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 securitized credit investments. Securitized credit investments are investments that offer exposure to pools of mortgages, loans, receivables or other assets, such as agency and non-agency mortgage-backed securities ("MBS") (including commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities and collateralized mortgage obligations), asset-backed securities ("ABS") (including collateralized loan obligations ("CLOs")) and other similar securities and related instruments. The Fund may also invest in other fixed-income securities, cash and cash equivalents (such as U.S. government securities, which includes U.S. Treasury securities and securities issued or guaranteed by U.S. government agencies and instrumentalities).

The majority of the Fund's investments will be rated investment-grade. The Fund is not managed to a particular maturity. Under normal circumstances, the Fund maintains an average portfolio duration that is within +/- 50% of the duration of a custom index (40% Bloomberg US MBS Index, 30% Bloomberg US ABS Index, and 30% Bloomberg US CMBS Index) (the "Bloomberg US Securitized: MBS/ABS/CMBS Blended Index"), which as of March 31, 2026 was 5.16 years.

The Fund will invest in derivatives, including futures, credit default swaps and other types of 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's investment process relies on the professional judgment of the team's portfolio managers and analysts to carry out an approach that combines fundamental, technical and valuation considerations to source ideas in both a top-down and bottom-up fashion. The portfolio managers evaluate the relative value of securitized debt sectors and assess risk and opportunity within distinct securitized asset classes. Portfolio managers will consider this assessment when selecting securities and constructing the Fund's portfolio to ensure each position reflects a deliberate investment to align with client goals.

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