Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes

¹In com­ply­ing with the stat­utory and reg­u­lat­ory in­vest­ment re­stric­tions on de­term­in­ing max­im­um and min­im­um lim­its, the fol­low­ing must be taken in­to ac­count:

a.

in­vest­ments, in­clud­ing de­riv­at­ives, in ac­cord­ance with Art­icle 70 CISO¹;

b.

li­quid as­sets as defined in Art­icle 75 CISO;

c.

claims against coun­ter­parties arising from OTC trans­ac­tions.

²Pur­su­ant to Art­icle 82 CISO, ex­cep­tions may be made for in­dex funds.

³Any over­run of an in­vest­ment lim­it due to a change in the delta must be rec­ti­fied with­in three bank­ing days; the rec­ti­fic­a­tion must en­sure that the in­vestors’ in­terests re­main safe­guarded.