Ethna SICAV - DEFENSIV A

As the feeder UCITS, the Ethna SICAV – DEFENSIV A (“sub-fund”) pursues an investment policy that aims to reflect the performance of Ethna-DEFENSIV (unit class A) (“master UCITS”). ETHENEA Independent Investors S.A. manages the master UCITS. DZ PRIVATBANK S.A. has been appointed as the Depositary of the master UCITS. The sub-fund constantly invests at least 85% of its net sub-fund assets in units of the master UCITS. Therefore, the sub-fund is a feeder UCITS in accordance with Article 77 of the law of 17 December 2010. Investments in liquid assets are restricted to 15% of the net sub-fund assets. The sub-fund may invest up to 100% of its net sub-fund assets in units of the master UCITS. The use of financial instruments whose value depends on the future prices of other assets ("derivatives") is not allowed for hedging purposes or for increasing its assets. Detailed information on the aforementioned and, if applicable, other investment opportunities with the Fund can be found in the current Sales Prospectus. In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors.This Fund pays the rewards generated to investors.