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 Wide Moat Focus IndexTM (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 40 of the top equity securities in the Morningstar US Market Index (the Parent Index).