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      id="x_104816e2-81cb-4f3f-bac1-789962252f26">&lt;span style="font-family:Arial Narrow;font-size:8pt;"&gt;July 31, 2028&lt;/span&gt;</oef:FeeWaiverOrReimbursementOverAssetsDateOfTermination>
    <oef:ExpenseExampleHeading
      contextRef="S000110542"
      id="de4fd209-29a9-419d-a350-33cbae8a2e6a">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"&gt;Expense example&lt;/span&gt;</oef:ExpenseExampleHeading>
    <oef:ExpenseExampleNarrativeTextBlock
      contextRef="S000110542"
      id="a4cb1560-017c-4a17-a7c7-64fd2ea4c7be">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. Please see below a hypothetical example showing the expenses of a $10,000 investment in the fund for the time periods indicated assuming you redeem all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. The example does not take into account brokerage commissions that you may pay on your purchases and sales of shares of the fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:&lt;/span&gt;</oef:ExpenseExampleNarrativeTextBlock>
    <oef:ExpenseExampleYear01
      contextRef="S000110542_C000281804"
      decimals="INF"
      id="x_5af0672c-518c-46f9-8525-6623270b7587"
      unitRef="USD">40</oef:ExpenseExampleYear01>
    <oef:ExpenseExampleYear03
      contextRef="S000110542_C000281804"
      decimals="INF"
      id="dbf3958a-58a7-4feb-b698-8594a44df02c"
      unitRef="USD">201</oef:ExpenseExampleYear03>
    <oef:PortfolioTurnoverHeading
      contextRef="S000110542"
      id="x_47b81318-1ba0-404b-94b3-48db33900f4b">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"&gt;Portfolio turnover&lt;/span&gt;</oef:PortfolioTurnoverHeading>
    <oef:PortfolioTurnoverTextBlock
      contextRef="S000110542"
      id="x_5b54a5ba-3dcd-4dc7-a540-17aff5729c63">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#x201c;turns over&#x201d; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#x2019;s performance. Because the fund had not commenced operations as of the date of the fund&#x2019;s prospectus, there is no portfolio turnover to report.&lt;/span&gt;</oef:PortfolioTurnoverTextBlock>
    <oef:StrategyHeading
      contextRef="S000110542"
      id="x_4ceee726-e740-4fca-bee4-bd98dbbb1dc3">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"&gt;Principal investment strategies&lt;/span&gt;</oef:StrategyHeading>
    <oef:StrategyNarrativeTextBlock
      contextRef="S000110542"
      id="x_45b603c0-94ba-4c50-b7f1-4e7ac24fee79">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund is an ETF, which is a fund that trades like other publicly traded securities. The fund is not an index fund. The fund is actively managed and does not seek to replicate the performance of a specified index.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit-related investments of U.S. and non-U.S. issuers (&#x201c;Credit Investments&#x201d;).&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt; Credit Investments include fixed-income securities, asset-backed securities &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;investments, loans, convertible securities, emerging market debt, distressed debt, and private credit. The fund may invest in high yield loans and investments (commonly referred to as junk bonds) that are rated below investment grade by Moody&#x2019;s Ratings, S&amp;amp;P Global Ratings or Fitch Ratings, Inc., or if unrated,&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;as determined by the manager to be below investment grade.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt; In the event that ratings services assign different ratings to the same &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;security, the fund's manager will use the highest rating as the credit rating for that security. There is no limit on the fund&#x2019;s average maturity and there is no limit on the maturities of the debt instruments in which the fund may invest. &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;The fund may invest in a diversified portfolio of bonds. These may include, but are not limited to, domestic and foreign (non-U.S.) corporate bonds, debentures and notes, mortgage-backed and asset-backed securities, U.S. government and agency securities, domestic and foreign government obligations, convertible securities, and preferred securities. &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;The fund may invest in asset-backed securities (ABS), which are interests in pools of debt securities, commercial or consumer loans, or other receivables. The categories of ABS in which the fund may invest include (without limitation) collateralized loan obligations, corporate asset-backed securities, securitized credit&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;instruments and significant risk transfer instruments.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;Underlying collateral pools of ABS may include (without limitation) commercial or consumer loans and receivables and esoteric credit. The fund may take long exposures to ABS indices (such as CMBX) through credit default swaps. &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;The types of loans in which the fund may invest include senior loans, performing loans and long-biased holdings of sub-investment grade senior and/or subordinated loans, including second liens and mezzanine debt, which are obligations of entities that are expected to maintain debt servicing obligations and may be unrated or with implied or imputed ratings,&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;determined by the manager to be below investment grade. The fund may invest in loans either by acquiring loans in secondary market transactions or by participating in syndicated loan originations. The fund may invest in loans secured by substantially all of the assets of the borrower and the other loan parties (subject to customary exceptions), including a pledge of the equity of the borrower and its subsidiaries. &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund may also invest in convertible securities which may include convertible bonds, convertible notes, convertible preference shares, exchangeable bonds (whereby the underlying security is different from the corresponding issuer), warrants and any other convertible or exchangeable instruments. Investments in convertible securities are not subject to the rating criteria with respect to non-convertible debt obligations. &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund may invest in distressed debt securities issued by both domestic and foreign private institutions and governments and in debt instruments of emerging-market issuers, which may include, debt issued by governments or government agencies, including the U.S. Treasury, U.S. and foreign corporate-debt instruments, mortgage- and asset-backed securities and collateralized mortgage obligations, and variable and floating-rate senior and subordinated corporate-debt obligations. &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund may invest in securities denominated in any currency, including in U.S. dollar-denominated securities of foreign issuers. The fund may also maintain long positions in equity or equity-related instruments following the reorganization, restructuring and/or insolvency of a loan obligor or as the result of conversion events in convertible securities.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund may use derivative instruments to enhance returns, for efficient portfolio management purposes, to gain investment exposure to Credit Investments, to provide downside protection and/or to dampen volatility. Any derivatives that provide exposure to the fund&#x2019;s investment focus or to one or more market risk factors associated with such investment focus are counted toward the fund&#x2019;s 80% investment policy. &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund may gain exposure to corporate and financial credits through credit default swaps and total return swaps, as well as gain exposure to corporate credit indices through credit default swaps, exchange traded funds and other instruments. &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund is non-diversified, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.&lt;/span&gt;</oef:StrategyNarrativeTextBlock>
    <fnd:NmRule35d1TermDfnSmryTextBlock
      contextRef="S000110542"
      id="c16b908d-97a3-4e96-8f5b-55e67660cd0d">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund is an ETF, which is a fund that trades like other publicly traded securities. The fund is not an index fund. The fund is actively managed and does not seek to replicate the performance of a specified index.&lt;/span&gt;</fnd:NmRule35d1TermDfnSmryTextBlock>
    <fnd:NmRule35d1EightyPctInvstmntPlcyTextBlock
      contextRef="S000110542"
      id="x_8df2792f-1630-4d79-8a3b-02ef64702659">&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit-related investments of U.S. and non-U.S. issuers (&#x201c;Credit Investments&#x201d;).&lt;/span&gt;</fnd:NmRule35d1EightyPctInvstmntPlcyTextBlock>
    <fnd:NmRule35d1TermSlctnCritSmryTextBlock
      contextRef="S000110542"
      id="f2b5b0c5-fe7a-4cca-9d07-662a7457436b">&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt; Credit Investments include fixed-income securities, asset-backed securities &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;investments, loans, convertible securities, emerging market debt, distressed debt, and private credit. The fund may invest in high yield loans and investments (commonly referred to as junk bonds) that are rated below investment grade by Moody&#x2019;s Ratings, S&amp;amp;P Global Ratings or Fitch Ratings, Inc., or if unrated,&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;as determined by the manager to be below investment grade.&lt;/span&gt;</fnd:NmRule35d1TermSlctnCritSmryTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_RiskNotInsuredDepositoryInstitutionMember"
      id="x_615d6455-3b17-4755-8f62-daf34bf5c16b">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_RiskLoseMoneyMember"
      id="e3e6cde7-8c64-4307-9815-57efcd85ce8d">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt; Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_ActiveTradingMarketRiskMember"
      id="x_79493f32-1006-4df3-8e0c-cfe816f54d49">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Active trading market risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Active trading markets for fund shares may not be developed or maintained by market makers or authorized participants. Market makers are not obligated to make a market in the fund's shares or to submit purchase or redemption orders for creation units. Decisions by market makers or authorized participants to reduce their role with respect to market making or creation/redemption activities in times of market stress could lead to wider bid-ask spreads and variances in the market of fund shares.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_AssetBackedSecuritiesRiskMember"
      id="x_75678282-b4aa-409a-b5b7-24dc1dd03f58">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Asset-backed securities (ABS) risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;ABS include interests in pools of debt securities, commercial or consumer loans, or other receivables. The value of these securities depends on many factors, including changes in interest rates, the availability of information concerning the pool and its structure, the credit quality of the underlying assets, the market&#x2019;s perception of the servicer of the pool, and any credit enhancement provided. In addition, ABS have prepayment risk. Prepayment of debt or loans will result in an unforeseen loss of interest income to the fund as the fund may be required to reinvest assets at a lower interest rate.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_AuthorizedParticipantConcentrationRiskMember"
      id="eb019784-0586-4cac-9123-695b40517747">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Authorized participant concentration risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;To the extent that authorized participants are unable or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized participant is able to create or redeem in their place, shares may trade at a discount to net asset &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;value (NAV) and may face delisting. To the extent that the fund&#x2019;s limited number of intermediaries that act as authorized participants exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant is able to create or redeem in their place, there may be a significantly diminished trading market for fund shares.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_CashTransactionsRiskMember"
      id="x_4497d9d2-a815-4a59-8fe2-4abf29a25322">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Cash transactions risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Under certain circumstances, the fund intends to effect some or all of its creation and redemption transactions using cash, rather than in-kind securities. As a result, an investment in the fund may be less tax-efficient than an investment in an ETF that effects all of its creation and redemption transactions in-kind. In order to obtain the cash needed to distribute redemption proceeds, the fund may be required to sell portfolio securities which may cause the fund to recognize capital gains or losses and incur higher brokerage costs. To the extent that the maximum additional charge for creation or redemption transactions is insufficient to cover these costs and expenses, the fund&#x2019;s NAV could be negatively impacted.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_ChangingDistributionLevelsRiskMember"
      id="f7164a46-5747-466d-b9f0-9984920eccc9">&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Changing distribution levels risk.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_CollateralizedloanobligationsriskMember"
      id="afc23b27-fe56-4cd7-8b9c-3683dc06b2e1">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Collateralized loan obligations risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund may invest in collateralized loan obligations (CLO). A CLO is an asset-backed security whose underlying collateral is a pool of loans. In addition to the normal risks associated with loan- and credit-related securities, investments in CLOs carry additional risks. Depending upon the default rate on the collateral of the CLO, the fund may incur substantial losses on its investments. Losses caused by defaults on underlying assets are borne first by the subordinate holders. The market value of CLOs will generally fluctuate with the financial condition of the obligors and the performance of CLOs may be adversely affected by macroeconomic conditions.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_ConvertibleSecuritiesRiskMember"
      id="x_12155e98-735a-493d-a69c-9fba23f75418">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Convertible securities risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_CreditAndCounterpartyRiskMember"
      id="x_54bf1487-f86d-4b9c-a230-071bcc403d4a">&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Credit and counterparty risk.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund&#x2019;s securities could affect the fund&#x2019;s performance.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_EconomicAndMarketEventsRiskMember"
      id="x_48c511c9-be41-48b0-b221-501f62f7170e">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Economic and market events risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_EquitySecuritiesRiskMember"
      id="b222b332-6e1e-4825-bb66-e4e574f7aa24">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Equity securities risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The price of equity securities may decline due to changes in a company&#x2019;s financial condition or overall market conditions.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_ETFTradingRiskMember"
      id="x_8de4e024-b6dd-4147-b898-5c7e43203299">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;ETF trading risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The market price of shares may include a bid-ask spread (the difference between the prices at which investors are willing to buy and sell shares), which may vary over time and may increase for various reasons, including decreased trading volume or reduced market liquidity.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_FixedIncomeSecuritiesRiskMember"
      id="x_5859a515-0948-4975-aeee-c7d5bbe71184">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Fixed-income securities risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security&#x2019;s credit quality may adversely affect fund performance.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_FloatingRateLoansRiskMember"
      id="x_9a3cd697-bcad-408e-8f36-d61a198a8034">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Floating rate loans risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.&lt;/span&gt;</oef:RiskTextBlock>
    <oef:RiskTextBlock
      contextRef="S000110542_ForeignSecuritiesRiskMember"
      id="x_6c86da93-c6ce-4922-8066-9f2fbdcbb8c2">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Foreign securities risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.&lt;/span&gt;</oef:RiskTextBlock>
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      id="x_5939ea2e-7c99-4762-8802-f0295b6daa80">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Hedging, derivatives, and other strategic transactions risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Hedging, derivatives, and other strategic transactions may increase a fund&#x2019;s volatility and could produce disproportionate losses, potentially more than the fund&#x2019;s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, credit linked notes, futures contracts, options, interest rate swaps, reverse repurchase agreements, and total return swaps. Futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value (NAV) per share.&lt;/span&gt;</oef:RiskTextBlock>
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      id="ebeefdf2-9498-43b0-80c0-a7ca124375ff">&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Inflation/Deflation risk.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. As inflation increases, the real value of the shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the fund may increase, which would tend to further reduce returns to the holders of &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;shares. Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the fund&#x2019;s portfolio.&lt;/span&gt;</oef:RiskTextBlock>
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      id="a3fb203b-e161-4b9c-8341-12abb29f0ae7">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Interest-rate risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.&lt;/span&gt;</oef:RiskTextBlock>
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      id="f7614eef-3f65-4595-91d9-3a9f06dbe0d2">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Lending risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;The fund may purchase assignments of or participations in loans made to various issuers, including distressed loans. Such investments may include senior secured, junior secured and mezzanine loans and other secured and unsecured debt that has been recently originated or that trade on the secondary market. The value of the fund&#x2019;s investments in loans may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan. In the event of any litigation associated with the fund needing to collect on a defaulted loan, such litigation may consume substantial amounts of the Advisor&#x2019;s and the subadvisor&#x2019;s time and attention, and that time and the devotion of these resources to litigation may, at times, be disproportionate to the amounts at stake in the litigation. Senior loans are considered predominantly speculative with respect to an issuer&#x2019;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these instruments and reduce the fund&#x2019;s ability to sell these instruments at an advantageous time or price. An economic downturn would generally lead to a higher non-payment rate and a senior loan may lose significant value before a default occurs.&lt;/span&gt;</oef:RiskTextBlock>
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      id="daecefd0-d7d9-441f-9b7f-920ffa47df75">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Lower-rated and high-yield fixed-income securities risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.&lt;/span&gt;</oef:RiskTextBlock>
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      id="x_8b8adc9e-d12a-4d5d-8760-2884805d6412">&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Management risk.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;The fund is subject to management risk because it relies on the subadvisor&#x2019;s ability to pursue the fund&#x2019;s investment objective, subject to the oversight of the Advisor and the Board of Trustees.&lt;/span&gt;</oef:RiskTextBlock>
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      id="ac13a208-4089-4e90-b7e9-e5e24e610dd6">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Mortgage-backed securities risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Mortgage-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.&lt;/span&gt;</oef:RiskTextBlock>
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      id="x_5e2f435e-7389-41d3-ab10-8b8026c68911">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Non-diversified risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.&lt;/span&gt;</oef:RiskTextBlock>
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      id="a6013058-f588-4aff-9b17-e4bd5f0e9409">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Operational and cybersecurity risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund&#x2019;s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.&lt;/span&gt;</oef:RiskTextBlock>
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      id="f372081e-4c96-4ae4-b704-43e98c7d9a87">&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Premium/discount risk.&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="font-family:Arial Narrow;font-size:9pt;"&gt;The NAV of the fund and the value of your investment will fluctuate. Disruptions to creations and redemptions or the market price of the fund&#x2019;s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may result in shares trading at a significant premium or discount to NAV and/or in a reduced liquidity of your investment. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Given the nature of the relevant markets for certain of the fund&#x2019;s securities, shares may trade at a larger premium or discount to the NAV than shares of other ETFs. In addition, in stressed market conditions, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund&#x2019;s underlying portfolio holdings. While the creation/redemption feature is designed to make it more likely that the fund's shares normally will trade on stock exchanges at prices close to the fund&#x2019;s next calculated NAV, exchange prices are not expected to correlate exactly with the fund&#x2019;s NAV due to timing reasons, supply and demand imbalances and other factors.&lt;/span&gt;</oef:RiskTextBlock>
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      id="x_49d8544c-8b13-499a-859d-13bc0870549a">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;"&gt;Trading issues risk.&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"&gt;&#x2009;&lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Trading in shares on NYSE Arca, Inc. (NYSE Arca) may be halted in certain circumstances. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of the fund will continue to be met.&lt;/span&gt;</oef:RiskTextBlock>
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      id="x_56d85f6e-487c-4eed-81cf-82559cddb54a">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"&gt;Past performance&lt;/span&gt;</oef:BarChartAndPerformanceTableHeading>
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      id="x_73cd02de-a662-439d-985d-1e0c2cfafe92">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;This section normally shows how the fund&#x2019;s total returns have varied from year to year, along with a broad-based securities market index for reference. &lt;/span&gt;&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Because the fund had not commenced operations as of the date of this prospectus, there is no past performance to report.&lt;/span&gt;</oef:PerformanceNarrativeTextBlock>
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      id="ddf2e785-75d8-4ef5-bc9c-44b365bf7bd5">&lt;span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"&gt;Because the fund had not commenced operations as of the date of this prospectus, there is no past performance to report.&lt;/span&gt;</oef:PerformanceOneYearOrLess>
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        <link:footnote id="x_00060i_97f0de25-fdc5-4f78-8097-ba2d4442302b" xlink:label="x_00060i_97f0de25-fdc5-4f78-8097-ba2d4442302b" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">&#x201c;Other expenses&#x201d; have been estimated for the fund&#x2019;s first year of operations.</xhtml:span></link:footnote>
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        <link:footnote id="x_00060j_97f0de25-fdc5-4f78-8097-ba2d4442302b" xlink:label="x_00060j_97f0de25-fdc5-4f78-8097-ba2d4442302b" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family:Arial Narrow;font-size:8pt;">The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.39% of average daily net assets. Expenses means all the expenses of the fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund&#x2019;s business, (e) borrowing costs, (f) prime brokerage fees, (g) acquired fund fees and expenses paid indirectly, (h) short dividend expense, and (i) contingent tax reclaim recovery expenses. This agreement expires on </xhtml:span><xhtml:span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2028</xhtml:span><xhtml:span style="font-family:Arial Narrow;font-size:8pt;">, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.</xhtml:span></link:footnote>
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