We live in a world that is constantly changing. Technological progress has revolutionized our world and will continue to do so in the future. Structural changes in society are having an impact on the economy. Rising life expectancy, global population growth and rapidly increasing urbanization in emerging markets - all this determines future developments on several levels. At the same time, we need to protect our ecosystems on land and in water, drive decarbonization and operate sustainably.

Risks:

• The assets employed may be subject to wide price fluctuations
• The portfolio may suffer losses as a result of human error, system and/or process failures, inadequate procedures or controls
• The tradability of the instruments used may be limited
• Exchange rate fluctuations may adversely affect the foreign currency positions in the portfolio
• There is no guarantee of capital preservation
• Sustainability risks

Note: This is a marketing communication from FERI AG ("FERI"). It is intended solely for your non-binding information and does not constitute an offer to buy, sell or subscribe to any investment security or to manage any assets. All statements and information contained herein are based on sources believed to be reliable. Nevertheless, no guarantee is given for their correctness and completeness. The same applies to opinions, recommendations, analyses, concepts and forecasts, which are merely non-binding, subjective value judgments on the part of our company. Statements on performance, simulations or forecasts of financial instruments, indices or securities services are not reliable indicators of future developments.
This is not a substitute for investment, legal or tax advice and does not take into account personal, in particular financial, circumstances, investment strategies and objectives, experience and knowledge. 
This information does not satisfy all legal requirements to ensure the impartiality of investment recommendations and investment strategy recommendations. For each investment and its management, only the respective subscription documents, sales prospectuses and/or contractual documents, supplemented by the latest audited annual and semi-annual reports and the key investor information or the PRIIPs basic information sheet, are authoritative. These also contain information on the risk profile and risk warnings. Interested parties can obtain these documents free of charge in electronic or printed form in German from the respective capital management company or depositary. This information relates exclusively to the time of preparation. It is not continuously updated. FERI reserves the right to change opinions and recommendations without further notice. The statements and information contained herein may not be distributed or used in the U.S. or other jurisdictions in which it is restricted and is not directed at U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933 and/or Rule 4.7 of the U.S. Commodity Futures Trading Commission). If you require further information or advice tailored to the needs of investors and properties, we recommend that you contact your client advisor. This information may not be passed on to third parties or copied, reprinted or otherwise reproduced in whole or in part without the written consent of FERI. FERI accepts no liability for any damage or loss arising directly or indirectly from the distribution or use of this information. FERI is licensed in Germany as a medium-sized securities institution. In Austria, FERI is represented by a branch office, Getreidemarkt 14/25, A-1010 Vienna. FERI is subject to supervision by the German Federal Financial Supervisory Authority (BaFin), Graurheindorfer Str. 108, 53117 Bonn. However, BaFin has not reviewed, approved or endorsed this information.