The investment objective of the Fund is to track the performance before fees and expenses of an index which is designed to reflect the performance of the shares of large and medium capitalisation companies across global developed and emerging markets, excluding the United States. Investment Policy In order to seek to achieve the investment objective, the Fund will adopt a Direct Investment Policy and will aim to replicate or track before fees and expenses, the performance of the FTSE All-World ex US Index (the “Reference Index”), by holding a portfolio of equity securities that comprises all, or a representation of the securities comprised in the Reference Index or unrelated transferable securities being equity securities which would typically be similar to the securities comprised in the Reference Index (the “Underlying Securities”).