The investment objective of the Fund is to track the performance before fees and expenses of an index which is designed to reflect the performance of the large-cap segment of the US equity market. In order to achieve the investment objective, the Fund will adopt an Indirect Investment Policy and will aim to replicate or track, before fees and expenses, the performance of the S&P 500 Index (the Reference Index) by investing in transferable securities (the Invested Assets) and use index swap agreements (a Swap(s)) negotiated at arms length with the Swap Counterparty, all in accordance with the investment restrictions.