Investment Objective: |
The Fund is an actively-managed exchange-traded fund ( ETF ) that seeks to achieve its objective by (i) investing in one or more other ETFs that seek to obtain exposure to the performance of short-term, investment grade, U.S. dollar-denominated, fixed-rate taxable bonds with a dollar-weighted average maturity of no more than three years with a maximum maturity of five years or directly in the securities held by such ETFs (collectively, the Underlying Investments ) and (ii) selling and purchasing listed short-term put options ( put spreads ) to generate income to the Fund (the Overlay Strategy ). Under normal circumstances, at least 80% of the Fund s net assets, plus borrowings for investment purposes, will be invested, directly or indirectly through ETFs, in bonds. |