The fund is an exchange traded fund (ETF) that aims to track the performance of the Markit iBoxx Global Developed Markets Liquid High Yield Capped (GBP Hedged) index as closely as possible. The ETF invests in physical index securities which are hedged on a monthly basis to the base currency of the fund. Markit iBoxx Global Developed Markets Liquid High Yield Capped (GBP Hedged) index is designed to provide a balanced representation of the global developed high yield corporate market by the means of the most liquid high yield corporate bonds available, while maintaining a focus on UCITS eligibility.