The Fund is a passively managed ETF, which aims to track the Total Return performance of the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, less fees, expenses and transaction costs. To achieve the investment objective the Fund will, as far as possible and practicable, hold all the securities in the Index in their respective weightings. The Index aims to measure the performance of USD-denominated contingent convertible bonds issued by banks from developed countries worldwide.