Description

The fund tracks an index that primarily invests in floating rate notes rated A- or higher and have a maturity of 1 to 3 years. Securities issued by both government and corporate entities are eligible for inclusion as long as they meet credit rating and maturity requirements. Selected securities are placed into three maturity buckets of 1-1.99 years, 2-2.99 years, and 3-3.99 years and are equally weighted within their buckets. On every subsequent annual crrebalancing, the bonds from each maturity roll out to the next lower bucket and only the longest maturity bucket (3-3.99 year) will be re-populated with up to 20 securities.