La Française LUX Protectaux - I EUR ACC

The objective of the Fund is to achieve a positive performance over a 2-year period, in an environment of rising 10-year interest rates within the Eurozone. Specifically, the Fund seeks to correlate its return with long-term interest rates. Reference benchmark (for context purposes only) Lyxor Bund Daily (-1x) Inverse UCITS ETF - Acc. (code bloomberg : BUNS FP) The Fund invests mainly in top-rated government bonds that are denominated in EUR and are issued either in France or in other OECD countries. Specifically, the Fund invests in fixed debt securities and negotiable debt instruments that are issued or guaranteed by the French state or an OECD member state. At the time of investment, these securities are rated AAA by Standard & Poors or judged equivalent by the investment manager; however, if they subsequently decline in quality, the Fund may continue to hold them. However, the Fund will not allow more than 10% of net assets to be invested in securities that have declined to below investment grade levels.