The investment objective of Fund is to replicate, before the Fund's fees and expenses, the performance of the Bloomberg PAB US Large & Mid Cap Net Return Index (the Index) closing level. To achieve its investment objective, the Fund will primarily invest, through physical replication, in all or part of the equity securities comprised in the Index and in substantially the same weights as in the Index. The Sub-Fund shall at all times invest at least 60% its Net Asset Value in equities or rights issued by companies having their registered office in the United States.