Ethna SICAV-DEFENSIV (A)

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).