The Fund is an actively managed exchange traded fund (ETF) that seeks to achieve its investment objective through investment in bonds and other debt instruments (Local Debt) denominated in the local currencies of emerging market countries. Under normal circumstances, the Fund will invest at least 80 percent of its net assets, plus the amount of any borrowings for investment purposes, in Local Debt. For these purposes, Local Debt includes fixed income securities, such as bonds, notes or other debt obligations denominated in local currencies of emerging market countries, as well as certain derivatives and other instruments described herein.