Sector exposure

as of 16 Oct 2019 (%)

Country exposure

as of 16 Oct 2019 (%)

View Basket Constituents

Name ISIN Weight
NESTLE SA-REG CH0038863350 3.65%
MUENCHENER RUECKVER AG-REG DE0008430026 3.12%
DEUTSCHE TELEKOM AG-REG DE0005557508 3.12%
SANDVIK AB SE0000667891 1.76%
VOLKSWAGEN AG-PREF DE0007664039 1.70%
RANDGOLD RESOURCES LTD-ADR CA0679011084 1.58%
AAK AB SE0011337708 1.56%
AGNICO EAGLE MINES LTD CA0084741085 1.53%
ALLIANZ SE-REG DE0008404005 1.49%
HELVETIA HOLDING AG-REG CH0466642201 1.48%
ESSITY AKTIEBOLAG-B SE0009922164 1.46%
ASM INTERNATIONAL NV NL0000334118 1.43%
ROCHE HOLDING AG-GENUSSCHEIN CH0012032048 1.42%
WOLTERS KLUWER NL0000395903 1.41%
UBS GROUP AG-REG CH0244767585 1.36%
NOVARTIS AG-REG CH0012005267 1.23%
FRESENIUS SE & CO KGAA DE0005785604 1.20%
MCKESSON CORP US58155Q1031 1.17%
AERCAP HOLDINGS NV NL0000687663 1.14%
LABORATORY CRP OF AMER HLDGS US50540R4092 1.13%
WALT DISNEY CO/THE US2546871060 1.12%
PPG INDUSTRIES INC US6935061076 1.12%
MCDONALD'S CORP US5801351017 1.12%
FIRSTENERGY CORP US3379321074 1.12%
GN STORE NORD A/S DK0010272632 1.12%
EBAY INC US2786421030 1.11%
COCA-COLA CO/THE US1912161007 1.11%
DANAHER CORP US2358511028 1.11%
PARKER HANNIFIN CORP US7010941042 1.11%
SYMANTEC CORP US8715031089 1.11%
APPLE INC US0378331005 1.11%
INTL BUSINESS MACHINES CORP US4592001014 1.11%
STANLEY BLACK & DECKER INC US8545021011 1.10%
EDWARDS LIFESCIENCES CORP US28176E1082 1.10%
IQVIA HOLDINGS INC US46266C1053 1.10%
ARCONIC INC US03965L1008 1.10%
ELI LILLY & CO US5324571083 1.10%
ANSYS INC US03662Q1058 1.09%
ADOBE SYSTEMS INC US00724F1012 1.09%
OGE ENERGY CORP US6708371033 1.08%
NORTHWESTERN CORP US6680743050 1.08%
FIDELITY NATIONAL INFO SERV US31620M1062 1.07%
COSTAR GROUP INC US22160N1090 1.07%
ELDORADO RESORTS INC US28470R1023 1.02%
SERVICENOW INC US81762P1021 1.01%
SALESFORCE.COM INC US79466L3024 0.960%
THERMO FISHER SCIENTIFIC INC US8835561023 0.960%
STRYKER CORP US8636671013 0.930%
CUMMINS INC US2310211063 0.870%
ALPHABET INC-CL A US02079K3059 0.870%
SYSCO CORP US8718291078 0.860%
GENERAL ELECTRIC CO US3696041033 0.860%
PEPSICO INC US7134481081 0.860%
TALLGRASS ENERGY LP-CLASS A US8746961072 0.840%
MONSTER BEVERAGE CORP US61174X1090 0.830%
KONINKLIJKE KPN NV NL0000009082 0.800%
COPART INC US2172041061 0.800%
FORRESTER RESEARCH INC US3465631097 0.790%
SALMAR ASA NO0010310956 0.740%
HEICO CORP-CLASS A US4228062083 0.720%
ADESTO TECHNOLOGIES CORP US00687D1019 0.690%
NEOPHOTONICS CORP US64051T1007 0.690%
LAFARGEHOLCIM LTD-REG CH0012214059 0.680%
SWEDISH MATCH AB SE0000310336 0.670%
SWISS RE AG CH0126881561 0.670%
KONINKLIJKE PHILIPS NV NL0000009538 0.580%
SYNOPSYS INC US8716071076 0.580%
SUNTRUST BANKS INC US8679141031 0.560%
UCB SA BE0003739530 0.560%
YARA INTERNATIONAL ASA NO0010208051 0.540%
NOVO NORDISK A/S-B DK0060534915 0.540%
COMMUNITY TRUST BANCORP INC US2041491083 0.530%
ASBURY AUTOMOTIVE GROUP US0434361046 0.520%
UNIQURE NV NL0010696654 0.520%
AAREAL BANK AG DE0005408116 0.490%
SWISS LIFE HOLDING AG-REG CH0014852781 0.470%
STOREBRAND ASA NO0003053605 0.400%
GALP ENERGIA SGPS SA PTGAL0AM0009 0.390%
LOOMIS AB-B SE0002683557 0.390%
FORTUM OYJ FI0009007132 0.380%
LYDALL INC US5508191062 0.380%
REGIONAL MANAGEMENT CORP US75902K1060 0.370%
CEMBRA MONEY BANK AG CH0225173167 0.370%
PC-TEL INC US69325Q1058 0.370%
SEACOR HOLDINGS INC US8119041015 0.370%
PEOPLES BANCORP INC US7097891011 0.350%
TLG IMMOBILIEN AG DE000A12B8Z4 0.340%
SUBSEA 7 SA LU0075646355 0.340%
HOLMEN AB-B SHARES SE0011090018 0.330%
NESTE OYJ FI0009013296 0.330%
MONARCH CASINO RESORT INC US6090271072 0.330%
SCHIBSTED ASA-CL A NO0003028904 0.330%
SCHINDLER HOLDING AG-REG CH0024638212 0.330%
HEIDRICK STRUGGLES INTL US4228191023 0.310%
LINDBLAD EXPEDITIONS HOLDING US5352191093 0.310%
EDP-ENERGIAS DE PORTUGAL SA PTEDP0AM0009 0.310%
FORUM ENERGY TECHNOLOGIES IN US34984V1008 0.310%
WEST BANCORPORATION US95123P1066 0.300%
TOPDANMARK A/S DK0060477503 0.290%
BAYERISCHE MOTOREN WERKE-PRF DE0005190037 0.280%
WIHLBORGS FASTIGHETER AB SE0011205194 0.260%
CANCOM AG DE0005419105 0.250%
FLSMIDTH & CO A/S DK0010234467 0.240%
TKH GROUP NV-DUTCH CERT NL0000852523 0.230%
DSP GROUP INC US23332B1061 0.230%
BANQUE CANTONALE VAUDOIS-REG CH0015251710 0.210%
ACS ACTIVIDADES CONS Y SERV ES0167050915 0.210%
ROCKWOOL INTL A/S-B SHS DK0010219153 0.210%
DNO INTERNATIONAL ASA NO0003921009 0.210%
KEMIRA OYJ FI0009004824 0.200%
AMADEUS IT GROUP SA ES0109067019 0.200%
KUNGSLEDEN AB SE0000549412 0.190%
SENECA FOODS CORP - CL A US8170705011 0.190%
JENOPTIK AG DE000A2NB601 0.190%
GRIEG SEAFOOD ASA NO0010365521 0.190%
KONINKLIJKE PHILIPS NV NL0000009538 0.180%
SIMCORP A/S DK0060495240 0.180%
KBC GROUP NV BE0003565737 0.170%
TRELLEBORG AB-B SHS SE0000114837 0.160%
RED ELECTRICA CORPORACION SA ES0173093024 0.160%
ENDESA SA ES0130670112 0.160%
SYMRISE AG DE000SYM9999 0.160%
REPSOL SA ES0173516115 0.160%
NOLATO AB-B SHS SE0000109811 0.160%
PARGESA HOLDING SA-BR CH0021783391 0.150%
MORPHOSYS AG DE0006632003 0.150%
ANHEUSER-BUSCH INBEV SA/NV BE0974293251 0.150%
H LUNDBECK A/S DK0010287234 0.150%
TOMTOM NL0013332471 0.150%
VOESTALPINE AG AT0000937503 0.140%
UNIPER SE DE000UNSE018 0.140%
EVONIK INDUSTRIES AG DE000EVNK013 0.140%
BARCO (NEW) N.V. BE0003790079 0.130%
ORSTED A/S DK0060094928 0.120%
KONINKLIJKE DSM NV NL0000009827 0.120%
ADURO BIOTECH INC US00739L1017 0.120%
MTU AERO ENGINES HOLDING AG DE000A0D9PT0 0.100%
OMV AG AT0000743059 0.0900%
ADIDAS AG DE000A1EWWW0 0.0900%
FERROVIAL SA ES0118900010 0.0900%
BASF SE DE000BASF111 0.0800%
JERONIMO MARTINS PTJMT0AE0001 0.0800%
BAYERISCHE MOTOREN WERKE AG DE0005190003 0.0800%
DAIMLER AG-REGISTERED SHARES DE0007100000 0.0700%
RTL GROUP LU0061462528 0.0700%
E.ON SE DE000ENAG999 0.0700%
RATIONAL AG DE0007010803 0.0700%
J J SNACK FOODS CORP US4660321096 0.0700%
CASTELLUM AB SE0000379190 0.0700%
HEIDELBERGCEMENT AG DE0006047004 0.0700%
SEASPINE HOLDINGS CORP US81255T1088 0.0600%
ORKLA ASA NO0003733800 0.0600%
UNION PACIFIC CORP US9078181081 0.0600%
EXPONENT INC US30214U1025 0.0500%
EVERI HOLDINGS INC US30034T1034 0.0500%
SIEMENS AG-REG DE0007236101 0.0500%
ELISA OYJ FI0009007884 0.0500%
GRAND CITY PROPERTIES LU0775917882 0.0400%
INDUSTRIA DE DISENO TEXTIL ES0148396007 0.0400%
A10 NETWORKS INC US0021211018 0.0400%
SERVICESOURCE INTERNATIONAL US81763U1007 0.0400%
AMAZON.COM INC US0231351067 0.0400%
FUCHS PETROLUB SE -PREF DE0005790430 0.0400%
NOKIAN RENKAAT OYJ FI0009005318 0.0400%
ERICSSON LM-B SHS SE0000108656 0.0400%
PAN AMERICAN SILVER CORP CA6979001089 0.0400%
BEIERSDORF AG DE0005200000 0.0300%
FORTINET INC US34959E1091 0.0300%
ADECCO GROUP AG-REG CH0012138605 0.0300%
QIAGEN N.V. NL0012169213 0.0300%
VALMET OYJ FI4000074984 0.0300%
HOCHTIEF AG DE0006070006 0.0300%
FRAPORT AG FRANKFURT AIRPORT DE0005773303 0.0200%
KONINKLIJKE AHOLD DELHAIZE N NL0011794037 0.0200%
INVESTOR AB-B SHS SE0000107419 0.0200%
METSO OYJ FI0009007835 0.0200%
AUTOZONE INC US0533321024 0.0200%
ASSEMBLY BIOSCIENCES INC US0453961080 0.0200%
GENESIS HEALTHCARE INC US37185X1063 0.0100%
EVERBRIDGE INC US29978A1043 0.0100%
DURECT CORPORATION US2666051048 0.0100%
AROUNDTOWN SA LU1673108939 0.0100%
CISCO SYSTEMS INC US17275R1023 0.0100%
INTL FCSTONE INC US46116V1052 0.0100%
ASML HOLDING NV NL0010273215 0.0100%
LINDT & SPRUENGLI AG-PC CH0010570767 0.00%
BANDWIDTH INC-CLASS A US05988J1034 0.00%
NIKE INC -CL B US6541061031 0.00%
GMS INC US36251C1036 0.00%
E.ON SE DE000ENAG999 0.00%
LINDE PLC IE00BZ12WP82 0.00%
ALLISON TRANSMISSION HOLDING US01973R1014 0.00%
TELENET GROUP HOLDING NV BE0003826436 0.00%
SUNRISE COMMUNICATIONS GROUP CH0267291224 0.00%
CHIPOTLE MEXICAN GRILL INC US1696561059 0.00%
SHAKE SHACK INC - CLASS A US8190471016 0.00%
MALIBU BOATS INC - A US56117J1007 0.00%
WORKIVA INC US98139A1051 0.00%
DOLLAR TREE INC US2567461080 0.00%
IAC/INTERACTIVECORP US44919P5089 0.00%
FASTIGHETS AB BALDER-B SHRS SE0000455057 0.00%
PGT INNOVATIONS INC US69336V1017 0.00%
DECKERS OUTDOOR CORP US2435371073 0.00%
MARCUS MILLICHAP INC US5663241090 0.00%
DSV PANALPINA A/S DK0060079531 0.00%
MYOKARDIA INC US62857M1053 0.00%
VECTRUS INC US92242T1016 0.00%
RAMBUS INC US7509171069 0.00%
ENOVA INTERNATIONAL INC US29357K1034 0.00%
TRINET GROUP INC US8962881079 0.00%
PTC THERAPEUTICS INC US69366J2006 0.00%
SAP SE DE0007164600 0.00%
STONERIDGE INC US86183P1021 0.00%
VIAVI SOLUTIONS INC US9255501051 0.00%
HMS HOLDINGS CORP US40425J1016 0.00%
MRC GLOBAL INC US55345K1034 0.00%
FERRO CORP US3154051003 0.00%
EXELON CORP US30161N1019 0.00%
UNIVAR INC US91336L1070 0.00%
BOSTON SCIENTIFIC CORP US1011371077 0.00%
AEGON NV NL0000303709 0.00%
SVB FINANCIAL GROUP US78486Q1013 0.00%
VOLVO AB-B SHS SE0000115446 0.00%
BOTTOMLINE TECHNOLOGIES (DE) US1013881065 0.00%
INTERSECT ENT INC US46071F1030 0.00%
ESTEE LAUDER COMPANIES-CL A US5184391044 0.00%
HAEMONETICS CORP/MASS US4050241003 0.00%
MERITAGE HOMES CORP US59001A1025 0.00%
MERIDIAN BIOSCIENCE INC US5895841014 0.00%
PLANET FITNESS INC - CL A US72703H1014 0.00%
BALOISE HOLDING AG - REG CH0012410517 0.00%
KRATON CORP US50077C1062 0.00%
HARSCO CORP US4158641070 0.00%
LIVEPERSON INC US5381461012 0.00%
HANNOVER RUECK SE DE0008402215 0.00%
ARGENX SE NL0010832176 0.00%
FTI CONSULTING INC US3029411093 0.00%
BLUCORA INC US0952291005 0.00%
HONEYWELL INTERNATIONAL INC US4385161066 0.00%
TAKEAWAY.COM NV NL0012015705 0.00%
TELEDYNE TECHNOLOGIES INC US8793601050 0.00%
CARDIOVASCULAR SYSTEMS INC US1416191062 0.00%
FERRARI NV NL0011585146 0.00%
KOJAMO OYJ FI4000312251 0.00%
ILLUMINA INC US4523271090 0.00%
ROSETTA STONE INC US7777801074 0.00%
CLEAN HARBORS INC US1844961078 0.00%
GROUPE BRUXELLES LAMBERT SA BE0003797140 0.00%
CARLSBERG AS-B DK0010181759 0.00%
HURON CONSULTING GROUP INC US4474621020 0.00%
AUTODESK INC US0527691069 0.00%
NATERA INC US6323071042 0.00%
ROCHE HOLDING AG-BR CH0012032113 0.00%
MANITOWOC COMPANY INC US5635714059 0.00%
MICROSOFT CORP US5949181045 0.00%
TWITTER INC US90184L1026 0.00%
CHARLES RIVER LABORATORIES US1598641074 0.00%
MOBILEIRON INC US60739U2042 0.00%
EMERSON ELECTRIC CO US2910111044 0.00%
AMERICA'S CAR-MART INC US03062T1051 0.00%
ATKORE INTERNATIONAL GROUP I US0476491081 0.00%
AMKOR TECHNOLOGY INC US0316521006 0.00%
MERCK & CO. INC. US58933Y1055 0.00%
RADNET INC US7504911022 0.00%
BLACK KNIGHT INC US09215C1053 0.00%
SANMINA CORP US8010561020 0.00%
UPM-KYMMENE OYJ FI0009005987 0.00%
CRANE CO US2243991054 0.00%
ROYAL UNIBREW DK0060634707 0.00%
FORMFACTOR INC US3463751087 0.00%
TELEFONICA DEUTSCHLAND HOLDI DE000A1J5RX9 0.00%
AALBERTS NV NL0000852564 0.00%
ASTRONICS CORP US0464331083 0.00%
WALMART INC US9311421039 0.00%
RIBBON COMMUNICATIONS INC US7625441040 0.00%
FRANKLIN ELECTRIC CO INC US3535141028 0.00%
DEUTSCHE POST AG-REG DE0005552004 0.00%
SELECT MEDICAL HOLDINGS CORP US81619Q1058 0.00%
GJENSIDIGE FORSIKRING ASA NO0010582521 0.00%
VONAGE HOLDINGS CORP US92886T2015 0.00%
WIENERBERGER AG AT0000831706 0.00%
FOUNDATION BUILDING MATERIAL US3503921062 0.00%
CHEVRON CORP US1667641005 0.00%
EPLUS INC US2942681071 0.00%
TECAN GROUP AG-REG CH0012100191 0.00%
UNIVERSAL INSURANCE HOLDINGS US91359V1070 0.00%
AGEAS BE0974264930 0.00%
APERAM LU0569974404 0.00%
R1 RCM INC US7493971052 0.00%
ORION OYJ-CLASS B FI0009014377 0.00%
SELECTIVE INSURANCE GROUP US8163001071 0.00%
NMI HOLDINGS INC-CLASS A US6292093050 0.00%
FIVE9 INC US3383071012 0.00%
NN GROUP NV NL0010773842 0.00%
FREENET AG DE000A0Z2ZZ5 0.00%
REGIS CORP US7589321071 0.00%
ASR NEDERLAND NV NL0011872643 0.00%
LEROEY SEAFOOD GROUP ASA NO0003096208 0.00%
TELEKOM AUSTRIA AG AT0000720008 0.00%
TWILIO INC - A US90138F1021 0.00%
BAYER AG-REG DE000BAY0017 0.00%
SEAWORLD ENTERTAINMENT INC US81282V1008 0.00%
ECHOSTAR CORP-A US2787681061 0.00%
MOWI ASA NO0003054108 0.00%
CIRRUS LOGIC INC US1727551004 0.00%
CORNERSTONE ONDEMAND INC US21925Y1038 0.00%
HERC HOLDINGS INC US42704L1044 0.00%
INSPIRE MEDICAL SYSTEMS INC US4577301090 0.00%
DENNY'S CORP US24869P1049 0.00%
GERRESHEIMER AG DE000A0LD6E6 0.00%
TRYG A/S DK0060636678 0.00%
ALLSTATE CORP US0200021014 0.00%
NORDEX SE DE000A0D6554 0.00%
RUTH'S HOSPITALITY GROUP INC US7833321091 0.00%
PALO ALTO NETWORKS INC US6974351057 0.00%
OKTA INC US6792951054 0.00%
TAG IMMOBILIEN AG DE0008303504 0.00%
DNB ASA NO0010031479 0.00%
SKANDINAVISKA ENSKILDA BAN-A SE0000148884 0.00%
USANA HEALTH SCIENCES INC US90328M1071 0.00%
HEALTHSTREAM INC US42222N1037 0.00%
TGS NOPEC GEOPHYSICAL CO ASA NO0003078800 0.00%
NORTHWEST NATURAL GAS CO US66765N1054 0.00%
ORTHOFIX MEDICAL INC US68752M1080 0.00%
TRIMAS CORP US8962152091 0.00%
HUGO BOSS AG -ORD DE000A1PHFF7 0.00%
SSAB AB-A SHARES SE0000171100 0.00%
AVALARA INC US05338G1067 0.00%
TEREX CORP US8807791038 0.00%
SWATCH GROUP AG/THE-REG CH0012255144 0.00%
PAR PACIFIC HOLDINGS INC US69888T2078 0.00%
PAYLOCITY HOLDING CORP US70438V1061 0.00%
ZEBRA TECHNOLOGIES CORP-CL A US9892071054 0.00%
DUCOMMUN INC US2641471097 0.00%
SIMPLY GOOD FOODS CO/THE US82900L1026 0.00%
YAMANA GOLD INC CA98462Y1007 0.00%
TIETO OYJ FI0009000277 0.00%
ELEMENT SOLUTIONS INC US28618M1062 0.00%
CACTUS INC - A US1272031071 0.00%
MATRIX SERVICE CO US5768531056 0.00%
INDUSTRIVARDEN AB-A SHS SE0000190126 0.00%
HALOZYME THERAPEUTICS INC US40637H1095 0.00%
INDUSTRIVARDEN AB-C SHS SE0000107203 0.00%
MARINEMAX INC US5679081084 0.00%
APERGY CORP US03755L1044 0.00%
BIOCRYST PHARMACEUTICALS INC US09058V1035 0.00%
DXC TECHNOLOGY CO US23355L1061 0.00%
CALAMP CORP US1281261099 0.00%
FIBROGEN INC US31572Q8087 0.00%
VANDA PHARMACEUTICALS INC US9216591084 0.00%
STAAR SURGICAL CO US8523123052 0.00%
GOPRO INC-CLASS A US38268T1034 0.00%
LANTHEUS HOLDINGS INC US5165441032 0.00%
BOINGO WIRELESS INC US09739C1027 0.00%
MODINE MANUFACTURING CO US6078281002 0.00%
FIVE PRIME THERAPEUTICS INC US33830X1046 0.00%
SUNCOKE ENERGY INC US86722A1034 0.00%
PENN VIRGINIA CORP US70788V1026 0.00%
FORESCOUT TECHNOLOGIES INC US34553D1019 0.00%
ANGI HOMESERVICES INC- A US00183L1026 0.00%
KEANE GROUP INC US48669A1088 0.00%

Download fund components

Average SWAP Mark to Market

Key information

Bloomberg ticker SMSUSA GY
ISIN IE00B60SX170
Benchmark BBG ticker NDDUUS
Management fee 0.05%
Swap fee 0.00%
NAV (17 Oct 2019) $80.14
AUM $179,037,523
Base currency USD

Key risks

Counterparty risk:  Other financial institutions provide services such as safekeeping of assets or as a counterparty to financial contracts such as derivatives. The Fund is exposed to the risk of bankruptcy, or any other type of default of the counterparty related to any trading transaction entered into by the Fund.

Risk of using derivatives:  in order to reach its investment objective, the Fund enters into swap agreements which provide the performance of the Reference Index, and may imply a range of risks which could lead to an adjustment or even the early termination of the swap agreement.

Liquidity on secondary market risk:  Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. On-exchange liquidity may be limited due to Reference Index suspension, a decision by one of the relevant stock exchanges, or a breach by the market maker of respective stock exchange requirements and guidelines. 

 

 

The performance information on this web page refers to past performance. Past performance is not a reliable indicator of future returns.

Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by Invesco. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties’) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The data shown on this page is not real-time, i.e. it may be delayed due to mandatory requirements of the data provider. As a consequence, the price of the product linked to a specific underlying you are quoted by your broker or intermediary may substantially differ from the price of the product that you would expect on the basis of the data displayed on this site. Invesco accepts no responsibility for loss, however caused, resulting from errors in this data.

ETF performance is in the fund’s base currency, includes dividends, reinvested. ETF performance is Net Asset Value after management fees and other ETF costs but does not consider any commissions or custody fees payable when buying, holding or selling the ETF. The ETF does not charge entry or exit fees. Data: Invesco.

To assist with meeting some of the Fund's costs the Manager has requested a fees contribution of up to 0.045% of the swap notional amount from the swap counterparties active on this fund. Note that this fee contribution has no impact on the net asset value of the fund and is not charged to investors in addition to the management fee and to any swap fee as set out on this fund’s webpage.

The investment objective of the fund is to replicate the net total return index; in order to reduce tracking error against this index following the deduction of fees and withholding tax, the Investment Manager has entered into a swap agreement against the gross index performance. For this additional performance against the net total return index, the swap counterparties may charge a fee of up to 0.04%. This fee deduction is not expected to be larger than the difference between the net and gross performance of the index. The fee applied to the swap will thus still result in an equivalent fee of 0% on the net total return index performance.