The fund diversifies its portfolio across a broad spectrum of asset classes by investing in other exchange-traded funds (ETFs). These underlying holdings may encompass various instruments such as government bonds (including treasuries), municipal bonds, corporate bonds of all credit qualities (from investment-grade to higher-risk "junk bonds"), U.S. and international equities, and commodities. Furthermore, the underlying investments are not limited by market capitalization, duration, maturity, or quality.