Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in a diversified portfolio of high-quality short-term U.S. dollar denominated domestic and foreign debt securities and other instruments. The Fund will, under normal circumstances, invest primarily in fixed-income securities. These include: Commercial paper of domestic and foreign banks and corporations; Obligations of domestic and foreign banks and corporations, including both fixed rate and floating rate securities; Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises; Mortgage and other asset-backed securities including automobile and credit card receivables, utilities, equipment trust certificates, railway authorities, single-family rentals, manufactured home loans, home improvement loans, and home equity loans; and Repurchase agreements relating to … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in a diversified portfolio of high-quality short-term U.S. dollar denominated domestic and foreign debt securities and other instruments. The Fund will, under normal circumstances, invest primarily in fixed-income securities. These include: Commercial paper of domestic and foreign banks and corporations; Obligations of domestic and foreign banks and corporations, including both fixed rate and floating rate securities; Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises; Mortgage and other asset-backed securities including automobile and credit card receivables, utilities, equipment trust certificates, railway authorities, single-family rentals, manufactured home loans, home improvement loans, and home equity loans; and Repurchase agreements relating to the above instruments. The Fund invests in investment grade domestic debt obligations ( i.e. , obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (NRSRO) or of comparable quality as determined by the Funds Sub-Adviser (as defined below)). The Fund is not a money market fund, does not seek to maintain a fixed or stable net asset value of $1, is not subject to the rules that govern the quality, maturity, liquidity, and other features of securities that money market funds may purchase, and does not have the tax advantages of a money market fund. Sit Fixed Income Advisors II, LLC (Sit Investment or the Sub-Adviser) may invest in debt obligations of maturities with a dollar weighted average maturity of no more than 3 years and may invest in debt obligations with a maximum maturity of 4 years. During normal market circumstances the average portfolio effective duration for the Fund is expected be more than 2 months, but less than 1 year. The Sub-Adviser attempts to diversify the Funds portfolio by holding debt obligations of many different issuers and choosing issuers in a variety of sectors. The Fund is a diversified fund, which means that it may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of a single issuer (other than cash and cash items, U.S. government securities or securities of other investment companies) or purchase more than 10% of the outstanding voting securities of an issuer. In determining which debt obligations to buy for the Fund, the Sub-Adviser attempts to achieve the Funds investment objective primarily in three ways: Yield curve positioning : The Sub-Adviser selects debt obligations with maturities and yields that it believes have the greatest potential for achieving the Funds objectives. Sector allocation : The Sub-Adviser invests in debt obligations in those sectors which it believes represent the greatest potential for achieving the Funds objectives. Security selection : The Sub-Adviser determines which issuers it believes offer the best relative value within each sector and then decides which available debt obligations of that issuer to purchase. The Fund may also invest in shares of stable value money market funds and ETFs that principally invest in the same types of securities in which the Fund may invest directly. The Fund is actively-managed and does not seek to track the performance of any particular index. Show less