CROSS ASSET DEFENSIVE FUND

The investment objective of SOLYS – Cross Asset Defensive Fund (the "Sub-Fund") is to seek capital appreciation over the long term and particularly in periods of market stress by being exposed to hedging and defensive strategies whose performance are linked to a wide investment universe across all regions (collectively the “Strategies”). The Sub-Fund will particularly focus on Strategies aiming to provide equity hedging (tail and first losses) and macro hedging, and will look to combine among others long volatility exposure, long option exposure to volatility and potential exposure to trend following. While the Sub-Fund’s investment strategy is aimed at generating positive performance in particular in periods of market stress, the Sub-Fund may however suffer from negative performance under stable (low volatility) or bullish market conditions. The Sub-Fund seeks to find the best opportunities within a wide investment universe across asset classes, including without limitation, equity, foreign exchange, commodity (ex-agriculture and livestock), fixed income, as well as across all regions. The Sub-Fund will mainly be exposed to Strategies that systematically take exposure to the above-described investment universe through futures and/or options on equity indices, volatility futures, interest rates’ swaps and swaptions, government bond futures, equities, currency forwards, or financial indices. The Sub-Fund will have discretion in selecting and weighting the Strategies.