The investment objective of the Fund is to reflect the performance before fees and expenses of an index which is designed to reflect the performance of the shares of certain large and medium capitalisation companies in the USA. Investment Policy In order to achieve the investment objective, the Fund will adopt an Indirect Investment Policy and will aim to replicate or track, before fees and expenses, the performance of the MSCI USA Index (the “Reference Index”) by investing in transferable securities (the "Invested Assets") and use index swap agreements (a "Swap(s)") negotiated at arm’s length with the Swap Counterparty, all in accordance with the investment restrictions.