The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund employs a passive management or indexing investment approach that is designed to track the performance of the Index.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Index.

The Index is comprised of A-Shares issued by the 50 largest companies in the China A-Shares market.

A-Shares are a specific classification of equity securities issued by companies incorporated in the People’s Republic of China.

A-Shares are denominated and traded in renminbi, the official currency of the PRC, on the Shenzhen and Shanghai Stock Exchanges.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

In addition, the fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

The fund may also invest its net assets in investments that are not included in the Index.

In addition, the fund may invest in money market instruments, cash, and cash equivalents.