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 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 component securities ( More

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 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 component securities (including depositary receipts in respect of such securities) of the Underlying Index.

The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the EMU or Eurozone) of the European Union (EU).

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.

Or, the fund employs a representative sampling indexing strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

The fund may or may not hold all of the securities in the Underlying Index when using a representative sampling indexing strategy.

Also, the fund will concentrate its investments in a particular industry or group of industries to the extent that its Underlying Index is concentrated.

Additionally, the fund may lend its portfolio securities to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions and for other purposes.