The Fund is a passively managed Exchange-Traded Fund (ETF), which aims to track the Net Total Return performance of the MSCI Europe ex-UK Index (the Index), less fees, expenses and transaction costs. The Fund does this through the use of unfunded swaps. The Index is designed to measure the performance of the large and mid cap segments across the developed markets countries in Europe excluding the United Kingdom. Currently with 335 constituents, the Index covers about 85% of the free float-adjusted market capitalisation across the European Developed Markets equity universe.