Positions in UCITS

[ESMA70-145-408 SSR Q&A, Q&A 6.11] If the concerned UCITS fund is an ETF or similar instrument included in Annex I, Part 1, of the DR, and if its composition is publicly available for look-through purposes, then it should be included in the calculation of net short position. Otherwise, it should be excluded. In this last case, in fact, the net short position calculation should be conducted at the level of the fund management entities. If the position has to be included in the calculation of net short position, the fact that the Regulation does not require the investor to obtain real time information should not prevent them from checking the composition on a daily basis if this information is publicly available and if it is likely that the composition can change on a daily basis. As stated in Q&A 1914, once information on index composition has been obtained, investors have to process that information for conducting the calculation of the net short position.