Mirae Asset Horizons Topix Daily (-1X) Inverse Product

Tracking Difference / Tracking Error

Tracking Difference (Daily TD)

* Daily TD is the difference between the daily return of an Inverse Product and the daily opposite return of the underlying index.

Tracking Error (TE)

* Tracking error measures how consistently an Inverse Product delivers the opposite return of the underlying index. It is the volatility (measured by standard deviation) of that daily return difference.

Tracking Error

Rolling 1 Year TE^[1]: {{teval}}

Tracking Difference

Product Listing Date 11 Oct 2016

Actual average daily TD for the calendar year 2018: 0.00%

Actual average daily TD for the calendar year 2017: 0.00%

Rolling 1 year actual average daily TD: {{tdval}}

Graphs for Tracking Differences

* The Fund's performance is calculated on an NAV to NAV basis without any reinvestment of distributions.

Graph (a) - Daily return of the Inverse Product and the daily opposite return of the underlying index

Graph (b) - Actual daily tracking difference

[1]: The Inverse Product aims to deliver the opposite of the daily return of the underlying index. For the purposes of calculating the Daily TD, the daily performance of the underlying index has been adjusted by the leverage factor of -1x.

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