Ethna-DEFENSIV T EUR/  LU0279509144  /

The investment objective of Ethna-DEFENSIV is to maintain investors' capital through active portfolio management and, at the same time, to achieve an adequate long-term return while minimising the volatility of the fund's price (low volatility). Investment is focused on bonds issued by debtors from OECD countries. The fund is actively managed. The composition of the portfolio is determined by the fund manager solely in accordance with the criteria laid down in the investment objectives / the investment policy, is regularly reviewed and, if necessary, adjusted. The fund is not managed using an index as a benchmark. The fund invests its assets in all kinds of securities, including bonds, money market instruments, certificates, other funds and fixed-term deposits. Between 0% and 100% of the fund's assets may be invested in any of the individual investment categories referred to above (except other funds and fixed-term deposits). The fund may not invest in shares. Tendered shares, e.g. from convertible bonds, are resold in the interests of the investors. The fund may not invest more than 10% of its assets in other funds. The fund may employ financial instruments, the value of which is dependent on future prices of other assets ("derivatives") to hedge or i ncrease assets.

The investment objective of Ethna-DEFENSIV is to maintain investors' capital through active portfolio management and, at the same time, to achieve an adequate long-term return while minimising the volatility of the fund's price (low volatility). Investment is focused on bonds issued by debtors from OECD countries. The fund is actively managed. The composition of the portfolio is determined by the fund manager solely in accordance with the criteria laid down in the investment objectives / the investment policy, is regularly reviewed and, if necessary, adjusted. The fund is not managed using an index as a benchmark.