NN (L) Commodity Enhanced (X CAP USD)

Valuation Day

31/01/2023

Net Asset Value

186.7600

Risk level

MorningStar

Investment Scope

The fund provides diversified exposure to commodity sectors such as Energy, Agriculture, Industrial Metal, Precious Metals and Live Cattle. The fund uses active management with deviation limits maintained relative to the benchmark. Measured over a period of several years we aim to beat the performance of the benchmark Bloomberg Commodity (TR). The benchmark is a broad representation of our investment universe. The fund also include investments into securities that are not part of the benchmark universe. Investors should be aware that the index’s investment universe is concentratedand, as a result, the fund is concentrated. This will typically result in a comparable composition and return profile of the fund and its benchmark. The fund's positions to the individual commodities are approximately equal to those of the benchmark.

However the end date of the commodity contracts may deviate from the contract dates of which the benchmark is composed. The reason for this is that the fund aims to minimize the "roll" loss, or maximize the "roll" return, with "roll" referring to renewing expiring commodity contracts. It also aims to benefit from holding earlier the futures contracts that passive products and traditional indices will buy during the next period as well as from the relative price differences of certain commodities that are part of the same value chain. The positions are determined by a mathematical model built along two factors Carry and Flow. There are strict risk controls in place to limit the risk of the fund. The fund mainly invests in short term US treasuries and instruments that generate the performance of the commodities. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.

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Past returns do not predict future returns

Historical NAV

Calendar Year Performance (NET %)

Cumulative Performance (ΝΕΤ %)

USD 1y 3y 5y
Fund 11.52 43.50 29.69
Share Class Benchmark 16.09 42.96 36.64
Date Report 31/12/2022

Practical Info

ISIN Code: LU0518135537
Currency: USD
Unit class: X CAP
Asset class: Structured Products
Region:

Risk and Reward Profile

Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.

This fund is in this specific risk category because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with financial instruments used to reach the investment objective is considered These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment.

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Synthetic Risk and Reward Indicator

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