GTO joins the global unconstrained bond fund market with its take on this space. Like its peers, GTO is actively managed and has broad capabilities in terms of investment strategy and investable securities. These securities include US and non-US sovereign debt, municipal bonds, MBS securities, OTC derivatives, other ETFs, junk bonds, and bank loans. The fund has broad latitude with respect to currency exposure, and up to a third of the fund may be in high yield securities. GTO makes no reference to a specific benchmark with respect to performance, duration or sector bounds. Due to the fund`s active nature and opaque methodologies, the decision to invest depends heavily on confidence in the management team.