# Statement of net assets of Ethna-DYNAMISCH as of 30 June 2021
### 14	Statement of net assets as of 30 June 2021
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equities, rights and profit participation certificates |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |  |
| US01609W1027 | Alibaba Group Holding Ltd. | USD | 0 | 5,000 | 25,000 | 229.4400 | 4,818,548.39 | 2.10 |
| ADR |  |  |  |  |  |  |
| 4,818,548.39 | 2.10 |
| Denmark |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 0 | 65,000 | 135,000 | 356.8000 | 6,477,763.28 | 2.82 |
| 6,477,763.28 | 2.82 |
| Germany |  |  |  |  |  |  |
| DE000A2LQ884 | AUTO1 Group SE | EUR | 20,000 | 0 | 20,000 | 36.0800 | 721,600.00 | 0.31 |
| DE000BASF111 | BASF SE | EUR | 0 | 10,000 | 90,000 | 66.8300 | 6,014,700.00 | 2.62 |
| DE000A288904 | CompuGroup Medical SE & Co.KgaA | EUR | 8,486 | 0 | 63,486 | 67.3000 | 4,272,607.80 | 1.86 |
| DE0007571424 | GK Software SE | EUR | 15,000 | 0 | 15,000 | 147.0000 | 2,205,000.00 | 0.96 |
| DE000A3CMGN3 | hGears AG | EUR | 45,000 | 0 | 45,000 | 25.3000 | 1,138,500.00 | 0.50 |
| DE0007164600 | SAP SE | EUR | 0 | 0 | 35,000 | 119.7400 | 4,190,900.00 | 1.82 |
| DE000A1ML7J1 | Vonovia SE | EUR | 2,774 | 0 | 85,169 | 54.5200 | 4,643,413.88 | 2.02 |
| 23,186,721.68 | 10.09 |
| Ireland |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 5,000 | 50,000 | 124.5400 | 5,231,014.78 | 2.28 |
| 5,231,014.78 | 2.28 |
| New Zealand |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 0 | 0 | 550,000 | 6.1100 | 2,121,795.68 | 0.92 |
| 2,121,795.68 | 0.92 |
| Switzerland |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 0 | 5,000 | 75,000 | 86.9000 | 5,947,166.71 | 2.59 |
| CH0012032048 | Roche Holding AG Profit | CHF | 0 | 1,000 | 16,500 | 348.8000 | 5,251,574.05 | 2.28 |
| participation certificates |  |  |  |  |
|  |  |
| 11,198,740.76 | 4.87 |

1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN | Securities |  | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Spain |  |  |  |  |  |  |
| ES0148396007 | Industria de Diseño Textil | EUR | 0 | 30,000 | 200,000 | 29.9600 | 5,992,000.00 | 2.61 |
| S.A. |  |  |  |  |  |  |
| 5,992,000.00 | 2.61 |
| South Korea |  |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co. | KRW | 0 | 55,000 | 65,000 | 74,000.0000 | 3,580,874.23 | 1.56 |
| Ltd. -VZ- |  |  |  |  |  |  |
| 3,580,874.23 | 1.56 |
| United States of America |  |  |  |  |  |  |
| US00507V1098 | Activision Blizzard Inc. | USD | 0 | 5,000 | 75,000 | 95.6100 | 6,023,815.52 | 2.62 |
| US02079K3059 | Alphabet Inc. | USD | 0 | 700 | 3,300 | 2,445.4500 | 6,779,221.27 | 2.95 |
| US0311621009 | Amgen Inc. | USD | 0 | 4,000 | 16,000 | 242.4600 | 3,258,870.97 | 1.42 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 0 | 9,500 | 28,000 | 276.2100 | 6,496,875.00 | 2.83 |
| US09247X1019 | Blackrock Inc. | USD | 0 | 4,500 | 8,500 | 873.5300 | 6,237,403.39 | 2.71 |
| US8085131055 | Charles Schwab Corporation | USD | 0 | 40,000 | 90,000 | 73.2200 | 5,535,786.29 | 2.41 |
| US2681501092 | Dynatrace Inc. | USD | 60,000 | 0 | 60,000 | 60.6100 | 3,054,939.52 | 1.33 |
| US3703341046 | General Mills Inc. | USD | 0 | 40,000 | 70,000 | 60.0300 | 3,529,989.92 | 1.54 |
| US5962781010 | Middleby Corporation | USD | 0 | 5,000 | 30,000 | 171.1000 | 4,311,995.97 | 1.88 |
| US6177001095 | Morningstar Inc. | USD | 5,000 | 2,500 | 27,500 | 256.4900 | 5,925,298.22 | 2.58 |
| US70432V1026 | Paycom Software Inc. | USD | 7,500 | 0 | 7,500 | 373.9500 | 2,356,035.79 | 1.02 |
| US70438V1061 | Paylocity Holding Corporation | USD | 15,000 | 0 | 15,000 | 200.0000 | 2,520,161.29 | 1.10 |
| US72703H1014 | Planet Fitness Inc. | USD | 0 | 15,000 | 65,000 | 74.6500 | 4,076,150.87 | 1.77 |
| US79466L3024 | salesforce.com Inc. | USD | 30,000 | 0 | 30,000 | 245.8100 | 6,194,808.47 | 2.70 |
| US8725401090 | TJX Companies Inc. | USD | 0 | 10,000 | 80,000 | 66.7000 | 4,482,526.88 | 1.95 |
| US92826C8394 | VISA Inc. | USD | 0 | 0 | 25,000 | 235.9500 | 4,955,267.14 | 2.16 |
| US9288811014 | Vontier Corporation | USD | 0 | 0 | 160,000 | 32.4300 | 4,358,870.97 | 1.90 |
| US88579Y1010 | 3M Co. | USD | 0 | 2,500 | 37,500 | 196.0300 | 6,175,340.22 | 2.69 |
| 86,273,357.70 | 37.56 |
| United Kingdom |  |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc. | GBP | 0 | 0 | 150,000 | 22.3200 | 3,891,213.39 | 1.69 |
| GB00B0744B38 | Bunzl Plc. | GBP | 20,000 | 10,000 | 210,000 | 24.3100 | 5,933,403.07 | 2.58 |
| GB00BFZZM640 | S4 Capital Plc. | GBP | 495,000 | 0 | 495,000 | 6.2000 | 3,566,945.61 | 1.55 |
| GB00BMTV7393 | THG Plc. | GBP | 0 | 0 | 150,000 | 6.2700 | 1,093,096.23 | 0.48 |
| GB00B10RZP78 | Unilever Plc. | EUR | 0 | 20,000 | 120,000 | 49.6900 |  |  |
| 20,447,458.30 | 8.89 |
| Securities traded on an exchange |  |  |  |  | 169,328,274.80 | 73.70 |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| Germany |  |  |  |  |  |  |
| DE000A3CMGM5 | APONTIS PHARMA AG | EUR | 60,000 | 0 | 60,000 | 17.4000 |  |  |
| 1,044,000.00 | 0.45 |
| Securities admitted to or included in organised markets |  |  |  |  | 1,044,000.00 | 0.45 |
| Equities, rights and profit participation certificates |  |  |  |  | 170,372,274.80 | 74.15 |


### Statement of net assets as of 30 June 2021

### 15
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN	Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- |
| Bonds |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS0676294696	2.750 % European Investment Bank (EIB) EMTN v.11(2021) | 0 | 0 | 3,000,000 | 100.7000 | 3,021,000.00 | 1.31 |
| DE000A2LQSS1	0.000 % Kreditanstalt für | 3,000,000 | 0 | 3,000,000 | 100.6240 | 3,018,720.00 | 1.31 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.19(2022) |  |  |  |  |  |  |
| DE000A2GSKL9	0.000 % Kreditanstalt für | 0 | 0 | 3,000,000 | 100.9150 | 3,027,450.00 | 1.32 |
| Wiederaubau v.17(2022) |  |  |  |  |  |  |
| 9,067,170.00 | 3.94 |
| NOK |  |  |  |  |  |  |
| XS1227593933	1.500 % European Investment | 0 | 0 | 40,000,000 | 100.8940 | 3,963,077.16 | 1.72 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2022) |  |  |  |  |  |  |
| XS1555330999	1.500 % European Investment Bank (EIB) EMTN v.17(2024) | 0 | 0 | 35,000,000 | 101.5780 | 3,491,201.37 | 1.52 |
| XS1489186947	1.000 % Kreditanstalt für | 0 | 0 | 35,000,000 | 100.2260 | 3,444,733.59 | 1.50 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| v.16(2021) |  |  |  |  |  |  |
| 10,899,012.12 | 4.74 |
| USD |  |  |  |  |  |  |
| US912810SH23	2.875 % United States of America v.19(2049) | 0 | 0 | 3,000,000 | 116.6016 | 2,938,547.43 | 1.28 |
| US912810SL35	2.000 % United States of America v.20(2050) | 0 | 0 | 3,000,000 | 97.7969 | 2,464,638.99 | 1.07 |
| US912810SN90	1.250 % United States of America | 0 | 5,000,000 | 3,000,000 | 81.2578 | 2,047,827.91 | 0.89 |
| v.20(2050) |  |  |  |  |
|  |  |
| 7,451,014.33 | 3.24 |
| Securities traded on an exchange |  |  |  |  | 27,417,196.45 | 11.92 |
| Bonds |  |  |  |  | 27,417,196.45 | 11.92 |
| Certificates |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| United States of America |  |  |  |  |  |  |
| DE000A0S9GB0	Dte. Börse Commodities	EUR GmbH/Gold Unze 999 Zert. v.07(2199) IE00B4ND3602	iShares Physical Metals	EUR Plc./Gold Unze 999 Zert. v.11(2199) | 0 0 | 0 0 | 175,000 30,000 | 47.5920 28.8800 |  |  |
| 9,195,000.00 | 4.00 |
| Securities traded on an exchange |  |  |  |  | 9,195,000.00 | 4.00 |
| Certificates |  |  |  |  | 9,195,000.00 | 4.00 |
| Securities holdings |  |  |  |  | 206,984,471.25 | 90.07 |


### Statement of net assets as of 30 June 2021

### 16
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN	Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- |
| Options |  |  |  |  |  |
| Long positions |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Put on Euro Stoxx 50 Price Index September | 300 | 0 | 300 | 125,700.00 | 0.05 |
| 2021/3,800.00 |  |  |  |
|  |  |
| USD |  |  |  | 125,700.00 | 0.05 |
|  |  |
| Put on E-Mini Nasdaq 100 Index Future September 2021/13,000.00 | 150 | 0 | 150 | 371,723.79 | 0.16 |
| Put on E-Mini S&P 500 Index Future September | 100 | 0 | 100 | 162,130.38 | 0.07 |
| 2021/3,900.00 |  |  |  |
|  |  |
| 533,854.17 | 0.23 |
| Long positions |  |  |  | 659,554.17 | 0.28 |
| Short positions 2) |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Put on Euro Stoxx 50 Price Index September | 0 | 300 | -300 | -44,400.00 | -0.02 |
| 2021/3,400.00 |  |  |  |
|  |  |
| USD |  |  |  | -44,400.00 | -0.02 |
|  |  |
| Put on E-Mini Nasdaq 100 Index Future September 2021/11,500.00 | 0 | 150 | -150 | -135,458.67 | -0.06 |
| Put on E-Mini S&P 500 Index Future September | 0 | 100 | -100 | -63,424.06 | -0.03 |
| 2021/3,500.00 |  |  |  |
|  |  |
| -198,882.73 | -0.09 |
| Short positions |  |  |  | -243,282.73 | -0.11 |
| Options |  |  |  | 416,271.44 | 0.17 |
| Futures contracts |  |  |  |  |  |
| Short positions |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Euro Stoxx 50 Price Index Future September 2021 | 0 | 120 | -120 | 26,300.00 | 0.01 |
| USD |  |  |  | 26,300.00 | 0.01 |
|  |  |
| Nasdaq 100 Index Future September 2021 | 0 | 10 | -10 | -91,729.67 | -0.04 |
| S&P 500 Index Future September 2021 | 0 | 40 | -40 |  |  |
| -167,565.52 | -0.07 |
| Short positions |  |  |  | -141,265.52 | -0.06 |
| Futures contracts |  |  |  | -141,265.52 | -0.06 |
| Cash at banks – current accounts 3) |  |  |  | 23,939,593.90 | 10.41 |
| Other receivables and payables (net) |  |  |  | -1,340,499.54 | -0.59 |
| Total net fund assets in EUR |  |  |  | 229,858,571.53 | 100.00 |


### Statement of net assets as of 30 June 2021

### 17
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2)	The total amount of commitments from options written as of the reporting date, valued at the underlying price, is EUR X,XXX,XXX.XX.
3)	See notes to the Report.

### Forward foreign exchange contracts

### The following forward foreign exchange contracts were open as of 30 June 2021:
| Currency | Counterparty |  | Currency amount | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Currency purchases | 877,097.00 | 801,226.47 | 0.35 |
| USD/EUR | DZ PRIVATBANK S.A. | Currency purchases | 2,496,000.00 | 2,088,411.09 | 0.91 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 3,003.00 | 2,743.23 | 0.00 |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 27,000.00 | 22,590.99 | 0.01 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Currency sales | 50,000,000.00 | 41,955,108.03 | 18.25 |

| Holdings | Commitments EUR | % share of NFA 1) |
| --- | --- | --- |
| Short positions |  |  |  |
| EUR |  |  |  |
| Euro Stoxx 50 Price Index Future September 2021 | -120 | -4,917,000.00 | -2.14 |
| USD |  | -4,917,000.00 | -2.14 |
|  |  |
| Nasdaq 100 Index Future September 2021 | -10 | -2,446,740.59 | -1.06 |
| S&P 500 Index Future September 2021 | -40 |  |  |
| -9,640,961.02 | -4.19 |
| Short positions |  | -14,557,961.02 | -6.33 |
| Futures contracts |  | -14,557,961.02 | -6.33 |


### Futures contracts

### 18
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.

Translation (ENFR, 2021-06-30):
# Composition de l’actif d’Ethna-DYNAMISCH au 30 juin 2021
### 14	Etat des actifs nets au 30 juin 2021
| ISIN | Valeurs mobilières |  | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Actions, droits et bons de jouissance |  |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |  |
| Iles Caïman |  |  |  |  |  |  |  |
| US01609W1027 | Alibaba Group Holding Ltd | USD | 0 | 5.000 | 25.000 | 229,4400 | 4.818.548,39 | 2,10 |
| ADR |  |  |  |  |  |  |  |
| 4.818.548,39 | 2,10 |
| Danemark |  |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 0 | 65.000 | 135.000 | 356,8000 | 6.477.763,28 | 2,82 |
| 6.477.763,28 | 2,82 |
| Allemagne |  |  |  |  |  |  |  |
| DE000A2LQ884 | AUTO1 Group SE | EUR | 20.000 | 0 | 20.000 | 36,0800 | 721.600,00 | 0,31 |
| DE000BASF111 | BASF SE | EUR | 0 | 10.000 | 90.000 | 66,8300 | 6.014.700,00 | 2,62 |
| DE000A288904 | CompuGroup Medical SE & Co.KgaA | EUR | 8.486 | 0 | 63.486 | 67,3000 | 4.272.607,80 | 1,86 |
| DE0007571424 | GK Software SE | EUR | 15.000 | 0 | 15.000 | 147,0000 | 2.205.000,00 | 0,96 |
| DE000A3CMGN3 | hGears AG | EUR | 45.000 | 0 | 45.000 | 25,3000 | 1.138.500,00 | 0,50 |
| DE0007164600 | SAP SE | EUR | 0 | 0 | 35.000 | 119,7400 | 4.190.900,00 | 1,82 |
| DE000A1ML7J1 | Vonovia SE | EUR | 2.774 | 0 | 85.169 | 54,5200 | 4.643.413,88 | 2,02 |
| 23.186.721,68 | 10,09 |
| Irlande |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 5.000 | 50.000 | 124,5400 | 5.231.014,78 | 2,28 |
| 5.231.014,78 | 2,28 |
| Nouvelle-Zélande |  |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 0 | 0 | 550.000 | 6,1100 | 2.121.795,68 | 0,92 |
| 2.121.795,68 | 0,92 |
| Suisse |  |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 0 | 5.000 | 75.000 | 86,9000 | 5.947.166,71 | 2,59 |
| CH0012032048 | Bons de jouissance Roche | CHF | 0 | 1.000 | 16.500 | 348,8000 | 5.251.574,05 | 2,28 |
| Holding AG |  |  |  |  |  |
|  |  |
| 11.198.740,76 | 4,87 |

1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN | Valeurs mobilières |  | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Espagne |  |  |  |  |  |
| ES0148396007 | Industria de Diseño Textil | EUR | 0 | 30.000 | 200.000 | 29,9600 | 5.992.000,00 | 2,61 |
| S.A. |  |  |  |  |  |
| 5.992.000,00 | 2,61 |
| Corée du Sud |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co. | KRW | 0 | 55.000 | 65.000 | 74.000,0000 | 3.580.874,23 | 1,56 |
| Ltd. -VZ- |  |  |  |  |  |
| 3.580.874,23 | 1,56 |
| Etats-Unis d’Amérique |  |  |  |  |  |
| US00507V1098 | Activision Blizzard Inc. | USD | 0 | 5.000 | 75.000 | 95,6100 | 6.023.815,52 | 2,62 |
| US02079K3059 | Alphabet Inc. | USD | 0 | 700 | 3.300 | 2.445,4500 | 6.779.221,27 | 2,95 |
| US0311621009 | Amgen Inc. | USD | 0 | 4.000 | 16.000 | 242,4600 | 3.258.870,97 | 1,42 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 0 | 9.500 | 28.000 | 276,2100 | 6.496.875,00 | 2,83 |
| US09247X1019 | Blackrock Inc. | USD | 0 | 4.500 | 8.500 | 873,5300 | 6.237.403,39 | 2,71 |
| US8085131055 | Charles Schwab Corporation | USD | 0 | 40.000 | 90.000 | 73,2200 | 5.535.786,29 | 2,41 |
| US2681501092 | Dynatrace Inc. | USD | 60.000 | 0 | 60.000 | 60,6100 | 3.054.939,52 | 1,33 |
| US3703341046 | General Mills Inc. | USD | 0 | 40.000 | 70.000 | 60,0300 | 3.529.989,92 | 1,54 |
| US5962781010 | Middleby Corporation | USD | 0 | 5.000 | 30.000 | 171,1000 | 4.311.995,97 | 1,88 |
| US6177001095 | Morningstar Inc. | USD | 5.000 | 2.500 | 27.500 | 256,4900 | 5.925.298,22 | 2,58 |
| US70432V1026 | Paycom Software Inc. | USD | 7.500 | 0 | 7.500 | 373,9500 | 2.356.035,79 | 1,02 |
| US70438V1061 | Paylocity Holding Corporation | USD | 15.000 | 0 | 15.000 | 200,0000 | 2.520.161,29 | 1,10 |
| US72703H1014 | Planet Fitness Inc. | USD | 0 | 15.000 | 65.000 | 74,6500 | 4.076.150,87 | 1,77 |
| US79466L3024 | salesforce.com Inc. | USD | 30.000 | 0 | 30.000 | 245,8100 | 6.194.808,47 | 2,70 |
| US8725401090 | TJX Companies Inc. | USD | 0 | 10.000 | 80.000 | 66,7000 | 4.482.526,88 | 1,95 |
| US92826C8394 | VISA Inc. | USD | 0 | 0 | 25.000 | 235,9500 | 4.955.267,14 | 2,16 |
| US9288811014 | Vontier Corpoation | USD | 0 | 0 | 160.000 | 32,4300 | 4.358.870,97 | 1,90 |
| US88579Y1010 | 3M Co. | USD | 0 | 2.500 | 37.500 | 196,0300 | 6.175.340,22 | 2,69 |
| 86.273.357,70 | 37,56 |
| Royaume-Uni |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc. | GBP | 0 | 0 | 150.000 | 22,3200 | 3.891.213,39 | 1,69 |
| GB00B0744B38 | Bunzl Plc. | GBP | 20.000 | 10.000 | 210.000 | 24,3100 | 5.933.403,07 | 2,58 |
| GB00BFZZM640 | S4 Capital Plc. | GBP | 495.000 | 0 | 495.000 | 6,2000 | 3.566.945,61 | 1,55 |
| GB00BMTV7393 | THG Plc. | GBP | 0 | 0 | 150.000 | 6,2700 | 1.093.096,23 | 0,48 |
| GB00B10RZP78 | Unilever Plc. | EUR | 0 | 20.000 | 120.000 | 49,6900 |  |  |
| 20.447.458,30 | 8,89 |
| Valeurs mobilières négociées en Bourse |  |  |  | 169.328.274,80 | 73,70 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |
| Allemagne |  |  |  |  |  |
| DE000A3CMGM5 | APONTIS PHARMA AG | EUR | 60.000 | 0 | 60.000 | 17,4000 |  |  |
| 1.044.000,00 | 0,45 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  | 1.044.000,00 | 0,45 |
| Actions, droits et bons de jouissance |  |  |  | 170.372.274,80 | 74,15 |


### Etat des actifs nets au 30 juin 2021

### 15
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN | Valeurs mobilières | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Obligations |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS0676294696 | 2,750 % European Investment Bank (EIB) EMTN v.11(2021) | 0 | 0 | 3.000.000 | 100,7000 | 3.021.000,00 | 1,31 |
| DE000A2LQSS1 | 0,000 % Kreditanstalt für | 3.000.000 | 0 | 3.000.000 | 100,6240 | 3.018.720,00 | 1,31 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.19(2022) |  |  |  |  |  |  |
| DE000A2GSKL9 | 0,000 % Kreditanstalt für | 0 | 0 | 3.000.000 | 100,9150 | 3.027.450,00 | 1,32 |
| Wiederaubau v.17(2022) |  |  |  |  |  |  |
| 9.067.170,00 | 3,94 |
| NOK |  |  |  |  |  |  |
| XS1227593933 | 1,500 % European Investment | 0 | 0 | 40.000.000 | 100,8940 | 3.963.077,16 | 1,72 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2022) |  |  |  |  |  |  |
| XS1555330999 | 1,500 % European Investment Bank (EIB) EMTN v.17(2024) | 0 | 0 | 35.000.000 | 101,5780 | 3.491.201,37 | 1,52 |
| XS1489186947 | 1,000 % Kreditanstalt für | 0 | 0 | 35.000.000 | 100,2260 | 3.444.733,59 | 1,50 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| v.16(2021) |  |  |  |  |  |  |
| 10.899.012,12 | 4,74 |
| USD |  |  |  |  |  |  |
| US912810SH23 | 2,875 % Etats-Unis d’Amérique v.19(2049) | 0 | 0 | 3.000.000 | 116,6016 | 2.938.547,43 | 1,28 |
| US912810SL35 | 2,000 % Etats-Unis d’Amérique v.20(2050) | 0 | 0 | 3.000.000 | 97,7969 | 2.464.638,99 | 1,07 |
| US912810SN90 | 1,250 % Etats-Unis d’Amérique | 0 | 5.000.000 | 3.000.000 | 81,2578 | 2.047.827,91 | 0,89 |
| v.20(2050) |  |  |  |  |
|  |  |
| 7.451.014,33 | 3,24 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 27.417.196,45 | 11,92 |
| Obligations |  |  |  |  | 27.417.196,45 | 11,92 |
| Certificats |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| Etats-Unis d’Amérique |  |  |  |  |  |  |
| DE000A0S9GB0 | Dte. Börse Commodities	EUR | 0 | 0 | 175.000 | 47,5920 | 8.328.600,00 | 3,62 |
| GmbH/Gold Unze 999 Zert. |  |  |  |  |
|  |  |
| v.07(2199) |  |  |  |  |  |  |
| IE00B4ND3602 | iShares Physical Metals	EUR | 0 | 0 | 30.000 | 28,8800 | 866.400,00 | 0,38 |
| Plc./Gold Unze 999 Zert. |  |  |  |  |
|  |  |
| v.11(2199) |  |  |  |  |  |  |
| 9.195.000,00 | 4,00 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 9.195.000,00 | 4,00 |
| Certificats |  |  |  |  | 9.195.000,00 | 4,00 |
| Portefeuille-titres |  |  |  |  | 206.984.471,25 | 90,07 |


### Etat des actifs nets au 30 juin 2021

### 16
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN	Valeurs mobilières | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- |
| Options |  |  |  |  |  |
| Positions longues |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Put sur Euro Stoxx 50 Price Index septembre | 300 | 0 | 300 | 125.700,00 | 0,05 |
| 2021/3.800,00 |  |  |  |
|  |  |
| USD |  |  |  | 125.700,00 | 0,05 |
|  |  |
| Put sur E-Mini Nasdaq 100 Index Future septembre 2021/13.000,00 | 150 | 0 | 150 | 371.723,79 | 0,16 |
| Put sur E-Mini S&P 500 Index Future | 100 | 0 | 100 | 162.130,38 | 0,07 |
| septembre 2021/3.900,00 |  |  |  |
|  |  |
| 533.854,17 | 0,23 |
| Positions longues |  |  |  | 659.554,17 | 0,28 |
| Positions courtes 2) |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Put sur Euro Stoxx 50 Price Index septembre | 0 | 300 | -300 | -44.400,00 | -0,02 |
| 2021/3.400,00 |  |  |  |
|  |  |
| USD |  |  |  | -44.400,00 | -0,02 |
|  |  |
| Put sur E-Mini Nasdaq 100 Index Future septembre 2021/11.500,00 | 0 | 150 | -150 | -135.458,67 | -0,06 |
| Put sur E-Mini S&P 500 Index Future | 0 | 100 | -100 | -63.424,06 | -0,03 |
| septembre 2021/3.500,00 |  |  |  |
|  |  |
| -198.882,73 | -0,09 |
| Positions courtes |  |  |  | -243.282,73 | -0,11 |
| Options |  |  |  | 416.271,44 | 0,17 |
| Contrats à terme |  |  |  |  |  |
| Positions courtes |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Euro Stoxx 50 Price Index Future septembre 2021 | 0 | 120 | -120 | 26.300,00 | 0,01 |
| USD |  |  |  | 26.300,00 | 0,01 |
|  |  |
| Nasdaq 100 Index Future septembre 2021 | 0 | 10 | -10 | -91.729,67 | -0,04 |
| S&P 500 Index Future septembre 2021 | 0 | 40 | -40 |  |  |
| -167.565,52 | -0,07 |
| Positions courtes |  |  |  | -141.265,52 | -0,06 |
| Contrats à terme |  |  |  | -141.265,52 | -0,06 |
| Avoirs bancaires - Compte courant 3) |  |  |  | 23.939.593,90 | 10,41 |
| Solde des autres créances et engagements |  |  |  | -1.340.499,54 | -0,59 |
| Actif net du fonds en EUR |  |  |  | 229.858.571,53 | 100,00 |


### Etat des actifs nets au 30 juin 2021

### 17
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
2)	Le montant total des engagements au titre des options émises en cours à la date de référence, calculé sur le prix de base, s’élève à X.XXX.XXX,XX EUR.
3)	Voir les Notes au rapport.

### Opérations de change à terme

### Les opérations de change à terme suivantes étaient en cours au 30 juin 2021 :
| Devise | Contrepartie |  | Montant en devise | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Devises achetées | 877.097,00 | 801.226,47 | 0,35 |
| USD/EUR | DZ PRIVATBANK S.A. | Devises achetées | 2.496.000,00 | 2.088.411,09 | 0,91 |
| EUR/CHF | DZ PRIVATBANK S.A. | Devises vendues | 3.003,00 | 2.743,23 | 0,00 |
| EUR/USD | DZ PRIVATBANK S.A. | Devises vendues | 27.000,00 | 22.590,99 | 0,01 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Devises vendues | 50.000.000,00 | 41.955.108,03 | 18,25 |

| Volume | Engagements EUR | en % de l'ANF 1) |
| --- | --- | --- |
| Positions courtes |  |  |  |
| EUR |  |  |  |
| Euro Stoxx 50 Price Index Future septembre 2021 | -120 | -4.917.000,00 | -2,14 |
| USD |  | -4.917.000,00 | -2,14 |
|  |  |
| Nasdaq 100 Index Future septembre 2021 | -10 | -2.446.740,59 | -1,06 |
| S&P 500 Index Future septembre 2021 | -40 |  |  |
| -9.640.961,02 | -4,19 |
| Positions courtes |  | -14.557.961,02 | -6,33 |
| Contrats à terme |  | -14.557.961,02 | -6,33 |


### Contrats à terme

### 18
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.