The Fund is an actively managed exchange-traded fund (ETF) that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in collateralized loan obligations (CLOs) that are rated, at the time of purchase, AAA or an equivalent rating by a nationally recognized statistical rating organization. CLOs are structured products with a long-only investment strategy that issue multiple tranches of asset-backed securities. CLOs are collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans.