Question on index tracking of Q.Life freeway funds

Hi all,
I have a lump sum of money split up between the various freeway funds that Quinn Life have available. My question relates to how they are supposed to track certain indices. For example, when you invest in the China Freeway Fund (which I have), they declare that the purpose of this fund is to track as closely as possible the performance of the FTSE / XINHUA China 25 index.
I invested in this fund on the 1st of Dec 2008 at a unit price of 0.9091 euro. The latest available unit price for this fund as of the 30th of June is 1.412 euro. This equates to a 55.3% increase. However, when I do a historical search on the index itself from the yahoo finance web site, I see that on the 1st of Dec 2008 it was trading at 23.33 and on the 30th of June it was at 42.95. This equates to an 84% increase. Over the exact same time frame the Chineese Yuan has depreciated by 7% against the euro. So even taking this into account, it still does not explain the discrepancy between the 55% gain on Quinns unit price versus the 84% gain on the actual index they are supposed to track. I am at this time emailing QL about this as well. Its just that I would be interested to hear any other perspectives.

Regards,
NM.

did you get a response from Quinn on this? Interested to hear the outcome also..

The index is priced in USD not Yuan. I looked at yahoo (symbol FXI which is the iShares ETF that this fund presumably is based on) and got prices of $24.60 (Dec 1 2008) and $42.95 (June 30th 2011). On those dates the dollar was worth .7891 and .6898 Euro respectively, giving Euro prices of 19.41 and 29.63. This is a 52% increase which seem correct given that Quinn adds a .75% a year to the expense already incorporated into the FXI ETF (.72%).

I emailed QL and basically got the response that Darag has outlined, which of course makes perfect since. I did not realise that the index on the yahoo finance website was quoted in Dollars.