BLTD

The Fund is an actively managed exchange-traded fund ("ETF") that invests, under normal circumstances, at least 80% of its net assets in investments that provide exposure to bonds. The Fund may invest in Underlying Funds which primarily invest in investment grade debt securities, which may include U.S. dollar-denominated debt securities such as: corporate bonds; taxable municipal bonds; securities issued or guaranteed by the U.S. Government, agency and non-agency residential and commercial mortgage-backed securities, asset -backed securities, commercial paper; inflation-linked securities (e.g., Treasury inflation -protected securities ("TIPS")); and securitized investments such as collateralized debt obligations ("CDOs"), including collateralized loan obligations ("CLOs"). It is generally expected that under normal circumstances, each Underlying Fund (i) defines "investment grade debt securities" as those rated "investment grade" (e.g., BBB/Baa or higher) at the time of purchase or, if unrated, judged by the Sub-Adviser to be of comparable quality. The Fund expects to invest in Underlying Funds that maintain a portfolio of debt securities that generally have an overall weighted average maturity of greater than 10 years.