The fund is actively managed and seeks to provide global exposure using a wide variety of fixed income securities issued by government and corporate entities. Besides the usual fixed income securities, asset-backed securities, preferred shares, and floating rate debt securities may also be eligible for inclusion. The fund can also invest in both investment-grade and high-yield segments. MUB targets positive returns over a market cycle and is not managed against a specific broad market index. It aims to achieve this by using a credit-driven, value investment style to select securities across various fixed-income credit ratings, duration, structures, sectors, currencies, and countries. Derivative instruments may be used to reduce overall volatility with a focus on mitigating downside risk.