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, the man- agement company can invest in derivatives within the restrictions stipu- lated in Article 53 UCITSG. In calculating the risk, the market value of the underlying assets, the default risk, future market fluctuation and the period required to liquidate the positions are considered. As part of their invest- ment policy and within the restrictions of Article 53 UCITSG, the Fund can invest in derivatives, provided the overall risk of the underlying assets does not exceed the investment limit of Article 54