Inception 2021: MINN
Mairs & Power
Minnesota
Municipal Bond Exchange Traded Fund (ETF)
How to Invest in MINN
To invest with the ETF, please talk with your financial advisor or select MINN through your online brokerage account.
Resources
Explore the Minnesota Municipal Bond ETF
- Performance & Price
- Fund
Facts - Objective & Strategy
- Premium / Discount
- Holdings
- Distribution History
- How to
Invest - Fund Documents
- Board of Trustees
PERFORMANCE & PRICE
Monthly Returns (%)
| As of 08/31/2023 |
Inception 3/12/2021
| FUND/INDEX | MO | YTD | 1 YR | SINCE INCEPTION |
| Mairs & Power Minnesota Municipal Bond ETF (NAV)1 | -1.64 | -0.12 | 0.40 | -4.68 |
| Mairs & Power Minnesota Municipal Bond (Market Price)1 | -1.60 | -0.02 | 0.51 | -4.66 |
| Bloomberg Minnesota Municipal TR Index2 | -1.25 | 0.91 | 1.27 | -2.27 |
Quarterly Returns (%)
| As of 06/30/2023 |
| FUND/INDEX | QTR | YTD | 1 YR | SINCE INCEPTION | |||||||||||||||
| Mairs & Power Minnesota Municipal Bond ETF (NAV)1 | -1.19 | 1.34 | 1.93 | -4.41 | |||||||||||||||
| Mairs & Power Minnesota Municipal Bond (Market Price)1 | -1.17 | 1.35 | 2.06 | -4.43 | |||||||||||||||
| Bloomberg Minnesota Municipal TR Index2 | -0.93 | 1.63 | 2.48 | -2.14 | |||||||||||||||
| ETF PRICE AS OF 09/22/2023 | |||
| Minnesota Municipal Bond ETF | MINN | ||
| NAV | Closing Market Price | Premium/ Discount %3 | 30 Day Median Spread %4 |
| $21.13 | $21.18 | 0.25 | 0.75 |
| Expense ratio annualized per the current Prospectus | |||||||||||||||||||
| 0.25% | |||||||||||||||||||
Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.
1Performance shown includes the reinvestment of dividend and capital gain distributions, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Index Definitions
2Bloomberg Minnesota Municipal TR Index is a market capitalization - weighted index of Minnesota Investment-grade bonds with maturities of one year or more.
3Premium/Discount If the price of the ETF is trading above its NAV, the ETF is said to be trading at a “premium.” Conversely, if the price of the ETF is trading below its NAV, the ETF is said to be trading at a “discount.” In relatively calm markets, ETF prices and NAV generally stay close.
430 Day Median Spread % a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
It is not possible to invest directly in an index.
FUND FACTS
| As of 8/31/2023: | |||||||||||||||||||
| Ticker | MINN | ||||||||||||||||||
| Fund Type | Active | ||||||||||||||||||
| Primary Exchange5 | Cboe | ||||||||||||||||||
| Inception Date | 3/12/2021 | ||||||||||||||||||
| Style | Fixed Inc./Muni | ||||||||||||||||||
| Expense Ratio | 0.25% | ||||||||||||||||||
| NAV / Price6 | $21.54 |
| Premium / Discount3 | 0.06% |
| Holdings | 94 |
| 30-Day SEC Yield7 | 3.05% |
| Wtd. Average Maturity8 | 10.1 |
| Net Yield to Worst at NAV9 | 3.51% |
| Duration to Worst10 | 6.4 |
| Sales Charge11 | None |
| Income Distributions | Monthly |
| Capital Gains | Annual |
OBJECTIVE & STRATEGY
Seeks current income that is exempt from federal and Minnesota state income tax consistent with the preservation of capital.
HOLDINGS
CREDIT QUALITY*
as of 8/31/2023
| AAA and Higher | 28.1% | |
| AA | 47.5% | |
| A | 16.5% | |
| BBB and Lower | 5.4% | |
| Unrated | 1.4% |
MATURITY
as of 8/31/2023
| 0-5 years | 23.4% | |
| 6-10 years | 25.0% | |
| 11-20 years | 48.2% | |
| Greater than 20 years | 2.3% |
| SECTORS AS OF 8/31/2023 | % PORTFOLIO | |
| Local | 49.7 | |
| Lease | 13.9 | |
| State | 12.4 | |
| Education | 6.7 | |
| Utilities | 6.7 | |
| Transportation | 4.0 | |
| Health Care | 3.5 | |
| Housing | 1.4 | |
| Special Tax | 0.6 | |
| IDR & PCR (Industrial Development Revenue & Pollution Control Revenue) | - | |
| Other | - | |
| Total | 98.9 |
| FULL PORTFOLIO AS OF 09/25/2023 | CUSIP | SHARES | $ MARKET VALUE | % PORTFOLIO |
|---|---|---|---|---|
| MINNESOTA ST 5% 08/01/2040 | 60412ATT0 | 545,000 | 582,385 | 3.36% |
| FOREST LAKE MINN INDPT SCH DIS GO FACS MAINTENANCE BDS 2023A 4% 02/01/2039 | 345874VT5 | 500,000 | 488,338 | 2.82% |
| MINNESOTA ST 5% 08/01/2043 | 60412AH55 | 400,000 | 432,674 | 2.50% |
| ANOKA-HENNEPIN MINN INDPT SCH GO BLDG BDS 3% 02/01/2043 | 0363034R3 | 500,000 | 394,780 | 2.28% |
| ELK RIVER MINN ELEC REV 3% 08/01/2032 | 287423EM5 | 365,000 | 336,498 | 1.94% |
| MINNESOTA ST 5% 08/01/2027 | 60412AHE6 | 305,000 | 318,441 | 1.84% |
| ALDEN-CONGER MINN INDPT SCH DI GO FACILITIES MAINTENANC 2016 A 3% 02/01/2027 | 014083CK3 | 330,000 | 315,219 | 1.82% |
| NORTH ST PAUL MAPLEWOOD MINN GO FAC MAINTENANCE BDS 2019 B 3% 02/01/2035 | 662152FV4 | 350,000 | 311,317 | 1.80% |
| MINNESOTA ST HIGHER ED FACS AU BDS 3% 10/01/2041 | 60416JCZ1 | 400,000 | 303,300 | 1.75% |
| MINNESOTA ST 5% 08/01/2034 | 60412ARA3 | 275,000 | 297,473 | 1.72% |
| HIBBING MINN INDPT SCH DIST NO CTFS PARTN 3% 03/01/2033 | 428599AM6 | 300,000 | 277,059 | 1.60% |
| HENNEPIN CNTY MINN 5% 12/15/2023 | 425507HC7 | 275,000 | 275,836 | 1.59% |
| ROSEMOUNT MINN 5% 02/01/2037 | 7775773L9 | 250,000 | 270,089 | 1.56% |
| DELANO MINN 5% 02/01/2038 | 245667TT7 | 250,000 | 267,563 | 1.54% |
| SPRINGFIELD MINN INDPT SCH DIS GO BLDG BDS 3% 02/01/2031 | 850867CS9 | 275,000 | 265,477 | 1.53% |
| ST LOUIS CNTY MINN 2% 12/01/2035 | 791230XW0 | 350,000 | 260,454 | 1.50% |
| ROSEMOUNT MINN INDPT SCH DIST CTFS PARTN 5% 04/01/2025 | 777596CU9 | 250,000 | 254,729 | 1.47% |
| RICHFIELD MINN INDPT SCH DIST GO BLDG BDS 5% 02/01/2024 | 763342UV2 | 250,000 | 251,216 | 1.45% |
| ZUMBRO ED DIST BYRON MINN CTFS COPS 4% 02/01/2038 | 989781BA6 | 275,000 | 245,457 | 1.42% |
| ST PAUL MINN 2% 05/01/2033 | 792882EB4 | 300,000 | 241,281 | 1.39% |
| HUTCHINSON MINN 2% 02/01/2034 | 448285QY5 | 300,000 | 236,926 | 1.37% |
| ST CLOUD MINN INDPT SCH DIST N GO FACS MAINTENANCE BDS 2023A 5% 02/01/2041 | 789177SP8 | 225,000 | 235,023 | 1.36% |
| WRIGHT CNTY MINN CTFS PARTN 3% 12/01/2038 | 982276AU1 | 295,000 | 236,042 | 1.36% |
| APPLE VY MINN SR HSG REV 4% 09/01/2041 | 03800RBE5 | 290,000 | 234,229 | 1.35% |
| NORTHFIELD MINN INDPT SCH DIST GO SCH BLDG BDS 5% 02/01/2025 | 666195QE5 | 230,000 | 234,540 | 1.35% |
| ST PAUL MINN HSG & REDEV AUTH REF BDS 4% 10/01/2037 | 85236DBJ6 | 250,000 | 231,591 | 1.34% |
| MINNEAPOLIS & ST PAUL MINN MET SUB REF BDS 5% 01/01/2030 | 603827B39 | 200,000 | 216,004 | 1.25% |
| NORTH BRANCH MINN INDPT SCH DI GO SCH BLDG BDS 5% 02/01/2028 | 657781LW8 | 200,000 | 212,081 | 1.22% |
| WILLMAR MINN 5% 02/01/2027 | 970856GP9 | 200,000 | 209,386 | 1.21% |
| WRIGHT CNTY MINN CTFS PARTN 3% 12/01/2039 | 982276AV9 | 250,000 | 199,192 | 1.15% |
| SOUTHERN PLAINS ED COOP NO 915 COP 3% 02/01/2026 | 84364CAG2 | 200,000 | 194,889 | 1.12% |
| MINNESOTA ST 5% 08/01/2027 | 6041294L7 | 190,000 | 192,292 | 1.11% |
| ROCHESTER MINN INDPT SCH DIST GO BLDG BDS 2.5% 02/01/2039 | 771614TH7 | 250,000 | 188,270 | 1.09% |
| ITASCA CNTY MINN 4% 02/01/2044 | 465452NN6 | 200,000 | 186,898 | 1.08% |
| ST PAUL MINN INDPT SCH DIST NO COPS 3% 02/01/2033 | 792897JY7 | 200,000 | 186,055 | 1.07% |
| CARVER MINN 3% 02/01/2033 | 147019SM6 | 200,000 | 182,445 | 1.05% |
| MINNEAPOLIS & ST PAUL MINN MET REV REF BDS 5% 01/01/2032 | 603827WX0 | 175,000 | 182,308 | 1.05% |
| CARVER MINN 3% 02/01/2032 | 147019SL8 | 195,000 | 180,338 | 1.04% |
| FERGUS FALLS MINN INDPT SCH DI COPS 3% 02/01/2037 | 314802AT6 | 225,000 | 180,093 | 1.04% |
| MINNEAPOLIS MINN 2% 12/01/2030 | 60375BGX8 | 200,000 | 170,985 | 0.99% |
| NORTH ST PAUL MAPLEWOOD MINN GO BLDG REF BDS 2% 02/01/2031 | 662152GY7 | 200,000 | 169,490 | 0.98% |
| PINE CITY MINN INDPT SCH DIST CTFS OF PARTN 2% 04/01/2032 | 722514AL0 | 200,000 | 166,371 | 0.96% |
| HENNEPIN CNTY MINN 5% 12/15/2030 | 425507KX7 | 150,000 | 164,687 | 0.95% |
| MINNEAPOLIS MINN HEALTH CARE S BDS 4% 11/15/2040 | 60374VEV1 | 175,000 | 162,927 | 0.94% |
| MINNESOTA ST HIGHER ED FACS AU REF BDS 3% 10/01/2036 | 60416JEL0 | 200,000 | 163,352 | 0.94% |
| ROCHESTER MINN 5% 02/01/2040 | 771588VY3 | 150,000 | 163,638 | 0.94% |
| HOPKINS MINN 2% 02/01/2030 | 4398667X6 | 185,000 | 161,551 | 0.93% |
| ST CLOUD MINN 2% 02/01/2034 | 78916CAM4 | 200,000 | 157,951 | 0.91% |
| UNIVERSITY MINN 5% 04/01/2040 | 914460SR2 | 150,000 | 156,964 | 0.91% |
| MINNEAPOLIS MINN SPL SCH DIST GO BLDG BDS 5% 02/01/2025 | 603790SW7 | 150,000 | 152,921 | 0.88% |
| MINNEAPOLIS & ST PAUL MINN MET SENIOR AND SUBORDINATE A 2016 C 5% 01/01/2029 | 603827YQ3 | 145,000 | 151,788 | 0.88% |
| DULUTH MINN INDPT SCH DIST NO GO CAP APPRECIATION BDS 2021 C 0% 02/01/2031 | 264471LL5 | 200,000 | 145,597 | 0.84% |
| CENTER CITY MINN HEALTH CARE F REF BDS 4% 11/01/2027 | 151452BW8 | 135,000 | 133,090 | 0.77% |
| MINNETONKA MINN INDPT SCH DIST CTFS PARTN 3% 07/01/2036 | 604204XY8 | 150,000 | 131,382 | 0.76% |
| ST CLOUD MINN HSG & REDEV AUTH GO GOVERNMENTAL HSG PROJ 2021A 2% 02/01/2033 | 789163AX0 | 160,000 | 131,147 | 0.76% |
| MINNESOTA ST HIGHER ED FACS AU REF BDS 4% 03/01/2037 | 60416JDT4 | 130,000 | 129,464 | 0.75% |
| FARIBAULT MINN 4% 12/15/2028 | 3075497C3 | 125,000 | 129,047 | 0.74% |
| MINNEAPOLIS & ST PAUL MINN MET SUB REF BDS 5% 01/01/2035 | 603827B88 | 120,000 | 128,054 | 0.74% |
| FRIDLEY MINN 4% 02/01/2028 | 358370K37 | 125,000 | 126,421 | 0.73% |
| MINNEAPOLIS MINN HEALTH CARE S BDS 5% 11/15/2033 | 60374VDY6 | 120,000 | 124,083 | 0.72% |
| PIERZ MINN INDPT SCH DIST NO 4 GO SCH BLDG BDS 4% 02/01/2024 | 720883EV5 | 125,000 | 125,164 | 0.72% |
| ROSEMOUNT MINN INDPT SCH DIST CTFS PARTN 1.3% 04/01/2030 | 777596CQ8 | 150,000 | 123,275 | 0.71% |
| ZUMBRO ED DIST BYRON MINN CTFS COPS 4% 02/01/2034 | 989781AY5 | 125,000 | 119,016 | 0.69% |
| CHASKA MINN ELEC REV 5% 10/01/2025 | 161670EW0 | 115,000 | 118,325 | 0.68% |
| SPRING LAKE PARK MINN INDPT SC GO REF BDS 4% 02/01/2025 | 849832VP2 | 115,000 | 115,771 | 0.67% |
| ST CLOUD MINN HSG & REDEV AUTH GO GOVERNMENTAL HSG PROJ 2021A 2% 02/01/2031 | 789163AV4 | 130,000 | 111,484 | 0.64% |
| HENNEPIN CNTY MINN 5% 12/15/2033 | 425507LA6 | 100,000 | 109,327 | 0.63% |
| SHAKOPEE MINN INDPT SCH DIST N GO SCH BLDG BDS 3.5% 02/01/2034 | 819190TV1 | 110,000 | 109,870 | 0.63% |
| METROPOLITAN COUNCIL MINN MINN GO WASTEWATER REV BDS 4% 03/01/2030 | 591852F29 | 105,000 | 107,331 | 0.62% |
| PRINCETON MINN PUB UTILS COMMN BDS 5% 04/01/2031 | 742271BG3 | 100,000 | 107,723 | 0.62% |
| MINNESOTA ST HIGHER ED FACS AU REV BDS 5% 12/01/2024 | 60416HK29 | 100,000 | 101,606 | 0.59% |
| RICHFIELD MINN 4% 02/01/2027 | 763326HP3 | 100,000 | 101,910 | 0.59% |
| UNIVERSITY MINN 5% 04/01/2036 | 914460PH7 | 100,000 | 102,586 | 0.59% |
| WESTERN MINN MUN PWR AGY MINN BDS 5% 01/01/2049 | 958697KL7 | 100,000 | 102,467 | 0.59% |
| MINNESOTA ST MUN PWR AGY ELEC ELEC REV BDS 5% 10/01/2023 | 60412PFG0 | 100,000 | 100,019 | 0.58% |
| ST PAUL MINN SALES TAX REV 5% 11/01/2023 | 79307TBY5 | 100,000 | 100,120 | 0.58% |
| CENTER CITY MINN HEALTH CARE F REV BDS 4.5% 11/01/2034 | 151452BK4 | 100,000 | 98,112 | 0.57% |
| ST PAUL MINN HSG & REDEV AUTH SYS BDS 3.125% 11/15/2032 | 792909FE8 | 110,000 | 96,942 | 0.56% |
| WACONIA MINN INDPT SCH DIST NO GO SCH BLDG BDS 3% 02/01/2028 | 930047LZ6 | 100,000 | 97,343 | 0.56% |
| WAYZATA MINN 3% 12/01/2027 | 946796WS4 | 100,000 | 97,715 | 0.56% |
| MADELIA MINN 2% 02/01/2033 | 556394JQ8 | 115,000 | 94,262 | 0.54% |
| MINNESOTA ST HIGHER ED FACS AU REF BDS 3% 03/01/2043 | 60416JDW7 | 125,000 | 93,862 | 0.54% |
| ST PAUL MINN HSG & REDEV AUTH REV BDS 3.5% 09/01/2026 | 852297BV1 | 95,000 | 90,412 | 0.52% |
| HANOVER MINN 3.3% 02/01/2037 | 411026DY0 | 100,000 | 87,034 | 0.50% |
| MINNESOTA ST MUN PWR AGY ELEC ELEC REV BDS 5% 10/01/2047 | 60412PFX3 | 85,000 | 86,262 | 0.50% |
| COON RAPIDS MINN 2.5% 02/01/2036 | 21657ARX9 | 100,000 | 80,580 | 0.47% |
| PENNINGTON CNTY MINN 2.375% 02/01/2035 | 708288JR7 | 100,000 | 82,261 | 0.47% |
| ST PAUL MINN INDPT SCH DIST NO CTFS PARTN 2.25% 02/01/2035 | 792897NY2 | 100,000 | 79,047 | 0.46% |
| ST PAUL MINN HSG & REDEV AUTH REF BDS 4% 10/01/2032 | 85236DAM0 | 75,000 | 75,076 | 0.43% |
| DAKOTA CNTY MINN CMNTY DEV AGY UNLTD TAX GO REF BDS 2% 01/01/2032 | 23410NCX1 | 65,000 | 53,878 | 0.31% |
| PELICAN RAPIDS MINN INDPT SCH GO FACS MAINTENANCE BDS 2016 A 2.15% 02/01/2031 | 705863GU6 | 50,000 | 44,954 | 0.26% |
| MINNEAPOLIS & ST PAUL MINN MET SUB BDS 5% 01/01/2052 | 603827H66 | 25,000 | 25,677 | 0.15% |
| Cash & Other | Cash&Other | 857,428 | 857,428 | 4.95% |
Full holdings
DISTRIBUTION HISTORY
The Mairs & Power Minnesota Municipal Bond ETF declares and pays dividend income monthly. If any capital gains are realized during the year, the Fund will distribute the net gains in December toward the end of the month.
| DECLARATION | EX-DATE | RECORD DATE | PAYMENT DATE | AMOUNT | DISTRIBUTION TYPE |
| 1/20/2023 | 1/23/2023 | 1/24/2023 | 1/31/2023 | $0.01774 | Ordinary Dividends |
| 2/16/2023 | 2/17/2023 | 2/21/2023 | 2/28/2023 | $0.02418 | Ordinary Dividends |
| 3/22/2023 | 3/23/2023 | 3/24/2023 | 3/31/2023 | $0.03768 | Ordinary Dividends |
| 4/19/2023 | 4/20/2023 | 4/21/2023 | 4/28/2023 | $0.02577 | Ordinary Dividends |
| 5/18/2023 | 5/19/2023 | 5/22/2023 | 5/31/2023 | $0.03005 | Ordinary Dividends |
| 6/21/2023 | 6/22/2023 | 6/23/2023 | 6/30/2023 | $0.03279 | Ordinary Dividends |
| 7/20/2023 | 7/21/2023 | 7/24/2023 | 7/31/2023 | $0.03103 | Ordinary Dividends |
| 8/22/2023 | 8/23/2023 | 8/24/2023 | 8/31/2023 | $0.03444 | Ordinary Dividends |
| 9/20/2023 | 9/21/2023 | 9/22/2023 | 9/29/2023 | - | Ordinary Dividends |
| 10/20/2023 | 10/23/2023 | 10/24/2023 | 10/31/2023 | - | Ordinary Dividends |
| 11/17/2023 | 11/20/2023 | 11/21/2023 | 11/30/2023 | - | Ordinary Dividends |
| 12/15/2023 | 12/18/2023 | 12/19/2023 | 12/27/2023 | - | Ordinary Dividends and Cap Gain Distribution |
How to Invest
Shares of the Mairs & Power Minnesota Municipal Bond ETF can be purchased through your financial advisor or are available through online brokerage firms. These firms may charge commissions and sales charges.
QUESTIONS?
We’re here to help you with all your account servicing questions.
Please call 855-839-2800
FUND DOCUMENTS
RESOURCES
REPORTS
Board Leadership Structure
The Board has structured itself in a manner that it believes allows it to effectively perform its oversight function.
The Board of Trustees is composed of six Independent Trustees and one Trustee who is an “interested person” of the Trust (the “Interested Trustee”).
Dr. Michael D. Akers
Mr. Gary A. Drska
Vincent P. Lyles
Erik K. Olstein
Lisa Zúñiga Ramírez
Gregory M. Wesley
John P. Buckel, Interested Trustee
Accordingly, 85% of the members of the Board are Independent Trustees, Trustees who are not affiliated with the Adviser or its affiliates, or any other investment adviser or other service provider to the Trust or any underlying fund. The Board of Trustees has established three standing committees, an Audit Committee, a Nominating Committee and a Valuation Committee. Each of the Audit Committee and the Nominating Committee is comprised entirely of Independent Trustees. The Independent Trustees have engaged their own independent counsel to advise them on matters relating to their responsibilities in connection with the Trust. More information is available in the Statement of Additional Information (SAI).
IMPORTANT RISKS
Investments involve risk. The Fund is designed for long-term investors. Principal loss is possible.
Mairs & Power Minnesota Municipal Bond ETF has the same risks as the underlying securities traded on the exchange throughout the day. Redemptions are limited and often commissions are charged on every trade.
The Fund may trade at a premium or discount to NAV. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are bought and sold at current market prices. The data presented represents past performance and cannot be used to predict future results.
Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Because the Fund invests substantially in Minnesota municipal instruments, it is more exposed to the impact of negative political, economic and legislative factors within Minnesota than a fund that invests more widely. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The Fund is also subject to risks associated with investments in the municipal bond market, municipal mortgage backed securities, and other investment companies. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors have a limited track record on which to base their investment decision. There is also a risk that the Fund will not grow to or maintain an economically viable size, in which case it could ultimately liquidate without shareholder approval.
Some of the Fund investments may be subject to AMT. Although the Fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares.For some investors, a portion of the fund's income may be subject to state and local taxes.
Monthly income distributions are not guaranteed.
*Mairs & Power uses lower of the S&P or Moody's ratings and chooses to display credit ratings using S&P’s rating convention, although the rating itself might be sourced from another Nationally Recognized Statistical Rating Agency. The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the fund itself. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as unrated.
3Premium/Discount If the price of the ETF is trading above its NAV, the ETF is said to be trading at a "premium." Conversely, if the price of the ETF is trading below its NAV, the ETF is said to be trading at a "discount." In relatively calm markets, ETF prices and NAV generally stay close.
430 Day Median Spread % a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
5Cboe Global Markets
6NAV/Price The ETF market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours. The net asset value (NAV) of an ETF represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day.
730-Day SEC Yield A fund's 30-Day SEC Yield is a calculation based on the 30 days ending on the last day of the previous month. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund's expenses.
8Wtd. Average Maturity The average time it takes for securities in a portfolio to mature, weighted in proportion to the dollar amount that is invested in the portfolio. Weighted average maturity measures the sensitivity of fixed-income portfolios to interest rate changes.
9Net Yield to Worst at NAV is the yield to expected payout of principal given current market pricing, net of current management fees.
10Duration to Worst is a measure of weighted average expected cash flows based on expected maturity of bonds. This measure can indicate interest rate sensitivity as a higher duration to worst indicates greater sensitivity to moves in interest rates and a lower duration to worst indicates relatively lower sensitivity to a move in interest rates.
11Sales Charge: Shares of the Mairs & Power Minnesota Municipal Bond ETF can be purchased through financial advisors or are available through online brokerage firms. These firms may charge commissions and sales charges.