The investment seeks total return.
The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in floating-rate securities, including but not limited to, investment grade corporate bonds, bank loans, high yield bonds, non-agency mortgage-backed securities, asset-backed securities, securities issued or guaranteed by the U.S. government, municipal bonds, securities of foreign issuers in both developed and emerging markets, and may include derivatives instruments that attempt to achieve a floating rate of income for the fund when they are combined with a group of fixed-rate securities.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVISä US Treasury-Hedged High Yield Bond Index (the "Treasury-Hedged High Yield Bond Index").
The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index was designed to provide exposure to below investment grade corporate bonds, denominated in U.S. dollars, and, through the use of U.S. Treasury notes, to hedge against rising interest rates.