The Fund is a passively managed Exchange-Traded Fund (ETF), which aims to achieve the performance of the MDAX Index (the Index), less fees, expenses and transaction costs. To achieve the investment objective the Fund will, as far as possible and practicable, hold all the securities in the Index in their respective weightings. The Index is comprised of 50 medium-sized German public limited companies from all industries that rank directly below the 40 large-sized companies (based on market capitalisation and order book turnover) which comprise the DAX.