#  Definitions
## More than $100,000	24.64

## $50,000 - $100,000	17.02

## $25,000 - $50,000	19.47

## $10,000 - $25,000	22.95

## $5,000 - $10,000	10.17

## Less than $5,000	5.75
3-year risk statistics (annualized)*

## Sharpe ratio (%)	0,57

## Treynor ratio	12,31

## Tracking error (%)	8,80

## Information ratio	0,20

## Risk adjusted alpha	0,79

## Beta	1,16

## R-squared	0,89

## M-squared	12,42

## Standard deviation (%)	24,99
Investment risks

## The fund does not offer any capital guarantee or protection and you may not get back the amount invested.

## The fund is subject to the following risks which are materially relevant but may not be adequately captured by the indicator:
Investment in company shares: The fund invests in shares of companies, and the value of these shares can be negatively affected by changes in the company, its industry or the economy in which it operates.
Geographical focus: This fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions.
Concentrated fund: The fund invests in fewer companies than other funds which invest in shares usually do. This means that the fund does not spread its risk as widely as other funds and will therefore be affected more if an individual company has significant losses.
Sustainability: The fund’s integration of sustainability risks in the investment decision process may have the effect of excluding profitable investments from the investment universe of the fund and may also cause the fund to sell investments that will continue to perform well. A sustainability risk could materialise due to an environmental, social or governance event or condition which may impact the fund’s investments and negatively affect the returns of the fund.
Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets.

## Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus.

## A temporary negative cash position may be due to (1) unsettled trade activity (2) permitted purposes, such as borrowing or derivatives use, if allowed by the prospectus.

## * Refer to the Definitions section on page 2
Sharpe ratio: A risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund’s historical risk adjusted performance. Treynor ratio: Measure of risk adjusted portfolio performance where Beta acts as a proxy for the level of risk associated with a given portfolio. Tracking error: Dispersal of differences between the returns obtained by the Fund and the benchmark variation. Information ratio: The ratio of annualized expected residual return to residual risk. Risk adjusted alpha: Measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: Measures the sensitivity of the fund to the movements of its benchmark. R-Squared: Measures the strength of the linear relationship between the fund and its benchmark. RSquared at 1.00 implies perfect linear relationship and zero implies no relationship exists. M-Squared: A measure of portfolio risk, the Modigliani ratio serves to adjust for the risk that a given portfolio takes in excess of the risk-free rate. Standard deviation: Measures the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk.

Translation (ENDE, 2023-01-31):
#  Definitionen
Sharpe-Ratio: Eine risikoadjustierte Kennzahl, die sich unter Heranziehung der Faktoren Standardabweichung und Überschussrendite errechnet, um die Ertragskraft einer Anlage je Risikoeinheit zu ermitteln. Je höher das Sharpe-Ratio, desto besser die historische risikoadjustierte Performance des Fonds. Treynor-Ratio: Kennzahl für die risikoadjustierte Portfolioperformance, wobei das Beta stellvertretend für das Risikoniveau in Zusammenhang mit einem bestimmten Portfolio herangezogen wird. Tracking-Error: Standardabweichung (Volatilität) der Differenzrendite zwischen einem Fonds und seiner Benchmark. Information-Ratio: Das Verhältnis zwischen der zu erwartenden annualisierten Outperformance eines Portfolios (Alpha) und dem Fondsrisiko. Risikobereinigtes Alpha: Misst den Unterschied zwischen den tatsächlichen Fondsrenditen und der erwarteten Fondsperformance unter Berücksichtigung des durch das Beta ausgedrückten Risikoniveaus. Beta: Misst, wie stark die Fondsperformance von Veränderungen gegenüber einer Benchmark beeinflusst wird. R
2 
(R-Squared): Ein Maß für die Stärke des linearen Verhältnisses zwischen Fonds und Benchmark. Ein R2 von 1,00 deutet auf eine perfekte lineare Beziehung hin, während 0 vermuten lässt, dass keinerlei Verhältnis besteht. M
2 
(M-Squared): Als Maß für das Portfoliorisiko dient das Modigliani-Ratio dazu, bei einem Portfolio Bereinigungen nach dem über dem risikolosen Zins eingegangenen Risiko vorzunehmen. Standardabweichung: Misst das Risiko oder die Volatilität von Anlagerenditen über einen bestimmten Zeitraum; je höher die Zahl, desto höher das Risiko.