# Lower risk	Higher risk
## Typically lower rewards	Typically higher rewards

## The fund is in category 6 because there has been high fluctuations in the

## fund’s return historically.
Strategy Risk: The fund’s strategy to reduce its exposure to the equity and/or currency markets and to potentially expose the fund to asset classes and/or markets in which the portfolio has little or no exposure, may not produce the intended results. There is no assurance that the fund will be less volatile than the overall equity market. In addition, the strategies that
asset classes and markets is neutral, exposure to the equity market is expected to be approximately 50% of assets. The tactical asset allocation process will typically make extensive use of derivatives.

## The fund’s benchmarks, ICE BofA 0-3 Month U.S. Treasury Bill Index and 
MSCI World Index (net div) (USD)
, are indicated for performance (and volatility) comparison only. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The fund is actively managed within its objectives and the investment strategy will not restrict the extent to which portfolio holdings may deviate from the benchmark. It is expected that the fund's deviation from the benchmark will be significant.

## Distributions

## Income will not be distributed to shareholders but reflected in the assets of the fund.

## Redeeming Shares

## You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading.

## Terms to Understand

## Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer.

## Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators.
may be implemented to limit the fund's exposure to certain extreme market events may not work as intended, and the costs associated with such strategies will reduce the fund’s returns. The Investment Manager’s investment analysis, development and use of quantitative models (both proprietary and third-party) and its strategy to blend fundamental and quantitative research in its selection of investments may not produce the intended results. It is expected that the fund will generally underperform the equity markets during periods of strong rising equity markets.
Equity Risk: Prices of equity securities can vary significantly in response to issuer, market, economic, industry, political, geopolitical, public health, and regulatory conditions. This risk may be higher where the fund invests in a specific country or region.
Debt Instruments Risk: Prices of debt instruments can vary significantly in response to changes in interest rates and the credit quality of the issuers of its investments, and to issuer, market, economic, industry, political, geopolitical, public health, and regulatory conditions. These risks may be higher where the fund invests in a specific country or region or invests in below investment grade debt instruments.

## MMW-I1-USD-KI-EN-LU-2022-12-15

## Emerging Markets Risk: Emerging markets can be more volatile and less liquid than more developed markets.

## Derivatives Risk: Derivatives can be highly volatile and can involve leverage. Gains or losses from derivatives can be substantially greater than the derivatives’ original cost.

## Leverage Risk: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.

## Currency Risk: Changes in currency rates can significantly affect the value of your investment, and may also affect the financial condition of the issuers in which the fund invests.

## Other Risks
The rating does not reflect the risk that these factors, as well as other factors such as liquidity, counterparty, and operational risks change over time and can affect the fund's returns differently in the future.
The fund may not achieve its objective and/or you could lose money on your investment in the fund. For more information about the fund’s risks, please see "Fund Profiles" and "Risk Factors" in the prospectus.

Translation (ENES, 2022-12-15):
# Riesgo más bajo	Riesgo más alto
Rentabilidades normalmente más bajas	Rentabilidades normalmente más altas

### El fondo se encuentra en la categoría 6 porque históricamente su rentabilidad se ha visto afectada por fuertes fluctuaciones.
Riesgo de estrategia: La estrategia que emplea el fondo para reducir su exposición a los mercados de renta variable y/o divisas, y para participar potencialmente en clases de activos y/o mercados en los que la cartera tiene poca o nula exposición, puede que no produzca los resultados pretendidos. No hay garantías de que la volatilidad del fondo sea inferior a la del mercado de
renta variable en su conjunto. Por otro lado, las estrategias que pueden implantarse para limitar la exposición del fondo a determinados sucesos extremos del mercado tal vez no funcionen según lo previsto y los costes asociados a ellas reducirán las ganancias del fondo. Es posible que el análisis de inversiones realizado por la Gestora de inversiones, el desarrollo y el uso de modelos cuantitativos (tanto patentados como de terceros), y la estrategia del fondo, que consiste en combinar el análisis fundamental con el cuantitativo en su selección de inversiones, no produzcan los resultados esperados. Cabe esperar que el fondo genere rendimientos inferiores a los mercados bursátiles en periodos de fuertes alzas de la Bolsa.
Riesgo asociado a títulos de renta variable: Las cotizaciones de los títulos de renta variable pueden variar considerablemente en respuesta a las condiciones bursátiles, económicas, sectoriales, políticas, geopolíticas, sanitarias, normativas o relacionadas con el emisor. Este riesgo puede ser mayor cuando el fondo invierte en un determinado país o región.
Riesgo asociado a instrumentos de deuda: Los precios de los instrumentos de renta fija pueden verse fuertemente alterados en respuesta a cambios en los tipos de interés y en la calidad crediticia de los emisores de sus inversiones, así como en respuesta a las condiciones bursátiles, económicas, sectoriales, políticas, geopolíticas, sanitarias, normativas o relacionadas con el emisor.

### Estos riesgos pueden ser más altos cuando el fondo invierte en un determinado país o región o en instrumentos de deuda con calificación inferior a la categoría de inversión.

## MMW-I1-USD-KI-ES-ES-2022-12-15
Riesgo asociado a mercados emergentes: Los mercados emergentes pueden ser más volátiles y menos líquidos que sus homólogos desarrollados. Riesgo de derivados: Los derivados pueden ser sumamente volátiles y comportar cierto grado de apalancamiento. Las ganancias o pérdidas resultantes de los derivados pueden ser sustancialmente superiores al coste original de los mismos.
Riesgo de apalancamiento: El apalancamiento conlleva crear una exposición de inversión por una cuantía que excede del capital inicialmente invertido. Esto puede provocar una volatilidad mayor al amplificar la magnitud de las ganancias o pérdidas.