PIM AEOLDCBDETF

The Fund will seek to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in an actively managed diversified portfolio of Euro denominated investment grade corporate fixed income instruments. The fund is considered to be actively managed in reference to ICE BofA Euro Corporate Bond 1-5 Year Index (the Index) by virtue of the fact that it seeks to outperform the Index and the Index is used for calculating the global exposure of the fund using the relative VaR methodology, duration measurment and for performance comparison purposes.