The Fund's investment objective is to replicate, before fees and expenses, the MVIS US Listed Semiconductor 10% Capped Index (the Index). In order to seek to achieve its investment objective, the Manager will use a replication strategy by investing directly in the underlying equity securities, being the stock, American depository receipts (ADRs), and global depository receipts (GDRs), that consists of the component securities of the Index. The Fund will invest in equity securities and depositary receipts of U.S. exchange-listed companies in the semiconductor industry which are listed or traded on the Markets referred to in Appendix II of the Prospectus. Where it is not practical or cost efficient for the Fund to fully replicate the Index, the Manager may utilise an optimised sampling methodology. Where it is not practical or cost efficient for the Fund to fully replicate the Index, the Fund will not avail of the increased limits as set out in Regulation 71 of the UCITS Regulations.