Amundi Multi-Asset Portfolio Defensive UCITS ETF

Investment rationale

This fund is a diversified multi-asset UCITS ETF designed to deliver long-term value growth through a broad allocation across equities, bonds, money-market instruments and gold-related exposure. With a PRIIPs summary risk indicator of 3 on a 1-7 scale and a recommended holding period of 5 years, it is positioned as a medium-term, lower-risk portfolio building block rather than a pure growth allocation. The target investor is a retail investor with basic knowledge and no or limited fund experience who can bear losses up to the amount invested. Its distinct role comes from combining ETF liquidity and low stated ongoing costs with a rules-based defensive allocation of 50% bonds and money-market instruments, 40% equities and 10% gold.

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How the strategy works

The objective is to provide unit holders with long-term capital growth by investing in a broadly diversified portfolio of ETFs, with annual rebalancing back to target weights in March. The fund is an actively managed UCITS and is not benchmarked to any index. Its target allocation is 40% equities, 50% bonds and 10% commodities/gold, with the equity sleeve split across North America, Asia-Pacific, Europe, German blue chips, emerging markets and German small caps, and the bond sleeve focused on European government bonds, German Pfandbriefe and euro money-market bonds. The portfolio may also use ETCs and other securities that track market-standard financial indices or interest rates, the share class is distributing, and the recommended holding period is 5 years.

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Investment philosophy

• The fund is built as a rules-based multi-asset ETF portfolio that seeks broad diversification across asset classes, geographies, sectors and currencies rather than relying on discretionary market views.

• Its strategic allocation is fixed at 50% bonds and money-market instruments, 40% equities and 10% gold/commodity exposure, with the equity bucket spread across North America, Europe, Asia-Pacific, Germany and emerging markets.

• The bond allocation is concentrated in European government bonds, German Pfandbriefe and euro money-market instruments, while the commodity sleeve can be implemented through ETCs such as Xetra-Gold and other commodity-index-linked exposures.

• Rebalancing is carried out annually in March to restore the original weights, and an additional intra-year rebalance may take place if the equity allocation moves more than 5 percentage points above or below target.

• As of 31/08/2026, the largest disclosed positions included iShares Pfandbriefe ETF DE, Amundi Core S&P 500 Swap ETF USD Dist, Amundi STOXX Europe 600 UCITS ETF, Amundi Smart Overnight Return ETF, Amundi Euro Government Bond 1-3Y ETF, Amundi Prime Euro Govies, a gold ETC, Amundi MSCI Emerging Markets II ETF, an Asia-Pacific ESG climate ETF, and Amundi DAX UCITS ETF.

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Distinctive features

A distinguishing feature is the combination of a listed ETF wrapper with a diversified fund-of-ETFs structure, giving investors exchange trading, transparency and broad multi-asset exposure in one vehicle. The strategy is explicitly rules-based, with fixed strategic weights and annual rebalancing, rather than being driven by tactical market calls. Its defensive positioning is clearly defined through a 50% allocation to bonds and money-market instruments and a 10% allocation to gold or commodity-related exposure. Ongoing management and operating costs are 0.37%, and the ETF is available for trading on Xetra and SIX in EUR and CHF.

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Risks

The fund has a risk indicator of 3 out of 7, a medium-low risk category, based on a 5-year holding assumption. Market liquidity risk may amplify performance fluctuations; under exceptional circumstances redemptions can be suspended or limited and dilution protection measures may be applied. Risk is driven by the fund’s exposure to international equities, European government bonds, German Pfandbriefe, money-market instruments and gold or commodity-linked ETCs, as well as by trading on the secondary market where investors may pay above or receive below net asset value.

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Asset manager

The management company is Amundi Luxembourg S.A., which acts as the Verwaltungsgesellschaft. Amundi Luxembourg S.A. is a member of the Amundi group and is authorised in Luxembourg under the supervision of the CSSF. Amundi Asset Management, SAS is headquartered at 91-93 Boulevard Pasteur, 75015 Paris, France, with AMF authorisation number GP 04000036.

2026-08-31