The investment objective of the Fund is to replicate the performance of the MSCI Japan Index (the “Index”), while minimising as far as possible the tracking error between the Fund’s performance and that of the Index. The Index is a free float adjusted market-capitalisation index designed to measure large and mid cap Japanese equity market performance the securities of which are currently listed on Japanese exchanges. It is feasible, however, that additional stocks may be added to the Index in the future which are listed on other Recognised Markets. In seeking to achieve its investment objective, the Fund will aim to invest in securities included in the Index in the same proportions in which they are included in the Index.