The investment objective of the Fund is to track the price and the performance, before fees and expenses, of an index that provides exposure to a portfolio of equities listed on a stock exchange in the United States (the US). In order to seek to achieve its investment objective, the Fund will adopt a "passive management" investment strategy and will seek to employ a tracking methodology, meaning as far as possible and practicable, it will invest in the equity securities of companies in proportion to the weightings comprising the S&P 500 Index (the Index).