Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in various U.S. dollar denominated fixed income instruments. The Fund defines fixed income instruments to include investment grade fixed income securities, high yield fixed income securities (also known as junk bonds), mortgage-backed securities (both commercial and agency), asset-backed securities, collateralized mortgage obligations (CMOs), collateralized loan obligations (CLOs), and any other debt or debt-related securities of any maturities (issued by the United States Government, agencies or instrumentalities or corporate entities). Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in income producing securities. Duration is a measure of the expected life of a fixed … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in various U.S. dollar denominated fixed income instruments. The Fund defines fixed income instruments to include investment grade fixed income securities, high yield fixed income securities (also known as junk bonds), mortgage-backed securities (both commercial and agency), asset-backed securities, collateralized mortgage obligations (CMOs), collateralized loan obligations (CLOs), and any other debt or debt-related securities of any maturities (issued by the United States Government, agencies or instrumentalities or corporate entities). Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in income producing securities. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a securitys price to changes in interest rates. For example, if a fixed income security has a duration of five years, its price will rise approximately 5% if interest rates drop by 1%, and its price will fall approximately 5% if interest rate rise by 1%. Effective duration is a measure of the Funds portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates. SLC Management (SLC or the Sub-Adviser) anticipates that the Funds estimated average portfolio duration will be three (3) years or less depending on market conditions. The effective duration of the Funds portfolio may vary materially from its target, from time to time and under normal market conditions, and there is no assurance that the effective duration of the Funds portfolio will not exceed its target. The Funds portfolio is managed by SLC. SLC utilizes fundamental and technical research and analysis to identify a starting universe of issuers within the corporate, structured, and securitized credit markets. In general, SLC does not use interest rate anticipation and instead focuses on security-level inefficiencies. SLC seeks to identify fixed income instruments that are, in its judgment, mispriced. SLC monitors the relationships and correlations of various bonds and issuers and conducts review and analysis of the underlying fundamentals of each bond or issuer to attempt to identify if a particular fixed income instrument is either oversold or overbought. SLC also monitors the spread correlations among the various asset classes in which the Fund may invest to screen for sectors SLC believes are trading at a premium or discount and thus may be advantageous for the Funds portfolio. The Fund invests primarily in investment grade debt securities but may invest in other classes of fixed income securities. Subject to the limitations set out herein, the Fund may invest up to 100% of its assets in any fixed income class, or in cash or cash equivalents, depending upon current fixed income market conditions, as well as other factors observed by SLC. Notwithstanding the above, the Fund may not invest more than 15% of its total assets, as determined at the time of purchase, in high yield fixed income securities (also known as junk bonds) which are (a) rated below investment grade by all Nationally Recognized Statistical Rating Organizations (NRSROs) which provide a rating for such security ( i.e. , if any NRSRO maintains an investment grade rating on such security, then the security will not be subject to the 15% limit on high yield fixed income securities), or (b) if such high yield securities are unrated, determined by the Sub-Adviser to be of comparable credit quality to similar high yield fixed income securities. The Funds strategy may result in the active and frequent trading of the Funds investments, which may result in significant portfolio turnover. Show less