Factsheet draft

FNZ Bank Target Retirement ETF Funds

Working draft for a fund-of-ETFs product family with target-retirement mechanics, four exposure profiles and two accumulating share classes. Values are working assumptions and can be adjusted.

Date: 24.06.2026 Hard cap: 100 bps p.a. all-in Share classes: Clean Acc / Retro Acc Cost figures in bps p.a.

Cost logic

The table shows the base cost for each fund type. The headroom to the 100 bps hard cap represents the maximum available budget for adviser remuneration or retrocession in the Retro Acc share class.

All-in hard cap

100 bps

Base cost 80% / 100%

50 bps

Base cost 125% / 150%

60 bps

Derivatives only for leverage

10 bps

Base cost by fund type

Cost component	80%	100%	125% Leveraged	150% Leveraged
FNZ custody / platform fee	20 bps	20 bps	20 bps	20 bps
ETF building blocks	12 bps	12 bps	12 bps	12 bps
Fund vehicle: ManCo / administration / depositary / audit / reporting	18 bps	18 bps	18 bps	18 bps
Derivatives / leverage implementation	0 bps	0 bps	10 bps	10 bps
Portfolio / glidepath / rebalancing management fee	0 bps	0 bps	0 bps	0 bps
Reserve / margin	0 bps	0 bps	0 bps	0 bps
Base cost excluding adviser / retrocession	50 bps	50 bps	60 bps	60 bps
Headroom for adviser remuneration / retrocession	50 bps	50 bps	40 bps	40 bps
All-in hard cap	100 bps	100 bps	100 bps	100 bps

Note: 100 bps equals 1.00% p.a. The Retro Acc share class may use the headroom fully or partially for adviser remuneration.

Share classes

The headroom should be understood as maximum capacity for adviser remuneration or retrocession, not as an automatic additional charge.

Investment architecture

The regional equity sleeve is defined by one of the three allocation variants. The 80%, 100%, 125% and 150% fund types then determine only the level of economic exposure.

Regional allocation of the equity sleeve

Region / bucket	Market-cap weighted	GDP weighted	Germany / Europe home bias
USA	63%	27%	35%
Europe ex Germany	12%	22%	25%
Germany	2%	5%	15%
Japan	6%	4%	5%
Canada / Pacific ex Japan	5%	5%	5%
China	3%	17%	4%
India	2%	5%	3%
EM Asia ex China / India	5%	8%	5%
Rest of EM	2%	7%	3%
Total equity sleeve	100%	100%	100%

These buckets are intentionally ETF-compatible and avoid single-country replication for every market.

Strategy character

Market Cap

Neutral global capital-market approach. Heavily US-weighted and straightforward to implement.

GDP

Greater emphasis on economic size. Higher China, India and Europe weights; lower US weight.

Home Bias

Deliberate overweight to Germany and Europe to reflect a more local investment preference.

Fund types: economic exposure

Building block	80%	100%	125% Leveraged	150% Leveraged
Physical equity sleeve	80%	100%	100%	100%
EUR mixed bond ETF	20%	0%	0%	0%
Synthetic equity overlay	0%	0%	25%	50%
Economic equity exposure	80%	100%	125%	150%

For later target-retirement glidepaths, the bond allocation can be increased by age cohort; the 20% bond component is currently the defensive building block for the 80% variant.

Bond building block

For the defensive component, the draft assumes a low-cost EUR mixed bond or EUR aggregate bond UCITS ETF. The objective is a broadly diversified euro bond exposure with government and corporate bonds.

Specific ETF selection should be checked separately: TER, domicile, replication method, fund size, spread, tax treatment and FNZ availability.

Sources and framing

Global equity ETF cost reference: Amundi Prime All Country World UCITS ETF has been publicly reported with 0.07% ongoing charges.
Market-cap reference: MSCI ACWI covers developed and emerging markets and is commonly used as a global equity benchmark.
The regional weights are a working proposal, not an exact index replication.