| Investment Objective: |
The Novo Nordisk A/S (B Shares) ADRhedged (the "Series") seeks to provide investment results that correspond generally, before fees and expenses, to the total return of the ordinary shares of Novo Nordisk A/S (B Shares) in its local market. The Series, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Novo Nordisk A/S (B Shares) (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 Danish krone ("Local Currency"). The Currency Hedge Contract is with a counterparty acting as principal. Novo Nordisk A/S a Danish multinational pharmaceutical company headquartered in Bagsvrd, Denmark. Novo Nordisk A/S develops, produces, and markets pharmaceutical products. Novo Nordisk A/S focuses on diabetes care and offers insulin delivery systems and other diabetes products. |
