| Investment Objective: |
The Fund is an actively managed exchange-traded fund ("ETF"). Utilizing a flexible and unconstrained investment approach, the Fund evaluates various asset classes and may consider opportunities across both U.S. and non-U.S. markets. The Fund invests at least 80% of its assets in bonds and other debt obligations. This investment policy is not fundamental, and if the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. For purposes of the Fund's 80% investment policy, eligible bonds and other debt obligations include, but are not limited to: Debt securities issued or guaranteed by the U.S. Government or non-U.S. governments, including their agencies and instrumentalities, political subdivisions (e.g., provinces and municipalities), and supranational entities (e.g., the World Bank); Corporate debt securities and commercial paper issued by U.S. and non-U.S. companies, including fixed and floating rate interest corporate bonds; U.S. and non-U.S. mortgage-backed securities, both agency and non-agency, including commercial mortgage-backed securities (CMBS) and credit risk transfer (CRT) securities; Other asset-backed securities (ABS), including fixed and floating rate collateralized loan obligations. |
