HSBC MSCI South Africa Capped UCITS 

The investment objective of the Fund is to replicate the performance of the MSCI South Africa 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 largest companies in South Africa, as defined by the Index Provider. South African equity markets are considered to be emerging markets and accordingly, are subject to the specific risk factors. In seeking to achieve its investment objective, the Fund will aim to invest in the constituents of the Index in generally the same proportions in which they are included in the Index.