Opening an Olleux Plan allows you to access an investment strategy designed to maximize the growth of your capital in the medium-long term.

We focus on passive management, which reduces fees and increases profitability, with globally diversified portfolios across thousands of assets.

Our model provides peace of mind when investing: with investment portfolios that are more diversified and historically profitable than average, your capital is optimized and in the hands of experts.

In addition, we are the only Roboadvisor that lowers your commissions every year.

Check out our simulator to see the positive impact our investment strategy can have on your assets.

Multiple Strategies and Investment Portfolios

At Olleux we offer you multiple global and thematic strategies to cover all your investment needs.

With the aim of providing you with the best investment solution, both for your short-term cash remuneration needs and to make your capital profitable in the most effective way in the medium-long term, we design and manage highly diversified portfolios for you across different asset classes and geographical areas based on multiple investment strategies:

FOR LIQUIDITY REMUNERATION

• “MONETARY” STRATEGY → Suitable and recommended for people and companies that are unhappy with the remuneration and conditions of bank accounts or deposits. Ideal for providing cash that you do not want to invest or that you might need in the short term.

FOR THE MEDIUM AND LONG TERM

• “GLOBAL” STRATEGY → Suitable and recommended for all types of investors, as it offers the maximum possible diversification by covering multiple asset classes and markets. Ideal for investing all or most of the capital that does not need to be withdrawn in the short term, it should form the main basis of any investor’s assets.
• “THEMATIC” STRATEGIES → Suitable exclusively for experienced investor profiles, as they invest in a specific segment of the economy, which implies a higher level of concentration. Suitable only for those investors who need to optimize specific components of their asset structure or who already have sectoral and thematic funds in other entities.

To do this, we replicate the evolution of the main global benchmark indices with exceptionally low costs, and we automatically rebalance your portfolio, maintaining the optimal proportion between the different assets.

In this way, we manage to reduce risks and maximize the profitability of our clients' investments in the long term.

Our portfolios cover the needs of all investor profiles, from the most conservative to the most aggressive, being an ideal solution for both the novice investor who has never invested and the experienced investor.

1) “MONETARY” STRATEGY (FOR LIQUIDITY REMUNERATION)

Ideal solution to make the most of the assets you are not going to invest at any time.

Ideal and recommended for people and companies dissatisfied with the remuneration and conditions of bank accounts or deposits.

Ideal for providing cash that you do not want to invest or that you might need in the short term.

Description: Invests in low-volatility assets with global diversification to provide good returns and preserve capital.

Objective: Daily return indexed to the interest rate of the European Central Bank.

Benefits: Higher remuneration than current accounts and deposits, on a daily basis and without strings attached.

Who is it for: Individuals and companies who want to make their cash profitable.

Amount to invest: Ideal for providing all that cash that you do not want to invest or that you might need in the short term.

How to contribute: Contributions by transfer or transfer of funds without fiscal impact.

2) “GLOBAL” STRATEGY (FOR THE MEDIUM AND LONG TERM)

Global portfolios for all investor profiles, from conservative to aggressive.

Indexed investment in multiple assets with maximum diversification.

Description: Invest in index funds with broad global diversification.

Objective: Maximize risk-adjusted profitability in the medium and long term.

Benefits: Capture the profitability of stock markets with globally diversified replication and low costs, achieving above-average medium-long term profitability.

Who is it aimed at: For investors seeking asset growth with above-average historical returns.

How much to invest: Ideal for investing all or most of the capital that you do not need in the short term. It should form the main basis of any investor's assets.

How to contribute: Contributions by transfer or transfer of funds without fiscal impact.

3) “THEMATIC” STRATEGIES (FOR THE MEDIUM AND LONG TERM)

Thematic portfolios with diversification by theme. Investment in specific themes and markets, for more experienced investors.

Description: Invests in indexed assets of the North American stock market with broad thematic diversification.

Objective: To capture the profitability of the North American equity markets (S&P500, MSCI USA, and MSCI North America).

Benefits: Replicate the profitability of the S&P 500 with greater diversification, surpassing the profitability of bank funds.

Who is it for: Experienced investors looking to optimize their wealth structure.

How much to invest: Ideally, thematic strategies should not form the main basis of an investor's assets, but rather serve as a complement for those experienced investors who require a thematic or sector-specific approach. Therefore, the most optimal approach would be to allocate only a specific portion of capital to these strategies, reserving the remainder for a globally diversified strategy ("Global" strategy).

How to contribute: Contributions by transfer or transfer of funds without fiscal impact.

Steps to Register

To purchase one or more of our portfolios, register here and follow the simple registration process:

1. Complete our simple investor profile by answering the questions.
2. Select the investment strategy that best suits your needs (you can change it whenever you want and/or contract multiple portfolios with different strategies).
3. Finalize the contract by digitally signing the contracts (if you wish to contract several portfolios at the same time, you must complete the current contract and then you can contract the next one).

Yes, Olleux is a profitable, profit-generating, and financially sound company.

Since its founding in 2017, it has maintained constant growth, consolidating itself as a firm with high financial strength.

This places Olleux among the few roboadvisors worldwide that are profitable both financially and operationally, standing out for its sustainable growth model and long-term commitment to investors.

Thanks to its profitability, Olleux can offer direct benefits to its clients, such as:

• The progressive reduction of commissions.
• The constant reinvestment of profits to expand and perfect its offer of products and services.

This strategy strengthens investor confidence and ensures solid support at every stage of their financial journey over the coming decades.

In short, Olleux presents itself as a solvent and profitable company, firmly committed to maximizing the profitability and financial well-being of its clients in the long term.

About Olleux

Olleux is an asset management company that offers access to the most efficient and diversified indexed investment on the market, through an internationally awarded passive management strategy.

We achieve the best profitability adjusted to the risk level of each client, managing portfolios made up of the best index funds from the most prestigious and exclusive management companies in the world, such as Vanguard, Blackrock, and Amundi, under an automated management model through the application of globally recognized successful algorithms.

We offer a proven and responsible management model that prioritizes the security of your assets above all else.

Our Key Advantages

• Greater Profitability: Our Automated Manager ("RoboAdvisor") incorporates the best index funds, providing a substantial improvement in profitability for our investors and consistently beating the average of investment funds and pension plans in Spain in the long term.
• Low Commissions: We implement the latest technology, optimizing our processes and minimizing structural costs, which allows us to offer a reduction of up to 85% in commissions compared to a traditional financial institution.
• Lower Risk: Our Index Investment strategy offers access to highly diversified portfolios with global exposure across more than 22,000 different positions, covering different asset classes and geographic regions. The result is a significant reduction in risk for all our clients.
• Independence and Transparency: A completely independent and transparent service that guarantees visibility and absolute alignment of interests regarding your investments.

Achieve higher returns with lower risk thanks to our highly diversified portfolios and low commissions.

Olleux offers you portfolios of index funds with greater diversification, lower fees, and optimized, above-average returns, all through automated management that works for you.

We focus on maximizing the performance of your investments in a safer and more efficient way, giving you the peace of mind of knowing that your capital is backed by a proven successful model managed by experts.

Why Choose Olleux?

• Multiple Portfolios at Your Disposal: We are the only Roboadvisor that covers all your investment needs:
  • "Monetary" Strategy: Ideal for those seeking higher remuneration than bank accounts and deposits.
  • "Global" Strategy: Perfect for medium and long-term investors, with global diversification across sectors and regions.
  • "Thematic" Strategies: Aimed at specialized investors with exposure to specific sectors.
• Higher Long-Term Returns: Specialists in passive management and index funds, we offer a diversified and low-cost approach, avoiding inefficiencies of active management and maximizing sustained returns for our investors.
• Reduced Fees: With fees up to 85% lower than traditional banks, our investors retain more of their profits, generating efficient and more profitable capital growth.
• Global Diversification: Investments in thousands of assets worldwide, minimizing risks by reducing exposure to specific assets or markets. This protects capital and increases portfolio stability.
• Accessible and Secure Platform: An intuitive and secure digital investment experience, designed with high standards and aligned with European regulations, guaranteeing transparency and reliability.
• Automated Management and Rebalancing: We manage the portfolio to align it with your risk objectives, with automatic adjustments and periodic rebalancing that optimize long-term returns.
• Long-Term Vision: Portfolios designed to take advantage of compound interest and sustained growth, helping you achieve your financial goals.
• Personalized Attention: In addition to automated management, we offer human support at all times to help you in your investment experience.

With Olleux, these advantages are now within everyone's reach, and you can get them effortlessly, from your mobile, tablet, or PC.

Olleux has characteristics that make it unique compared to other automated managers on the market, and even more so when compared to banks.

The cornerstone of our model is to offer, whatever the wealth and risk profile of our clients, a way of investing that is fully aligned with their interests: lower fees, greater diversification, maximum independence and transparency and, as a consequence of these factors, greater long-term profitability.

Our mission is to put the needs of our investors and their benefits first.

Olleux Advantages:

• Multiple portfolios at your disposal: We are the only Roboadvisor that covers all your investment needs:
  • "Monetary" Strategy: Ideal for those seeking higher remuneration than bank accounts and deposits.
  • "Global" Strategy: Perfect for medium and long-term investors, with global diversification across sectors and regions.
  • "Thematic" Strategies: Aimed at specialized investors with exposure to specific sectors.
• Commissions significantly lower than the market: Our commissions are among the lowest on the market, reaching a minimum of 0.14% per year, VAT included.
• You first: Our “You first” philosophy reinforces our firm commitment to putting our clients’ interests first. We achieve this with an automatic reduction of the management fee, by 0.02% each year until reaching the minimum of 0.14% per year (VAT included).
• Highly diversified global exposure: Our indexed investment portfolios include a multitude of asset classes in the most important geographic regions, exceeding 22,000 positions in the portfolio and achieving a significant reduction in risk without sacrificing profitability.
• Institutional plus class of investment funds: Our clients have immediate access to the “institutional plus” class of index funds, enjoying even lower fees.
• Higher returns: Due to lower fees and broader diversification, our portfolios offer a long-term return of approximately +3% per year above the market average based on historical data.
• Customized portfolios for your risk profile: We have 6 different levels of exposure to the markets to adapt to each client’s profile, from the most conservative to the most daring.
• Olleux Premium: A preferential and exclusive customer service.
• Independent: Unlike most financial institutions, our investment strategy is not affected by conflicts of interest. We only use the most efficient investment funds from prestigious international managers like Vanguard and Blackrock, without charging any “kickbacks.”
• Safe: We comply with the highest security standards and are subject to double supervision by relevant authorities. Additionally, your money is held by highly solvent entities: Caser Seguros, Inversis, and Cecabank.
• Transparent: Our terms of service and fees are very clear and completely transparent.
• Disciplined management: We use specific investment algorithms, avoiding market noise and subjective emotions, providing better returns over time.
• Simple: Thanks to our digital platform, your investment management and portfolio rebalancing are carried out automatically, saving you time and effort.
• Digital: Your Olleux experience is fully digital and paperless. Sign up in just a few clicks and track your plan from your mobile, tablet, or PC.

The trust of thousands of clients is our greatest success. We are one of the European investment firms best rated by our clients on Trustpilot and Google Reviews.

Olleux is a company that is strictly regulated by official state bodies.

All our services are marketed under the compliance and security standards defined by the National Securities Market Commission (CNMV) and the General Directorate of Insurance and Pension Funds (DGSFP).

Specifically, Olleux is regulated as:

• Securities Agency: Subject to the supervision of the CNMV, registered under number 267 under the name Axon Wealth Advisory Digital AV, SAU.
• Exclusive Insurance Agent: Partnered with Caser (Caja de Seguros Reunidos, Insurance and Reinsurance Company, SA), subject to the supervision of the DGSFP, registered with number C0031B90217233.

This double supervision provides you as a client with significant value in terms of security and transparency.

In addition, Olleux is a firm audited at the accounting and regulatory level by prestigious international firms such as EY and Garrigues.

Yes, we do not belong to any traditional banking or financial group, neither Spanish nor foreign.

As a result, we are not subject to conflicts of interest in the execution of our investment strategy, allowing us to offer you highly diversified, cost-optimized, and top-quality investment products, with a profitability well above average.

If Olleux were to cease its activity, your funds would not be affected. The money is held in different entities and insured in different ways depending on the type of plan you have contracted.

Your money will be deposited in the balance sheet of Caser Seguros, a national insurance company of recognized prestige and high solvency, through the subscription of a life-savings insurance contract within the framework of which your money will be managed under the highest security standards.

Olleux and Caser are independent and separate entities, between which there is a framework collaboration agreement.

Under this framework contract, Olleux is the one who markets your savings plan, maintaining the relationship with you for any matter you may need regarding the service, from registration to cancellation.

Once you have signed up for a plan with Olleux, your funds will be deposited in Caser's balance sheet and managed under the format of a life-savings insurance contract.

In this regard, Olleux is also the one who advises Caser on the investment operations to be carried out so that your plan is always optimized and in line with your risk profile.

Insurance companies significantly mitigate the chances of insolvency events by applying numerous risk management techniques.

Ultimately, having your money deposited on an insurance company's balance sheet can be very beneficial for you in the future, so that your money is safer.

Risk Mitigation Techniques Adopted by Insurance Companies:

• Strict rules for insurable risks: Insurance companies only insure risks that can be calculated using mathematical methods and with sufficient past experience.
• Vertical risk transfer and special selection: Before taking on a risk, insurers consult with reinsurers to assess the quality and nature of the risks. Reinsurers validate the suitability of the insurer's risk selection method and the sufficiency of premiums in relation to risks. Poor-performing risks are transferred to reinsurers, mitigating potential losses.
• Risk diversification not linked to the cycle: Risks in the insurance sector are often unrelated to economic cycles. For example, life or home insurance is minimally affected by economic growth. Some risks even improve during economic crises, such as reduced car usage lowering car insurance claims.
• Asset and liability management with liquidity: Insurance companies align investment durations with contract durations. Generally, their asset durations are shorter than their liabilities, unlike banks that rely on short-term deposits to support long-term loans.
• Collecting premiums before paying claims: Insurers usually face no liquidity issues since premiums are collected upfront, and claims are paid later.
• Risk monitoring and portfolio clean-ups: Insurers monitor their performance and adjust premiums or cancel contracts for problematic risks in subsequent years.
• Counterparty risk management: Regulations limit counterparty risk for insurance companies, ensuring minimal dependency on other companies. This minimizes exposure to credit or investment risks linked to related companies.

In addition to enjoying all the mechanisms to reduce the risk of the insurance companies themselves, the collaboration with Caser allows us to guarantee you the following additional advantages:

• 100% online user experience: Enjoy a fully digital process with no paperwork, completed in just a few clicks.
• High solvency of Caser's balance sheet: Your funds are backed by Caser's strong solvency, more than double the requirement by the supervisor (154% in 2019).
• Prestigious and reputable brand: Caser is a trusted name with over 70 years of experience in the Spanish insurance market and a solid reputation nationwide, serving more than 2.3 million clients.

In the event that Olleux ceases its activity, your funds would not be affected. Your money would continue to be under the custody of Caser Seguros, and you could withdraw it at any time without additional costs.

The regulations governing the insurance market require insurance companies to establish and maintain sufficient technical provisions for all their activities. These provisions must be adequately calculated, accounted for, and invested in assets suitable for their coverage, with the Directorate General of Insurance and Pension Funds (DGSFP) ensuring their adequacy.

In addition:

• Time-Matched Investments: The assets in which insurance companies invest are time-matched to their liabilities, providing unique stability to the financial system.
• Permanent Solvency Margin: Insurers must permanently maintain a solvency margin, consisting of their own assets free of liabilities, to address any unforeseen economic consequences of their activities.
• Constant Monitoring by DGSFP: The DGSFP, reporting to the Ministry of Economy, constantly monitors and analyses the financial and solvency situation of entities. Regulations require entities to submit periodic accounting and financial information for evaluation.

The DGSFP uses advanced tools and inspection procedures to detect potential threats to insurance companies and pension funds. These measures ensure immediate action within the framework of current regulations, prioritizing the protection of policyholders and participants.

Caser Seguros demonstrates solvency ratios more than twice as high as those required by sector regulations (154% in 2019), in addition to enjoying all the risk management and diversification mechanisms typical of insurance companies.

In the unlikely event that, despite the strength of the insurance sector, Caser were to be liquidated, the Insurance Compensation Consortium (CCS) has reserved assets of more than 10 billion euros, which is between 6 and 7 times greater than its equivalent in the banking segment.

Furthermore, due to its business model, it is unlikely that the insurance sector in Spain could be harmed by possible banking financial crises. Insurance companies such as Caser focus on risks like death, disability, cars, and homes, which constitute their main source of profits. These profits evolve independently of the behavior of the banking system, which depends much more on mortgage risk, credit risk, and interest rates.

In the event that Olleux were acquired by another company or ended up going public, the purchasing entity would assume Olleux's obligations to its clients, ensuring that the service would continue to be provided normally.

In addition, your savings plan will remain in effect, working as before without interruption. However, you will always be free to add funds or withdraw your money at any time.

You are the holder of the shares in the “Unit Linked” type savings life insurance policy used to build and manage your savings plan.

The owner of the underlying financial products is Caser Seguros, a renowned national insurance company that allows us to offer you the highest standards of security and efficiency in the management of your savings.

In the unlikely event that Caser Pensiones ceases its activity, your funds would not be affected.

Your pension plan would be managed by another management entity, under the supervision of the Directorate General of Insurance and Pension Funds (DGSFP), dependent on the Ministry of Economy and Competitiveness, and would continue to operate as before.

Furthermore, the DGSFP itself is responsible for adopting preventive measures to avoid the insolvency of the managing entities, and may even sanction and revoke their authorization in cases of lack of minimum solvency.

The management entity of a pension fund is responsible, among other things, for managing the purchase and sale of financial products that support the assets accumulated in your plan and keeping the internal accounting of each fund.

Caser Pensiones has extensive experience in the pension plans sector, holding a leading position at the national level.

Furthermore, the Caser Group represents a prestigious brand with a solid reputation, with more than 70 years of experience in the Spanish market and more than 2.3 million customers.

All of these factors are beneficial for you, as they ensure greater solidity for your pension plan.

Olleux, Caser Pensiones, and Cecabank are independent and separate entities, between which there are contracts of various kinds. Olleux designs and markets your pension plan, in addition to maintaining the relationship with you for any matter you may need regarding the service.

Additionally, Olleux advises Caser Pensiones on the investment operations to be carried out so that your plan always reflects your risk profile.

Caser Pensiones: It is the Managing Entity of the Pension Fund to which your plan is integrated. Caser Pensiones is ultimately responsible for executing the investment operations, with the advice of Olleux.

Cecabank: It is the custodian of your pension plan assets. Cecabank holds the securities and cash that support your plan and executes any contribution or withdrawal orders on your behalf.

In the event that Olleux ceases its activity, your funds would not be affected. Your money would continue to be under the custody of Cecabank and the management of Caser Pensiones, and you will be able to access it at any time and without additional costs.

Cecabank has one of the highest solvency levels in Spain, at 35.2% CET1 at the end of 2019.

However, in the unlikely event that Cecabank were to cease its activity, you would continue to be the owner of the funds that you have accumulated over time in your pension plan, as your contributions would be held outside the bank's balance sheet.

Therefore, your assets would not be affected, and your securities would be transferred to a new depositary entity, thus maintaining the continuity of the service.

Furthermore, the Directorate General of Insurance and Pension Funds (DGSFP) and the Bank of Spain are responsible for adopting preventive measures to supervise the activity and prevent the insolvency of depository banking entities. They may even sanction and revoke their authorization in cases of lack of minimum solvency or other types of infractions.

In the event that Olleux is acquired by another company, or ends up going public, your pension plan will remain held by Cecabank and under the management of Caser Pensiones, operating as before without interruptions.

In any case, you will always be free to transfer your funds to another entity at any time and without additional costs.

The custodian of a pension plan is primarily responsible for safeguarding the funds and cash contributed to your plan, as well as processing any order for contributions or withdrawals from you.

• Cecabank is a Spanish bank with nationally recognised prestige, which offers support services to other financial institutions.
• Cecabank has a solvency ratio of 35.2% (data at the end of 2019), significantly higher than the sector average.

All of these factors are beneficial for you, as they ensure greater solidity for your pension plan.

Your money will be deposited under the highest security standards at Cecabank, a prestigious national bank with one of the highest solvency levels in Spain.

The holder of the shares in the “Unit Linked” type life savings insurance policy used to build and manage your savings plan is your child.

The owner of the underlying financial products is Caser Seguros, a renowned national insurance company that allows us to offer you the highest standards of security and efficiency in the management of your savings.

Your money will be deposited in the balance sheet of Caser Seguros, a national insurance company of recognized prestige and high solvency, through the subscription of a life-savings insurance contract within the framework of which your money will be managed under the highest security standards.

Olleux and Caser are independent and separate entities, between which there is a framework collaboration agreement.

Under this framework contract, Olleux is the one who markets your child's savings plan, maintaining the relationship with you for any matter you may need regarding the service, from registration to cancellation.

Once you have signed up for a plan with Olleux, your funds will be deposited in Caser's balance sheet and managed under the format of a life-savings insurance contract.

In this regard, Olleux is also the one who advises Caser on the investment operations to be carried out so that your plan is always optimized and in line with your risk profile.

Insurance companies significantly mitigate the chances of insolvency events by applying numerous risk management techniques.

Ultimately, having your money deposited on an insurance company's balance sheet can be very beneficial for you in the future, so that your money is safer.

Risk Mitigation Techniques Adopted by Insurance Companies:

• Strict rules for insurable risks: Insurance companies only insure risks that can be calculated using mathematical methods and with sufficient past experience.
• Vertical risk transfer and special selection: Before taking on a risk, insurers consult with reinsurers to assess the quality and nature of the risks. Reinsurers validate the insurer's risk selection method and the sufficiency of premiums. Poor-performing risks are transferred to reinsurers, mitigating potential losses.
• Risk diversification not linked to the cycle: Risks in the insurance sector are often unrelated to economic cycles. For example, life or home insurance is minimally affected by economic growth. Some risks even improve during economic crises, such as reduced car usage lowering car insurance claims.
• Asset and liability management with liquidity: Insurance companies align investment durations with contract durations. Generally, their asset durations are shorter than their liabilities, unlike banks that rely on short-term deposits to support long-term loans.
• Collecting premiums before paying claims: Insurers usually face no liquidity issues since premiums are collected upfront, and claims are paid later.
• Risk monitoring and portfolio clean-ups: Insurers monitor their performance and adjust premiums or cancel contracts for problematic risks in subsequent years.
• Special attention to counterparty risk: Regulations limit counterparty risk for insurance companies, ensuring minimal dependency on other companies. This minimizes exposure to credit or investment risks linked to related companies.

In addition to enjoying all the mechanisms to reduce the risk of the insurance companies themselves, the collaboration with Caser allows us to guarantee you the following additional advantages:

• 100% online user experience: Enjoy a fully digital process with no paperwork, completed in just a few clicks.
• High solvency of Caser's balance sheet: Your funds are backed by Caser's strong solvency, more than double the requirement by the supervisor (154% in 2019).
• Prestigious and reputable brand: Caser is a trusted name with over 70 years of experience in the Spanish insurance market and a solid reputation nationwide, serving more than 2.3 million customers.

In the event that Olleux ceases its activity, your funds would not be affected. Your money would continue to be under the custody of Caser Seguros, and you could withdraw it at any time without additional costs.

The regulations governing the insurance market require insurance companies to establish and maintain at all times sufficient technical provisions for all their activities. These provisions must be adequately calculated, accounted for, and invested in assets suitable for their coverage, with the Directorate General of Insurance and Pension Funds (DGSFP) ensuring their adequacy.

Additionally, the assets in which insurance companies invest are time-matched to their liabilities, providing a unique guarantee of stability in the financial system.

Insurers must also maintain a permanent solvency margin, consisting of their own assets free of any liabilities, to address possible unforeseen economic consequences of their activities.

The DGSFP, which reports to the Ministry of Economy, constantly monitors and analyses the financial and solvency situation of entities. Regulations require entities to submit periodic accounting and financial information for evaluation.

With the fundamental objective of protecting policyholders and participants, the DGSFP uses tools and procedures to continuously assess the circumstances affecting insurance entities and pension funds. Inspection teams leverage these tools to detect threats to companies and react immediately within the framework of current regulations.

Caser Seguros demonstrates solvency ratios more than twice as high as those required by sector regulations (154% in 2019), in addition to enjoying all the risk management and diversification mechanisms typical of insurance companies.

In the unlikely event that, despite the strength of the insurance sector, Caser were to be liquidated, the Insurance Compensation Consortium (CCS) has reserved assets of more than 10 billion euros, which is between 6 and 7 times greater than its equivalent in the banking segment.

Furthermore, due to its business model, it is unlikely that the insurance sector in Spain could be harmed by possible banking financial crises. Insurance companies such as Caser focus on risks like death, disability, cars, and homes, which constitute their main source of profits. These profits evolve independently of the behavior of the banking system, which depends much more on mortgage risk, credit risk, and interest rates.

In the event that Olleux were acquired by another company or ended up going public, the purchasing entity would assume Olleux's obligations to its clients, ensuring that the service would continue to be provided normally.

In addition, your savings plan will remain in effect, working as before without interruption. However, you will always be free to add funds or withdraw your money at any time.

First of all, Inversis and Olleux are two independent entities that have a framework agreement for collaboration.

With Olleux, you will sign a “Discretionary Portfolio Management Agreement” that will allow us to manage your investments. With Inversis, you will sign the “Contractual documentation for your securities account” that allows us to open the account where your cash and securities will be deposited under the highest levels of security.

Additionally, Olleux will sign a Service Agreement on your behalf with Inversis to provide you with custody, depository, and brokerage services for the investment funds in which you will participate through Olleux management.

Both contracts strictly comply with current legislation and regulations.

Banco Inversis is a financial institution whose operations and solvency are subject to strict supervision by various supervisory bodies:

• The Bank of Spain: Registered under number 0232 in the Register of Banks and Bankers.
• The European Central Bank: Overseen under the Single Supervisory Mechanism.
• The National Securities Market Commission (CNMV): Provides additional regulatory oversight.

Inversis is a prestigious entity at a national level, part of the Banca March group, and offers global outsourcing of financial services. Its solvency ratio (Inversis Group) is above the minimum required by EU regulations, and it is one of the European banks with the highest and most solid solvency.

In the unlikely event that Inversis ceases to operate, your securities account, which is listed in your name outside the bank's balance sheet, would not be affected. In addition, your account is covered by the Deposit Guarantee Fund (FOGAIN), up to a maximum of €100,000 per account holder.

Inversis is a benchmark in the Spanish financial system in the provision of investment services to other financial entities related to the execution, custody, and settlement of securities, including investment funds.

Inversis is a prestigious entity at a national level, part of the Banca March group, and offers global outsourcing of financial services. Its solvency ratio (Inversis Group) was 25% CET1 at the end of 2019, above the minimum required by EU regulations, making it one of the European banks with the highest and most solid solvency.

In the event that Olleux were acquired by another company or ended up going public, the acquiring entity would assume Olleux's obligations to its clients, ensuring that the service would continue to be provided normally.

Both your cash account and your securities account would remain in your name, and you would always be free to add funds or withdraw your money at any time.

The money you contribute to your plan with Olleux will be invested in a diversified manner in index funds and ETFs. These funds, in turn, invest in a variety of bonds, stocks, and real estate, such as real estate and gold.

Over time, it has been observed that it is very difficult to identify “actively” managed funds (funds in which the portfolios are managed more subjectively at the discretion of the manager) that obtain better returns than the averages of their categories. This is due, among other things, to the high commissions charged to this type of investment fund, in addition to not following a systematic investment process.

While there are active fund managers who achieve consistent, long-term excess returns relative to the average in their category, the probability of identifying them and investing at the right time is too low. On the other hand, by investing in market averages (i.e., in passive fund management that replicates indices), investors have a greater chance of obtaining higher returns over the long term.

For these reasons, Olleux only offers “passive” management financial instruments, which replicate the performance of the various benchmark indices: index funds and ETFs (Exchange Traded Funds). These investment vehicles combine essential aspects such as low fees, large assets under management (“AUM”), and high daily trading volume.

Once the financial instruments to be used are identified, the portfolios are built in a highly diversified manner across different markets. For the same level of profitability, more diversified portfolios usually carry less risk than investing in a single asset or a smaller number of assets.

The portfolios contain stocks from the United States, Europe, Japan, and Emerging Markets, bonds from Europe and the United States, and global real estate assets such as real estate and gold. The proportion of these assets will vary according to the risk level of each client.

Portfolios with a higher level of risk tend to have a higher proportion of asset classes that have been more volatile in the past, such as stocks and real assets, and a lower proportion of bonds. On a global level, portfolios characterized by higher risk have historically also generated higher returns.

The portfolios recommended by Olleux are composed exclusively of financial instruments that can provide a concrete and tangible surplus of profitability in the long term.

To build the portfolios, only “passive” management instruments have been selected, such as index funds and ETFs, which replicate the performance of the reference indices of various markets or sectors of the economy.

These investment vehicles have been chosen because they combine several positive aspects in a single product:

• Low commissions
• High diversification
• Significant size and scale
• High liquidity, maximizing the efficiency of buying and selling processes

Index funds are fixed-income, variable-income, or real-asset investment funds that attempt to replicate the performance of a given benchmark index.

ETFs are an intermediate product between investment funds and shares, combining the diversification offered by a fund's portfolio with the flexibility of entering and exiting that fund through a simple stock market transaction.

A fundamental characteristic of ETFs is that they are index funds, meaning their investment policy consists of replicating the performance of a certain reference index (e.g., IBEX 35 TR, S&P 500 TR), similar to index funds.

Index fund units can only be subscribed to or redeemed at their net asset value, typically published at the end of each day, whereas ETFs are investment funds whose units are traded and settled in the same way as stocks.

The investment spectrum covered by our portfolios is designed to reflect different levels of risk. As a risk paradigm, we use the historical volatility of each asset class, where portfolios characterized by higher risk levels have also historically generated higher returns.

In general, portfolios with a higher level of risk tend to include a greater proportion of asset classes that have been volatile in the past, such as stocks and real estate, and a smaller proportion of assets that have historically been less volatile, such as bonds.

To ensure that each portfolio aligns with a specific risk profile, we follow the following asset allocation procedure:

1. Weighting by Asset Class

The weight assigned to each asset class is defined based on an analysis of its historical performance. Minimum allocation thresholds are set to maintain maximum diversification.

2. Geographical Area Weighting

Within each asset class, geographic exposure is weighted using the following criteria to achieve a balanced allocation that reflects global economic realities:

• For equity assets, weights are assigned to geographic regions based on:
  • “MSCI AC World” index weights
  • Profits generated by companies in these countries, adjusted for economic cycles
  • GDP of countries
  • Population
  • Home bias
• For fixed income, the allocation is guided by the distribution in the “Barclays Global Aggregate Bond Index,” with a bias toward Europe.
• Real assets, such as gold and real estate, are distributed evenly.

Additionally, to comply with regulations, Pension Plans have a maximum limit of 20% concentration of the portfolio in the same management company.

As a result, the portfolios recommended by Olleux are highly diversified globally across various geographic areas, markets, and asset classes.

All portfolios include all asset classes, with only the weight assigned to each class varying. These weights are determined by the risk level of the portfolios based on the weighting criteria outlined above.

A number of risks have been identified that could affect the future performance of the portfolios recommended by Olleux:

1. Market Risk

Portfolios are made up of instruments that replicate indices representative of asset classes or markets at a macro level (e.g., European shares, American shares, European bonds). Markets have historically been volatile, and therefore our portfolios may also experience some volatility as a result.

2. Currency Risk

This risk arises from changes in currency exchange rates when the investment is made in a currency different from the account's original currency. Part of the portfolios is invested in:

• American stocks (USD)
• Japanese stocks (JPY)
• Stocks of companies from emerging countries (local currencies)

Additionally, positions in gold and real estate are denominated in dollars. Currency risk affects profitability, as gains or losses depend not only on the asset performance but also on exchange rate fluctuations.

3. Country Risk

Portfolios are highly diversified across geographic regions, including Europe, the United States, Japan, Emerging Countries, and real estate. Country risk refers to the probability that a debt-issuing country will fail to meet its payment obligations for principal and interest as agreed.

4. Liquidity Risk

Liquidity risk is the inability to transform an asset (e.g., shares) into cash. Our asset selection criteria consider the historical liquidity ratios of each asset to mitigate this risk.

ETFs (Exchange Traded Funds) are an intermediate product between investment funds and shares. They combine the diversification offered by a fund's portfolio with the flexibility of entering and exiting that fund through a simple operation on the Stock Market.

ETFs are considered "passive" management instruments because they replicate the movements of the reference index to which the securities within them belong, weighting each of them accordingly.

To select the index funds and ETFs that form part of our portfolios, we have carried out a primarily quantitative analysis.

For Index Funds

We focus only on instruments that have the following attributes:

• Lower annual ongoing costs
• “Tracking error” practically zero
• High size in terms of assets under management (“AUM”)

For ETFs

We prioritize those instruments that have:

• Lower annual ongoing costs
• “Tracking error” practically zero
• High asset value (“AUM”)
• “Tracking difference” as high as possible
• “Spread” between supply and demand as low as possible and consistent over time
• High daily trading volume

No, we do not use derivative products (such as futures or options) or leverage.

We always try to keep a small proportion of cash in the investment portfolio associated with your plan. This is done to:

• Cover redemptions
• Speed up the collection of commissions without needing to make specific sales at market prices of the investment products included in your plan

Index funds are fixed-income, equity, or real-asset investment funds that attempt to replicate the performance of a given benchmark index. They are considered “passive” management instruments.

Rebalancing involves buying and selling securities to ensure that the risk level of your portfolio remains aligned with the target portfolio initially recommended. This keeps your plan in line with your risk profile as an investor.

Rebalancing is a contrarian investment strategy, which involves purchasing securities whose prices have decreased and selling those whose prices have increased. Academic studies, such as David F. Swensen's “Unconventional Success: A Fundamental Approach to Personal Investment,” demonstrate that this strategy can often provide additional returns to the end investor.

Frequency of Rebalancing

At Olleux, rebalancing is performed:

• At least once a year
• Reactively, if the weights assigned to each asset vary by more than 20% relative to the target weight for each risk level (e.g., rebalancing occurs if an asset reaches 12.0% of the portfolio when its target weight is 10.0%).

Limitations

According to Spanish legislation:

• The transfer of investment funds without tax impact is restricted to accounts held by natural persons resident in Spain.
• As a result, portfolios for legal entities or clients not resident in Spain cannot be rebalanced. Institutions such as Inversis do not allow portfolio rebalancing for these cases.