# What is this product?
## Type

## This is an open ended UCITS fund.

## Term

## There is no maturity date of the fund.

## Investment objective
The fund aims to provide an absolute return after fees have been deducted by investing in bonds. Absolute return means the fund seeks to provide a positive return over a 12 month period in all market conditions, but this cannot be guaranteed and your capital is at risk.
The fund is actively managed and invests at least two-thirds of its assets in bonds and related instruments issued by governments, government agencies, supra-nationals and companies worldwide in various currencies.
The fund may also invest more than 50% of its assets in bonds that have a sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). These are known as sub-investment grade bonds. The fund may invest up to 40% of its assets in asset-backed securities and mortgage-backed securities. The fund may invest up to 10% of its assets in contingent convertible bonds.
The fund may invest in asset-backed securities and mortgage-backed securities issued worldwide with an investment grade or sub-investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies). Underlying assets may include credit card receivables, personal loans, auto loans, small business loans, leases, commercial mortgages and residential mortgages.
The fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, investment funds, warrants and money market investments, and hold cash (subject to the restrictions provided in the prospectus).

## The fund may use leverage and take short positions.

## The fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the fund more efficiently.

## The fund is valued with reference to the net asset value of the underlying assets.
Benchmark: The fund's performance should be assessed against its objective of providing a positive return over a 12-month period in all market conditions and compared against the Euro Short Term Rate. The comparator benchmark is only included for performance comparison purposes and does not determine how the investment manager invests the fund's assets.
The target benchmark has been selected because the target return of the fund is to deliver the return of that benchmark as stated in the investment objective. The comparator benchmark has been selected because the investment manager believes that the benchmark is a suitable comparison for performance purposes given the fund's investment objective and policy.

## Dealing Frequency: You may redeem your investment upon demand. This fund deals daily.

## Distribution Policy: This share class accumulates income received from the fund's investments, meaning it is kept in the fund and its value is reflected in the price of the share class.

## Depositary: J.P. Morgan SE

## Intended retail investor
The fund is intended for retail investors (i) with basic investment knowledge; (ii) who understand the basics of buying and selling shares in stock market listed companies and the way these shares are valued; (iii) who can accept large short-term losses; and (iv) wanting growth over [the longer term] but with easy access to their cash. This investment should form part of a varied investment portfolio. This product is suitable for general sale to retail and professional investors through all distribution channels with or without professional advice.

Translation (ENES, 2023-01-01):
# ¿Qué es este producto?
## Tipo

## Se trata de un fondo OICVM abierto.

## Plazo

## No hay fecha de vencimiento del fondo.

## Objetivo de inversión
El objetivo del fondo es ofrecer una rentabilidad absoluta, una vez deducidas las comisiones, mediante la inversión en bonos. Rentabilidad absoluta quiere decir que el objetivo del fondo es ofrecer una rentabilidad positiva en un periodo de 12 meses en cualquier condición de mercado; no obstante, no existe ninguna garantía al respecto y su capital está expuesto al riesgo.
El fondo, que se gestiona de forma activa, invierte como mínimo dos terceras partes de sus activos en bonos e instrumentos relacionados emitidos por Gobiernos, organismos públicos, entidades supranacionales y empresas de todo el mundo en diversas divisas.
El fondo también podrá invertir más del 50% de sus activos en bonos con una calificación crediticia por debajo del grado de inversión (según Standard & Poor's u otra calificación equivalente de otras agencias de calificación crediticia). Estos se denominan bonos especulativos. El fondo podrá invertir hasta el 40% de sus activos en valores respaldados por activos y valores respaldados por hipotecas. El fondo podrá invertir hasta el 10% de sus activos en bonos convertibles contingentes.
El fondo podrá invertir en valores respaldados por activos y valores respaldados por hipotecas emitidos en todo el mundo con una calificación crediticia igual o inferior a grado de inversión (según Standard & Poor's u otra calificación equivalente de otras agencias de calificación crediticia). Los activos subyacentes podrán incluir cuentas por cobrar por tarjetas de créditos, préstamos personales, préstamos para la compra de automóviles, préstamos a pequeñas empresas, arrendamientos financieros, hipotecas comerciales e hipotecas residenciales.
El fondo también podrá invertir hasta una tercera parte de sus activos, directa o indirectamente, en otros valores (incluidas otras clases de activos), países, regiones, sectores o divisas, fondos de inversión, warrants e inversiones del mercado monetario, y mantener efectivo (con sujeción a las restricciones incluidas en el folleto).