Uncovered Derivative definition
Uncovered Derivative means a derivative where the Investment Manager sells derivatives based on a single underlying asset, while not maintaining an exposure at least equal to the market value of the underlying asset on which the derivative sold is based; or sells derivatives based on an index or basket of securities, while not maintaining an exposure at least equal to the market value to the same or similar underlying assets on which these derivatives sold are based; or buys derivatives based on a single underlying asset, an index, or basket of securities while not maintaining an exposure to liquid assets which is at least equal to the effective exposure of such derivatives;