The Fund is an actively managed exchange traded fund (ETF) that is a fund of funds, meaning that it normally invests at least 80% of its net assets, including any borrowings for investment purposes, in other ETFs (Underlying Funds) that invest in various sectors of the debt markets, including corporate bonds, U.S. government and agency securities, private debt, foreign bonds (including emerging markets), foreign sovereign bonds, convertible securities, Treasury Inflation Protected Securities (TIPS), bank loans, asset-backed securities, mortgage-backed securities, and cash equivalent instruments. The Fund has broad flexibility to allocate its assets across the different types of securities and sectors of the fixed income markets. The Funds allocation to these asset classes may vary at the Advisers discretion.