The objective of the Fund is to seek to track the equity market performance of the US market. The Fund is to seek to track the performance of the MSCI USA Index (Net Total Return) as closely as possible, while seeking to minimise as far as possible the difference in performance between the Fund and the Index.. In order to seek to achieve this investment objective, the Investment Manager, on behalf of the Fund, will invest, using the Replication Strategy, primarily in the securities of the Index in the approximate weightings of the Index subject to the Investment Restrictions.