The Fund is an actively managed exchange-traded fund (ETF) that seeks to pursue its investment objective by investing under normal market conditions, at least 80 percent of the sum of its net assets and the amount of any borrowings for investment purposes in income producing fixed income securities. The Funds portfolio is divided into two segments. The first segment, which makes up at least 65 percent of the Funds assets, is invested primarily in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, corporate bonds, U.S. Treasury and agency securities and mortgage-backed and asset-backed securities. The securities within the Funds first segment are mainly high-quality instruments rated in the top four credit categories by a nationally recognized statistical rating organization (NRSRO) or deemed to be of the same quality by the Funds sub-adviser using its own credit analysis. The second segment, which will not exceed 35 percent of the Funds assets, is invested in securities rated below investment grade (commonly referred to as high yield or junk bonds) or the unrated equivalent. These securities generally are rated in the fifth or lower rating categories (rated BB/Ba or lower). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. Non-investment-grade securities are speculative in nature.