The investment objective of the Fund is to track the performance of global developed market equities with a higher weighting applied to equities exhibiting low valuation characteristics. The Fund seeks to track the performance of the MSCI World Value Exposure Select Index (the Index) as closely as possible. Securities include stocks that exhibit relatively higher value exposure within the MSCI World Index while also seeking to avoid poor quality companies. The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index.