The Product is passively managed. The Product seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI Emerging Markets ex-China Index (Bloomberg: M1CXBRV Index) (the Index) by investing in a substitute basket, composed of, inter alia, shares of companies, debt securities or cash (synthetic replication). When investing in a basket of securities called substitute basket, the performance is swapped with the performance of the index, generating counterparty risk. When investing in a sample of shares, the Products tracking error may be higher.