Common use of Derivative use, techniques and instruments Clause in Contracts

Derivative use, techniques and instruments. The overall risk associated with derivatives cannot exceed the overall net value of the Fund's assets. As part of the investment strategy within the limits stipulated in Art. 53 UCITSG, the management company may make investments in derivatives, as long as the overall risk of the underlying instruments does not exceed the investment limits of Art. 54 of the UCITSG. When calculating this risk, the market value of the underlying instruments, the default risk, future market fluctuations and the liquidation risk of the positions must be taken into consideration. Provided the protection of investors and public interest are not opposed, investments of the UCITS in index-based derivatives are excluded from the upper limit stated in Article 54 of the UCITSG. With the approval of the FMA, the UCITS can use techniques and instruments that involve securities and financial market instruments for the efficient management of the portfolio in compliance with the conditions of UCITSG.

Derivative use, techniques and instruments. The overall risk associated with derivatives cannot exceed the overall net value of the Fund's assets. As part of the investment strategy within the limits stipulated in Art. 53 UCITSG, the management company com- pany may make investments in derivatives, as long as the overall risk of the underlying instruments does not exceed the investment limits of Art. 54 of the UCITSG. When calculating this risk, the market value of the underlying instruments, the default risk, future market fluctuations fluctua- tions and the liquidation risk of the positions must be taken into considerationcon- sideration. Provided the protection of investors and public interest are not opposedop- posed, investments of the UCITS in index-based derivatives are excluded ex- cluded from the upper limit stated in Article 54 of the UCITSG. With the approval of the FMA, the UCITS can use techniques and instruments that involve securities and financial market instruments for the efficient management of the portfolio in compliance with the conditions of UCITSG.