The investment objective of the Fund is to provide exposure to the government and policy bank bond market in the People’s Republic of China. In order to achieve this investment objective, the Fund will seek to track the performance of the J.P. Morgan China Custom Liquid ESG Capped Index (the “Index”). It will do so by investing primarily in a portfolio of fixed income securities that, as far as possible and practicable, consists of the component securities of the Index in similar proportions to their weightings in the Index and may have exposure to or invest directly up to 20% of its Net Asset Value in fixed income securities issued by the same body, which limit may be raised to 35% for a single issuer in exceptional market conditions, including (but not limited to) circumstances in which such issuer occupies a dominant market position.