The investment objective of the Fund is to seek to provide investors with a total return, taking into account both capital and income returns, which reflects the return of the MSCI World Value ESG Reduced Carbon Target Select Index. In order to achieve this investment objective, the investment policy of the Fund is to invest in a portfolio of equity securities that as far as possible and practicable consists of the component securities of the MSCI World Value Advanced Select Index, the Fund’s Benchmark Index.