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 a multisector portfolio of fixed income securities and instruments, 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 Fund will generally allocate its assets among several fixed income sectors, including high yield securities; bank loans; and foreign securities, including emerging market securities. The Fund is not required to gain exposure to any particular investment sector and sector exposures are expected to vary over time.