| Investment Objective: |
The STMicroelectronics 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 STMicroelectronics NV in its local market. STMicro is a global manufacturer of logic and analog chips with broad exposure to the industrial, automotive, smartphone, smart card & networking verticals. The Series, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the STMicroelectronics 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. |
