Take the quotes of PIMCO Income Fund (PINEEHA ID) for example:

• Yield to maturity:

Circumstance 1: When the note matures, the fund price is higher than the initial price = The principal will be recovered at the principal guarantee rate + The upside return will be calculated at the participation rate
Circumstance 2: When the note matures, the fund price is lower than the initial price = The principal will be recovered at the principal guarantee rate