Xtrackers (XSSX) Euro Stoxx 50 Short Daily UCITS ETF

The aim is for your investment to reflect the performance of the EURO STOXX 50{{®}} Short Index (Index) which provides the opposite performance of the EURO STOXX 50{{®}} Index (Underlying Index) on a daily basis plus a rate of interest and minus borrowing costs/ 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 double the rate at which banks in the Eurozone lend to each other overnight (as calculated by the European Central Bank) earned on the short position/ ||The Underlying Index reflects the performance of the shares of 50 of the largest companies in certain industry sectors in the Eurozone/ The companies are selected on the basis that they have the largest combined value of readily available shares compared to other companies/ A company's weighting in the Index depends on its relative size but cannot exceed 10% of the Index at each quarterly review date/ The Index is reviewed and rebalanced on a quarterly basis/ The Index is calculated on a gross total return basis which means that all dividends and distributions by the companies are reinvested in the shares on a gross basis/ ||To achieve the aim, the Fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the Index/ ||No dividends will be paid on your shares/ ||You may redeem your shares on demand on a daily basis/

• Leverage100
• Currency hedgingNo

• Value Assessment review date05 June 2007
• Value Assessment next review date -
• Is Assessment of Value required under COLL?No
• Outcome of COLL Assessment of Value -
• Outcome of PRIN Value Assessment or review -
• Other review related to value and or chargesFund costs have been reviewed and are in line with ESMA's briefing on supervision of costs in UCITS and AIFs or relevant NCA supervisory activity
• Further information-