The investment objective of the MULTI UNITS LUXEMBOURG – Lyxor MSCI Brazil UCITS ETF (the “Sub-Fund”) is to track both the upward and the downward evolution of the MSCI Brazil Net Total Return Index (the “Index”) denominated in US dollars and representative of the Brazilian equity market, while minimizing the volatility of the difference between the return of the Sub-Fund and the return of the Index (the “Tracking Error”).