Ethna-DEFENSIV
Applies, among others, to the share class Ethna-DEFENSIV (A).
As of: 28/02/2026
The ETHENEA fund Ethna-DEFENSIV (T) was awarded first place over 5 years, third place over 10 years in the “Eurozone Bond Funds” category at the €uro Fund Award 2026 organized by Finanzen Verlag. As of: 01/2026
Out of 2 446 "EUR Diversified Bond“ funds as of 31.12.2024.
Based on 91.79% eligible corporate AUM and 100% of eligible sovereign AUM. Data is based on long positions only.
Fund profile
The Ethna-DEFENSIV is a fixed income fund that does not follow any benchmarks. The actively managed fund with the most defensive risk profile among the Ethna Funds, invests primarily in bonds issued by OECD countries. The high-quality bond portfolio consists mainly of government and corporate bonds. These bonds tend to be more conservative in nature and are managed in a very flexible manner. This allows us to quickly align the fund's risk profile to prevailing market conditions and to take advantage of attractive single name securities. In addition, bonds with a rating below investment-grade can be added.
In line with the principle of maximum flexibility, Ethna-DEFENSIV is able to exploit the full range of the bond segment, thereby increasing its return potential. Another important driver of the fund's performance is the active management of spreads, duration and currency through liquid instruments, also known as overlay management. Spread risks and duration are managed by actively adjusting maturities and bond issuers. In addition, the duration of the Ethna-DEFENSIV can also be managed through the use of futures and the currency through forward exchange transactions.
The top-down approach in the Ethna-DEFENSIV
The Ethna-DEFENSIV’s Portfolio Management Team, which has a proven track-record in the fixed income space, uses a top-down approach with a clear view of macroeconomic developments to determine not only the appropriate bond allocation but also its investments in other asset classes. This, together with its bottom up bond selection process, means that the Ethna-DEFENSIV can flexibly select the most appropriate opportunities available while, at the same time limit potential risks, and manage its volatility and drawdowns.
The Ethna-DEFENSIV as a base investment for conservative investors
With a balanced investment strategy that values diversification and liquidity, the Ethna-DEFENSIV’s aims are capital preservation and generating positive returns over a mid-term (3 – 5 year) investment horizon. This makes it suitable as a base investment for conservative investors who want to benefit from a lower risk strategy in the global financial markets.
Portfolio Managers
ESG
ESG – taking environmental, social and governance criteria into account
Our aim is to offer clients responsible investment solutions with a competitive and sustainable return, as reflected in our investment guidelines and processes. The Ethna-DEFENSIV pursues an ESG strategy that complies with Article 8 of the EU’s Sustainable Finance Disclosure Regulation (2019/2088). In its bond and equity investments, the fund therefore gives preference to companies that have low exposure in terms of significant ESG risks, as well as companies that actively manage and thus reduce the ESG risks inevitably associated with their business activities. In addition, the sustainability approach taken by the Ethna-DEFENSIV is underscored by comprehensive exclusions:
- Investments in companies with a core activity in armaments, tobacco, pornography and/or the mining/distribution of coal are prohibited.
- Furthermore, we do not invest in companies that have been found to be in serious breach of the principles of the UN Global Compact and have no convincing plan in place to remedy the situation.
- In the case of sovereign issuers, we exclude investments in countries that have been designated as “Not Free” in the annual analysis carried out by Freedom House.
Opportunities & Risks
All financial investments are associated with opportunities and risks. Below you will find a compact overview of the opportunities and risks of the Ethna-DEFENSIV:
Opportunities
- A professional Portfolio Management Team with many year of experience.
- Participation in positive performance of bond markets.
- Reduction of value fluctuations by spreading the investment capital over a large number of individual securities (diversification).
- Active risk management and hedging transactions (emphasis on capital preservation).
- Active portfolio management with the aim of achieving attractive returns in every market phase.
- Stability and continuity by focusing on fixed income securities.
Risks
- Market, sector and company-related price losses in the fund’s bonds investments; also as a result of a general rise in yields and/or increase in yield premiums for specific bond issuers.
- General, geographical and geopolitical country risks; these include the risk that an issuer of a bond, despite being solvent, cannot fulfil its obligations due to an inability or unwillingness on the part of a particular country to transfer funds to another country.
- Issuer, counterparty credit and default risk due to investing in bonds and hedging trades; these include the risk of insolvency due to issuer or counterparty debt overload or illiquidity. A total loss of the affected investment instrument is possible.
- Exchange rate risks through investing in foreign currencies or bonds denominated in a foreign currency.
- The investor suffers a loss if they sell the fund units at less than the purchase price.
For detailed information on the opportunities and risks of investing in the fund, please refer to the sales prospectus.
The Ethna-DEFENSIV is a bond fund that does not follow any benchmarks. The actively-managed fund, which has the most defensive risk profile of the Ethna Funds, focuses on bonds from issuers in OECD countries, with its core investment in a high-quality portfolio of government and corporate bonds.
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Applies, among others, to the share class Ethna-DEFENSIV (A). |
Out of 5 657 Cautious Allocation funds as of 30.04.2022. |
Risk notice regarding an error in the calculation of the net asset value, in the event of violations of the applicable investment regulations and other errors. The process of calculating the net asset value (“NAV”) of a fund is not an exact science and the result of this calculation can therefore only represent the greatest possible approximation to the actual total value of the Fund. Accordingly, despite the greatest possible care, it cannot be ruled out that inaccuracies or errors occur in the calculation of the NAV. Should an inaccuracy and/or an error in the calculation of the NAV cause damage to the final beneficiary investors (“end investors”), this shall be replaced in accordance with the provisions of CSSF Circular 24/856. In the event that shares have been subscribed through a financial intermediary (e.g. credit institutions or asset managers), the rights of end investors in relation to compensation payments may be affected. For end investors who subscribe to (sub-)fund shares through financial intermediaries, there is therefore the risk in the event of an incorrect calculation of the NAV in the above-mentioned sense of not receiving compensation. The end investors shall always be compensated for an error in the NAV calculation, in the event of violations of the applicable investment regulations and other errors in accordance with the provisions of CSSF Circular 24/856. With regard to end investors who no longer hold shares in the (sub-)fund, but who are entitled to compensation and are no longer to be determined, the compensation shall be deposited with the Caisse de consignation of the Luxembourg Financial Administration. An incorrect calculation of the NAV or other errors may also be made in favour of the end investors and at the expense of the Fund/sub-funds. In this case, it is at the discretion of the Management Company or the Investment Company to demand compensation from the end investors on behalf of the Fund/Investment Company, provided that the end investors are knowledgeable or professional investors. 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 German upon request from ETHENEA Independent Investors S.A., 16, rue Gabriel Lippmann, 5365 Munsbach, Luxembourg, and from the representative: DZ PRIVATBANK AG, Niederlassung Luxemburg, 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. 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