| Investment Objective: |
The Fund is an actively-managed ETF. The Fund, under normal circumstances, invests at least 80% of its net assets in a portfolio of municipal securities issued by the State of California or its political subdivisions, or otherwise exempt from California state income tax. The Fund invests at least 80% of its total assets in municipal securities rated A or better by any nationally recognized statistical rating organizations and comparably rated municipal notes. The Fund may invest up to 20% of its total assets in below investment grade fixed-income securities (commonly known as "junk bonds"). The Fund may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. |
