The Fund is an actively managed exchange-traded fund (ETF). The Fund will invest, under normal circumstances, at least 80 percent of the value of its net assets, plus the amount of any borrowings for investment purposes, in U.S. dollar-denominated CLOs that are, at the time of purchase, rated AAA (or an equivalent rating) by at least one of the major rating agencies or, if unrated, determined by the Adviser to be of comparable quality, in accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the 1940 Act). If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change.