The Fund is an actively managed exchange-traded fund (ETF). Under normal market conditions, the Fund invests at least 80 percent of its net assets, including any borrowings for investment purposes, in debt securities that are rated below investment grade (commonly known as junk bonds), unrated securities considered by the Adviser to be of comparable quality, and related derivatives. Under normal circumstances, the Fund will maintain a dollar-weighted average duration of less than four years, although it may invest in individual fixed-income securities with durations in excess of four years and of any maturity.