The investment objective of the sub-fund is to provide income and capital growth by implementing a portfolio of options on major equity indices, which aims at generating income in bullish, stable or orderly and gradually declining ( “moderately bearish”) markets. Benchmark The sub-fund is managed without reference to a Benchmark. Investment policy The sub-fund is actively managed and to achieve its investment objective, the sub-fund implements a model driven and euro-hedged strategy (the “Strategy”) and takes synthetically on a daily basis short positions on short-term out-of-the money put options on equity indices, typically with maturities of less than one month, and in particular short-term maturities of one or several business days.