FPEI may also hold hybrid capital securities, contingent capital securities, U.S. and non-U.S. corporate bonds and convertible securities.

Related: 10 Hugely Popular ETF Plays in July

The management team will select those securities representing the best relative value in the market, combining a bottom-up and top-down approach to security selection based on credit fundamentals, relative value and technical aspects of the securities, which may include interest rate sensitivity, call features, maturities, trading volumes, liquidity and pricing inefficiencies.

The management team will also focus on individual security analysis, idiosyncratic risks, credit fundamentals, opportunistic trading, industry analysis, duration and interest rate analysis, capital structure positioning and systemic risks.

For more information on new fund products, visit our new ETFs category.