The investment objective of the fund is to reflect the price return of US large cap equities represented by the S&P 500 Index (the "Index") subject to an approximate cap on positive performance of the Index above a certain level (the “Upside Cap”) whilst seeking to maximise protection against negative performance of the Index below a certain level (the “Approximate Buffer”) when Shares are held from the beginning to the end of a specified 12-month outcome period (the “Outcome Period”).