Anlageziel

The fund’s objective is to track as closely as possible the MSCI Italy index (see section “Benchmark index”), whether the MSCI Italy index rises or falls. The fund is managed so as to achieve a gap between changes in its NAV and changes in the value of the MSCI Italy index (referred to below as the “MSCI Italy Index”) as small as possible. The target for maximum tracking error between changes in the Fund’s NAV and those in the MSCI Italy Index is 2%. If the “tracking error” exceeds 2%, the aim would nevertheless be to remain below 10% of the volatility shown by the MSCI Italy Index.