Federal Act on Collective Investment Schemes

¹The fund man­age­ment com­pany and the SICAV may con­duct trans­ac­tions in de­riv­at­ives provided:

a.

such trans­ac­tions do not res­ult in a change to the in­vest­ment char­ac­ter­ist­ics of the se­cur­it­ies fund;

b.

they have an ap­pro­pri­ate or­gan­isa­tion­al struc­ture and ad­equate risk man­age­ment;

c.

the per­sons en­trus­ted with pro­cessing and mon­it­or­ing are qual­i­fied to do so, and can at all times com­pre­hend and track the ef­fect of the de­riv­at­ives used.

²The over­all ex­pos­ure to trans­ac­tions in­volving de­riv­at­ives may not ex­ceed a cer­tain per­cent­age of the fund's net as­sets. Ex­pos­ure to trans­ac­tions in­volving de­riv­at­ives must be cal­cu­lated in re­la­tion to the stat­utory and reg­u­lat­ory lim­its, spe­cific­ally with re­gard to risk di­ver­si­fic­a­tion.

³The Fed­er­al Coun­cil de­term­ines the per­cent­age rate. FINMA reg­u­lates the de­tails.