The Morningstar Moderate target risk index (FOUSA08PJY) is a composite index tracking 60% equity and 40% bond markets. Performance numbers are unaudited. Performance inception is 14 November 2025. The performance quoted is past performance and is not a guarantee of future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For each asset or portfolio volatility is calculated on its original share class (either EUR or USD) without including FX hedging fluctuations, and it is annualised on the basis on existing YTD daily standard deviation data. Pantarai A·D·A·P·T ETP performance is tracked with the underlying ETFs and ETCs in the asset mix on a daily basis. The performance of other instruments is tracked via either indices or ETFs subject to data readily available to us on a daily basis. ETFs have fees that reduce their performance: indexes do not. You cannot invest directly in an index. Volatility data is shown from our original portfolio managed in EUR base currency.