Description

The fund primarily allocates its capital to exchange-traded funds (ETFs), which in turn focus their investments on either equity securities, fixed-income securities, or cash equivalents. For the purpose of this fund's strategy, "equity securities" are understood to include ETFs that predominantly hold stocks like common and preferred shares. Likewise, "fixed-income securities" refer to ETFs primarily invested in debt instruments such as bonds, notes, and debentures. A core investment policy mandates that at least 80% of the fund's total assets—defined as its net assets plus any funds borrowed for investment—must be committed to ETFs at the point of purchase.