This fund predominantly invests in a broad selection of independent exchange-traded funds (ETFs), known as underlying funds. These underlying funds are structured to produce income through their holdings in various securities, such as money market instruments, corporate debt, and municipal bonds, irrespective of their credit rating. Under typical market conditions, the fund will chiefly allocate capital to underlying ETFs that specialize in corporate bonds (both investment-grade and high-yield), asset-backed and mortgage-backed securities, emerging market investments, U.S. government obligations, international sovereign debt, and preferred stocks.
