PUT CASH TO WORK
Step Out of Cash for Higher Income Potential

All investments are subject to market risk, including the potential loss of principal. Past performance is not indicative of future results. Investment returns and principal value will fluctuate, and investors may experience gains or losses upon redemption.​

Fixed income securities are subject to interest rate risk; when interest rates rise, bond prices generally fall. They are also subject to credit risk, where the issuer may fail to make timely payments of interest or principal. High-yield (non-investment-grade) securities carry a greater risk of default and price volatility compared to higher-rated securities. Short-duration strategies may help mitigate interest rate risk but can still be affected by changes in interest rates and market conditions.​

Tax-equivalent yields are used to compare taxable and tax-exempt investments. They are based on federal income tax rates and do not account for state or local taxes. Actual after-tax returns will vary based on an investor's tax situation. Investors should consult with their tax advisors to understand the implications of their investments.​

The Sharpe Ratio is a measure of risk-adjusted return, calculated by dividing the excess return of an investment over the risk-free rate by its standard deviation. It is used to understand the return of an investment compared to its risk. A higher Sharpe Ratio indicates better risk-adjusted performance.​

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information provided does not consider the specific objectives or circumstances of any particular investor. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial professionals.​

The Bloomberg 3-Year Muni Index tracks the performance of U.S. dollar-denominated, investment-grade municipal bonds with maturities of approximately three years, offering insight into short-term municipal debt performance. The Bloomberg 5-Year Muni Index reflects the performance of municipal bonds within the intermediate 5-year maturity segment, capturing mid-duration municipal market trends. The Bloomberg 7-Year Muni Index focuses on municipal bonds with roughly seven-year maturities, providing a benchmark for slightly longer intermediate-term municipal debt. The Bloomberg US Treasury Bills Index comprises publicly issued U.S. Treasury Bills with maturities ranging from 1 to 12 months, representing the performance of the U.S. government’s short-term borrowing instruments. The Bloomberg US Taxable Money Market Index tracks the performance of U.S. dollar-denominated taxable money market instruments, including commercial paper and certificates of deposit, reflecting ultra-short-term, low-risk investment vehicles. The ICE BofA 1-5 Year BB-B Cash Pay High Yield Index includes U.S. dollar-denominated corporate bonds rated BB through B, with maturities from 1 to 5 years that pay interest in cash, and it serves as a benchmark for the performance of short-duration, lower-rated high yield bonds. The Bloomberg US Aggregate Bond Index is a broad benchmark that represents the investment-grade U.S. bond market, including government bonds, corporate debt, mortgage-backed, and asset-backed securities, serving as the primary measure of fixed income performance. The Bloomberg US Corporate Bond Index measures the performance of the U.S. investment-grade corporate bond market, including debt issued by industrial, utility, and financial companies. The JPM EMBI Global Diversified Index tracks the total return performance of U.S. dollar-denominated sovereign and quasi-sovereign emerging market bonds, offering insight into the emerging markets debt space with country exposure constraints to enhance diversification. The ICE BofA 1-5 Year US Corporate Index includes investment-grade U.S. corporate bonds with maturities between 1 and 5 years, focusing on the short end of the corporate credit curve. The ICE BofA US High Yield Constrained Index is designed to track the performance of U.S. dollar-denominated below-investment-grade corporate debt while limiting individual issuer exposure to a maximum of 2%, providing a diversified view of the high-yield market.​

Yield per Duration is calculated by Yield to Worst (YTW) / Duration to Worst (DTW). Yield to Worst (YTW) is the lowest possible yield if the bond is called or matures early. Duration to Worst (DTW) is a measure of a bond’s price sensitivity to interest rate changes, assuming the worst-case scenario (i.e., the bond is called or matures early). Diversification cannot assure a profit or protect against loss in a declining market.​