The Fund seeks to track the price and yield performance of the iBoxx Contingent Convertible Liquid Developed Europe AT1 Index (the Index) which is designed to reflect the performance of the Additional Tier 1 (AT1) CoCos denominated in EUR, USD and GBP issued by financial institutions from European developed markets. CoCos are a form of hybrid debt security that are intended to either convert into equity or have their principal partially or completely written off or written off with the option of revaluation under certain circumstances.