The Fund is an actively managed exchange-traded Fund (ETF). The Fund invests, under normal circumstances, at least 80 percent of the value of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of corporate bonds of varying maturities issued by U.S. and foreign corporations, including those in developed market and emerging market countries, 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. The term bond is interpreted broadly by the Adviser to include any instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more bonds. The notional value of any corporate bond derivatives and other synthetic instruments would count towards compliance with the 80 percent test specified above.