# Risk and reward profile
Lower Risk	Higher Risk
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| 1 | 2 | 3 | 4 | 5 | 6 | 7 |

Lower Reward	Higher Reward
The risk indicator was calculated using historic fund returns and may not be a reliable indicator of the risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean your investment is ‘risk free’.
The Fund is rated 4 because of the medium level of risk due to the nature of its investments in debt instruments. The following risk factors may give rise to performance volatility and may expose the Fund to losses: (i) the value of the Fund will rise as bond yields generally fall but will fall in the event that bond yields generally rise; (ii) changes in the perceived credit worthiness of bond issuers will contribute to performance volatility. A fall in credit worthiness will generally lead to a fall in the value of the Fund and vice versa; and (iii) currency movements may give rise to changes in the value of the share class, especially as emerging market currencies move up and down versus the Swiss Franc.
Shares can normally be bought and sold on any business day, being a day on which banks are open for business in Ireland, the UK and the US.
The impact of portfolio transaction charges is likely to be material due to the strategy adopted by the Fund. Such costs are paid from the assets of the Fund in addition to the ongoing charges set out below.
Your shares are denominated in Swiss Francs. Typically, hard currency assets held by the Fund will be hedged to Swiss Francs, whilst local currency emerging market assets will typically be unhedged.
The Fund is actively managed with reference to the 70% J. P. Morgan EMBI Global Diversified Bond Index (currency hedged to the Swiss Franc) / 30% JPM GBI-EM Global Diversified (Unhedged) (the “Index”). The Index is used
(i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of the market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
For more information about the investment policy of the Fund, please see the section of the prospectus titled “Investment Objectives and Policies”.
Material risks not adequately captured by the risk indicator include:
Counterparty risk: The insolvency of any institutions providing services such as custody or acting as counterparty to any transaction may expose the Fund to financial loss, including counterparties to derivatives and foreign exchange trades.
Credit risk: An issuer may fail to repay income or capital in full, leading to a financial loss for the Fund.
Liquidity risk: There may be some circumstances in which the ability to sell certain assets at little cost will be impaired.
Derivative Risk: Gains and losses from the use of derivatives may be greater than where the underlying investment is purchased directly by the Fund.
Operational Risk: There may be risks associated with the safekeeping of the assets by the Depositary and sub-custodians.
For more information about risks please see the section of the prospectus titled “Risk Warnings”.
Payden & Rygel Global Limited, the investment manager of the Fund, is authorised and regulated by the UK Financial Conduct Authority.

Translation (ENES, 2022-02-21):
# Perfil de riesgo y remuneración
## Menor riesgo	Mayor riesgo
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| 1 | 2 | 3 | 4 | 5 | 6 | 7 |


## Menor remuneración	Mayor remuneración
Este indicador de riesgo se ha calculado usando datos de rendimiento históricos del fondo y puede no ser un indicador fiable del perfil de riesgo del Fondo.
La categoría de riesgo mostrada no está garantizada y puede variar con el paso del tiempo. La categoría más baja no significa que su inversión esté exenta de riesgos.
El Fondo es de categoría 4 debido a la naturaleza del riesgo de nivel medio de sus inversiones en instrumentos de deuda. Los siguientes factores de riesgo pueden generar volatilidad en la rentabilidad y pueden exponer al Fondo a pérdidas: (i) el valor del Fondo aumentará a medida que la rentabilidad de los bonos disminuya en general, pero disminuirá en caso de que la rentabilidad de los bonos aumente en general; (ii) los cambios en la percepción de la solvencia crediticia de los emisores de bonos contribuirán a la volatilidad de la rentabilidad. Un 
descenso en la solvencia crediticia conllevará normalmente la caída del valor del Fondo y viceversa; y (iii) las fluctuaciones monetarias pueden dar lugar a cambios en el valor de la clase de acciones, en especial en caso de que las divisas de los mercados emergentes se revaloricen o se deprecien en relación con el franco suizo.
Los riesgos materiales no adecuadamente captados por el indicador de riesgo incluyen:
Riesgo de contraparte: La insolvencia de cualquier entidad que preste servicios como custodio o que actúe como contraparte en cualquier transacción puede exponer al Fondo a pérdidas financieras, incluyendo las contrapartes en derivados y operaciones de divisas.
Riesgo de crédito: Un emisor puede no reembolsar la totalidad de los ingresos o del capital, conllevando una pérdida financiera para el Fondo.
Riesgo de liquidez: Se pueden dar algunas circunstancias en las cuales la capacidad de vender determinados activos a bajo coste se vea afectada.
Riesgo de derivados: Las pérdidas y ganancias derivadas del uso de derivados pueden ser mayores que cuando la inversión subyacente es adquirida directamente por el Fondo.
Riesgo operativo: Puede haber riesgos asociados con la custodia de los activos por parte del Depositario y los sub-custodios.
Para más información sobre riesgos, consulte la sección del folleto titulada "Advertencias sobre riesgos".
Payden & Rygel Global Limited, el gestor de inversiones del Fondo, está autorizado y regulado por la Autoridad de Conducta Financiera del Reino Unido.