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1. In the case of underlyings comprised of more than 50% stocks that are traded on the primary market during the official trading hours of the Swiss Stock Exchange, the following rule applies:

• The market maker must provide bid and ask prices for amounts of at least EUR 50,000 that do not deviate from the indicative NAV (net asset value) by more than 2% (+/- 1% on either side).

2. In the case of underlyings comprised of more than 50% stocks that are not traded on the primary market during the official trading hours of the Swiss Stock Exchange, the following rule applies:

• The market maker must provide bid and ask prices for amounts of at least EUR 50,000. The trading spread must not exceed 5%.

Application of rules 1 and 2

Rules 1 und 2 may both apply during a trading day.

Example: When the stocks on the Dow Jones Industrial Average Index are not being traded on the primary market because the New York Stock Exchange (NYSE) is closed, rule 2 applies. After the NYSE opens for trading at 3.30 p.m. Swiss time, rule 1 applies.

Rule 2 generally applies to underlyings in Asian markets, which are closed throughout the trading hours of the Swiss Stock Exchange.

The market maker must provide bid and ask prices for amounts of at least EUR 100,000. The maximum spread for the indicative net asset value (iNAV) can vary.

• 0.1% (+/- 0.05% on either side of the iNAV where available) for money market products
• 0.5% (+/- 0.25% on either side of the iNAV, if available) for money market products not traded in the fund currency
• 0.5% (+/- 0.25% on either side of the iNAV where available) for government bonds, "supranationals" and similar bonds with a maturity of less than 3 years
• 1.0% (+/- 0.5% on either side of the iNAV where available) for government bonds, "supranationals" and similar bonds with a maturity of more than 3 years, as well as for investment-grade corporate bonds
• 2.0% (+/- 1.0% on either side of the iNAV where available) for emerging market bonds and non-investment-grade corporate bonds)

1. In the case of underlyings comprised of more than 50% commodities that are traded on the primary market during the official trading hours of the Swiss Stock Exchange, the following rule applies:

• The market maker must provide bid and ask prices for amounts of at least EUR 50,000 that do not deviate from the indicative NAV (net asset value) by more than 2% (+/- 1% on either side).

2. In the case of underlyings comprised of more than 50% commodities that are not traded on the primary market during the official SIX Swiss Exchange trading hours, the following rule applies:

• The market maker must provide bid and ask prices for amounts of at least EUR 50,000. The trading spread must not exceed 3%.

Application of rules 1 and 2

Rules 1 und 2 may both apply during a trading day.

Example: When over 50% of the constituent commodities are not being traded on the primary market because the Chicago Mercantile Exchange (CME) is closed, rule 2 applies. After the CME opens for trading, rule 1 applies.

The market maker must provide bid and ask prices for amounts of at least EUR 50,000. The maximum spread for the indicative net asset value (iNAV) can vary. The market maker must comply with the applicable spread requirements if at least 50% of the constituent collective investment schemes belong to that category:

• 2.0% (+/- 1.0% on either side of the iNAV where available) for exchange-traded real estate funds
• 2.0% (+/- 1.0% on either side of the iNAV where available) for hedge fund indices

1. In the case of ETSFs comprised of more than 50% stocks that are traded on the primary market during the official trading hours of the Swiss Stock Exchange, the following rule applies:

• The market maker must provide bid and ask prices for amounts of at least EUR 50,000 that do not deviate from the indicative NAV (net asset value) by more than 2% (+/- 1% on either side).

2. In the case of ETSFs comprised of more than 50% stocks that are not traded on the primary market during the official trading hours of the Swiss Stock Exchange, the following rule applies:

• The market maker must provide bid and ask prices for amounts of at least EUR 50,000. The trading spread must not exceed 5%.

Application of rules 1 and 2

Rules 1 und 2 may both apply during a trading day.

Example: When the stocks on the Dow Jones Industrial Average Index are not being traded on the primary market because the New York Stock Exchange (NYSE) is closed, rule 2 applies. After the NYSE opens for trading at 3.30 p.m. Swiss time, rule 1 applies.

Rule 2 generally applies to underlyings on Asian markets, which are closed throughout the trading hours of the Swiss Stock Exchange.