The investment seeks to replicate as closely as possible the price and yield performance of the Morningstar® Global ex-US Moat Focus IndexSM. The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The ex-US Moat Focus Index is comprised of securities issued by companies that Morningstar, Inc. ("Morningstar") determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors ("wide and narrow moat companies"). It is non-diversified.