The investment objective of the Fund is to replicate the performance of the MSCI EM Latin America Index (the “Index”), while minimizing as far as possible the tracking error between the Fund’s performance and that of the Index. The Index is a market-capitalisation weighted index designed to measure the performance of the largest publicly listed companies in Brazil, Chile, Colombia, Mexico and Peru, as defined by the Index Provider. The markets in which the issuers are based are considered to be emerging markets and accordingly are subject to the specific risk factors. In seeking to achieve its investment objective, the Fund will aim to invest in the constituents of the Index in generally the same proportions in which they are included in the Index.