Anlageschwerpunkt DPAM B Equities US Index - E EUR DIS

The objective of the sub-fund is to obtain as high a return as possible by investing mainly in American equities. The index is tracked using a passive investment management strategy investing physically and non-synthetically in all securities in the index or a representative sample of these securities, holding each security in a proportion approximately identical to its weight in the index. Each sector is represented in a proportion approximately identical to its weight in the index. The tracking error (standard deviation from the benchmark) is around 1.5%. This is a passively managed sub-fund, which means that the portfolio manager aims to replicate the performance of a benchmark. The sub-fund invests mainly in equities (and other analogous transferable securities) of American companies, warrants, convertible bonds, subscription rights and, on an ancillary basis, cash and cash equivalents. The sub-fund may, on an optional basis, use derivatives such as options and/or futures contracts ('futures' and/or 'forwards') in order to achieve the investment objectives and/or for risk hedging purposes (hedging or exposure of/to interest rate and credit risks).