The investment objective of the Fund is to track the performance of European equities with a higher weighting applied to equities exhibiting low valuation characteristics. The Fund seeks to track the performance of the MSCI Europe Value Exposure Select Index (the Index) as closely as possible. Securities include large and mid-sized European companies that exhibit relatively higher value exposure within the parent index, the MSCI Europe Index, while also seeking to avoid poor quality companies, as measured by their fundamental accounting data including Return on Equity, Debt to Equity and Earnings Variability.