Important Risks: Investing involves risk, including the possible loss of principal. There is no guarantee a fund will achieve its stated objective. The net asset value (NAV) of The Fund's shares may fluctuate due to changes in the market value of The Fund's holdings, as well as the relative supply of and demand for the shares on an exchange. The Fund is actively managed and does not seek to replicate the performance of a specified index. • Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. • Investments in high-yield ("junk") bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. • Municipal securities may be adversely impacted by state/local, political, economic, or market conditions. Investors may be subject to the federal Alternative Minimum Tax as well as state and local income taxes. Capital gains, if any, are taxable. • In certain instances, unlike other ETFs, The Fund may effect creations and redemptions partly or wholly for cash, rather than in-kind, which may make The Fund less tax-efficient and incur more fees than a more conventional ETF.