Under normal circumstances, the Fund invests at least 80 percent of its investable assets in U.S. dollar-denominated collateralized loan obligations (CLOs) that are, at the time of purchase, rated AAA (or equivalent) by at least one nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the subadviser to be of comparable quality. Up to 20 percent of the Fund's investable assets may be invested in CLOs that are rated below AAA but not less that A minus by at least one NRSRO (or, if unrated, determined by the subadviser to be of comparable quality). The term investable assets refer to the Funds net assets plus any borrowings for investment purposes. The Funds investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the performance of any specific index.