American Century® Diversified Municipal Bond ETF - TAXF

Summary

Loading Daily NAV data...

FUND FACTS

Loading Fund Facts data...

Expenses and Distributions

Loading Expenses and Distributions data...

FUND DOCUMENTS & RESOURCES

Loading Fund Documents data...

 

Related Links


      2018 Distribution Calendar 
 

Seeks to provide consistent tax-free income by employing an active, research-driven process that draws from across the municipal bond universe and adjusts exposure depending on prevailing market conditions.

Risk & Additional Details

Goal & Strategy

Seeks current income that is exempt from federal income tax.

Characteristics

An actively-managed municipal bond portfolio that seeks consistent tax-free income:

  • Dynamically allocates to investment grade and up to 35% high yield to take advantage of prevailing market conditions
  • Employs an active, time-tested process designed to identify attractive issues with low default risk
  • Aligns risk exposures with highest-conviction ideas

Attributes

  • PRICING
  • Pricing

    Loading Pricing data...

  • PREMIUM/DISCOUNT
  • Premium/Discount

    Loading Premium/Discount data...

    Performance

    • CUMULATIVE
    • 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.

      Cumulative

      Loading Cumulative Performance data...

      Composition

      • TOP TEN HOLDINGS
      • Top Ten Holdings

        Loading Top Ten Holdings data...

        Geography

          Management

          Steven Permut

          Steven Permut

          Senior Vice President, Senior Portfolio Manager

          Joseph Gotelli

          Joseph Gotelli

          Vice President, Portfolio Manager

          Alan Kruss

          Alan Kruss

          Vice President, 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 month 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.

          ETF shares may be bought or sold throughout the day at their market price, not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market.

          ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

          This fund is an actively managed Exchange Traded Fund (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.

          Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax (AMT). Capital gains are not exempt from state and federal income tax.

          The lower rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk.

          Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.

          Credit quality ratings on underlying securities of a fund are obtained from three Nationally Recognized Statistical Rating Organizations ("NRSROs"), Standard & Poor's, Moody's and Fitch. Ratings are converted to the equivalent Standard & Poor's rating category for purposes of presentation. For municipal funds, each security is assigned the highest rating provided by the NRSROs. A "non-rated" designation is assigned when a public rating is not available for a security. This designation does not necessarily indicate low credit quality. The letter ratings are provided to indicate the credit worthiness of the underlying bonds in the portfolio. Long-term ratings generally range from AAA (highest) to D (lowest). Includes payable amounts related to securities purchased but not settled at period end. Due to rounding, these values may exceed 100%.

          C

          Net expense ratio is the total annual operating expense ratio for the fund, net of any fee waivers or expense reimbursements. Gross expense ratio is the total annual operating expense ratio for the fund, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus. This is the actual ratio that investors paid during the fund's most recent fiscal year.

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

          ©2018 Standard & Poor's Financial Services LLC. All rights reserved. For intended recipient only. No further distribution and/or reproduction permitted. Standard & Poor's Financial Services LLC ("S&P") does not guarantee the accuracy, adequacy, completeness or availability of any data or information contained herein and is not responsible for any errors or omissions or for the results obtained from the use of such data or information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE IN CONNECTION TO THE DATA OR INFORMATION INCLUDED HEREIN. In no event shall S&P be liable for any direct, indirect, special or consequential damages in connection with recipient's use of such data or information.

          The Dow Jones AveragesSM and The Dow Jones Global IndexesSM are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones AveragesSM and The Dow Jones Global IndexesSM ©2018 Dow Jones & Company, Inc. All Rights Reserved.

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