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The investment objective of the Fund is to achieve the net total return performance of the S&P 500 Index, less fees, expenses and transaction costs. The S&P 500 Index focuses on the large-cap segment of the US market and includes 500 US stocks with a market capitalisation greater than US$5 billion that are listed on the NYSE or one of the NASDAQ exchanges. Index constituents are selected by the index committee using a series of rules as guidelines, and the Index is rebalanced monthly. The Fund uses unfunded swaps to exchange the performance of a basket of equities and equity-related securities for the performance of the Index.

The Fund is a passively managed Exchange-Traded Fund ("ETF''), which aims to achieve the net total return performance of the S&P 500 Index (the “Index”) , less fees, expenses and transaction costs.