Santander US Equity Hedged - A USD ACC H

The investment objective of the Sub-Fund is to invest its assets in a diversified portfolio of securities issued by US companies and seeking long term capital appreciation with lower volatility than traditional long-only US equity strategies, through the use of financial derivatives instruments. The Sub-Fund will be actively managed and targets to provide superior risk-adjusted returns than the S&P 500 over a full market cycle. The Sub-Fund combines a fundamental stock selection with a disciplined option overlay strategy intending to mitigate downside risk, while limiting some capital appreciation potential. The ob-jective of the Sub-Fund is to capture equity-like returns while delivering better risk adjusted re-turns in the long term. The Sub-Fund may invest part of its assets in money market instruments to facilitate transactions and flows. The Sub-Fund will not hold more than 20% of its net assets in ancillary liquid assets, being cash and deposits at sight (such as cash held in current accounts) for ancillary liquidity purposes in normal market conditions. Under exceptionally unfavourable market conditions and on a temporary basis, this limit may be exceeded, if justified in the interest of the investors. The Sub-Fund may invest up to 10% of its assets in UCITS and other UCIs as defined under the heading 'Units of undertakings for collective investment' of the 'Investment Restrictions applicable to Eligible Assets' section of this Prospectus. The Sub-Fund will continuously invest at least 51% of its net assets in equity directly or indirectly via UCITS and/or other UCIs, excluding depository receipts and financial derivative instruments.