Lyxor ShortMDAX Daily(-1x)Inverse UE Stock

The ComStage ShortMDAX UCITS ETF is a UCITS compliant exchange traded fund that aims to track the benchmark index ShortMDAX (TR) EUR. The ShortMDAX® TR Index, calculated by Deutsche Borse AG, is linked to the performance of the MDAX® TR (performance index), and replicates the daily performance of an investment with a short position in the MDAX® at index level. The performance of the index is approximately the opposite of the performance of the underlying index. A positive (negative) change in the underlying index produces a negative (positive) change of approximately the same percentage on a daily basis in the index. Please note that for holding periods of more than one day, the performance of the short index does not match the inverse performance of the base index due to the daily calculation basis.