Definitions
30 Day Median Bid/Ask Spread is calculated by identifying the national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
30 Day SEC Yield is a standard yield calculation based on a formula developed by the Securities and Exchange Commission (SEC) for a fair comparison of a fund’s and represents displays a fund’s hypothetical annualized income as a percentage of its assets. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of fund expenses.
Beta is a measure of a portfolio’s risk in relation to a broad-based benchmark. Beta represents a type of risk, systemic risk, that cannot be diversified away.
Distribution Yield reflects the annual yield of the Fund if the most recent distribution amount paid by the Fund remained the same on a forward basis. Distribution Yield is calculated by annualizing the most recent distribution amount, based on the distribution frequency, and dividing by the Fund’s market price.
Premium/Discount indicates whether a security is currently trading above (at a premium to) or below (at a discount to) its net asset value.
