The Product's primary investment objective is to provide investors with an emerging market equities investment universe that mitigates the exposure to countries governed by autocratic regimes. The Product hence favors or penalises stocks and countries depending on the good respect of civil liberty and democracy. The Product is managed in reference to the Bloomberg Emerging Markets Large & Mid Cap Net Return Index. The Product does not use an index-based management strategy, it is actively managed. As a consequence, its performance may differ substantially from the benchmark, which is used to define the investment universe and determine the global risk profile of the Product. Changes in the net asset value can be compared to the Bloomberg Emerging Markets Large & Mid Cap Net Return Index. At least 90% of the Product's portfolio is exposed to emerging equity markets, including small, mid and large-cap emerging markets stocks. The stocks to which the Product is exposed are selected based on a methodology developed by the Management Company, which helps to invest in democratic countries and to penalise companies with significant exposure to countries classified as non-democratic. In order to obtain maximum remuneration of its liquidities, the Product can invest in money market instruments for up to 10% of its assets. In addition, the Product may as ancillary borrow cash in the event that a debit balance was to appear.