Portfolio Composition: TIP

Credit Grade

Credit Grade Exposure is provided by a third-party using a proprietary algorithm which considers the ratings assigned to the ETP's underlying fixed income securities by three Nationally Recognized Statistical Rating Organizations ("NRSROs"): Moody's Investors Service ("Moody's"), Standard & Poor's Rating Services ("S&P"), or Fitch, Inc. The percentages shown in the table are based on the ETP's fixed-income holdings and may not total 100% if an ETP holds non-fixed income securities such as cash, derivatives, and/or equities. If a security is rated by two or more NRSROs, then the lowest rating is assigned to the holding. If only one NRSRO rates the security, that rating is assigned to the holding. If a security is not rated by an NRSRO, the holding is classified as "Not Rated". "AAA" consists of securities having a credit rating of AAA. "Investment-Grade" consists of securities with a credit rating of AA down to BBB (or for municipal Money Market securities, a rating of SP1 and corporate money market securities, a rating of P1). "High Yield" consists of all securities whose lowest rating is below BBB (or for municipal Money Market securities, a rating of SP2 or SP3, and corporate Money Market securities, a rating of P2 or P3) that are not in default. "Default" consists of securities rated D. The resulting credit quality analytics shown may differ from the ETP Manager's methodology to determine credit quality of the ETP's fixed income securities. A link has been provided to learn more about the ETP's Managers' investment approach and credit grade analytics.