Anlageziel Sauro Tactical 1 (Series 538) Notes due 2044 USD Accumulation

The Portfolio’s Investment Strategy will follow a multi factor and probability based, systematic and discretionary process through which the Portfolio Manager will be continuously scanning for asymmetries and exceptional favorable risk/reward situations on high quality, highly liquid vehicles across the US and Latin American equity markets. The Portfolio Manager believes that price volatility is multi factor and that dislocation between prices and fundamentals offer multiple opportunities to monetize certain conditions. Opportunistic patience, holding relatively safe positions returning the risk-free rate while waiting for attractive trade opportunities, and a strict risk management discipline using position sizing and stop losses are the bedrock of the Investment Strategy.