The objective of the Fund is to track the performance of European smaller companies. The Fund seeks to track the performance of the MSCI Europe Small Cap Index (the Index) as closely as possible. The Fund invests primarily in securities included in the Index. These securities include equity securities issued by smaller-sized companies from developped markets within Europe. In seeking to track the performance of the Index the Fund will use an optimisation strategy to build a representative portfolio which should reflect the performance of the Index. Consequently, the Fund will typically hold only a subset of the securities included in the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.