Investment Objective: |
Nuveen AA-BBB CLO ETF is an actively managed portfolio seeks to provide a high level of current income by primarily investing in investment grade rated debt tranches of third-party managed collateralized loan obligations (CLOs).under normal market conditions, at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in debt tranches of Collateralized Loan Obligations ("CLOs") of any maturity that are rated between AA+ and BBB- or an equivalent rating by a nationally recognized statistical rating organization ("NRSRO"), or if unrated, determined to be of comparable credit quality by the Fund management team. CLOs are floating- or fixed-rate debt securities issued in different tranches, with varying degrees of risk and yield, by a trust or other special purpose vehicle and backed by an underlying portfolio consisting primarily of a pool of loans. Such loans may include domestic senior secured loans, senior unsecured loans, "covenant lite" loans and subordinate corporate loans. The underlying loans are selected by a CLO's manager. A CLO's credit rating may fall below the CLO's credit rating at the time of the Fund's purchase. In such cases, the Fund will consider whether to continue to hold the CLO. |