*Returns for Funds with performance less than a year are cumulative and are not annualized.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Per the prospectus, the Fund’s estimated total annual operating expense ratio, gross of any fee waivers or expense reimbursements, is 0.87%. The Fund’s expense ratio for its initial fiscal year is based on an assumed average asset level of $100 million. If assets are lower than $100 million, the expense ratio will be higher due to the inclusion of offering costs during the first 12 months of operations. If average assets of the Fund exceed $100 million during the Fund’s first 12 months, the expense ratio may be lower. There is a contractual fee waiver currently in place for this Fund through December 31, 2010 to the extent necessary in keeping the Fund’s operating expense ratio from exceeding 0.65% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.65%. Without this expense cap, actual returns would be lower.
After tax returns are calculated using the historical highest individual federal marginal income tax rates during the periods shown and do not reflect the impact of state and local taxes. Actual after tax returns depend on an investor’s tax situation and may differ from those shown.
Since Inception returns assume a purchase of the ETF at the initial share price for share price returns or the initial net asset value (NAV) per share for NAV returns. Returns for periods of less than one year are not annualized. Returns included a reinvestment of distributions. Investors should also be aware that these returns were primarily achieved during favorable market conditions and may not be sustainable.
Glossary
Net Asset Value (NAV): NAV is the price per share at which each Fund issues and redeems shares. The net asset value per share for each Fund is determined once daily as of the close of the NYSE, usually 4:00 p.m. Eastern time, each day the NYSE is open for trading. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets (including accrued interest), less all liabilities (including accrued expenses), by the total number of shares outstanding.
Market Price (Bid/Ask Midpoint): The midpoint between the highest bid and the lowest offer on any exchange on which the Fund trades as of the time that the Fund's NAV is calculate.
Closing Price (Last Trade): The Closing Price is the price of the last reported trade on any exchange on which the Fund trades.
Premium/Discount Data
(Quarter Ended 12/31/09)
| Premium Discount Range |
Number of Days |
Percentage of Total Days |
| Above +2.0% |
12 |
18.75% |
| Between +2.0% and +1.5% |
9 |
14.06% |
| Between +1.5% and +1.0% |
17 |
26.56% |
| Between +1.0% and +0.5% |
8 |
12.50% |
| Between +0.5% and -0.5% |
10 |
15.63% |
| Between -0.5% and -1.0% |
1 |
1.56% |
| Between -1.0% and -1.5% |
0 |
— |
| Between -1.5% and -2.0% |
2 |
3.13% |
| Less Than -2.0% |
5 |
7.81% |
ETFs may trade at a market premium/discount to net asset value. The Premium/Discount chart shows the difference between the daily bid/ask mid point for shares of the Fund and the Fund's net asset value. The bid/ask mid point is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). Past performance does not guarantee future results.
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