The Sub-Fund is actively managed in reference to a benchmark. The ML EMU Corporate 1-10Y (the "Benchmark") is used for performance comparison and internal risk monitoring purposes only. Bond issuers represented in the portfolio of the Sub-Fund will generally be similar to those of the Benchmark, however the Investment Manager has discretion to select issuers that are not part of the Benchmark universe. The Sub-Fund's holdings are therefore expected to deviate to a limited extent from the Benchmark. Securities in the Benchmark might be excluded from the Sub-Fund's portfolio depending on their involvement in specific activities listed in the SFDR Annex. Each remaining security is weighted according to the market capitalization of its issuer, its LOPTA (Lombard Odier Portfolio Temperature Alignment) and its carbon footprint, in order to increase significantly the exposure of the Sub-Fund's portfolio to issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. The Sub-Fund's portfolio will aim for a faster rate of reduction in CO2 emissions when compared to the Benchmark. The Sub-Fund's portfolio aims for a significantly reduced carbon footprint when compared to the Benchmark. Ultimately the credit quality and valuation of each holding is controlled to ensure a portfolio with satisfying credit quality and attractive financial profile. While the Investment Manager intends to maintain a low tracking error through controlled style, sector and country biases, the level of active risk associated with the realization of the investment objectives is likely to vary over time and is dependent on regulatory, technological and commercial developments external to the Investment Manager, that could significantly impact the temperature alignment or carbon footprint of securities in the Sub-Fund's portfolio.