Strategy. The Fund is an actively managed exchange traded fund (ETF) that, under normal circumstances, invests either directly or indirectly, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade corporate bonds. The Fund seeks to achieve its objective by creating an actively managed portfolio of investment grade corporate debt securities, generally comprised of those securities included in the Bloomberg US Corporate Index (the Reference Index). Corporate bonds are debt instruments issued by a corporation. The Fund may invest up to 20% of its total assets in: other debt securities issued by issuers that are included in the Reference Index (including, but not limited to, private placements, including Regulation S and Rule … Show more… The Fund is an actively managed exchange traded fund (ETF) that, under normal circumstances, invests either directly or indirectly, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade corporate bonds. The Fund seeks to achieve its objective by creating an actively managed portfolio of investment grade corporate debt securities, generally comprised of those securities included in the Bloomberg US Corporate Index (the Reference Index). Corporate bonds are debt instruments issued by a corporation. The Fund may invest up to 20% of its total assets in: other debt securities issued by issuers that are included in the Reference Index (including, but not limited to, private placements, including Regulation S and Rule 144A securities), asset backed securities, subordinated bonds, convertible bonds, collateralized loan obligations (CLOs), non-investment grade debt securities, privately placed debt securities, ETFs, cash, cash equivalents, and U.S. government securities, such as U.S. Treasury bills, notes, and Treasury inflation-protected securities. Investment grade corporate debt securities are those rated at least Baa3, BBB-, or BBB- by Moodys Investors Service, Inc. (Moodys), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch), respectively, using the middle rating of the three rating agencies at the time of purchase. When a rating from only two agencies is available, the lower is used; when only one agency rates a security, that rating is used. If the securities are unrated, they are assessed for comparable quality by Mirae Asset Global Investments (USA) LLC (the Sub-Adviser). While the Fund invests primarily in investment grade debt securities, the Fund may invest in high yield securities (junk bonds), as rated by Moodys, S&P or Fitch, or, if unrated, as determined by the Sub-Adviser. Such high yield securities may include convertible bonds, collateralized loan obligations, and/or asset-backed obligations which the Fund may invest in directly or indirectly through another ETF. The Fund may invest in up to 35% of its net assets in foreign securities, including those in developed and emerging markets. For purposes of portfolio construction, the Fund utilizes a quantitative model and deep neural network (the DNN and, together with the quantitative model, the Models) to assist the portfolio managers in security screening and analysis. These Models have been developed by Wealthspot LLC (Wealthspot). Wealthspot is an affiliate of the Fund, the Adviser and the Sub-Adviser and does not provide services directly to the Fund. Quantitative Model: The quantitative model divides the securities of the Reference Index into sub-universes that group similar securities together, based on tenor, sector and credit rating (each a Peer Group). Within each Peer Group, the securities are ranked relative to each other for each of the models factors. These factors are classified into two sub-groups: Market-based factors and Fundamental-based factors. Market-based factors include value, beta, and momentum factors, while Fundamental-based factors include size, quality, and growth factors. A proprietary grouping of the factors is then used to rank the securities. This process is performed across all Peer Groups to rank the securities for the portfolio managers review. Typically, the portfolio managers will select one or more securities from each Peer Group; however, the portfolio managers may opt not to select a security within any given Peer Group. Deep Neural Network: The DNN divides the securities of the Reference Index into Peer Groups. Within each Peer Group, the DNN has been developed and trained to analyze security, market, macroeconomic, and issuer level data relevant to the Peer Group. This process is performed across all Peer Groups to rank the securities for the portfolio managers review. Typically, the portfolio managers will select one or more securities from each Peer Group; however, the portfolio managers may opt not to select a security within any given Peer Group. The portfolio managers may buy and sell securities for the Fund at any time. The Funds portfolio may include securities of companies that no longer meet the investment criteria of the Models as the Models are updated over time. The Fund may invest up to 10% of the Funds net assets in derivative instruments, such as options, futures contracts or swap agreements, subject to applicable law and any other restrictions described in the Funds prospectus or Statement of Additional Information. The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Show less