BNY Mellon Efficient U.S. Fallen Angels Beta Fund GBP W Inc Hedged

OBJECTIVE To generate a return in excess of the benchmark detailed below with similar levels of volatility over the medium to long-term before fees and expenses, whilst taking environmental, social and governance ("ESG") factors into account. POLICY The Fund will: – invest the majority of its Net Asset Value ("NAV") in Fallen Angels included in the benchmark. Fallen Angels are defined as subinvestment grade bonds and similar debt securities (rated Ba1/BB +/BB+ or below by Standard & Poor's, Moody's Investor Services, Fitch Ratings or an equivalent recognised rating agency) that were previously rated as investment grade; – invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income; and – invest globally with no particular industry or sector focus. The Fund may: – invest in fixed rate corporate and government bonds and similar debt securities; – invest in bonds and similar debt securities not included in the benchmark but are expected to be included in the future; – invest up to 10% of its NAV in aggregate in collective investment schemes including open-ended exchange traded funds (ETFs); – invest up to 10% of its NAV in aggregate in transferable securities which are not admitted to or dealt in on an Eligible Market; and – hold high levels of cash and liquid near cash assets to protect the value of the Fund. Benchmark: The Fund will measure its performance against Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (the "Benchmark"). The Investment Manager will use the Benchmark to construct the investment universe. The Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark where the relevant security meets the requirements of and is expected to be included in the Benchmark in the future. The majority of the Fund's holdings will be constituents of the Benchmark and as a result the Fund will be similar in its currency, duration as well as sector exposures and credit quality profile, subject to investment constraints. However the Investment Manager will not seek to reflect the Benchmark's maturity profile. The investment strategy provides similar volatility to the Benchmark over the medium to long-term. OTHER INFORMATION Share Class Hedging: The Fund's base currency is USD whereas this share class currency is GBP. In order to reduce the risk of exchange rate movements between the share class currency and the base currency, a hedging strategy is used, although its outcome is not guaranteed. Treatment of income: income from investments will be paid to shareholders quarterly on or before 11 February,11 May,11 August and 11 November.