The objective of the Fund is to provide investors with investment results which, before expenses, would correspond to the price and yield performance of the FTSE Time-Weighted US Fallen Angel Bond Select Index (Total Return) (the Index) by investing in a representative sample of the constituents of the Index. The Index measures the performance of US fallen angels i.e., US$ corporate bonds which were (i) previously rated investment-grade (higher quality) and subsequently downgraded to high-yield (lower quality); or (ii) previously rated high-yield, subsequently rated investment-grade and then downgraded again to high yield.