Strategy. The Fund is an actively managed exchange-traded fund (ETF). To achieve its investment objective, the Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. Utilizing a flexible and unconstrained investment approach, the Fund evaluates various asset classes and may consider opportunities across both U.S. and non-U.S. markets. Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus the amount of any borrowings for investment purposes) in bonds and other debt obligations. This investment policy is not fundamental, and if the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. For purposes of the … Show more… The Fund is an actively managed exchange-traded fund (ETF). To achieve its investment objective, the Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. Utilizing a flexible and unconstrained investment approach, the Fund evaluates various asset classes and may consider opportunities across both U.S. and non-U.S. markets. Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus the amount of any borrowings for investment purposes) in bonds and other debt obligations. This investment policy is not fundamental, and if the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change. For purposes of the Funds 80% investment policy, eligible bonds and other debt obligations include, but are not limited to: ? Debt securities issued or guaranteed by the U.S. Government or non-U.S. governments, including their agencies and instrumentalities, political subdivisions (e.g., provinces and municipalities), and supranational entities (e.g., the World Bank); ? Corporate debt securities and commercial paper issued by U.S. and non-U.S. companies, including fixed and floating rate interest corporate bonds; ? U.S. and non-U.S. mortgage-backed securities, both agency and non-agency, including commercial mortgage-backed securities (CMBS) and credit risk transfer (CRT) securities; ? Other asset-backed securities (ABS), including fixed and floating rate collateralized loan obligations (CLOs); ? Loans, including both fixed and floating rate loans; ? Municipal securities issued by U.S. state and local governments, territories, and their agencies, which may or may not be exempt from U.S. federal income tax; ? Insurance-linked securities (e.g., catastrophe bonds) ? Derivatives relating to, or that provide investment exposure to, eligible bonds and other debt obligations; ? Debt securities that are sold in private placement transactions and not publicly offered, including 144A restricted securities; ? Yankee bonds, which are U.S.-dollar denominated bonds and notes issued by non-U.S. corporations or governments; and/or ? Other fixed-income and variable interest (or floating rate) bonds, notes or debt obligations. The Fund may also invest in hybrid securities, including but not limited to convertible securities, contingent convertible bonds (CoCos), and preferred stock, real estate investment trusts (REITs), and master limited partnerships (MLPs) provided these align with the Funds income-oriented objectives. The Fund may invest in debt securities of any credit quality, including both investment-grade and below-investment-grade (high-yield) debt securities. Investment-grade securities are those rated at the time of purchase in one of the top four highest rating categories by at least one Nationally Recognized Statistical Rating Organization (NRSRO) or deemed of comparable quality by the Funds investment adviser. The Fund may invest in securities of non-U.S. issuers denominated in any currency, including issuers located in both developed and emerging markets and instruments that are economically tied to both developed and emerging market countries. Currency exposure may be hedged to the U.S. dollar, or the Fund may take active non-U.S. currency positions, including long and short exposures, independent of underlying securities. To implement its investment strategy, the Fund may invest in ETFs and other investment companies, including affiliated funds. The Fund may invest in debt securities of any maturity and is not subject to limits or specific ranges on minimum or maximum average portfolio maturity or duration. A negative duration may be employed to seek to mitigate the impact of changes in interest rates. Maturity merely measures the time until final payment is due. Unlike maturity, duration accounts for the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates. The Fund may engage in active and frequent trading of portfolio securities to achieve its objective. The Fund utilizes a sub-adviser, Guardian Capital LP (the Sub-Adviser), to help manage the Funds derivatives investments (the Derivatives Sleeve). The Sub-Adviser, which is overseen by the Funds adviser, Sterling Capital Management LLC (the Adviser), provides investment recommendations to the Adviser regarding the selection and allocation of derivatives investments for the Fund, and the Adviser, with the recommendations of the Sub-Adviser, determines final weightings of derivatives within the Fund through its asset allocation process. The Fund may seek to hedge currency and credit risk or gain exposure to bonds and other debt obligations and various market sectors using derivatives. Within the Derivative Sleeve, the Sub-Adviser may utilize a broad range of derivative instruments such as (i) futures, including Treasury futures and options on Treasury futures and index futures, (ii) forwards, including currency forwards, (iii) swaps, including single name and index credit default swaps, interest rate swaps, currency swaps, and total return swaps, and (iv) options, including options on futures, currencies, and indices. Currency derivatives may be used to hedge non-dollar denominated securities or to express active currency views. The Fund may utilize other derivatives to achieve the Funds investment objective, subject to review and approval by the Adviser. Show less