The investment objective of the MULTIUNITS LUXEMBOURG – Lyxor MSCI EMLatin America UCITS ETF (the“Sub-Fund”) is to track both the upward andthe downward evolution of the MSCIEmerging Markets Latin America Net TotalReturn index (the “Index”) denominated inUS Dollars and representative of the LatinAmerica emerging market countries equitymarket, while minimizing the volatility of thedifference between the return of theSub-Fund and the return of the Index (the“Tracking Error”).