The Sub-Fund is a passively managed index-tracking UCITS. The Sub-Fund’s investment objective is to replicate the performance, whether positive or negative, of the MSCI World Leveraged x2 Daily Net Index (the "Benchmark Index"), denominated in dollars, while minimising the Tracking Error between the Sub-Fund's performance and that of the Benchmark Index. The Benchmark Index reflects the performance of the MSCI World Index (the “Parent Index”), with a daily x2 leverage. This means that if the Parent Index rises/falls by 2% on a given day, the leveraged Benchmark Index will rise/fall by 4%, minus borrowing costs, on that day. The expected maximum ex-post tracking error under normal market conditions is 1%.