| Investment Objective: |
The SAP SE ADRhedged (the "Series") seeks to provide investment results that correspond generally, before fees and expenses, to the total return of the ordinary shares of SAP SE in its local market. The Series, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of SAP SE (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 euro ("Local Currency"). The Currency Hedge Contract is with a counterparty acting as principal. SAP is the recognized leader in enterprise application software for all types of industries and for every major market. Headquartered in Walldorf, Germany, SAP is the world's largest application software company. |
