The Fund’s investment objective is to track, before fees and expenses, the price and yield performance of the MVIS Global Junior Gold Miners Index (the Index). 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 the Index, being the stock, ADRs and GDRs issued by gold and silver small market capitalisation mining companies. In so doing, the Fund may invest up to 20% of its Net Asset Value in securities issued by the same body. This limit may be raised to 35% for a single issuer when exceptional market conditions apply which may include the dominance of a particular issuer in the relevant market. Where it is not practical or cost efficient for the Fund to fully replicate its Index, the Manager may utilise an optimised sampling methodology..