| Investment Objective: |
The Arm Holdings Plc ADRhedged (the "Series") seeks to provide investment results that correspond generally, before fees and expenses, to the total return of the ordinary shares of Arm Holdings Plc in its local market. The Series, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Arm Holdings Plc (the "Company"). The Series will not invest directly in the Company. ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. The Series invests in the ADRs of the Company (the "Portfolio Securities") and a currency swap (the "Currency Hedge Contract") designed to hedge against fluctuations in the exchange rate between the U.S. dollar and the British Pound ("Local Currency"). The Currency Hedge Contract is with a counterparty acting as principal. Although ADRs are U.S. dollar denominated and traded on U.S. exchanges, they are still subject to currency risk because changes in foreign currency exchange rates affect their value. The Currency Hedge Contract is designed to minimize the impact of fluctuations in the exchange rate between the U.S. dollar and the Local Currency. |
