American Century® Diversified Corporate Bond ETF - KORP

Summary

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FUND FACTS

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Expenses and Distributions

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Morningstar

Morningstar Rating™:
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange‐traded funds, closed‐end funds, and separate accounts) with at least a three‐year history. Exchange‐traded funds and open‐ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk‐Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three‐, five‐, and 10‐year (if applicable) Morningstar Rating metrics. The weights are: 100% three‐year rating for 36‐59 months of total returns, 60% five‐year rating/40% three‐year rating for 60‐119 months of total returns, and 50% 10‐year rating/30% five‐year rating/20% three‐ year rating for 120 or more months of total returns. While the 10‐year overall star rating formula seems to give the most weight to the 10‐year period, the most recent three‐year period actually has the greatest impact because it is included in all three rating periods.
Morningstar Investment Style Box™:
The Morningstar Investment Style Box™ reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).
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FUND DOCUMENTS & RESOURCES

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Related Links


      2021 Distribution Calendar
      Fund Brochure  

 

Seeks to provide current income.

Risk & Additional Details

Goal & Strategy

Seeks current income by emphasizing investment-grade debt while dynamically allocating a portion of the portfolio to high yield

Characteristics

A systematically managed portfolio that integrates fundamental and quantitative expertise:

  • Adjusts investment grade and high-yield components to balance interest rate and credit risk
  • Screens individual credits to seek those with sound fundamentals, reduced default risk, attractive valuations and liquidity
  • Adjusts industry and duration exposures as risks and opportunities emerge

Attributes

  • STATISTICS
  • Price to Book Ratio: The price per share divided by book value per share.

    Price/Earnings Ratio: The price per share divided by earnings per share.

    Weighted Average Market Cap: The weighted average market value of a company's outstanding shares.

    Equity Beta: Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security's price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicated the security is more volatile than the market. Calculated vs. STOXX®.

    Number of Holdings: The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards.

    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.

    Weighted Average Coupon: The weighted average interest rate paid by the mortgages in the pool.

    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.

    Number of Holdings: The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards.

    Statistics

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  • PRICING
  • Pricing

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  • PREMIUM/DISCOUNT
  • Premium/Discount

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    Performance

    • ANNUALIZED
    • 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.

      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.

      Annualized

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    • YIELDS
    • Yields

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      Composition

      • TOP TEN HOLDINGS
      • Top Ten Holdings

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      • INVESTMENT BLEND
      • Investment Blend

      • QUALITY
      • Quality

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      • MATURITY
      • Maturity

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      • DURATION
      • Duration

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        Geography

          Management

          Jason Greenblath

          Jason Greenblath

          Vice President, Senior Portfolio Manager

          Gavin Fleischman

          Gavin Fleischman

          Vice President, Portfolio Manager

          Le Tran

          Le Tran

          Portfolio Manager

          Charles Tan

          Charles Tan

          Senior Vice President and Co-Chief Investment Officer — Global Fixed Income

          Jeff Houston, CFA

          Jeff Houston, CFA

          Vice President, Senior Portfolio Manager

          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 an investor's shares, when redeemed, may be worth more or less than 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 the New York Stock 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. For the fund's most recent quarter end performance, please call 1-800-345-6488.

          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.

          C

          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.

          Source: Bloomberg Index Services Ltd

          ©2021 Morningstar, Inc. All Rights Reserved. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

          For detailed descriptions of indices or investing terms referenced above, refer to our glossary.

          Exchange Traded Funds (ETFs): Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investments Services, Inc.