Basket Holdings: 494AS OF 05/30/2025

SymbolCompanyWeight
United States Treasury Bonds 4.625%2.80
Fidelity Cash Central Fund2.01
United States Treasury Bonds 4.25%1.77
United States Treasury Bonds 4.5%1.36
Bank of America Corp. 4.571%0.97
JPMorgan Chase & Co. 5.717%0.93
Cleco Corporate Holdings LLC 3.743%0.91
Western Midstream Operating LP0.91
Philip Morris International Inc. 5.75%0.84
Exelon Corp. 3.35%0.79
B.A.T. Capital Corporation 2.726%0.78
Us Dollar0.74
Net Other Assets0.74
Duke Energy Corp 4.5%0.72
Bayer US Finance LLC 6.875%0.70
HSBC Holdings PLC 2.848%0.69
T-Mobile USA, Inc. 2.7%0.68
Broadcom Inc 5.15%0.63
Peachtree Corners Funding Trust 6.089%0.61
Morgan Stanley 2.239%0.60
Charter Communications Operating, LLC/Charter Communications Operating Capi0.59
Williams Companies Inc. (The) 4.65%0.57
Autonation Inc. (Florida) 3.85%0.57
The Boeing Company 3.625%0.57
Wells Fargo & Co. 5.499%0.53
Avolon Holdings Funding Ltd. 4.25%0.52
Wells Fargo & Co. 5.389%0.52
United States Treasury Notes 3.875%0.52
Firstenergy Transmission Llc 2.866%0.51
AES Corp. 2.45%0.50
Wells Fargo & Co. 4.65%0.49
Citizens Financial Group Inc 5.718%0.49
Sammons Financial Group Inc 5.05%0.48
Corebridge Financial Inc. 3.85%0.48
Morgan Stanley 4.654%0.48
ABN AMRO Bank N.V.0.48
Marvell Technology Inc 2.95%0.47
The Cigna Group 4.8%0.47
CDW LLC / CDW Finance Corp 5.55%0.46
Celanese US Holdings Llc0.46
Ventas Realty Limited Partnership 3%0.46
Vontier Corporation 2.95%0.45
NiSource Inc. 3.6%0.45
Plains All American Pipeline L.P. 5.7%0.44
Broadcom Inc 2.6%0.44
Emera US Finance LP 3.55%0.44
Oneok Inc. 5.65%0.43
United States Treasury Bonds 4.75%0.43
Sun Communities Operating Limited Partnership 2.3%0.42
Lowes Companies, Inc. 5.15%0.42
The Boeing Company 5.15%0.41
EQT Corporation 5.75%0.41
Bank of America Corp. 5.872%0.40
Equitable Holdings Inc 4.35%0.39
PNC Financial Services Group Inc. 6.875%0.39
Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc 2.5%0.39
Ingersoll Rand Inc 5.45%0.39
VICI Properties LP 4.95%0.39
Centene Corp. 4.625%0.38
Truist Financial Corp. 5.7%0.37
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%0.36
KBC Group NV 4.932%0.36
Florida Gas Transmission Co. 5.75%0.35
JPMorgan Chase & Co. 4.912%0.35
JPMorgan Chase & Co. 4.946%0.35
AmFam Holdings Inc. 2.805%0.35
Centene Corp. 2.625%0.35
Unum Group 4.125%0.35
Gilead Sciences Inc. 5.6%0.34
General Motors Financial Company Inc 3.6%0.34
Avolon Holdings Funding Ltd. 6.375%0.34
CVS Health Corp 4.78%0.33
Huntington Bancshares Incorporated 2.487%0.33
Canadian Natural Resources Limited 5.4%0.33
BNP Paribas SA 1.904%0.33
Bank of America Corp. 5.468%0.32
ITC Holdings Corporation 5.65%0.32
Bristol-Myers Squibb Company 5.65%0.32
Morgan Stanley 5.32%0.32
JPMorgan Chase & Co. 4.603%0.32
HPS Corporate Lending Fund 6.75%0.32
Verizon Communications Inc. 3.7%0.31
The Boeing Company 6.388%0.31
GLP Capital L.P. and GLP Financing II, Inc. 5.625%0.31
Pine Street Trust III 6.223%0.31
Caixabank S.A.0.31
Volkswagen Group of America Finance LLC 4.75%0.31
Vale Overseas Limited 6.4%0.30
PNC Financial Services Group Inc. 5.401%0.30
Columbia Pipelines Operating Co. LLC 5.927%0.30
Liberty Mutual Group, Inc. 5.5%0.30
Dow Chemical Co. (The) 5.15%0.29
Athene Holding Ltd 3.45%0.29
DCP Midstream Operating LP 5.125%0.29
Southern Company Gas Capital Corp. 5.75%0.29
Agree LP 4.8%0.29
Pacific Gas and Electric Company 5.9%0.29
Applovin Corp. 5.375%0.28
Sixth Street Lending Partners 6.5%0.28
Athene Holding Ltd 5.875%0.28
Cooperatieve Rabobank U.A. 3.75%0.28
Targa Resources Corp. 5.5%0.27
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.4%0.27
Charter Communications Operating, LLC/Charter Communications Operating Capi0.27
Smurfit Kappa Treasury Unlimited Company 5.438%0.26
Athene Holding Ltd 6.65%0.26
Bank of America Corp. 5.015%0.26
Celanese US Holdings Llc0.26
UBS Group AG 3.091%0.26
Ares Strategic Income Fund 5.7%0.25
Occidental Petroleum Corp. 5.375%0.25
Citizens Financial Group Inc 6.645%0.25
Fairfax Financial Holdings Limited 5.625%0.25
Ford Motor Company 3.25%0.25
Stellantis Finance Us Inc 5.75%0.25
Avolon Holdings Funding Ltd. 5.75%0.25
Ford Motor Credit Company LLC 3.375%0.25
CVS Health Corp 5.875%0.25
Puget Energy Inc 5.725%0.25
GA Global Funding Trust 5.9%0.24
Blackstone Private Credit Fund 6%0.24
Avolon Holdings Funding Ltd. 5.15%0.24
Sixth Street Specialty Lending Inc 5.625%0.24
Consolidated Edison Company of New York, Inc. 5.125%0.24
Cleco Corporate Holdings LLC 4.973%0.24
HPS Corporate Lending Fund 5.95%0.24
Ares Strategic Income Fund 5.6%0.24
Targa Resources Corp. 5.55%0.24
Ford Motor Company 6.1%0.24
Reinsurance Group of America, Incorporated 5.75%0.24
Southern Co. 4.85%0.24
Micron Technology Inc. 5.8%0.24
Barclays PLC 5.785%0.24
Barclays PLC 5.367%0.24
Gilead Sciences Inc. 5.5%0.23
Viterra Finance B.V. 4.9%0.23
Ares Strategic Income Fund 6.35%0.23
Intact Financial Corp. 5.459%0.23
Caixabank S.A. 5.673%0.23
Consolidated Edison Company of New York, Inc. 5.5%0.23
Citigroup Inc. 6.27%0.23
KBC Group NV 6.324%0.23
200 PK Funding Trust 5.74%0.23
The Boeing Company 5.04%0.23
UBS Group AG 4.194%0.23
Barclays PLC 6.224%0.23
Energy Transfer LP 6.55%0.22
ENEL Finance International N.V. 5.5%0.22
Sabra Health Care Ltd Partnership / Sabra Capital Corp 3.2%0.22
FirstEnergy Corp. 2.25%0.22
Micron Technology Inc. 5.3%0.22
Fairfax Financial Holdings Limited 6%0.22
Citigroup Inc. 6.174%0.22
Georgia Power Company 5.25%0.22
Columbia Pipelines Holding Co. LLC 5.097%0.22
UBS Group AG 4.875%0.22
Sammons Financial Group Inc 5.1%0.21
Ingersoll Rand Inc 5.7%0.21
CDW LLC / CDW Finance Corp 2.67%0.21
Atlantica Sustainable Infrastructure Ltd. 4.125%0.21
Brunswick Corporation 5.85%0.21
Micron Technology Inc. 2.703%0.21
Japan Tobacco Inc 5.856%0.21
Essent Group Ltd. 6.25%0.21
Ingersoll Rand Inc 5.314%0.21
Japan Tobacco Inc 5.21%0.20
Micron Technology Inc. 6.05%0.20
AT&T Inc 3.65%0.20
Puget Energy Inc 4.1%0.20
Micron Technology Inc. 5.65%0.20
PNC Financial Services Group Inc. 5.222%0.20
Morgan Stanley 5.23%0.20
Agree LP 5.625%0.20
AT&T Inc 3.55%0.20
PNC Financial Services Group Inc. 5.575%0.20
Columbia Pipelines Operating Co. LLC 5.695%0.20
BNP Paribas SA 2.591%0.20
Gallagher Aj &Co 5.15%0.20
Brixmor Operating Partnership LP 4.05%0.20
Societe Generale S.A. 3%0.20
Deutsche Bank AG New York Branch 3.035%0.20
HSBC Holdings PLC 2.357%0.20
Barclays PLC 2.645%0.20
BPCE SA 2.277%0.19
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.95%0.19
JPMorgan Chase & Co. 5.294%0.19
Corporate Office Properties LP 2.75%0.19
Aviation Capital Group LLC 6.75%0.19
Time Warner Cable LLC 7.3%0.19
Bank of America Corp. 3.194%0.19
HPS Corporate Lending Fund 5.45%0.19
Duke Energy Corp 5%0.19
Alimentation Couche-Tard Inc. 2.95%0.19
PPL Capital Funding Inc. 5.25%0.19
JPMorgan Chase & Co. 6.254%0.19
Agco Corporation 5.8%0.19
Five Corners Funding Trust 2.85%0.19
Ferguson Enterprises Inc 5%0.19
UBS Group AG 3.126%0.19
HSBC Holdings PLC 6.332%0.19
Cenovus Energy Inc 2.65%0.18
Aircastle Ltd. / Aircastle Ireland DAC 5.25%0.18
FirstEnergy Corp. 2.65%0.18
Canadian Natural Resources Limited 6.25%0.18
Ford Motor Credit Company LLC 6.798%0.18
Reinsurance Group of America, Incorporated 3.9%0.18
Columbia Pipelines Operating Co. LLC 5.962%0.18
Intesa Sanpaolo S.p.A. 7.2%0.18
Capital One Financial Corp. 5.468%0.17
GA Global Funding Trust 5.4%0.17
Bank of America Corp. 2.676%0.17
Bayer US Finance LLC 6.25%0.17
JPMorgan Chase & Co. 2.956%0.17
Smurfit Westrock Financing Designated Activity Co. 5.418%0.17
Wells Fargo & Co. 4.478%0.17
Invitation Homes Operating Partnership Lp 4.875%0.17
General Motors Company 5.4%0.17
CCO Holdings, LLC/ CCO Holdings Capital Corp. 4.5%0.17
Standard Chartered PLC 5.545%0.17
PNC Financial Services Group Inc. 5.582%0.17
JPMorgan Chase & Co. 2.522%0.17
Rogers Communications Inc. 3.8%0.17
Hess Corporation 6%0.17
Barclays PLC 4.836%0.17
Standard Chartered PLC 5.005%0.17
AT&T Inc 4.3%0.16
Morgan Stanley 4.431%0.16
Capital One Financial Corp.0.16
Bristol-Myers Squibb Company 5.2%0.16
Tanger Properties Limited Partnership 3.125%0.16
Citizens Financial Group Inc 5.253%0.16
Voya Financial Inc 4.7%0.16
Fortitude Group Holdings LLC 6.25%0.16
Hess Corporation 5.6%0.16
ICON Investments Six DAC 6%0.16
Plains All American Pipeline L.P. 4.9%0.16
Ford Motor Credit Company LLC 4.95%0.16
Allianz SE 5.6%0.16
Sun Communities Operating Limited Partnership 2.7%0.16
Selective Insurance Group Inc. 5.9%0.16
Lloyds Banking Group PLC 7.953%0.16
Elanco Animal Health Inc0.15
Enbridge Inc. 6.2%0.15
Duquesne Light Holdings, Inc. 2.775%0.15
General Motors Company 5.95%0.15
Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc 3%0.15
RTX Corp. 6.4%0.15
RTX Corp. 6.1%0.15
Petroleos Mexicanos 5.35%0.15
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.85%0.15
Morgan Stanley 1.794%0.15
Jackson Financial Inc 3.125%0.15
BAE Systems PLC 1.9%0.15
Roper Technologies Inc 2.95%0.15
Energy Transfer LP 5%0.15
Banco Santander, S.A. 2.749%0.15
UBS Group AG 9.016%0.15
Emera US Finance LP 4.75%0.14
Williams Companies Inc. (The) 5.75%0.14
The Cigna Group 4.9%0.14
Brixmor Operating Partnership LP 4.125%0.14
Truist Bank (North Carolina) 2.25%0.14
Hess Corporation 4.3%0.14
Enbridge Inc. 7.2%0.14
Assurant Inc. 2.65%0.14
Wells Fargo & Co. 5.244%0.14
ICON Investments Six DAC 5.849%0.14
VICI Properties LP 4.75%0.14
Athene Global Funding 1.985%0.14
Marsh & McLennan Companies, Inc. 6.25%0.14
General Motors Financial Company Inc 3.1%0.14
Commonwealth Bank of Australia 3.784%0.14
UniCredit S.p.A. 1.982%0.14
Time Warner Cable LLC 5.875%0.13
Invitation Homes Operating Partnership Lp 2%0.13
CVS Health Corp 5.3%0.13
Ares Capital Corp. 2.15%0.13
Amgen Inc. 5.65%0.13
Capital One Financial Corp. 5.247%0.13
Tanger Properties Limited Partnership 2.75%0.13
Athene Global Funding 2.5%0.13
NiSource Inc. 3.95%0.13
Fairfax Financial Holdings Limited 4.85%0.13
Avolon Holdings Funding Ltd. 5.5%0.13
Advance Auto Parts Inc. 1.75%0.13
Gallagher Aj &Co 5.55%0.13
Omega Healthcare Investors, Inc. 3.25%0.13
Constellation Brands, Inc. 2.875%0.13
United States Treasury Bonds 4.25%0.13
SUBWAY FUNDING LLC 5.566%0.13
Hudson Pacific Properties LP 5.95%0.12
BAE Systems PLC 5.3%0.12
Verizon Communications Inc. 4.4%0.12
Booz Allen Hamilton Inc 5.95%0.12
Roper Technologies Inc 4.75%0.12
Western Midstream Operating LP 5.3%0.12
Citigroup Inc. 4.91%0.12
Ovintiv Inc 7.2%0.12
Fifth Third Bancorp 8.25%0.11
Emera US Finance LP 2.639%0.11
Charter Communications Operating, LLC/Charter Communications Operating Capi0.11
Genuine Parts Co 2.75%0.11
Broadcom Inc 3.5%0.11
Pacific Lifecorp 5.125%0.11
Verizon Communications Inc. 2.55%0.11
Citizens Financial Group Inc 2.638%0.11
Citigroup Inc. 2.666%0.11
Hudson Pacific Properties LP 3.95%0.11
Energy Transfer LP 5.4%0.11
Ohio Edison Company 4.95%0.11
Marvell Technology Inc 5.75%0.11
Comcast Corporation 5.5%0.11
Credit Agricole S.A. 2.811%0.11
Petroleos Mexicanos 6.5%0.11
STORE Capital Corp. 2.7%0.11
Bank of America Corp. 2.884%0.11
Plains All American Pipeline L.P. 3.8%0.11
Sun Communities Operating Limited Partnership 4.2%0.11
United States Treasury Bonds 4.125%0.11
United States Treasury Bonds 4.625%0.11
SUBWAY FUNDING LLC 6.028%0.11
Westpac Banking Corp. 5.405%0.11
Morgan Stanley 2.699%0.10
The Boeing Company 6.858%0.10
The Cigna Group 3.4%0.10
Centene Corp. 3%0.10
Southern Company Gas Capital Corp. 3.15%0.10
Ally Financial Inc. 5.737%0.10
The Boeing Company 7.008%0.10
Equitable Holdings Inc 5%0.10
Kite Realty Group, L.P. 4.75%0.10
Applovin Corp. 5.125%0.10
Empower Finance 2020 LP 1.776%0.10
Huntington Bancshares Incorporated 6.208%0.10
Corporate Office Properties LP 2%0.10
WarnerMedia Holdings Inc. 3.755%0.10
CSX Corporation 4.75%0.10
Rexford Industrial Realty L P 2.15%0.10
Duquesne Light Holdings, Inc. 3.616%0.10
Jackson Financial Inc 4%0.10
Energy Transfer LP 6%0.10
HSBC Holdings PLC 7.39%0.10
Ares Strategic Income Fund 6.2%0.10
Bristol-Myers Squibb Company 5.55%0.10
Enbridge Inc. 5.75%0.10
Barclays PLC 2.894%0.10
The Cleveland Electric Illuminating Company 3.5%0.09
Imperial Brands Finance Plc 6.125%0.09
Oracle Corp. 3.95%0.09
Alabama Power Company 5.1%0.09
Marvell Technology Inc 5.95%0.09
Lowes Companies, Inc. 5.625%0.09
Blackstone Holdings Finance Co. L.L.C. 3.5%0.09
Exelon Corp. 4.05%0.09
Ipalco Enterprises Inc. 5.75%0.09
NiSource Inc. 4.8%0.09
Hess Corporation 5.8%0.09
Cenovus Energy Inc 3.75%0.09
Sempra 3.8%0.09
McCormick & Company, Incorporated 1.85%0.09
AbbVie Inc. 4.55%0.09
AT&T Inc 4.5%0.09
CDW LLC / CDW Finance Corp 5.1%0.09
AES Corp. 3.95%0.09
American Homes 4 Rent L P 5.5%0.09
Dollar Tree Inc 4.2%0.09
T-Mobile USA, Inc. 2.4%0.09
American Airlines, Inc. 3.7%0.09
HSBC Holdings PLC 4.041%0.09
UBS Group AG 4.375%0.09
Oracle Corp. 4.3%0.08
Time Warner Cable LLC 4.5%0.08
AstraZeneca PLC 6.45%0.08
Mars Inc. 5.2%0.08
Puget Energy Inc 4.224%0.08
B.A.T. Capital Corporation 5.834%0.08
Capital One Financial Corp. 7.624%0.08
The Boeing Company 5.805%0.08
Vale Overseas Limited 3.75%0.08
Avolon Holdings Funding Ltd. 2.528%0.08
Dell International L.L.C. and EMC Corporation 3.45%0.08
Teva Pharmaceutical Finance Netherlands IV B.V. 5.75%0.08
Teva Pharmaceutical Finance Netherlands III B.V. 6%0.08
Crown Castle Inc. 2.25%0.08
Intesa Sanpaolo S.p.A. 5.71%0.08
CVS Health Corp 6.05%0.08
VICI Properties LP 5.125%0.08
Mars Inc. 5.7%0.08
SUBWAY FUNDING LLC 5.914%0.08
SUBWAY FUNDING LLC 5.246%0.08
Barclays PLC 5.088%0.08
UBS Group AG 3.869%0.08
JPMorgan Chase & Co. 4.95%0.07
Suncor Energy Inc. 6.85%0.07
Rogers Communications Inc. 4.55%0.07
Citigroup Inc. 2.572%0.07
Massachusetts Mutual Life Insurance Co. 3.729%0.07
Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc 5.5%0.07
American Express Company 5.085%0.07
Mars Inc. 4.8%0.07
Eastern Gas Transmission and Storage Inc 3.9%0.07
Agree LP 5.6%0.07
SUBWAY FUNDING LLC 6.268%0.07
Sixth Street Lending Partners 6.125%0.06
Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc 5.75%0.06
Southern Company Gas Capital Corp. 4.4%0.06
Occidental Petroleum Corp. 5.2%0.06
Enterprise Products Operating LLC 4.9%0.06
Exelon Corp. 4.1%0.06
Centene Corp. 4.25%0.06
Broadcom Inc 2.45%0.06
VICI Properties LP 5.125%0.06
Brandywine Operating Partnership L.P. 8.875%0.06
Hexcel Corporation 5.875%0.06
Cenovus Energy Inc 5.4%0.06
Virginia Electric and Power Company 5.55%0.06
Charter Communications Operating, LLC/Charter Communications Operating Capi0.06
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45%0.06
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.3%0.06
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3%0.06
Vornado Realty Lp 3.4%0.06
Occidental Petroleum Corp. 5.55%0.06
United States Treasury Notes 4.5%0.06
United States Treasury Bonds 3.625%0.06
British Airways PLC 2.9%0.06
JERSEY MIKES FUNDING LLC 5.636%0.06
SUBWAY FUNDING LLC 6.505%0.06
Pinnacle West Capital Corp. 4.9%0.05
Nuveen LLC 5.55%0.05
Smithfield Foods Inc 3%0.05
Energy Transfer LP 5.8%0.05
Pinnacle West Capital Corp. 5.15%0.05
International Flavors & Fragrances Inc. 1.832%0.05
CVS Health Corp 4.875%0.05
Oracle Corp. 2.875%0.05
Mars Inc. 5%0.05
CVS Health Corp 6%0.05
Southern Co. 5.7%0.05
Truist Financial Corp. 1.95%0.05
Comcast Corporation 2.937%0.05
Lowes Companies, Inc. 4.25%0.05
American Airlines, Inc. 3.85%0.05
Westpac Banking Corp. 5.618%0.05
Canadian Natural Resources Limited 4.95%0.04
Brandywine Operating Partnership L.P. 8.3%0.04
Piedmont Operating Partnership, L.P. 6.875%0.04
Mars Inc. 5.65%0.04
Invitation Homes Operating Partnership Lp 4.15%0.04
Phillips Edison Grocery Center Operating Partnership I L P 4.95%0.04
Targa Resources Corp. 6.15%0.04
Corebridge Financial Inc. 3.65%0.04
Standard Chartered PLC 6.228%0.04
JPMorgan Chase & Co. 5.14%0.04
Amgen Inc. 5.25%0.04
United Airlines Pass Through Trust 2019-2AA 3.5%0.04
TCO COMMERCIAL MORTGAGE TRUST 2024-DPM0.04
Rogers Communications Inc. 4.3%0.03
Duke Energy Indiana, LLC. 4.9%0.03
Duquesne Light Holdings, Inc. 2.532%0.03
Corebridge Financial Inc. 4.4%0.03
Gallagher Aj &Co 5%0.03
Amgen Inc. 5.75%0.03
Vornado Realty Lp 2.15%0.03
Columbia Pipelines Operating Co. LLC 6.036%0.03
CVS Health Corp 5%0.03
The Boeing Company 6.298%0.03
Santander Holdings USA Inc. 6.279%0.03
Jackson Financial Inc 5.17%0.03
Petroleos Mexicanos 6.49%0.03
American Airlines, Inc. 3.75%0.03
Cash†0.03
Fairfax Financial Holdings Limited 6%0.02
Corporate Office Properties LP 2.9%0.02
STORE Capital Corp. 2.75%0.02
The Boeing Company 6.528%0.02
Williams Companies Inc. (The) 5.3%0.02
Piedmont Operating Partnership, L.P. 2.75%0.02
United Air Lines, Inc. 4.6%0.02
Columbia Pipelines Operating Co. LLC 6.544%0.01
Kite Realty Group, L.P. 5.5%0.01
Paychex Inc 5.35%0.01
HCA Inc. 3.375%0.01
CVS Health Corp 5.25%0.01
Realty Income Corporation 2.2%0.01
Mars Inc. 5.8%0.01
Paychex Inc 5.6%0.01
Paychex Inc 5.1%0.01
Corebridge Financial Inc. 4.35%0.01
Columbia Pipelines Operating Co. LLC 6.497%0.01
Carrier Global Corporation 5.9%0.01
Fairfax Financial Holdings Limited 3.375%0.01
Ally Financial Inc. 5.543%0.01
Phillips Edison Grocery Center Operating Partnership I L P 5.75%0.01
Cenovus Energy Inc 6.75%0.01

†Part or all of this cash position may represent cash-in-lieu of marketable securities and not actual cash. ETF shares are created when a large institutional investor called an Authorized Participant deposits a portfolio of stocks into the fund in exchange for an institutional block of ETF shares (usually 50,000). This is referred to as "in kind" creation because a basket of stocks is exchanged for ETF shares rather than using cash. However, some ETFs allow for the creation (and redemption) of ETF shares in cash in certain circumstances rather than through "in kind" creation.

Top basket holdings are as of the date indicated and may not be representative of the fund's current or future investments. ETF shares are created when a large institutional investor called an Authorized Participant deposits a portfolio of securities into the fund (a "Basket") in exchange for an institutional block of ETF shares (usually 50,000). This is referred to as "in kind" creation because a basket of securities is exchanged for ETF shares rather than using cash. In the case of redemptions, the ETF sponsor returns a basket of securities to the Authorized Participant in exchange for an institutional block of ETF shares. The Basket Holdings is the portfolio of securities that can be exchanged on a daily basis for ETF shares. In some circumstances, cash may be accepted in lieu of some or all of the securities in the Basket.