iShares MSCI South Africa ETF (EZA US) – Portfolio Construction MethodologyThe underlying MSCI South Africa 25/50 Index delivers free float-adjusted, market-cap-weighted exposure to South African large- and mid-caps, targeting roughly 85% of the investable equity universe. Constituents come from the MSCI South Africa parent after investability screens on free float, foreign ownership limits, and liquidity (e.g., ATVR/DTV tests), with standard MSCI buffer rules to limit turnover. Weights are then optimized t ...

基金投资策略与组合构建方法 - 基金追踪纳斯达克AlphaDEX多市值价值指数 该指数采用规则驱动的方法 从纳斯达克美国500大市值价值股 600中市值价值股和700小市值价值股三个池中筛选股票构建价值型投资组合 [1] - 股票筛选需满足流动性要求 在参考日期前的60个交易日内 每只证券的过去五日平均日交易额必须大于或等于50万美元 且每个发行人仅使用一个股票类别 [1] - 股票排名基于成长与价值因子 在每个市值类别内 根据成长因子（3/6/12个月价格升值 销售额与价格比率 1年销售额增长）和价值因子（账面价值与价格比率 现金流与价格比率 资产回报率）对股票进行排名 每只证券的“选择分数”根据纳斯达克的风格分类确定其属于价值型或成长型的排名 [1] - 组合构建采用分层加权法 在每个市值类别中 排名靠前的187只大市值股 225只中市值股和262只小市值股被分为五等分 权重分配为5/15 4/15 3/15 2/15 1/15 每个等分内的股票采用等权重配置 随后将大 中 小市值类别的总权重分别重新调整为50% 30%和20% [1] - 组合定期调整 指数的重构和再平衡每季度进行一次 分别在1月 4月 7月和10月 并于该季度第六个工作日生效 [1] 基金深度分析资源 - 提供专业分析平台链接 可通过访问指定的ETF分析平台获取机构级深度分析 包括业绩与风险指标 相关性 敏感性和因子暴露等信息 [2]

First Trust Multi Cap Growth AlphaDEX Fund (FAD US) – Portfolio Construction MethodologyThe underlying Nasdaq AlphaDEX Multi Cap Growth Index selects U.S. large-, mid-, and small-cap growth stocks from the Nasdaq US 500/600/700 Growth universes using the AlphaDEX process. Securities must pass liquidity screens (five-day ADTV ≥ USD 500k for each of the prior 60 trading days) and only one share class per issuer is used. Within each size segment, securities are ranked on growth (3-, 6-, 12-month price apprecia ...

基金投资策略与标的指数构建方法 - 基金追踪的指数为彭博美国高收益堕落天使3%上限指数 该指数专门投资于美元计价的公司债券 这些债券此前为投资级 但现已降级至高收益级别[1] - 债券发行方资格限定为美国公司发行人 包括工业、金融和公用事业领域 同时明确排除新兴市场国家风险的发行人[1] - 合格债券必须是固定利率 仅在固定利率期间允许固定转浮动结构 且需为完全应税、在美国证券交易委员会注册或符合144A规则 债券剩余期限需大于等于1年 最低流通面值需大于等于1.5亿美元[1] 债券筛选与评级标准 - 债券评级采用穆迪、标普和惠誉三家机构的“中间”评级 入选债券的评级必须不高于Ba1/BB /BB[1] - 债券必须在发行时或之后曾拥有投资级指数的评级 即符合“堕落天使”的定义[1] - 可转换债券、优先股、应急可转换资本工具、浮动利率债券、通胀挂钩债券及结构化票据均被排除在指数之外[1] 指数编制与调整规则 - 指数成分券采用市值加权法 同时受制于单个发行人3%的权重上限 超过上限的部分将按比例重新分配至其他成分券[1] - 指数的重构和权重再平衡每月进行一次 于月末执行[1]

Franklin FTSE Switzerland ETF (FLSW US) – Portfolio Construction MethodologyThe underlying FTSE Switzerland RIC Capped Index provides Swiss large- and mid-cap exposure, derived from the FTSE Switzerland Index within the FTSE Global Equity Index Series. It includes Swiss companies that pass FTSE’s investability and liquidity screens and fall in the large- and mid-cap segments, which together typically cover about the first mid-80s percent of Switzerland’s free-float investable market cap. Eligible securities ...

Franklin FTSE Taiwan ETF (FLTW US) – Portfolio Construction MethodologyThe underlying FTSE Taiwan Capped Index targets free-float market-cap exposure to Taiwan large- and mid-capitalization equities drawn from the FTSE Taiwan universe, subject to FTSE Global Equity Index Series investability and liquidity screens. It applies RIC capping at each quarterly review: no single company exceeds 20% and the aggregate weight of all constituents with weights >4.5% is constrained to ≤48%; the capping factors are calcu ...

Fidelity Magellan ETF (FMAG US) – Portfolio Construction MethodologyThe investment process guiding the actively managed Fidelity Magellan ETF prioritizes bottom-up fundamental research across primarily U.S. large- and mid-cap equities while retaining flexibility to own opportunistic non-U.S. listings and depositary receipts when liquidity and governance permit. Analysts evaluate durable growth drivers, unit economics, competitive positioning, balance-sheet resilience, and management capital allocation, inte ...

Fidelity MSCI Materials Index ETF (FMAT US) – Portfolio Construction MethodologyThe underlying MSCI USA IMI Materials 25/50 Index targets comprehensive US materials exposure across large, mid, and small caps from the MSCI US Investable Market universe and then applies a 25/50 diversification overlay. An optimizer minimizes tracking error to the pro forma parent sector while enforcing: no single group entity >25% and the aggregate of >5% group entities ≤50%, implemented with 10% buffers at rebalance (22.5%/4 ...

First Trust Managed Futures Strategy Fund (FMF US) – Portfolio Construction MethodologyThe investment process governing the actively managed First Trust Managed Futures Strategy Fund seeks positive returns uncorrelated to broad equity or bond markets by taking long and short positions across exchange-listed futures spanning equity indexes, rates, currencies and, via a wholly owned Cayman subsidiary (≤25% of assets), commodities. Positioning is driven by a mix of qualitative and quantitative signals indicati ...

基金投资策略与目标 - 基金核心投资目标为获取联邦税收豁免收入 通过将至少80%的净资产投资于美国市政债务来实现 投资范围涵盖一般义务债券 收益债券和私人活动债券 并在期限结构上保持灵活性 [1] - 基金投资策略强调低于投资级的信用评级 在正常市场条件下 至少50%的净资产将投资于高收益或未评级至BB级及相当的债券 并可配置最多10%的资产于困境市政证券 而预先再融资/托管至到期债券则被视为投资级 [1] 投资组合管理与运作 - 投资组合可持有需缴纳联邦替代性最低税的债券 并可在策略中使用衍生品 包括期货 [1] - 基金通常以现金形式完成大部分的申购和赎回 这可能影响基金的换手率和税收效率 [1] - 个券和行业权重的配置基于对美国市政市场结构性特征和流动性的持续评估 风险通过个券层面的分散化以及遵守高收益和困境证券的配置上限来管理 [1] 附加信息渠道 - 提供指向ETF分析平台的链接 该平台为机构级洞察提供渠道 包括业绩和风险指标 相关性 敏感性和因子暴露等信息 [2]