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 Net Total Return index, i.e. with net dividends reinvested (the "Benchmark Index"), denominated in US dollars (USD), while minimising the Tracking Error between the Sub-Fund's performance and that of the Benchmark Index. The expected maximum ex-post tracking error under normal market conditions is 1%.