Swinging single pricing

Variable adjustments to the net asset value when issuing or redeeming shares. Considered to be an anti-dilution measure. Depending on the situation, the fund management places a variable surcharge or discount on larger share emissions or redemptions with the aim of transferring the costs to incoming and outgoing shareholders as the actual perpetrators of these costs. The transaction costs are integrated into the NAV calculation. If share emissions predominate on a valuation day, the NAV increases by the average or effective transaction costs accrued by the fund. If share redemptions predominate on the valuation day, the NAV is reduced by the average or effective transaction costs accrued by the fund.

Term-Nr.: 836

German: Swinging Single Pricing (775)

Source: SFO D15 2010 m. e. E., 24.04.2010