HSBC MSCI SAUDI AR. 20/35 

The investment objective of the Fund is to replicate the performance of the MSCI Saudi Arabia 20/35 Capped Index (the “Index”), while minimizing as far as possible the tracking error between the Fund’s performance and that of the Index. The Index is a market-capitalization weighted index designed to measure the performance of the large and mid-capitalization companies in Saudi Arabia, as defined by the Index. The Saudi Arabian equity market is considered to be an emerging market and accordingly, is subject to the specific risk factors.