Anlageziel

The objective of the sub-fund is to achieve the same investment performance as the Underlying Index. For this purpose, it shall track the Underlying Index as closely and as completely as possible. The sub-fund shall adopt a passive management strategy to achieve these objectives. In contrast to the active management approach, the Underlying Index is used as the basis for making decisions on the purchase and sale of assets and their respective weightings in the Sub-fund. The passive management strategy and the trading of shares on an exchange have the effect of limiting management fees and transaction costs charged to the sub-fund. The securities in the Underlying Index are all issued by a single issuer, the State of Brazil. Thus, the sub fund does not meet the requirements of section 209 KAGB for a securities-index UCITS fund. Nevertheless, the Sub-fund aims to reflect the performance of the Underlying Index as accurately as possible.