The Fund invests, under normal circumstances, at least 80 percent of the Fund's investable assets in bonds. For purposes of this policy, bonds include all fixed income securities, including but not limited to debt obligations issued by the U.S. Government and its agencies, corporate debt securities, mortgage-related securities and asset-backed securities (including collateralized debt obligations and collateralized loan obligations). In pursuit of this policy, the Fund may invest a large percentage of its investable assets in securities included in the Bloomberg US Aggregate Bond Index (the Index). The Index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States including government, corporate, and international U.S. dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year. The Fund is not sponsored by or affiliated with Bloomberg. The term investable assets refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the performance of any specific index.