39,898.160.25%
ORIX Corp 5% 09/13/2027686330AQ440,000.00$39,618.190.25%
Amgen Inc 2.2% 02/21/2027031162CT543,000.00$39,555.630.25%
Otis Worldwide Corp 2.293% 04/05/202768902VAJ643,000.00$39,631.960.25%
Analog Devices Inc 3.5% 12/05/2026032654AN542,000.00$40,310.280.25%
Andrew W Mellon Foundation/The 0.947% 08/01/202703444RAB445,000.00$39,491.740.25%
Blue Owl Capital Corp II 8.45% 11/15/202669121DAB638,000.00$38,958.680.25%
Blue Owl Capital Corp 2.625% 01/15/202769121KAF143,000.00$38,993.170.25%
Applied Materials Inc 3.3% 04/01/2027038222AL942,000.00$40,047.560.25%
Blue Owl Capital Corp III 3.125% 04/13/202769122JAC044,000.00$39,808.150.25%
PNC Financial Services Group Inc/The 6.615% 10/20/2027693475BT139,000.00$39,923.740.25%
Ares Capital Corp 7% 01/15/202704010LBE239,000.00$39,814.220.25%
PACCAR Financial Corp 5.2% 11/09/202669371RS7240,000.00$40,129.600.25%
Arizona Public Service Co 2.95% 09/15/2027040555CW242,000.00$39,012.430.25%
Pacific Gas and Electric Co 3.3% 03/15/2027694308HS943,000.00$40,387.040.25%
Astrazeneca Finance LLC 4.8% 02/26/202704636NAK940,000.00$39,671.790.25%
Athene Global Funding 2.95% 11/12/202604685A2K643,000.00$40,083.490.25%
PayPal Holdings Inc 2.65% 10/01/202670450YAD543,000.00$40,422.150.25%
Penske Truck Leasing Co Lp / PTL Finance Corp 4.4% 07/01/2027709599BN341,000.00$39,514.060.25%
Autodesk Inc 3.5% 06/15/2027052769AE642,000.00$39,867.390.25%
PepsiCo Inc 2.375% 10/06/2026713448DN542,000.00$39,464.250.25%
AutoZone Inc 3.75% 06/01/2027053332AV442,000.00$40,196.460.25%
Pfizer Inc 3% 12/15/2026717081EA742,000.00$39,940.670.25%
AvalonBay Communities Inc 3.35% 05/15/202705348EBA642,000.00$39,762.910.25%
Philip Morris International Inc 4.75% 02/12/2027718172DF340,000.00$39,472.920.25%
Avolon Holdings Funding Ltd 3.25% 02/15/202705401AAJ043,000.00$39,680.910.25%
BAT Capital Corp 3.557% 08/15/202705526DBB042,000.00$39,509.420.25%
BMW US Capital LLC 3.45% 04/01/202705565ECA142,000.00$40,021.290.25%
Plains All American Pipeline LP / PAA Finance Corp 4.5% 12/15/202672650RBL541,000.00$39,996.960.25%
BP Capital Markets PLC 3.279% 09/19/202705565QDN542,000.00$39,542.240.25%
Principal Financial Group Inc 3.1% 11/15/202674251VAM442,000.00$39,709.490.25%
Bain Capital Specialty Finance Inc 2.55% 10/13/202605684BAC144,000.00$40,220.020.25%
Procter & Gamble Co/The 1.9% 02/01/2027742718FV643,000.00$39,729.660.25%
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc 2.061% 12/15/202605724BAD143,000.00$39,575.460.25%
Progressive Corp/The 2.5% 03/15/2027743315AY942,000.00$39,036.040.25%
Bank of America Corp 4.948% 07/22/202806051GKW840,000.00$39,305.140.25%
Prologis LP 2.125% 04/15/202774340XBN043,000.00$39,323.430.25%
Bank of Montreal 2.65% 03/08/202706368FAJ843,000.00$39,951.880.25%
Prospect Capital Corp 3.364% 11/15/202674348TAV444,000.00$40,233.460.25%
Bank of New York Mellon Corp/The 2.05% 01/26/202706406RBA443,000.00$39,591.810.25%
Providence St Joseph Health Obligated Group 2.746% 10/01/2026743756AB442,000.00$39,173.150.25%
Bank of Nova Scotia/The 5.35% 12/07/202606418JAA939,000.00$38,987.920.25%
Prudential Financial Inc 4.5% 09/15/2047744320AW242,000.00$39,353.270.25%
Barings BDC Inc 3.3% 11/23/202606759LAC743,000.00$39,206.900.25%
Public Service Electric and Gas Co 3% 05/15/202774456QBS442,000.00$39,520.400.25%
Baxter International Inc 1.915% 02/01/2027071813CL144,000.00$39,973.650.25%
Public Storage Operating Co 1.5% 11/09/202674460DAG444,000.00$40,115.610.25%
Becton Dickinson & Co 3.7% 06/06/2027075887BW842,000.00$39,956.940.25%
QUALCOMM Inc 3.25% 05/20/2027747525AU742,000.00$39,902.490.25%
Berkshire Hathaway Finance Corp 2.3% 03/15/2027084664CZ242,000.00$39,153.430.25%
RPM International Inc 3.75% 03/15/2027749685AV542,000.00$39,874.140.25%
Bio-Rad Laboratories Inc 3.3% 03/15/2027090572AR942,000.00$39,692.220.25%
RTX Corp 5.75% 11/08/202675513ECT639,000.00$39,391.820.25%
Black Hills Corp 3.15% 01/15/2027092113AM142,000.00$39,369.830.25%
Realty Income Corp 4.125% 10/15/2026756109AR541,000.00$39,869.190.25%
Regency Centers LP 3.6% 02/01/202775884RAV542,000.00$40,158.430.25%
Blackstone Private Credit Fund 2.625% 12/15/202609261HAD943,000.00$39,073.150.25%
Blackstone Secured Lending Fund 2.125% 02/15/202709261XAD444,000.00$39,600.830.25%
RenaissanceRe Finance Inc 3.45% 07/01/202775973QAA543,000.00$40,316.560.25%
Boardwalk Pipelines LP 4.45% 07/15/2027096630AF541,000.00$39,739.210.25%
RGA Global Funding 2% 11/30/202676209PAA143,000.00$39,121.410.25%
Boeing Co/The 5.04% 05/01/2027097023CU741,000.00$39,856.390.25%
Rogers Communications Inc 3.2% 03/15/2027775109CG442,000.00$39,536.360.25%
BorgWarner Inc 2.65% 07/01/2027099724AL043,000.00$39,478.640.25%
Roper Technologies Inc 1.4% 09/15/2027776743AN645,000.00$39,554.180.25%
Boston Gas Co 3.15% 08/01/2027100743AK943,000.00$39,521.630.25%
Royal Bank of Canada 4.875% 01/19/202778016HZT040,000.00$39,594.420.25%
Boston Properties LP 2.75% 10/01/202610112RAY043,000.00$39,894.350.25%
Royalty Pharma PLC 1.75% 09/02/202778081BAJ245,000.00$39,900.150.25%
Ryder System Inc 2.85% 03/01/202778355HKT542,000.00$39,115.580.25%
Bristol-Myers Squibb Co 4.9% 02/22/2027110122EE440,000.00$39,859.960.25%
S&P Global Inc 2.45% 03/01/202778409VBH643,000.00$39,897.030.25%
Brixmor Operating Partnership LP 3.9% 03/15/202711120VAE342,000.00$39,895.360.25%
SBL Holdings Inc 5.125% 11/13/202678432MAA341,000.00$38,941.320.25%
Broadcom Corp / Broadcom Cayman Finance Ltd 3.875% 01/15/202711134LAH242,000.00$40,375.600.25%
Bunge Ltd Finance Corp 3.75% 09/25/2027120568AZ342,000.00$39,910.420.25%
Sabine Pass Liquefaction LLC 5% 03/15/2027785592AS540,000.00$39,484.830.25%
Burlington Northern Santa Fe LLC 3.25% 06/15/202712189LBA842,000.00$39,816.410.25%
Sammons Financial Group Inc 4.45% 05/12/202779588TAC442,000.00$39,814.840.25%
Paramount Global 2.9% 01/15/2027124857AR444,000.00$40,161.630.25%
Santander Holdings USA Inc 4.4% 07/13/202780282KAP142,000.00$40,376.410.25%
CCL Industries Inc 3.25% 10/01/2026124900AB742,000.00$39,538.840.25%
Scentre Group Trust 1 / Scentre Group Trust 2 3.75% 03/23/202780622GAC842,000.00$39,802.240.25%
Cboe Global Markets Inc 3.65% 01/12/202712503MAA642,000.00$40,385.980.25%
Charles Schwab Corp/The 2.45% 03/03/2027808513BY043,000.00$39,699.950.25%
CDW LLC / CDW Finance Corp 2.67% 12/01/202612513GBG343,000.00$39,822.750.25%
Sealed Air Corp 1.573% 10/15/202681211KAZ344,000.00$39,627.540.25%
CF Industries Inc 4.5% 12/01/202612527GAH641,000.00$39,906.580.25%
Sempra 3.25% 06/15/2027816851BA643,000.00$40,182.020.25%
Sherwin-Williams Co/The 3.45% 06/01/2027824348AW642,000.00$39,769.680.25%
CMS Energy Corp 3.45% 08/15/2027125896BS842,000.00$39,853.560.25%
Simon Property Group LP 3.375% 06/15/2027828807DC842,000.00$39,719.420.25%
CNA Financial Corp 3.45% 08/15/2027126117AU442,000.00$39,375.220.25%
Smith & Nephew PLC 5.15% 03/20/202783192PAC240,000.00$39,704.930.25%
Conopco Inc 7.25% 12/15/2026126149AD538,000.00$39,975.050.25%
Smithfield Foods Inc 4.25% 02/01/2027832248AZ142,000.00$39,963.370.25%
CSX Corp 3.25% 06/01/2027126408HH942,000.00$39,701.680.25%
Snap-on Inc 3.25% 03/01/2027833034AK741,000.00$39,177.930.25%
Solventum Corp 5.45% 02/25/202783444MAA940,000.00$39,796.920.25%
CVS Health Corp 1.3% 08/21/2027126650DM945,000.00$39,483.370.25%
Coterra Energy Inc 3.9% 05/15/2027127097AG842,000.00$40,076.370.25%
Camden Property Trust 5.85% 11/03/2026133131BA939,000.00$39,477.190.25%
Leland Stanford Junior University/The 1.289% 06/01/202785440KAC845,000.00$40,233.940.25%
Campbell Soup Co 5.2% 03/19/2027134429BM040,000.00$39,806.350.25%
Starbucks Corp 4.85% 02/08/2027855244BG340,000.00$39,598.890.25%
Canadian Imperial Bank of Commerce 3.45% 04/07/202713607HR6142,000.00$39,917.850.25%
State Street Corp 4.993% 03/18/2027857477CL540,000.00$39,815.170.25%
Canadian Natural Resources Ltd 3.85% 06/01/2027136385AX942,000.00$40,101.640.25%
Canadian Pacific Railway Co 1.75% 12/02/202613645RBE343,000.00$39,298.530.25%
Sumitomo Mitsui Financial Group Inc 3.364% 07/12/202786562MAR142,000.00$39,620.660.25%
Sysco Corp 3.25% 07/15/2027871829BF342,000.00$39,333.500.25%
Capital One Financial Corp 4.927% 05/10/202814040HCS241,000.00$40,185.560.25%
TC PipeLines LP 3.9% 05/25/202787233QAC242,000.00$39,918.270.25%
Cardinal Health Inc 3.41% 06/15/202714149YBJ642,000.00$39,552.530.25%
T-Mobile USA Inc 3.75% 04/15/202787264ABD642,000.00$40,107.830.25%
Cargill Inc 3.625% 04/22/2027141781BV542,000.00$40,218.810.25%
Take-Two Interactive Software Inc 3.7% 04/14/2027874054AG442,000.00$40,013.440.25%
Carrier Global Corp 2.493% 02/15/202714448CAP943,000.00$39,753.520.25%
Tanger Properties LP 3.875% 07/15/2027875484AK343,000.00$40,016.090.25%
Caterpillar Financial Services Corp 1.1% 09/14/202714913R2G145,000.00$39,502.930.25%
Tapestry Inc 7% 11/27/2026876030AC139,000.00$39,877.260.25%
Celanese US Holdings LLC 6.165% 07/15/202715089QAM639,000.00$39,422.830.25%
Target Corp 1.95% 01/15/202787612EBM743,000.00$39,692.900.25%
Targa Resources Corp 5.2% 07/01/202787612KAA040,000.00$39,632.580.25%
CenterPoint Energy Houston Electric LLC 3% 02/01/202715189XAR942,000.00$39,662.700.25%
TELUS Corp 2.8% 02/16/202787971MBD443,000.00$40,138.070.25%
Charter Communications Operating LLC / Charter Communications Operating Capital 6.15% 11/10/2026161175CM440,000.00$40,094.300.25%
Texas Instruments Inc 4.6% 02/08/2027882508CE240,000.00$39,628.430.25%
Cheniere Corpus Christi Holdings LLC 5.125% 06/30/202716412XAG040,000.00$39,556.570.25%
Textron Inc 3.65% 03/15/2027883203BX842,000.00$40,021.540.25%
Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP 3.4% 12/01/2026166754AP642,000.00$40,046.250.25%
Thermo Fisher Scientific Inc 5% 12/05/2026883556CZ340,000.00$39,959.430.25%
Chevron Corp 1.995% 05/11/2027166764BX743,000.00$39,423.700.25%
Toll Brothers Finance Corp 4.875% 03/15/202788947EAS941,000.00$40,199.190.25%
Church & Dwight Co Inc 3.15% 08/01/2027171340AN242,000.00$39,481.200.25%
Toronto-Dominion Bank/The 4.693% 09/15/202789115A2H440,000.00$39,211.360.25%
Cintas Corp No 2 3.7% 04/01/202717252MAN041,000.00$39,551.970.25%
Toyota Motor Credit Corp 3.05% 03/22/202789236TJZ942,000.00$39,609.320.25%
Cisco Systems Inc 4.8% 02/26/202717275RBQ440,000.00$39,733.390.25%
Transcanada Trust 5.3% 03/15/207789356BAC242,000.00$39,154.470.25%
Citadel LP 4.875% 01/15/202717288XAB041,000.00$39,774.860.25%
Transurban Finance Co Pty Ltd 3.375% 03/22/202789400PAG842,000.00$39,523.530.25%
Coca-Cola Co/The 1.45% 06/01/2027191216CU244,000.00$39,742.430.25%
Truist Financial Corp 4.123% 06/06/202889788MAG742,000.00$40,206.130.25%
Colgate-Palmolive Co 3.1% 08/15/2027194162AN342,000.00$39,870.800.25%
Tyco Electronics Group SA 3.125% 08/15/2027902133AU142,000.00$39,400.380.25%
Comcast Corp 2.35% 01/15/202720030NBW043,000.00$39,930.040.25%
Tyson Foods Inc 3.55% 06/02/2027902494BC642,000.00$39,832.490.25%
Commonwealth Bank of Australia 2.552% 03/14/20272027A0KK443,000.00$39,985.770.25%
UDR Inc 3.5% 07/01/202790265EAM242,000.00$39,268.800.25%
Conagra Brands Inc 5.3% 10/01/2026205887CJ940,000.00$39,863.640.25%
Union Pacific Corp 2.15% 02/05/2027907818FJ243,000.00$39,729.710.25%
United Parcel Service Inc 2.4% 11/15/2026911312AY242,000.00$39,336.420.25%
Continental Resources Inc/OK 2.268% 11/15/2026212015AU544,000.00$40,384.100.25%
US Bancorp 4.548% 07/22/202891159HJF841,000.00$39,823.120.25%
Corebridge Financial Inc 3.65% 04/05/202721871XAD142,000.00$39,878.310.25%
UnitedHealth Group Inc 3.45% 01/15/202791324PCW042,000.00$40,282.850.25%
Costco Wholesale Corp 1.375% 06/20/202722160KAN544,000.00$39,440.010.25%
Cox Communications Inc 3.5% 08/15/2027224044CJ442,000.00$39,570.590.25%
Valero Energy Corp 2.15% 09/15/202791913YBB544,000.00$39,812.800.25%
Crown Castle Inc 3.65% 09/01/202722822VAH442,000.00$39,502.340.25%
Ventas Realty LP 3.25% 10/15/202692277GAJ642,000.00$39,611.620.25%
DCP Midstream Operating LP 5.625% 07/15/202723311VAJ640,000.00$40,075.520.25%
VeriSign Inc 4.75% 07/15/202792343EAL641,000.00$40,004.920.25%
SITE Centers Corp 4.7% 06/01/202723317HAF941,000.00$40,101.470.25%
Verizon Communications Inc 4.125% 03/16/202792343VDY741,000.00$39,810.060.25%
DR Horton Inc 1.3% 10/15/202623331ABQ144,000.00$39,807.210.25%
DTE Energy Co 2.85% 10/01/2026233331AY343,000.00$40,445.960.25%
VICI Properties LP / VICI Note Co Inc 4.25% 12/01/202692564RAA342,000.00$40,211.040.25%
Darden Restaurants Inc 3.85% 05/01/2027237194AL942,000.00$40,081.010.25%
Virginia Electric and Power Co 3.5% 03/15/2027927804FX742,000.00$39,990.150.25%
John Deere Capital Corp 4.15% 09/15/202724422EWK140,000.00$38,899.910.25%
Visa Inc 1.9% 04/15/202792826CAL643,000.00$39,377.000.25%
Vistra Operations Co LLC 3.7% 01/30/202792840VAG742,000.00$39,602.890.25%
VMware LLC 3.9% 08/21/2027928563AC942,000.00$39,849.210.25%
Digital Realty Trust LP 3.7% 08/15/202725389JAR742,000.00$39,789.270.25%
TWDC Enterprises 18 Corp 2.95% 06/15/202725468PDV542,000.00$39,619.630.25%
WEA Finance LLC 2.875% 01/15/202792928QAH143,000.00$39,105.880.25%
Discover Financial Services 4.1% 02/09/2027254709AM042,000.00$40,188.290.25%
WP Carey Inc 4.25% 10/01/202692936UAE941,000.00$39,882.510.25%
Dollar General Corp 3.875% 04/15/2027256677AE542,000.00$40,413.590.25%
Walmart Inc 3.95% 09/09/2027931142EX740,000.00$38,929.670.25%
Duke Energy Corp 3.15% 08/15/202726441CAX342,000.00$39,208.790.25%
Welltower OP LLC 2.7% 02/15/202795040QAK043,000.00$40,025.930.25%
Duquesne Light Holdings Inc 3.616% 08/01/2027266233AG043,000.00$39,920.760.25%
Evergy Kansas Central Inc 3.1% 04/01/202795709TAP542,000.00$39,634.080.25%
ERP Operating LP 2.85% 11/01/202626884ABF942,000.00$39,568.080.25%
Westinghouse Air Brake Technologies Corp 3.45% 11/15/2026960386AL442,000.00$39,949.560.25%
ERAC USA Finance LLC 3.3% 12/01/202626884TAR342,000.00$39,800.050.25%
EPR Properties 4.5% 06/01/202726884UAD142,000.00$39,506.520.25%
WRKCo Inc 3.375% 09/15/202796145DAD742,000.00$39,411.580.25%
Eaton Corp 3.103% 09/15/2027278062AG942,000.00$39,428.560.25%
Williams Cos Inc/The 3.75% 06/15/202796949LAD742,000.00$40,024.450.25%
Eaton Vance Corp 3.5% 04/06/2027278265AE342,000.00$39,865.360.25%
Willis North America Inc 4.65% 06/15/2027970648AL541,000.00$39,915.020.25%
eBay Inc 3.6% 06/05/2027278642AU742,000.00$39,949.970.25%
Workday Inc 3.5% 04/01/202798138HAG642,000.00$39,853.970.25%
Xcel Energy Inc 1.75% 03/15/202798388MAB344,000.00$39,505.620.25%
Edison International 5.75% 06/15/2027281020AN740,000.00$40,189.960.25%
Element Fleet Management Corp 5.643% 03/13/2027286181AM440,000.00$39,814.100.25%
Zoetis Inc 3% 09/12/202798978VAL742,000.00$39,118.830.25%
Emerson Electric Co 0.875% 10/15/2026291011BP844,000.00$39,774.940.25%
Suzano International Finance BV 5.5% 01/17/2027N8438JAB440,000.00$39,649.210.25%
Empower Finance 2020 LP 1.357% 09/17/202729248HAA145,000.00$39,455.500.25%
Enbridge Inc 5.9% 11/15/202629250NBW439,000.00$39,412.170.25%
Enstar Finance LLC 5.5% 01/15/204229360AAB643,000.00$40,280.500.25%
Entergy Louisiana LLC 3.12% 09/01/202729364WAZ142,000.00$39,232.510.25%
Enterprise Products Operating LLC 4.6% 01/11/202729379VCE140,000.00$39,442.110.25%
Equinix Inc 2.9% 11/18/202629444UBD742,000.00$39,321.320.25%
Equinor ASA 3% 04/06/202729446MAE242,000.00$39,564.880.25%
Equitable Financial Life Global Funding 1.4% 08/27/202729449WAB346,000.00$39,765.370.25%
Essex Portfolio LP 3.625% 05/01/202729717PAR842,000.00$39,693.210.25%
Estee Lauder Cos Inc/The 3.15% 03/15/202729736RAJ942,000.00$39,936.360.25%
Exelon Corp 2.75% 03/15/202730161NBB643,000.00$39,988.000.25%
Expedia Group Inc 4.625% 08/01/202730212PBK041,000.00$39,886.420.25%
FMC Corp 3.2% 10/01/2026302491AT242,000.00$39,631.100.25%
FS KKR Capital Corp 3.25% 07/15/2027302635AL144,000.00$39,817.060.25%
Meta Platforms Inc 3.5% 08/15/202730303M8G042,000.00$40,058.170.25%
FactSet Research Systems Inc 2.9% 03/01/2027303075AA343,000.00$40,084.190.25%
F&G Global Funding 2.3% 04/11/202730321L2D344,000.00$39,257.870.25%
Federal Realty OP LP 3.25% 07/15/2027313747AY343,000.00$40,018.440.25%
Fiserv Inc 2.25% 06/01/2027337738BB344,000.00$40,123.660.25%
Fortis Inc/Canada 3.055% 10/04/2026349553AM942,000.00$39,627.460.25%
Freeport-McMoRan Inc 5% 09/01/202735671DCC740,000.00$39,483.680.25%
General Mills Inc 3.2% 02/10/2027370334BZ642,000.00$39,675.130.25%
General Motors Financial Co Inc 5% 04/09/202737045XDW341,000.00$40,402.190.25%
Georgia-Pacific LLC 2.1% 04/30/202737331NAL544,000.00$40,045.270.25%
Gilead Sciences Inc 2.95% 03/01/2027375558BM442,000.00$39,563.910.25%
Global Payments Inc 2.15% 01/15/202737940XAG744,000.00$40,345.170.25%
Goldman Sachs Group Inc/The 1.948% 10/21/202738141GYM044,000.00$40,211.710.25%
Guardian Life Global Funding 1.4% 07/06/202740139LAH645,000.00$39,815.310.25%
HCA Inc 4.5% 02/15/2027404119BU240,000.00$38,883.390.25%
HP Inc 3% 06/17/202740434LAB143,000.00$40,114.020.25%
Harley-Davidson Financial Services Inc 3.05% 02/14/202741283LBA243,000.00$39,927.080.25%
Hasbro Inc 3.55% 11/19/2026418056AY342,000.00$39,733.400.25%
Healthcare Realty Holdings LP 3.75% 07/01/202742225UAF142,000.00$39,248.020.25%
Healthpeak OP LLC 1.35% 02/01/202742250PAC745,000.00$40,350.600.25%
Hercules Capital Inc 3.375% 01/20/2027427096AJ143,000.00$39,245.630.25%
Hess Corp 4.3% 04/01/202742809HAG241,000.00$39,829.190.25%
Highwoods Realty LP 3.875% 03/01/2027431282AP743,000.00$40,420.280.25%
Home Depot Inc/The 2.8% 09/14/2027437076BT842,000.00$39,125.680.25%
Honda Motor Co Ltd 2.534% 03/10/2027438127AB843,000.00$40,009.940.25%
Honeywell International Inc 2.5% 11/01/2026438516BL942,000.00$39,478.860.25%
Hormel Foods Corp 4.8% 03/30/2027440452AK640,000.00$39,703.280.25%
Hubbell Inc 3.15% 08/15/2027443510AH543,000.00$40,150.820.25%
Humana Inc 1.35% 02/03/2027444859BQ445,000.00$40,237.810.25%
Hyatt Hotels Corp 5.75% 01/30/2027448579AQ540,000.00$40,319.160.25%
Hyundai Capital America 5.25% 01/08/202744891ACT240,000.00$39,669.560.25%
Illinois Tool Works Inc 2.65% 11/15/2026452308AX742,000.00$39,711.320.25%
Ingredion Inc 3.2% 10/01/2026457187AB842,000.00$39,803.450.25%
Intel Corp 3.75% 08/05/2027458140BY541,000.00$39,284.210.25%
Intuit Inc 1.35% 07/15/202746124HAC045,000.00$39,941.380.25%
ITC Holdings Corp 4.95% 09/22/2027465685AR640,000.00$39,358.040.25%
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc 2.5% 01/15/202746590XAS543,000.00$39,378.940.25%
Jefferies Financial Group Inc 4.85% 01/15/202747233JAG341,000.00$40,315.790.25%
Johnson & Johnson 0.95% 09/01/2027478160CP745,000.00$39,643.790.25%
Kaiser Foundation Hospitals 3.15% 05/01/202748305QAC742,000.00$39,646.050.25%
Keurig Dr Pepper Inc 5.1% 03/15/202749271VAW040,000.00$39,803.770.25%
KeyCorp 2.25% 04/06/202749326EEK545,000.00$40,172.470.25%
Keysight Technologies Inc 4.6% 04/06/202749338LAE341,000.00$40,056.220.25%
Kimberly-Clark Corp 1.05% 09/15/2027494368CC545,000.00$39,466.690.25%
Kimco Realty OP LLC 2.8% 10/01/202649446RAP442,000.00$39,559.350.25%
Kinder Morgan Inc 1.75% 11/15/202649456BAU543,000.00$39,247.220.25%
Kinross Gold Corp 4.5% 07/15/2027496902AQ041,000.00$39,696.250.25%
Kite Realty Group LP 4% 10/01/202649803XAA141,000.00$39,009.990.25%
LYB International Finance II BV 3.5% 03/02/202750247WAB343,000.00$40,742.090.26%
Lazard Group LLC 3.625% 03/01/202752107QAH843,000.00$40,834.010.26%
Micron Technology Inc 4.185% 02/15/2027595112BP742,000.00$40,707.600.26%
Northwestern Mutual Global Funding 4.35% 09/15/202766815L2K442,000.00$40,683.730.26%
Nutrien Ltd 4% 12/15/202667077MAE842,000.00$40,535.260.26%
American Equity Investment Life Holding Co 5% 06/15/2027025676AM942,000.00$40,631.210.26%
Blue Owl Technology Finance Corp 2.5% 01/15/2027691205AG346,000.00$40,716.890.26%
Arch Capital Finance LLC 4.011% 12/15/202603939CAA142,000.00$40,459.720.26%
DOC DR LLC 4.3% 03/15/202771951QAA042,000.00$40,766.300.26%
PulteGroup Inc 5% 01/15/2027745867AX941,000.00$40,460.240.26%
Berry Global Inc 1.65% 01/15/202708576PAF845,000.00$40,617.450.26%
Radian Group Inc 4.875% 03/15/2027750236AW142,000.00$40,644.570.26%
Brighthouse Financial Inc 3.7% 06/22/202710922NAC743,000.00$40,493.360.26%
Cigna Group/The 3.4% 03/01/2027125523CB443,000.00$40,875.370.26%
Sonoco Products Co 2.25% 02/01/2027835495AN244,000.00$40,559.920.26%
Steel Dynamics Inc 5% 12/15/2026858119BF641,000.00$40,569.600.26%
Viatris Inc 2.3% 06/22/202792556VAC045,000.00$40,555.830.26%
Dell International LLC / EMC Corp 4.9% 10/01/202624703TAE641,000.00$40,477.370.26%
Westpac Banking Corp 4.043% 08/26/2027961214FC242,000.00$40,718.190.26%
Ecolab Inc 2.7% 11/01/2026278865AV243,000.00$40,677.220.26%
Golub Capital BDC Inc 2.05% 02/15/202738173MAC646,000.00$40,763.890.26%
Hexcel Corp 4.2% 02/15/2027428291AN843,000.00$40,556.110.26%
Cash & OtherCash&Other118,791.92$118,791.920.75%
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 3-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 three years. In order to qualify for selection, securities must be TRACE eligible with at least $300 million face amount outstanding and have at least 2.5 years but less than 3.5 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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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.