Universal Investment Aquantum Active Range

The fund systematically trades combinations of options on US equity indices with the aim of exploiting fluctuations in the stock market and generating positive returns that are uncorrelated or negatively correlated to the underlying. A trading corridor is established by simultaneously buying and selling a set of exchange-traded options (spreads) with different expirations. The aim is that the underlying indices move into the previously established corridors during the term of the respective spreads in order to benefit from an increase in value of the options purchased. If such market move does not materialize prior to the expiration of the options they expire worthless, i.e. the fund only pays or receives the option premium. The fund pursues an active management and risk management approach. The fund's positioning is adjusted to the current market and volatility environment throughout each trading session. The part of the fund's assets that is not required to implement the strategy is invested in investment grade euro-denominated bonds and call money at German Landesbanken. The fund does not aim to generate additional returns with these investments.