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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.

The investment objective of the Fund is to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the S&P 500 GBP Hedged Index, the Fund’s benchmark index. The Index provides a return on the S&P 500, which measures the performance of large-cap stocks in the US market. Stocks are included in the Index based on a free-float market capitalisation-weighted basis. The Index also uses one-month foreign exchange forward contracts to hedge each non-Sterling currency in the Index back to Sterling. The Fund is passively managed and aims to invest in the stocks that make up the S&P 500, as well as foreign exchange forward contracts that track the Index’s hedging methodology. The Fund intends to replicate the Index by holding the stocks that make up the Index in similar proportions to it. The Fund may use financial derivative instruments to produce a similar return to the Index and may engage in short-term secured lending of its investments to generate additional income. The Fund’s base currency is Sterling and shares are accumulating.