| Investment Objective: |
The Fund seeks to track the investment results of the MSCI Emerging Markets Value Factor Select Index (the "Underlying Index"), which is based on a traditional market capitalization- weighted parent index, the MSCI Emerging Markets Index (the "Parent Index"). The Parent Index is designed to measure equity market performance in the global emerging markets, as defined by MSCI Inc. (the "Index Provider" or "MSCI"). The Underlying Index seeks to measure the performance of securities in the Parent Index that exhibit higher value characteristics relative to their peers within the corresponding Global Industry Classification Standard (GICS ) sector, while covering approximately 30% of the market capitalization within each country in the Parent Index, and within the selected universe of value securities, an emphasis is put on those securities with relatively higher quality characteristics. To construct the Underlying Index, the Index Provider calculates a "value score" for each security in the Parent Index using three fundamental variables: price-to-book value, price-to- forward earnings and enterprise value- to-cash flow from operations. |
