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Gross performance*

Reported data relates to the past. The performances shown give no indication of future results. The value of units can vary. The performances shown do not take into account charges or subscription and redemption fees. Subscription fees will reduce the return on investment.

* The management fee, custodian bank fee and all other additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Distributions are reinvested. Performance is calculated using the BVI method, which means that the calculations do not include an issuing charge, transaction costs (such as order fees and brokerage fees), custodian bank fees or other management fees. Including the issuing surcharge would reduce performance.

Source: ETHENEA | All data as of: Wednesday, 30 July 2025

Master data

ISIN LU1546156875
Dividend policy Distribution (A)
Share class Ethna SICAV - DEFENSIV A
Bloomberg ETHDEFA LX
Investment company ETHENEA Independent Investors S.A. (Société Anonyme)
Investment category Balanced fund OECD⁶
Total net asset value 484.711,00 EUR
Share classe volume 484.711,00 EUR
Offering price 97,72 EUR
Nav Price 95,34 EUR
Share class currency EUR
Minimum investment amount none
Term unlimited
Paying agent CACEIS Belgium SA/NV

⁶ This means that the fund may invest in different types of assets (equities, bonds, futures, etc.) as well as in different business sectors whose prices are non-correlated, and only in assets issued in OECD member states. The aim is to reduce risks. The Organisation for Economic Co-operation and Development (OECD) is an international economic research organisation, the members of which — mostly developed countries — all have a democratically elected government and a market economy.

Version date: Wednesday, 30 July 2025

  Yields in %⁷

Year to date 2025 (01.01.2025 - 30.07.2025) 0,81
Since issuance, annualized yield 0,88
5 years, annualized yield 0,59
3 years, annualized yield 1,31
30.07.2024 - 30.07.2025 1,70
30.07.2023 - 30.07.2024 5,53
30.07.2022 - 30.07.2023 -3,10
30.07.2021 - 30.07.2022 -3,22
30.07.2020 - 30.07.2021 2,34

⁷ Figures on returns relate to the past, give no indication of future results, and do not take into account any reorganisation. An overview of the risks associated with an investment in this fund is included in the prospectus. The portfolio’s net asset value depends entirely on market trends. The management fee, custodian bank fee and all other additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Distributions are reinvested. Performance is calculated using the BVI method, which means that the calculations do not include an issuing charge, transaction costs (such as order fees and brokerage fees), custodian bank fees or other management fees. Including the issuing surcharge would reduce performance.

All data as of: Wednesday, 30 July 2025

  Fees

Subscription fee up to 2,50 %
Management fee 0,05% p.a.
Administration fee 0,00% p.a.
Redemption Fee 0,00% p.a.
Custodian fee 0,00% p.a.
Performance fee none
Ongoing charges

- Of which management fees

4,36%

0,05%

The current expenses of the master UCITS are already included in the current expenses of the feeder UCITS presented here. More detailed information on the cost structure of the master UCITS is available here.

The "Ongoing costs" mentioned in this section do not include transaction costs. Detailed information on the costs and their impact on your investment can be found in the key Information document (PRIIPs-KID), the sales prospectus and the latest annual report.

Since 1 January 2017, the tax rate on income from securities and withholding tax in Belgium is 30%. Dividends distributed by the Fund are subject to withholding tax by the Belgian intermediary at a rate of 30%. If no withholding tax is withheld, investors must include these dividends in their personal income tax return for separate taxation at the rate of 30%. The "interest component" or "TIS bis" included in the capital gain realised on the redemption of the Fund's own shares or the total or partial distribution of the Fund's assets is subject to withholding tax by the Belgian intermediary at the rate of 30%. If no withholding tax is withheld, investors must include this "interest component" or "TIS bis" in their personal income tax return for separate taxation at the rate of 30%.

This fund is a mixed fund under Luxembourg law, in the form of a mutual fund (FCP) quoted in EUR and established for an indefinite period. Each year, your share of the dividends and/or interest received by the fund must be entered on your tax return. You will find more information on this in the prospectus. You can make a detailed calculation at https://www.ethenea.com/en-be/tax-calculator/. This instrument does not provide tax advice. It serves only to help you calculate income. You must always work carefully and make the usual necessary checks, which are your responsibility. The results obtained are based on the data that you enter. Under no circumstances shall ETHENEA Independent Investors S.A. be held liable for any error or omission.

  Key figures

Annualised volatility⁹ 3,59%
Sharpe ratio¹⁰ -0,2

⁹ Volatility is a risk indicator showing the degree of fluctuation in a fund’s price over a given period. Volatility is calculated as a standard deviation based on daily returns over 250 days.

¹⁰ The Sharpe ratio is the quotient of the excess return (= return on the fund minus return on a risk-free asset) and the established volatility. When calculating the excess return, we use the EONIA Total Return index to determine the return on a risk-free asset.

¹¹ Note: You will find more information along with definitions of individual ratings (e.g. AAA, BB) in the form of a glossary here.

¹² Effective duration

¹³ Figures on returns relate to the past. Past performance is no indication of future results.

Version date: Wednesday, 30 July 2025

  Risk Indicator

Lower risk
Higher risk
1
2
3
4
5
6
7

The risk indicator is based on the assumption that you will hold the product 5 years. If you cash in the investment early, the actual risk may be significantly different and you may get back less.
The overall risk indicator helps you assess the risk associated with this product compared to other products. It shows how likely you are to lose money on this product because the markets develop in a certain way or because we are unable to pay you out.

We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you. Be aware of currency risk: You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.

Other risks not included in the risk indicator may be materially relevant:
• Liquidity risk
• Operational risks

For more information, please refer to the prospectus. This product does not include protection against future market developments, so you could lose all or part of the invested capital.

Opportunities

• less exposure to fluctuations in value through the combination of several asset classes and the distribution of investment capital over a number of individual securities (diversification¹⁴)

• professional Portfolio Management with many years of experience

• active risk management and hedging (emphasis on capital preservation)

• active portfolio management thanks to an Absolute Return¹⁵ approach (objective of achieving positive yields even in weak market phases)

• stability and continuity thanks to a focus on fixed-interest securities

Risks

• credit risks: The Fund may invest part of its assets in bonds. The issuers of these bonds could become insolvent, causing the bonds to lose some or all of their value.

• liquidity risks: The Fund may invest part of its assets in securities that are not traded on a stock exchange or similar market. It may be difficult to find a buyer for such securities in the short term. As a result, the risk that share redemptions will be suspended may increase.

• counterparty risks: The Fund may enter into various transactions with counterparties. If a counterparty becomes insolvent, that party will not be able to meet some or all of its open obligations to the Fund.

• risks relating to the use of derivatives: The Fund may enter into derivative transactions for the purposes listed in the key information document (PRIIPs-KID). This means increased opportunities, but also increased risk of losses. The use of derivatives to hedge against losses may also reduce the profit opportunities of the Fund.

• Operating risks and custodial risks: The Fund may fall victim to fraud or other criminal activities. It may suffer losses through misunderstandings or errors on the part of employees of the investment company or third parties or be hurt by external events, such as natural disasters. There is a risk of loss associated with holding assets in custody, especially abroad. This risk may result from insolvency, negligence or misconduct on the part of the Custodian or a sub-custodian.

For detailed information on the opportunities and risks of investing in the fund, please refer to the sales prospectus.

¹⁴ Diversification: This means that the fund may invest in different types of assets (equities, bonds, futures, etc.) as well as in different business sectors whose prices are non-correlated. The aim is to reduce risks.

¹⁵ Absolute Return: Fund management approach aimed at producing a steady return each year, regardless of the situation on financial markets. Absolute return management, the aim of which is to deliver returns independently of any benchmark, is notable for the low volatility of performance. The general idea is to obtain a positive return while taking relatively little risk, and to target highly positive alpha (the return over and above that of the benchmark).

Version date: Wednesday, 30 July 2025

  Further information

Custodian bank DZ PRIVATBANK S.A.
Country of incorporation Luxemburg
Inception date 07/02/2017
Business year end 31.12.

Version date: Wednesday, 30 July 2025

Please read the key information documens (PRIIPs-KID) and sales prospectus before investing in the fund. The sales prospectus or key information document (PRIIPs-KID), annual and semi-annual reports, and NAV are available free of charge in French from the finance department of DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxemburg, which can also be contacted in the event of a complaint. Complaints may also be submitted to the Financial Ombudsman (Ombudsfin), North Gate II, Avenue Roi Albert II, 8, 1000 Brussels, Tel.: +32 2 545 77 70, Fax: +32 2 545 77 79, E-mail: ombudsman@ombudsfin.be in writing or via an online form available at www.ombudsfin.be/fr/particuliers/introduire-une-plainte/. Official sales documents are also available from the promoter, DEUTSCHE BANK AG, Brussels branch, Marnixlaan 13-15, B-1000 Brussels, and you can find them at the bottom of this page.

Documents

 Announcements to unitholders

 Annual report

 Dividend announcements

 Key Information Document (PRIIPs-KID)

 Sales prospectus

 Semi-annual report

This marketing communication is for information purposes only. It may not be passed on to persons in countries where the fund is not authorized for distribution, in particular in the USA or to US persons. The information does not constitute an offer or solicitation to buy or sell securities or financial instruments and does not replace investor- and product-related advice. It does not take into account the individual investment objectives, financial situation, or particular needs of the recipient. Before making an investment decision, the valid sales documents (prospectus, key information documents/PRIIPs-KIDs, semi-annual and annual reports) must be read carefully. These documents are available in German and as non-official translations from ETHENEA Independent Investors S.A., the custodian, the national paying or information agents, and at www.ethenea.com. The most important technical terms can be found in the glossary at www.ethenea.com/glossary/. Detailed information on opportunities and risks relating to our products can be found in the currently valid prospectus. Past performance is not a reliable indicator of future performance. Prices, values, and returns may rise or fall and can lead to a total loss of the capital invested. Investments in foreign currencies are subject to additional currency risks. No binding commitments or guarantees for future results can be derived from the information provided. Assumptions and content may change without prior notice. The composition of the portfolio may change at any time. This document does not constitute a complete risk disclosure. The distribution of the product may result in remuneration to the management company, affiliated companies, or distribution partners. The information on remuneration and costs in the current prospectus is decisive. A list of national paying and information agents, a summary of investor rights, and information on the risks of incorrect net asset value calculation can be found at www.ethenea.com/legal-notices/. In the event of an incorrect NAV calculation, compensation will be provided in accordance with CSSF Circular 24/856; for shares subscribed through financial intermediaries, compensation may be limited. Information for investors in Switzerland: The home country of the collective investment scheme is Luxembourg. The representative in Switzerland is IPConcept (Suisse) AG, Bellerivestrasse 36, CH-8008 Zurich. The paying agent in Switzerland is DZ PRIVATBANK (Suisse) AG, Bellerivestrasse 36, CH-8008 Zurich. Prospectus, key information documents (PRIIPs-KIDs), articles of association, and the annual and semi-annual reports can be obtained free of charge from the representative. Information for investors in Belgium: The prospectus, key information documents (PRIIPs-KIDs), annual reports, and semi-annual reports of the sub-fund are available free of charge in French upon request from ETHENEA Independent Investors S.A., 16, rue Gabriel Lippmann, 5365 Munsbach, Luxembourg, and from the representative: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg. Despite the greatest care, no guarantee is given for the accuracy, completeness, or timeliness of the information. Only the original German documents are legally binding; translations are for information purposes only. The use of digital advertising formats is at your own risk; the management company assumes no liability for technical malfunctions or data protection breaches by external information providers. The use is only permitted in countries where this is legally allowed. All content is protected by copyright. Any reproduction, distribution, or publication, in whole or in part, is only permitted with the prior written consent of the management company. Copyright © ETHENEA Independent Investors S.A. (2025). All rights reserved.