In order to seek to achieve its investment objective, the Manager will normally use a replication strategy by investing directly in the underlying equity securities of Morningstar US Small-Mid Cap Moat Focus Index (the Index) being the equity stocks, American depository receipts (ADRs), and global depository receipts (GDRs) that consists of the component securities of the Index. The Index is designed to provide exposure to at least 75 of the top U.S. small- and mid-cap equity securities in the Morningstar US Small-Mid Cap Index (the Parent Index).