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The investment objective of the Fund is to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the performance of the iBoxx Global Developed Markets Liquid High Yield Capped Index, the Fund’s benchmark index. The Fund is passively managed and seeks to invest, as far as possible and practicable, in the fixed income securities that make up the Index and comply with its credit rating requirements. The Index measures the performance of the global Developed Markets corporate high yield debt market. It is market-capitalisation weighted, with a 3% issuer cap, and includes sub-investment-grade corporate bonds denominated in US Dollar, Euro, Sterling and Canadian Dollar. Bonds must have a minimum maturity of one year and be rated by at least one of Fitch Ratings, Moody’s Investors Service or Standard & Poor’s Ratings Services. The Fund may use optimising techniques, financial derivative instruments and short-term secured lending to help achieve a return similar to that of the Index.

The investment objective of the Fund is to achieve a return on your investment, through a combination of capital growth and income, which reflects the performance of the iBoxx Global Developed Markets Liquid High Yield Capped Index, less fees and expenses. The Fund is passively managed and seeks to invest, as far as possible and practicable, in fixed income securities, such as bonds, that make up the Index and meet its credit rating requirements. The Index measures the performance of the global developed corporate high yield debt market and is market-capitalisation weighted, with a 3% issuer cap. It includes sub-investment-grade corporate bonds denominated in US Dollar, Euro, Sterling and Canadian Dollar, with maturities of between one and 15 years and rated by at least one of Fitch Ratings, Moody’s Investors Service or Standard & Poor’s Rating Services. The Fund may use optimising techniques, financial derivative instruments and securities lending to achieve a similar return to the Index.