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 | LU0455734433 |
|---|---|
| Dividend policy | Distribution (A) |
| Share class | Ethna-DYNAMISCH (A) |
| Bloomberg | ETGDYNA LX |
| Investment company | ETHENEA Independent Investors S.A. (Société Anonyme) |
| Investment category | Global multi-asset fund, equity focussed⁶ |
| Total net asset value | 90,46 m EUR |
| Share classe volume | 26,19 m EUR |
| Offering price | 106,49 EUR |
| Nav Price | 101,42 EUR |
| Share class currency | EUR |
| Minimum investment amount | none |
| Term | unlimited |
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
Equities: includes direct investments only. | Net equities: indicates total exposure to equities (including equity derivatives). It is possible that the combined use of derivatives, which amongst other things allow investors to leverage market movements and/or benefit from price falls (short selling), will mean that short exposure exceeds the equivalent value of direct investments in equities. In this case, a negative value may also appear in the overview. | Other: Types of product that account for 3% or less of the NAV. This item includes the market values of all derivatives, which may also be negative overall. | Cash: includes term deposits, overnight money, current accounts and other accounts. | Source: ETHENEA | All data as of: Monday, 30 June 2025
Source: ETHENEA | All data as of: Monday, 30 June 2025
Source: ETHENEA | All data as of: Monday, 30 June 2025
Yields in %⁷
| Year to date 2025 (01.01.2025 - 30.07.2025) | 3,76 |
|---|---|
| Since issuance, annualized yield | 4,92 |
| 5 years, annualized yield | 4,64 |
| 3 years, annualized yield | 6,35 |
| 30.07.2024 - 30.07.2025 | 9,69 |
| 30.07.2023 - 30.07.2024 | 10,44 |
| 30.07.2022 - 30.07.2023 | -0,68 |
| 30.07.2021 - 30.07.2022 | -8,24 |
| 30.07.2020 - 30.07.2021 | 13,63 |
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.
⁸ The yield to maturity is the real return on an investment, expressed on an annual basis and taking all factors into account: purchase price, including charges; interim income (coupons, dividends); maturity; taxes and levies; amount repaid at maturity.
All data as of: Wednesday, 30 July 2025
Fees
| Subscription fee | up to 5,00 % |
|---|---|
| Management fee | 1,60% p.a. |
| Administration fee | 0,10% p.a. |
| Redemption Fee | 0,00% p.a. |
| Custodian fee | 0,05% p.a. |
| Performance fee | 10,00% of the outperformance exceeding 7,00% per annum, provided that previous write-downs have been offset. |
|
Ongoing charges
- Of which management fees |
2,10%
1,60% |
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.
The tax rate applicable to Belgian investors ("capital gains tax") is 30% and, if applicable, the withholding tax rate is 30%. The tax on stock exchange transactions related to exit from the sub-fund is 1.32% (max. EUR 4,000).
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 | 9,49% |
|---|---|
| Sharpe ratio¹⁰ | 0,77 |
| Average rating¹¹ | Between AAA and AAA |
| Modified duration¹² | 0,72 (0,72) |
| Average current yield¹³ p.a. | 1,22% |
| Average YTM¹³ p.a. | 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
Reason for the categorisation: This share class has been placed in the aforementioned risk class because its unit price is subject to little to medium fluctuation, therefore the profit potential and loss exposure may be low to moderate.
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 (diversification)
• professional Portfolio Management with many years of experience
• active risk management and hedging (emphasis on capital preservation)
• active portfolio management thanks to an Absolute Return 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 documents (PRIIPs-KIDs). 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.
Source : Key information documents (PRIIPs-KIDs)
The risk category is an indication of the risk profile attached to an investment in a UCITS or sub-fund. Any change of risk category will be mentioned in the fund’s annual and semi-annual reports.
Version date: Wednesday, 30 July 2025
Further information
| Custodian bank | DZ PRIVATBANK S.A. |
|---|---|
| Country of incorporation | Luxemburg |
| Inception date | 10/11/2009 |
| Business year end | 31.12. |
Version date: Wednesday, 30 July 2025
Please read the key information documents (PRIIPs-KIDs) and sales prospectus before investing in the fund. The sales prospectus or key information documents (PRIIPs-KIDs), 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
Fund subscription form
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.