The investment objective of the sub-fund is to replicate the performance of the MSCI World ex USA Select Filtered Min TE (NTR) Index (Bloomberg: MXWMTENU), including fluctuations, and to maintain the Tracking Error between the sub-fund and the Index below 1%. The manager of the sub-funds portfolio will be able to switch between the two index replication methods described below, to ensure optimum management of the sub-fund.