The Fund is actively managed by reference to and seeks to outperform (after applicable fees) the MSCI EMU Index (the Benchmark) over the recommended holding period as provided for in the Profile of a Typical Investor without targeting a particular level of outperformance. The Fund is mainly exposed to the issuers of the Benchmark, however, the management of the Fund is discretionary, and will be exposed to issuers not included in the Benchmark. The Fund monitors risk exposure in relation to the Benchmark however the extent of deviation from the Benchmark may be limited.