Under normal market conditions, the portfolio managers will invest at least 80% of the fund’s net assets, plus any borrowings for investment purposes, in high-yield debt securities. High-yield securities are also referred to as junk bonds. The portfolio managers will actively allocate the fund’s assets in a range of high-yield corporate bonds. The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index.