The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in Separate Trading of Registered Interest and Principal of Securities ("STRIPS"). STRIPS are created by separating a U.S. Treasury security's interest payments from its principal; the detached interest components are sold individually as zero-interest securities, while the principal component of the U.S. Treasury security is redeemed at par at maturity. U.S. Treasury securities are securities of varying maturities issued or guaranteed by the U.S. Department of the Treasury ("U.S. Treasury") where the payment of principal and interest is backed by the full faith and credit of the U.S. government. The Fund may also invest in U.S. Treasury securities, such as U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds.

The Fund is not managed to a particular maturity. Under normal circumstances, the Fund maintains an average portfolio duration that is within +/- 10% of the duration of the Bloomberg US STRIPS 20+ Year Index, which as of March 31, 2026, was 24.38 years.

The Fund invests in derivatives, including futures and swaps, for hedging purposes, for tactical positioning, and to manage duration. A derivative is a financial arrangement, the value of which is

derived from, or based on, a traditional security, asset, or market index. The Fund may also use interest rate futures to manage duration, as well as for tactical interest rate positioning and cash management.

The Fund's strategies may result in the active and frequent trading of the Fund's portfolio securities.