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The investment objective of the Fund is to track the equity market performance of large US companies that have historically exhibited low volatility characteristics. The Fund seeks to track the performance of the S&P 500 Low Volatility Index as closely as possible. The Index measures the performance of the 100 least volatile stocks within the S&P 500 Index. The Fund invests primarily in securities included in the Index, which include US large-cap stocks, and uses a replication strategy to hold the securities with approximate weightings as in the Index.

The investment objective of the Fund is to track the equity market performance of large US stocks that have historically exhibited low volatility characteristics. The Fund seeks to track the performance of the S&P 500 Low Volatility Index as closely as possible. The Index measures the performance of the 100 least volatile stocks within the S&P 500 Index. The Fund invests primarily in securities included in the Index and uses a replication strategy to create a near mirror-image of the Index, with the approximate weightings of the Index. The Fund may use financial derivative instruments to manage the portfolio efficiently.