The Fund is a passively managed Exchange-Traded Fund (ETF), which aims to track the Net Total Return performance of the MSCI Europe Index (the Index), less fees, expenses and transaction costs. The Index provides a representation of 16 Developed Markets (DM) countries in Europe by targeting all companies with a market capitalisation within the top 84% of each country. 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 16 Developed Markets (DM) countries.