INTERMEDIATE MUNICIPAL INCOME ETF

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in investment-grade municipal securities or derivatives that are linked to or provides investment exposure to the municipal market. Investment-grade means securities that are rated in one of the four highest rating categories assigned by a major credit rating agency or, if unrated, deemed by the adviser to be of comparable quality. The fund may invest in below investment-grade instruments, such holdings are commonly referred to as “junk”.