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Fixed Income
CGMS (Capital Group U.S. Multi-Sector Income ETF)
Diversified option for a higher income-seeking bond allocation. A diversified U.S. multi-sector income fund that pursues a high level of current income and the opportunity for capital appreciation.
Overview
Description
Objective
The fund’s investment objective is to provide a high level of current income. Its secondary investment objective is capital appreciation.
Types of investments
The fund normally invests at least 80% of its assets in issuers domiciled within the United States. The fund invests primarily in bonds and other debt instruments, which may be represented by derivatives. In seeking to achieve a high level of current income, the fund invests in a broad range of debt securities across the credit spectrum including high-yield corporate debt, investment grade corporate debt and securitized debt. The proportion of securities held by the fund within each of these credit sectors will vary with market conditions and the investment adviser's assessment of their relative attractiveness as investment opportunities. The fund may opportunistically invest in other sectors including, but not limited to, U.S. government debt, municipal debt and non-corporate credit, in response to market conditions.
Distinguishing characteristics
An income-oriented strategy that invests in a broad range of traditional U.S. dollar denominated, diversified, income-generating asset classes. Designed as a relative value credit fund, the fund seeks to take advantage of investment opportunities across high yield, investment grade and securitized sectors, while pursuing lower downside risk and volatility that may be more present in common single sector high income funds. With a focus on fundamental analysis coupled with a rigorous relative value approach to sector allocation, the fund aims to generate high income across market cycles.
Portfolio restrictions
The fund may invest substantially in securities rated Ba1 or below and BB+ or below, or in securities that are unrated but determined to be of equivalent quality by the fund's investment adviser. The fund may invest in certain derivative instruments, such as futures contracts and swaps. The fund may invest in a derivative if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund.
Key facts
Fund inception
10/25/22
Fund assets (millions)
$4,492.1
As of 3/10/26 (updated daily)
Exchange
NYSE Arca, Inc.
Issuers
694
Holdings as of 2/28/26 (updated monthly)
Regular dividends paid 4
Monthly
NAV
$27.56
As of 3/10/26 (updated daily)
Market Price
$27.51
As of 3/10/26 (updated daily)
One-year turnover (%)tooltip: Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year.
52
Fiscal year-end
December
Prospectus date
3/1/26
Premium/discounttooltip: The percentage amount by which an ETF's selling or purchase market price is either greater than (premium) or less than (discount) its net asset value (NAV).
-0.17%
As of 3/10/26 (updated daily)
30-day median bid/ask spreadtooltip: The median bid-ask spread is calculated by identifying the national best bid and national best offer ('NBBO') for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
0.04%
As of 3/10/26 (updated daily)
view premium/discount details
Portfolio managers5
Portfolio managers'
years of experience are as of the previous calendar year end.
Shannon Ward
33 years of investment industry experience
9 years with Capital Group
Damien McCann
Principal Investment Officer
26 years of investment industry experience
26 years with Capital Group
Scott Sykes
24 years of investment industry experience
20 years with Capital Group
Xavier Goss
22 years of investment industry experience
5 years with Capital Group
A distinctive investment approach
The Capital System is designed to deliver superior investment results. Across asset classes, we believe in collaborative research to yield deeper insights, diverse perspectives from multiple portfolio managers and analysts, and a long-term view to decision-making.
Returns
Investment results1, 2, 6
Total returns for periods ended 2/28/26 (%)
- ●NAV
- ●Market Price
- ●Index
| ETF | Daily YTD | 1M | 3M | YTD | 1Y | 3Y | Lifetime |
|---|
Index data refers to the Bloomberg U.S. Aggregate Indextooltip: Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and|or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Daily YTD as of 3/10/26. Returns greater than one year are annualized.
Fund inception: 10/25/22. Index lifetime is based on inception date of
the fund.
Advantages and disadvantages of Morningstar ratings
Ratings are based on risk-adjusted returns.
Volatility & returns
As of 2/28/26 (updated monthly)
- ●CGMS
- ▲Morningstar category
- ■Index
Index data refers to the Bloomberg U.S. Aggregate Indextooltip: Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and|or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Morningstar category refer to Multisector Bond.
Risk measures10
As of 2/28/26 (updated monthly)
| Standard deviationtooltip: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility. | |
| CGMS | 4.51 |
| —tooltip: definition not found. | — |
| Sharpe ratiotooltip: Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance. | |
| CGMS | 0.81 |
| —tooltip: definition not found. | — |
| R-squaredtooltip: R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | 79.94 |
| Alphatooltip: Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta. | 3.39 |
| Betatooltip: Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | 0.72 |
| Information ratiotooltip: The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error. | 1.38 |
| Downside capture ratiotooltip: Ratio of a portfolio/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the portfolio/composite produced a lower return than the index. | 13 |
| Upside capture ratiotooltip: Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up. | 88 |
| Tracking errortooltip: The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark. | 2.58 |
| S&P 500 correlationtooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | 0.74 |
| MSCI ACWI correlationtooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | 0.80 |
Data calculated against the —tooltip: definition not found. unless noted otherwise.
Prices & distributions
As of 3/10/26
- nav ($)
- Price change ($)
- Price change (%)
- market price ($)
- Price change ($)
- Price change (%)
| YTD dividends subtotal ($) | 0.23 |
| YTD cap gains subtotal ($) | 0.00 |
| YTD total distributions ($) | 0.23 |
Yield
As of 2/28/26 (updated monthly)
| 12-month distribution rates (at NAV %)tooltip: The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.9 | 5.99 |
| 30-day SEC yield (gross/net %)tooltip: The 30-day SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities calculated according to the standardized SEC formula; when applicable, it reflects the maximum sales charge. If shown, a net yield reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, the yield would be reduced. Gross yield does not adjust for any fee waivers and/or expense reimbursements in effect. | 5.72/5.72 |
Portfolio composition
Asset mix
As of 2/28/26 (updated monthly, %)
U.S. Equities | 0.1 |
|---|---|
Non-U.S. Equities | 0.0 |
U.S. Bonds | 86.9 |
Non-U.S. Bonds | 9.7 |
Cash, Equivalents & Other7 | 3.2 |
U.S. Equities | 0.1 |
|---|---|
Non-U.S. Equities | - |
U.S Bonds | 86.9 |
Non-U.S. Bonds | 9.7 |
Cash, Equivalents & Other | 3.2 |
Morningstar Style Box™12
As of 2/28/26 (updated monthly)
Key statistics
% of net assets as of 3/10/26 (updated daily)
CGMS | INDEX | |
|---|---|---|
Yield-to-worsttooltip: Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs. (%) | 6.2 | 4.4 |
Yield-to-maturitytooltip: A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity. (%) | 6.3 | 4.4 |
Average coupontooltip: The average coupon is the weighted average coupon rate of all the bond holdings. (%) | 6.1 | 3.6 |
Effective durationtooltip: Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change. (years) | 4.3 | 5.8 |
Spread durationtooltip: A measure of fixed income securities' sensitivity to spread movement. (years) | 5.1 | 3.2 |
Option adjusted spreadtooltip: Option-adjusted spread is a yield-spread calculation used to value securities with embedded options. (bps) | 216.7 | 27.1 |
Duration times spreadtooltip: A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure. (bps) | 905.8 | 191.2 |
Index data refers to the Bloomberg U.S. Aggregate Indextooltip: Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and|or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Top fixed income issuers13
As of 2/28/26 (updated monthly, %)
CGMS
Index
VIEW DAILY HOLDINGS
VIEW QUARTERLY HOLDINGS
VIEW DAILY HOLDINGS
VIEW QUARTERLY HOLDINGS
| CGMS | Index | |
|---|---|---|
| Oracle | 1.9% | 0.3% |
| Charter Communications | 1.7% | 0.2% |
| Ford Motor | 1.6% | 0.1% |
| Federal Home Loan Mortgage | 1.4% | 0.4% |
| Venture Global Partners II | 1.2% | — |
| U.S. Treasury | 1.1% | 45.9% |
| PG&E | 1.0% | 0.1% |
| Fannie Mae | 0.9% | 0.1% |
| Bank of America | 0.9% | 0.5% |
| Amgen | 0.9% | 0.2% |
Portfolio exposures
As of 2/28/26 (updated monthly)
| Sectors and top holdings | Market value (%) | ||
|---|---|---|---|
| CGMS | INDEX | ||
| High yield corporates | 37.2 | 0.0 | |
| Investment-grade corporates | 35.7 | 23.7 | |
| Corporate unrated | 0.9 | — | |
| Emerging markets | 2.8 | 1.2 | |
| Securitized | 17.6 | 1.9 | |
| Other | 3.9 | 73.3 | |
| Cash & equivalents14 | 2.0 | — | |
Index data refers to the Bloomberg U.S. Aggregate Indextooltip: Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and|or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Fees & expenses
Expense ratio
As of the most recent prospectus
CGMS (gross/net %)3 | 0.39/0.39 |
|---|
Resources
Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investing for short periods makes losses more likely.
Prices and returns will vary, so investors may lose money.
View ETF expense ratios and returns.
View current ETF SEC yields.
For Capital Group ETFs, market price returns are determined using the official closing price of the fund's shares and do not represent the returns you would receive if you traded shares at other times.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses.
This and other important information is contained in the ETF prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Capital Group exchange-traded funds (ETFs) are actively managed and do not seek to replicate a specific index. ETF shares are bought and sold through an exchange at the then current market price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns. There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF's listing will continue or remain unchanged.
Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness.
Unless otherwise noted below, if agency ratings differ, a security will be considered to have received the highest of those ratings, consistent with applicable investment policies. Securities in the Unrated category have not been rated by any of the rating agencies referenced above; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with applicable investment policies.
Investments in mortgage-related securities involve additional risks, such as prepayment risk.
The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.
Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.
The return of principal for bond portfolios and for portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Portfolios are managed, so holdings will change.
Certain fixed income and/or cash and equivalents holdings may be held through mutual funds managed by the investment adviser or its affiliates that are not offered to the public.
Totals may not reconcile due to rounding.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
1.
YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
2.
When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
3.
Expense ratios are as of each fund's prospectus/characteristics statement, as applicable, available at the time of publication.
4.
The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule.
5.
Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end.
6.
ETF market price returns since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
7.
Includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
8.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not a guarantee of results in future periods. The Morningstar Ratings are based on the share classes of each underlying fund held by the series; other underlying fund share classes may have different performance characteristics.
9.
The distribution rate reflects the fund's past dividends paid to shareholders and may differ from the fund's SEC yield which reflects the rate at which the fund is earning income on its current portfolio of securities. The distribution rate reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, it would be reduced.
10.
Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
11.
Market capitalization data is provided by FactSet. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
12.
Read more information about Morningstar Style Box methodology.
The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund's risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.
13.
The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
14.
Includes cash, short-term securities, other assets less liabilities, and may include accrued income. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
15.
Figures include convertible securities. The equity breakdown by revenue reflects the portfolio's publicly traded equity holdings and excludes cash (and fixed income securities, if applicable). Underlying revenue data were compiled by MSCI and account for disparities in the way companies report their revenues across geographic segments. MSCI breaks out each company's reported revenues into country-by-country estimates. MSCI provides revenue data figures based on a proprietary, standardized model. Revenue exposure at the portfolio and index level was calculated by using FactSet, which takes these company revenue exposures and multiplies by the company's weighting in the portfolio and index. In this breakdown, Israel has been included in Europe.
Use of this website is intended for U.S. residents only.
Capital Client Group, Inc.
This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
Effective duration
Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change.
Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change.
Average coupon
The average coupon is the weighted average coupon rate of all the bond holdings.
The average coupon is the weighted average coupon rate of all the bond holdings.
Index Correlation
Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another.
Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another.
Success Rate
The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
Beta
Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Information ratio
The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error.
The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error.
Option adjusted spread
Option-adjusted spread is a yield-spread calculation used to value securities with embedded options.
Option-adjusted spread is a yield-spread calculation used to value securities with embedded options.
Standard deviation
Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.
Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.
12-month distribution rates
The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.
The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.
Valuation Price-to-Book Ratio
Price-to-book ratio compares a stock's market value to the value of total assets less total liabilities (book value). Adjusted for stock splits.
Price-to-book ratio compares a stock's market value to the value of total assets less total liabilities (book value). Adjusted for stock splits.
Upside capture ratio
Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up.
Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up.
Median spread
The median bid-ask spread is calculated by identifying the national best bid and national best offer ('NBBO') for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
The median bid-ask spread is calculated by identifying the national best bid and national best offer ('NBBO') for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
Duration times spread
A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure.
A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure.
Market summary Premium Discount Ratio
The percentage amount by which an ETF's selling or purchase market price is either greater than (premium) or less than (discount) its net asset value (NAV).
The percentage amount by which an ETF's selling or purchase market price is either greater than (premium) or less than (discount) its net asset value (NAV).
Spread duration
A measure of fixed income securities' sensitivity to spread movement.
A measure of fixed income securities' sensitivity to spread movement.
Downside capture ratio
Ratio of a portfolio/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the portfolio/composite produced a lower return than the index.
Ratio of a portfolio/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the portfolio/composite produced a lower return than the index.
Tracking error
The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark.
The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark.
30-day SEC yield
The 30-day SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities calculated according to the standardized SEC formula; when applicable, it reflects the maximum sales charge. If shown, a net yield reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, the yield would be reduced. Gross yield does not adjust for any fee waivers and/or expense reimbursements in effect.
The 30-day SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities calculated according to the standardized SEC formula; when applicable, it reflects the maximum sales charge. If shown, a net yield reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, the yield would be reduced. Gross yield does not adjust for any fee waivers and/or expense reimbursements in effect.
Market Capitalization Weighted Average FactSet
Market capitalization data is provided by FactSet. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
Market capitalization data is provided by FactSet. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
Yield to worst
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Sharpe ratio
Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance.
Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance.
Valuation Price-to-Cash Flow
Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund/model.
Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund/model.
Valuation Price-to-Earnings Ratio
Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.
Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.
Alpha
Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
Yield to maturity
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
Morningstar Category
In an effort to classify funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years).
In an effort to classify funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years).
Bloomberg U.S. Aggregate Index
Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and|or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and|or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Portfolio turnover
Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year.
Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year.
R-squared
R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be.