| Investment Objective: |
The Toyota Motor Corporation ADRhedged (the "Series") seeks to provide investment results that correspond generally, before fees and expenses, to the total return of the ordinary shares of Toyota Motor Corporation in its local market. Toyota Motor Corporation is a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. The Series, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Toyota Motor Corporation (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 Japanese Yen ("Local Currency"). The Currency Hedge Contract is with a counterparty acting as principal. |
