| The fund invests primarily in investment grade quality debt obligations from a diverse group of U.S. and non-U.S. issuers. The fund s investment process uses an analytical framework, which includes an assessment of securities expected income and capital appreciation, to seek securities with high expected returns. The portfolio managers categorize securities within the fund s investment universe into component groups based on factors such as industry sector, credit rating, duration, country, and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group, while considering valuation metrics such as yield, duration, and option adjusted spreads. Finally, the portfolio managers adjust the portfolio to arrive at position weightings for each component group with the goal of building a portfolio with enhanced expected return. Under normal market conditions, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities. Fixed income securities in which the fund may invest include corporate bonds and notes issued by U.S. and foreign corporations, securities issued by governments and their agencies, instrumentalities, or sponsored corporations including supranational organizations. The fund may also invest in derivative instruments such as futures contracts or swap agreements, including credit default swaps, credit default swap indexes, and total return swaps. The fund expects to maintain a weighted average maturity of three years or less. The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. |