The Fund's objective is to replicate, before the Fund's fees and expenses, the performance of the MSCI EMU Index closing level. The MSCI EMU Index is a total return index (net dividends reinvested) expressed in EUR, calculated and published by MSCI. In order to achieve its investment objective, the Fund will primarily use swaps with the objective of tracking the Index performance through synthetic replication. In that case, the Fund will invest in a portfolio of assets, the performance of which will be exchanged against the performance of the Index or a related index, or a portfolio of its constituents through swap agreements with a swap counterparty.