Sustainable, Responsible &/or ESG Policy:

Objectives and Investment Policy

The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the S&P Global Water Index, the Fund’s benchmark index (Index).

The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.

The Index measures the performance of publicly traded companies in the global water industry, from both developed and emerging markets that meet the index provider’s eligibility criteria and are not excluded by the index provider’s environmental, social and governance (ESG) exclusionary criteria.

Companies are considered for inclusion in the Index based on their industry classification as a water related business or if they belong to the “Water Utilities” sub-industry as defined by the Global Industry Classification Standard (GICS). Companies are then selected for inclusion in the Index on the basis of their exposure scores to the water business, as determined by the index provider, taking into account the company's business description and water business related revenue. The Index caps individual constituent weights taking into account the constituents’ water business exposure and liquidity scores, as determined in accordance with the index methodology.

Companies may be excluded from the Index if they are involved with controversial weapons, small arms, military contracting, tobacco, thermal coal, oil sands, shale energy, arctic oil and gas exploration. Companies that are classified as violating United Nations Global Compact principles or have been assessed by the index provider’s ESG principles (which measure a company’s involvement in severe ESG controversies, or exposure to and management of ESG risks, or a combination of a company’s ESG risk and controversy ratings) are also excluded.

The Fund may obtain limited exposure to securities not considered to satisfy these ESG criteria.

The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.

The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.

The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective.

(Source: KIID, as at February 2025)

SDR Labelling: Not eligible to use label