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 shares of large and medium capitalisation companies in global emerging markets, excluding China. In order to seek to achieve the investment objective, the Fund will adopt a Direct Investment Policy and will aim to replicate or track, before fees and expenses, the performance of the MSCI Emerging Markets ex China Index (the “Reference Index”), by holding a portfolio of equity securities that comprises all, or a substantial number of, the securities comprised in the Reference Index (the “Underlying Securities”).