Strategies

Metals Enhanced Income

Commodity Investments don’t distribute income. Kurv Metals ETFs seek to.

Related ETFs
KGLD
KSLV
KCOP

Quick Links

KGLD Fund Page
KSLV Fund Page
KCOP Fund Page
How to Invest
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Why invest in metals?

As the world becomes more de-globalized, countries are reducing reliance on U.S. dollar assets and looking to increase their security in defense and natural resources.

 

Portfolio Diversification & Hedge Against Uncertainty

Precious metals have historically helped protect portfolios during periods of inflation, currency volatility, and geopolitical risk.

 

Structural Demand & Supply Imbalance

Mining industry have structurally a lack of capacity to meet the demands for various needs from investors and industries.

 

Participate in Global Growth

Industrial metals support long-term growth themes such as infrastructure investment, electrification, and the energy sector.

Our Solution

Meet KGLD, KSLV & KCOP

KGLD

Kurv Gold Enhanced Income ETF

Seeks to provide efficient gold exposure and income via options overlay (monthly distributions).

Learn more
KSLV

Kurv Silver Enhanced Income ETF

Seeks to provide efficient silver exposure and income via options overlay (monthly distributions).

Learn more
KCOP

Kurv Copper & Mining Enhanced Income ETF

Seeks to provide efficient copper & copper miner exposure and income via options overlay (monthly distributions).

Learn more

How Does it Work?

 

Metal Exposure

Replicate long spot exposure through options positions.

 

Option Strategies

Harvest option premia to generate income without limiting upside potential. Ability to buy protection and seek to mitigate downside.

 

Tax Efficiency

Options-based metals exposure may receive a preferential tax rate (60% long-term / 40% short-term capital gains) while avoiding K-1 tax reporting.

 

See How We Stack Up

KGLD vs Other Gold-Related ETPs

Total Return

As of 4/30/2026
KGLD Inception Date: 7/8/2025
Volatility
Return/Vol
Distribution
30-Day SEC Yield
37.97%
KGLD

Kurv Gold Enhanced
Income ETF

29.72%
1.28
17.21%*
2.53%
37.83%
GLD

SPDR
Gold Shares

28.52%
1.33
–%
-
28.48%
IGLD

FT Vest Gold Strategy
Target Income ETF

24.88%
1.14
21.50%
2.06%
25.81%
IAUI

NEOS Gold High
Income ETF

21.41%
1.21
12.54%
1.72%
20.62%
GLDI

UBS ETRACS Gold
Shares Covered Call ETN

15.45%
1.33
26.92%
-
15.95%
GLDY

Defiance Gold
Enhncd Optns Incme

21.20%
0.75
30.66%
2.57%.

Past performance is no guarantee of future results. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available here. For the most recent data please call 1-833-955-KURV (5878).

All funds are managed differently and do not react the same to economic or market events. The investment objectives, strategies, policies or restrictions of other funds may differ and more information can be found in their respective prospectuses. Therefore, we generally do not believe it is possible to make direct fund to fund comparisons in an effort to highlight the benefits of a fund versus another similarly managed fund.

KGLD (as of 4/30/2026):
30-Day SEC Yield: 2.53%, 30-Day Unsubsidized SEC Yield: 2.53%.
Gross Expense Ratio: 1.00%, Net Expense Ratio: 1.00% with AFF&E, 0.99% without AFF&E*.

Fund Distributions may include income, capital gains, or return of capital and may change during the year. Details are provided in the Fund’s 19a‑1 Notice on the fund website.

As of April 30, 2026. Volatility annualized since inception. Source: Kurv, YCharts

KSLV vs Other Silver-Related ETPs

Total Return

As of 4/30/2026
KSLV Inception Date: 9/29/2025
Volatility
Return/Vol
Distribution
30-Day SEC Yield
51.95%
KSLV

Kurv Silver Enhanced
Income ETF

75.33%
0.69
27.09%*
2.40%
56.85%
SLV

iShares
Silver Trust

56.85%
72.85%
0.78
-
26.74%
SLVO

UBS ETRACS Silver
Shares Covered Call ETN

36.47%
0.73
67.73%
-

Past performance is no guarantee of future results. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available here. For the most recent data please call 1-833-955-KURV (5878).

The SLV and SLVO funds are not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and are not subject to regulation under the 1940, unlike most exchange traded products or ETFs.

All funds are managed differently and do not react the same to economic or market events. The investment objectives, strategies, policies or restrictions of other funds may differ and more information can be found in their respective prospectuses. Therefore, we generally do not believe it is possible to make direct fund to fund comparisons in an effort to highlight the benefits of a fund versus another similarly managed fund.

KSLV (as of 4/30/2026):
30-Day SEC Yield: 2.40%, 30-Day Unsubsidized SEC Yield: 2.40%.
Gross Expense Ratio: 1.00%, Net Expense Ratio: 1.00% with AFF&E, 0.99% without AFF&E*.

Fund Distributions may include income, capital gains, or return of capital and may change during the year. Details are provided in the Fund’s 19a‑1 Notice on the fund website.

As of April 30, 2026. Volatility annualized since inception. Source: Kurv, YCharts

 

The Kurv Approach

 

Expertise, Made Accessible

Advanced investment strategies were previously available only to the world’s largest investors.

 

Access Without Complexity

By removing complicated barriers to entry and streamlining management and reporting, everyday investors can now be equipped with the same tools and resources.

 

Intentional Portfolio Design

Kurv’s approach is to deliver actively managed, tax-efficient ETF solutions designed to help advisors and investors pursue growth, income, and risk management—without forcing unnecessary trade-offs.

Meet the Team

Kurv Metal Enhanced Income ETFs are managed by investment professionals with       20+ years of experience, having worked at PIMCO and Goldman Sachs.

Howard Chan

Chief Executive Officer & Founder

Dominique Tersin

Portfolio Manager

Gery Sadzewicz

Chief Compliance Officer

How to Buy Kurv ETFs

Investors may purchase Kurv ETFs at most online brokerages or through U.S. stock exchanges.

Kurv Investment Management is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement. By clicking the links below, you are leaving this website and going to a third-party site. Kurv Investment Management is not responsible for content on third-party sites.

This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.

Important Information for KGLD:

Investing involves risk, including the loss of principal.

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-888-393-KURV (5878). Read the prospectus carefully before investing by clicking here.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made solely on returns. The ETFs shown are not meant to be a representative sample of all gold ETFs. For standardized performance current to the most recent month end for KGLD, please call (833) 955-5878 or go to the KGLD Fund page of this site.

Source: US Bank, Morningstar 2025.

This presentation is solely for informational purposes and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. These materials are made available on an “as is” basis, without representation or warranty. The information contained in these materials has been obtained from sources that Kurv Investment Management LLC. believes to be reliable, but accuracy and completeness are not guaranteed. This information is only current as of the date indicated and may be superseded by subsequent market events or for other reasons. Neither the author nor Kurv Investment Management LLC. undertakes to advise you of any changes in the views expressed herein.

Comparing the KGLD with the other funds is useful for investors seeking to understand the different approaches to gaining exposure to the precious metals sector.

Products shown are not meant to be a representative sample of all gold income ETPs. All funds shown are managed differently and do not react the same to economic or market events. The investment objectives, strategies, policies or restrictions of other funds may differ, and more information can be found in their respective prospectuses. Therefore, we generally do not believe it is possible to make direct fund comparisons in an effort to highlight the benefits of a fund versus another. More information regarding the differences in these ETPs investment strategies shown on the later page.

SPDR® Gold Shares (GLD)

The investment objective of SPDR® Gold Trust (the "Trust") is for the shares to reflect the performance of the price of gold bullion, less the Trust's expenses.

For the Fund's standardized performance: Click here.

For the Fund's prospectus: Click here.

‍Expense Ratio: 0.40%.

FT Vest Gold Strategy Target Income ETF (IGLD)

The investment objective of the FT Vest Gold Strategy Target Income ETF® (the "Fund") is to seek to deliver participation in the price returns of the SPDR Gold Trust (the "Underlying ETF") while providing a consistent level of income. The Fund will invest substantially all of its assets in U.S. Treasury securities and in the shares of a wholly-owned subsidiary that holds exchange-traded options, including FLexible Exchange Options ("FLEX Options"), that reference the performance of the Underlying ETF.

For the Fund's standardized performance: Click here.

For the Fund's prospectus: Click here.

‍Expense Ratio: 0.85%, 30-Day SEC Yield: 2.06%.

NEOS Gold High Income ETF (IAUI)

The NEOS Gold High Income ETF (the “Fund”) seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products (“ETPs”) that have direct exposure to gold.

For the Fund's standardized performance: Click here.

For the Fund's prospectus: Click here.

‍Expense Ratio: 0.78%, 30-Day SEC Yield: 1.72%.

ETRACS Gold Shares Covered Call ETN (GLDI)

The ETRACS Gold Shares Covered Call ETNs (such exchange traded notes, the "ETNs") are senior, unsecured debt securities issued by UBS AG, acting through its London Branch, that are linked to the return of the NASDAQ Gold FLOWS™ 103 Index (the "Index"). The ETNs may pay a monthly variable cash coupon based on the notional option premiums received from selling call options. The ETNs are listed on the NASDAQ Stock Market under the ticker symbol "GLDI". The ETNs should be purchased only by knowledgeable investors who understand the risks of investing in the ETNs.

To view the fund's standardized performance: Click here.

To view the fund's prospectus: Click here.

Expense Ratio: 0.65%.

The Defiance Gold Enhanced Options Income ETF (GLDY)

GLDY is an actively managed ETF that seeks income while maintaining the opportunity for indirect exposure to the share price of SPDR® Gold Shares (“GLD”), subject to a limit on potential investment gains. GLDY aims to generate additional income from its options investments when GLD’s share price rises in value, based on the specific put options it sells.

GLDY uses an at-the-money or in-the-money put selling strategy to provide income and exposure to the price of GLD. The Fund’s options contracts generate current income from the premiums received through the sale of such options. In addition, the Fund’s in-the-money put options may provide upside appreciation, also known as “intrinsic value.”

At least once a week, the Fund will sell put options that are priced either at-the-money or up to five percent in-the-money. If the Fund sells an option that’s priced above the current market price, the Fund may profit if GLD’s share price increases above its current price, stays flat, or decreases slightly (i.e., the decrease to the Fund is less than the original extrinsic premium received).

To view the fund's standardized performance: Click here.

To view the fund's prospectus: Click here.

Expense Ratio: 0.99%, 30-Day SEC Yield: 2.57%.

‍

Kurv Gold Enhanced Income ETF

Fund Objective: KGLD seeks maximum total return, consistent with prudent investment management.

An investment in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program, and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.

As an ETF, the Fund is exposed to the additional risks, including: (1) concentration risk associated with Authorized Participants, market makers, and liquidity providers. Such concentration could negatively impact liquidity; (2) costs and risks associated with frequent trading; (3) market prices may differ from the Fund’s net asset value; and (4) liquidity risk due to a potential lack of trading volume.

Fund Risks: The Fund may invest in gold and gold bullion-related Exchange traded Funds ("ETFs"), Exchange Traded Products ("ETPs"), and derivatives. The price of gold may be volatile and gold bullion-related ETFs, ETPs, and derivatives may be highly sensitive to the price of gold. The price of gold bullion can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Physical gold bullion has sales commission, storage, insurance and auditing expenses.

Exchange Traded Product (ETP) Risk:: The Fund invests in physical gold-related ETPs. Through its positions in physical gold-related ETPs, the Fund generally will be subject to the risks associated with such vehicle’s investments, including the possibility that the value of the securities or instruments held by or linked to a physical gold-related ETP could decrease. Many of the physical gold-related ETPs in which the Fund invests may not be registered, nor required to be registered, as investment companies subject to the 1940 Act and, therefore, would not be subject to the regulatory scheme of the 1940 Act.

Risks of Investing in Other Investment Companies (including ETFs) and Commodity Pools: Investments in the securities of other investment companies, including ETFs and commodity pools, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or commodity pool, the Funds become a shareholder thereof. As a result, Fund shareholders indirectly bear a Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment companies or commodity pools, in addition to the fees and expenses Fund shareholders indirectly bear in connection with the Fund’s own operations. If the other investment companies or commodity pools fail to achieve their investment objective, the value of a Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, closed-end investment company and ETF shares may potentially trade at a discount or a premium to NAV and are subject to brokerage and other trading costs, which could result in greater expenses to a Fund. Finally, because the value of other investment companies or ETF shares depends on the demand in the market, the Funds may not be able to liquidate a Fund’s holdings in those shares at the most optimal time, adversely affecting the Fund’s performance.

Options and Derivatives Risk: The Fund’s use of derivatives, including options, may pose risks in addition to those associated with directly investing in securities. These risks include market risk, imperfect correlation with the underlying issuer, volatility risk, liquidity risk, valuation risk, and legal or regulatory constraints. The value of options may be highly sensitive to changes in volatility, time decay, interest rates, and market events.

Liquidity: Because these Funds are ETFs, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to their net asset value (“NAV”) per share and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Guarantees or Insurance: An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

New Fund Risk: The Fund is a new fund, with limited operating history.

Distributor: Foreside Fund Services, LLC. Foreside Fund Services, LLC and Kurv Investment Management LLC are unaffiliated.

Volatility is a statistical measurement of the degree of variability of the return of a security or market index. "Return divided by volatility" is a widely used metric for calculating risk-adjusted return to compare return for volatility risk taken.

Distribution Rate is the annual yield an investor would receive if the most recently declared distribution,  which includes option premium, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by 365 divided by the days in the most current month, and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.

30-day SEC Yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

Unsubsidized 30-Day SEC Yield represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period.

The Distribution Rate and 30-day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

Important Information for KSLV:

Investing involves risk, including the loss of principal.

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-888-393-KURV (5878). Read the prospectus carefully before investing by clicking here.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made solely on returns. The ETPs shown are not meant to be a representative sample of all silver ETPs. For standardized performance current to the most recent month end for KSLV, please call (833) 955-5878 or go to the KSLV Fund page of this site.

Source: US Bank, Morningstar 2025.

This presentation is solely for informational purposes and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. These materials are made available on an “as is” basis, without representation or warranty. The information contained in these materials has been obtained from sources that Kurv Investment Management LLC. believes to be reliable, but accuracy and completeness are not guaranteed. This information is only current as of the date indicated and may be superseded by subsequent market events or for other reasons. Neither the author nor Kurv Investment Management LLC. undertakes to advise you of any changes in the views expressed herein.

Comparing the KSLV with the other funds is useful for investors seeking to understand the different approaches to gaining exposure to the precious metals sector.

The products shown are not meant to be a representative sample of all silver income ETPs. All funds shown are managed differently and do not react the same to economic or market events. The investment objectives, strategies, policies or restrictions of other funds may differ, and more information can be found in their respective prospectuses. Therefore, we generally do not believe it is possible to make direct fund comparisons in an effort to highlight the benefits of a fund versus another.

More information regarding the differences in these ETFs investment strategies shown on the later page.

iShares Silver Trust (SLV)

The iShares® Silver Trust (the 'Trust') seeks to reflect generally the performance of the price of silver. 

To view the fund's standardized performance:  Click here.

To view the fund's prospectus: Click here.

Expense Ratio: 0.50%.

ETRACS Silver Shares Covered Call ETN (SLVO)

The ETRACS X-Links™ Silver Shares Covered Call ETNs (such exchange traded notes, the "ETNs") are senior, unsecured debt securities issued by UBS AG, acting through its London Branch, that provide a return linked to the performance of the price return version of the NASDAQ Silver FLOWS™ 106 Index (the "Index"). The ETNs may pay a monthly variable cash coupon based on the notional option premiums received from selling call options. The ETNs are listed on the NASDAQ Stock Market under the ticker symbol "SLVO". The ETNs should be purchased only by knowledgeable investors who understand the risks of investing in the ETNs.

For the Fund's standardized performance Click here.

For the Fund's prospectus: Click here.

‍Expense Ratio: 0.65%.

‍

Kurv Silver Enhanced Income ETF

Fund Objective: KSLV seeks maximum total return, consistent with prudent investment management.

An investment in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program, and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.

As an ETF, the Fund is exposed to the additional risks, including: (1) concentration risk associated with Authorized Participants, market makers, and liquidity providers. Such concentration could negatively impact liquidity; (2) costs and risks associated with frequent trading; (3) market prices may differ from the Fund’s net asset value; and (4) liquidity risk due to a potential lack of trading volume.

Fund Risks: The fund may invest in silver and silver bullion-related Exchange traded Funds ("ETFs"), Exchange Traded Products ("ETPs"), and derivatives. The price of silver may be volatile and silver bullion-related ETFs, ETPs, and derivatives may be highly sensitive to the price of silver. The price of silver bullion can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Physical silver bullion has sales commission, storage, insurance and auditing expenses.

Exchange Traded Product (ETP) Risk: The Fund invests in physical silver-related ETPs. Through its positions in physical silver-related ETPs, the Fund generally will be subject to the risks associated with such vehicle’s investments, including the possibility that the value of the securities or instruments held by or linked to a physical silver-related ETP could decrease. Many of the physical silver-related ETPs in which the Fund invests may not be registered, nor required to be registered, as investment companies subject to the 1940 Act and, therefore, would not be subject to the regulatory scheme of the 1940 Act.

Risks of Investing in Other Investment Companies (including ETFs) and Commodity Pools: Investments in the securities of other investment companies, including ETFs and commodity pools, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or commodity pool, the Funds become a shareholder thereof. As a result, Fund shareholders indirectly bear a Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment companies or commodity pools, in addition to the fees and expenses Fund shareholders indirectly bear in connection with the Fund’s own operations. If the other investment companies or commodity pools fail to achieve their investment objective, the value of a Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, closed-end investment company and ETF shares may potentially trade at a discount or a premium to NAV and are subject to brokerage and other trading costs, which could result in greater expenses to a Fund. Finally, because the value of other investment companies or ETF shares depends on the demand in the market, the Funds may not be able to liquidate a Fund’s holdings in those shares at the most optimal time, adversely affecting the Fund’s performance.‍

Options and Derivatives Risk: The Fund’s use of derivatives, including options, may pose risks in addition to those associated with directly investing in securities. These risks include market risk, imperfect correlation with the underlying issuer, volatility risk, liquidity risk, valuation risk, and legal or regulatory constraints. The value of options may be highly sensitive to changes in volatility, time decay, interest rates, and market events.Liquidity:

Liquidity: Because these Funds are ETFs, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to their net asset value (“NAV”) per share and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.Guarantees or Insurance:

Guarantees or Insurance: An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.New Fund Risk:

New Fund Risk: The Fund is a new fund, with limited operating history.

Distributor: Foreside Fund Services, LLC. Foreside Fund Services, LLC and Kurv Investment Management LLC are unaffiliated.

Volatility is a statistical measurement of the degree of variability of the return of a security or market index. "Return divided by volatility" is a widely used metric for calculating risk-adjusted return to compare return for volatility risk taken.

Distribution Rate is the annual yield an investor would receive if the most recently declared distribution,  which includes option premium, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by 365 divided by the days in the most current month, and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.

30-day SEC Yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

Unsubsidized 30-Day SEC Yield represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period.

The Distribution Rate and 30-day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.