Description

The fund provides exposure to high-yield corporate bonds denominated in US dollars. The index, which is weighted by market value and capped at 3% per issuer, is designed to represent what are perceived to be the most liquid high-yield corporate bonds available. The fund selects plain vanilla bonds and excludes convertible and preferred shares or bonds with other equity features attached. If it is not possible or practical to hold all the constituent securities, the fund may utilize a representative sampling approach in which securities are chosen to provide the same investment characteristics as the index. The index is rebalanced monthly.