The First Trust Tactical High Yield ETF operates as an actively managed exchange-traded fund (ETF). Its foremost objective is to generate current income, while a secondary goal involves pursuing capital appreciation. In typical market conditions, the fund allocates at least 80% of its net assets (including any funds borrowed for investment purposes) to high-yield debt instruments. These instruments are either rated below investment grade at the time of their purchase or are unrated but considered by the fund's advisor to be of equivalent quality.