Below is a summary of the different exposure calculations. For a practical guide to these different calculations, and for Funds-Axis proposals for change, click here.
| AIFMD AUM Calculation - Article 3* | AIFMD Gross Exposure | AIFMD Commitment Exposure | UCITS Global Exposure using Commitment Approach | UCITS Notional Exposure | |
|---|---|---|---|---|---|
| Calculation level | Portfolio | Portfolio | Portfolio | Derivatives and exposures from EPM Techniques. ** | Derivatives |
| Delta Adjustment | Yes | Yes | Yes | Yes | No |
| Netting / hedging | No | No | Yes | Yes | No |
| Currency hedging (e.g. FFX) | No | No | Yes | Yes | No |
| Risk free assets | No | Yes | No, but long derivative exposure can be offset by "cash and cash equivalents" | No, but derivative exposure can be offset by "risk free assets" | No |
* For AUM, you do not include investment in group CIS
**In practice, regard needs to be had to the entirety of the portfolio.