The Fund is an actively managed exchange traded fund (ETF) that utilizes an investment process combining both macro and fundamental research by investing, under normal circumstances, at least 80 percent of its net assets, plus the amount of any borrowings, in mortgage-related debt and other securitized debt. The Fund seeks to achieve its investment objective by primarily investing in mortgage-related fixed income securities issued or guaranteed by the U.S. government or its agencies or instrumentalities (collectively, Agency Mortgage-Backed Securities), such as the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). Agency Mortgage-Backed Securities include residential mortgage-backed securities, commercial mortgage-backed securities, and structured products such as collateralized mortgage obligations and real estate mortgage investment conduits (REMICs).