The Fund is passively managed and seeks to track performance of the MSCI USA 100% hedged to EUR Index. The Index is designed to measure the performance of mid and large capitalisation companies which are listed on markets in the US whereupon the impact of currency fluctuations between any foreign currency to the Index currency is reduced by selling foreign currency forwards at one month forward rate. The Fund will seek to hold all of the shares of the Index, in the same proportions as the Index, so that essentially the portfolio of the Fund will be a near mirror image of the Index.