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The fund's objective is to replicate the MSCI EMU Index composition while slightly outperforming the index and maintaining a very low tracking error.The Sub-fund aims to achieve a level of tracking error whereby the annual variability of the different in returns between the performance of the sub-fund and its index will not normally exceed 2%. On a daily basis, the manager aims to maintain the tracking error under 0.5%.The exposure to the Index will be achieved either through direct investment or through the use of derivatives or through a combination of both.In order to manage its liquidity, the Sub-fund may hold deposits, while keeping the full exposure to its index through derivatives.The “MSCI EMU” is the index of this Sub-fund. The MSCI EMU (European Economic and Monetary Union) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of countries within EMU. The base currency of the Sub-Fund is Euro.