The investment objective of the sub-fund is to replicate the performance of the MSCI EMU NTR Index, including fluctuations, and to maintain the Tracking Error between the sub-fund and the Index below 1%. The Index is a European equity index including large and mid-cap securities across the European Economic and Monetary Union (EMU). The manager of the sub-funds portfolio will be able to switch between the two index replication methods to ensure optimum management of the sub-fund.