# Statement of net assets of Ethna-DYNAMISCH as of 31 December 2020
### 18	Statement of net assets as of 31 December 2020
| 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 | 10,000 | 30,000 | 236.2600 | 5,790,686.27 | 2.73 |
| ADR |  |  |  |  |  |  |  |
| 5,790,686.27 | 2.73 |
| Denmark |  |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 25,000 | 50,000 | 200,000 | 241.4000 | 6,490,381.38 | 3.06 |
| 6,490,381.38 | 3.06 |
| Germany |  |  |  |  |  |  |  |
| DE000BASF111 | BASF SE | EUR | 100,000 | 0 | 100,000 | 65.0700 | 6,507,000.00 | 3.07 |
| DE000A288904 | CompuGroup Medical SE & Co.KgaA | EUR | 55,000 | 0 | 55,000 | 78.8500 | 4,336,750.00 | 2.04 |
| DE0007164600 | SAP SE | EUR | 20,000 | 10,000 | 35,000 | 106.8000 | 3,738,000.00 | 1.76 |
| DE000A1ML7J1 | Vonovia SE | EUR | 2,395 | 23,521 | 82,395 | 59.5400 | 4,905,798.30 | 2.31 |
| 19,487,548.30 | 9.18 |
| Ireland |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 15,000 | 55,000 | 115.5700 | 5,193,096.41 | 2.45 |
| 5,193,096.41 | 2.45 |
| New Zealand |  |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 200,000 | 200,000 | 550,000 | 11.5900 | 3,966,461.33 | 1.87 |
| 3,966,461.33 | 1.87 |
| Switzerland |  |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 0 | 35,000 | 80,000 | 74.2500 | 5,483,751.85 | 2.58 |
| CH0012032048 | Roche Holding AG | CHF | 0 | 7,500 | 17,500 | 306.9500 | 4,959,033.42 | 2.34 |
| participation certificates |  |  |  |  |  |  |  |
| 10,442,785.27 | 4.92 |
| Spain |  |  |  |  |  |  |  |
| ES0148396007 | Industria de Diseño | EUR | 80,000 | 140,000 | 230,000 | 26.3600 | 6,062,800.00 | 2.86 |
| Textil S.A. |  |  |  |  |  |
|  |  |
| 6,062,800.00 | 2.86 |

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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| South Korea |  |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co.	KRW | 0 | 55,000 | 120,000 | 72,200.0000 | 6,482,080.01 | 3.05 |
| Ltd. -VZ- |  |  |  |  |  |  |
| 6,482,080.01 | 3.05 |
| United States of America |  |  |  |  |  |  |
| US00507V1098 | Activision Blizzard Inc.	USD | 80,000 | 0 | 80,000 | 91.3700 | 5,971,895.42 | 2.81 |
| US02079K3059 | Alphabet Inc.	USD | 0 | 2,000 | 4,000 | 1,757.7600 | 5,744,313.73 | 2.71 |
| US0311621009 | Amgen Inc.	USD | 0 | 20,000 | 20,000 | 226.8700 | 3,707,026.14 | 1.75 |
| US0846707026 | Berkshire Hathaway Inc.	USD | 10,000 | 12,500 | 37,500 | 229.5700 | 7,033,394.61 | 3.31 |
| US09247X1019 | Blackrock Inc.	USD | 15,000 | 2,000 | 13,000 | 706.2800 | 7,501,339.87 | 3.53 |
| US8085131055 | Charles Schwab Corporation	USD | 0 | 30,000 | 130,000 | 52.5400 | 5,580,228.76 | 2.63 |
| US17275R1023 | Cisco Systems Inc.	USD | 0 | 10,000 | 110,000 | 44.6400 | 4,011,764.71 | 1.89 |
| US3703341046 | General Mills Inc.	USD | 40,000 | 75,000 | 110,000 | 59.1500 | 5,315,767.97 | 2.51 |
| US5962781010 | Middleby Corporation	USD | 10,000 | 15,000 | 35,000 | 126.8600 | 3,627,532.68 | 1.71 |
| US6177001095 | Morningstar Inc.	USD | 30,000 | 5,000 | 25,000 | 225.0900 | 4,597,426.47 | 2.17 |
| US72703H1014 | Planet Fitness Inc.	USD | 95,000 | 145,000 | 80,000 | 76.3400 | 4,989,542.48 | 2.35 |
| US8725401090 | TJX Companies Inc.	USD | 90,000 | 0 | 90,000 | 67.9900 | 4,999,264.71 | 2.36 |
| US92826C8394 | VISA Inc.	USD | 25,000 | 0 | 25,000 | 214.3700 | 4,378,472.22 | 2.06 |
| US9288811014 | Vontier Corporation	USD | 160,000 | 0 | 160,000 | 32.6800 | 4,271,895.42 | 2.01 |
| US88579Y1010 | 3M Co.	USD | 20,000 | 15,000 | 40,000 | 173.8500 | 5,681,372.55 | 2.68 |
| 77,411,237.74 | 36.48 |
| United Kingdom |  |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc.	GBP | 0 | 60,000 | 150,000 | 23.0500 | 3,811,597.40 | 1.80 |
| GB00B0744B38 | Bunzl Plc.	GBP | 0 | 0 | 200,000 | 24.9200 | 5,494,432.81 | 2.59 |
| GB00BMTV7393 | THG Holdings Plc.	GBP | 150,000 | 0 | 150,000 | 7.6260 | 1,261,051.70 | 0.59 |
| GB00B10RZP78 | Unilever Plc.	EUR | 140,000 | 0 | 140,000 | 49.2500 |  |  |
| 17,462,081.91 | 8.23 |
| Securities traded on an exchange |  |  |  |  | 158,789,158.62 | 74.83 |
| Equities, rights and profit participation certificates |  |  |  |  | 158,789,158.62 | 74.83 |
| Bonds |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS0676294696 | 2.750 % European Investment Bank (EIB) EMTN v.11(2021) | 5,000,000 | 2,000,000 | 3,000,000 | 102.4170 | 3,072,510.00 | 1.45 |
| DE000A2LQHU0 | 0.000 % Kreditanstalt für | 3,000,000 | 0 | 3,000,000 | 100.2510 | 3,007,530.00 | 1.42 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.18(2021) |  |  |  |  |  |  |
| DE000A2GSKL9 | 0.000 % Kreditanstalt für | 3,000,000 | 0 | 3,000,000 | 101.2940 | 3,038,820.00 | 1.43 |
| Wiederaubau v.17(2022) |  |  |  |  |
|  |  |
| NOK |  |  |  |  | 9,118,860.00 | 4.30 |
|  |  |
| XS1227593933 | 1.500 % European Investment | 0 | 0 | 40,000,000 | 101.5090 | 3,848,609.51 | 1.81 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2022) |  |  |  |  |  |  |
| XS1555330999 | 1.500 % European Investment Bank (EIB) EMTN v.17(2024) | 35,000,000 | 0 | 35,000,000 | 102.5640 | 3,402,532.65 | 1.60 |
| XS1489186947 | 1.000 % Kreditanstalt für | 0 | 0 | 35,000,000 | 100.5560 | 3,335,917.80 | 1.57 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| v.16(2021) |  |  |  |  |  |  |
| 10,587,059.96 | 4.98 |


### Statement of net assets as of 31 December 2020

### 19
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) |
| --- | --- | --- | --- | --- | --- | --- |
| USD |  |  |  |  |  |  |
| US912810SH23	2.875 % United States of America v.19(2049) | 3,000,000 | 0 | 3,000,000 | 128.4922 | 3,149,318.33 | 1.48 |
| US912810SN90	1.250 % United States of America v.20(2050) | 8,000,000 | 0 | 8,000,000 | 90.1563 | 5,892,565.36 | 2.78 |
| US912810SL35	2.000 % United States of America | 3,000,000 | 0 | 3,000,000 | 108.0234 | 2,647,633.27 | 1.25 |
| v.20(2050) |  |  |  |  |
|  |  |
| 11,689,516.96 | 5.51 |
| Securities traded on an exchange |  |  |  |  | 31,395,436.92 | 14.79 |
| Bonds |  |  |  |  | 31,395,436.92 | 14.79 |
| 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) | 50,000 200,000 | 0 170,000 | 175,000 30,000 | 49.4540 30.0250 |  |  |
| 9,555,200.00 | 4.50 |
| Securities traded on an exchange |  |  |  |  | 9,555,200.00 | 4.50 |
| Certificates |  |  |  |  | 9,555,200.00 | 4.50 |
| Securities holdings |  |  |  |  | 199,739,795.54 | 94.12 |
| Options |  |  |  |  |  |  |
| Long positions |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Put on Euro Stoxx 50 Price Index March 2021/3,200.00 | 250 | 0 | 250 |  | 107,250.00 | 0.05 |
| USD |  |  |  |  | 107,250.00 | 0.05 |
|  |  |
| Put on E-Mini S&P 500 Index Future March | 60 | 0 | 60 |  | 117,034.31 | 0.06 |
| 2021/3,300.00 |  |  |  |  |
|  |  |
| 117,034.31 | 0.06 |
| Long positions |  |  |  |  | 224,284.31 | 0.11 |
| Short positions 2) |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Put on Euro Stoxx 50 Price Index March 2021/2,900.00 | 0 | 250 | -250 |  | -49,750.00 | -0.02 |
| USD |  |  |  |  | -49,750.00 | -0.02 |
|  |  |
| Put on E-Mini S&P 500 Index Future March 2021/3,000.00 | 0 | 60 | -60 |  |  |  |
| -56,372.55 | -0.03 |
| Short positions 2) |  |  |  |  | -106,122.55 | -0.05 |
| Options |  |  |  |  | 118,161.76 | 0.06 |
| Cash at banks - current accounts 3) |  |  |  |  | 10,995,063.84 | 5.18 |
| Other receivables and payables (net) |  |  |  |  | 1,350,050.63 | 0.64 |
| Total net fund assets in EUR |  |  |  |  | 212,203,071.77 | 100.00 |


### Statement of net assets as of 31 December 2020

### 20
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 13,269,171.56.
3)	See notes to the Report.

### Forward foreign exchange contracts

### The following forward foreign exchange contracts were open as of 31 December 2020:
| Currency | Counterparty |  | Currency amount | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Currency purchases | 747,265.00 | 690,031.24 | 0.33 |
| USD/EUR | DZ PRIVATBANK S.A. | Currency purchases | 2,189,000.00 | 1,786,014.45 | 0.84 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 19,112.00 | 17,646.53 | 0.01 |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 143,000.00 | 116,728.03 | 0.06 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Currency sales | 57,000,000.00 | 46,503,772.92 | 21.91 |

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

### 21

Translation (ENFR, 2020-12-31):
# Composition de l’actif d’Ethna-DYNAMISCH au 31 décembre 2020
18	Composition de l’actif au 31 décembre 2020
| ISIN | Valeurs mobilières |  | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Actions, droits et bons de jouissance |  |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |  |
| Iles Caïman |  |  |  |  |  |  |  |
| US01609W1027 | Alibaba Group Holding Ltd | USD | 0 | 10.000 | 30.000 | 236,2600 | 5.790.686,27 | 2,73 |
| ADR |  |  |  |  |  |  |  |
| 5.790.686,27 | 2,73 |
| Danemark |  |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 25.000 | 50.000 | 200.000 | 241,4000 | 6.490.381,38 | 3,06 |
| 6.490.381,38 | 3,06 |
| Allemagne |  |  |  |  |  |  |  |
| DE000BASF111 | BASF SE | EUR | 100.000 | 0 | 100.000 | 65,0700 | 6.507.000,00 | 3,07 |
| DE000A288904 | CompuGroup Medical SE & Co.KgaA | EUR | 55.000 | 0 | 55.000 | 78,8500 | 4.336.750,00 | 2,04 |
| DE0007164600 | SAP SE | EUR | 20.000 | 10.000 | 35.000 | 106,8000 | 3.738.000,00 | 1,76 |
| DE000A1ML7J1 | Vonovia SE | EUR | 2.395 | 23.521 | 82.395 | 59,5400 | 4.905.798,30 | 2,31 |
| 19.487.548,30 | 9,18 |
| Irlande |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 15.000 | 55.000 | 115,5700 | 5.193.096,41 | 2,45 |
| 5.193.096,41 | 2,45 |
| Nouvelle-Zélande |  |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 200.000 | 200.000 | 550.000 | 11,5900 | 3.966.461,33 | 1,87 |
| 3.966.461,33 | 1,87 |
| Suisse |  |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 0 | 35.000 | 80.000 | 74,2500 | 5.483.751,85 | 2,58 |
| CH0012032048 | Bons de jouissance Roche | CHF | 0 | 7.500 | 17.500 | 306,9500 | 4.959.033,42 | 2,34 |
| Holding AG |  |  |  |  |  |  |  |
| 10.442.785,27 | 4,92 |
| Espagne |  |  |  |  |  |  |  |
| ES0148396007 | Industria de Diseño | EUR | 80.000 | 140.000 | 230.000 | 26,3600 | 6.062.800,00 | 2,86 |
| Textil S.A. |  |  |  |  |  |
|  |  |
| 6.062.800,00 | 2,86 |

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 ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Corée du Sud |  |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co.	KRW | 0 | 55.000 | 120.000 | 72.200,0000 | 6.482.080,01 | 3,05 |
| Ltd. -VZ- |  |  |  |  |  |  |
| 6.482.080,01 | 3,05 |
| Etats-Unis d’Amérique |  |  |  |  |  |  |
| US00507V1098 | Activision Blizzard Inc.	USD | 80.000 | 0 | 80.000 | 91,3700 | 5.971.895,42 | 2,81 |
| US02079K3059 | Alphabet Inc.	USD | 0 | 2.000 | 4.000 | 1.757,7600 | 5.744.313,73 | 2,71 |
| US0311621009 | Amgen Inc.	USD | 0 | 20.000 | 20.000 | 226,8700 | 3.707.026,14 | 1,75 |
| US0846707026 | Berkshire Hathaway Inc.	USD | 10.000 | 12.500 | 37.500 | 229,5700 | 7.033.394,61 | 3,31 |
| US09247X1019 | Blackrock Inc.	USD | 15.000 | 2.000 | 13.000 | 706,2800 | 7.501.339,87 | 3,53 |
| US8085131055 | Charles Schwab Corporation	USD | 0 | 30.000 | 130.000 | 52,5400 | 5.580.228,76 | 2,63 |
| US17275R1023 | Cisco Systems Inc.	USD | 0 | 10.000 | 110.000 | 44,6400 | 4.011.764,71 | 1,89 |
| US3703341046 | General Mills Inc.	USD | 40.000 | 75.000 | 110.000 | 59,1500 | 5.315.767,97 | 2,51 |
| US5962781010 | Middleby Corporation	USD | 10.000 | 15.000 | 35.000 | 126,8600 | 3.627.532,68 | 1,71 |
| US6177001095 | Morningstar Inc.	USD | 30.000 | 5.000 | 25.000 | 225,0900 | 4.597.426,47 | 2,17 |
| US72703H1014 | Planet Fitness Inc.	USD | 95.000 | 145.000 | 80.000 | 76,3400 | 4.989.542,48 | 2,35 |
| US8725401090 | TJX Companies Inc.	USD | 90.000 | 0 | 90.000 | 67,9900 | 4.999.264,71 | 2,36 |
| US92826C8394 | VISA Inc.	USD | 25.000 | 0 | 25.000 | 214,3700 | 4.378.472,22 | 2,06 |
| US9288811014 | Vontier Corpoation	USD | 160.000 | 0 | 160.000 | 32,6800 | 4.271.895,42 | 2,01 |
| US88579Y1010 | 3M Co.	USD | 20.000 | 15.000 | 40.000 | 173,8500 | 5.681.372,55 | 2,68 |
| 77.411.237,74 | 36,48 |
| Royaume-Uni |  |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc.	GBP | 0 | 60.000 | 150.000 | 23,0500 | 3.811.597,40 | 1,80 |
| GB00B0744B38 | Bunzl Plc.	GBP | 0 | 0 | 200.000 | 24,9200 | 5.494.432,81 | 2,59 |
| GB00BMTV7393 | THG Holdings Plc.	GBP | 150.000 | 0 | 150.000 | 7,6260 | 1.261.051,70 | 0,59 |
| GB00B10RZP78 | Unilever Plc.	EUR | 140.000 | 0 | 140.000 | 49,2500 |  |  |
| 17.462.081,91 | 8,23 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 158.789.158,62 | 74,83 |
| Actions, droits et bons de jouissance |  |  |  |  | 158.789.158,62 | 74,83 |
| Obligations |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS0676294696 | 2,750 % European Investment Bank (EIB) EMTN v.11(2021) | 5.000.000 | 2.000.000 | 3.000.000 | 102,4170 | 3.072.510,00 | 1,45 |
| DE000A2LQHU0 | 0,000 % Kreditanstalt für | 3.000.000 | 0 | 3.000.000 | 100,2510 | 3.007.530,00 | 1,42 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.18(2021) |  |  |  |  |  |  |
| DE000A2GSKL9 | 0,000 % Kreditanstalt für | 3.000.000 | 0 | 3.000.000 | 101,2940 | 3.038.820,00 | 1,43 |
| Wiederaubau v.17(2022) |  |  |  |  |
|  |  |
| NOK |  |  |  |  | 9.118.860,00 | 4,30 |
|  |  |
| XS1227593933 | 1,500 % European Investment | 0 | 0 | 40.000.000 | 101,5090 | 3.848.609,51 | 1,81 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2022) |  |  |  |  |  |  |
| XS1555330999 | 1,500 % European Investment Bank (EIB) EMTN v.17(2024) | 35.000.000 | 0 | 35.000.000 | 102,5640 | 3.402.532,65 | 1,60 |
| XS1489186947 | 1,000 % Kreditanstalt für | 0 | 0 | 35.000.000 | 100,5560 | 3.335.917,80 | 1,57 |
| Wiederaubau EMTN |  |  |  |  |
|  |  |
| v.16(2021) |  |  |  |  |  |  |
| 10.587.059,96 | 4,98 |

Composition de l’actif au 31 décembre 2020
19
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 ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD |  |  |  |  |  |  |
| US912810SH23 | 2,875 % Les Etats-Unis d’Amérique v.19(2049) | 3.000.000 | 0 | 3.000.000 | 128,4922 | 3.149.318,33 | 1,48 |
| US912810SN90 | 1,250 % Les Etats-Unis d’Amérique v.20(2050) | 8.000.000 | 0 | 8.000.000 | 90,1563 | 5.892.565,36 | 2,78 |
| US912810SL35 | 2,000 % Les Etats-Unis d’Amérique | 3.000.000 | 0 | 3.000.000 | 108,0234 | 2.647.633,27 | 1,25 |
| v.20(2050) |  |  |  |  |
|  |  |
| 11.689.516,96 | 5,51 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 31.395.436,92 | 14,79 |
| Obligations |  |  |  |  | 31.395.436,92 | 14,79 |
| Certificats |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| Etats-Unis d’Amérique |  |  |  |  |  |  |
| DE000A0S9GB0 | Dte. Börse Commodities	EUR | 50.000 | 0 | 175.000 | 49,4540 | 8.654.450,00 | 4,08 |
| GmbH/Gold Unze 999 Zert. |  |  |  |  |
|  |  |
| v.07(2199) |  |  |  |  |  |  |
| IE00B4ND3602 | iShares Physical Metals	EUR | 200.000 | 170.000 | 30.000 | 30,0250 | 900.750,00 | 0,42 |
| Plc./Gold Unze 999 Zert. |  |  |  |  |
|  |  |
| v.11(2199) |  |  |  |  |  |  |
| 9.555.200,00 | 4,50 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 9.555.200,00 | 4,50 |
| Certificats |  |  |  |  | 9.555.200,00 | 4,50 |
| Portefeuille-titres |  |  |  |  | 199.739.795,54 | 94,12 |
| Options |  |  |  |  |  |  |
| Positions longues |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Put sur Euro Stoxx 50 Price Index mars 2021/3.200,00 | 250 | 0 | 250 |  | 107.250,00 | 0,05 |
| USD |  |  |  |  | 107.250,00 | 0,05 |
|  |  |
| Put sur E-Mini S&P 500 Index Future mars 2021/3.300,00 | 60 | 0 | 60 |  |  |  |
| 117.034,31 | 0,06 |
| Positions longues |  |  |  |  | 224.284,31 | 0,11 |
| Positions courtes 2) |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Put sur Euro Stoxx 50 Price Index mars 2021/2.900,00 | 0 | 250 | -250 |  | -49.750,00 | -0,02 |
| USD |  |  |  |  | -49.750,00 | -0,02 |
|  |  |
| Put sur E-Mini S&P 500 Index Future mars 2021/3.000,00 | 0 | 60 | -60 |  |  |  |
| -56.372,55 | -0,03 |
| Positions courtes 2) |  |  |  |  | -106.122,55 | -0,05 |
| Options |  |  |  |  | 118.161,76 | 0,06 |
| Avoirs bancaires - Compte courant 3) |  |  |  |  | 10.995.063,84 | 5,18 |
| Solde des autres créances et engagements |  |  |  |  | 1.350.050,63 | 0,64 |
| Actif net du fonds en EUR |  |  |  |  | 212.203.071,77 | 100,00 |

Composition de l’actif au 31 décembre 2020
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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 13.269.171,56 EUR.
3)	Voir les Notes au rapport.
Opérations de change à terme
Les opérations de change à terme suivantes étaient en cours au 31 décembre 2020 :
| Devise | Contrepartie |  | Montant en devise | Valeur de marché EUR | en % de ANF 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Devises achetées | 747.265,00 | 690.031,24 | 0,33 |
| USD/EUR | DZ PRIVATBANK S.A. | Devises achetées | 2.189.000,00 | 1.786.014,45 | 0,84 |
| EUR/CHF | DZ PRIVATBANK S.A. | Devises vendues | 19.112,00 | 17.646,53 | 0,01 |
| EUR/USD | DZ PRIVATBANK S.A. | Devises vendues | 143.000,00 | 116.728,03 | 0,06 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Devises vendues | 57.000.000,00 | 46.503.772,92 | 21,91 |

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