The Fund is actively managed. The Fund's investment strategy aims to achieve a risk-controlled excess return from investment in US equities greater than that which would be delivered by a passive exposure to such US equities, as represented by the Benchmark Index. The Fund seeks to achieve its investment objective by employing an investment strategy (the Strategy) which has been designed by Ultramarin Capital GmBH, a German financial services provider which provides financial advice and brokerage services.