The Sub-Fund is actively managed, and, in order to achieve its investment objective, the Sub-Fund will invest, in a manner consistent with the UCITS Regulations and Central Bank requirements, at least 70% of its net assets in equities which are constituents of the S&P 500 Index (USD, NR) (the Benchmark) and up to 30% of its net assets in the equities of issuers whose registered office is not located in the US.