AHHX

The Adaptive High Income ETF operates as an actively managed fund, meaning its investment decisions are made independently rather than by tracking or attempting to replicate the performance of a specific market index. The portfolio predominantly focuses on a diverse range of debt instruments, spanning both domestic and international fixed-income markets. These holdings primarily consist of various bonds, including corporate debt and government-issued securities. A defining characteristic of this fund is its significant allocation to higher-risk, higher-potential-return assets: typically, at least 40% of its total assets, and often exceeding 80%, will be invested in securities rated below investment grade at the point of acquisition.