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The aim is for your investment to reflect the performance of the STOXX { {®}} Europe 600 Telecommunications Index (Index) which is designed to provide the performance of shares of leading telecommunications companies in Western Europe. The Index includes fixed line and mobile telecommunications companies. A company’s weighting in the Index depends on its relative size but the largest and second largest company cannot exceed 30% and 15% respectively of the Index at each quarterly review date. The Index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. To achieve the aim, the Fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the Index. No dividends will be paid on your shares. You may redeem your shares on demand on a daily basis.