| The Fund is an actively-managed exchange-traded fund ( ETF ) that seeks to achieve its investment objective, under normal circumstances, by investing in U.S.-dollar denominated investment grade and non-investment grade (also known as high-yield or junk ) fixed income securities and instruments and expects to distribute income from its investments to shareholders weekly. The Fund may invest in a variety of fixed income instruments with a fixed or floating (variable) interest rate. The Fund may hold U.S government securities, including Treasury securities, Treasury Inflation Protected Securities ( TIPS ), and agency bonds. The Fund may also invest in corporate debt, commercial and residential mortgage-backed securities ( CMBS and RMBS , respectively) (including collateralized mortgage obligations ( CMOs ), including interest only and principal only instruments), asset-backed securities ( ABS ), municipal securities, convertible securities, pass-through securities, and U.S. dollar denominated securities issued or guaranteed by foreign governments, their agencies, or instrumentalities, and floating rate securities (such as bank loans). The Fund may also invest in non-investment grade bonds (including distressed securities), non-investment grade bank loans, and bonds of emerging market issuers. The Fund s investment in mortgage-backed securities ( MBS ) may include both agency and non-agency MBS. The portion of the Fund invested in non-investment grade instruments may be up to 100% of the Fund s total assets. |