| Investment Objective: |
The Fund is an actively managed exchange-traded fund that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets in tranches of collateralized loan obligations ("CLOs") that are rated, at the time of purchase, between BBB and B- or an equivalent rating by a nationally recognized statistical rating organization ("NRSRO") (or, if unrated, securities deemed by the Adviser to be of comparable quality). CLOs are structured products with a "long-only" investment strategy (i.e., a strategy that does not include short positions) that issue multiple tranches of asset-backed securities. CLOs are collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans. The Fund intends to invest primarily in BBB and BB rated tranches of CLOs and is expected to have significant exposure (up to 70% of its total assets) in CLO tranches rated below investment grade often referred to as "high-yield" or "junk" bonds (i.e., CLO tranches rated BB or lower). CLOs are securities structured to be exposed to the senior secured loans in a corporate capital structure, which means that the loans have payment priority over unsecured debt and common equity in a default situation. |
