Investment Risks - Thornburg Premium Income Builder ETF
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May 22, 2026 |
| New and Smaller Sized Fund Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | New
and Smaller Sized Fund Risk. The Fund is relatively new and has a limited operating
history for investors to evaluate and may not be successful in implementing its investment
strategies. The Fund may fail to attract sufficient assets to achieve or maintain economies
of scale, which could result in the Fund being liquidated at any time without shareholder
approval and at a time that may not be favorable for all shareholders. Smaller ETFs will
have a lower public float and lower trading volumes, leading to wider bid/ask spreads. |
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| Investment Adviser Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Investment
Adviser Risk. The Fund is actively managed and the success of its investment strategy
depends significantly on the skills of Thornburg in assessing the potential of the investments
in which the Fund invests. This assessment of investments may prove incorrect, resulting
in losses or poor performance, even in rising markets. There is also no guarantee that
the Adviser will be able to effectively implement the Fund’s investment objective. |
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| ETF Structure Risks [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | ETF
Structure Risks. The Fund is structured as an ETF and is subject to risks related
to exchange trading, including: |
| - | The
Fund’s shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”)
and are bought and sold on the secondary market at market prices. Although it is expected
that the market price of Fund shares will typically approximate the Fund’s NAV,
there may be times when the market price reflects a significant premium or discount to
NAV. |
| - | Although
the Fund’s shares are listed on the Exchange, it is possible that an active trading
market in the Fund’s shares may not be maintained. In stressed market conditions,
the market for the Fund’s shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, which could
lead to wider bid/ask spreads and differences in the market price of the Fund’s
shares and the underlying value of those shares. |
| - | The
Fund could potentially face trading halts and/or delisting from the Exchange. This risk
is heightened in times of market stress, including at both the Fund share level and at
the Fund holdings level. |
| - | Only
an authorized participant (an “Authorized Participant”) may engage in creation
or redemption transactions directly with the Fund, and none of those Authorized Participants
is obligated to engage in creation and/or redemption transactions. The Fund has a limited
number of institutions that may act as Authorized Participants on an agency basis (i.e.,
on behalf of other market participants). In addition, to the extent that securities held
by the Fund are traded outside a collateralized settlement system, Authorized Participants
may be required to post collateral on certain trades on an agency basis (on behalf of
other market participants), which only a limited number of Authorized Participants may
be able to do. To the extent that Authorized Participants exit the business or are unable
to proceed with creation or redemption orders with respect to the Fund and no other Authorized
Participant is able to step forward to create or redeem Creation Units, Fund shares may
be more likely to trade at a premium or discount to NAV and possibly face trading halts
or delisting. |
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| Equity Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Equity
Risk. The value of the Fund’s equity investments may fluctuate significantly
over time in response to factors affecting individual issuers, particular industries,
or the market as a whole. Additionally, common stock ranks below preferred stock and
debt securities in claims for dividends and for assets of a company in a liquidation
or bankruptcy. |
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| Options Strategy Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Options
Strategy Risk. The Fund’s use of call and put options involves speculation
and can lead to losses because of adverse movements in the price or value of the underlying
stock, index, or other asset, which may be magnified by certain features of the options.
The Fund’s successful use of options depends on the ability of the Adviser to forecast
market movements correctly. For example, if the Fund were to write (sell) a call option
on an index or security based on the Adviser’s expectation that the price of an
index or security would fall, but the price were to rise instead, the Fund could be required
to sell the underlying asset upon exercise at a price below the current market price.
Alternatively, if the Fund were to write (sell) a put option on an index or security,
the Fund assumes the risk of loss should the price of the underlying security decline
below the exercise price of the put option. When selling a call or put option, the Fund
will receive a premium; however, this premium may not be enough to offset a loss incurred
by the Fund if the price of the underlying asset is, in the case of a call option, above
or, in the case of a put option, below the strike price by an amount equal to or greater
than the premium. As the writer of a call option, the Fund forgoes, during the option’s
life, the opportunity to profit from increases in the market value of the underlying
security or instrument covering the option above the sum of the premium and the exercise
price, but retains the risk of loss should the price of the underlying security or instrument
decline. The value of an option may be adversely affected if the market for the option
becomes less liquid or smaller, and will be affected by changes in the value or yield
of the option’s underlying asset, an increase in interest rates, a change in the
actual or perceived volatility of the stock market or the underlying asset and the remaining
time to expiration. Additionally, the value of an option does not increase or decrease
at the same rate as the underlying asset(s). In addition, if the price of the underlying
asset of an option is above the strike price of a written call, or below the strike price
of a written put, the value of the option, and consequently of the Fund, may decline
significantly more than if the Fund invested directly in the underlying asset instead
of using options. The Fund could experience a loss if its options do not perform as anticipated,
or are not correlated with the performance of their underlying asset or if the Fund is
unable to purchase or liquidate a position because of an illiquid secondary market. |
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| Foreign Investment Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Foreign
Investment Risk. Investments in securities of foreign issuers may involve risks including
adverse fluctuations in currency exchange rates, political instability, confiscations,
taxes or restrictions on currency exchange, difficulty in selling foreign investments,
and reduced legal protection. In addition, some foreign government debt obligations may
be subject to default, delays in payment, adverse legislation or government action, or
could be downgraded by ratings agencies. |
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| Foreign Currency Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Foreign Currency Risk. Fluctuations in currency exchange rates can adversely affect the value of the Fund's foreign investments. Such fluctuations may occur
for a number of reasons, including market and economic conditions, or a government's decision to devalue its currency or impose currency
controls. Thornburg may seek to hedge foreign currency risks, but its hedging strategies may not be successful, or its judgments not to
use hedging strategies may not correctly anticipate actual conditions and result in loss or higher costs to the Fund. Furthermore, any
hedging strategy that Thornburg pursues, such as the use of currency forward contracts, may involve additional risks. Foreign investments,
even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of
these securities in U.S. dollars may decline even if the securities increase in value in their home country. |
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| Emerging Markets Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Emerging
Markets Risk. The risks which may affect investments in foreign issuers may be more
pronounced for investments in emerging markets, also known as developing countries, because
the economies of those markets are usually less diversified; communications, transportation
and economic infrastructures are less developed; and emerging markets ordinarily have
less established legal, political, business and social frameworks. At times the prices
of equity securities or debt obligations of an issuer in an emerging market may be extremely
volatile. An issuer in a developed country may be similarly affected by these emerging
markets risks to the extent that the issuer conducts its business in emerging markets. |
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| Risks of Investing in Depositary Receipts [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Risks
of Investing in Depositary Receipts. An investment in American Depositary Receipts
(“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary
Receipts (“GDRs”) is an alternative to the purchase of the underlying securities
in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject
to many of the risks associated with investing directly in foreign securities, including
the political and economic risks associated with the underlying issuer’s country.
Certain countries may limit the ability to convert a depositary receipt into the underlying
foreign security and vice versa, which may cause the securities of the foreign company
to trade at a discount or premium to the market price of the related depositary receipts.
Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be
U.S. dollar denominated. |
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| Real Estate Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Real
Estate Risk. The Fund’s investments in publicly traded REITs are subject to
risks affecting real estate investments generally (including market conditions, competition,
property obsolescence, changes in interest rates and casualty to real estate), as well
as risks specifically affecting REITs (the quality and skill of REIT management and the
internal expenses of the REIT). |
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| Derivatives Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Derivatives
Risk. The Fund’s investments in options and other derivative instruments involve
the risks associated with the securities or other assets underlying those derivatives
as well as risks different and/or greater than the risks affecting the underlying assets,
including the inability or unwillingness of the other party to a derivative to perform
its obligations to the Fund, the Fund’s inability or delays in selling or closing
positions in derivatives and difficulties in valuing derivatives. |
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| Focused Investment Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Focused
Investment Risk. A fund that invests a substantial portion of its assets in a particular
market, industry, sector, group of industries or sectors, country, region, group of countries,
limited number of issuers or asset class is, relative to a fund that invests in a more
diverse investment portfolio, more susceptible to any single economic, market, political,
regulatory or other occurrence. This is because, for example, issuers in a particular
market, industry, region, sector or asset class may react similarly to specific economic,
market, regulatory, political or other developments. The particular markets, industries,
regions, sectors or asset classes in which the Fund may focus its investments may change
over time and the Fund may alter its focus at inopportune times. |
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| Equity-Linked Notes Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Equity-Linked
Notes Risk. When the Fund invests in ELNs, it receives cash but limits its opportunity
to profit from an increase in the market value of the instrument because of the limits
relating to the call options written within the particular ELN. Investing in ELNs may
be more costly to the Fund than if the Fund had invested in the underlying instruments
directly. Investments in ELNs often have risks similar to the underlying instruments,
which include market risk. In addition, since ELNs are in note form, ELNs are subject
to certain debt securities risks, such as credit or counterparty risk. Should the prices
of the underlying instruments move in an unexpected manner, the Fund may not achieve
the anticipated benefits of an investment in an ELN, and may realize losses, which could
be significant and could include the Fund’s entire principal investment. Investments
in ELNs are also subject to liquidity risk, which may make ELNs difficult to sell and
value. A lack of liquidity may also cause the value of the ELN to decline. In addition,
ELNs may exhibit price behavior that does not correlate with the underlying securities.
The Fund’s ELN investments are subject to the risk that issuers and/or counterparties
will fail to make payments when due or default completely. Prices of the Fund’s
ELN investments may be adversely affected if any of the issuers or counterparties it
is invested in are subject to an actual or perceived deterioration in their credit quality. |
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| Risks Affecting Convertible Debt Obligations [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Risks
Affecting Convertible Debt Obligations. The market value of a convertible
debt obligation may vary with changes in prevailing interest rates and changing evaluations
of the ability of the issuer to meet principal and interest payments. The market value
of a convertible debt obligation may also vary in accordance with the market value of
the underlying stock. As a result, convertible debt obligations held by the Fund will
tend to perform more like equity securities when the underlying stock price is high (because
it is assumed that the Fund will convert the obligation), and more like non-convertible
debt obligations when the underlying stock price is low (because it is assumed that the
Fund will not convert the obligation). Because its market value can be influenced by
several factors, a convertible debt obligation will not be as sensitive to interest rate
changes as a similar non-convertible debt obligation, and generally will have less potential
for gain or loss than the underlying stock. |
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| Risks of Investing in U.S. Government Obligations [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Risks
of Investing in U.S. Government Obligations. U.S. government obligations are
subject to the same risks affecting other debt obligations. Although securities backed
by the full faith and credit of the U.S. government are commonly regarded as having relatively
less risk of default, it is possible that the U.S. government may be unwilling or unable
to repay principal and interest when due, and may require that the terms for payment
be renegotiated. Further obligations that are backed by the full faith and credit of
the U.S. government remain subject to the other general risks applicable to debt obligations,
such as market risks, liquidity risks, and interest rate risks, and may be subject to
ratings downgrades. U.S. government obligations also include obligations of U.S. government
agencies, instrumentalities, and government-sponsored enterprises, commonly referred
to as “agency obligations.” Some agency obligations are backed by the full
faith and credit of the U.S. government, but other agency obligations have no specific
backing or only limited support from the agency’s authority to borrow from the
U.S. government or the discretionary authority of the Treasury to purchase obligations
of the issuing agency. |
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| Risks of Debt Issued by Foreign Governments [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Risks
of Debt Issued by Foreign Governments. Debt obligations may be issued by foreign
governments and their agencies and instrumentalities, including the governments of developing
countries and “supra-national” entities such as the International Bank for
Reconstruction and Development. The Fund’s investments in these foreign debt obligations
may be denominated in U.S. dollars or in foreign currencies. These securities, even if
denominated in U.S. dollars, may be affected significantly by fluctuations in the value
of foreign currencies, and the value of these securities in U.S. dollars may decline
even if the securities increase in value in their home country. The governmental issuers
of these debt obligations may be less willing or able than the U.S. to repay principal
and interest when due, and may require that the terms for payment be renegotiated. In
some countries there may be political instability or insufficient government supervision
of markets, and the legal protections for the Fund’s investments could be subject
to unfavorable judicial or administrative changes. These risks may be more pronounced
for the Fund’s investments in debt obligations issued by developing countries. |
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| Credit Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Credit
Risk. If obligations held by the Fund are downgraded by ratings agencies or go into
default, or if management action, legislation or other government action reduces the
ability of issuers to pay principal and interest when due, the value of those obligations
and the Fund’s investment may decline. Because the ability of an issuer of a lower-rated
or unrated obligation to pay principal and interest when due is typically less certain
than for an issuer of a higher-rated obligation, lower-rated and unrated obligations
are generally more vulnerable than higher-rated obligations to default, ratings downgrades
and liquidity risk. Debt obligations backed by so-called “subprime” mortgages
may also be subject to a greater risk of default or downgrade. Debt obligations issued
by the U.S. government or its agencies, instrumentalities and government sponsored enterprises
are also subject to credit risk. Securities backed by the full faith and credit of the
U.S. government, such as U.S. Treasury obligations, are commonly regarded as having small
exposure to credit risk. Obligations of certain U.S. agencies, instrumentalities and
enterprises (sometimes referred to as “agency obligations”) are not direct
obligations of the U.S. government, may not be backed by the full faith and credit of
the U.S. government and may have a greater exposure to credit risk. |
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| High Yield Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | High
Yield Risk. Debt obligations that are rated below investment grade and unrated obligations
of similar credit quality (commonly referred to as “junk” or “high
yield” bonds) may have a substantial risk of loss. These obligations are generally
considered to be speculative with respect to the issuer’s ability to pay interest
and principal when due. These obligations may be subject to greater price volatility
than investment grade obligations, and their prices may decline significantly in periods
of general economic difficulty or in response to adverse publicity, changes in investor
perceptions or other factors. These obligations may also be subject to greater liquidity
risk. |
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| Interest Rate Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Interest
Rate Risk. When interest rates increase, the value of the Fund’s investments
may decline and the Fund’s share value may be reduced. This effect is typically
more pronounced for intermediate and longer-term obligations. This effect is also typically
more pronounced for mortgage- and other asset-backed securities, the value of which may
fluctuate more significantly in response to interest rate changes. When interest rates
decrease, the Fund’s dividends may decline. |
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| Prepayment and Extension Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Prepayment
and Extension Risk. When market interest rates decline, certain debt obligations
held by the Fund may be repaid more quickly than anticipated, requiring the Fund to reinvest
the proceeds of those repayments in obligations which bear a lower interest rate. Conversely,
when market interest rates increase, certain debt obligations held by the Fund may be
repaid more slowly than anticipated, causing assets of the Fund to remain invested in
relatively lower yielding obligations. These risks may be more pronounced for the Fund’s
investments in mortgage-backed and asset-backed securities. |
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| Risks Affecting Mortgage-Backed Securities and Other Asset-Backed Securities [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Risks
Affecting Mortgage-Backed Securities and Other Asset-Backed Securities. Mortgage-backed
securities are debt obligations, and are subject to the risks that affect debt obligations
generally and which may adversely affect the value of mortgage-backed securities held
by the Fund, including credit risk, interest rate risk, market and liquidity risks, prepayment
risk and extension, and management risk. Because mortgage-backed securities represent
interests in underlying mortgages, mortgage-backed securities are subject to the risks
associated with those underlying mortgages, including delays or defaults in payments
on those mortgages. During periods of declining interest rates, more mortgagors can be
expected to prepay the remaining principal on their mortgages before the mortgages’
scheduled maturity dates, reducing the value of mortgage-backed securities held by the
Fund, and lowering the Fund’s yield as it reinvests the prepayment proceeds at
the lower prevailing interest rates. Conversely, during periods of rising interest rates,
the rate of prepayment on the underlying mortgages can be expected to slow, and the Fund
will not have those additional prepayment proceeds to invest in other securities at the
higher prevailing interest rates. As with mortgage-backed securities, asset-backed securities
are subject to the risks affecting debt obligations generally and which may adversely
affect the value of asset-backed securities, held by the Fund, including credit risk,
interest rate risk, market and liquidity risks, prepayment and extension risk, and management
risk. These securities are subject to the risk of default by the issuer of the security
and by the borrowers of the underlying loans in the pool. As with mortgage-backed securities,
the market value and expected yield of asset-backed securities will vary in response
to changes in prevailing interest rates and the rate of prepayment on the underlying
loans. |
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| Business Development Company ("BDC") Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Business
Development Company (“BDC”) Risk. While the BDCs in which the Fund may
invest are expected to include those that generate income in the form of dividends, certain
BDCs during certain periods of time may not generate dividend income. The Fund will indirectly
bear its proportionate share of any management fees and other operating expenses incurred
by the BDCs and of any performance-based or incentive fees payable by the BDCs in which
it invests, in addition to the Fund’s management fee and any other expenses paid
by the Fund. A BDC’s incentive fee may be very high, vary from year to year and
be payable even if the value of the BDC’s portfolio declines in a given time period.
The use of leverage by BDCs magnifies gains and losses on amounts invested and increases
the risks associated with investing in BDCs. A BDC may make investments with a larger
amount of risk of volatility and loss of principal than other investment options and
may also be highly speculative and aggressive. Certain BDCs (or their underlying holdings)
may also be difficult to value since many of the assets of BDCs do not have readily ascertainable
market values. Therefore, such assets are most often recorded at fair value in accordance
with valuation procedures adopted by such companies, which may potentially result in
material differences between a BDC’s net asset value per share and its market value. |
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| Market and Economic Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Market
and Economic Risk. The value of the Fund’s investments may decline and its
share value may be reduced due to changes in general economic and market conditions.
The value of a security may change in response to developments affecting entire economies,
markets or industries, including changes in interest rates, political, legal, and technological
developments, and general market volatility. |
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| Risks Affecting Specific Countries or Regions [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Risks
Affecting Specific Countries or Regions. If a significant portion of the Fund’s
assets is invested in issuers that are economically exposed to one country or region,
the Fund’s share value may be more susceptible to the conditions and developments
in that country or region, and potentially more volatile than the share value of a more
geographically diversified fund. A specific country or region could also be adversely
affected by conditions or developments arising in other countries. For example, the U.S.
government could take actions to prohibit or restrict individuals or companies within
the U.S. from purchasing or holding the shares of issuers in another country, which may
limit the Fund’s ability to invest in that country or cause the Fund to have to
sell investments in that country at less than desired prices. The nature and degree of
the risks affecting a given country or region, and the extent of the Fund’s exposure
to any such country or region, is expected to vary over time. |
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| Risks Affecting Specific Issuers [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Risks
Affecting Specific Issuers. The value of an equity security or debt obligation may decline in response
to developments affecting the specific issuer of the obligation or security, even if
the overall industry or economy is unaffected. These developments may include a variety
of factors, including but not limited to management issues or other corporate disruption,
a decline in revenues or profitability, an increase in costs, or an adverse effect on
the issuer’s competitive position. |
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| Liquidity Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Liquidity
Risk. Due to a lack of demand in the marketplace or other factors, the Fund may not
be able to sell some or all of its investments promptly, or may only be able to sell
investments at less than desired prices. The market for lower-rated and unrated debt
obligations (including particularly “junk” or “high yield” bonds)
and debt obligations backed by so-called “subprime” mortgages may be less
liquid than the market for other obligations, making it difficult for the Fund to value
its investment in a lower-rated or unrated obligation or to sell the investment in a
timely manner or at an acceptable price. |
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| Cybersecurity and Operational Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ■ | Cybersecurity
and Operational Risk. Operational failures, cyber-attacks or other disruptions that
affect the Fund’s service providers, the Fund’s counterparties, other market
participants, or the issuers of securities held by the Fund may adversely affect the
Fund and its shareholders, including by causing losses for the Fund or impairing Fund
operations. The rapid development and increasingly widespread use of artificial intelligence,
including machine learning technology and generative artificial intelligence such as
ChatGPT, could exacerbate these risks. |
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| Risk Lose Money [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
As
with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance
could trail that of other investments.
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| Risk Not Insured [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
Your investment in the Fund is not a deposit of any bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
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