HYGV’s index reflects the performance of a broad universe of U.S.-dollar denominated high yield corporate bonds that seeks a higher total return than the overall high yield corporate bond market, as represented by the Northern Trust High Yield US Corporate Bond IndexSM. The fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its index. “Both the average expected default frequency metric of U.S./Canadian issuers and first-quarter 2021’s credit rating revisions of U.S. high-yield issuers favor a renewed narrowing of the high-yield bond spread,” according to Moody’s Investors Service. “The net downgrades of U.S. high-yield issuers have sunk to a record low -55 thus far in 2021’s first quarter. Negative net downgrades imply the number of high-yield downgrades (40) was less than the number of high-yield upgrades (95).”