Strategy. Under normal market conditions, the Fund invests at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in floating rate loans and other floating rate debt securities. Such floating rate loans and other floating rate debt securities have interest rates which adjust or float periodically (normally on a monthly or quarterly basis) based on a generally recognized base lending rate plus a premium. Floating rate loans (often referred to as bank loans) are arranged through private negotiations between a corporation or other institution that is the borrower and one or more financial institutions that are the lenders. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the … Show more… Under normal market conditions, the Fund invests at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in floating rate loans and other floating rate debt securities. Such floating rate loans and other floating rate debt securities have interest rates which adjust or float periodically (normally on a monthly or quarterly basis) based on a generally recognized base lending rate plus a premium. Floating rate loans (often referred to as bank loans) are arranged through private negotiations between a corporation or other institution that is the borrower and one or more financial institutions that are the lenders. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the performance of any specific index. In managing the Funds assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security. Most floating rate loans are senior in rank (senior loans) in the event of bankruptcy to most other securities of the issuer, such as common stock or publicly-issued bonds. Floating rate loans are often secured by specific collateral of the issuer so that holders of the loans will have a priority claim on those assets in the event of default or bankruptcy of the issuer. Floating rate loans are often structured and administered by a financial institution that acts as agent for the holders of the loan. Loans can be acquired directly through the agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. The Fund has no requirements as to the maturity or quality of the debt instruments it may buy, or as to the market capitalization of the issuers of those instruments. The Fund may invest primarily in senior loans that are rated below investment grade or unrated senior loans of comparable quality at the time of purchase as determined by the subadviser. Instruments rated below investment grade are sometimes referred to as junk bonds. A description of security ratings is provided in an appendix to the Funds SAI. The Fund may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral. The Fund may invest up to 25% of its total assets in senior loans made to foreign-domiciled borrowers and other foreign securities, including securities of issuers located in emerging market countries, which may be denominated in U.S. dollars or non-U.S. currencies. CLOs and other structured products that are issued in the United States or sponsored by U.S. companies but organized as Cayman or Bermuda companies are not considered non-U.S. fixed income instruments for purposes of this 25% limitation. The Fund may invest in derivative instruments, including futures, to try to enhance return or to try to reduce (hedge) investment risks. In selecting investments for the Fund, the Funds subadviser will evaluate overall investment opportunities and risks among the types of investments the Fund may hold. The Fund engages in active tradingthat is, frequent trading of its securitiesin order to take advantage of new investment opportunities. The Fund expects to be more heavily involved in active trading during periods of market volatility seeking to preserve gains or limit losses. Show less