The investment seeks to track the performance of the FTSE All-World ex UK index. The fund does not intend to make dividend payments. The Index comprises Large and Mid Cap stocks providing coverage of developed and emerging markets worldwide excluding the UK. The Index is derived from the FTSE Global Equity Index Series (GEIS) as the overall index universe, which covers 98% of the world’s investable market capitalisation.
The fund invests in transferable securities and/or use derivative techniques such as index swap agreements negotiated at arm’s length with the Swap Counterparty (the "OTC Swap Transaction"), all in accordance with the Investment Restrictions. It invests part or all of the net proceeds of any issue of its Shares in one or more OTC Swap Transactions and exchange the invested proceeds against the performance of the Index.