The Fund is an actively managed exchange-traded fund (ETF). Under normal circumstances, the Fund intends to invest at least 80 percent of its net assets, plus the amount of any borrowings for investment purposes, in fixed income instruments or other investments with economic characteristics similar to fixed income instruments. These investments include securities issued or guaranteed by the United States Government, its agencies, instrumentalities or sponsored corporations; corporate obligations; agency and non-agency mortgage-backed securities of any kind, including commercial and residential mortgage-backed securities; asset-backed securities; securitized investments such as collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs); inflation indexed bonds; covenant-lite loans; foreign fixed-income securities (corporate and government, including foreign hybrid securities); emerging market fixed income securities (corporate and government); fixed income securities offered through private placements; and fixed and floating rate debt instruments of any kind (including, among others, bank loans, assignments, participations, subordinated loans, debtor-in-possession loans, exit facilities, delayed funding loans and revolving credit facilities). The Funds investments may be issued in any currency and may bear fixed or variable interest rates of any maturity. The market value of derivatives that have economic characteristics similar to the investments included in the Funds 80 percent investment policy will be counted for purposes of such policy. If the Fund changes its 80 percent investment policy, it will notify shareholders at least 60 days in advance of the change.