# Objective and Investment Policy
### The Sub-Fund is a financial product that promotes ESG characteristics pursuant to Article 8 of the Disclosure Regulation.
To provide a participation in financial markets evolution while also providing permanent partial protection of your investment over the recommended holding period. Specifically, the Sub-Fund is designed to ensure that its share price does not fall below 90% of the highest net asset value recorded from 5 June 2020.
The Sub-Fund may invest between 0% and 100% of net assets in equities, bonds, convertible bonds, deposits and money market instruments, and in UCITS/UCIs that may be exposed to a broad range of asset classes, including those named above as well as currencies, emerging markets securities, commodities, real estate, etc.

### The Sub-Fund may invest up to 30% of net assets in below investment-grade bonds (high-yield bonds).
The Sub-Fund makes use of derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure (long or short) to various assets, markets or other investment opportunities (including derivatives which focus on credit, equities, interest rates, and foreign exchange).
Benchmark : The Sub-Fund is actively managed, is not managed in reference to a benchmark and has not designated a reference benchmark for the purpose of the Disclosure Regulation. Management Process : The Sub-Fund integrates Sustainability Factors in its investment process as outlined in more detail in section "Sustainable Investment" of the Prospectus. The investment team pursues a dynamic capital-preservation strategy, in which assets are reallocated constantly between the growth component and the conservative component, depending on the investment team's analysis of market factors. The Sub-Fund seeks to achieve an ESG score of its portfolio greater than that of its investment universe.

### Guarantor : Amundi S.A.
The protection is granted by the Guarantor to the Sub-Fund for shareholders regardless of the subscription date and the redemption date of their shares for an initial period of five years and tacitly renewed for successive further periods of one year.

Translation (ENES, 2022-12-31):
# Objetivo de inversión
Proporcionar una participación en la evolución de los mercados financieros a la vez que una protección parcial permanente de su inversión durante el plazo de tenencia recomendado. Concretamente, el Compartimento está diseñado para garantizar que el precio de las acciones no descienda por debajo del 90 % del valor liquidativo más elevado registrado desde el día 5 de junio de 2020.
El Compartimento podrá invertir entre el 0% y el 100% de su patrimonio neto en renta variable, bonos, bonos convertibles, depósitos e instrumentos del mercado monetario, así como en OICVM u OIC que pueden estar expuestos a una amplia gama de clases de activos, incluidos los mencionados anteriormente, así como divisas, títulos de mercados emergentes, materias primas, bienes inmuebles, etc.

### El Compartimento podrá invertir hasta el 30% de su patrimonio neto en bonos por debajo del grado de inversión (bonos de alto rendimiento).
El Compartimento utiliza derivados para reducir diversos riesgos, para una gestión eficiente de la cartera y como forma de aumentar la exposición (larga o corta) a diversos activos, mercados u otras oportunidades de inversión (incluidos los derivados que se centran en el crédito, la renta variable, los tipos de interés y las divisas).
El equipo de inversión persigue una estrategia dinámica de preservación de capital, en la que los activos se reasignan constantemente entre el componente de crecimiento y el componente conservador, según el análisis que haga el equipo de inversión de los factores de mercado.