This Sub-Fund is passively managed. The objective of this SubFund is to track the performance of SHORTDAX Index, and to minimize the tracking error between the net asset value of the Sub-Fund and the performance of the Index. The Sub-Fund aims to achieve a level of tracking error of the Sub-Fund and its index that will not normally exceed 1%. The DAX Index calculated by STOXX Ltd. comprises the 40 largest German companies with the highest turnovers that are listed on the Frankfurt Stock Exchange.