X II Euroz Govt Bd Shrt Dly Swap ETF 1C - XSGL

The aim is for the investment to reflect the performance of the Short IBOXX { {®}} € SOVEREIGNS EUROZONE TOTAL RETURN INDEX (Index). The Index reflects the daily opposite performance of the IBOXX { {®}} € SOVEREIGNS EUROZONE TOTAL RETURN Index, plus a rate of interest. This means that the level of the Index should rise when the Underlying Index falls and fall when the Underlying Index rises on a daily basis. The interest rate added to the Index level is based on the rate at which banks in the Eurozone lend to each other overnight and a market rate for certain bond sale and repurchase (repo) transactions earned on the short positions. The Underlying Index reflects the performance of certain tradable debt (bonds), and is rebalanced and reviewed monthly according to a pre-set methodology. For bonds to be included in the Index on a monthly rebalancing date, they must be denominated in Euro, issued by a Eurozone government and have a remaining time to maturity of at least one year.