Historical Prices

Start Date End Date

BNY Mellon Responsible Horizons Corporate Bond ETF (RHCB)

  • CUSIP 09661T842
  • NAV  $43.51 As of  09/28/22
  • CHG  $-0.46 (-1.05%)
  • MKT PRICE  $44.10 As of  09/28/22
  • CHG  $0.57 (1.31%)
  • TOT EXPENSE RATIO  0.35%
Overview

Why invest in this Fund?

  • The fund seeks total return consisting of capital appreciation and income.
  • May be appropriate for investors looking for a fund that primarily invests in securities issued by companies that demonstrate attractive investment attributes and attractive business practices based on an environmental, social and governance (ESG) methodology.
  • Well-resourced credit team is complemented by a wider fixed income group and a dedicated ESG team.
  • Liquid ETF structure allows investors to buy or sell any time the market is open.
INCEPTION DATE
03/21/22
NET ASSETS
$22,013,971  As of  09/28/22
NUMBER OF SHARES OUTSTANDING
500,001As of  09/28/22
Current Yield
0.00%As of 09/28/22
MARKET PRICE 52-WEEK HIGH
$50.56 As of 04/04/22
MARKET PRICE 52-WEEK LOW
$43.53 As of 09/27/22
AVG EFFECTIVE DURATION
7.01 yr(s).As of  08/31/22
WEIGHTED AVG YIELD TO MATURITY
4.88%As of  08/31/22
WEIGHTED AVG MATURITY
10.37 yr(s).As of  08/31/22
DISTRIBUTION FREQUENCY
Monthly
Number of Holdings
219As of  08/31/22
SUB-ASSET CLASS
Taxable
EXCHANGE
NYSE-Arca

NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

Market Price - The market price is the most recent NYSE Arca Official Closing Price.

Current Yield - (Sum of 30 days of net investment income/sum of 30 days of net assets) * (365*100)

Avg Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.

Weighted Avg Yield to Maturity - The averaged total return anticipated on a group of bonds if held until their maturity.

Weighted Avg Maturity - A measure of the average maturity of all of the underlying security instruments in the fund, weighted to reflect the relative percentage ownership of each instrument, and taking into account applicable “maturity shortening” provisions.

Portfolio Managers

  • Spalsbury, Erin

    Erin Spalsbury

    Portfolio Manager, Insight North America LLC

    Since Fund Inception
  • Earle, Jonathon

    Jonathon Earle, CFA

    Portfolio Manager, Insight North America LLC

    Since Fund Inception
Performance

Daily Statistics

As of 09/28/22 NAME 30-DAY
SEC YIELD
(WITHOUT WAIVER) 		30-DAY
SEC YIELD
(WITH WAIVER) 		30-DAY MEDIAN 
BID/ASK 
SPREAD 		PREVIOUS DAY
VOLUME 		20-DAY AVG 
VOLUME 		PREMIUM/ 
DISCOUNT
BNY Mellon Responsible Horizons Corporate Bond ETF
 4.97% 4.97% 0.22% 0 19 0.17%

30-Day SEC Yield - 30-Day SEC Yield is based upon dividends per share from net investment income during the past 30 days, divided by the period ended maximum offering price per share and annualized. Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.

30-Day Median Bid-Ask Spread - Gives investors the midpoint within the spread between an ETF’s selling price and buying price. It is calculated over the last 30 days in 10 second intervals by dividing the difference between the bid (sell price) and offer (buy price) by the midpoint of the National Best Bid Offer (NBBO) and identifying the median of those values.

20-Day Avg Volume - 20-Day average volume is the sum of last 20 days of trading volume divided by 20 days.

Premium / Discount - The amount the Fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund's NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund's NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number.

Total Returns

Click here for NAV Returns 

Month End

MARKET PRICE
Average Annual
As of 08/31/22
Name 3 MO
08/31/22 		YTD
08/31/22 		1 YR 3 YRS 5 YRS 10 YRS Since Inception
BNY Mellon Responsible Horizons Corporate Bond ETF
RHCB
 -2.54 - - - - - -
ICE BofA US Corporate Index
 -2.15 -13.75 -14.51 -1.94 1.11 2.41 -

Quarter End

MARKET PRICE
Average Annual
As of 06/30/22
Name 3 MO
06/30/22 		YTD
06/30/22 		1 YR 3 YRS 5 YRS 10 YRS Since Inception
BNY Mellon Responsible Horizons Corporate Bond ETF
RHCB
 -7.33 - - - - - -
ICE BofA US Corporate Index
 -6.71 -13.93 -13.83 -0.81 1.39 2.71 -

The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted.

Market Price performance is calculated using the most recent NYSE Arca Official Closing Price. Market Price returns do not represent investors’ returns had they traded shares at other times.

The ICE Bank of America US Corporate Index is an unmanaged index comprised of U.S. dollar denominated investment grade corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Past performance is no guarantee of future results.

Historical NAV and Market Price

    Historical Premium/Discount

    Premium/Discount

    Fees & Expenses

    Prospectus Fee Table Expense Ratios

    Fees as stated in the prospectus  Fee Description Total Expense Ratio (%)
    Management Fee 0.35%
    Other Expenses 0.00%
    Total Expenses 0.35%

    The Total Expenses is the actual fund expense ratio applicable to investors.


    Portfolio

    Portfolio Manager/Sub-Investment Adviser

    The fund's investment adviser is BNY Mellon ETF Investment Adviser, LLC and the fund's sub-adviser is Insight North America LLC, an affiliate of the Adviser. Erin Spalsbury and Jonathan Earle are the fund's primary portfolio managers. Each portfolio manager has been a primary portfolio manager of the fund since its inception in March 2022. Ms. Spalsbury is a senior portfolio manager and member of the Fixed Income Group at Insight. Mr. Earle is a portfolio manager and member of the Fixed Income Group at Insight. Each portfolio manager is jointly and primarily responsible for the day-to-day management of the fund’s portfolio.

    Holdings

    As of 09/28/22
    Holdings % Portfolio Weight
    US TREASURY N/ 2.875 5/52 1.85
    SOCIETE GENERA 6.221 6/33 1.64
    JPMORGAN CHASE 0.768 8/25 1.27
    JACKSON FIN I 1.125 11/23 1.10
    MORGAN STANLEY 3.875 1/26 1.09
    ABBVIE INC 2.6 11/24 1.09
    CREDIT SUISSE 2.593 9/25 1.05
    CITIGROUP INC 3.98 3/30 1.01
    BANK OF AMER CR 6.25 3/71 1.00
    COOPERATIEVE R 1.004 9/26 1.00
    CREDIT SUISSE 3.869 1/29 0.95
    PFIZER INC 2.625 4/30 0.94
    UNION PAC CORP 2.15 2/27 0.93
    NORDEA BANK AB 5.375 9/27 0.89
    TAKEDA PHARMACEU 5 11/28 0.88
    MICROSOFT CORP 2.7 2/25 0.88
    NUTRIEN LTD 4 12/26 0.87
    US TREASURY N/B 2.75 8/32 0.87
    WI TSY NOTE/BO 3.375 8/42 0.87
    BP CAP MKTS AM 3.543 4/27 0.86
    SUMITOMO MITSU 2.348 1/25 0.86
    LENOVO GROUP L 6.536 7/32 0.85
    ZIMMER BIOMET 1.45 11/24 0.85
    SHERWIN-WILLIAM 3.45 6/27 0.84
    SCHLUMBERGER HLD 4.3 5/29 0.84
    GOLDMAN SACHS 4.411 4/39 0.84
    MORGAN STANLEY 1.928 4/32 0.84
    DREYFUS INSTITUTIONAL PRE 0.83
    LSEGA FIN PLC 1.375 4/26 0.80
    PRINCIPAL LFE 0.875 1/26 0.80
    ENEL FIN INTL NV 5 6/32 0.79
    ASHTEAD CAPITA 4.25 11/29 0.79
    AMERICAN TOWER 3.375 5/24 0.78
    NATWEST GROUP 1.642 6/27 0.77
    BANK OF AMER C 3.194 7/30 0.77
    UBS GROUP 1.494 8/27 0.77
    ANALOG DEVICES 1.7 10/28 0.76
    BRASKEM NL 4.5 1/30 0.73
    GALAXY PIPELINE 2.16 3/34 0.73
    ROCHE HLDGS I 2.076 12/31 0.73
    AKER BP ASA 3.1 7/31 0.72
    BANK OF AMER 2.572 10/32 0.70
    BANK OF AMER C 3.824 1/28 0.70
    PROSUS NV 4.193 1/32 0.69
    HSBC HOLDINGS 2.804 5/32 0.69
    SYNCHRONY FINA 4.375 3/24 0.68
    AT&T INC 2.55 12/33 0.67
    HCA INC 5.25 6/26 0.67
    WALT DISNEY CO 3.35 3/25 0.66
    AERCAP IRELAND 3.15 2/24 0.66
    ENBRIDGE INC 0.55 10/23 0.66
    STELLANTIS FIN 2.691 9/31 0.66
    MAGALLANES INC 3.638 3/25 0.65
    SYSCO CORP 2.4 2/30 0.65
    SIMPAR EUROPE 5.2 1/31 0.64
    WP CAREY INC 3.85 7/29 0.64
    ALLIANZ SE 3.2 4/71 0.64
    DAIMLER FINANCE 1.45 3/26 0.61
    JPMORGAN CHASE 3.882 7/38 0.60
    GOLDMAN SACHS G 2.64 2/28 0.60
    US TREASURY N/ 3.125 8/27 0.59
    GOLDMAN SACHS 1.093 12/26 0.59
    CON EDISON CO 5.3 3/35 0.58
    MORGAN STANLEY 4.679 7/26 0.58
    GENERAL MOTORS 5.6 10/32 0.58
    IBM CORP 1.95 5/30 0.58
    US TREASURY N/B 2 11/41 0.57
    AVANGRID INC 3.2 4/25 0.56
    CARRIER GLOBAL 2.722 2/30 0.56
    ABBVIE INC 4.05 11/39 0.56
    ASTRAZENECA FIN 2.25 5/31 0.56
    EURO 0.55
    HP ENTERPRISE 1.45 4/24 0.54
    GENERAL MOTORS 5.95 4/49 0.54
    CITIGROUP INC 3.106 4/26 0.54
    ALEXANDRIA REA 1.875 2/33 0.53
    FIDELITY NATION 1.15 3/26 0.52
    MET LIFE GLOB 1.55 1/31 0.51
    HP INC 1.45 6/26 0.51
    GENUINE PARTS C 1.75 2/25 0.51
    Net Current Assets 0.51
    VMWARE INC 1.4 8/26 0.51
    MICRON TECH 2.703 4/32 0.50
    CROWN CASTLE IN 1.05 7/26 0.49
    EATON CORP 4.15 3/33 0.49
    HOME DEPOT INC 3.5 9/56 0.49
    GMAC LLC 8 11/31 0.48
    PUBLIC STORAGE 1.95 11/28 0.48
    AERCAP IRELAND 3.85 10/41 0.46
    AT&T INC 3.8 12/57 0.45
    ALLY FINANCIAL 3.875 5/24 0.45
    METLIFE INC 6.4 12/36 0.45
    CSX CORP 4.25 3/29 0.43
    ANHEUSER-BUSCH 5.55 1/49 0.43
    CIGNA CORP 4.375 10/28 0.43
    KRAFT HEINZ FO 3.875 5/27 0.43
    BANK NOVA SCOTI 0.65 7/24 0.42
    SHIRE ACQ INV IE 3.2 9/26 0.42
    APPLE INC 4.65 2/46 0.42
    BOSTON PROP LP 2.75 10/26 0.41
    COMCAST CORP 2.937 11/56 0.41
    JOHNSON CONTROL 4.9 12/32 0.40
    EQUINIX INC 1 9/25 0.40
    AT&T INC 2.3 6/27 0.40
    COMCAST CORP 3.4 7/46 0.40
    MPLX LP 5.5 2/49 0.39
    APPLE INC 2.2 9/29 0.39
    PNC FINANCIAL 4.626 6/33 0.39
    WALMART INC 4.5 9/52 0.38
    ANHEUSER-BUSCH 4.9 2/46 0.38
    AMGEN INC 4.663 6/51 0.38
    ANHEUSER-BUSCH 4.6 4/48 0.38
    EVERSOURCE ENER 1.65 8/30 0.38
    SIMON PROP GP L 1.75 2/28 0.38
    STEEL DYNAMICS 2.8 12/24 0.37
    ENTERPRISE PRODU 3.3 2/53 0.37
    7-ELEVEN INC 1.3 2/28 0.37
    SUZANO AUSTRIA 3.75 1/31 0.36
    US TREASURY N/ 3.125 8/29 0.36
    NXP BV/NXP FDG 3.25 5/41 0.36
    CON EDISON CO 4.125 5/49 0.36
    AMERICAN HOMES 2.375 7/31 0.34
    VERIZON COMM INC 1.5 9/30 0.34
    INTERCONTINENT 4.6 3/33 0.34
    WILLIAMS COS IN 5.75 6/44 0.34
    CITIZENS FIN G 5.641 5/37 0.34
    VERIZON COMM I 3.875 3/52 0.33
    AMAZON.COM INC 2.875 5/41 0.33
    AT&T INC 3.5 6/41 0.33
    CAPITAL ONE FI 2.359 7/32 0.33
    MARRIOTT INTL 2.85 4/31 0.32
    SYNCHRONY FIN 2.875 10/31 0.32
    CSX CORP 3.95 5/50 0.32
    ABBVIE INC 4.25 11/49 0.32
    ORACLE CORP 3.65 3/41 0.31
    FEDEX CORP 4.75 11/45 0.31
    THERMO FISHER 1.5 10/39 0.30
    ROGERS COMM INC 4.5 3/42 0.30
    LOWE'S COS INC 2.8 9/41 0.30
    MEDTRONIC GLOBA 1.75 7/49 0.29
    JPMORGAN CHASE 3.109 4/51 0.29
    AMGEN INC 1.65 8/28 0.28
    MICROSOFT CORP 2.675 6/60 0.28
    TOTAL CAP INTL 3.127 5/50 0.28
    7-ELEVEN INC 2.5 2/41 0.28
    COCA-COLA CO/THE 0.8 3/40 0.28
    MONDELEZ INTL 1.25 9/41 0.27
    TOTALENERGIES 3.883 10/28 0.26
    PRUDENTIAL FIN 5.625 6/43 0.25
    FORD MOTOR CO 3.25 2/32 0.25
    UNION PAC CORP 4.95 9/52 0.25
    ATMOS ENERGY 5.5 6/41 0.25
    MACY'S RETAIL 5.875 3/30 0.25
    PROLOGIS EURO 1.5 9/49 0.24
    ENBRIDGE INC 5.5 7/77 0.24
    LIBERTY MUTUAL 4.3 2/61 0.24
    WALT DISNEY CO 3.5 5/40 0.24
    CHARTER COMM 6.484 10/45 0.24
    COMCAST CORP 4.15 10/28 0.24
    UNION PAC CORP 3.55 5/61 0.23
    DELL INT / EM 3.375 12/41 0.23
    NEWMONT GOLDCOR 2.8 10/29 0.23
    PULTEGROUP INC 5.5 3/26 0.23
    ROGERS COMM INC 4.55 3/52 0.23
    SIMON PROP GP L 3.25 9/49 0.22
    KRAFT HEINZ FOOD 5.2 7/45 0.22
    EXTRA SPACE STO 2.35 3/32 0.22
    CHENIERE CORP 2.742 12/39 0.22
    MAGALLANES INC 5.141 3/52 0.22
    HP ENTERPRISE MULTI 10/45 0.21
    MCDONALD'S CORP 4.2 4/50 0.20
    CANADIAN PACIF 1.75 12/26 0.20
    DOLLAR GENERAL 4.25 9/24 0.20
    KINDER MORGAN 5.45 8/52 0.20
    JM SMUCKER CO 4.25 3/35 0.20
    BP CAP MKTS AMER 3 2/50 0.19
    O'REILLY AUTOMOT 4.7 6/32 0.19
    LOWE'S COS INC 1.7 9/28 0.19
    HCA INC 4.625 3/52 0.19
    PARKLAND CORP 4.5 10/29 0.19
    IRON MTN INFORM 5 7/32 0.18
    VERIZON COMM IN 2.85 9/41 0.18
    ASBURY AUTO G 4.625 11/29 0.18
    LAMAR MEDIA CO 3.625 1/31 0.18
    DELL INT / EMC 3.45 12/51 0.18
    ALLSTATE CORP 3.85 8/49 0.18
    ADVANCED MICRO 4.393 6/52 0.18
    DAVITA INC 4.625 6/30 0.18
    US 10YR NOTE (CBT)Dec22 0.17
    AUTOZONE INC 4.75 8/32 0.17
    NEWELL RUBBERM MULTI 4/26 0.17
    KB HOME 4 6/31 0.17
    QUALCOMM INC 1.65 5/32 0.17
    WESTPAC BANKI 2.668 11/35 0.17
    MARRIOTT INTL 5 10/27 0.17
    UNITEDHEALTH GR 3.05 5/41 0.17
    QUALCOMM INC 3.25 5/50 0.17
    MAGALLANES INC 5.391 3/62 0.16
    RYDER SYSTEM INC 4.3 6/27 0.16
    AMAZON.COM INC 3.1 5/51 0.16
    US 10yr Ultra Fut Dec22 0.16
    NEWELL BRANDS 6.625 9/29 0.15
    ORACLE CORP 4 7/46 0.15
    PHILLIPS 66 3.3 3/52 0.15
    MERCK & CO INC 2.75 12/51 0.15
    CHARTER COMM OP 4.4 12/61 0.14
    FORD MOTOR CO 6.1 8/32 0.14
    QUALCOMM INC 4.5 5/52 0.13
    LOWE'S COS INC 4.45 4/62 0.13
    APPLE INC 4.1 8/62 0.12
    KYNDRYL HOLDIN 3.15 10/31 0.12
    UNITEDHEALTH GR 4.95 5/62 0.12
    BUILDERS FIRST 6.375 6/32 0.12
    AMERICAN HOMES 4 4.3 4/52 0.12
    INTERCONTINENT 4.35 6/29 0.11
    KYNDRYL HOLDING 4.1 10/41 0.11
    INTERCONTINENT 4.95 6/52 0.10
    APPLE INC 3.95 8/52 0.09
    EURO-BUXL 30Y BND Dec22 0.09
    CANADIAN NATL RR 4.4 8/52 0.09
    AMGEN INC 4.875 3/53 0.09
    EURO-BUND FUTURE Dec22 0.07
    EXTRA SPACE STOR 3.9 4/29 0.06
    EATON CORP 4.7 8/52 0.05
    CA ST HLTH FAC 4.353 6/41 0.04
    METLIFE INC 5 7/52 0.03
    LOWE'S COS INC 4.25 4/52 0.02
    SECLEND 0.00
    US LONG BOND(CBT) Dec22 -0.32
    CURRENCY CONTRACT - USD -0.36

    % Portfolio Weight is calculated using the closing market price of each security from the prior business day.

    Asset Allocation

        Stats & Risks

        Main Risks

        ETFs trade like stocks, are subject to investment risk, including possible loss of principal.

        Bonds are subject to interest-rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

        Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.

        ESG investment approach risk. The fund's incorporation of ESG considerations into its investment approach may cause it to make different investments than funds that invest principally in corporate bonds but do not integrate consideration of ESG issues when selecting investments. Under certain economic conditions, this could cause the fund to underperform funds that do not incorporate ESG considerations. The incorporation of ESG considerations may affect the fund’s exposure to certain sectors and/or types of investments, and may adversely impact the fund’s performance depending on whether such sectors or investments are in or out of favor in the market.

        Although fund shares are listed for trading on an exchange and may be listed or traded on other U.S. and non-U.S. stock exchanges as well, there can be no assurance that an active trading market for such fund shares will develop or be maintained. Trading in fund shares may be halted due to market conditions or for reasons that, in the view of the listing exchange, make trading in fund shares inadvisable. In addition, trading in fund shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the fund will continue to be met or will remain unchanged or that fund shares will trade with any volume, or at all, on any stock exchange.

        Please refer to the prospectus for a more complete discussion of the fund's main risks.

        Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

        Distributions

        Dividend Schedule

        Declared
        Monthly
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Jun 30

        Distributions History

        (Values Listed In $)EX DATE RECORD DATE PAYABLE DATE DIVIDEND INCOME SHORT-TERM 
        CAPITAL GAIN        		 LONG-TERM 
        CAPITAL GAIN        		 RETURN OF CAPITAL TOTAL DISTRIBUTION
        09/01/22 09/02/22 09/08/22 0.1583 0.0000 0.0000 - 0.1583
        (Values Listed In $)EX DATE RECORD DATE PAYABLE DATE DIVIDEND INCOME SHORT-TERM 
        CAPITAL GAIN        		 LONG-TERM 
        CAPITAL GAIN        		 RETURN OF CAPITAL TOTAL DISTRIBUTION
        08/01/22 08/02/22 08/05/22 0.0009 0.0000 0.0000 - 0.0009
        07/01/22 07/05/22 07/08/22 0.1420 0.0000 0.0000 - 0.1420
        06/01/22 06/02/22 06/07/22 0.1486 0.0000 0.0000 - 0.1486
        05/02/22 05/03/22 05/06/22 0.1780 0.0000 0.0000 - 0.1780
        Literature

        Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains that and other information about the fund, and read it carefully before investing.

        ETF shares are listed on an exchange, and shares are generally purchased and sold in the secondary market at market price. At times, the market price may be a premium or discount to the ETF's per share NAV. In addition, ETFs are subject to the risk that an active trading market for an ETF's shares may not develop or be maintained. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Any applicable brokerage commissions will reduce returns.

        ETFs trade like stocks, are subject to investment risk, including possible loss of principal. Equities are subject to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees. The risks of investing in this ETF typically reflect the risks associated with the types of instruments in which the ETF invests. Diversification cannot assure a profit or protect against loss.

        The fund will issue (or redeem) fund shares to certain institutional investors known as “Authorized Participants” (typically market makers or other broker-dealers) only in large blocks of fund shares known as “Creation Units.” BNY Mellon Securities Corporation (“BNYMSC”), a subsidiary of the BNY Mellon, serves as distributor of the fund. BNYMSC does not distribute fund shares in less than Creation Units, nor does it maintain a secondary market in fund shares. BNYMSC may enter into selected agreements with Authorized Participants for the sale of Creation Units of Creation Units of fund shares.

        Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

        This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

        Please consult a legal, tax or investment professional in order to determine whether an investment product or service is appropriate for a particular situation.