The fund aims to provide the performance of the ICE BofAML 0-5 Year Euro Developed Markets High Yield 2% Constrained Index (the Reference Index). The fund invests a substantial portion of its assets in a diversified portfolio of EUR denominated fixed income instruments and securities (which are loans that pay a fixed or variable rate of interest) and EUR currency positions that as far as possible and practicable consist of the component securities of the Reference Index. The fund will invest in non-investment grade securities. These are generally considered to be riskier investments but may pay a higher income.