Performance funds/ETFs

After taking into account management fees, the Fund's management objective is to obtain the performance of the Capitalized ESTR while integrating ESG criteria in the stock selection and analysis process. The performance will therefore be close to the Capitalized ESTR, net of management fees. In the event of a very low level of money market interest rates or even negative interest rates, the yield generated by the UCITS would not be sufficient to cover the management fees and the UCITS would see its net asset value drop structurally.