|The investment objective of VanEck - Global Gold UCITS is to achieve long term capital appreciation. The Sub-Fund intends to realise its investment objective by investing substantially all of its assets into a no management fee bearing share class (the "S Share Class") of LO Funds - World Gold Expertise, Sub-Fund of Lombard Odier Funds being a Luxembourg regulated UCITS (hereinafter, the "Master Fund").
The Sub-Fund will at all times invest at least 85% of its assets in shares of the Master Fund. The Sub-Fund may hold up to 15% of its assets in ancillary liquid assets, cash, cash equivalents and money market instruments, which may include certificates of deposits issued by banks, treasury notes, depositary receipts, freely transferable promissory notes and short term bank deposits. The residual assets of the Sub-Fund will consist in ancillary liquid as-sets, as described above, as may be required from time to time for dealing liquidity purposes and payment of costs and expenses of the Sub-Fund. The Sub-Fund intends to minimise the level of ancillary liquid assets held for these purposes.