Common use of Derivative Financial Instruments Clause in Contracts

Derivative Financial Instruments. For the UCITS, the management company can use derivatives for hedging, efficient portfolio management, to achieve additional returns and as part of the investment strategy. This can increase the risk of loss for the UCITS at least temporarily. The risk associated with derivatives financial instruments cannot exceed 100% of the net fund assets. The overall risk cannot exceed 200% of the net fund assets. The overall risk for borrowing permitted in accordance with UCITS (paragraph 7.4.2) cannot exceed 210% of the net fund assets. The management company applies the commitment approach as a risk management procedure. The following basic forms of derivatives or combinations of these derivatives or combinations of other assets that can be acquired for the UCITS, can be employed in the UCITS by the management company: 7.5.2.1 Futures contracts on securities, money market instruments, financial indices within the meaning of Article 1 Section 9 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies; 7.5.2.2 Options or warrants on securities, money market instruments, financial indices within the meaning of Article 9 Section 1 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies and on futures contracts according to Item 7.5.2.1, if 7.5.2.3 Interest swaps, currency swaps or interest-currency swaps; 7.5.2.4 Options on swaps as per Item 7.5.2.3, provided they feature the properties described under Item 7.5.2.2 (swaptions); 7.5.2.5 Credit default swaps, provided they serve exclusively and verifiably as xxxxxx for the credit risk of exactly attributable assets of the UCITS. Futures contracts

Derivative Financial Instruments. For the UCITS, the management company can use derivatives for hedging, efficient portfolio management, to achieve additional returns re- turns and as part of the investment strategy. This can increase the risk of loss for the UCITS at least temporarily. The risk associated with derivatives financial instruments cannot exceed ex- ceed 100% of the net fund assets. The overall risk cannot exceed 200% of the net fund assets. The overall risk for borrowing permitted in accordance with UCITS (paragraph 7.4.2) cannot exceed 210% of the net fund assets. The management company applies the commitment approach as a risk management procedure. The following basic forms of derivatives or combinations of these derivatives or combinations of other assets that can be acquired for the UCITS, can be employed in the UCITS by the management company: 7.5.2.1 Futures contracts on securities, money market instrumentsinstru- ments, financial indices within the meaning of Article 1 Section 9 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies; 7.5.2.2 Options or warrants on securities, money market instrumentsinstru- ments, financial indices within the meaning of Article 9 Section 1 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies and on futures contracts according to Item 7.5.2.1, if 7.5.2.3 Interest swaps, currency swaps or interest-currency swaps; 7.5.2.4 Options on swaps as per Item 7.5.2.3, provided they feature fea- ture the properties described under Item 7.5.2.2 (swaptionsswap- tions); 7.5.2.5 Credit default swaps, provided they serve exclusively and verifiably as xxxxxx for the credit risk of exactly attributable at- tributable assets of the UCITS. Futures contracts

Derivative Financial Instruments. For the UCITS, the management company can use derivatives for hedging, efficient portfolio management, to achieve additional returns and as part of the investment strategy. This can increase the risk of loss for the UCITS at least temporarily. The risk associated with derivatives financial instruments cannot exceed ex- ceed 100% of the net fund assets. The overall risk cannot exceed 200% of the net fund assets. The overall risk for borrowing permitted in accordance with UCITS (paragraph 7.4.2) cannot exceed 210% of the net fund assets. The management company applies the commitment approach as a risk management procedure. The following basic forms of derivatives or combinations of these derivatives de- rivatives or combinations of other assets that can be acquired for the UCITS, can be employed in the UCITS by the management company: 7.5.2.1 Futures contracts on securities, money market instrumentsinstru- ments, financial indices within the meaning of Article 1 Section 9 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies; 7.5.2.2 Options or warrants on securities, money market instrumentsinstru- ments, financial indices within the meaning of Article 9 Section 1 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies and on futures contracts according ac- cording to Item 7.5.2.1, if 7.5.2.3 Interest swaps, currency swaps or interest-currency swaps; 7.5.2.4 Options on swaps as per Item 7.5.2.3, provided they feature fea- ture the properties described under Item 7.5.2.2 (swaptionsswap- tions); 7.5.2.5 Credit default swaps, provided they serve exclusively and verifiably as xxxxxx for the credit risk of exactly attributable attributa- ble assets of the UCITS. Futures contracts

Derivative Financial Instruments. For the UCITS, the management company can use derivatives for hedging, efficient portfolio management, to achieve additional returns and as part of the investment strategy. This can increase the risk of loss for the UCITS at least temporarily. The risk associated with derivatives financial instruments cannot exceed 100% of the net fund assets. The overall risk cannot exceed 200% of the net fund assets. The overall risk for borrowing permitted in accordance with UCITS (paragraph 7.4.2) cannot exceed 210% of the net fund assets. The management company applies the commitment approach as a risk management procedure. The following basic forms of derivatives or combinations of these derivatives or combinations of other assets that can be acquired for the UCITS, can be employed in the UCITS by the management company: 7.5.2.1 Futures contracts on securities, money market instruments, financial indices within the meaning of Article 1 Section 9 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies; 7.5.2.2 Options or warrants on securities, money market instruments, financial indices within the meaning of Article 9 Section 1 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies and on futures contracts according to Item 7.5.2.1, ifif • it can be exercised either during the entire term or at the end of the term, and • The option value is a fraction or a multiple of the difference between the base price and market price of the underlying instrument and becomes zero if the difference has the other algebraic sign; 7.5.2.3 Interest swaps, currency swaps or interest-currency swaps; 7.5.2.4 Options on swaps as per Item 7.5.2.3, provided they feature the properties described under Item 7.5.2.2 (swaptions); 7.5.2.5 Credit default swaps, provided they serve exclusively and verifiably as xxxxxx for the credit risk of exactly attributable assets of the UCITS. The above-mentioned financial instruments may be either independent assets or a component of assets. Within the scope of the investment principles, the management company may, for the account of the UCITS, enter into futures contracts on securities and financial market instruments acquirable for the UCITS, as well as financial indices within the sense of Article 9, paragraph 1 of the guidelines 2007/16/EG, interest rates, exchange rates or currencies. Futures contractscontracts are unconditional, binding agreements for both contractual parties to buy or sell at a certain point in time, the due date, or within a specific period of time, a certain amount of a certain underlying instrument at a price determined in advance.

Derivative Financial Instruments. For the UCITS, the management company can use derivatives for hedginghedg- ing, efficient portfolio management, to achieve additional returns and as part of the investment strategy. This can increase the risk of loss for the UCITS at least temporarily. The risk associated with derivatives financial instruments cannot exceed 100% of the net fund assets. The overall risk cannot exceed 200% of the net fund assets. The overall risk for borrowing permitted in accordance with UCITS (paragraph 7.4.2) cannot exceed 210% of the net fund assets. The management company applies the commitment approach as a risk management procedure. The following basic forms of derivatives or combinations of these derivatives deriva- tives or combinations of other assets that can be acquired for the UCITS, can be employed in the UCITS by the management company: 7.5.2.1 Futures contracts on securities, money market instruments, financial fi- nancial indices within the meaning of Article 1 Section 9 of Directive Di- rective 2007/16/EC, interest rates, foreign exchange rates or currencies; 7.5.2.2 Options or warrants on securities, money market instruments, financial indices within the meaning of Article 9 Section 1 of Directive 2007/16/EC, interest rates, foreign exchange rates or currencies and on futures contracts according to Item 7.5.2.1, if 7.5.2.3 Interest swaps, currency swaps or interest-currency swaps; 7.5.2.4 Options on swaps as per Item 7.5.2.3, provided they feature the properties described under Item 7.5.2.2 (swaptions); 7.5.2.5 Credit default swaps, provided they serve exclusively and verifiably ver- ifiably as xxxxxx for the credit risk of exactly attributable assets of the UCITS. Futures contracts