The Fund tracks the daily performance of an equity index, called the Euro Equity Defensive Put Write index (the Index), less fees and costs and consequently is passively managed. The Index is designed to reflect the performance of a strategy which consists of: a) depositing money and earning a short-term interest rate (which maybe negative) and b) selling put options on the EURO STOXX 50 Index. The seller of a put option on the Underlying Index receives a cash premium from the buyer, and in return the option buyer has the right to sell the Underlying Index at a fixed price in the future to the option seller.