| Investment Objective: |
ASML Holding NV ADRhedged (the "Series") seeks to provide investment results that correspond generally, before fees and expenses, to the total return of the ordinary shares of ASML Holding NV in its local market. The Series, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the ASML Holding NV (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. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets. 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 Euro ("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. |
