Investment Approach

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A Clear Pathway to Listed U.S. Market Exposure

Investment Universe

  • The Fund invests primarily in U.S.-listed Exchange-Traded Funds (“ETFs”) and, on a supplementary basis, U.S.-listed equities; and, subject to Board approval and applicable regulations, the Fund may also invest in other listed securities on regulated markets in OECD member states.
  • No investments shall be made in unlisted, illiquid, or unregulated instruments.

Why Listed U.S. Markets

  • Liquidity and transparency on recognised exchanges.
  • Operational clarity around pricing at the official close and dealing processes.
  • Implementation discipline through documented dealing cut-offs and Board oversight of valuation.

How We Implement

  • Execution and custody: orders are executed through approved, regulated brokers, and assets are held with the Fund’s custodian.
  • Valuation: holdings are valued at the official U.S. market close (4:00 p.m. New York time) using independent pricing sources. The NAV is calculated monthly by the NAV Accounting Agent, reviewed and signed off by the CIS Administrator, and approved by the Board.
  • Portfolio construction: emphasis on liquidity, transparency and diversification. Concentration limits, fees and dealing terms are set out in the Fund’s Private Placement Memorandum and the relevant Appendix, available to eligible investors on request, subject to a non-disclosure agreement.

Key Risks

An investment in Participating Shares of the Fund involves a significant degree of risk. Prospective investors should carefully review the information contained in the Fund’s Private Placement Memorandum and the relevant Appendix, the Constitution, and the agreements referred to therein and give due consideration to the risk factors described therein before deciding to invest in the Fund. Such risks, individually or collectively, may have a material adverse impact on the Fund, the performance of its portfolio investments, and its ability to achieve its stated objectives or to meet redemption and distribution expectations. There is no assurance that the Fund will achieve its investment objective or generate positive returns, and investors must be prepared to bear the risk of a partial or total loss of their capital.

The Private Placement Memorandum sets out the full risk factors, including market, liquidity, currency, interest rate, concentration, ETF, valuation, service-provider, borrowing, regulatory and tax risks.