# Eleva UCITS Fund
## Société d’Investissement à Capital Variable

#### Appendix 3 – Risk Disclosure (unaudited)
Summary of Risk Management Process in accordance with the provisions of CSSF Circular 11/512
Value at Risk:
For the Sub-Fund Eleva Absolute Return Europe Fund, Eleva Global Bonds Opportunities Fund and Eleva Euro Bonds Strategies Fund, the Value at Risk (VaR) approach is used to monitor and measure the global exposure in accordance with the CSSF Circular 11/512.
| Sub-Fund Name | Market Risk | Average Utilisation | Type of Model | Limit | Maximum usage of reg. limit | Minimum usage of reg. limit | Benchmark | Usage of reg. limit as at 31/12/2020 | Confidence Interval | Holding period | Effective observation period | Max Leverage (sum of notional) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eleva Absolute Return Europe Fund | Absolute VaR | 1.95% | Historical 3 years | 20% | 6.63% | 1.79% | N/A | 5.99% | 99% | 20 days | 253 days | 82.70% |
| Eleva Global Bonds Opportunities Fund | Absolute VaR | 81.88% | Monte Carlo | 10% | 2.86% | 1.07% | N/A | 2.28% | 99% | 20 days | 77 days | 415.61% |
| Eleva Euro Bonds Strategies Fund | Relative VaR | 4.75% | Monte Carlo | 200% | 108.33% | 56.90% | Bloomberg Barclays Euro-Agg | 71.43% | 99% | 20 days | 71 days | 384.69% |

Commitment approach:
For the Sub-Fund Eleva European Selection Fund, Eleva Euroland Selection, Eleva Leaders Small & Mid-Cap Europe and Eleva Sustainable Impact Europe Fund, the commitment approach is used to monitor and measure the global exposure in accordance with the CSSF Circular 11/512.
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Translation (ENDE, 2020-12-31):
# Eleva UCITS Fund
## Société d’Investissement à Capital Variable

#### Anhang 3 – Angaben zu Risiken (ungeprüft)
Zusammenfassung des Risikomanagementverfahrens gemäß den Bestimmungen des CSSF-Rundschreibens 11/512
Value at Risk:
Für die Teilfonds Eleva Absolute Return Europe Fund, Eleva Global Bonds Opportunities Fund und Eleva Euro Bonds Strategies Fund wird der Value at Risk (VaR)-Ansatz zur Bestimmung und Weiterverfolgung des Gesamtrisikos gemäß CSSF-Rundschreiben 11/512 herangezogen.
| Name des Teilfonds Eleva Absolute Return Europe Fund | Markt- risiko Absoluter VaR | Durchs- chnittliche Aus- nutzung 1,95 % | Modelltyp Vergangene 3 Jahre | Limit 20 % | Maximale Ausnutzung des regulato- rischen Limits 6,63 % | Minimale Ausnutzung des regulato- rischen Limits 1,79 % | Referenz- index n. ztr. | Ausnutzung des regulato- rischen Limits zum 31.12.2020 5,99 % | Konfidenz- intervall 99 % | Halte- dauer 20 Tage | Effektiver Beobach- tungs- zeitraum 253 Tage | Maximale Leverage (Summe der Nennwerte) 82,70 % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eleva Global Bonds Opportunities Fund | Absoluter VaR | 81,88 % | Monte Carlo | 10 % | 2,86 % | 1,07 % | n. ztr. | 2,28 % | 99 % | 20 Tage | 77 Tage | 415,61 % |
| Eleva Euro Bonds Strategies Fund | Relativer VaR | 4,75 % | Monte Carlo | 200 % | 108,33 % | 56,90 % | Bloomberg Barclays Euro-Agg | 71,43 % | 99 % | 20 Tage | 71 Tage | 384,69 % |

Commitment-Ansatz:
Für die Teilfonds Eleva European Selection Fund, Eleva Euroland Selection, Eleva Leaders Small & Mid-Cap Europe und Eleva Sustainable Impact Europe Fund wird der Commitment-Ansatz zur Bestimmung und Weiterverfolgung des Gesamtrisikos gemäß CSSF-Rundschreiben 11/512 herangezogen.
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