This actively managed exchange-traded fund (ETF) endeavors to meet its investment objectives by strategically allocating capital to asset categories that its portfolio managers assess as providing the most advantageous combination of risk and prospective returns. These asset categories typically comprise, among others, domestic U.S. stocks, international securities, foreign exchange, fixed-income products, and real estate investment trusts (REITs). The fund maintains the flexibility to invest worldwide in any type of asset or specific security, and may, at certain times, hold a substantial concentration in a single asset class.