VISA 2021/163404-638-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 2021-03-05 Commission de Surveillance du Secteur Financier

Nordea 1, SICAV A Luxembourg UCITS

Prospectus • March 2021

nordea.‌lu Contents

A Word to Potential Investors 3 European High Yield Credit Fund 91 European High Yield Stars Bond Fund 93 Fund Descriptions 4 European Inflation Linked Bond Fund 95 Equity Funds 5 Flexible Credit Fund 97 Asia ex Japan Equity Fund 5 Flexible Fixed Income Fund 99 Asian Stars Equity Fund 7 Flexible Fixed Income Plus Fund 100 Chinese Equity Fund 9 Global Bond Fund 101 Emerging Markets Small Cap Fund 11 Global Green Bond Fund 103 Emerging Stars Equity Fund 12 Global High Yield Bond Fund 105 Emerging Wealth Equity Fund 14 International High Yield Bond Fund — USD Hedged 106 European Small and Mid Cap Equity Fund 16 Long Duration US Bond Fund 107 European Stars Equity Fund 18 Low Duration European Covered Bond Fund 109 Global Climate and Environment Fund 20 Low Duration US High Yield Bond Fund 111 Global Disruption Fund 22 North American High Yield Bond Fund 113 Global Gender Diversity Fund 24 Norwegian Bond Fund 114 Global Social Empowerment Fund 26 Norwegian Short-Term Bond Fund 116 Global Listed Infrastructure Fund 28 Renminbi Bond Fund 118 Global Opportunity Fund 30 Swedish Bond Fund 119 Global Portfolio Fund 32 Swedish Short-Term Bond Fund 121 Global Real Estate Fund 34 Unconstrained Bond Fund — USD Hedged 123 Global Small Cap Fund 36 US Corporate Bond Fund 124 Global Stable Equity Fund 38 US High Yield Bond Fund 125 Global Stable Equity Fund — Euro Hedged 40 US Total Return Bond Fund 126 Global Stars Equity Fund 42 Balanced Funds 128 Indian Equity Fund 44 Balanced Income Fund 128 Latin American Equity Fund 45 GBP Diversified Return Fund 129 Nordic Equity Fund 46 Stable Return Fund 131 Nordic Equity Small Cap Fund 47 Sustainable Stable Return Fund 133 Nordic Ideas Equity Fund 49 Absolute Return Funds 135 Nordic Stars Equity Fund 50 Alpha 7 MA Fund 135 North American Small Cap Fund 52 Alpha 10 MA Fund 136 North American Stars Equity Fund 53 Alpha 15 MA Fund 137 North American Value Fund 55 Global Equity Market Neutral Fund 138 Norwegian Equity Fund 56 Stable Emerging Markets Equity Fund 58 Credit Policy 139 Bond Funds 59 Responsible Investment Policy 139 Conservative Fixed Income Fund 59 Danish Covered Bond Fund 60 Risk Descriptions 139 Emerging Market Bond Fund 62 General Investment Powers and Restrictions 146 Emerging Market Bond Opportunities Fund 63 How the Funds Use Instruments and Techniques 150 Emerging Market Corporate Bond Fund 64 Emerging Stars Local Bond Fund 65 Investing in the Funds 153 Emerging Markets Debt Total Return Fund 67 The SICAV 167 Emerging Stars Bond Fund 69 European Corporate Bond Fund 71 The Management Company 170 European Corporate Bond Fund Plus 73 EUR Corporate Bond Fund 1-3 Years 75 European Corporate Stars Bond Fund 77 European Covered Bond Fund 79 European Covered Bond Opportunities Fund 81 European Covered Bond Stars Fund 83 European Cross Credit Fund 85 European Financial Debt Fund 87 European High Yield Bond Fund 89

March 2021 Prospectus Nordea 1 SICAV 2 A Word to Potential Investors

All investments involve risk US persons do not include any “Non-United States person” as With these funds, as with most investments, future used in Rule 4.7 under the U.S. Commodity Exchange Act, as performance may differ from past performance. There is no amended. Therefore, US taxpayers, as defined for US federal guarantee that any fund will meet its objectives or achieve any income tax purposes, may subscribe for shares in the SICAV as particular level of performance. long as they do not qualify as a US person. Fund investments are not bank deposits. The value of your For more information on restrictions on share ownership, investment can go up and down, and you could lose some or contact us (see below). all of your invested money. Levels of income could also go Which information to rely on up or down (as a rate or in absolute terms). No fund in this prospectus is intended as a complete investment plan, nor are In deciding whether or not to invest in a fund, you should look all funds appropriate for all investors. at (and read completely) the most recent prospectus, and the relevant Key Investor Information Documents (KIIDs), along Before investing in any fund, you should understand its with the most recent financial reports. All of these documents risks, costs and terms of investment, and how well these are available online at nordea.lu‌ . By subscribing for shares in characteristics align with your own financial circumstances any of these funds, you are considered to accept the terms and risk tolerance. described in these documents. As a potential investor, it is your responsibility to know and Together, all these documents contain the only approved follow all applicable laws and regulations, including any information about the funds and the SICAV. Information in this foreign exchange restrictions, and to be aware of potential tax prospectus, or any document about the SICAV or funds, may consequences. We recommend that you consult an investment have changed since the publication date. adviser, legal adviser and tax adviser before investing. In case of any inconsistency in translations of this prospectus, Any difference among portfolio security currencies, share the KIIDs or the financial reports, the English version will class currencies, and your home currency may expose you prevail. to currency risk. If your home currency is different from your share class currency, the performance you experience as an investor could be very different from that of the share class. Currency abbreviations Who can invest in these funds AUD Australian dollar HKD Hong Kong dollar BRL Brazilian real JPY Japanese yen Distributing this prospectus, offering these shares for sale, CAD Canadian dollar NOK Norwegian kroner or investing in these shares is legal only where the shares CNH Offshore renminbi PLN Polish złoty are registered for public sale or where sale is not prohibited CNY Onshore renminbi RMB People’s Republic of by local law or regulation. This prospectus is not an offer or CHF Swiss franc China renminbi (onshore and offshore) solicitation in any jurisdiction, or to any investor, where not DKK Danish kroner SEK Swedish kronor legally permitted or where the person making the offer or EUR Euro SGD Singapore dollar solicitation is not qualified to do so. GBP British pound USD United States dollar The shares in the SICAV may not be directly or indirectly offered or sold in the USA. Unless otherwise decided by the board or the management company, US persons may not subscribe for shares in the SICAV.

TO CONTACT US Nordea Investment Funds S.A. 562, rue de Neudorf L-2220 Luxembourg Tel +352 27 86 51 00 Fax +352 27 86 50 11 [email protected] nordea.‌lu

March 2021 Prospectus Nordea 1 SICAV 3 Fund Descriptions

All of the funds described in this prospectus are eligible state Any state that the board considers to be consistent with a given fund’s investment portfolio. part of Nordea 1, SICAV, which functions as an ESG environmental, social and corporate governance umbrella structure for them. The SICAV exists to offer EU Taxonomy Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework investors access to active professional investment to facilitate sustainable investment, and amending Regulation (EU) 2019/2088. management through a range of funds designed financial reports The annual report of the SICAV, along with any semi-annual report that has been issued since the most recent annual to seek income and/or long-term growth while report. fund Except where indicated otherwise, any sub-fund for which the diversifying investments with the aim of mitigating SICAV serves as an umbrella UCITS. Equivalent to “Sub-Fund” in the the impact of risks. articles and certain other documents, as indicated in those documents. GDPR Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with By law and regulation, each fund is permitted to regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection invest as described in “General Investment Powers Regulation). institutional investors Investors within the meaning of article and Restrictions” on page 146, and equally is 174 of the 2010 Law, such as credit institutions and other financial professionals investing on the behalf of themselves or other investors required to comply with the restrictions stated in (whether retail in connection with a discretionary management agreement or institutional), as well as insurance companies, pension that same section. However, each fund also has its funds, or other UCIs. KIID Key Investor Information Document. own investment policy, which is generally narrower member state A member state of the EU or of the European Economic than what is permitted by law and regulation. Area. NAM Nordea Asset Management, the asset management business Descriptions of the specific investment objectives, conducted by Nordea Investment Funds S.A. and Nordea Investment Management AB, including its branches and subsidiaries. main investments, and other key characteristics of NAV Net asset value per share; the value of one share of a fund. Nordea Group Nordea Bank Abp and all its affiliated entities, each fund begin on the next page. including Nordea Investment Funds S.A. prospectus This document. The board of the SICAV has overall responsibility for public authority Any government, government agency, supranational entity, local authority or government-sponsored organisation. the SICAV’s business operations and its investment regulated market A regulated market within the meaning of Directive 2004/39/EC of the European Parliament, regularly operating, activities, including the investment activities of all recognised, and open to the public. of the funds. The board has delegated the day-to- SFDR Regulation 2019/2088 on Sustainability-Related Disclosures in the Financial Services Sector. day management of the funds to the management SICAV Nordea 1, SICAV. Sustainability factors Environmental, social and employee matters, company, which in turn has delegated some of respect for human rights, anti-corruption and anti-bribery matters. its functions to investment managers and service US person Any of the following, but not limited to: • a US resident, a trust of which • a discretionary or similar account providers. The board retains supervision over the a US resident is a trustee, or an (other than an estate or trust estate of which a US resident is account) that is held by a dealer management company. an executor or administrator or other fiduciary organised, • a partnership or corporation incorporated or (if an individual) organised or incorporated residing in the US More information about the SICAV, the board, the under US federal or state law • a partnership or corporation management company and the service providers • an agency or branch of a organised or incorporated by non-US entity located in the US a US person under non-US laws primarily for investing in • a non-discretionary or similar appears in the final sections of this prospectus, “The securities that are not registered account (other than an estate under the 1933 Act, unless or trust account) that is held by SICAV” and “The Management Company”. organised or incorporated and a dealer or other fiduciary for owned by accredited investors the benefit or account of a US (as defined in the 1933 Act) who person are not natural persons, estates Terms with specific meanings or trusts The terms below have the following meanings in this prospectus. • any other U.S. person defined by US Rule 902 of Regulation S 2010 Law The Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment. valuation day A day on which a fund processes transactions in its shares and for which it publishes a NAV. Unless otherwise defined for a articles The Articles of Incorporation of the SICAV. particular fund, a business day is not a valuation day if, on that day, any base currency The currency in which a fund does the accounting for stock exchange or market on which a substantial portion (as determined its portfolio and maintains its primary NAV. by the board or its designee) of the fund’s investment trades is closed, board The Board of Directors of the SICAV. restricted, suspended, cancelled or otherwise altered. business day Each day the management company is open for we, us The SICAV, acting through the board or through any service business. This excludes all legal and bank holidays in Luxembourg providers described in this prospectus except for the auditor and any as well as Good Friday and 24 December. At its discretion, the distributors. management company may also be closed on other days; in such cases, you Any past, current or prospective shareholder, or an agent for the shareholders will be notified as required by law. same.

March 2021 Prospectus Nordea 1 SICAV 4 Nordea 1 — Asia ex Japan Equity Fund

Investment Objective and Policy The fund intends to qualify as an “equity fund” in accordance with the German Investment Tax Act (please refer to Objective To provide shareholders with investment growth in chapter Investing in the Funds for further information) as it the long term. continuously invests at least 50% of total assets in equities Benchmark MSCI All Country Asia Ex Japan – Net Return (“Kapitalbeteiligungen”) as defined within the German Index. For performance comparison only. Risk characteristics Investment Tax Act. of the fund’s portfolio may bear some resemblance to those of the benchmark. SFDR related information

Investment policy The fund mainly invests in equities of The fund applies baseline ESG safeguards (see Baseline ESG Asian companies. safeguards applicable to all funds within the Responsible Specifically, the fund invests at least 75% of total assets in Investment Policy) and is promoting ESG characteristics as equities and equity-related securities issued by companies per Article 8 of the SFDR. that are domiciled, or conduct the majority of their business, in Environmental and/or social characteristics Asia, excluding Japan. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated: Enhanced exclusion filters are applied to the portfolio • China A-shares: 25% construction process to restrict investments in companies and issuers with significant exposure to certain activities deemed The fund will be exposed (through investments or cash) to to be damaging for the environment and/or the society at other currencies than the base currency. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Active ownership and engagement are key components in and other techniques for hedging (reducing risks), efficient seeking to influence companies’ behaviour. portfolio management and to seek investment gains. Policy to assess good governance Strategy In actively managing the fund’s portfolio, the management team selects companies that appear to offer An evaluation of the quality of governance is an integral superior growth prospects and investment characteristics. part of the assessment of potential investments. The governance assessment considers accountability, protection Investment manager(s) Nordea Investment of shareholder/bondholder rights and long-term sustainable Management AB. value creation. Sub-Investment manager(s) Manulife Investment ESG strategy Management (Hong Kong) Limited. Base currency USD. The strategy ensures that applied exclusion filters are reflected in the investment universe. Risk Considerations NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Read the “Risk Descriptions” section carefully before investing services and excludes companies that are involved beyond in the fund, with special attention to the following: these thresholds if they do not have a documented transition • Country risk — China • Emerging and frontier strategy that aligns with the Paris agreement. • Currency markets The inherent limitations on the investment universe resulting • Depositary receipt • Equity from the strategy are monitored and controlled on a regular • Derivatives • Securities handling basis. • Taxation NAM’s Responsible Investment Policy Global exposure calculation Commitment. A NAM level overlay of norms-based screening and exclusion Investor Considerations list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Suitability The fund is suitable for all types of investors in companies active in the production of illegal or nuclear through all distribution channels. weapons and companies with exposure to coal mining Investor profile Investors who understand the risks of the exceeding a predefined threshold. fund and plan to invest for at least 5 years. Based on regular screenings, NAM’s Responsible Investment The fund may appeal to investors who: Committee instigates appropriate action for any company • are looking for investment growth that is allegedly involved in breaches of, or controversies • are interested in exposure to emerging equity markets around, international laws and norms. If engagement fails

March 2021 Prospectus Nordea 1 SICAV 5 or is deemed futile, investments may be put on hold or the Sustainability risk integration company may be placed on the exclusion list. Sustainability risks are included in the investment decision The detailed Responsible Investment Policy and the Corporate process together with traditional financial factors, such as Exclusion List are available at nordea.lu.‌ risk and valuation metrics, when building and monitoring Implementation of the ESG strategy portfolios.

The Paris-aligned fossil fuel screening and other exclusions Exclusions of certain sectors and/or financial instruments filters apply to all direct investments of the fund. from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may The fund may use derivatives and other techniques for the increase the concentration risk of the fund which could-seen purposes described in the ‘Derivatives and techniques’ in isolation – result in higher volatility and a greater risk of section. Any such holdings are not in scope of the ESG criteria. loss. NAM conducts a thorough due diligence on external data See Sustainability Risk Integration applicable to all funds. vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- More fund specific information financial reporting is rapidly developing, data quality, coverage Please refer to nordea.lu‌ for more fund-specific information. and accessibility remains challenging – especially for smaller Reference benchmark and alignment with the companies and less developed markets. sustainability profile of the fund

The fund uses a benchmark which is not aligned with the environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 6 Nordea 1 — Asian Stars Equity Fund

Investment Objective and Policy The fund may appeal to investors who: • are looking for investment growth with a responsible Objective To provide shareholders with investment growth in investment approach the long term. • are interested in exposure to emerging equity markets Benchmark MSCI All Country Asia Ex. Japan – Net Return Index. For performance comparison only. Risk characteristics SFDR related information of the fund’s portfolio may bear some resemblance to those of The fund applies baseline ESG safeguards (see Baseline ESG the benchmark. safeguards applicable to all funds within the Responsible Investment policy The fund mainly invests in equities of Investment Policy) and is promoting ESG characteristics as Asian companies. per Article 8 of the SFDR. Specifically, the fund invests at least 75% of total assets in Environmental and/or social characteristics equities and equity-related securities issued by companies that are domiciled, or conduct the majority of their business, in The fund invests in companies that have been analysed Asia, excluding Japan. and scored in NAM’s proprietary ESG model to ensure that only securities issued by companies that meet the minimum The fund may invest in, or be exposed to, the following required ESG score for the fund are eligible for inclusion. instruments up to the percentage of total assets indicated: • China A-shares: 25% The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. The fund will be exposed (through investments or cash) to Enhanced exclusion filters are applied to the portfolio other currencies than the base currency. construction process to restrict investments in companies and issuers with significant exposure to certain activities deemed Derivatives and techniques The fund may use derivatives to be damaging for the environment and/or the society at and other techniques for hedging (reducing risks), efficient large, including tobacco companies and fossil fuel companies. portfolio management and to seek investment gains. Active ownership is a key component in seeking to influence Usage (% of total assets) Total return swaps: expected 20%. companies’ behaviour. Strategy In actively managing the fund’s portfolio, the Policy to assess good governance management team selects companies with a particular focus on their ability to comply with international standards for An evaluation of the quality of governance is an integral part environmental, social and corporate governance, and to offer of the assessment of potential investments. The governance superior growth prospects and investment characteristics. assessment is part of NAM’s proprietary ESG scoring model, and it is performed on a global best practice standard Investment manager(s) Nordea Investment that considers accountability, protection of shareholder/ Management AB. bondholder rights and long-term sustainable value creation. Base currency USD. ESG strategy Risk Considerations The fund invests according to the Stars investment strategy which includes a commitment to apply the NAM proprietary Read the “Risk Descriptions” section carefully before investing ESG model to analyse and select investments that epitomize in the fund, with special attention to the following: the ESG characteristics of the fund. • Country risk — China • Emerging and frontier • Currency markets The analysis is performed via an enhanced due diligence on • Depositary receipt • Equity material environmental, social and governance issues relevant • Derivatives • Securities handling to the company and considers how companies manage their • Taxation ESG risks. Furthermore, each company’s business model alignment with the UN Sustainable Development Goals Global exposure calculation Commitment. (SDGs) is taken into consideration. Investor Considerations Depending on the outcome of the analysis, the company will be assigned an ESG score from C to A. NAM applies a Suitability The fund is suitable for all types of investors minimum ESG score requirement for inclusion in Stars funds. through all distribution channels. Stars eligible investments must have an ESG score of B or A. Investor profile Investors who understand the risks of the ESG scores are reassessed regularly. Any breach of fund and plan to invest for at least 5 years. international norms or severe company specific events will trigger an ad hoc reassessment of the ESG score.

March 2021 Prospectus Nordea 1 SICAV 7 NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Potential investments for which there is not sufficient data companies’ exposure to fossil fuel production, distribution and available to conduct the ESG analysis are not eligible for services and excludes companies that are involved beyond inclusion in the fund’s investment universe. these thresholds if they do not have a documented transition NAM conducts a thorough due diligence on external data strategy that aligns with the Paris agreement. vendors to clarify applied methodologies and verify data The inherent limitations on the investment universe resulting quality. However, as the regulation and standards of non- from the investment strategy are monitored and controlled on financial reporting is rapidly developing, data quality, coverage a regular basis. and accessibility remains challenging – especially for smaller NAM’s Responsible Investment Policy companies and less developed markets. Sustainability risk integration A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Sustainability risks are included in the investment decision Responsible Investment Policy which bans investments process together with traditional financial factors, such as in companies active in the production of illegal or nuclear risk and valuation metrics, when building and monitoring weapons and companies with exposure to coal mining portfolios. exceeding a predefined threshold. Exclusions of certain sectors and/or financial instruments Based on regular screenings, NAM’s Responsible Investment from the investable universe are expected to reduce the Committee instigates appropriate action for any company sustainability risk of the fund. Conversely, such exclusions may that is allegedly involved in breaches of, or controversies increase the concentration risk of the fund which could-seen around, international laws and norms. If engagement fails in isolation – result in higher volatility and a greater risk of or is deemed futile, investments may be put on hold or the loss. company may be placed on the exclusion list. See Sustainability Risk Integration applicable to all funds. The detailed Responsible Investment Policy and the Corporate More fund specific information Exclusion List are accessible via nordea.lu‌ . Please refer to nordea.‌lu for more fund-specific information. Implementation of the ESG strategy Reference benchmark and alignment with the Direct investments must meet the ESG score requirements for sustainability profile of the fund a Stars fund. • The fund uses a benchmark which is not aligned with the The Paris-aligned fossil fuel screening and other exclusions environmental and social characteristics of the fund. Please filters apply to all direct investments of the fund. refer to the ‘Investment Objective and Policy’ section for The fund may use derivatives and other techniques for the further information. purposes described in the ‘Derivatives and techniques’ section. Any such holdings are not in scope of the ESG criteria.

March 2021 Prospectus Nordea 1 SICAV 8 Nordea 1 — Chinese Equity Fund

Investment Objective and Policy The fund intends to qualify as an “equity fund” in accordance with the German Investment Tax Act (please refer to Objective To provide shareholders with investment growth in chapter Investing in the Funds for further information) as it the long term. continuously invests at least 50% of total assets in equities Benchmark MSCI China 10/40 – Net Return Index. For (“Kapitalbeteiligungen”) as defined within the German performance comparison only. Risk characteristics of the Investment Tax Act. fund’s portfolio may bear some resemblance to those of the benchmark. SFDR related information

Investment policy The fund mainly invests in equities of The fund applies baseline ESG safeguards (see Baseline ESG Chinese companies. safeguards applicable to all funds within the Responsible Specifically, the fund invests at least 75% of total assets in Investment Policy) and is promoting ESG characteristics, in equities and equity-related securities issued by companies line with Article 8 of the SFDR. that are domiciled, or conduct the majority of their business in Environmental and/or social characteristics People’s Republic of China. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated: Enhanced exclusion filters are applied to the portfolio • China A-shares: 50% construction process to restrict investments in companies and issuers with significant exposure to certain activities deemed The fund will be exposed (through investments or cash) to to be damaging for the environment and/or the society at other currencies than the base currency. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Active ownership and engagement are key components in and other techniques for hedging (reducing risks), efficient seeking to influence companies’ behaviour. portfolio management and to seek investment gains. Policy to assess good governance Strategy In actively managing the fund’s portfolio, the management team selects companies that appear to offer An evaluation of the quality of governance is an integral superior growth prospects and investment characteristics. part of the assessment of potential investments. The governance assessment considers accountability, protection Investment manager(s) Nordea Investment of shareholder/bondholder rights and long-term sustainable Management AB. value creation. Sub-Investment manager(s) Manulife Investment ESG strategy Management (Hong Kong) Limited. Base currency USD. The strategy ensures that applied exclusion filters are reflected in the investment universe. Risk Considerations NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Read the “Risk Descriptions” section carefully before investing services and excludes companies that are involved beyond in the fund, with special attention to the following: these thresholds if they do not have a documented transition • Concentration • Emerging and frontier strategy that aligns with the Paris agreement. • Country risk — China markets • Currency • Equity The inherent limitations on the investment universe resulting • Depositary receipt • Securities handling from the strategy are monitored and controlled on a regular • Derivatives • Taxation basis. Global exposure calculation Commitment. NAM’s Responsible Investment Policy A NAM level overlay of norms-based screening and exclusion Investor Considerations list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Suitability The fund is suitable for all types of investors in companies active in the production of illegal or nuclear through all distribution channels. weapons and companies with exposure to coal mining Investor profile Investors who understand the risks of the exceeding a predefined threshold. fund and plan to invest for at least 5 years. Based on regular screenings, NAM’s Responsible Investment The fund may appeal to investors who: Committee instigates appropriate action for any company • are looking for investment growth that is allegedly involved in breaches of, or controversies • are interested in exposure to emerging equity markets around, international laws and norms. If engagement fails

March 2021 Prospectus Nordea 1 SICAV 9 or is deemed futile, investments may be put on hold or the Exclusions of certain sectors and/or financial instruments company may be placed on the exclusion list. from the investable universe are expected to reduce the The detailed Responsible Investment Policy and the Corporate sustainability risk of the fund. Conversely, such exclusions may Exclusion List are available at nordea.lu‌ . increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of Implementation of the ESG strategy loss. The Paris-aligned fossil fuel screening and other exclusions See Sustainability Risk Integration applicable to all funds. filters apply to all direct investments of the fund. More fund specific information The fund may use derivatives and other techniques for the purposes described in the ‘Derivatives and techniques’ Please refer to nordea.lu‌ for more fund-specific information. section. Any such holdings are not in scope of the ESG criteria. Reference benchmark and alignment with the NAM conducts a thorough due diligence on external data sustainability profile of the fund vendors to clarify applied methodologies and verify data The fund uses a benchmark which is not aligned with the quality. However, as the regulation and standards of non- environmental and social characteristics of the fund. Please financial reporting is rapidly developing, data quality, coverage refer to the ‘Investment Objective and Policy’ section for and accessibility remains challenging – especially for smaller further information. companies and less developed markets. Sustainability risk integration

Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 10 Nordea 1 — Emerging Markets Small Cap Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark MSCI Emerging Markets Small Cap Index (Net Investor profile Investors who understand the risks of the Return). For performance comparison only. Risk characteristics fund and plan to invest for at least 5 years. of the fund’s portfolio may bear some resemblance to those of The fund may appeal to investors who: the benchmark. • are looking for investment growth Investment policy The fund mainly invests in small • are interested in exposure to emerging equity markets capitalisation equities of companies in emerging markets. The fund intends to qualify as an “equity fund” in accordance Specifically, the fund invests at least 75% of total assets in with the German Investment Tax Act (please refer to equities and equity-related securities issued by companies chapter Investing in the Funds for further information) as it that are domiciled, or conduct the majority of their business, in continuously invests at least 50% of total assets in equities emerging markets and whose market capitalisation (at the time (“Kapitalbeteiligungen”) as defined within the German of purchase) is between USD 100 million and USD 5 billion. Investment Tax Act. The fund will be exposed (through investments or cash) to other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives The fund applies baseline ESG safeguards, in line with and other techniques for hedging (reducing risks), efficient Article 6 of the SFDR. portfolio management and to seek investment gains. Baseline ESG safeguards Strategy In actively managing the fund’s portfolio, the See Baseline ESG safeguards applicable to all funds within management team selects companies that appear to offer the Responsible Investment Policy. superior growth prospects and investment characteristics. Sustainability risk integration Investment manager(s) Nordea Investment Management AB. Sustainability risks are included in the investment decision Sub-Investment manager(s) TimesSquare Capital process together with traditional financial factors, such as Management LLC. risk and valuation metrics, when building and monitoring portfolios. Base currency USD. Exclusions of certain sectors and/or financial instruments Risk Considerations from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may Read the “Risk Descriptions” section carefully before investing increase the concentration risk of the fund which could-seen in the fund, with special attention to the following: in isolation – result in higher volatility and a greater risk of • Currency • Equity loss. • Depositary receipt • Securities handling See Sustainability Risk Integration applicable to all funds. • Derivatives • Small and mid-cap equity • Emerging and frontier • Taxation markets Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 11 Nordea 1 — Emerging Stars Equity Fund

Investment Objective and Policy The fund intends to qualify as an “equity fund” in accordance with the German Investment Tax Act (please refer to Objective To provide shareholders with investment growth in chapter Investing in the Funds for further information) as it the long term. continuously invests at least 50% of total assets in equities Benchmark MSCI Emerging Markets Index (Net Return). (“Kapitalbeteiligungen”) as defined within the German For performance comparison only. Risk characteristics of the Investment Tax Act. fund’s portfolio may bear some resemblance to those of the benchmark. SFDR related information

Investment policy The fund mainly invests in equities of The fund applies baseline ESG safeguards (see Baseline ESG companies in emerging markets. safeguards applicable to all funds within the Responsible Specifically, the fund invests at least 75% of total assets in Investment Policy) and is promoting ESG characteristics as equities and equity-related securities issued by companies per Article 8 of the SFDR. that are domiciled, or conduct the majority of their business, in Environmental and/or social characteristics emerging markets. The fund invests in companies that have been analysed The fund may invest in, or be exposed to, the following and scored in NAM proprietary ESG model to ensure that instruments up to the percentage of total net assets indicated: only securities issued by companies that meet the minimum • China A-shares: 25% required ESG score for the fund are eligible for inclusion. The fund will be exposed (through investments or cash) to The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. other currencies than the base currency. Enhanced exclusion filters are applied to the portfolio Derivatives and techniques The fund may use derivatives construction process to restrict investments in companies and and other techniques for hedging (reducing risks), efficient issuers with significant exposure to certain activities deemed portfolio management and to seek investment gains. to be damaging for the environment and/or the society at Strategy In actively managing the fund’s portfolio, the large, including tobacco companies and fossil fuel companies. management team selects companies with a particular focus Active ownership Is a key component In seeking to influence on their ability to comply with international standards for companies’ behaviour. environmental, social and corporate governance, and to offer superior growth prospects and investment characteristics. Policy to assess good governance Investment manager(s) Nordea Investment An evaluation of the quality of governance is an integral part Management AB. of the assessment of potential investments. The governance assessment is part of NAM’s proprietary ESG scoring model, Base currency USD. and it is performed on a global best practice standard that considers accountability, protection of shareholders/ Risk Considerations bondholder rights and long-term sustainable value creation. Read the “Risk Descriptions” section carefully before investing ESG strategy in the fund, with special attention to the following: • Country risk — China • Emerging and frontier The fund invests according to the Stars investment strategy • Currency markets which includes a commitment to apply the NAM proprietary • Depositary receipt • Equity ESG model to analyse and select investments that epitomize • Derivatives • Securities handling the ESG characteristics of the fund. • Taxation The analysis is performed via an enhanced due diligence on Global exposure calculation Commitment. material ESG issues relevant to the company and considers how companies manage their ESG risks. Investor Considerations Furthermore, each company’s business model alignment with the UN SDGs is taken into consideration. Suitability The fund is suitable for all types of investors through all distribution channels. Depending on the outcome of the analysis, the company will be assigned an ESG score from C to A. NAM applies a Investor profile Investors who understand the risks of the minimum ESG score requirement for inclusion in Stars funds. fund and plan to invest for at least 5 years. Stars eligible investments must have an ESG score of B or A. The fund may appeal to investors who: ESG scores are reassessed regularly. Any breach of • are looking for investment growth with a responsible international norms or severe company specific events will investment approach trigger an ad hoc reassessment of the ESG score. • are interested in exposure to emerging equity markets

March 2021 Prospectus Nordea 1 SICAV 12 NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Potential investments for which there is not sufficient data companies’ exposure to fossil fuel production, distribution and available to conduct the ESG analysis are not eligible for services and excludes companies that are involved beyond inclusion in the fund’s investment universe. these thresholds if they do not have a documented transition NAM conducts a thorough due diligence on external data strategy that aligns with the Paris agreement. vendors to clarify applied methodologies and verify data The inherent limitations on the investment universe resulting quality. However, as the regulation and standards of non- from the investment strategy are monitored and controlled on financial reporting is rapidly developing, data quality, coverage a regular basis. and accessibility remains challenging – especially for smaller NAM’s Responsible Investment Policy companies and less developed markets. Sustainability risk integration A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s In addition to the process for Sustainability Risk Integration Responsible Investment Policy which bans investments applicable to all funds an enhanced analysis on ESG issues in companies active in the production of illegal or nuclear is performed on each financial instrument in the portfolio, and weapons and companies with exposure to coal mining included in the investment decision process together with exceeding a predefined threshold. traditional financial factors, such as risk and valuation metrics, Based on regular screenings, NAM’s Responsible Investment when building and monitoring portfolios. Committee instigates appropriate action for any company Exclusions of certain sectors and/or financial instruments that is allegedly involved in breaches of, or controversies from the investable universe are expected to reduce the around, international laws and norms. If engagement fails sustainability risk of the fund. In addition, the sustainability or is deemed futile, investments may be put on hold or the risk profile of the fund benefits further from the application of company may be placed on the exclusion list. specific, proprietary ESG analysis. Conversely, such exclusions The detailed Responsible Investment Policy and the Corporate may increase the concentration risk of the fund which could – Exclusion List are accessible via nordea.lu‌ . seen in isolation – result in higher volatility and a greater risk of loss. Implementation of the ESG strategy More fund specific information Direct investments must meet the ESG score requirements for a Stars fund. Please refer to nordea.lu‌ for more fund-specific information. The Paris aligned fossil fuel screening and other exclusions Reference benchmark and alignment with the filters apply to all direct investments of the fund. sustainability profile of the fund The fund may use derivatives and other techniques for the The fund uses a benchmark which is not aligned with the purposes described in the ‘Derivatives and techniques’ environmental and social characteristics of the fund. Please section. Any such holdings are not in scope of the non- refer to the ‘Investment Objective and Policy’ section for financial criteria. further information.

March 2021 Prospectus Nordea 1 SICAV 13 Nordea 1 — Emerging Wealth Equity Fund

Investment Objective and Policy The fund intends to qualify as an “equity fund” in accordance with the German Investment Tax Act (please refer to Objective To provide shareholders with investment growth in chapter Investing in the Funds for further information) as it the long term. continuously invests at least 50% of total assets in equities Benchmark MSCI Emerging Markets Index (Net Return). (“Kapitalbeteiligungen”) as defined within the German For performance comparison only. Risk characteristics of the Investment Tax Act. fund’s portfolio may bear some resemblance to those of the benchmark. SFDR related information

Investment policy The fund mainly invests in equities of The fund applies baseline ESG safeguards (see Baseline ESG companies from anywhere in the world. safeguards applicable to all funds within the Responsible Specifically, the fund invests at least 75% of total assets in Investment Policy) and is promoting ESG characteristics as equities and equity-related securities. per Article 8 of the SFDR. The fund may invest in, or be exposed to, the following Environmental and/or social characteristics instruments up to the percentage of total assets indicated: The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. • China A-shares: 25% Enhanced exclusion filters are applied to the portfolio The fund will be exposed (through investments or cash) to construction process to restrict investments in companies and other currencies than the base currency. issuers with significant exposure to certain activities deemed Derivatives and techniques The fund may use derivatives to be damaging for the environment and/or the society at and other techniques for hedging (reducing risks), efficient large, including tobacco companies and fossil fuel companies. portfolio management and to seek investment gains. Active ownership and engagement are key components in Strategy In actively managing the fund’s portfolio, the seeking to influence companies’ behaviour. management team selects companies that appear to offer Policy to assess good governance superior growth prospects and investment characteristics. An evaluation of the quality of governance is an integral Investment manager(s) Nordea Investment part of the assessment of potential investments. The Management AB. governance assessment considers accountability, protection Sub-Investment manager(s) GW&K Investment of shareholder/bondholder rights and long-term sustainable Management LLC. value creation. Base currency EUR. ESG strategy

Risk Considerations The strategy ensures that applied exclusion filters are reflected in the investment universe. Read the “Risk Descriptions” section carefully before investing NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for in the fund, with special attention to the following: companies’ exposure to fossil fuel production, distribution and • Country risk — China • Emerging and frontier services and excludes companies that are involved beyond • Currency markets these thresholds if they do not have a documented transition • Depositary receipt • Equity strategy that aligns with the Paris agreement. • Derivatives • Securities handling • Taxation The inherent limitations on the investment universe resulting from the strategy are monitored and controlled on a regular Global exposure calculation Commitment. basis. Investor Considerations NAM’s Responsible Investment Policy A NAM level overlay of norms-based screening and exclusion Suitability The fund is suitable for all types of investors list is deployed as Baseline safeguards through NAM’s through all distribution channels. Responsible Investment Policy which bans investments Investor profile Investors who understand the risks of the in companies active in the production of illegal or nuclear fund and plan to invest for at least 5 years. weapons and companies with exposure to coal mining The fund may appeal to investors who: exceeding a predefined threshold. • are looking for investment growth Based on regular screenings, NAM’s Responsible Investment • are interested in exposure to global equity markets Committee instigates appropriate action for any company that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails

March 2021 Prospectus Nordea 1 SICAV 14 or is deemed futile, investments may be put on hold or the Exclusions of certain sectors and/or financial instruments company may be placed on the exclusion list. from the investable universe are expected to reduce the The detailed Responsible Investment Policy and the Corporate sustainability risk of the fund. Conversely, such exclusions may Exclusion List are available at nordea.lu‌ . increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of Implementation of the ESG strategy loss. The Paris-aligned fossil fuel screening and other exclusions See Sustainability Risk Integration applicable to all funds. filters apply to all direct investments of the fund. More fund specific information The fund may use derivatives and other techniques for the purposes described in the ‘Derivatives and techniques’ Please refer to nordea.lu‌ for more fund-specific information. section. Any such holdings are not in scope of the ESG criteria. Reference benchmark and alignment with the NAM conducts a thorough due diligence on external data sustainability profile of the fund vendors to clarify applied methodologies and verify data The fund uses a benchmark which is not aligned with the quality. However, as the regulation and standards of non- environmental and social characteristics of the fund. Please financial reporting is rapidly developing, data quality, coverage refer to the ‘Investment Objective and Policy’ section for and accessibility remains challenging – especially for smaller further information. companies and less developed markets. Sustainability risk integration

Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 15 Nordea 1 — European Small and Mid Cap Equity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI Europe SMID Cap Index (Net Return). Investment Policy) and is promoting ESG characteristics as For performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Investment policy The fund mainly invests in small and Enhanced exclusion filters are applied to the portfolio medium capitalisation equities of European companies. construction process to restrict investments in companies and Specifically, the fund invests at least 75% of total assets in issuers with significant exposure to certain activities deemed equities and equity-related securities issued by companies to be damaging for the environment and/or the society at that are domiciled, or conduct the majority of their business, large, including tobacco companies and fossil fuel companies. in Europe and whose market capitalisation (at the time of Active ownership and engagement are key components in purchase) is EUR 10 billion or less. seeking to influence companies’ behaviour. The fund will be exposed (through investments or cash) to Policy to assess good governance other currencies than the base currency. Derivatives and techniques The fund may use derivatives An evaluation of the quality of governance is an integral and other techniques for hedging (reducing risks), efficient part of the assessment of potential investments. The portfolio management and to seek investment gains. governance assessment considers accountability, protection of shareholder/bondholder rights and long-term sustainable Strategy In actively managing the fund’s portfolio, the value creation. management team selects companies that appear to offer superior growth prospects and investment characteristics. ESG strategy Investment manager(s) Nordea Investment The strategy ensures that applied exclusion filters are Management AB. reflected in the investment universe. Base currency EUR. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Risk Considerations services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Read the “Risk Descriptions” section carefully before investing strategy that aligns with the Paris agreement. in the fund, with special attention to the following: The inherent limitations on the investment universe resulting Currency Equity • • from the strategy are monitored and controlled on a regular Derivatives Small and mid-cap equity • • basis. Global exposure calculation Commitment. NAM’s Responsible Investment Policy Investor Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Suitability The fund is suitable for all types of investors Responsible Investment Policy which bans investments through all distribution channels. in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 5 years. exceeding a predefined threshold. The fund may appeal to investors who: Based on regular screenings, NAM’s Responsible Investment • are looking for investment growth Committee instigates appropriate action for any company • are interested in exposure to developed equity markets that is allegedly involved in breaches of, or controversies The fund intends to qualify as an “equity fund” in accordance around, international laws and norms. If engagement fails with the German Investment Tax Act (please refer to or is deemed futile, investments may be put on hold or the chapter Investing in the Funds for further information) as it company may be placed on the exclusion list. continuously invests at least 50% of total assets in equities The detailed Responsible Investment Policy and the Corporate (“Kapitalbeteiligungen”) as defined within the German Exclusion List are available at nordea.lu‌ . Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 16 Implementation of the ESG strategy Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the The Paris-aligned fossil fuel screening and other exclusions sustainability risk of the fund. Conversely, such exclusions may filters apply to all direct investments of the fund. increase the concentration risk of the fund which could-seen The fund may use derivatives and other techniques for the in isolation – result in higher volatility and a greater risk of purposes described in the ‘Derivatives and techniques’ loss. section. Any such holdings are not in scope of the ESG criteria. See Sustainability Risk Integration applicable to all funds. NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- Please refer to nordea.lu‌ for more fund-specific information. financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please Sustainability risks are included in the investment decision refer to the ‘Investment Objective and Policy’ section for process together with traditional financial factors, such as further information. risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 17 Nordea 1 — European Stars Equity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI Europe Index (Net Return). For Investment Policy) and is promoting ESG characteristics as performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund invests in companies that have been analysed Investment policy The fund mainly invests in equities of and scored in NAM proprietary ESG model to ensure that European companies. only securities issued by companies that meet the minimum Specifically, the fund invests at least 75% of total assets in required ESG score for the fund are eligible for inclusion. equities and equity-related securities issued by companies The fund adheres to NAM’s Paris-aligned Fossil Fuel Policy. that are domiciled, or conduct the majority of their business, in Enhanced exclusion filters are applied to the portfolio Europe. construction process to restrict investments in companies and The fund will be exposed (through investments or cash) to issuers with significant exposure to certain activities deemed other currencies than the base currency. to be damaging for the environment and/or the society at Derivatives and techniques The fund may use derivatives large, including tobacco companies and fossil fuel companies. and other techniques for hedging (reducing risks), efficient Active ownership, which includes engagement and voting portfolio management and to seek investment gains. at shareholders meetings, is a key component in seeking to Strategy In actively managing the fund’s portfolio, the influence companies’ behaviour. management team selects companies with a particular focus Policy to assess good governance on their ability to comply with international standards for environmental, social and corporate governance, and to offer An evaluation of the quality of governance is an integral part superior growth prospects and investment characteristics. of the assessment of potential investments. The governance assessment is part of NAM’s proprietary ESG scoring model, Investment manager(s) Nordea Investment and it is performed on a global best practice standard Management AB. that considers accountability, protection of shareholder/ Base currency EUR. bondholder rights and long-term sustainable value creation. ESG strategy Risk Considerations The fund invests according to the Stars investment strategy Read the “Risk Descriptions” section carefully before investing which includes a commitment to apply the NAM proprietary in the fund, with special attention to the following: ESG model to analyse and select investments that epitomize • Currency • Equity the ESG characteristics of the fund. Derivatives • The analysis is performed via an enhanced due diligence on Global exposure calculation Commitment. material environmental, social and governance issues relevant to the company and considers how companies manage their Investor Considerations ESG risks. Furthermore, each company’s business model alignment with the UN Sustainable Development Goals Suitability The fund is suitable for all types of investors (SDGs) is taken into consideration. through all distribution channels. Depending on the outcome of the analysis, the company Investor profile Investors who understand the risks of the will be assigned an ESG score from C to A. NAM applies a fund and plan to invest for at least 5 years. minimum ESG score requirement for inclusion in Stars funds. The fund may appeal to investors who: Stars eligible investments must have an ESG score of B or A. are looking for investment growth with a responsible • ESG scores are reassessed regularly. Any breach of investment approach international norms or severe company specific events will are interested in exposure to developed equity markets • trigger an ad hoc reassessment of the ESG score. The fund intends to qualify as an “equity fund” in accordance NAM’s Paris-aligned Fossil Fuel Policy sets thresholds for with the German Investment Tax Act (please refer to companies’ exposure to fossil fuel production, distribution and chapter Investing in the Funds for further information) as it services and excludes companies that are involved beyond continuously invests at least 50% of total assets in equities these thresholds if they do not have a documented transition (“Kapitalbeteiligungen”) as defined within the German strategy that aligns with the Paris agreement. Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 18 The inherent limitations on the investment universe resulting NAM conducts a thorough due diligence on external data from the investment strategy are monitored and controlled on vendors to clarify applied methodologies and verify data a regular basis. quality. However, as the regulation and standards of non- NAM’s Responsible Investment Policy financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller A NAM level overlay of norms based screening and exclusion companies and less developed markets. list is deployed as Baseline safeguards through NAM’s Sustainability risk integration Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear In addition to the process for Sustainability Risk Integration weapons and companies with exposure to coal mining applicable to all funds an enhanced analysis on ESG issues exceeding a predefined threshold. is performed on each financial instrument in the portfolio, and Based on regular screenings, NAM’s Responsible Investment included in the investment decision process together with Committee instigates appropriate action for any company traditional financial factors, such as risk and valuation metrics, that is allegedly involved in breaches of, or controversies when building and monitoring portfolios. around, international laws and norms. If engagement fails Exclusions of certain sectors and/or financial instruments or is deemed futile, investments may be put on hold or the from the investable universe are expected to reduce the company may be placed on the exclusion list. sustainability risk of the fund. In addition, the sustainability The detailed Responsible Investment Policy and the Corporate risk profile of the fund benefits further from the application of Exclusion List are accessible via nordea.lu‌ . specific, proprietary ESG analysis. Conversely, such exclusions may increase the concentration risk of the fund which could – Implementation of the ESG strategy seen in isolation – result in higher volatility and a greater risk Direct investments must meet the ESG score requirements for of loss. a Stars fund. More fund specific information

The Paris-aligned fossil fuel screening and other exclusions Please refer to nordea.lu‌ for more fund-specific information. filters apply to all direct investments of the fund. Reference benchmark and alignment with the The fund may use derivatives and other techniques for the sustainability profile of the fund purposes described in the ‘Derivatives and techniques’ section. Any such holdings are not in scope of the non- The fund uses a benchmark which is not aligned with the financial criteria. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for Potential investments for which there is not sufficient data further information. available to conduct the ESG analysis are not eligible for inclusion in the fund’s investment universe.

March 2021 Prospectus Nordea 1 SICAV 19 Nordea 1 — Global Climate and Environment Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term and create positive environmental impact. safeguards applicable to all funds within the Responsible Benchmark MSCI World Index (Net Return). For Investment Policy) and has sustainable investment as its performance comparison only. Risk characteristics of the objective as per Article 9 of the SFDR. fund’s portfolio may bear some resemblance to those of the Sustainable Investment Objective of the fund benchmark. This fund has sustainable investment as its objective. Investment policy The fund mainly invests in equities of Sustainable investment means an investment in an economic companies from anywhere in the world. activity that contributes to an environmental or social Specifically, the fund invests at least 75% of total assets in objective, provided that the investment does not significantly equities and equity-related securities. harm any environmental or social objective and that the The fund will be exposed (through investments or cash) to investee companies follow good governance practices. other currencies than the base currency. The fund has a sustainable objective to create positive Derivatives and techniques The fund may use derivatives environmental impact, by investing predominantly in and other techniques for hedging (reducing risks), efficient companies that are substantially involved in economic portfolio management and to seek investment gains. activities that are considered environmentally sustainable according to the EU Taxonomy. Strategy In actively managing the fund’s portfolio, the management team focuses on companies that develop Sustainability indicators used to measure the attainment climate- and environment-friendly solutions, such as of the sustainable investment objective of the fund renewable energy and resource efficiency, and that The fund invests in companies that are part of a proprietary appear to offer superior growth prospects and investment investment universe of environmental solution providers. characteristics. Companies in the investment universe are substantially Investment manager(s) Nordea Investment involved in economic activities that are considered Management AB. environmentally sustainable. The alignment of the companies’ activities with the objectives of the EU Taxonomy is identified Base currency EUR. and evaluated. Risk Considerations The EU Taxonomy defines six environmental objectives: climate change mitigation, climate change adaptation, Read the “Risk Descriptions” section carefully before investing sustainable use and protection of water and marine resources, in the fund, with special attention to the following: transition to a circular economy, waste prevention and • Currency • Equity recycling, pollution prevention and control, protection of • Derivatives healthy ecosystems and lists the economic activities that Global exposure calculation Commitment. are considered environmentally sustainable for investment purposes. Investor Considerations Investment strategy

Suitability The fund is suitable for all types of investors A fundamental bottom-up research process identifies through all distribution channels. companies that derive significant future cashflows from their Investor profile Investors who understand the risks of the contribution to environmental solutions. fund and plan to invest for at least 5 years. Enhanced exclusion filters are applied to the portfolio The fund may appeal to investors who: construction process to restrict investments in companies and • are looking for investment growth with a thematic approach issuers with significant exposure to certain activities deemed • are interested in exposure to global equity markets to be damaging for the environment and/or the society at large, including tobacco companies and fossil fuel companies. The fund intends to qualify as an “equity fund” in accordance with the German Investment Tax Act (please refer to Active ownership is a key component in seeking to influence chapter Investing in the Funds for further information) as it companies’ behaviour. continuously invests at least 50% of total assets in equities The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy (“Kapitalbeteiligungen”) as defined within the German which sets thresholds for companies’ exposure to fossil fuel Investment Tax Act. production, distribution and services and excludes companies that are involved beyond these thresholds if they do not have a documented transition strategy that aligns with the

March 2021 Prospectus Nordea 1 SICAV 20 Paris agreement. The inherent limitations on the investment Based on regular screenings, NAM’s Responsible Investment universe resulting from the investment strategy are monitored Committee instigates appropriate action for any company and controlled on a regular basis. that is allegedly involved in breaches of, or controversies The fund may use derivatives and other techniques for the around, international laws and norms. If engagement fails purposes described in the ‘Derivatives and techniques’ or is deemed futile, investments may be put on hold or the section. Any such holdings are not in scope of the ESG criteria. company may be placed on the exclusion list. Potential investments for which there is not sufficient data The detailed Responsible Investment Policy and the Corporate available to conduct the ESG analysis are not eligible for Exclusion List are available at nordea.lu‌ . inclusion in the fund’s investment universe. Reference benchmark and alignment with the More fund specific information sustainability profile of the fund

Please refer to nordea.lu‌ for more fund-specific information. The fund uses a benchmark, which is not aligned with the sustainable objective of the fund. Instead, a proprietary Policy to assess good governance EU Taxonomy framework is used to monitor the status and An evaluation of the quality of governance is an integral developments of the companies’ contribution to the objectives part of the assessment of potential investments. The of the EU Taxonomy. governance assessment considers accountability, protection Please refer to the ‘Investment Objective and Policy’ section of shareholder/bondholder rights and long-term sustainable for further information. value creation. NAM conducts a thorough due diligence on external data Principal adverse impacts on sustainability factors vendors to clarify applied methodologies and verify data The fund takes into account principal adverse impacts on quality. However, as the regulation and standards of non- sustainability factors. financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging - especially for smaller The investments are subject to an analysis performed on companies and less developed markets. best effort basis subject to data availability, to take into account the principal adverse impact of those investments on Sustainability risk integration sustainability factors and ensure that the selected investment Sustainability risks are included in the investment decision does no significant environmental or social harm. process together with traditional financial factors, such as NAM’s Responsible Investment Policy risk and valuation metrics, when building and monitoring portfolios. A NAM level overlay of norms-based screening and exclusion list is deployed as baseline safeguards through NAM’s Exclusions of certain sectors and/or financial instruments Responsible Investment Policy which bans investments from the investable universe are expected to reduce the in companies active in the production of illegal or nuclear sustainability risk of the fund. Conversely, such exclusions may weapons and companies with exposure to coal mining increase the concentration risk of the fund which could-seen exceeding a predefined threshold. in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 21 Nordea 1 — Global Disruption Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI ACWI Index (Net Return). For performance Investment Policy) and is promoting ESG characteristics as comparison only. Risk characteristics of the fund’s portfolio per Article 8 of the SFDR. may bear some resemblance to those of the benchmark. Environmental and/or social characteristics

Investment policy The fund mainly invests in equities of The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. companies from anywhere in the world. Enhanced exclusion filters are applied to the portfolio Specifically, the fund invests at least 75% of total assets in construction process to restrict investments in companies and equities and equity-related securities. issuers with significant exposure to certain activities deemed The fund will be exposed (through investments or cash) to to be damaging for the environment and/or the society at other currencies than the base currency. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Active ownership and engagement are key components in and other techniques for hedging (reducing risks), efficient seeking to influence companies’ behaviour. portfolio management and to seek investment gains. Policy to assess good governance

Strategy In actively managing the fund’s portfolio, the An evaluation of the quality of governance is an integral management team focuses on companies that are game- part of the assessment of potential investments. The changers and that appear to offer superior growth prospects governance assessment considers accountability, protection and investment characteristics. Game-changers are those of shareholder/bondholder rights and long-term sustainable companies whose products or services are highly innovative value creation. and have the potential to disrupt existing business models. ESG strategy Investment manager(s) Nordea Investment Management AB. The strategy ensures that applied exclusion filters are reflected in the investment universe. Base currency USD. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Risk Considerations companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Read the “Risk Descriptions” section carefully before investing these thresholds if they do not have a documented transition in the fund, with special attention to the following: strategy that aligns with the Paris agreement. Depositary receipt Equity • • The inherent limitations on the investment universe resulting Currency Securities handling • • from the strategy are monitored and controlled on a regular Derivatives Taxation • • basis. • Emerging and frontier markets NAM’s Responsible Investment Policy Global exposure calculation Commitment. A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Investor Considerations Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Suitability The fund is suitable for all types of investors weapons and companies with exposure to coal mining through all distribution channels. exceeding a predefined threshold. Investor profile Investors who understand the risks of the Based on regular screenings, NAM’s Responsible Investment fund and plan to invest for at least 5 years. Committee instigates appropriate action for any company The fund may appeal to investors who: that is allegedly involved in breaches of, or controversies • are looking for investment growth with a thematic approach around, international laws and norms. If engagement fails • are interested in exposure to global equity markets or is deemed futile, investments may be put on hold or the The fund intends to qualify as an “equity fund” in accordance company may be placed on the exclusion list. with the German Investment Tax Act (please refer to The detailed Responsible Investment Policy and the Corporate chapter Investing in the Funds for further information) as it Exclusion List are available at nordea.lu‌ . continuously invests at least 50% of total assets in equities (“Kapitalbeteiligungen”) as defined within the German Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 22 Implementation of the ESG strategy More fund specific information

The Paris-aligned fossil fuel screening and other exclusions Please refer to nordea.lu‌ for more fund-specific information. filters apply to all direct investments of the fund. Reference benchmark and alignment with the The fund may use derivatives and other techniques for the sustainability profile of the fund purposes described in the ‘Derivatives and techniques’ The fund uses a benchmark which is not aligned with the section. Any such holdings are not in scope of the ESG criteria. environmental and social characteristics of the fund. Please NAM conducts a thorough due diligence on external data refer to the ‘Investment Objective and Policy’ section for vendors to clarify applied methodologies and verify data further information. quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller companies and less developed markets. Sustainability risk integration

Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios. Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 23 Nordea 1 — Global Gender Diversity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI ACWI Index (Net Return). For performance Investment Policy) and is promoting ESG characteristics as comparison only. Risk characteristics of the fund’s portfolio per Article 8 of the SFDR. may bear some resemblance to those of the benchmark. Environmental and/or social characteristics

Investment policy The fund mainly invests in equities of The fund invests in companies that have been analysed and companies from anywhere in the world. evaluated on gender diversity indicators. Specifically, the fund invests at least 75% of total assets in In actively managing the fund’s portfolio, the management equities and equity-related securities. team focuses on companies that demonstrate sustainability The fund will be exposed (through investments or cash) to and a high level of gender diversity and equality in other currencies than the base currency. management. Derivatives and techniques The fund may use derivatives The fund adheres to NAM’s Paris-aligned Fossil Fuel Policy. and other techniques for hedging (reducing risks), efficient Enhanced exclusion filters are applied to the portfolio portfolio management and to seek investment gains. construction process to restrict investments in companies and Strategy In actively managing the fund’s portfolio, the issuers with significant exposure to certain activities deemed management team focuses on companies that demonstrate to be damaging for the environment and/or the society at sustainability and a high level of gender diversity and equality large, including tobacco companies and fossil fuel companies. in management, and that appear to offer superior growth Active ownership is a key component in seeking to influence prospects and investment characteristics. companies’ behaviour. Investment manager(s) Nordea Investment Policy to assess good governance Management AB. An evaluation of the quality of governance is an integral part Base currency USD. of the assessment of potential investments. The governance assessment is part of NAM’s proprietary ESG scoring model, Risk Considerations and it is performed on a global best practice standard Read the “Risk Descriptions” section carefully before investing that considers accountability, protection of shareholder/ in the fund, with special attention to the following: bondholder rights and long-term sustainable value creation. • Currency • Equity ESG strategy Depositary receipt Securities handling • • The investment approach specifically targets companies Derivatives Taxation • • that facilitate and incorporate Gender Diversity. The analysis Emerging and frontier • uses a proprietary model to rate companies based on markets gender diversity criteria that consider how companies ensure Global exposure calculation Commitment. representation of women in management and actively promote equality and gender diversity. Investor Considerations The investment universe is selected based on specific criteria Suitability The fund is suitable for all types of investors for gender diversity in the upper management level. through all distribution channels. NAM’s Paris-aligned Fossil Fuel Policy sets thresholds for Investor profile Investors who understand the risks of the companies’ exposure to fossil fuel production, distribution and fund and plan to invest for at least 5 years. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition The fund may appeal to investors who: strategy that aligns with the Paris agreement. • are looking for investment growth with a thematic approach • are interested in exposure to global equity markets The inherent limitations on the investment universe resulting from the investment strategy are monitored and controlled on The fund intends to qualify as an “equity fund” in accordance a regular basis. with the German Investment Tax Act (please refer to chapter Investing in the Funds for further information) as it NAM’s Responsible Investment Policy continuously invests at least 50% of total assets in equities A NAM level overlay of norms-based screening and exclusion (“Kapitalbeteiligungen”) as defined within the German list is deployed as Baseline safeguards through NAM’s Investment Tax Act. Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear

March 2021 Prospectus Nordea 1 SICAV 24 weapons and companies with exposure to coal mining Sustainability risk integration exceeding a predefined threshold. Sustainability risks are included in the investment decision Based on regular screenings, NAM’s Responsible Investment process together with traditional financial factors, such as Committee instigates appropriate action for any company risk and valuation metrics, when building and monitoring that is allegedly involved in breaches of, or controversies portfolios. around, international laws and norms. If engagement fails Exclusions of certain sectors and/or financial instruments or is deemed futile, investments may be put on hold or the from the investable universe are expected to reduce the company may be placed on the exclusion list. sustainability risk of the fund. Conversely, such exclusions may The detailed Responsible Investment Policy and the Corporate increase the concentration risk of the fund which could-seen Exclusion List are accessible via nordea.lu‌ . in isolation – result in higher volatility and a greater risk of Implementation of the ESG strategy loss.

Direct investments must adhere to the gender diversity See Sustainability Risk Integration applicable to all funds. selection criteria and at least 90% of the fund’s assets must be More fund specific information covered by NAM’s ESG scoring framework or the ESG scoring Please refer to nordea.lu‌ for more fund-specific information. model of the selected vendor. Reference benchmark and alignment with the The Paris-aligned fossil fuel screening and other exclusions sustainability profile of the fund filters apply to all direct investments of the fund. The fund may use derivatives and other techniques for the The fund uses a benchmark which is not aligned with the purposes described in the ‘Derivatives and techniques’ environmental and social characteristics of the fund. Please section. Any such holdings are not in scope of the ESG criteria. refer to the ‘Investment Objective and Policy’ section for further information. Potential investments for which there is not sufficient data available to conduct the gender diversity selection criteria are not eligible for inclusion in the fund’s investment universe. NAM conducts a thorough due diligence on external data vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging - especially for smaller companies and less developed markets.

March 2021 Prospectus Nordea 1 SICAV 25 Nordea 1 — Global Social Empowerment Fund

Investment Objective and Policy (“Kapitalbeteiligungen”) as defined within the German Investment Tax Act. Objective To provide shareholders with investment growth in the long term and create positive social impact. SFDR related information Benchmark MSCI ACWI Index (Net Return). For performance The fund applies baseline ESG safeguards (see Baseline ESG comparison only. Risk characteristics of the fund’s portfolio safeguards applicable to all funds within the Responsible may bear some resemblance to those of the benchmark. Investment Policy) and has sustainable investment as its Investment policy The fund mainly invests in equities of objective as per Article 9 of the SFDR. companies from anywhere in the world. Sustainable Investment Objective Specifically, the fund invests at least 75% of total assets in The fund has sustainable investment as its objective. equities and equity-related securities. Sustainable investment means an investment in an economic The fund may invest in, or be exposed to, the following activity that contributes to an environmental or social instruments up to the percentage of total assets indicated: objective, provided that the investment does not significantly • China A-shares: 25% harm any environmental or social objective and that the The fund will be exposed (through investments or cash) to investee companies follow good governance practices. other currencies than the base currency. The fund has a sustainable objective to create positive social Derivatives and techniques The fund may use derivatives impact, by investing in companies that contribute to selected and other techniques for hedging (reducing risks), efficient United Nations Sustainable Development Goals (SDGs) that portfolio management and to seek investment gains. relate to social issues. Strategy In actively managing the fund’s portfolio, the Sustainability indicators used to measure the attainment management team focuses on companies that provide of the sustainable investment objective of the fund social solutions through their products or services, and that The fund invests in companies that are part of a proprietary appear to offer superior growth prospects and investment investment universe of social solution providers. Companies in characteristics. the investment universe have a link, through company specific Investment manager(s) Nordea Investment metrics, to underlying indicators of the relevant SDG targets. Management AB. These metrics are used to measure the attainment of the Base currency USD. sustainable objective. Investment strategy Risk Considerations A fundamental bottom-up research process identifies Read the “Risk Descriptions” section carefully before investing companies that derive significant future cashflows from their in the fund, with special attention to the following: contribution to social solutions. • Country risk – China • Emerging and frontier Enhanced exclusion filters are applied to the portfolio • Currency markets construction process to restrict investments in companies and • Depositary receipt • Equity issuers with significant exposure to certain activities deemed • Derivatives • Securities handling to be damaging for the environment and/or the society at • Taxation large, including tobacco companies and fossil fuel companies. Global exposure calculation Commitment. Active ownership is a key component in seeking to influence companies’ behaviour. Investor Considerations The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy Suitability The fund is suitable for all types of investors which sets thresholds for companies’ exposure to fossil fuel through all distribution channels. production, distribution and services and excludes companies that are involved beyond these thresholds if they do not have Investor profile Investors who understand the risks of the a documented transition strategy that aligns with the Paris fund and plan to invest for at least 5 years. agreement. The fund may appeal to investors who: The inherent limitations on the investment universe resulting • are looking for investment growth with a thematic approach from the investment strategy are monitored and controlled on • are interested in exposure to global equity markets a regular basis. The fund intends to qualify as an “equity fund” in accordance The fund may use derivatives and other techniques for the with the German Investment Tax Act (please refer to purposes described in the ‘Derivatives and techniques’ chapter Investing in the Funds for further information) as it section. Any such holdings are not in scope of the ESG criteria. continuously invests at least 50% of total assets in equities

March 2021 Prospectus Nordea 1 SICAV 26 Potential investments for which there is not sufficient data or is deemed futile, investments may be put on hold or the available to conduct the ESG analysis are not eligible for company may be placed on the exclusion list. inclusion in the fund’s investment universe. The detailed Responsible Investment Policy and the Corporate More fund specific information Exclusion List are available at nordea.lu‌ .

Please refer to nordea.lu‌ for more fund-specific information. Reference benchmark and alignment with the sustainability profile of the fund Policy to assess good governance The fund uses a benchmark, which is not aligned with the An evaluation of the quality of governance is an integral sustainable profile of the fund. Instead, a proprietary SDG part of the assessment of potential investments. The framework is used to monitor the status and developments of governance assessment considers accountability, protection the companies’ contribution to the underlying indicators of the of shareholder/bondholder rights and long-term sustainable relevant SDG targets. value creation. Please refer to the ‘Investment Objective and Policy’ section Principal adverse impacts on sustainability factors for further information. The fund takes into account principal adverse impacts on NAM conducts a thorough due diligence on external data sustainability factors. vendors to clarify applied methodologies and verify data The investments are subject to an analysis performed on quality. However, as the regulation and standards of non- best effort basis subject to data availability, to take into financial reporting is rapidly developing, data quality, coverage account the principal adverse impact of those investments on and accessibility remains challenging - especially for smaller sustainability factors and ensure that the selected investment companies and less developed markets. does no significant environmental or social harm. Sustainability risk integration NAM’s Responsible Investment Policy Sustainability risks are included in the investment decision A NAM level overlay of norms-based screening and exclusion process together with traditional financial factors, such as list is deployed as baseline safeguards through NAM’s risk and valuation metrics, when building and monitoring Responsible Investment Policy which bans investments portfolios. in companies active in the production of illegal or nuclear Exclusions of certain sectors and/or financial instruments weapons and companies with exposure to coal mining from the investable universe are expected to reduce the exceeding a predefined threshold. sustainability risk of the fund. Conversely, such exclusions may Based on regular screenings, NAM’s Responsible Investment increase the concentration risk of the fund which could-seen Committee instigates appropriate action for any company in isolation – result in higher volatility and a greater risk of that is allegedly involved in breaches of, or controversies loss. around, international laws and norms. If engagement fails See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 27 Nordea 1 — Global Listed Infrastructure Fund

Investment Objective and Policy The fund intends to qualify as an “equity fund” in accordance with the German Investment Tax Act (please refer to Objective To provide shareholders with investment growth in chapter Investing in the Funds for further information) as it the long term. continuously invests at least 50% of total assets in equities Benchmark FTSE Global Infrastructure 50/50 Index (Net (“Kapitalbeteiligungen”) as defined within the German Return). For performance comparison only. Risk characteristics Investment Tax Act. of the fund’s portfolio may bear some resemblance to those of the benchmark. SFDR related information

Investment policy The fund mainly invests in equities of The fund applies baseline ESG safeguards (see Baseline ESG companies, from anywhere in the world, that own, manage or safeguards applicable to all funds within the Responsible develop infrastructure equipment or facilities. Investment Policy) and is promoting ESG characteristics as Specifically, the fund invests at least 75% of total assets per Article 8 of the SFDR. in equities and equity-related securities of infrastructure Environmental and/or social characteristics companies. The fund adheres to NAM’s Paris-aligned Fossil Fuel Policy. The fund will be exposed (through investments or cash) to other currencies than the base currency. Enhanced exclusion filters are applied to the portfolio construction process to restrict investments in companies and Derivatives and techniques The fund may use derivatives issuers with significant exposure to certain activities deemed and other techniques for hedging (reducing risks), efficient to be damaging for the environment and/or the society at portfolio management and to seek investment gains. large, including tobacco companies and fossil fuel companies. Strategy In actively managing the fund’s portfolio, the Active ownership and engagement are key components in management team combines region and sector allocation seeking to influence companies’ behaviour. with fundamental company research to select companies that appear to offer superior growth prospects and investment Policy to assess good governance characteristics. An evaluation of the quality of governance is an integral Investment manager(s) Nordea Investment part of the assessment of potential investments. The Management AB. governance assessment considers accountability, protection of shareholder/bondholder rights and long-term sustainable Sub-investment manager(s) CBRE Clarion Securities LLC. value creation. Base currency USD. ESG strategy Risk Considerations The strategy ensures that applied exclusion filters are reflected in the investment universe. Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for • Currency • Equity companies’ exposure to fossil fuel production, distribution and • Depositary receipt • Real estate investments services and excludes companies that are involved beyond • Derivatives • Securities handling these thresholds if they do not have a documented transition • Emerging and frontier • Taxation strategy that aligns with the Paris agreement. markets The inherent limitations on the investment universe resulting Global exposure calculation Commitment. from the strategy are monitored and controlled on a regular basis. Investor Considerations NAM’s Responsible Investment Policy

Suitability The fund is suitable for all types of investors A NAM level overlay of norms-based screening and exclusion through all distribution channels. list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Investor profile Investors who understand the risks of the in companies active in the production of illegal or nuclear fund and plan to invest for at least 5 years. weapons and companies with exposure to coal mining The fund may appeal to investors who: exceeding a predefined threshold. are looking for investment growth with a thematic approach • Based on regular screenings, NAM’s Responsible Investment are interested in exposure to global equity markets • Committee instigates appropriate action for any company that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails

March 2021 Prospectus Nordea 1 SICAV 28 or is deemed futile, investments may be put on hold or the Sustainability risk integration company may be placed on the exclusion list. Sustainability risks are included in the investment decision The detailed Responsible Investment Policy and the Corporate process together with traditional financial factors, such as Exclusion List are available at nordea.lu‌ . risk and valuation metrics, when building and monitoring Implementation of the ESG strategy portfolios.

The fund is applying a thorough assessment of applicable Exclusions of certain sectors and/or financial instruments measures and exclusions on a continuous basis, targeting the from the investable universe are expected to reduce the tangible impact of relevant exclusions and filters, including sustainability risk of the fund. Conversely, such exclusions may but not limited to NAM’s Paris-aligned fossil fuel filter. Any increase the concentration risk of the fund which could-seen transition following from such assessment is aimed at being in isolation – result in higher volatility and a greater risk of completed within reasonable time and ensuring investors’ loss. best interest. See Sustainability Risk Integration applicable to all funds. The fund may use derivatives and other techniques for the More fund specific information purposes described in the ‘Derivatives and techniques’ Please refer to nordea.lu‌ for more fund-specific information. section. Any such holdings are not in scope of the ESG criteria. Reference benchmark and alignment with the NAM conducts a thorough due diligence on external data sustainability profile of the fund vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- The fund uses a benchmark which is not aligned with the financial reporting is rapidly developing, data quality, coverage environmental and social characteristics of the fund. Please and accessibility remains challenging – especially for smaller refer to the ‘Investment Objective and Policy’ section for companies and less developed markets. further information.

March 2021 Prospectus Nordea 1 SICAV 29 Nordea 1 — Global Opportunity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI ACWI Index (Net Return). For performance Investment Policy) and is promoting ESG characteristics as comparison only. Risk characteristics of the fund’s portfolio per Article 8 of the SFDR. may bear some resemblance to those of the benchmark. Environmental and/or social characteristics

Investment policy The fund mainly invests in equities of The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. companies from anywhere in the world. Enhanced exclusion filters are applied to the portfolio Specifically, the fund invests at least 75% of total assets in construction process to restrict investments in companies and equities and equity-related securities. issuers with significant exposure to certain activities deemed The fund will be exposed (through investments or cash) to to be damaging for the environment and/or the society at other currencies than the base currency. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Active ownership and engagement are key components in and other techniques for hedging (reducing risks), efficient seeking to influence companies’ behaviour. portfolio management and to seek investment gains. Policy to assess good governance

Strategy In actively managing the fund’s portfolio, the An evaluation of the quality of governance is an integral management team selects companies that appear to offer part of the assessment of potential investments. The superior growth prospects and investment characteristics. governance assessment considers accountability, protection Investment manager(s) Nordea Investment of shareholder/bondholder rights and long-term sustainable Management AB. value creation. Sub-Investment manager(s) Loomis, Sayles & Company, LP. ESG strategy

Base currency EUR. The strategy ensures that applied exclusion filters are reflected in the investment universe. Risk Considerations NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Read the “Risk Descriptions” section carefully before investing companies’ exposure to fossil fuel production, distribution and in the fund, with special attention to the following: services and excludes companies that are involved beyond • Currency • Equity these thresholds if they do not have a documented transition • Depositary receipt • Securities handling strategy that aligns with the Paris agreement. • Derivatives • Taxation The inherent limitations on the investment universe resulting • Emerging and frontier from the strategy are monitored and controlled on a regular markets basis. Global exposure calculation Commitment. NAM’s Responsible Investment Policy

Investor Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Suitability The fund is suitable for all types of investors Responsible Investment Policy which bans investments through all distribution channels. in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 5 years. exceeding a predefined threshold. The fund may appeal to investors who: Based on regular screenings, NAM’s Responsible Investment • are looking for investment growth Committee instigates appropriate action for any company • are interested in exposure to global equity markets that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails The fund intends to qualify as an “equity fund” in accordance or is deemed futile, investments may be put on hold or the with the German Investment Tax Act (please refer to company may be placed on the exclusion list. chapter Investing in the Funds for further information) as it continuously invests at least 50% of total assets in equities The detailed Responsible Investment Policy and the Corporate (“Kapitalbeteiligungen”) as defined within the German Exclusion List are available at nordea.lu‌ . Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 30 Implementation of the ESG strategy Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the The Paris-aligned fossil fuel screening and other exclusions sustainability risk of the fund. Conversely, such exclusions may filters apply to all direct investments of the fund. increase the concentration risk of the fund which could-seen The fund may use derivatives and other techniques for the in isolation – result in higher volatility and a greater risk of purposes described in the ‘Derivatives and techniques’ loss. section. Any such holdings are not in scope of the ESG criteria. See Sustainability Risk Integration applicable to all funds. NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- Please refer to nordea.lu‌ for more fund-specific information. financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please Sustainability risks are included in the investment decision refer to the ‘Investment Objective and Policy’ section for process together with traditional financial factors, such as further information. risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 31 Nordea 1 — Global Portfolio Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI World Index (Net Return). For Investment Policy) and is promoting ESG characteristics as performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Investment policy The fund mainly invests in equities of Enhanced exclusion filters are applied to the portfolio companies from anywhere in the world. construction process to restrict investments in companies and Specifically, the fund invests at least two thirds of total assets issuers with significant exposure to certain activities deemed in equities and equity-related securities. to be damaging for the environment and/or the society at The fund will be exposed (through investments or cash) to large, including tobacco companies and fossil fuel companies. other currencies than the base currency. Active ownership and engagement are key components in Derivatives and techniques The fund may use derivatives seeking to influence companies’ behaviour. and other techniques for hedging (reducing risks), efficient Policy to assess good governance portfolio management and to seek investment gains. An evaluation of the quality of governance is an integral Strategy In actively managing the fund’s portfolio, the part of the assessment of potential investments. The management team selects companies that appear to offer governance assessment considers accountability, protection superior growth prospects and investment characteristics. of shareholder/bondholder rights and long-term sustainable Investment manager(s) Nordea Investment value creation. Management AB. ESG strategy Base currency EUR. The strategy ensures that applied exclusion filters are reflected in the investment universe. Risk Considerations NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Read the “Risk Descriptions” section carefully before investing companies’ exposure to fossil fuel production, distribution and in the fund, with special attention to the following: services and excludes companies that are involved beyond • Currency • Equity these thresholds if they do not have a documented transition • Depositary receipt • Securities handling strategy that aligns with the Paris agreement. Derivatives Taxation • • The inherent limitations on the investment universe resulting Emerging and frontier • from the strategy are monitored and controlled on a regular markets basis. Global exposure calculation Commitment. NAM’s Responsible Investment Policy Investor Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Suitability The fund is suitable for all types of investors Responsible Investment Policy which bans investments through all distribution channels. in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 5 years. exceeding a predefined threshold. The fund may appeal to investors who: Based on regular screenings, NAM’s Responsible Investment • are looking for investment growth Committee instigates appropriate action for any company • are interested in exposure to global equity markets that is allegedly involved in breaches of, or controversies The fund intends to qualify as an “equity fund” in accordance around, international laws and norms. If engagement fails with the German Investment Tax Act (please refer to or is deemed futile, investments may be put on hold or the chapter Investing in the Funds for further information) as it company may be placed on the exclusion list. continuously invests at least 50% of total assets in equities The detailed Responsible Investment Policy and the Corporate (“Kapitalbeteiligungen”) as defined within the German Exclusion List are available at nordea.lu‌ . Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 32 Implementation of the ESG strategy Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the The Paris-aligned fossil fuel screening and other exclusions sustainability risk of the fund. Conversely, such exclusions may filters apply to all direct investments of the fund. increase the concentration risk of the fund which could-seen The fund may use derivatives and other techniques for the in isolation – result in higher volatility and a greater risk of purposes described in the ‘Derivatives and techniques’ loss. section. Any such holdings are not in scope of the ESG criteria. See Sustainability Risk Integration applicable to all funds. NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- Please refer to nordea.lu‌ for more fund-specific information. financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please Sustainability risks are included in the investment decision refer to the ‘Investment Objective and Policy’ section for process together with traditional financial factors, such as further information. risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 33 Nordea 1 — Global Real Estate Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Investment Policy) and is promoting ESG characteristics as Benchmark FTSE EPRA Nareit Developed Index (Net per Article 8 of the SFDR. Return). For performance comparison only. Risk characteristics of the fund’s portfolio may bear some resemblance to those of Environmental and/or social characteristics the benchmark. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Investment policy The fund mainly invests, directly or Enhanced exclusion filters are applied to the portfolio through investment funds, in equities of real estate companies construction process to restrict investments in companies and from anywhere in the world. issuers with significant exposure to certain activities deemed Specifically, the fund invests at least two thirds of total to be damaging for the environment and/or the society at assets in equities and equity-related securities of real estate large, including tobacco companies and fossil fuel companies. companies and real estate investment trusts (REITs). Active ownership and engagement are key components in The fund may invest up to 20% of total assets in equities of seeking to influence companies’ behaviour. real estate companies in emerging markets. Policy to assess good governance

The fund will be exposed (through investments or cash) to An evaluation of the quality of governance is an integral other currencies than the base currency. part of the assessment of potential investments. The Derivatives and techniques The fund may use derivatives governance assessment considers accountability, protection and other techniques for hedging (reducing risks), efficient of shareholder/bondholder rights and long-term sustainable portfolio management and to seek investment gains. value creation. Strategy In actively managing the fund’s portfolio, the ESG strategy management team selects companies that appear to offer The strategy ensures that applied exclusion filters are superior growth prospects and investment characteristics. reflected in the investment universe. Investment manager(s) Nordea Investment NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Management AB. companies’ exposure to fossil fuel production, distribution and Sub-Investment manager(s) Duff & Phelps Investment services and excludes companies that are involved beyond Management Co. these thresholds if they do not have a documented transition Base currency USD. strategy that aligns with the Paris agreement. The inherent limitations on the investment universe resulting Risk Considerations from the strategy are monitored and controlled on a regular basis. Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: NAM’s Responsible Investment Policy • Currency • Equity A NAM level overlay of norms-based screening and exclusion • Depositary receipt • Real estate investments list is deployed as Baseline safeguards through NAM’s • Derivatives • Securities handling Responsible Investment Policy which bans investments • Emerging and frontier • Taxation in companies active in the production of illegal or nuclear markets weapons and companies with exposure to coal mining Global exposure calculation Commitment. exceeding a predefined threshold. Based on regular screenings, NAM’s Responsible Investment Investor Considerations Committee instigates appropriate action for any company Suitability The fund is suitable for all types of investors that is allegedly involved in breaches of, or controversies through all distribution channels. around, international laws and norms. If engagement fails or is deemed futile, investments may be put on hold or the Investor profile Investors who understand the risks of the company may be placed on the exclusion list. fund and plan to invest for at least 5 years. The detailed Responsible Investment Policy and the Corporate The fund may appeal to investors who: Exclusion List are available at nordea.lu‌ . • are looking for investment growth with a thematic approach • are interested in exposure to global equity markets Implementation of the ESG strategy The Paris-aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 34 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 35 Nordea 1 — Global Small Cap Fund

Investment Objective and Policy The fund intends to qualify as an “equity fund” in accordance with the German Investment Tax Act (please refer to Objective To provide shareholders with investment growth in chapter Investing in the Funds for further information) as it the long term. continuously invests at least 50% of total assets in equities Benchmark MSCI World Small Cap Index (Net Return). For (“Kapitalbeteiligungen”) as defined within the German performance comparison only. Risk characteristics of the Investment Tax Act. fund’s portfolio may bear some resemblance to those of the benchmark. SFDR related information

Investment policy The fund mainly invests in small The fund applies baseline ESG safeguards (see Baseline ESG capitalisation equities of companies from anywhere in the safeguards applicable to all funds within the Responsible world. Investment Policy) and is promoting ESG characteristics as Specifically, the fund invests at least 75% of total assets in per Article 8 of the SFDR. equities and equity-related securities issued by companies Environmental and/or social characteristics whose market capitalisation (at the time of purchase) is between USD 50 million and USD 10 billion or that are The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. included in the benchmark. Enhanced exclusion filters are applied to the portfolio The fund will be exposed (through investments or cash) to construction process to restrict investments in companies and other currencies than the base currency. issuers with significant exposure to certain activities deemed to be damaging for the environment and/or the society at Derivatives and techniques The fund may use derivatives large, including tobacco companies and fossil fuel companies. and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. Active ownership and engagement are key components in seeking to influence companies’ behaviour. Strategy In actively managing the fund’s portfolio, the management team selects companies that appear to offer Policy to assess good governance superior growth prospects and investment characteristics. An evaluation of the quality of governance is an integral Investment manager(s) Nordea Investment part of the assessment of potential investments. The Management AB. governance assessment considers accountability, protection of shareholder/bondholder rights and long-term sustainable Sub-Investment manager(s) GW&K Investment value creation. Management LLC. ESG strategy Base currency USD. The strategy ensures that applied exclusion filters are Risk Considerations reflected in the investment universe.

Read the “Risk Descriptions” section carefully before investing NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for in the fund, with special attention to the following: companies’ exposure to fossil fuel production, distribution and • Currency • Equity services and excludes companies that are involved beyond • Depositary receipt • Securities handling these thresholds if they do not have a documented transition • Derivatives • Small and mid-cap equity strategy that aligns with the Paris agreement. • Emerging and frontier • Taxation The inherent limitations on the investment universe resulting markets from the strategy are monitored and controlled on a regular Global exposure calculation Commitment. basis. NAM’s Responsible Investment Policy

Investor Considerations A NAM level overlay of norms-based screening and exclusion Suitability The fund is suitable for all types of investors list is deployed as Baseline safeguards through NAM’s through all distribution channels. Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 5 years. exceeding a predefined threshold. The fund may appeal to investors who: Based on regular screenings, NAM’s Responsible Investment are looking for investment growth • Committee instigates appropriate action for any company are interested in exposure to global equity markets • that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails

March 2021 Prospectus Nordea 1 SICAV 36 or is deemed futile, investments may be put on hold or the Exclusions of certain sectors and/or financial instruments company may be placed on the exclusion list. from the investable universe are expected to reduce the The detailed Responsible Investment Policy and the Corporate sustainability risk of the fund. Conversely, such exclusions may Exclusion List are available at nordea.lu‌ . increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of Implementation of the ESG strategy loss. The Paris-aligned fossil fuel screening and other exclusions See Sustainability Risk Integration applicable to all funds. filters apply to all direct investments of the fund. More fund specific information The fund may use derivatives and other techniques for the purposes described in the ‘Derivatives and techniques’ Please refer to nordea.lu‌ for more fund-specific information. section. Any such holdings are not in scope of the ESG criteria. Reference benchmark and alignment with the NAM conducts a thorough due diligence on external data sustainability profile of the fund vendors to clarify applied methodologies and verify data The fund uses a benchmark which is not aligned with the quality. However, as the regulation and standards of non- environmental and social characteristics of the fund. Please financial reporting is rapidly developing, data quality, coverage refer to the ‘Investment Objective and Policy’ section for and accessibility remains challenging – especially for smaller further information. companies and less developed markets. Sustainability risk integration

Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 37 Nordea 1 — Global Stable Equity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark 70% MSCI World Index (Net Return) and 30% Investment Policy) and is promoting ESG characteristics as EURIBOR 1M (FX adjusted). For performance comparison per Article 8 of the SFDR. only. Risk characteristics of the fund’s portfolio may bear some Environmental and/or social characteristics resemblance to those of the benchmark. MSCI World Index The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. (Net Return) and MSCI World Minimum Volatility Index (Net Return) for risk comparison only. Risk characteristics of the Enhanced exclusion filters are applied to the portfolio fund’s portfolio will bear some resemblance to those of the construction process to restrict investments in companies and benchmarks. issuers with significant exposure to certain activities deemed to be damaging for the environment and/or the society at Investment policy The fund mainly invests in equities of large, including tobacco companies and fossil fuel companies. companies from anywhere in the world. Active ownership and engagement are key components in Specifically, the fund invests at least 75% of total assets in seeking to influence companies’ behaviour. equities and equity-related securities. Policy to assess good governance The fund will be exposed (through investments or cash) to other currencies than the base currency. An evaluation of the quality of governance is an integral Derivatives and techniques The fund may use derivatives part of the assessment of potential investments. The and other techniques for hedging (reducing risks), efficient governance assessment considers accountability, protection portfolio management and to seek investment gains. of shareholder/bondholder rights and long-term sustainable value creation. Strategy In actively managing the fund’s portfolio, the management team selects companies that appear to offer ESG strategy superior growth prospects and investment characteristics. The strategy ensures that applied exclusion filters are Investment manager(s) Nordea Investment reflected in the investment universe. Management AB. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Base currency EUR. companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Risk Considerations these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. Read the “Risk Descriptions” section carefully before investing The inherent limitations on the investment universe resulting in the fund, with special attention to the following: from the strategy are monitored and controlled on a regular Currency Equity • • basis. • Derivatives NAM’s Responsible Investment Policy Global exposure calculation Commitment. A NAM level overlay of norms-based screening and exclusion Investor Considerations list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Suitability The fund is suitable for all types of investors in companies active in the production of illegal or nuclear through all distribution channels. weapons and companies with exposure to coal mining Investor profile Investors who understand the risks of the exceeding a predefined threshold. fund and plan to invest for at least 5 years. Based on regular screenings, NAM’s Responsible Investment The fund may appeal to investors who: Committee instigates appropriate action for any company • are looking for investment growth that is allegedly involved in breaches of, or controversies • are interested in exposure to global equity markets around, international laws and norms. If engagement fails The fund intends to qualify as an “equity fund” in accordance or is deemed futile, investments may be put on hold or the with the German Investment Tax Act (please refer to company may be placed on the exclusion list. chapter Investing in the Funds for further information) as it The detailed Responsible Investment Policy and the Corporate continuously invests at least 50% of total assets in equities Exclusion List are available at nordea.lu‌ . (“Kapitalbeteiligungen”) as defined within the German Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 38 Implementation of the ESG strategy Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the The Paris-aligned fossil fuel screening and other exclusions sustainability risk of the fund. Conversely, such exclusions may filters apply to all direct investments of the fund. increase the concentration risk of the fund which could-seen The fund may use derivatives and other techniques for the in isolation – result in higher volatility and a greater risk of purposes described in the ‘Derivatives and techniques’ loss. section. Any such holdings are not in scope of the ESG criteria. See Sustainability Risk Integration applicable to all funds. NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- Please refer to nordea.lu‌ for more fund-specific information. financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please Sustainability risks are included in the investment decision refer to the ‘Investment Objective and Policy’ section for process together with traditional financial factors, such as further information. risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 39 Nordea 1 — Global Stable Equity Fund — Euro Hedged

Investment Objective and Policy (“Kapitalbeteiligungen”) as defined within the German Investment Tax Act. Objective To provide shareholders with investment growth in the long term. SFDR related information Benchmark 70% MSCI World Index (Net Return) hedged The fund applies baseline ESG safeguards (see Baseline ESG to EUR and 30% EURIBOR 1M. For performance comparison safeguards applicable to all funds within the Responsible only. Risk characteristics of the fund’s portfolio may bear Investment Policy) and is promoting ESG characteristics as some resemblance to those of the benchmark. MSCI per Article 8 of the SFDR. World Index (Net Return) hedged to EUR and MSCI World Minimum Volatility Index (Net Return) hedged to EUR for risk Environmental and/or social characteristics comparison only. Risk characteristics of the fund’s portfolio The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. will bear some resemblance to those of the benchmarks. Enhanced exclusion filters are applied to the portfolio Investment policy The fund mainly invests in equities of construction process to restrict investments in companies and companies from anywhere in the world. issuers with significant exposure to certain activities deemed Specifically, the fund invests at least 75% of total assets in to be damaging for the environment and/or the society at equities and equity-related securities. large, including tobacco companies and fossil fuel companies. The fund may be exposed (through investments or cash) to Active ownership and engagement are key components in other currencies than the base currency. At least 90% of the seeking to influence companies’ behaviour. fund’s portfolio currency exposure is hedged to the base Policy to assess good governance currency. An evaluation of the quality of governance is an integral Derivatives and techniques The fund may use derivatives part of the assessment of potential investments. The and other techniques for hedging (reducing risks), efficient governance assessment considers accountability, protection portfolio management and to seek investment gains. of shareholder/bondholder rights and long-term sustainable Strategy In actively managing the fund’s portfolio, the value creation. management team selects companies that appear to offer ESG strategy superior growth prospects and investment characteristics. Investment manager(s) Nordea Investment The strategy ensures that applied exclusion filters are Management AB. reflected in the investment universe. Base currency EUR. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Risk Considerations services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Read the “Risk Descriptions” section carefully before investing strategy that aligns with the Paris agreement. in the fund, with special attention to the following: The inherent limitations on the investment universe resulting • Derivatives • Hedging from the strategy are monitored and controlled on a regular • Equity basis. Global exposure calculation Commitment. NAM’s Responsible Investment Policy Investor Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Suitability The fund is suitable for all types of investors Responsible Investment Policy which bans investments through all distribution channels. in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 5 years. exceeding a predefined threshold. The fund may appeal to investors who: Based on regular screenings, NAM’s Responsible Investment • are looking for investment growth with minimised currency Committee instigates appropriate action for any company risk in the base currency that is allegedly involved in breaches of, or controversies • are interested in exposure to global equity markets around, international laws and norms. If engagement fails or is deemed futile, investments may be put on hold or the The fund intends to qualify as an “equity fund” in accordance company may be placed on the exclusion list. with the German Investment Tax Act (please refer to chapter Investing in the Funds for further information) as it The detailed Responsible Investment Policy and the Corporate continuously invests at least 50% of total assets in equities Exclusion List are available at nordea.lu‌ .

March 2021 Prospectus Nordea 1 SICAV 40 Implementation of the ESG strategy Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the The Paris-aligned fossil fuel screening and other exclusions sustainability risk of the fund. Conversely, such exclusions may filters apply to all direct investments of the fund. increase the concentration risk of the fund which could-seen The fund may use derivatives and other techniques for the in isolation – result in higher volatility and a greater risk of purposes described in the ‘Derivatives and techniques’ loss. section. Any such holdings are not in scope of the ESG criteria. See Sustainability Risk Integration applicable to all funds. NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- Please refer to nordea.lu‌ for more fund-specific information. financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please Sustainability risks are included in the investment decision refer to the ‘Investment Objective and Policy’ section for process together with traditional financial factors, such as further information. risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 41 Nordea 1 — Global Stars Equity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI ACWI Index (Net Return). For performance Investment Policy) and is promoting ESG characteristics as comparison only. Risk characteristics of the fund’s portfolio per Article 8 of the SFDR. may bear some resemblance to those of the benchmark. Environmental and/or social characteristics

Investment policy The fund mainly invests in equities of The fund invests in companies that have been analysed companies from anywhere in the world. and scored in NAM proprietary ESG model to ensure that Specifically, the fund invests at least 75% of total assets in only securities issued by companies that meet the minimum equities and equity-related securities. required ESG score for the fund are eligible for inclusion. The fund will be exposed (through investments or cash) to The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. other currencies than the base currency. Enhanced exclusion filters are applied to the portfolio Derivatives and techniques The fund may use derivatives construction process to restrict investments in companies and and other techniques for hedging (reducing risks), efficient issuers with significant exposure to certain activities deemed portfolio management and to seek investment gains. to be damaging for the environment and/or the society at large, including tobacco companies and fossil fuel companies. Strategy In actively managing the fund’s portfolio, the management team selects companies with a particular focus Active ownership Is a key component In seeking to influence on their ability to comply with international standards for companies’ behaviour. environmental, social and corporate governance, and to offer Policy to assess good governance superior growth prospects and investment characteristics. An evaluation of the quality of governance is an integral part Investment manager(s) Nordea Investment of the assessment of potential investments. The governance Management AB. assessment is part of NAM’s proprietary ESG scoring model, Base currency USD. and it is performed on a global best practice standard that considers accountability, protection of shareholders/ Risk Considerations bondholder rights and long-term sustainable value creation.

Read the “Risk Descriptions” section carefully before investing ESG strategy in the fund, with special attention to the following: The fund invests according to the Stars investment strategy • Currency • Equity which includes a commitment to apply the NAM proprietary • Depositary receipt • Securities handling ESG model to analyse and select investments that epitomize • Derivatives • Taxation the ESG characteristics of the fund. Emerging and frontier • The analysis is performed via an enhanced due diligence on markets material ESG issues relevant to the company and considers Global exposure calculation Commitment. how companies manage their ESG risks. Furthermore, each company’s business model alignment with Investor Considerations the UN SDGs is taken into consideration. Suitability The fund is suitable for all types of investors Depending on the outcome of the analysis, the company through all distribution channels. will be assigned an ESG score from C to A. NAM applies a Investor profile Investors who understand the risks of the minimum ESG score requirement for inclusion in Stars funds. fund and plan to invest for at least 5 years. Stars eligible investments must have an ESG score of B or A. The fund may appeal to investors who: ESG scores are reassessed regularly. Any breach of • are looking for investment growth with a responsible international norms or severe company specific events will investment approach trigger an ad hoc reassessment of the ESG score. • are interested in exposure to global equity markets NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for The fund intends to qualify as an “equity fund” in accordance companies’ exposure to fossil fuel production, distribution and with the German Investment Tax Act (please refer to services and excludes companies that are involved beyond chapter Investing in the Funds for further information) as it these thresholds if they do not have a documented transition continuously invests at least 50% of total assets in equities strategy that aligns with the Paris agreement. (“Kapitalbeteiligungen”) as defined within the German Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 42 The inherent limitations on the investment universe resulting NAM conducts a thorough due diligence on external data from the investment strategy are monitored and controlled on vendors to clarify applied methodologies and verify data a regular basis. quality. However, as the regulation and standards of non- NAM’s Responsible Investment Policy financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller A NAM level overlay of norms-based screening and exclusion companies and less developed markets. list is deployed as Baseline safeguards through NAM’s Sustainability risk integration Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear In addition to the process for Sustainability Risk Integration weapons and companies with exposure to coal mining applicable to all funds an enhanced analysis on ESG issues exceeding a predefined threshold. is performed on each financial instrument in the portfolio, and Based on regular screenings, NAM’s Responsible Investment included in the investment decision process together with Committee instigates appropriate action for any company traditional financial factors, such as risk and valuation metrics, that is allegedly involved in breaches of, or controversies when building and monitoring portfolios. around, international laws and norms. If engagement fails Exclusions of certain sectors and/or financial instruments or is deemed futile, investments may be put on hold or the from the investable universe are expected to reduce the company may be placed on the exclusion list. sustainability risk of the fund. In addition, the sustainability The detailed Responsible Investment Policy and the Corporate risk profile of the fund benefits further from the application of Exclusion List are accessible via nordea.lu‌ . specific, proprietary ESG analysis. Conversely, such exclusions may increase the concentration risk of the fund which could – Implementation of the ESG strategy seen in isolation – result in higher volatility and a greater risk Direct investments must meet the ESG score requirements for of loss. a Stars fund. More fund specific information

The Paris aligned fossil fuel screening and other exclusions Please refer to nordea.lu‌ for more fund-specific information. filters apply to all direct investments of the fund. Reference benchmark and alignment with the The fund may use derivatives and other techniques for the sustainability profile of the fund purposes described in the ‘Derivatives and techniques’ section. Any such holdings are not in scope of the non- The fund uses a benchmark which is not aligned with the financial criteria. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for Potential investments for which there is not sufficient data further information. available to conduct the ESG analysis are not eligible for inclusion in the fund’s investment universe.

March 2021 Prospectus Nordea 1 SICAV 43 Nordea 1 — Indian Equity Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark MSCI India 10/40 Index (Net Return). For Investor profile Investors who understand the risks of the performance comparison only Risk characteristics of the fund and plan to invest for at least 5 years. fund’s portfolio may bear some resemblance to those of the The fund may appeal to investors who: benchmark. • are looking for investment growth Investment policy The fund mainly invests in equities of • are interested in exposure to emerging equity markets Indian companies. The fund intends to qualify as an “equity fund” in accordance Specifically, the fund invests at least 75% of total assets in with the German Investment Tax Act (please refer to equities and equity-related securities issued by companies chapter Investing in the Funds for further information) as it that are domiciled, or conduct the majority of their business, continuously invests at least 50% of total assets in equities in India. (“Kapitalbeteiligungen”) as defined within the German The fund may be exposed (through investments or cash) to Investment Tax Act. other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The fund applies baseline ESG safeguards, in line with portfolio management and to seek investment gains. Article 6 of the SFDR. Strategy In actively managing the fund’s portfolio, the Baseline ESG safeguards management team selects companies that appear to offer See Baseline ESG safeguards applicable to all funds within superior growth prospects and investment characteristics. the Responsible Investment Policy. Investment manager(s) Nordea Investment Sustainability risk integration Management AB. Investment advisor(s) ICICI Prudential Asset Management Sustainability risks are included in the investment decision Company Ltd. process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring Base currency USD. portfolios. Risk Considerations Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the Read the “Risk Descriptions” section carefully before investing sustainability risk of the fund. Conversely, such exclusions may in the fund, with special attention to the following: increase the concentration risk of the fund which could-seen • Concentration • Emerging and frontier in isolation – result in higher volatility and a greater risk of • Currency markets loss. • Depositary receipt • Equity See Sustainability Risk Integration applicable to all funds. • Derivatives • Securities handling • Taxation Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 44 Nordea 1 — Latin American Equity Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark MSCI EM Latin America 10/40 Index (Net Investor profile Investors who understand the risks of the Return). For performance comparison only. Risk characteristics fund and plan to invest for at least 5 years. of the fund’s portfolio may bear some resemblance to those of The fund may appeal to investors who: the benchmark. • are looking for investment growth Investment policy The fund mainly invests in equities of • are interested in exposure to emerging equity markets Latin American companies. The fund intends to qualify as an “equity fund” in accordance Specifically, the fund invests at least 75% of total assets in with the German Investment Tax Act (please refer to equities and equity-related securities issued by companies chapter Investing in the Funds for further information) as it that are domiciled, or conduct the majority of their business, in continuously invests at least 50% of total assets in equities Latin America. (“Kapitalbeteiligungen”) as defined within the German The fund will be exposed (through investments or cash) to Investment Tax Act. other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The fund applies baseline ESG safeguards, in line with portfolio management and to seek investment gains. Article 6 of the SFDR. Strategy In actively managing the fund’s portfolio, the Baseline ESG safeguards management team selects companies that appear to offer See Baseline ESG safeguards applicable to all funds within superior growth prospects and investment characteristics. the Responsible Investment Policy. Investment manager(s) Nordea Investment Sustainability risk integration Management AB. Sub-investment manager(s) Itaú USA Asset Management Sustainability risks are included in the investment decision Inc. process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring Base currency EUR. portfolios. Risk Considerations Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the Read the “Risk Descriptions” section carefully before investing sustainability risk of the fund. Conversely, such exclusions may in the fund, with special attention to the following: increase the concentration risk of the fund which could-seen • Currency • Equity in isolation – result in higher volatility and a greater risk of • Depositary receipt • Securities handling loss. • Derivatives • Taxation See Sustainability Risk Integration applicable to all funds. • Emerging and frontier markets Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 45 Nordea 1 — Nordic Equity Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark MSCI Nordic 10/40 Index (Net Return). For Investor profile Investors who understand the risks of the performance comparison only. Risk characteristics of the fund and plan to invest for at least 5 years. fund’s portfolio may bear some resemblance to those of the The fund may appeal to investors who: benchmark. • are looking for investment growth Investment policy The fund mainly invests in equities of • are interested in exposure to developed equity markets Nordic companies. The fund intends to qualify as an “equity fund” in accordance Specifically, the fund invests at least 75% of total assets in with the German Investment Tax Act (please refer to equities and equity-related securities issued by companies chapter Investing in the Funds for further information) as it that are domiciled, or conduct the majority of their business, in continuously invests at least 50% of total assets in equities the Nordic region. (“Kapitalbeteiligungen”) as defined within the German The fund will be exposed (through investments or cash) to Investment Tax Act. other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The fund applies baseline ESG safeguards, in line with portfolio management and to seek investment gains. Article 6 of the SFDR. Strategy In actively managing the fund’s portfolio, the Baseline ESG safeguards management team selects companies that appear to offer See Baseline ESG safeguards applicable to all funds within superior growth prospects and investment characteristics. the Responsible Investment Policy. Investment manager(s) Nordea Investment Sustainability risk integration Management AB. Base currency EUR. Sustainability risks are included in the investment decision process together with traditional financial factors, such as Risk Considerations risk and valuation metrics, when building and monitoring portfolios. Read the “Risk Descriptions” section carefully before investing Exclusions of certain sectors and/or financial instruments in the fund, with special attention to the following: from the investable universe are expected to reduce the • Currency • Equity sustainability risk of the fund. Conversely, such exclusions may • Derivatives increase the concentration risk of the fund which could-seen Global exposure calculation Commitment. in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 46 Nordea 1 — Nordic Equity Small Cap Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark Carnegie Small CSX Return Nordic. For Investment Policy) and is promoting ESG characteristics as performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund invests within an investment universe that generally Investment policy The fund mainly invests in small exhibits a high level of ESG performance across constituents. capitalisation equities of Nordic companies. Consequently, the screenings that apply to the strategy have Specifically, the fund invests at least 75% of total assets in limited impact on the investment universe and the actual equities and equity-related securities issued by companies investments of the fund, and only serve as an insurance that that are domiciled, or conduct the majority of their business, in underlying investments consistently represent the expected the Nordic region and whose market capitalisation (at the time ESG characteristics of the asset class. of purchase) is 0.50% or less of the total market capitalisation The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. of the Nordic stock exchanges, including those in Copenhagen, Enhanced exclusion filters are applied to the portfolio Helsinki, Oslo, Reykjavik and Stockholm. construction process to restrict investments in companies and The fund will be exposed (through investments or cash) to issuers with significant exposure to certain activities deemed other currencies than the base currency. to be damaging for the environment and/or the society at Derivatives and techniques The fund may use derivatives large, including tobacco companies and fossil fuel companies. and other techniques for hedging (reducing risks), efficient Active ownership and engagement are key components in portfolio management and to seek investment gains. seeking to influence companies’ behaviour. Strategy In actively managing the fund’s portfolio, the Policy to assess good governance management team selects companies that appear to offer superior growth prospects and investment characteristics. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Investment manager(s) Nordea Investment governance assessment considers accountability, protection Management AB. of shareholder/bondholder rights and long-term sustainable Base currency EUR. value creation. ESG strategy Risk Considerations The strategy ensures that applied exclusion filters are Read the “Risk Descriptions” section carefully before investing reflected in the investment universe. in the fund, with special attention to the following: NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Currency Equity • • companies’ exposure to fossil fuel production, distribution and Derivatives Small and mid-cap equity • • services and excludes companies that are involved beyond Global exposure calculation Commitment. these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. Investor Considerations The inherent limitations on the investment universe resulting Suitability The fund is suitable for all types of investors from the strategy are monitored and controlled on a regular through all distribution channels. basis. Investor profile Investors who understand the risks of the NAM’s Responsible Investment Policy fund and plan to invest for at least 5 years. A NAM level overlay of norms-based screening and exclusion The fund may appeal to investors who: list is deployed as Baseline safeguards through NAM’s • are looking for investment growth Responsible Investment Policy which bans investments • are interested in exposure to developed equity markets in companies active in the production of illegal or nuclear The fund intends to qualify as an “equity fund” in accordance weapons and companies with exposure to coal mining with the German Investment Tax Act (please refer to exceeding a predefined threshold. chapter Investing in the Funds for further information) as it Based on regular screenings, NAM’s Responsible Investment continuously invests at least 50% of total assets in equities Committee instigates appropriate action for any company (“Kapitalbeteiligungen”) as defined within the German that is allegedly involved in breaches of, or controversies Investment Tax Act. around, international laws and norms. If engagement fails

March 2021 Prospectus Nordea 1 SICAV 47 or is deemed futile, investments may be put on hold or the Exclusions of certain sectors and/or financial instruments company may be placed on the exclusion list. from the investable universe are expected to reduce the The detailed Responsible Investment Policy and the Corporate sustainability risk of the fund. Conversely, such exclusions may Exclusion List are available at nordea.lu‌ . increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of Implementation of the ESG strategy loss. The Paris-aligned fossil fuel screening and other exclusions See Sustainability Risk Integration applicable to all funds. filters apply to all direct investments of the fund. More fund specific information The fund may use derivatives and other techniques for the purposes described in the ‘Derivatives and techniques’ Please refer to nordea.lu‌ for more fund-specific information. section. Any such holdings are not in scope of the ESG criteria. Reference benchmark and alignment with the NAM conducts a thorough due diligence on external data sustainability profile of the fund vendors to clarify applied methodologies and verify data The fund uses a benchmark which is not aligned with the quality. However, as the regulation and standards of non- environmental and social characteristics of the fund. Please financial reporting is rapidly developing, data quality, coverage refer to the ‘Investment Objective and Policy’ section for and accessibility remains challenging – especially for smaller further information. companies and less developed markets. Sustainability risk integration

Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 48 Nordea 1 — Nordic Ideas Equity Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark MSCI Nordic 10/40 Index (Net Return). For Investor profile Investors who understand the risks of the performance comparison only. Risk characteristics of the fund and plan to invest for at least 5 years. fund’s portfolio may bear some resemblance to those of the The fund may appeal to investors who: benchmark. • are looking for investment growth Investment policy The fund mainly invests in equities of • are interested in exposure to developed equity markets Nordic companies. The fund intends to qualify as an “equity fund” in accordance Specifically, the fund invests at least 75% of total assets in with the German Investment Tax Act (please refer to equities and equity-related securities issued by companies chapter Investing in the Funds for further information) as it that are domiciled, or conduct the majority of their business, in continuously invests at least 50% of total assets in equities the Nordic region. (“Kapitalbeteiligungen”) as defined within the German The fund will be exposed (through investments or cash) to Investment Tax Act. other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The fund applies baseline ESG safeguards, in line with portfolio management and to seek investment gains. Article 6 of the SFDR. Strategy In actively managing the fund’s portfolio, the Baseline ESG safeguards management team selects companies that appear to offer See Baseline ESG safeguards applicable to all funds within superior growth prospects and investment characteristics. the Responsible Investment Policy. Investment manager(s) Nordea Investment Sustainability risk integration Management AB. Base currency EUR. Sustainability risks are included in the investment decision process together with traditional financial factors, such as Risk Considerations risk and valuation metrics, when building and monitoring portfolios. Read the “Risk Descriptions” section carefully before investing Exclusions of certain sectors and/or financial instruments in the fund, with special attention to the following: from the investable universe are expected to reduce the • Concentration • Derivatives sustainability risk of the fund. Conversely, such exclusions may • Currency • Equity increase the concentration risk of the fund which could-seen Global exposure calculation Commitment. in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 49 Nordea 1 — Nordic Stars Equity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark MSCI Nordic 10/40 Index (Net Return). For Investment Policy) and is promoting ESG characteristics as performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund invests in companies that have been analysed Investment policy The fund mainly invests in equities of and scored in NAM proprietary ESG model to ensure that Nordic companies. only securities issued by companies that meet the minimum Specifically, the fund invests at least 75% of total assets in required ESG score for the fund are eligible for inclusion. equities and equity-related securities issued by companies The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. that are domiciled, or conduct the majority of their business, in Enhanced exclusion filters are applied to the portfolio the Nordic region. construction process to restrict investments in companies and The fund will be exposed (through investments or cash) to issuers with significant exposure to certain activities deemed other currencies than the base currency. to be damaging for the environment and/or the society at Derivatives and techniques The fund may use derivatives large, including tobacco companies and fossil fuel companies. and other techniques for hedging (reducing risks), efficient Active ownership Is a key component In seeking to influence portfolio management and to seek investment gains. companies’ behaviour. Strategy In actively managing the fund’s portfolio, the Policy to assess good governance management team selects companies with a particular focus on their ability to comply with international standards for An evaluation of the quality of governance is an integral part environmental, social and corporate governance, and to offer of the assessment of potential investments. The governance superior growth prospects and investment characteristics. assessment is part of NAM’s proprietary ESG scoring model, and it is performed on a global best practice standard Investment manager(s) Nordea Investment that considers accountability, protection of shareholders/ Management AB. bondholder rights and long-term sustainable value creation. Base currency EUR. ESG strategy Risk Considerations The fund invests according to the Stars investment strategy which includes a commitment to apply the NAM proprietary Read the “Risk Descriptions” section carefully before investing ESG model to analyse and select investments that epitomize in the fund, with special attention to the following: the ESG characteristics of the fund. Currency Equity • • The analysis is performed via an enhanced due diligence on Derivatives • material ESG issues relevant to the company and considers Global exposure calculation Commitment. how companies manage their ESG risks. Furthermore, each company’s business model alignment with Investor Considerations the UN SDGs is taken into consideration. Suitability The fund is suitable for all types of investors Depending on the outcome of the analysis, the company through all distribution channels. will be assigned an ESG score from C to A. NAM applies a Investor profile Investors who understand the risks of the minimum ESG score requirement for inclusion in Stars funds. fund and plan to invest for at least 5 years. Stars eligible investments must have an ESG score of B or A. The fund may appeal to investors who: ESG scores are reassessed regularly. Any breach of • are looking for investment growth with a responsible international norms or severe company specific events will investment approach trigger an ad hoc reassessment of the ESG score. • are interested in exposure to developed equity markets NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for The fund intends to qualify as an “equity fund” in accordance companies’ exposure to fossil fuel production, distribution and with the German Investment Tax Act (please refer to services and excludes companies that are involved beyond chapter Investing in the Funds for further information) as it these thresholds if they do not have a documented transition continuously invests at least 50% of total assets in equities strategy that aligns with the Paris agreement. (“Kapitalbeteiligungen”) as defined within the German Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 50 The inherent limitations on the investment universe resulting NAM conducts a thorough due diligence on external data from the investment strategy are monitored and controlled on vendors to clarify applied methodologies and verify data a regular basis. quality. However, as the regulation and standards of non- NAM’s Responsible Investment Policy financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller A NAM level overlay of norms-based screening and exclusion companies and less developed markets. list is deployed as Baseline safeguards through NAM’s Sustainability risk integration Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear In addition to the process for Sustainability Risk Integration weapons and companies with exposure to coal mining applicable to all funds an enhanced analysis on ESG issues exceeding a predefined threshold. is performed on each financial instrument in the portfolio, and Based on regular screenings, NAM’s Responsible Investment included in the investment decision process together with Committee instigates appropriate action for any company traditional financial factors, such as risk and valuation metrics, that is allegedly involved in breaches of, or controversies when building and monitoring portfolios. around, international laws and norms. If engagement fails Exclusions of certain sectors and/or financial instruments or is deemed futile, investments may be put on hold or the from the investable universe are expected to reduce the company may be placed on the exclusion list. sustainability risk of the fund. In addition, the sustainability The detailed Responsible Investment Policy and the Corporate risk profile of the fund benefits further from the application of Exclusion List are accessible via nordea.lu‌ . specific, proprietary ESG analysis. Conversely, such exclusions may increase the concentration risk of the fund which could – Implementation of the ESG strategy seen in isolation – result in higher volatility and a greater risk Direct investments must meet the ESG score requirements for of loss. a Stars fund. More fund specific information

The Paris aligned fossil fuel screening and other exclusions Please refer to nordea.lu‌ for more fund-specific information. filters apply to all direct investments of the fund. Reference benchmark and alignment with the The fund may use derivatives and other techniques for the sustainability profile of the fund purposes described in the ‘Derivatives and techniques’ section. Any such holdings are not in scope of the non- The fund uses a benchmark which is not aligned with the financial criteria. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for Potential investments for which there is not sufficient data further information. available to conduct the ESG analysis are not eligible for inclusion in the fund’s investment universe.

March 2021 Prospectus Nordea 1 SICAV 51 Nordea 1 — North American Small Cap Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark Russell 2000 Value Index (Net Return). For Investor profile Investors who understand the risks of the performance comparison only. Risk characteristics of the fund and plan to invest for at least 5 years. fund’s portfolio may bear some resemblance to those of the The fund may appeal to investors who: benchmark. • are looking for investment growth Investment policy The fund mainly invests in small • are interested in exposure to developed equity markets capitalisation equities of North American companies. The fund intends to qualify as an “equity fund” in accordance Specifically, the fund invests at least 75% of total assets in with the German Investment Tax Act (please refer to equities and equity-related securities issued by companies chapter Investing in the Funds for further information) as it that are domiciled, or conduct the majority of their business, in continuously invests at least 50% of total assets in equities North America and whose market capitalisation (at the time of (“Kapitalbeteiligungen”) as defined within the German purchase) is between USD 50 million and USD 10 billion. Investment Tax Act. The fund may be exposed (through investments or cash) to other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives The fund applies baseline ESG safeguards, in line with and other techniques for hedging (reducing risks), efficient Article 6 of the SFDR. portfolio management and to seek investment gains. Baseline ESG safeguards Strategy In actively managing the fund’s portfolio, the See Baseline ESG safeguards applicable to all funds within management team selects companies that appear to offer the Responsible Investment Policy. superior growth prospects and investment characteristics. Sustainability risk integration Investment manager(s) Nordea Investment Management AB. Sustainability risks are included in the investment decision Sub-investment manager(s) River Road Asset process together with traditional financial factors, such as Management LLC. risk and valuation metrics, when building and monitoring portfolios. Base currency USD. Exclusions of certain sectors and/or financial instruments Risk Considerations from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may Read the “Risk Descriptions” section carefully before investing increase the concentration risk of the fund which could-seen in the fund, with special attention to the following: in isolation – result in higher volatility and a greater risk of • Derivatives • Small and mid-cap equity loss. • Equity See Sustainability Risk Integration applicable to all funds. Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 52 Nordea 1 — North American Stars Equity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark Russell 3000 Index (Net Return). For Investment Policy) and is promoting ESG characteristics as performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund invests in companies that have been analysed Investment policy The fund mainly invests in equities of and scored in NAM proprietary ESG model to ensure that North American companies. only securities issued by companies that meet the minimum Specifically, the fund invests at least 75% of total assets in required ESG score for the fund are eligible for inclusion. equities and equity-related securities issued by companies The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. that are domiciled, or conduct the majority of their business, in Enhanced exclusion filters are applied to the portfolio North America. construction process to restrict investments in companies and The fund may be exposed (through investments or cash) to issuers with significant exposure to certain activities deemed other currencies than the base currency. to be damaging for the environment and/or the society at Derivatives and techniques The fund may use derivatives large, including tobacco companies and fossil fuel companies. and other techniques for hedging (reducing risks), efficient Active ownership Is a key component In seeking to influence portfolio management and to seek investment gains. companies’ behaviour. Strategy In actively managing the fund’s portfolio, the Policy to assess good governance management team selects companies with a particular focus on their ability to comply with international standards for An evaluation of the quality of governance is an integral part environmental, social and corporate governance, and to offer of the assessment of potential investments. The governance superior growth prospects and investment characteristics. assessment is part of NAM’s proprietary ESG scoring model, and it is performed on a global best practice standard Investment manager(s) Nordea Investment that considers accountability, protection of shareholders/ Management AB. bondholder rights and long-term sustainable value creation. Base currency USD. ESG strategy Risk Considerations The fund invests according to the Stars investment strategy which includes a commitment to apply the NAM proprietary Read the “Risk Descriptions” section carefully before investing ESG model to analyse and select investments that epitomize in the fund, with special attention to the following: the ESG characteristics of the fund. Derivatives Equity • • The analysis is performed via an enhanced due diligence on Global exposure calculation Commitment. material ESG issues relevant to the company and considers how companies manage their ESG risks. Investor Considerations Furthermore, each company’s business model alignment with Suitability The fund is suitable for all types of investors the UN SDGs is taken into consideration. through all distribution channels. Depending on the outcome of the analysis, the company Investor profile Investors who understand the risks of the will be assigned an ESG score from C to A. NAM applies a fund and plan to invest for at least 5 years. minimum ESG score requirement for inclusion in Stars funds. Stars eligible investments must have an ESG score of B or A. The fund may appeal to investors who: • are looking for investment growth with a responsible ESG scores are reassessed regularly. Any breach of investment approach international norms or severe company specific events will • are interested in exposure to developed equity markets trigger an ad hoc reassessment of the ESG score. The fund intends to qualify as an “equity fund” in accordance NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for with the German Investment Tax Act (please refer to companies’ exposure to fossil fuel production, distribution and chapter Investing in the Funds for further information) as it services and excludes companies that are involved beyond continuously invests at least 50% of total assets in equities these thresholds if they do not have a documented transition (“Kapitalbeteiligungen”) as defined within the German strategy that aligns with the Paris agreement. Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 53 The inherent limitations on the investment universe resulting NAM conducts a thorough due diligence on external data from the investment strategy are monitored and controlled on vendors to clarify applied methodologies and verify data a regular basis. quality. However, as the regulation and standards of non- NAM’s Responsible Investment Policy financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller A NAM level overlay of norms-based screening and exclusion companies and less developed markets. list is deployed as Baseline safeguards through NAM’s Sustainability risk integration Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear In addition to the process for Sustainability Risk Integration weapons and companies with exposure to coal mining applicable to all funds. an enhanced analysis on ESG issues exceeding a predefined threshold. is performed on each financial instrument in the portfolio, and Based on regular screenings, NAM’s Responsible Investment included in the investment decision process together with Committee instigates appropriate action for any company traditional financial factors, such as risk and valuation metrics, that is allegedly involved in breaches of, or controversies when building and monitoring portfolios. around, international laws and norms. If engagement fails Exclusions of certain sectors and/or financial instruments or is deemed futile, investments may be put on hold or the from the investable universe are expected to reduce the company may be placed on the exclusion list. sustainability risk of the fund. In addition, the sustainability The detailed Responsible Investment Policy and the Corporate risk profile of the fund benefits further from the application of Exclusion List are accessible via nordea.lu‌ . specific, proprietary ESG analysis. Conversely, such exclusions may increase the concentration risk of the fund which could – Implementation of the ESG strategy seen in isolation – result in higher volatility and a greater risk Direct investments must meet the ESG score requirements for of loss. a Stars fund. More fund specific information

The Paris aligned fossil fuel screening and other exclusions Please refer to nordea.lu‌ for more fund-specific information. filters apply to all direct investments of the fund. Reference benchmark and alignment with the The fund may use derivatives and other techniques for the sustainability profile of the fund purposes described in the ‘Derivatives and techniques’ section. Any such holdings are not in scope of the non- The fund uses a benchmark which is not aligned with the financial criteria. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for Potential investments for which there is not sufficient data further information. available to conduct the ESG analysis are not eligible for inclusion in the fund’s investment universe.

March 2021 Prospectus Nordea 1 SICAV 54 Nordea 1 — North American Value Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark Russell 3000 Value Index (Net Return). For Investor profile Investors who understand the risks of the performance comparison only. Risk characteristics of the fund and plan to invest for at least 5 years. fund’s portfolio may bear some resemblance to those of the The fund may appeal to investors who: benchmark. • are looking for investment growth Investment policy The fund mainly invests in equities of • are interested in exposure to developed equity markets North American companies. The fund intends to qualify as an “equity fund” in accordance Specifically, the fund invests at least 75% of total assets in with the German Investment Tax Act (please refer to equities and equity-related securities issued by companies chapter Investing in the Funds for further information) as it that are domiciled, or conduct the majority of their business, in continuously invests at least 50% of total assets in equities North America. (“Kapitalbeteiligungen”) as defined within the German The fund may be exposed (through investments or cash) to Investment Tax Act. other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks) and efficient The fund applies baseline ESG safeguards, in line with portfolio management and to seek investment gains. Article 6 of the SFDR. Strategy In actively managing the fund’s portfolio, the Baseline ESG safeguards management team selects companies that appear to offer See Baseline ESG safeguards applicable to all funds within superior growth prospects and investment characteristics. the Responsible Investment Policy. Investment manager(s) Nordea Investment Sustainability risk integration Management AB. Sub-Investment manager(s) River Road Asset Sustainability risks are included in the investment decision Management LLC. process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring Base currency USD. portfolios. Risk Considerations Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the Read the “Risk Descriptions” section carefully before investing sustainability risk of the fund. Conversely, such exclusions may in the fund, with special attention to the following: increase the concentration risk of the fund which could-seen • Derivatives • Concentration in isolation – result in higher volatility and a greater risk of • Equity loss. Global exposure calculation Commitment. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 55 Nordea 1 — Norwegian Equity Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the long term. safeguards applicable to all funds within the Responsible Benchmark Oslo Exchange Mutual Fund Index – Total Investment Policy) and is promoting ESG characteristics as Return. For performance comparison only. Risk characteristics per Article 8 of the SFDR. of the fund’s portfolio may bear some resemblance to those of Environmental and/or social characteristics the benchmark. Enhanced exclusion filters are applied to the portfolio Investment policy The fund mainly invests in equities of construction process to restrict investments in companies and Norwegian companies. issuers with significant exposure to certain activities deemed Specifically, the fund invests at least 75% of total assets in to be damaging for the environment and/or the society at equities and equity-related securities issued by companies large, including tobacco companies and fossil fuel companies. that are domiciled, or publicly listed, or conduct the majority of Active ownership and engagement are key components in their business, in Norway. seeking to influence companies’ behaviour. The fund may be exposed (through investments or cash) to Policy to assess good governance other currencies than the base currency. An evaluation of the quality of governance is an integral Derivatives and techniques The fund may use derivatives part of the assessment of potential investments. The and other techniques for hedging (reducing risks), efficient governance assessment considers accountability, protection portfolio management and to seek investment gains. of shareholder/bondholder rights and long-term sustainable Strategy In actively managing the fund’s portfolio, the value creation. management team selects companies that appear to offer ESG strategy superior growth prospects and investment characteristics. The strategy ensures that applied exclusion filters are Investment manager(s) Nordea Investment reflected in the investment universe. Management AB. The inherent limitations on the investment universe resulting Base currency NOK. from the strategy are monitored and controlled on a regular basis. Risk Considerations NAM’s Responsible Investment Policy Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: A NAM level overlay of norms-based screening and exclusion • Concentration • Derivatives list is deployed as Baseline safeguards through NAM’s • Currency • Equity Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Global exposure calculation Commitment. weapons and companies with exposure to coal mining exceeding a predefined threshold. Investor Considerations Based on regular screenings, NAM’s Responsible Investment Suitability The fund is suitable for all types of investors Committee instigates appropriate action for any company through all distribution channels. that is allegedly involved in breaches of, or controversies Investor profile Investors who understand the risks of the around, international laws and norms. If engagement fails fund and plan to invest for at least 5 years. or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list. The fund may appeal to investors who: • are looking for investment growth The detailed Responsible Investment Policy and the Corporate • are interested in exposure to developed equity markets Exclusion List are available at nordea.lu‌ . The fund intends to qualify as an “equity fund” in accordance Implementation of the ESG strategy with the German Investment Tax Act (please refer to Exclusions filters apply to all direct investments of the fund. chapter Investing in the Funds for further information) as it The fund may use derivatives and other techniques for the continuously invests at least 50% of total assets in equities purposes described in the ‘Derivatives and techniques’ (“Kapitalbeteiligungen”) as defined within the German section. Any such holdings are not in scope of the ESG criteria. Investment Tax Act.

March 2021 Prospectus Nordea 1 SICAV 56 NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data Please refer to nordea.lu‌ for more fund-specific information. quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for Sustainability risks are included in the investment decision further information. process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios. Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 57 Nordea 1 — Stable Emerging Markets Equity Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term. through all distribution channels. Benchmark 80% MSCI Emerging Markets Index (Net Investor profile Investors who understand the risks of the Return) and 20% ICE 1 Month USD LIBOR (FX adjusted). fund and plan to invest for at least 5 years. For performance comparison only. Risk characteristics of The fund may appeal to investors who: the fund’s portfolio may bear some resemblance to those of • are looking for investment growth the benchmark. MSCI Emerging Markets Index (Net Return) • are interested in exposure to emerging equity markets and MSCI Emerging Markets Minimum Volatility Index (Net Return) for risk comparison only. Risk characteristics of the The fund intends to qualify as an “equity fund” in accordance fund’s portfolio will bear some resemblance to those of the with the German Investment Tax Act (please refer to benchmarks. chapter Investing in the Funds for further information) as it continuously invests at least 50% of total assets in equities Investment policy The fund mainly invests in equities of (“Kapitalbeteiligungen”) as defined within the German companies in emerging markets. Investment Tax Act. Specifically, the fund invests at least 75% of total assets in equities and equity-related securities issued by companies SFDR related information that are domiciled, or conduct the majority of their business, in emerging markets. The fund applies baseline ESG safeguards, in line with Article 6 of the SFDR. The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated: Baseline ESG safeguards • China A-shares: 25% See Baseline ESG safeguards applicable to all funds within The fund will be exposed (through investments or cash) to the Responsible Investment Policy. other currencies than the base currency. Sustainability risk integration

Derivatives and techniques The fund may use derivatives Sustainability risks are included in the investment decision and other techniques for hedging (reducing risks), efficient process together with traditional financial factors, such as portfolio management and to seek investment gains. risk and valuation metrics, when building and monitoring Strategy In actively managing the fund’s portfolio, the portfolios. management team selects companies that appear to offer Exclusions of certain sectors and/or financial instruments superior growth prospects and investment characteristics. from the investable universe are expected to reduce the Investment manager(s) Nordea Investment sustainability risk of the fund. Conversely, such exclusions may Management AB. increase the concentration risk of the fund which could-seen Base currency USD. in isolation – result in higher volatility and a greater risk of loss. Risk Considerations See Sustainability Risk Integration applicable to all funds.

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • Country risk – China • Emerging and frontier • Currency markets • Depositary receipt • Equity • Derivatives • Securities handling • Taxation Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 58 Nordea 1 — Conservative Fixed Income Fund

Investment Objective and Policy The fund may extensively use financial derivatives to implement the investment policy and achieve its target risk Objective To provide shareholders with moderate returns in profile. excess of cash over an investment cycle. Benchmark EURIBOR 1M. For performance comparison only. Investor Considerations The fund’s portfolio is actively managed without reference or Suitability The fund is suitable for all types of investors constraints relative to its benchmark. through all distribution channels. Investment policy The fund mainly invests, directly or Investor profile Investors who understand the risks of the through derivatives, in bonds, money market instruments and fund and plan to invest for at least 3 years. currencies from anywhere in the world. The fund may appeal to investors who: Specifically, the fund may invest in corporate and government are looking for moderate investment growth debt securities and debt-related securities, inflation-linked • are willing to accept negative investment growth in periods bonds, covered bonds, convertible bonds, money market • are interested in exposure to global bond markets instruments, and UCITS/UCIs, including exchange-traded • funds. The fund may invest in credit default swaps. SFDR related information The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated: The fund applies baseline ESG safeguards, in line with • asset- and mortgage-backed securities (ABSs/MBSs): 20% Article 6 of the SFDR. • defaulted corporate bonds: 5% (as a result of holding Baseline ESG safeguards corporate bonds defaulting. The fund will not invest actively in defaulted corporate bonds) See Baseline ESG safeguards applicable to all funds within • equities: 2.5% (as a result of holding defaulted securities) the Responsible Investment Policy. The fund may be exposed (through investments or cash) to Sustainability risk integration other currencies than the base currency. Sustainability risks are included in the investment decision Derivatives and techniques The fund may use derivatives process together with traditional financial factors, such as and other techniques for hedging (reducing risks), efficient risk and valuation metrics, when building and monitoring portfolio management and to seek investment gains. portfolios. Strategy In actively managing the fund’s portfolio, Exclusions of certain sectors and/or financial instruments the management team applies an unconstrained and from the investable universe are expected to reduce the dynamic asset allocation process to seek to exploit market sustainability risk of the fund. Conversely, such exclusions may opportunities and consider risk, such as changes in interest increase the concentration risk of the fund which could-seen rates and credit spreads. The team selects securities that in isolation – result in higher volatility and a greater risk of appear to offer superior investment opportunities. The team loss. also manages currencies actively. See Sustainability Risk Integration applicable to all funds. Investment manager(s) Nordea Investment Management AB. Base currency EUR.

Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Inflation-linked debt • Convertible securities securities • Covered bonds • Interest rate • Credit • Leverage • Currency • Prepayment and extension • Derivatives Global exposure calculation Absolute VaR. Expected leverage 300%.

March 2021 Prospectus Nordea 1 SICAV 59 Nordea 1 — Danish Covered Bond Fund

Investment Objective and Policy Environmental and/or social characteristics

Objective To provide shareholders with investment growth in The fund invests within an investment universe that generally the medium to long term. exhibits a high level of ESG performance across constituents. Consequently, the screenings that apply to the strategy have Benchmark 75% NDA Govt CM5 and 25% NDA Govt CM3. limited impact on the investment universe and the actual For performance comparison only. Risk characteristics of the investments of the fund, and only serve as an insurance that fund’s portfolio may bear some resemblance to those of the underlying investments consistently represent the expected benchmark. ESG characteristics of the asset class. Investment policy The fund mainly invests in Danish The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. covered bonds. Enhanced exclusion filters are applied to the portfolio Specifically, the fund invests at least two thirds of total assets construction process to restrict investments in companies and in covered bonds that are issued by public authorities, or issuers with significant exposure to certain activities deemed by companies or financial institutions that are domiciled, or to be damaging for the environment and/or the society at conduct the majority of their business, in Denmark. large, including tobacco companies and fossil fuel companies. The fund’s major part of currency exposure is hedged to the Policy to assess good governance base currency, although it may also be exposed (through investments or cash) to other currencies. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Derivatives and techniques The fund may use derivatives governance assessment considers accountability, protection and other techniques for hedging (reducing risks), efficient of shareholder/bondholder rights and long-term sustainable portfolio management and to seek investment gains. value creation. Strategy In actively managing the fund’s portfolio, the ESG strategy management team selects securities that appear to offer superior investment opportunities. The strategy ensures that applied exclusion filters are Investment manager(s) Nordea Investment reflected in the investment universe. Management AB. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Base currency DKK. companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Risk Considerations these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. Read the “Risk Descriptions” section carefully before investing The inherent limitations on the investment universe resulting in the fund, with special attention to the following: from the strategy are monitored and controlled on a regular • Concentration • Interest rate basis. • Covered bond • Prepayment and extension • Derivatives NAM’s Responsible Investment Policy Global exposure calculation Commitment. A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Investor Considerations Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Suitability The fund is suitable for all types of weapons and companies with exposure to coal mining investors through all distribution channels. exceeding a predefined threshold. Investor profile Investors who understand the risks of the Based on regular screenings, NAM’s Responsible Investment fund and plan to invest for at least 3 years. Committee instigates appropriate action for any company The fund may appeal to investors who: that is allegedly involved in breaches of, or controversies • are looking for investment growth around, international laws and norms. If engagement fails • are interested in exposure to developed bond markets or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list. SFDR related information The detailed Responsible Investment Policy and the Corporate Exclusion List are available at nordea.lu‌ . The fund applies baseline ESG safeguards (see Baseline ESG safeguards applicable to all funds within the Responsible Implementation of the ESG strategy Investment Policy) and is promoting ESG characteristics as The Paris-aligned fossil fuel screening and other exclusions per Article 8 of the SFDR. filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 60 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 61 Nordea 1 — Emerging Market Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark JP Morgan Emerging Markets Bond Index Investor profile Investors who understand the risks of the Global Diversified. For performance comparison only. fund and plan to invest for at least 5 years. Risk characteristics of the fund’s portfolio may bear some The fund may appeal to investors who: resemblance to those of the benchmark. • are looking for investment growth Investment policy The fund mainly invests in emerging • are interested in exposure to emerging bond markets market bonds. Specifically, the fund invests at least two thirds of total assets SFDR related information in debt securities that are denominated in hard currencies The fund applies baseline ESG safeguards, in line with (such as USD and EUR). These securities are issued by public Article 6 of the SFDR. authorities, or by companies that are domiciled or conduct the majority of their business, in emerging markets. Baseline ESG safeguards The fund may be exposed (through investments or cash) to See Baseline ESG safeguards applicable to all funds within other currencies than the base currency. the Responsible Investment Policy. Derivatives and techniques The fund may use derivatives Sustainability risk integration and other techniques for hedging (reducing risks), efficient Sustainability risks are included in the investment decision portfolio management and to seek investment gains. process together with traditional financial factors, such as Strategy In actively managing the fund’s portfolio, the risk and valuation metrics, when building and monitoring management team selects securities that appear to offer portfolios. superior investment opportunities. Exclusions of certain sectors and/or financial instruments Investment manager(s) Nordea Investment from the investable universe are expected to reduce the Management AB. sustainability risk of the fund. Conversely, such exclusions may Sub-investment manager(s) PGIM Inc. increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of Base currency USD. loss. Risk Considerations See Sustainability Risk Integration applicable to all funds.

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Interest rate • Credit • Prepayment and extension • Currency • Securities handling • Derivatives • Taxation • Emerging and frontier markets Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 62 Nordea 1 — Emerging Market Bond Opportunities Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark 50% JP EMBI GD (USD) and 50% JP GBI-EM GD Investor profile Investors who understand the risks of the (USD). For performance comparison only. Risk characteristics fund and plan to invest for at least 5 years. of the fund’s portfolio may bear some resemblance to those of The fund may appeal to investors who: the benchmark. • are looking for investment growth Investment policy The fund mainly invests in emerging • are interested in exposure to emerging bond markets market bonds. Specifically, the fund invests at least two thirds of total assets SFDR related information in debt securities that are denominated in hard currencies The fund applies baseline ESG safeguards, in line with (such as USD and EUR) or in local currencies. These securities Article 6 of the SFDR. are issued by public authorities, or by companies that are domiciled or conduct the majority of their business, in Baseline ESG safeguards emerging markets. The fund may invest directly in Chinese See Baseline ESG safeguards applicable to all funds within debt securities traded on the China Interbank Bond Market or the Responsible Investment Policy. Bond Connect. Sustainability risk integration The fund may be exposed (through investments or cash) to other currencies than the base currency. Sustainability risks are included in the investment decision process together with traditional financial factors, such as Derivatives and techniques The fund may use derivatives risk and valuation metrics, when building and monitoring and other techniques for hedging (reducing risks), efficient portfolios. portfolio management and to seek investment gains. Exclusions of certain sectors and/or financial instruments Strategy In actively managing the fund’s portfolio, the from the investable universe are expected to reduce the management team selects securities that appear to offer sustainability risk of the fund. Conversely, such exclusions may superior investment opportunities. The team also manages increase the concentration risk of the fund which could-seen currencies actively. in isolation – result in higher volatility and a greater risk of Investment manager(s) Nordea Investment loss. Management AB. See Sustainability Risk Integration applicable to all funds. Sub-investment manager(s) PGIM Inc. Base currency USD.

Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Emerging and frontier • Country risk – China markets • Credit • Interest rate • Currency • Prepayment and extension • Derivatives • Securities handling • Taxation Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 63 Nordea 1 — Emerging Market Corporate Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark JPM Corporate Emerging Markets Bond Index Investor profile Investors who understand the risks of the Broad Diversified (CEMBI Broad Diversified) in USD. For fund and plan to invest for at least 5 years. performance comparison only. Risk characteristics of the The fund may appeal to investors who: fund’s portfolio may bear some resemblance to those of the • are looking for investment growth benchmark. • are interested in exposure to emerging bond markets Investment policy The fund mainly invests in emerging market corporate bonds denominated in USD. SFDR related information

Specifically, the fund invests at least two thirds of total The fund applies baseline ESG safeguards, in line with assets in debt securities that are denominated in USD. These Article 6 of the SFDR. securities are issued by companies that are domiciled, or conduct the majority of their business, in emerging markets. Baseline ESG safeguards The fund may invest in, or be exposed to, the following See Baseline ESG safeguards applicable to all funds within instruments up to the percentage of total assets indicated: the Responsible Investment Policy. • asset-backed securities (ABSs): 20% Sustainability risk integration

The fund may be exposed (through investments or cash) to Sustainability risks are included in the investment decision other currencies than the base currency. process together with traditional financial factors, such as Derivatives and techniques The fund may use derivatives risk and valuation metrics, when building and monitoring and other techniques for hedging (reducing risks), efficient portfolios. portfolio management and to seek investment gains. Exclusions of certain sectors and/or financial instruments Strategy In actively managing the fund’s portfolio, the from the investable universe are expected to reduce the management team selects securities that appear to offer sustainability risk of the fund. Conversely, such exclusions may superior investment opportunities. increase the concentration risk of the fund which could-seen Investment manager(s) Nordea Investment in isolation – result in higher volatility and a greater risk of Management AB. loss. Sub-investment manager(s) Metlife Investment See Sustainability Risk Integration applicable to all funds. Management, LLC. Base currency USD.

Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Interest rate • Credit • Prepayment and extension • Derivatives • Securities handling • Emerging and frontier • Taxation markets Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 64 Nordea 1 — Emerging Stars Local Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark JP Morgan GBI Emerging Market Global Investor profile Investors who understand the risks of the Diversified. For performance comparison only. Risk fund and plan to invest for at least 5 years. characteristics of the fund’s portfolio may bear some The fund may appeal to investors who: resemblance to those of the benchmark. • are looking for income and Investment growth with a Investment policy The fund mainly invests in emerging responsible Investment approach market bonds denominated in local currencies. • are interested in exposure to emerging bond markets. Specifically, the fund invests at least two thirds of total assets in debt securities that are denominated in local currencies. SFDR related information These securities are issued by public authorities or quasi- The fund applies baseline ESG safeguards (see Baseline ESG sovereign issuers, or by companies that are domiciled or safeguards applicable to all funds within the Responsible conduct the majority of their business, in emerging markets. Investment Policy) and is promoting ESG characteristics as The fund may invest directly in Chinese debt securities traded per Article 8 of the SFDR. on the China Interbank Bond Market or Bond Connect. Environmental and/or social characteristics The fund may be exposed (through investments or cash) to other currencies than the base currency. The fund invests in securities issued by entities whose ESG profiles have been scored by NAM, or by an external data Derivatives and techniques The fund may use derivatives provider and analysed by NAM, to ensure that only securities and other techniques for hedging (reducing risks), efficient issued by entities that meet the minimum required ESG score portfolio management and to seek investment gains. for the fund are eligible for inclusion. Strategy In actively managing the fund’s portfolio, the The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. management team selects issuers with a particular focus on their ability to comply with international standards for Enhanced exclusion filters are applied to the portfolio environmental, social and corporate governance, and that construction process to restrict investments in companies and appear to offer superior growth prospects and investment issuers with significant exposure to certain activities deemed characteristics. The team also manages currencies actively. to be damaging for the environment and/or the society at large, including tobacco companies and fossil fuel companies. Investment manager(s) Nordea Investment Management AB. Policy to assess good governance Base currency USD. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The governance Risk Considerations assessment is part of NAM’s proprietary ESG scoring model, and it is performed on a global best practice standard Read the “Risk Descriptions” section carefully before investing that considers accountability, protection of shareholders/ in the fund, with special attention to the following: bondholder rights and long-term sustainable value creation. • ABS/MBS • Interest rate • Country risk – China • Leverage ESG strategy • Credit • Prepayment and extension The fund invests according to the Stars investment strategy • Currency • Securities handling which includes a commitment to apply the NAM proprietary • Derivatives • Taxation ESG model to analyse and select investments that epitomize • Emerging and frontier the ESG characteristics of the fund. markets The analysis is performed via an enhanced due diligence on Global exposure calculation Relative VaR. material ESG issues relevant to the sovereign or corporate Expected leverage 200%. issuer and considers the ESG risk profile of each issuer. The fund may extensively use financial derivatives to Furthermore, each corporate issuer’s business model implement the investment policy and achieve its target risk alignment with the UN Sustainable Development Goals profile. (SDGs) is taken into consideration and the fund’s exposure to corporate bonds is restricted to issuers which are deemed to be neutral or aligned with the SDGs.

March 2021 Prospectus Nordea 1 SICAV 65 Depending on the outcome of the analysis, each sovereign The Paris aligned fossil fuel screening and other exclusions or corporate issuer will be assigned an ESG score from C filters apply to all direct investments of the fund. to A. NAM applies a minimum ESG score requirement for The fund may use derivatives and other techniques for the inclusion in Stars funds. Stars eligible investments must have purposes described in the ‘Derivatives and techniques’ an ESG score of B or A or equivalent score if using an external section. Any such holdings are not in scope of the non- provider. financial criteria. ESG scores are reassessed regularly. Any breach of Potential investments for which there is not sufficient data international norms or severe company specific events will available to conduct the ESG analysis are not eligible for trigger an ad hoc reassessment of the ESG score. inclusion in the fund’s investment universe. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for NAM conducts a thorough due diligence on external data companies’ exposure to fossil fuel production, distribution and vendors to clarify applied methodologies and verify data services and excludes companies that are involved beyond quality. However, as the regulation and standards of non- these thresholds if they do not have a documented transition financial reporting is rapidly developing, data quality, coverage strategy that aligns with the Paris agreement. and accessibility remains challenging – especially for smaller The inherent limitations on the investment universe resulting companies and less developed markets. from the investment strategy are monitored and controlled on Sustainability risk integration a regular basis. In addition to the process for Sustainability Risk Integration NAM’s Responsible Investment Policy applicable to all funds an enhanced analysis on ESG issues A NAM level overlay of norms-based screening and exclusion is performed on each financial instrument in the portfolio, and list is deployed as Baseline safeguards through NAM’s included in the investment decision process together with Responsible Investment Policy which bans investments traditional financial factors, such as risk and valuation metrics, in companies active in the production of illegal or nuclear when building and monitoring portfolios. weapons and companies with exposure to coal mining Exclusions of certain sectors and/or financial instruments exceeding a predefined threshold. from the investable universe are expected to reduce the Based on regular screenings, NAM’s Responsible Investment sustainability risk of the fund. In addition, the sustainability Committee instigates appropriate action for any company risk profile of the fund benefits further from the application of that is allegedly involved in breaches of, or controversies specific, proprietary ESG analysis. Conversely, such exclusions around, international laws and norms. If engagement fails may increase the concentration risk of the fund which could – or is deemed futile, investments may be put on hold or the seen in isolation – result in higher volatility and a greater risk company may be placed on the exclusion list. of loss. The detailed Responsible Investment Policy and the Corporate More fund specific information Exclusion List are accessible via nordea.lu‌ . Please refer to nordea.lu‌ for more fund-specific information. Implementation of the ESG strategy Reference benchmark and alignment with the Direct investments must meet the minimum ESG score sustainability profile of the fund requirement. Issuers that are not assigned an ESG score at the The fund uses a benchmark which is not aligned with the time of issuance, are allowed based on a preliminary internal environmental and social characteristics of the fund. Please assessment of the ESG profile until a formal score is assigned. refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 66 Nordea 1 — Emerging Markets Debt Total Return Fund

Investment Objective and Policy Investor profile Investors who understand the risks of the fund and plan to invest for at least 5 years. Objective To provide shareholders with investment growth in The fund may appeal to investors who: the medium to long term. • are looking for investment growth Benchmark ICE 1 Month USD LIBOR. For performance • are interested in exposure to emerging bond markets comparison only. The fund’s portfolio is actively managed without reference or constraints relative to its benchmark. SFDR related information Investment policy The fund mainly invests in emerging The fund applies baseline ESG safeguards (see Baseline ESG market bonds denominated in local currencies or hard safeguards applicable to all funds within the Responsible currencies such as USD and EUR. Investment Policy) and is promoting ESG characteristics as Specifically, the fund invests at least two thirds of total assets per Article 8 of the SFDR. in debt securities that are denominated in local currencies Environmental and/or social characteristics or hard currencies. These securities are issued by public authorities or quasi-sovereign issuers, or by companies that The fund invests in securities issued by entities whose ESG are domiciled or conduct the majority of their business, in profiles have been scored by NAM, or by an external data emerging markets. The fund may invest directly in Chinese provider and assessed by NAM, to ensure that only securities debt securities traded on the China Interbank Bond Market or issued by entities that meet the minimum required ESG score Bond Connect. for the fund are eligible for inclusion. The fund may be exposed (through investments or cash) to The fund adheres to NAM’s Paris-aligned Fossil Fuel Policy. other currencies than the base currency. Enhanced exclusion filters are applied to the portfolio Derivatives and techniques The fund may use derivatives construction process to restrict investments in companies and and other techniques for hedging (reducing risks), efficient issuers with significant exposure to certain activities deemed portfolio management and to seek investment gains. to be damaging for the environment and/or the society at Strategy In actively managing the fund’s portfolio, the large, including tobacco companies and fossil fuel companies. management team seeks to identify investment opportunities Policy to assess good governance across all sub-sectors of emerging bond markets. The team An evaluation of the quality of governance is an integral also manages currencies actively. part of the assessment of potential investments. The Investment manager(s) Nordea Investment governance assessment considers accountability, protection Management AB. of shareholder/bondholder rights and long-term sustainable Base currency USD. value creation. ESG strategy Risk Considerations The fund invests according to the NAM proprietary ESG Read the “Risk Descriptions” section carefully before investing methodology to analyse and select investments. in the fund, with special attention to the following: The analysis is performed via an enhanced due diligence on • ABS/MBS • Interest rate material environmental, social and governance issues relevant • Country risk – China • Leverage to the sovereign or corporate issuer and considers the ESG risk • Credit • Prepayment and extension profile of each issuer. • Currency • Securities handling • Derivatives • Taxation Issuers in the lowest score category are excluded from the • Emerging and frontier investment universe. markets NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Global exposure calculation Absolute VaR. companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Expected leverage 600%. these thresholds if they do not have a documented transition The fund may extensively use financial derivatives to strategy that aligns with the Paris agreement. implement the investment policy and achieve its target risk The inherent limitations on the investment universe resulting profile. from the investment strategy are monitored and controlled on a regular basis. Investor Considerations

Suitability The fund is suitable for all types of investors through all distribution channels.

March 2021 Prospectus Nordea 1 SICAV 67 NAM’s Responsible Investment Policy Exposure through derivatives is subject to the same methodology and selection criteria as direct investments. A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Potential investments for which there is not sufficient data Responsible Investment Policy which bans investments available to conduct the ESG analysis are not eligible for in companies active in the production of illegal or nuclear inclusion in the fund’s investment universe. weapons and companies with exposure to coal mining NAM conducts a thorough due diligence on external data exceeding a predefined threshold. vendors to clarify applied methodologies and verify data Based on regular screenings, NAM’s Responsible Investment quality. However, as the regulation and standards of non- Committee instigates appropriate action for any company financial reporting is rapidly developing, data quality, coverage that is allegedly involved in breaches of, or controversies and accessibility remains challenging - especially for smaller around, international laws and norms. If engagement fails companies and less developed markets. or is deemed futile, investments may be put on hold or the Sustainability risk integration company may be placed on the exclusion list. Sustainability risks are included in the investment decision The detailed Responsible Investment Policy and the Corporate process together with traditional financial factors, such as Exclusion List are accessible via nordea.lu‌ . risk and valuation metrics, when building and monitoring Implementation of the ESG strategy portfolios.

Direct investments must meet the minimum ESG score Exclusions of certain sectors and/or financial instruments requirement. Issuers that are not assigned an ESG score at the from the investable universe are expected to reduce the time of issuance, are allowed based on a preliminary internal sustainability risk of the fund. Conversely, such exclusions may assessment of the ESG profile until a formal score is assigned. increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of The Paris-aligned fossil fuel screening and other exclusions loss. filters apply to all direct investments of the fund. See Sustainability Risk Integration applicable to all funds. The fund may use derivatives and other techniques for the purposes described in the ‘Derivatives and techniques’ More fund specific information section. Please refer to nordea.lu‌ for more fund-specific information.

March 2021 Prospectus Nordea 1 SICAV 68 Nordea 1 — Emerging Stars Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark JP Morgan Emerging Markets Bond Index Investor profile Investors who understand the risks of the Global Diversified. For performance comparison and risk fund and plan to invest for at least 5 years. monitoring only. Risk characteristics of the fund’s portfolio The fund may appeal to investors who: may bear some resemblance to those of the benchmark. • are looking for income and investment growth with a Investment policy The fund mainly invests in emerging responsible investment approach market bonds. • are interested in exposure to emerging bond markets Specifically, the fund invests at least two thirds of total assets in debt securities that are denominated in hard currencies SFDR related information (such as USD and EUR) or in local currencies. These securities are issued by public authorities or quasi-sovereign issuers, SFDR related information or by companies that are domiciled or conduct the majority of their business, in emerging markets. The fund may invest The fund applies baseline ESG safeguards (see Baseline ESG directly in Chinese debt securities traded on the China safeguards applicable to all funds within the Responsible Interbank Bond Market or Bond Connect. Investment Policy) and is promoting ESG characteristics as per Article 8 of the SFDR. The fund may be exposed (through investments or cash) to other currencies than the base currency. Environmental and/or social characteristics Derivatives and techniques The fund may use derivatives The fund invests in securities issued by entities whose ESG and other techniques for hedging (reducing risks), efficient profiles have been scored by NAM, or by an external data portfolio management and to seek investment gains. provider and analysed by NAM, to ensure that only securities issued by entities that meet the minimum required ESG score Strategy In actively managing the fund’s portfolio, the for the fund are eligible for inclusion. management team selects issuers with a particular focus on their ability to comply with international standards for The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. environmental, social and corporate governance, and that Enhanced exclusion filters are applied to the portfolio appear to offer superior growth prospects and investment construction process to restrict investments in companies and characteristics. The team also manages currencies actively. issuers with significant exposure to certain activities deemed Investment manager(s) Nordea Investment to be damaging for the environment and/or the society at Management AB. large, including tobacco companies and fossil fuel companies. Base currency USD. Policy to assess good governance An evaluation of the quality of governance is an integral part Risk Considerations of the assessment of potential investments. The governance Read the “Risk Descriptions” section carefully before investing assessment is part of NAM’s proprietary ESG scoring model, in the fund, with special attention to the following: and it is performed on a global best practice standard • ABS/MBS • Interest rate that considers accountability, protection of shareholders/ • Country risk – China • Leverage bondholder rights and long-term sustainable value creation. • Credit • Prepayment and extension ESG strategy Currency Securities handling • • The fund invests according to the Stars investment strategy Derivatives Taxation • • which includes a commitment to apply the NAM proprietary Emerging and frontier • ESG model to analyse and select investments that epitomize markets the ESG characteristics of the fund. Global exposure calculation Relative VaR. The analysis is performed via an enhanced due diligence on Expected leverage 200%. material ESG issues relevant to the sovereign or corporate The fund may extensively use financial derivatives to issuer and considers the ESG risk profile of each issuer. implement the investment policy and achieve its target risk Furthermore, each corporate issuer’s business model profile. alignment with the UN Sustainable Development Goals (SDGs) is taken into consideration and the fund’s exposure to corporate bonds is restricted to issuers which are deemed to be neutral or aligned with the SDGs.

March 2021 Prospectus Nordea 1 SICAV 69 Depending on the outcome of the analysis, each sovereign The fund may use derivatives and other techniques for the or corporate issuer will be assigned an ESG score from C purposes described in the ‘Derivatives and techniques’ to A. NAM applies a minimum ESG score requirement for section. Any such holdings are not in scope of the non- inclusion in Stars funds. Stars eligible investments must have financial criteria. an ESG score of B or A or equivalent score if using an external Potential investments for which there is not sufficient data provider. available to conduct the ESG analysis are not eligible for ESG scores are reassessed regularly. Any breach of inclusion in the fund’s investment universe. international norms or severe company specific events will NAM conducts a thorough due diligence on external data trigger an ad hoc reassessment of the ESG score. vendors to clarify applied methodologies and verify data NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for quality. However, as the regulation and standards of non- companies’ exposure to fossil fuel production, distribution and financial reporting is rapidly developing, data quality, coverage services and excludes companies that are involved beyond and accessibility remains challenging – especially for smaller these thresholds if they do not have a documented transition companies and less developed markets. strategy that aligns with the Paris agreement. Sustainability risk integration The inherent limitations on the investment universe resulting In addition to the process for Sustainability Risk Integration from the investment strategy are monitored and controlled on applicable to all funds an enhanced analysis on ESG issues a regular basis. is performed on each financial instrument in the portfolio, and NAM’s Responsible Investment Policy included in the investment decision process together with A NAM level overlay of norms-based screening and exclusion traditional financial factors, such as risk and valuation metrics, list is deployed as Baseline safeguards through NAM’s when building and monitoring portfolios. Responsible Investment Policy which bans investments Exclusions of certain sectors and/or financial instruments in companies active in the production of illegal or nuclear from the investable universe are expected to reduce the weapons and companies with exposure to coal mining sustainability risk of the fund. In addition, the sustainability exceeding a predefined threshold. risk profile of the fund benefits further from the application of Based on regular screenings, NAM’s Responsible Investment specific, proprietary ESG analysis. Conversely, such exclusions Committee instigates appropriate action for any company may increase the concentration risk of the fund which could – that is allegedly involved in breaches of, or controversies seen in isolation – result in higher volatility and a greater risk around, international laws and norms. If engagement fails of loss. or is deemed futile, investments may be put on hold or the More fund specific information company may be placed on the exclusion list. Please refer to nordea.lu‌ for more fund-specific information. The detailed Responsible Investment Policy and the Corporate Reference benchmark and alignment with the Exclusion List are accessible via nordea.lu‌ . sustainability profile of the fund Implementation of the ESG strategy The fund uses a benchmark which is not aligned with the Direct investments must meet the minimum ESG score environmental and social characteristics of the fund. Please requirement. Issuers that are not assigned an ESG score at the refer to the ‘Investment Objective and Policy’ section for time of issuance, are allowed based on a preliminary internal further information. assessment of the ESG profile until a formal score is assigned. The Paris aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 70 Nordea 1 — European Corporate Bond Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the medium to long term. safeguards applicable to all funds within the Responsible Benchmark ICE BofA Euro Corporate Index. For performance Investment Policy) and is promoting ESG characteristics as comparison only. Risk characteristics of the fund’s portfolio per Article 8 of the SFDR. may bear some resemblance to those of the benchmark. Environmental and/or social characteristics

Investment policy The fund mainly invests in corporate The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. bonds denominated in EUR and credit default swaps. Enhanced exclusion filters are applied to the portfolio Specifically, the fund invests at least two thirds of total assets construction process to restrict investments in companies and in EUR-denominated corporate bonds and credit default issuers with significant exposure to certain activities deemed swaps whose underlying credit risk is linked to such bonds. to be damaging for the environment and/or the society at The fund also invests at least two thirds of total assets in debt large, including tobacco companies and fossil fuel companies. securities with a long-term rating of AAA/Aaa or lower, but Policy to assess good governance not lower than BBB-/Baa3, or equivalent. The fund may invest in, or be exposed to, the following An evaluation of the quality of governance is an integral instruments up to the percentage of total assets indicated: part of the assessment of potential investments. The • asset-backed securities (ABSs): 20% governance assessment considers accountability, protection of shareholder/bondholder rights and long-term sustainable The fund’s main currency exposure is to the base currency, value creation. although it may also be exposed (through investments or cash) to other currencies. ESG strategy Derivatives and techniques The fund may use derivatives The strategy ensures that applied exclusion filters are and other techniques for hedging (reducing risks), efficient reflected in the investment universe. portfolio management and to seek investment gains. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Strategy In actively managing the fund’s portfolio, the companies’ exposure to fossil fuel production, distribution and management team selects securities that appear to offer services and excludes companies that are involved beyond superior investment opportunities. these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. Investment manager(s) Nordea Investment Management AB. The inherent limitations on the investment universe resulting from the strategy are monitored and controlled on a regular Base currency EUR. basis. Risk Considerations NAM’s Responsible Investment Policy

Read the “Risk Descriptions” section carefully before investing A NAM level overlay of norms-based screening and exclusion in the fund, with special attention to the following: list is deployed as Baseline safeguards through NAM’s • ABS/MBS • Interest rate Responsible Investment Policy which bans investments • Credit • Prepayment and extension in companies active in the production of illegal or nuclear • Derivatives weapons and companies with exposure to coal mining exceeding a predefined threshold. Global exposure calculation Commitment. Based on regular screenings, NAM’s Responsible Investment Investor Considerations Committee instigates appropriate action for any company that is allegedly involved in breaches of, or controversies Suitability The fund is suitable for all types of investors around, international laws and norms. If engagement fails through all distribution channels. or is deemed futile, investments may be put on hold or the Investor profile Investors who understand the risks of the company may be placed on the exclusion list. fund and plan to invest for at least 3 years. The detailed Responsible Investment Policy and the Corporate The fund may appeal to investors who: Exclusion List are available at nordea.lu‌ . • are looking for investment growth Implementation of the ESG strategy are interested in exposure to developed bond markets • The Paris-aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 71 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 72 Nordea 1 — European Corporate Bond Fund Plus

Investment Objective and Policy Investor profile Investors who understand the risks of the fund and plan to invest for at least 3 years. Objective To provide shareholders with investment growth in The fund may appeal to investors who: the medium to long term. • are looking for investment growth Benchmark ICE BofA Euro Corporate Index. For performance • are interested in exposure to developed bond markets comparison and risk monitoring only. Risk characteristics of the fund’s portfolio may bear some resemblance to those of SFDR related information the benchmark. The fund applies baseline ESG safeguards (see Baseline ESG Investment policy The fund mainly invests in corporate safeguards applicable to all funds within the Responsible bonds, including covered bonds, denominated in EUR and Investment Policy) and is promoting ESG characteristics as credit default swaps. per Article 8 of the SFDR. Specifically, the fund invests at least two thirds of total assets Environmental and/or social characteristics in EUR-denominated corporate and covered bonds, and credit default swaps whose underlying credit risk is linked to EUR- The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. denominated corporate bonds. The fund also invests at least Enhanced exclusion filters are applied to the portfolio two thirds of total assets in debt securities with a long-term construction process to restrict investments in companies and rating of AAA/Aaa or lower, but not lower than BBB-/Baa3, or issuers with significant exposure to certain activities deemed equivalent. to be damaging for the environment and/or the society at The fund may invest in, or be exposed to, the following large, including tobacco companies and fossil fuel companies. instruments up to the percentage of total assets indicated: Policy to assess good governance • asset-backed securities (ABSs): 20% An evaluation of the quality of governance is an integral The fund’s main currency exposure is to the base currency, part of the assessment of potential investments. The although it may also be exposed (through investments or governance assessment considers accountability, protection cash) to other currencies. of shareholder/bondholder rights and long-term sustainable Derivatives and techniques The fund may use derivatives value creation. and other techniques for hedging (reducing risks), efficient ESG strategy portfolio management and to seek investment gains. Strategy In actively managing the fund’s portfolio, the The strategy ensures that applied exclusion filters are management team selects securities that appear to offer reflected in the investment universe. superior investment opportunities. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Investment manager(s) Nordea Investment companies’ exposure to fossil fuel production, distribution and Management AB. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Base currency EUR. strategy that aligns with the Paris agreement. Risk Considerations The inherent limitations on the investment universe resulting from the strategy are monitored and controlled on a regular Read the “Risk Descriptions” section carefully before investing basis. in the fund, with special attention to the following: NAM’s Responsible Investment Policy • ABS/MBS • Interest rate • Covered bond • Leverage A NAM level overlay of norms-based screening and exclusion • Credit • Prepayment and extension list is deployed as Baseline safeguards through NAM’s • Derivatives Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Global exposure calculation Relative VaR. weapons and companies with exposure to coal mining Expected leverage 200%. exceeding a predefined threshold. The fund may extensively use financial derivatives to Based on regular screenings, NAM’s Responsible Investment implement the investment policy and achieve its target risk Committee instigates appropriate action for any company profile. that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails Investor Considerations or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list. Suitability The fund is suitable for all types of investors through all distribution channels.

March 2021 Prospectus Nordea 1 SICAV 73 The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are available at nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data Please refer to nordea.lu‌ for more fund-specific information. vendors to clarify applied methodologies and verify data Reference benchmark and alignment with the quality. However, as the regulation and standards of non- sustainability profile of the fund financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for Sustainability risk integration further information. Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 74 Nordea 1 — EUR Corporate Bond Fund 1-3 Years

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the short to medium term. safeguards applicable to all funds within the Responsible Benchmark ICE BofA 1-3 Year Euro Corporate Index. For Investment Policy) and is promoting ESG characteristics as performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Investment policy The fund mainly invests in corporate Enhanced exclusion filters are applied to the portfolio bonds denominated in EUR and credit default swaps. construction process to restrict investments in companies and Specifically, the fund invests at least two thirds of total issuers with significant exposure to certain activities deemed assets in EUR-denominated corporate bonds and credit to be damaging for the environment and/or the society at default swaps whose underlying credit risk is linked to EUR- large, including tobacco companies and fossil fuel companies. denominated corporate bonds. At least two thirds of total Policy to assess good governance assets is invested in securities with a minimum long-term rating of BBB-/Baa3, or equivalent. The fund’s modified An evaluation of the quality of governance is an integral duration is between 1 and 3 years. part of the assessment of potential investments. The The fund’s major part of currency exposure is hedged to the governance assessment considers accountability, protection base currency, although it may also be exposed (through of shareholder/bondholder rights and long-term sustainable investments or cash) to other currencies. value creation. Derivatives and techniques The fund may use derivatives ESG strategy and other techniques for hedging (reducing risks), efficient The strategy ensures that applied exclusion filters are portfolio management and to seek investment gains. reflected in the investment universe. Strategy In actively managing the fund’s portfolio, the NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for management team selects securities that appear to offer companies’ exposure to fossil fuel production, distribution and superior investment opportunities. services and excludes companies that are involved beyond Investment manager(s) Nordea Investment these thresholds if they do not have a documented transition Management AB. strategy that aligns with the Paris agreement. Base currency EUR. The inherent limitations on the investment universe resulting from the strategy are monitored and controlled on a regular Risk Considerations basis. NAM’s Responsible Investment Policy Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: A NAM level overlay of norms-based screening and exclusion • Credit • Interest rate list is deployed as Baseline safeguards through NAM’s • Derivatives • Prepayment and extension Responsible Investment Policy which bans investments Global exposure calculation Commitment. in companies active in the production of illegal or nuclear weapons and companies with exposure to coal mining Investor Considerations exceeding a predefined threshold. Based on regular screenings, NAM’s Responsible Investment Suitability The fund is suitable for all types of investors Committee instigates appropriate action for any company through all distribution channels. that is allegedly involved in breaches of, or controversies Investor profile Investors who understand the risks of the around, international laws and norms. If engagement fails fund and plan to invest for at least 3 years. or is deemed futile, investments may be put on hold or the The fund may appeal to investors who: company may be placed on the exclusion list. • are looking for investment growth The detailed Responsible Investment Policy and the Corporate • are interested in exposure to developed bond markets Exclusion List are available at nordea.lu‌ . Implementation of the ESG strategy

The Paris-aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 75 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 76 Nordea 1 — European Corporate Stars Bond Fund

Investment Objective and Policy The fund may appeal to investors who: • are looking for income and investment growth with a Objective To provide shareholders with investment growth in responsible investment approach the medium to long term. • are interested in exposure to developed bond markets Benchmark ICE BofA Euro Corporate Bonds Index. For performance comparison only. Risk characteristics of the SFDR related information fund’s portfolio may bear some resemblance to those of the The fund applies baseline ESG safeguards (see Baseline ESG benchmark. safeguards applicable to all funds within the Responsible Investment policy The fund mainly invests in corporate Investment Policy) and is promoting ESG characteristics as bonds denominated in EUR and credit default swaps. per Article 8 of the SFDR. Specifically, the fund invests at least two thirds of total assets Environmental and/or social characteristics in EUR-denominated corporate bonds and credit default swaps whose underlying credit risk is linked to such bonds. The fund invests in companies that have been analysed The fund also invests at least two thirds of total assets in debt and scored in NAM proprietary ESG model to ensure that securities with a long-term rating of AAA/Aaa or lower, but only securities issued by companies that meet the minimum not lower than BBB-/Baa3, or equivalent. required ESG score for the fund are eligible for inclusion. The fund may invest in, or be exposed to, the following The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. instruments up to the percentage of total assets indicated: Enhanced exclusion filters are applied to the portfolio • asset-backed securities (ABSs): 20% construction process to restrict investments in companies and The fund’s main currency exposure is to the base currency, issuers with significant exposure to certain activities deemed although it may also be exposed (through investments or to be damaging for the environment and/or the society at cash) to other currencies. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Policy to assess good governance and other techniques for hedging (reducing risks), efficient An evaluation of the quality of governance is an integral part portfolio management and to seek investment gains. of the assessment of potential investments. The governance The above rating criteria also apply to the underlying assessment is part of NAM’s proprietary ESG scoring model, securities of derivatives. and it is performed on a global best practice standard that considers accountability, protection of shareholders/ Strategy In actively managing the fund’s portfolio, the bondholder rights and long-term sustainable value creation. management team selects issuers with a particular focus on their ability to comply with international standards for ESG strategy environmental, social and corporate governance, and that The fund invests according to the Stars investment strategy appear to offer superior growth prospects and investment which includes a commitment to apply the NAM proprietary characteristics. The team also manages currencies actively. ESG model to analyse and select investments that epitomize Investment manager(s) Nordea Investment the ESG characteristics of the fund. Management AB. The analysis is performed via an enhanced due diligence on Base currency EUR. material ESG issues relevant to the company and considers how companies manage their ESG risks. Risk Considerations Depending on the outcome of the analysis, the company Read the “Risk Descriptions” section carefully before investing will be assigned an ESG score from C to A. NAM applies a in the fund, with special attention to the following: minimum ESG score requirement for inclusion in Stars funds. • ABS/MBS • Interest rate Stars eligible investments must have an ESG score of B or A or • Credit • Prepayment and extension equivalent score if using an external provider. • Derivatives ESG scores are reassessed regularly. Any breach of Global exposure calculation Commitment. international norms or severe company specific events will trigger an ad hoc reassessment of the ESG score. Investor Considerations NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Suitability The fund is suitable for all types of investors services and excludes companies that are involved beyond through all distribution channels. these thresholds if they do not have a documented transition Investor profile Investors who understand the risks of the strategy that aligns with the Paris agreement. fund and plan to invest for at least 3 years.

March 2021 Prospectus Nordea 1 SICAV 77 The inherent limitations on the investment universe resulting NAM conducts a thorough due diligence on external data from the investment strategy are monitored and controlled on vendors to clarify applied methodologies and verify data a regular basis. quality. However, as the regulation and standards of non- NAM’s Responsible Investment Policy financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller A NAM level overlay of norms-based screening and exclusion companies and less developed markets. list is deployed as Baseline safeguards through NAM’s Sustainability risk integration Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear In addition to the process for Sustainability Risk Integration weapons and companies with exposure to coal mining applicable to all funds an enhanced analysis on ESG issues exceeding a predefined threshold. is performed on each financial instrument in the portfolio, and Based on regular screenings, NAM’s Responsible Investment included in the investment decision process together with Committee instigates appropriate action for any company traditional financial factors, such as risk and valuation metrics, that is allegedly involved in breaches of, or controversies when building and monitoring portfolios. around, international laws and norms. If engagement fails Exclusions of certain sectors and/or financial instruments or is deemed futile, investments may be put on hold or the from the investable universe are expected to reduce the company may be placed on the exclusion list. sustainability risk of the fund. In addition, the sustainability The detailed Responsible Investment Policy and the Corporate risk profile of the fund benefits further from the application of Exclusion List are accessible via nordea.lu‌ . specific, proprietary ESG analysis. Conversely, such exclusions may increase the concentration risk of the fund which could – Implementation of the ESG strategy seen in isolation – result in higher volatility and a greater risk Direct investments must meet the ESG score requirements for of loss. a Stars fund. More fund specific information

The Paris aligned fossil fuel screening and other exclusions Please refer to nordea.lu‌ for more fund-specific information. filters apply to all direct investments of the fund. Reference benchmark and alignment with the The fund may use derivatives and other techniques for the sustainability profile of the fund purposes described in the ‘Derivatives and techniques’ section. Any such holdings are not in scope of the non- The fund uses a benchmark which is not aligned with the financial criteria. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for Potential investments for which there is not sufficient data further information. available to conduct the ESG analysis are not eligible for inclusion in the fund’s investment universe.

March 2021 Prospectus Nordea 1 SICAV 78 Nordea 1 — European Covered Bond Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the medium to long term. safeguards applicable to all funds within the Responsible Benchmark iBoxx Euro Covered Total Return Index. For Investment Policy) and is promoting ESG characteristics as performance comparison only. Risk characteristics of the per Article 8 of the SFDR. fund’s portfolio may bear some resemblance to those of the Environmental and/or social characteristics benchmark. The fund invests within an investment universe that generally Investment policy The fund mainly invests in European exhibits a high level of ESG performance across constituents. covered bonds. Consequently, the screenings that apply to the strategy have Specifically, the fund invests at least two thirds of total assets limited impact on the investment universe and the actual in covered bonds that are issued by companies or financial investments of the fund, and only serve as an insurance that institutions that are domiciled, or conduct the majority of their underlying investments consistently represent the expected business, in Europe. The fund also invests at least two thirds ESG characteristics of the asset class. of total assets in debt securities with a rating of AAA/Aaa or The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. lower, but not lower than A-/A3, or equivalent. Enhanced exclusion filters are applied to the portfolio The fund may invest in, or be exposed to, the following construction process to restrict investments in companies and instruments up to the percentage of total assets indicated: issuers with significant exposure to certain activities deemed • debt securities rated BB+/Ba1 or lower, including unrated to be damaging for the environment and/or the society at securities: 10% large, including tobacco companies and fossil fuel companies. The fund’s major part of currency exposure is hedged to the Policy to assess good governance base currency, although it may also be exposed (through investments or cash) to other currencies. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Derivatives and techniques The fund may use derivatives governance assessment considers accountability, protection and other techniques for hedging (reducing risks), efficient of shareholder/bondholder rights and long-term sustainable portfolio management and to seek investment gains. value creation. Strategy In actively managing the fund’s portfolio, the ESG strategy management team selects securities that appear to offer superior investment opportunities. The strategy ensures that applied exclusion filters are reflected in the investment universe. Investment manager(s) Nordea Investment Management AB. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Base currency EUR. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Risk Considerations strategy that aligns with the Paris agreement. Read the “Risk Descriptions” section carefully before investing The inherent limitations on the investment universe resulting in the fund, with special attention to the following: from the strategy are monitored and controlled on a regular • Covered bond • Hedging basis. Credit Interest rate • • NAM’s Responsible Investment Policy • Derivatives • Prepayment and extension Global exposure calculation Commitment. A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Investor Considerations Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Suitability The fund is suitable for all types of investors weapons and companies with exposure to coal mining through all distribution channels. exceeding a predefined threshold. Investor profile Investors who understand the risks of the Based on regular screenings, NAM’s Responsible Investment fund and plan to invest for at least 3 years. Committee instigates appropriate action for any company The fund may appeal to investors who: that is allegedly involved in breaches of, or controversies • are looking for investment growth around, international laws and norms. If engagement fails • are interested in exposure to developed bond markets or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list.

March 2021 Prospectus Nordea 1 SICAV 79 The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are available at nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data Please refer to nordea.lu‌ for more fund-specific information. vendors to clarify applied methodologies and verify data Reference benchmark and alignment with the quality. However, as the regulation and standards of non- sustainability profile of the fund financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for Sustainability risk integration further information. Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 80 Nordea 1 — European Covered Bond Opportunities Fund

Investment Objective and Policy Expected leverage 250%. The fund may extensively use financial derivatives to Objective To provide shareholders with investment growth in implement the investment policy and achieve its target risk the medium to long term. profile. Benchmark Iboxx Euro Covered Interest Rate 1Y Duration Hedged. For performance comparison only. Risk Investor Considerations characteristics of the fund’s portfolio may bear some resemblance to those of the benchmark. Suitability The fund is suitable for all types of investors through all distribution channels. Investment policy The fund mainly invests, directly or through derivatives, in European bonds. Investor profile Investors who understand the risks of the fund and plan to invest for at least 3 years. Specifically, the fund invests at least two thirds of total assets in debt securities issued by public authorities in Europe and The fund may appeal to investors who: covered bonds that are issued by public authorities, or by • are looking for investment growth companies or financial institutions that are domiciled, or • are interested in exposure to developed bond markets conduct the majority of their business, in Europe. The fund also invests at least one third of total assets in debt securities SFDR related information with a rating of AAA/Aaa or lower, but not lower than A-/A3, The fund applies baseline ESG safeguards (see Baseline ESG or equivalent. The fund’s modified duration is between -0.5 safeguards applicable to all funds within the Responsible and +4. Investment Policy) and is promoting ESG characteristics as The fund may invest in, or be exposed to, the following per Article 8 of the SFDR. instruments up to the percentage of total assets indicated: Environmental and/or social characteristics • debt securities rated BB+/Ba1 or lower, including unrated securities: 25% The fund invests within an investment universe that generally The fund’s major part of currency exposure is hedged to the exhibits a high level of ESG performance across constituents. base currency, although it may also be exposed (through Consequently, the screenings that apply to the strategy have investments or cash) to other currencies. limited impact on the investment universe and the actual investments of the fund, and only serve as an insurance that Derivatives and techniques The fund may use derivatives underlying investments consistently represent the expected and other techniques for hedging (reducing risks), efficient ESG characteristics of the asset class. portfolio management and to seek investment gains. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. The use of repurchase transactions may particularly increase the exposure to government bonds. Enhanced exclusion filters are applied to the portfolio construction process to restrict investments in companies and Usage (% of total assets) Repurchase transactions: issuers with significant exposure to certain activities deemed expected 100%, maximum: 150%. to be damaging for the environment and/or the society at Strategy In actively managing the fund’s portfolio, the large, including tobacco companies and fossil fuel companies. management team selects securities that appear to offer Policy to assess good governance superior investment opportunities. An evaluation of the quality of governance is an integral Investment manager(s) Nordea Investment part of the assessment of potential investments. The Management AB. governance assessment considers accountability, protection Base currency EUR. of shareholder/bondholder rights and long-term sustainable value creation. Risk Considerations ESG strategy

Read the “Risk Descriptions” section carefully before investing The strategy ensures that applied exclusion filters are in the fund, with special attention to the following: reflected in the investment universe. • Covered bonds • Hedging • Credit • Interest rate NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for • Derivatives • Leverage companies’ exposure to fossil fuel production, distribution and • Prepayment and extension services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Global exposure calculation Absolute VaR. strategy that aligns with the Paris agreement.

March 2021 Prospectus Nordea 1 SICAV 81 The inherent limitations on the investment universe resulting NAM conducts a thorough due diligence on external data from the strategy are monitored and controlled on a regular vendors to clarify applied methodologies and verify data basis. quality. However, as the regulation and standards of non- NAM’s Responsible Investment Policy financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller A NAM level overlay of norms-based screening and exclusion companies and less developed markets. list is deployed as Baseline safeguards through NAM’s Sustainability risk integration Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Sustainability risks are included in the investment decision weapons and companies with exposure to coal mining process together with traditional financial factors, such as exceeding a predefined threshold. risk and valuation metrics, when building and monitoring Based on regular screenings, NAM’s Responsible Investment portfolios. Committee instigates appropriate action for any company Exclusions of certain sectors and/or financial instruments that is allegedly involved in breaches of, or controversies from the investable universe are expected to reduce the around, international laws and norms. If engagement fails sustainability risk of the fund. Conversely, such exclusions may or is deemed futile, investments may be put on hold or the increase the concentration risk of the fund which could-seen company may be placed on the exclusion list. in isolation – result in higher volatility and a greater risk of The detailed Responsible Investment Policy and the Corporate loss. Exclusion List are available at nordea.lu‌ . See Sustainability Risk Integration applicable to all funds. Implementation of the ESG strategy More fund specific information

The Paris-aligned fossil fuel screening and other exclusions Please refer to nordea.lu‌ for more fund-specific information. filters apply to all direct investments of the fund. Reference benchmark and alignment with the The fund may use derivatives and other techniques for the sustainability profile of the fund purposes described in the ‘Derivatives and techniques’ The fund uses a benchmark which is not aligned with the section. Any such holdings are not in scope of the ESG criteria. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 82 Nordea 1 — European Covered Bond Stars Fund

Investment Objective and Policy The fund may appeal to investors who: • are looking for income and investment growth with a Objective To provide shareholders with investment growth in responsible investment approach the medium to long term. • are interested in exposure to developed bond markets Benchmark iBoxx Euro Covered Total Return Index. For performance comparison only. Risk characteristics of the SFDR related information fund’s portfolio may bear some resemblance to those of the The fund applies baseline ESG safeguards (see Baseline ESG benchmark. safeguards applicable to all funds within the Responsible Investment policy The fund mainly invests in European Investment Policy) and is promoting ESG characteristics as covered bonds. per Article 8 of the SFDR. Specifically, the fund invests at least two thirds of total assets Environmental and/or social characteristics in covered bonds that are issued by companies or financial institutions that are domiciled, or conduct the majority of their The fund invests in covered bonds issued by entities whose business, in Europe. The fund also invests at least two thirds ESG profiles have been scored by NAM to ensure that only of total assets in debt securities with a rating of AAA/Aaa or securities issued by entities that meet the minimum required lower, but not lower than A-/A3, or equivalent. ESG score are eligible for inclusion. The fund may invest in, or be exposed to, the following The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. instruments up to the percentage of total assets indicated: Enhanced exclusion filters are applied to the portfolio • debt securities rated BB+/Ba1 or lower, including unrated construction process to restrict investments in companies and securities: 10% issuers with significant exposure to certain activities deemed The fund’s major part of currency exposure is hedged to the to be damaging for the environment and/or the society at base currency, although it may also be exposed (through large, including tobacco companies and fossil fuel companies. investments or cash) to other currencies. Policy to assess good governance

Derivatives and techniques The fund may use derivatives An evaluation of the quality of governance is an integral part and other techniques for hedging (reducing risks), efficient of the assessment of potential investments. The governance portfolio management and to seek investment gains. assessment is part of NAM’s proprietary ESG scoring model, Strategy In actively managing the fund’s portfolio, the and it is performed on a global best practice standard management team selects issuers with a particular focus that considers accountability, protection of shareholders/ on their ability to comply with international standards for bondholder rights and long-term sustainable value creation. environmental, social and corporate governance, and that ESG strategy appear to offer superior growth prospects and investment characteristics. The fund invests according to the Stars investment strategy which includes a commitment to apply the NAM proprietary Investment manager(s) Nordea Investment ESG model to analyse and select investments that epitomize Management AB. the ESG characteristics of the fund. Base currency EUR. The analysis is performed via an enhanced due diligence on material ESG issues relevant to the company and considers Risk Considerations how companies manage their ESG risks. Read the “Risk Descriptions” section carefully before investing Depending on the outcome of the analysis, the company in the fund, with special attention to the following: will be assigned an ESG score from C to A. NAM applies a • Covered bond • Hedging minimum ESG score requirement for inclusion in Stars funds. • Credit • Interest rate Stars eligible investments must have an ESG score of B or A. • Derivatives • Prepayment and extension NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Global exposure calculation Commitment. companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Investor Considerations these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. Suitability The fund is suitable for all types of investors through all distribution channels. The inherent limitations on the investment universe resulting from the investment strategy are monitored and controlled on Investor profile Investors who understand the risks of the a regular basis. fund and plan to invest for at least 3 years.

March 2021 Prospectus Nordea 1 SICAV 83 NAM’s Responsible Investment Policy NAM conducts a thorough due diligence on external data vendors to clarify applied methodologies and verify data A NAM level overlay of norms-based screening and exclusion quality. However, as the regulation and standards of non- list is deployed as Baseline safeguards through NAM’s financial reporting is rapidly developing, data quality, coverage Responsible Investment Policy which bans investments and accessibility remains challenging – especially for smaller in companies active in the production of illegal or nuclear companies and less developed markets. weapons and companies with exposure to coal mining exceeding a predefined threshold. Sustainability risk integration Based on regular screenings, NAM’s Responsible Investment In addition to the process for Sustainability Risk Integration Committee instigates appropriate action for any company applicable to all funds an enhanced analysis on ESG issues that is allegedly involved in breaches of, or controversies is performed on each financial instrument in the portfolio, and around, international laws and norms. If engagement fails included in the investment decision process together with or is deemed futile, investments may be put on hold or the traditional financial factors, such as risk and valuation metrics, company may be placed on the exclusion list. when building and monitoring portfolios. The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are accessible via nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. In addition, the sustainability risk profile of the fund benefits further from the application of Direct investments in covered bonds must meet the ESG score specific, proprietary ESG analysis. Conversely, such exclusions requirements for a Stars fund. may increase the concentration risk of the fund which could – The Paris aligned fossil fuel screening and other exclusions seen in isolation – result in higher volatility and a greater risk filters apply to all direct investments of the fund. of loss. The fund may use derivatives and other techniques for the More fund specific information purposes described in the ‘Derivatives and techniques’ Please refer to nordea.lu‌ for more fund-specific information. section. Any such holdings are not in scope of the non- financial criteria. Reference benchmark and alignment with the sustainability profile of the fund Potential investments for which there is not sufficient data available to conduct the ESG analysis are not eligible for The fund uses a benchmark which is not aligned with the inclusion in the fund’s investment universe. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 84 Nordea 1 — European Cross Credit Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark 33% ICE BofA BBB EUR Non-Financial Index Investor profile Investors who understand the risks of the Hedged to EUR and 67% ICE BofA BB-B EUR Non-Financial fund and plan to invest for at least 5 years. Index HY Const Hedged to EUR. For risk comparison only. The fund may appeal to investors who: Risk characteristics of the fund’s portfolio will bear some • are looking for investment growth resemblance to those of the benchmark. • are interested in exposure to developed bond markets Investment policy The fund mainly invests in corporate bonds denominated in EUR, including high yield bonds. SFDR related information

Specifically, the fund invests at least two thirds of total assets The fund applies baseline ESG safeguards (see Baseline ESG in debt securities denominated in EUR that are issued by non- safeguards applicable to all funds within the Responsible financial companies. The fund also invests at least two thirds Investment Policy) and is promoting ESG characteristics as of total assets in debt securities with a long-term rating of per Article 8 of the SFDR. BBB+/Baa1 or lower, but not lower than B-/B3, or equivalent. The fund may invest in securities issued by holding companies Environmental and/or social characteristics of any corporate group, which financial institutions may be The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. part of. Enhanced exclusion filters are applied to the portfolio The fund may invest in, or be exposed to, the following construction process to restrict investments in companies and instruments up to the percentage of total assets indicated: issuers with significant exposure to certain activities deemed • asset-backed securities (ABSs): 20% to be damaging for the environment and/or the society at The fund is not allowed to buy unrated securities or securities large, including tobacco companies and fossil fuel companies. that have a long-term rating below B-/B3, or equivalent. Policy to assess good governance The fund will sell within six months any securities that are downgraded below the above minimum rating or become An evaluation of the quality of governance is an integral unrated. part of the assessment of potential investments. The governance assessment considers accountability, protection The fund’s major part of currency exposure is hedged to the of shareholder/bondholder rights and long-term sustainable base currency, although it may also be exposed (through value creation. investments or cash) to other currencies. ESG strategy Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The strategy ensures that applied exclusion filters are portfolio management and to seek investment gains. reflected in the investment universe. Strategy In actively managing the fund’s portfolio, the NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for management team selects securities that appear to offer companies’ exposure to fossil fuel production, distribution and superior investment opportunities. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Investment manager(s) Nordea Investment strategy that aligns with the Paris agreement. Management AB. The inherent limitations on the investment universe resulting Base currency EUR. from the strategy are monitored and controlled on a regular basis. Risk Considerations NAM’s Responsible Investment Policy Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: A NAM level overlay of norms-based screening and exclusion • ABS/MBS • Hedging list is deployed as Baseline safeguards through NAM’s • Credit • Interest rate Responsible Investment Policy which bans investments • Derivatives • Prepayment and extension in companies active in the production of illegal or nuclear weapons and companies with exposure to coal mining Global exposure calculation Commitment. exceeding a predefined threshold.

March 2021 Prospectus Nordea 1 SICAV 85 Based on regular screenings, NAM’s Responsible Investment Sustainability risk integration Committee instigates appropriate action for any company Sustainability risks are included in the investment decision that is allegedly involved in breaches of, or controversies process together with traditional financial factors, such as around, international laws and norms. If engagement fails risk and valuation metrics, when building and monitoring or is deemed futile, investments may be put on hold or the portfolios. company may be placed on the exclusion list. Exclusions of certain sectors and/or financial instruments The detailed Responsible Investment Policy and the Corporate from the investable universe are expected to reduce the Exclusion List are available at nordea.lu‌ . sustainability risk of the fund. Conversely, such exclusions may Implementation of the ESG strategy increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. Please refer to nordea.lu‌ for more fund-specific information. NAM conducts a thorough due diligence on external data Reference benchmark and alignment with the vendors to clarify applied methodologies and verify data sustainability profile of the fund quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 86 Nordea 1 — European Financial Debt Fund

Investment Objective and Policy The fund may appeal to investors who: • are looking for investment growth Objective To provide shareholders with investment growth in • are interested in exposure to developed bond markets the medium to long term. Benchmark ICE BofA Euro Financial High Yield Constrained SFDR related information Index. For risk comparison only. Risk characteristics of the The fund applies baseline ESG safeguards (see Baseline ESG fund’s portfolio will bear some resemblance to those of the safeguards applicable to all funds within the Responsible benchmark. Investment Policy) and is promoting ESG characteristics as Investment policy The fund mainly invests in bonds and per Article 8 of the SFDR. credit default swaps from the financial sector in Europe. Environmental and/or social characteristics Specifically, the fund invests at least two thirds of total assets in debt securities and credit default swaps that are issued The fund invests within an investment universe that generally by financial institutions (or their parent company) that are exhibits a high level of ESG performance across constituents. domiciled, or conduct the majority of their business, in Europe. Consequently, the screenings that apply to the strategy have limited impact on the investment universe and the actual The fund may invest in, or be exposed to, the following investments of the fund, and only serve as an insurance that instruments up to the percentage of total assets indicated: underlying investments consistently represent the expected • asset-backed securities (ABSs): 20% ESG characteristics of the asset class. • contingent convertible bonds: 20% The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. The fund’s major part of currency exposure is hedged to the base currency, although it may also be exposed (through Enhanced exclusion filters are applied to the portfolio investments or cash) to other currencies. construction process to restrict investments in companies and issuers with significant exposure to certain activities deemed Derivatives and techniques The fund may use derivatives to be damaging for the environment and/or the society at and other techniques for hedging (reducing risks), efficient large, including tobacco companies and fossil fuel companies. portfolio management and to seek investment gains. Policy to assess good governance Strategy In actively managing the fund’s portfolio, the management team selects securities that appear to offer An evaluation of the quality of governance is an integral superior investment opportunities. part of the assessment of potential investments. The governance assessment considers accountability, protection Investment manager(s) Nordea Investment of shareholder/bondholder rights and long-term sustainable Management AB. value creation. Base currency EUR. ESG strategy Risk Considerations The strategy ensures that applied exclusion filters are reflected in the investment universe. Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for • ABS/MBS • Derivatives companies’ exposure to fossil fuel production, distribution and • CoCo bonds • Hedging services and excludes companies that are involved beyond • Concentration • Interest rate these thresholds if they do not have a documented transition • Convertible securities • Leverage strategy that aligns with the Paris agreement. • Credit • Prepayment and extension The inherent limitations on the investment universe resulting Global exposure calculation Absolute VaR. from the strategy are monitored and controlled on a regular basis. Expected leverage 250%. NAM’s Responsible Investment Policy The fund may extensively use financial derivatives to implement the investment policy and achieve its target risk A NAM level overlay of norms-based screening and exclusion profile. list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Investor Considerations in companies active in the production of illegal or nuclear weapons and companies with exposure to coal mining Suitability The fund is suitable for all types of investors exceeding a predefined threshold. through all distribution channels. Investor profile Investors who understand the risks of the fund and plan to invest for at least 5 years.

March 2021 Prospectus Nordea 1 SICAV 87 Based on regular screenings, NAM’s Responsible Investment Sustainability risk integration Committee instigates appropriate action for any company Sustainability risks are included in the investment decision that is allegedly involved in breaches of, or controversies process together with traditional financial factors, such as around, international laws and norms. If engagement fails risk and valuation metrics, when building and monitoring or is deemed futile, investments may be put on hold or the portfolios. company may be placed on the exclusion list. Exclusions of certain sectors and/or financial instruments The detailed Responsible Investment Policy and the Corporate from the investable universe are expected to reduce the Exclusion List are available at nordea.lu‌ . sustainability risk of the fund. Conversely, such exclusions may Implementation of the ESG strategy increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. Please refer to nordea.lu‌ for more fund-specific information. NAM conducts a thorough due diligence on external data Reference benchmark and alignment with the vendors to clarify applied methodologies and verify data sustainability profile of the fund quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 88 Nordea 1 — European High Yield Bond Fund

Investment Objective and Policy The fund may appeal to investors who: • are looking for investment growth Objective To provide shareholders with investment growth in • are interested in exposure to developed bond markets the medium to long term. Benchmark ICE BofA European Currency High Yield SFDR related information Constrained Index – Total Return 100% Hedged to EUR. For The fund applies baseline ESG safeguards (see Baseline ESG performance comparison only. Risk characteristics of the safeguards applicable to all funds within the Responsible fund’s portfolio may bear some resemblance to those of the Investment Policy) and is promoting ESG characteristics as benchmark. per Article 8 of the SFDR. Investment policy The fund mainly invests in European high Environmental and/or social characteristics yield bonds and credit default swaps. Specifically, the fund invests at least two thirds of total assets The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. in high yield debt securities, credit default swaps and other Enhanced exclusion filters are applied to the portfolio debt securities, including contingent convertible bonds, that construction process to restrict investments in companies and are denominated in European currencies or are issued by issuers with significant exposure to certain activities deemed companies that are domiciled or conduct the majority of their to be damaging for the environment and/or the society at business, in Europe. large, including tobacco companies and fossil fuel companies. The fund may invest in, or be exposed to, the following Policy to assess good governance instruments up to the percentage of total assets indicated: An evaluation of the quality of governance is an integral asset-backed securities (ABSs), including collateralised debt • part of the assessment of potential investments. The and loan obligations (CDOs and CLOs): 10% governance assessment considers accountability, protection The fund’s major part of currency exposure is hedged to the of shareholder/bondholder rights and long-term sustainable base currency, although it may also be exposed (through value creation. investments or cash) to other currencies. ESG strategy Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The strategy ensures that applied exclusion filters are portfolio management and to seek investment gains. reflected in the investment universe. Strategy In actively managing the fund’s portfolio, the NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for management team selects securities that appear to offer companies’ exposure to fossil fuel production, distribution and superior investment opportunities. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Investment manager(s) Nordea Investment strategy that aligns with the Paris agreement. Management AB. The inherent limitations on the investment universe resulting Sub-investment manager(s) Capital Four Management from the strategy are monitored and controlled on a regular Fondsmæglerselskab A/S. basis. Base currency EUR. NAM’s Responsible Investment Policy Risk Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Read the “Risk Descriptions” section carefully before investing Responsible Investment Policy which bans investments in the fund, with special attention to the following: in companies active in the production of illegal or nuclear • ABS/MBS • Derivatives weapons and companies with exposure to coal mining • CDO/CLO • Hedging exceeding a predefined threshold. Convertible securities Interest rate • • Based on regular screenings, NAM’s Responsible Investment Credit Prepayment and extension • • Committee instigates appropriate action for any company Global exposure calculation Commitment. that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails Investor Considerations or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list. Suitability The fund is suitable for all types of investors through all distribution channels. The detailed Responsible Investment Policy and the Corporate Exclusion List are available at nordea.lu‌ . Investor profile Investors who understand the risks of the fund and plan to invest for at least 5 years.

March 2021 Prospectus Nordea 1 SICAV 89 Implementation of the ESG strategy Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the The Paris-aligned fossil fuel screening and other exclusions sustainability risk of the fund. Conversely, such exclusions may filters apply to all direct investments of the fund. increase the concentration risk of the fund which could-seen The fund may use derivatives and other techniques for the in isolation – result in higher volatility and a greater risk of purposes described in the ‘Derivatives and techniques’ loss. section. Any such holdings are not in scope of the ESG criteria. See Sustainability Risk Integration applicable to all funds. NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- Please refer to nordea.lu‌ for more fund-specific information. financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please Sustainability risks are included in the investment decision refer to the ‘Investment Objective and Policy’ section for process together with traditional financial factors, such as further information. risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 90 Nordea 1 — European High Yield Credit Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the medium to long term. safeguards applicable to all funds within the Responsible Benchmark ICE BofA European Currency High Yield Investment Policy) and is promoting ESG characteristics as Constrained Index – Total Return 100% Hedged to EUR. For per Article 8 of the SFDR. performance comparison only. Risk characteristics of the Environmental and/or social characteristics fund’s portfolio may bear some resemblance to those of the The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. benchmark. Enhanced exclusion filters are applied to the portfolio Investment policy The fund mainly invests in European high construction process to restrict investments in companies and yield bonds and credit default swaps. issuers with significant exposure to certain activities deemed Specifically, the fund invests at least two thirds of total assets to be damaging for the environment and/or the society at in high yield debt securities, contingent convertible bonds, large, including tobacco companies and fossil fuel companies. and credit default swaps, that are denominated in European Policy to assess good governance currencies or are issued by companies (or their parent company) that are domiciled, or conduct the majority of their An evaluation of the quality of governance is an integral business, in Europe. part of the assessment of potential investments. The The fund may invest in, or be exposed to, the following governance assessment considers accountability, protection instruments up to the percentage of total assets indicated: of shareholder/bondholder rights and long-term sustainable • asset-backed securities (ABSs): 20% value creation. The fund’s major part of currency exposure is hedged to the ESG strategy base currency, although it may also be exposed (through The strategy ensures that applied exclusion filters are investments or cash) to other currencies. reflected in the investment universe. Derivatives and techniques The fund may use derivatives NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for and other techniques for hedging (reducing risks), efficient companies’ exposure to fossil fuel production, distribution and portfolio management and to seek investment gains. services and excludes companies that are involved beyond Strategy In actively managing the fund’s portfolio, the these thresholds if they do not have a documented transition management team selects securities that appear to offer strategy that aligns with the Paris agreement. superior investment opportunities. The inherent limitations on the investment universe resulting Investment manager(s) Nordea Investment from the strategy are monitored and controlled on a regular Management AB. basis. Base currency EUR. NAM’s Responsible Investment Policy A NAM level overlay of norms-based screening and exclusion Risk Considerations list is deployed as Baseline safeguards through NAM’s Read the “Risk Descriptions” section carefully before investing Responsible Investment Policy which bans investments in the fund, with special attention to the following: in companies active in the production of illegal or nuclear • ABS/MBS • Hedging weapons and companies with exposure to coal mining • Convertible securities • Interest rate exceeding a predefined threshold. • Credit • Prepayment and extension Based on regular screenings, NAM’s Responsible Investment • Derivatives Committee instigates appropriate action for any company Global exposure calculation Commitment. that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails Investor Considerations or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list. Suitability The fund is suitable for all types of investors The detailed Responsible Investment Policy and the Corporate through all distribution channels. Exclusion List are available at nordea.lu‌ . Investors who understand the risks of the Investor profile Implementation of the ESG strategy fund and plan to invest for at least 5 years. The Paris-aligned fossil fuel screening and other exclusions The fund may appeal to investors who: filters apply to all direct investments of the fund. • are looking for investment growth • are interested in exposure to developed bond markets

March 2021 Prospectus Nordea 1 SICAV 91 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 92 Nordea 1 — European High Yield Stars Bond Fund

Investment Objective and Policy The fund may appeal to investors who: • are looking for income and investment growth with a Objective To provide shareholders with investment growth in responsible investment approach the medium to long term. • are interested in exposure to developed bond markets Benchmark ICE BofA European Currency High Yield Constrained Index – Total Return 100% Hedged to EUR. For SFDR related information performance comparison only. Risk characteristics of the The fund applies baseline ESG safeguards (see Baseline ESG fund’s portfolio may bear some resemblance to those of the safeguards applicable to all funds within the Responsible benchmark. Investment Policy) and is promoting ESG characteristics as Investment policy The fund mainly invests in high yield per Article 8 of the SFDR. bonds and credit default swaps. Environmental and/or social characteristics Specifically, the fund invests at least two thirds of total assets in high yield debt securities, credit default swaps and other The fund invests in companies that have been analysed debt securities, including contingent convertible bonds, that and scored in NAM proprietary ESG model to ensure that are denominated in European currencies or are issued by only securities issued by companies that meet the minimum companies (or their parent company) that are domiciled, or required ESG score for the fund are eligible for inclusion. conduct the majority of their business, in Europe. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. The fund may invest in, or be exposed to, the following Enhanced exclusion filters are applied to the portfolio instruments up to the percentage of total assets indicated: construction process to restrict investments in companies and • asset-backed securities (ABSs): 20% issuers with significant exposure to certain activities deemed The fund’s major part of currency exposure is hedged to the to be damaging for the environment and/or the society at base currency, although it may also be exposed (through large, including tobacco companies and fossil fuel companies. investments or cash) to other currencies. Policy to assess good governance

Derivatives and techniques The fund may use derivatives An evaluation of the quality of governance is an integral part and other techniques for hedging (reducing risks), efficient of the assessment of potential investments. The governance portfolio management and to seek investment gains. assessment is part of NAM’s proprietary ESG scoring model, Strategy In actively managing the fund’s portfolio, the and it is performed on a global best practice standard management team selects issuers with a particular focus that considers accountability, protection of shareholders/ on their ability to comply with international standards for bondholder rights and long-term sustainable value creation. environmental, social and corporate governance, and that ESG strategy appear to offer superior growth prospects and investment characteristics. The fund invests according to the Stars investment strategy which includes a commitment to apply the NAM proprietary Investment manager(s) Nordea Investment ESG model to analyse and select investments that epitomize Management AB. the ESG characteristics of the fund. Base currency EUR. The analysis is performed via an enhanced due diligence on material ESG issues relevant to the company and considers Risk Considerations how companies manage their ESG risks. Read the “Risk Descriptions” section carefully before investing Depending on the outcome of the analysis, the company in the fund, with special attention to the following: will be assigned an ESG score from C to A. NAM applies a • ABS/MBS • Hedging minimum ESG score requirement for inclusion in Stars funds. • Convertible securities • Interest rate Stars eligible investments must have an ESG score of B or A or • Credit • Prepayment and extension equivalent score if using an external provider. • Derivatives ESG scores are reassessed regularly. Any breach of Global exposure calculation Commitment. international norms or severe company specific events will trigger an ad hoc reassessment of the ESG score. Investor Considerations NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Suitability The fund is suitable for all types of investors companies’ exposure to fossil fuel production, distribution and through all distribution channels. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Investor profile Investors who understand the risks of the strategy that aligns with the Paris agreement. fund and plan to invest for at least 5 years.

March 2021 Prospectus Nordea 1 SICAV 93 The inherent limitations on the investment universe resulting Data quality and availability is generally lower in the High from the investment strategy are monitored and controlled on Yield investment universe compared to other asset classes. a regular basis. The analysis and the resulting score may, to a larger degree, NAM’s Responsible Investment Policy rely on the analyst’s individual assessment. NAM conducts a thorough due diligence on external data A NAM level overlay of norms-based screening and exclusion vendors to clarify applied methodologies and verify data list is deployed as Baseline safeguards through NAM’s quality. However, as the regulation and standards of non- Responsible Investment Policy which bans investments financial reporting is rapidly developing, data quality, coverage in companies active in the production of illegal or nuclear and accessibility remains challenging – especially for smaller weapons and companies with exposure to coal mining companies and less developed markets. exceeding a predefined threshold. Sustainability risk integration Based on regular screenings, NAM’s Responsible Investment Committee instigates appropriate action for any company In addition to the process for Sustainability Risk Integration that is allegedly involved in breaches of, or controversies applicable to all funds an enhanced analysis on ESG issues around, international laws and norms. If engagement fails is performed on each financial instrument in the portfolio, and or is deemed futile, investments may be put on hold or the included in the investment decision process together with company may be placed on the exclusion list. traditional financial factors, such as risk and valuation metrics, The detailed Responsible Investment Policy and the Corporate when building and monitoring portfolios. Exclusion List are accessible via nordea.lu‌ . Exclusions of certain sectors and/or financial instruments Implementation of the ESG strategy from the investable universe are expected to reduce the sustainability risk of the fund. In addition, the sustainability Direct investments in corporate bond, including exposure risk profile of the fund benefits further from the application of through single name CDS, must meet the minimum ESG specific, proprietary ESG analysis. Conversely, such exclusions score requirement. However, issuers that are not assigned an may increase the concentration risk of the fund which could – ESG score at the time of investment, are allowed based on seen in isolation – result in higher volatility and a greater risk a preliminary internal assessment of the ESG profile until a of loss. formal score is assigned. More fund specific information The Paris aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund. Please refer to nordea.lu‌ for more fund-specific information. The fund may use derivatives and other techniques for the Reference benchmark and alignment with the purposes described in the ‘Derivatives and techniques’ sustainability profile of the fund section. The fund uses a benchmark which is not aligned with the Exposure through single name CDS is subject to the same environmental and social characteristics of the fund. Please methodology and selection criteria as direct investments. refer to the ‘Investment Objective and Policy’ section for Other types of derivatives holdings are not in scope of the ESG further information. criteria.

March 2021 Prospectus Nordea 1 SICAV 94 Nordea 1 — European Inflation Linked Bond Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the medium to long term. safeguards applicable to all funds within the Responsible Benchmark Bloomberg Barclays Euro Government Inflation- Investment Policy) and is promoting ESG characteristics as Linked Bond Index. For performance comparison only. per Article 8 of the SFDR. Risk characteristics of the fund’s portfolio may bear some Environmental and/or social characteristics resemblance to those of the benchmark. The fund invests within an investment universe that generally Investment policy The fund mainly invests in inflation- exhibits a high level of ESG performance across constituents. linked bonds in the eurozone. Consequently, the screenings that apply to the strategy have Specifically, the fund invests at least two thirds of total assets limited impact on the investment universe and the actual in inflation-linked bonds that are issued by public authorities investments of the fund, and only serve as an insurance that or companies in the eurozone. The fund also invests at least underlying investments consistently represent the expected two thirds of total assets in debt securities with a long-term ESG characteristics of the asset class. rating of AAA/Aaa or lower, but not lower than BBB-/Baa3, or The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. equivalent. Enhanced exclusion filters are applied to the portfolio The fund may be exposed (through investments or cash) to construction process to restrict investments in companies and other currencies than the base currency. At least 90% of the issuers with significant exposure to certain activities deemed fund’s portfolio currency exposure is hedged to the base to be damaging for the environment and/or the society at currency. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Policy to assess good governance and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Usage (% of total assets) Repurchase transactions: governance assessment considers accountability, protection expected 15%. of shareholder/bondholder rights and long-term sustainable Strategy In actively managing the fund’s portfolio, the value creation. management team selects securities that appear to offer ESG strategy superior investment opportunities. The strategy ensures that applied exclusion filters are Investment manager(s) Nordea Investment reflected in the investment universe. Management AB. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Base currency EUR. companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Risk Considerations these thresholds if they do not have a documented transition Read the “Risk Descriptions” section carefully before investing strategy that aligns with the Paris agreement. in the fund, with special attention to the following: The inherent limitations on the investment universe resulting • Concentration • Inflation-linked securities from the strategy are monitored and controlled on a regular • Derivatives • Interest rate basis. Hedging • NAM’s Responsible Investment Policy Global exposure calculation Commitment. A NAM level overlay of norms-based screening and exclusion Investor Considerations list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Suitability The fund is suitable for all types of investors in companies active in the production of illegal or nuclear through all distribution channels. weapons and companies with exposure to coal mining Investor profile Investors who understand the risks of the exceeding a predefined threshold. fund and plan to invest for at least 3 years. Based on regular screenings, NAM’s Responsible Investment The fund may appeal to investors who: Committee instigates appropriate action for any company • are looking for income and investment growth that is allegedly involved in breaches of, or controversies • are interested in exposure to developed bond markets around, international laws and norms. If engagement fails or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list.

March 2021 Prospectus Nordea 1 SICAV 95 The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are available at nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data Please refer to nordea.lu‌ for more fund-specific information. vendors to clarify applied methodologies and verify data Reference benchmark and alignment with the quality. However, as the regulation and standards of non- sustainability profile of the fund financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for Sustainability risk integration further information. Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 96 Nordea 1 — Flexible Credit Fund

Investment Objective and Policy The fund may extensively use financial derivatives to implement the investment policy and achieve its target risk Objective To provide shareholders with investment growth in profile. the medium to long term. Benchmark EURIBOR 1M. For performance comparison only. Investor Considerations The fund’s portfolio is actively managed without reference or Suitability The fund is suitable for all types of investors constraints relative to its benchmark. through all distribution channels. Investment policy The fund mainly invests globally and in a Investor profile Investors who understand the risks of the wide range of bonds and debt securities. fund and plan to invest for at least 5 years. Specifically, the fund invests at least two thirds of total assets The fund may appeal to investors who: in debt securities issued by companies and public authorities. are looking for investment growth The fund invests at least 50% of total assets in debt securities • are interested in exposure to developed bond markets that are denominated in EUR. The fund may invest in • convertible bonds, contingent convertible bonds, as well as swaps and other derivatives, including swaps and other SFDR related information derivatives based on UCITS eligible loan indices. The fund applies baseline ESG safeguards (see Baseline ESG The fund may invest in, or be exposed to, the following safeguards applicable to all funds within the Responsible instruments up to the percentage of total assets indicated: Investment Policy) and is promoting ESG characteristics as • asset-backed securities (ABSs) including collateralised debt per Article 8 of the SFDR. and loan obligations (CDOs and CLOs): 20% Environmental and/or social characteristics • contingent convertible bonds: 20% The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. The fund may invest in securities of any credit rating quality, including unrated securities. Enhanced exclusion filters are applied to the portfolio construction process to restrict investments in companies and The fund’s major part of currency exposure is hedged to the issuers with significant exposure to certain activities deemed base currency, although it may also be exposed (through to be damaging for the environment and/or the society at investments or cash) to other currencies. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Policy to assess good governance and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Usage (% of total assets) Total return swaps: expected 15%. governance assessment considers accountability, protection Strategy In actively managing the fund’s portfolio, the of shareholder/bondholder rights and long-term sustainable management team selects securities that appear to offer value creation. superior investment opportunities. ESG strategy Investment manager(s) Nordea Investment Management AB. The strategy ensures that applied exclusion filters are reflected in the investment universe. Sub-Investment manager(s) Capital Four Management Fondsmæglerselskab A/S. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Base currency EUR. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Risk Considerations strategy that aligns with the Paris agreement. Read the “Risk Descriptions” section carefully before investing The inherent limitations on the investment universe resulting in the fund, with special attention to the following: from the strategy are monitored and controlled on a regular • ABS/MBS • Derivatives basis. • CDO/CLO • Interest rate NAM’s Responsible Investment Policy • CoCo bonds • Leverage • Convertible securities • Prepayment and extension A NAM level overlay of norms-based screening and exclusion • Credit list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Global exposure calculation Absolute VaR. in companies active in the production of illegal or nuclear Expected leverage 200%. weapons and companies with exposure to coal mining exceeding a predefined threshold.

March 2021 Prospectus Nordea 1 SICAV 97 Based on regular screenings, NAM’s Responsible Investment Sustainability risk integration Committee instigates appropriate action for any company Sustainability risks are included in the investment decision that is allegedly involved in breaches of, or controversies process together with traditional financial factors, such as around, international laws and norms. If engagement fails risk and valuation metrics, when building and monitoring or is deemed futile, investments may be put on hold or the portfolios. company may be placed on the exclusion list. Exclusions of certain sectors and/or financial instruments The detailed Responsible Investment Policy and the Corporate from the investable universe are expected to reduce the Exclusion List are available at nordea.lu‌ . sustainability risk of the fund. Conversely, such exclusions may Implementation of the ESG strategy increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. Please refer to nordea.lu‌ for more fund-specific information. NAM conducts a thorough due diligence on external data Reference benchmark and alignment with the vendors to clarify applied methodologies and verify data sustainability profile of the fund quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 98 Nordea 1 — Flexible Fixed Income Fund

Investment Objective and Policy Risk Considerations

Objective To provide shareholders with positive returns in Read the “Risk Descriptions” section carefully before investing excess of cash over an investment cycle. in the fund, with special attention to the following: Benchmark EURIBOR 1M. For performance comparison only. • ABS/MBS • Inflation-linked debt The fund’s portfolio is actively managed without reference or • Convertible securities securities constraints relative to its benchmark. • Covered bonds • Interest rate • Credit • Leverage Investment policy The fund mainly invests, directly or • Currency • Prepayment and extension through derivatives, in bonds, money market instruments and • Derivatives currencies from anywhere in the world. Global exposure calculation Absolute VaR. Specifically, the fund may invest in corporate and government debt securities and debt-related securities, inflation-linked Expected leverage 300%. bonds, covered bonds, convertible bonds, money market The fund may extensively use financial derivatives to instruments, and UCITS/UCIs, including exchange-traded implement the investment policy and achieve its target risk funds. The fund may invest in credit default swaps. profile. The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated: Investor Considerations • asset- and mortgage-backed securities (ABSs/MBSs): 20% Suitability The fund is suitable for all types of investors • defaulted corporate bonds: 5% (as a result of holding through all distribution channels. corporate bonds defaulting. The fund will not invest actively in defaulted corporate bonds) Investor profile Investors who understand the risks of the • equities: 2.5% (as a result of holding defaulted securities) fund and plan to invest for at least 3 years. The fund may be exposed (through investments or cash) to The fund may appeal to investors who: other currencies than the base currency. • are looking for income and investment growth • are interested in exposure to global bond markets Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient SFDR related information portfolio management and to seek investment gains. Strategy In actively managing the fund’s portfolio, The fund applies baseline ESG safeguards, in line with the management team applies an unconstrained and Article 6 of the SFDR. dynamic asset allocation process to seek to exploit market Baseline ESG safeguards opportunities such as changes in interest rates and credit See Baseline ESG safeguards applicable to all funds within spreads. The team selects securities that appear to offer the Responsible Investment Policy. superior investment opportunities. The team also manages currencies actively. Sustainability risk integration Investment manager(s) Nordea Investment Sustainability risks are included in the investment decision Management AB. process together with traditional financial factors, such as Base currency EUR. risk and valuation metrics, when building and monitoring portfolios. Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 99 Nordea 1 — Flexible Fixed Income Plus Fund

Investment Objective and Policy Risk Considerations

Objective To provide shareholders with positive returns in Read the “Risk Descriptions” section carefully before investing excess of cash over an investment cycle. in the fund, with special attention to the following: Benchmark EURIBOR 1M. For performance comparison only. • ABS/MBS • Inflation-linked debt The fund’s portfolio is actively managed without reference or • Convertible securities securities constraints relative to its benchmark. • Covered bonds • Interest rate • Credit • Leverage Investment policy The fund mainly invests, directly or • Currency • Prepayment and extension through derivatives, in bonds, money market instruments and • Derivatives currencies from anywhere in the world. Global exposure calculation Absolute VaR. Specifically, the fund may invest in corporate and government debt securities and debt-related securities, inflation-linked Expected leverage: 600%. bonds, covered bonds, convertible bonds, money market The fund may extensively use financial derivatives to instruments, and UCITS/UCIs, including exchange-traded implement the investment policy and achieve its target risk funds. The fund may invest in credit default swaps. profile. The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated: Investor Considerations • asset- and mortgage-backed securities (ABSs/MBSs): 20% Suitability The fund is suitable for all types of investors • defaulted corporate bonds: 5% (as a result of holding through all distribution channels. corporate bonds defaulting. The fund will not invest actively in defaulted corporate bonds) Investor profile Investors who understand the risks of the • equities: 2.5% (as a result of holding defaulted securities) fund and plan to invest for at least 5 years. The fund may invest in securities of any credit rating quality, The fund may appeal to investors who: including unrated securities. • are looking for income and investment growth • are interested in exposure to global bond markets The fund may be exposed (through investments or cash) to other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The fund applies baseline ESG safeguards, in line with portfolio management and to seek investment gains. Article 6 of the SFDR. Strategy In actively managing the fund’s portfolio, Baseline ESG safeguards the management team applies an unconstrained and See Baseline ESG safeguards applicable to all funds within dynamic asset allocation process to seek to exploit market the Responsible Investment Policy. opportunities, such as changes in interest rates and credit Sustainability risk integration spreads. The team selects securities that appear to offer superior investment opportunities. The team also manages Sustainability risks are included in the investment decision currencies actively. process together with traditional financial factors, such as Investment manager(s) Nordea Investment risk and valuation metrics, when building and monitoring Management AB. portfolios. Base currency EUR. Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 100 Nordea 1 — Global Bond Fund

Investment Objective and Policy Environmental and/or social characteristics

Objective To provide shareholders with investment growth in The fund invests within an investment universe that generally the medium to long term. exhibits a high level of ESG performance across constituents. Consequently, the screenings that apply to the strategy have Benchmark JP Morgan GBI Global – Total Return Index (in limited impact on the investment universe and the actual EUR). For performance comparison only. Risk characteristics investments of the fund, and only serve as an insurance that of the fund’s portfolio may bear some resemblance to those of underlying investments consistently represent the expected the benchmark. ESG characteristics of the asset class. Investment policy The fund mainly invests in government The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. and corporate bonds. Enhanced exclusion filters are applied to the portfolio Specifically, the fund invests at least two thirds of total assets construction process to restrict investments in companies and in debt securities that are issued by public authorities or issuers with significant exposure to certain activities deemed companies. to be damaging for the environment and/or the society at The fund may be exposed (through investments or cash) to large, including tobacco companies and fossil fuel companies. other currencies than the base currency. Policy to assess good governance Derivatives and techniques The fund may use derivatives An evaluation of the quality of governance is an integral and other techniques for hedging (reducing risks), efficient part of the assessment of potential investments. The portfolio management and to seek investment gains. governance assessment considers accountability, protection Strategy In actively managing the fund’s portfolio, the of shareholder/bondholder rights and long-term sustainable management team selects securities that appear to offer value creation. superior investment opportunities. The team also manages ESG strategy currencies actively. Investment manager(s) Nordea Investment The strategy ensures that applied exclusion filters are Management AB. reflected in the investment universe. Base currency EUR. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Risk Considerations services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Read the “Risk Descriptions” section carefully before investing strategy that aligns with the Paris agreement. in the fund, with special attention to the following: The inherent limitations on the investment universe resulting • Credit • Derivatives from the strategy are monitored and controlled on a regular • Currency • Interest rate basis. Global exposure calculation Commitment. NAM’s Responsible Investment Policy Investor Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Suitability The fund is suitable for all types of investors Responsible Investment Policy which bans investments through all distribution channels. in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 3 years. exceeding a predefined threshold. The fund may appeal to investors who: Based on regular screenings, NAM’s Responsible Investment • are looking for investment growth Committee instigates appropriate action for any company • are interested in exposure to global bond markets that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails SFDR related information or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list. The fund applies baseline ESG safeguards (see Baseline ESG The detailed Responsible Investment Policy and the Corporate safeguards applicable to all funds within the Responsible Exclusion List are available at nordea.lu‌ . Investment Policy) and is promoting ESG characteristics as per Article 8 of the SFDR.

March 2021 Prospectus Nordea 1 SICAV 101 Implementation of the ESG strategy Exclusions of certain sectors and/or financial instruments from the investable universe are expected to reduce the The Paris-aligned fossil fuel screening and other exclusions sustainability risk of the fund. Conversely, such exclusions may filters apply to all direct investments of the fund. increase the concentration risk of the fund which could-seen The fund may use derivatives and other techniques for the in isolation – result in higher volatility and a greater risk of purposes described in the ‘Derivatives and techniques’ loss. section. Any such holdings are not in scope of the ESG criteria. See Sustainability Risk Integration applicable to all funds. NAM conducts a thorough due diligence on external data More fund specific information vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- Please refer to nordea.lu‌ for more fund-specific information. financial reporting is rapidly developing, data quality, coverage Reference benchmark and alignment with the and accessibility remains challenging – especially for smaller sustainability profile of the fund companies and less developed markets. The fund uses a benchmark which is not aligned with the Sustainability risk integration environmental and social characteristics of the fund. Please Sustainability risks are included in the investment decision refer to the ‘Investment Objective and Policy’ section for process together with traditional financial factors, such as further information. risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 102 Nordea 1 — Global Green Bond Fund

Investment Objective and Policy Investor profile Investors who understand the risks of the fund and plan to invest for at least 3 years. Objective To provide shareholders with investment growth The fund may appeal to investors who: in the medium to long term and create positive environmental are looking for income and investment growth impact. • • are interested in exposure to global bond markets Benchmark Bloomberg Barclays MSCI Global Green Bond Index. For performance comparison only. Risk characteristics SFDR related information of the fund’s portfolio may bear some resemblance to those of the benchmark. The fund applies baseline ESG safeguards (see Baseline ESG safeguards applicable to all funds within the Responsible Investment policy The fund mainly invests in green and Investment Policy) and has sustainable investments as its sustainability bonds. objective as per Article 9 of the SFDR. Specifically, the fund invests at least 70% of total assets in Sustainable investment objective green and sustainability bonds issued by companies, financial institutions or public authorities. The fund invests mainly in The fund has a sustainable investment as its objective. green bonds, in which the proceeds are allocated by the issuer Sustainable investment means an investment in an economic to the fulfilment of environmentally sustainable projects. The activity that contributes to an environmental or social fund also invests at least two thirds of total assets in debt objective, provided that the investment does not significantly securities with a long-term rating of AAA/Aaa or lower, but harm any environmental or social objective and that the not lower than BBB-/Baa3, or equivalent. The fund may invest investee companies follow good governance practices. in covered bonds. The fund has a sustainable objective to create positive The fund may invest directly in Chinese debt securities traded environmental impact by investing at least 70% of its assets on the China Interbank Bond Market or Bond Connect. in green bonds where the proceeds are used to finance green The fund may be exposed (through investments or cash) to projects that are wholly or partly aligned with the objectives other currencies than the base currency. of the EU Taxonomy. The remaining part of the fund’s assets Derivatives and techniques The fund may use derivatives is invested in other bonds that are considered sustainable, and other techniques for hedging (reducing risks), efficient including conventional bonds from issuers whose economic portfolio management and to seek investment gains. activities are environmentally sustainable for investment purposes. Strategy In actively managing the fund’s portfolio, the management team selects securities that appear to offer The EU Taxonomy defines six environmental objectives: superior investment opportunities. The team also manages climate change mitigation, climate change adaptation, currencies actively. sustainable use and protection of water and marine resources, transition to a circular economy, waste prevention and Investment manager(s) Nordea Investment recycling, pollution prevention and control, protection of Management AB. healthy ecosystems. Base currency EUR. Sustainability indicators used to measure the attainment of the sustainable investment objective of the fund Risk Considerations The fund invests in bonds where the use of proceeds and/ Read the “Risk Descriptions” section carefully before investing or the issuer’s economic activities are aligned with the EU in the fund, with special attention to the following: Taxonomy’s environmental objectives. The extent of alignment • Country risk – China • Emerging and frontier with these objectives will be identified and evaluated, • Covered bond markets on either the use of proceeds level or the issuer level, as • Credit • Interest rate appropriate for each bond type in the portfolio. Currency Prepayment and extension • • Investment strategy • Derivatives • Securities handling • Taxation The ESG strategy of the fund is based on a proprietary Global exposure calculation Commitment framework, considering the ICMA Green Bond Principles and/ or the EU Green Bond Standard, as well as NAM’s own ESG Investor Considerations framework. Issuers failing to meet NAM’s ESG standards are excluded from the investment universe. Furthermore, the Suitability The fund is suitable for all types of investors allocation of the bond proceeds in line with the objectives of through all distribution channels. the EU Taxonomy is identified and evaluated.

March 2021 Prospectus Nordea 1 SICAV 103 Enhanced exclusion filters are applied to the portfolio weapons and companies with exposure to coal mining construction process to restrict investments in companies and exceeding a predefined threshold. issuers with significant exposure to certain activities deemed Based on regular screenings, NAM’s Responsible Investment to be damaging for the environment and/or the society at Committee instigates appropriate action for any company large, including tobacco companies and fossil fuel companies. that is allegedly involved in breaches of, or controversies The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy around, international laws and norms. If engagement fails which sets thresholds for companies’ exposure to fossil fuel or is deemed futile, investments may be put on hold or the production, distribution and services and excludes companies company may be placed on the exclusion list. that are involved beyond these thresholds if they do not have The detailed Responsible Investment Policy and the Corporate a documented transition strategy that aligns with the Paris Exclusion List are accessible via nordea.lu‌ . Agreement. NAM conducts a thorough due diligence on external data The inherent limitations on the investment universe resulting vendors to clarify applied methodologies and verify data from the investment strategy are monitored and controlled on quality. However, as the regulation and standards of non- a regular basis. financial reporting is rapidly developing, data quality, coverage The fund may use derivatives and other techniques for the and accessibility remains challenging - especially for smaller purposes described in the ‘Derivatives and techniques’ companies and less developed markets. section. Any such holdings are not in scope of the ESG criteria. Reference benchmark and alignment with the Potential investments for which there is not sufficient data sustainability profile of the fund available to conduct the ESG analysis are not eligible for The fund uses a broad Green Bond Benchmark which is inclusion in the fund’s investment universe. aligned with the sustainability profile of the fund. However, More fund specific information not all benchmark constituents fulfil the ESG requirements of Please refer to nordea.lu‌ for more fund-specific information. the fund. The fund can also invest outside of the benchmark, as long as the sustainability requirements of the fund are met. Policy to assess good governance Please refer to the “Investment Objective and Policy” section An evaluation of the quality of governance is an integral part for further information. of the assessment of potential investments. The governance Sustainability risk integration assessment considers accountability, protection of shareholder rights and long-term sustainable value creation. Sustainability risks are included in the investment decision Principal adverse impacts on sustainability factors process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund takes into account principal adverse impacts on portfolios. sustainability factors. Exclusions of certain sectors and/or financial instruments The investments are subject to an analysis performed on from the investable universe are expected to reduce the best effort basis subject to data availability, to take into sustainability risk of the fund. Conversely, such exclusions may account the principal adverse impact of those investments on increase the concentration risk of the fund which could-seen sustainability factors and ensure that the selected investment in isolation – result in higher volatility and a greater risk of does no significant environmental or social harm. loss. NAM’s Responsible Investment Policy See Sustainability Risk Integration applicable to all funds. A NAM level overlay of norms based screening and exclusion list is deployed as baseline safeguards through NAM’s Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear

March 2021 Prospectus Nordea 1 SICAV 104 Nordea 1 — Global High Yield Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark ICE BofA Developed Markets High Yield Investor profile Investors who understand the risks of the Constrained Index. For performance comparison only. fund and plan to invest for at least 5 years. Risk characteristics of the fund’s portfolio may bear some The fund may appeal to investors who: resemblance to those of the benchmark. • are looking for investment growth Investment policy The fund mainly invests globally in • are interested in exposure to global bond markets corporate high yield bonds. Specifically, the fund invests at least two thirds of total assets SFDR related information in subordinated and high yield debt securities issued by The fund applies baseline ESG safeguards, in line with companies. Article 6 of the SFDR. The fund will be exposed (through investments or cash) to Baseline ESG safeguards other currencies than the base currency. See Baseline ESG safeguards applicable to all funds within Derivatives and techniques The fund may use derivatives the Responsible Investment Policy. and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. Sustainability risk integration Strategy In actively managing the fund’s portfolio, the Sustainability risks are included in the investment decision management team selects securities that appear to offer process together with traditional financial factors, such as superior investment opportunities. risk and valuation metrics, when building and monitoring Investment manager(s) Nordea Investment portfolios. Management AB. Exclusions of certain sectors and/or financial instruments Sub-investment manager(s) MacKay Shields LLC. from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may Base currency USD. increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of Risk Considerations loss. Read the “Risk Descriptions” section carefully before investing See Sustainability Risk Integration applicable to all funds. in the fund, with special attention to the following: • ABS/MBS • Derivatives • Credit • Interest rate • Currency • Prepayment and extension Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 105 Nordea 1 — International High Yield Bond Fund — USD Hedged

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark ICE BofA Global High Yield Constrained Investor profile Investors who understand the risks of the Index (USD hedged). For performance comparison only. fund and plan to invest for at least 5 years. Risk characteristics of the fund’s portfolio may bear some The fund may appeal to investors who: resemblance to those of the benchmark. • are looking for investment growth with minimised currency Investment policy The fund mainly invests globally in risk in the base currency corporate high yield bonds. • are interested in exposure to global bond markets Specifically, the fund invests at least two thirds of total assets in high yield debt securities issued by companies. SFDR related information The fund may invest in, or be exposed to, the following The fund applies baseline ESG safeguards, in line with instruments up to the percentage of total assets indicated: Article 6 of the SFDR. • asset-backed securities (ABSs): 20% Baseline ESG safeguards The fund’s major part of currency exposure is hedged to the See Baseline ESG safeguards applicable to all funds within base currency, although it may also be exposed (through the Responsible Investment Policy. investments or cash) to other currencies. Sustainability risk integration Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient Sustainability risks are included in the investment decision portfolio management and to seek investment gains. process together with traditional financial factors, such as Strategy In actively managing the fund’s portfolio, the risk and valuation metrics, when building and monitoring management team selects securities that appear to offer portfolios. superior investment opportunities. Exclusions of certain sectors and/or financial instruments Investment manager(s) Nordea Investment from the investable universe are expected to reduce the Management AB. sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen Sub-investment manager(s) Aegon USA Investment in isolation – result in higher volatility and a greater risk of Management, LLC. loss. Base currency USD. See Sustainability Risk Integration applicable to all funds. Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Hedging • Credit • Interest rate • Derivatives • Prepayment and extension Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 106 Nordea 1 — Long Duration US Bond Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the medium to long term. safeguards applicable to all funds within the Responsible Benchmark Bloomberg Barclays Series-E US Govt 10+ Investment Policy) and is promoting ESG characteristics as Yr Bond Index. For performance comparison only. Risk per Article 8 of the SFDR. characteristics of the fund’s portfolio may bear some Environmental and/or social characteristics resemblance to those of the benchmark. The fund invests within an investment universe that generally Investment policy The fund mainly invests in bonds issued exhibits a high level of ESG performance across constituents. by public authorities in US. Consequently, the screenings that apply to the strategy have Specifically, the fund invests at least two thirds of total assets limited impact on the investment universe and the actual in debt securities issued by public authorities in the United investments of the fund, and only serve as an insurance that States of America. The fund also invests at least two thirds underlying investments consistently represent the expected of total assets in debt securities with a rating of AAA/Aaa or ESG characteristics of the asset class. lower, but not lower than BBB-/Baa3, or equivalent. The fund’s The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. modified duration is between 10 and 30 years. The fund may Enhanced exclusion filters are applied to the portfolio also invest in US corporate bonds. construction process to restrict investments in companies and The fund’s main currency exposure is to the base currency, issuers with significant exposure to certain activities deemed although it may also be exposed (through investments or to be damaging for the environment and/or the society at cash) to other currencies. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Policy to assess good governance and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Strategy In actively managing the fund’s portfolio, the governance assessment considers accountability, protection management team selects securities that appear to offer of shareholder/bondholder rights and long-term sustainable superior investment opportunities. value creation. Investment manager(s) Nordea Investment ESG strategy Management AB. The strategy ensures that applied exclusion filters are Sub-investment manager(s) MacKay Shields LLC. reflected in the investment universe. Base currency USD. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Risk Considerations services and excludes companies that are involved beyond Read the “Risk Descriptions” section carefully before investing these thresholds if they do not have a documented transition in the fund, with special attention to the following: strategy that aligns with the Paris agreement. • Derivatives • Interest rate The inherent limitations on the investment universe resulting • Hedging from the strategy are monitored and controlled on a regular Global exposure calculation Commitment. basis. NAM’s Responsible Investment Policy Investor Considerations A NAM level overlay of norms-based screening and exclusion Suitability The fund is suitable for all types of investors list is deployed as Baseline safeguards through NAM’s through all distribution channels. Responsible Investment Policy which bans investments Investor profile Investors who understand the risks of the in companies active in the production of illegal or nuclear fund and plan to invest for at least 3 years. weapons and companies with exposure to coal mining exceeding a predefined threshold. The fund may appeal to investors who: • are looking for investment growth Based on regular screenings, NAM’s Responsible Investment • are interested in exposure to developed bond markets Committee instigates appropriate action for any company that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list.

March 2021 Prospectus Nordea 1 SICAV 107 The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are available at nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data Please refer to nordea.lu‌ for more fund-specific information. vendors to clarify applied methodologies and verify data Reference benchmark and alignment with the quality. However, as the regulation and standards of non- sustainability profile of the fund financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for Sustainability risk integration further information. Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 108 Nordea 1 — Low Duration European Covered Bond Fund

Investment Objective and Policy The fund may appeal to investors who: • are looking for investment growth Objective To provide shareholders with investment growth in • are interested in exposure to developed bond markets the short to medium term. Benchmark Iboxx Euro Covered Interest Rate 1Y SFDR related information Duration Hedged. For performance comparison only. Risk The fund applies baseline ESG safeguards (see Baseline ESG characteristics of the fund’s portfolio may bear some safeguards applicable to all funds within the Responsible resemblance to those of the benchmark. Investment Policy) and is promoting ESG characteristics as Investment policy The fund mainly invests in European per Article 8 of the SFDR. covered bonds. Environmental and/or social characteristics Specifically, the fund invests at least two thirds of total assets in covered bonds that are issued by companies or financial The fund invests within an investment universe that generally institutions that are domiciled, or conduct the majority of their exhibits a high level of ESG performance across constituents. business, in Europe. The fund also invests at least two thirds Consequently, the screenings that apply to the strategy have of total assets in debt securities with a rating of AAA/Aaa limited impact on the investment universe and the actual or lower, but not lower than A-/A3, or equivalent. The fund’s investments of the fund, and only serve as an insurance that modified duration is between 0 and 2 years. underlying investments consistently represent the expected ESG characteristics of the asset class. The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated: The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. • debt securities rated BB+/Ba1 or lower, including unrated Enhanced exclusion filters are applied to the portfolio securities: 10% construction process to restrict investments in companies and The fund’s major part of currency exposure is hedged to the issuers with significant exposure to certain activities deemed base currency, although it may also be exposed (through to be damaging for the environment and/or the society at investments or cash) to other currencies. large, including tobacco companies and fossil fuel companies. Derivatives and techniques The fund may use derivatives Policy to assess good governance and other techniques for hedging (reducing risks), efficient An evaluation of the quality of governance is an integral portfolio management and to seek investment gains. part of the assessment of potential investments. The Strategy In actively managing the fund’s portfolio, the governance assessment considers accountability, protection management team selects securities that appear to offer of shareholder/bondholder rights and long-term sustainable superior investment opportunities. value creation. Investment manager(s) Nordea Investment ESG strategy Management AB. The strategy ensures that applied exclusion filters are Base currency EUR. reflected in the investment universe. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Risk Considerations companies’ exposure to fossil fuel production, distribution and Read the “Risk Descriptions” section carefully before investing services and excludes companies that are involved beyond in the fund, with special attention to the following: these thresholds if they do not have a documented transition • Covered bond • Interest rate strategy that aligns with the Paris agreement. • Derivatives • Prepayment and extension The inherent limitations on the investment universe resulting • Hedging from the strategy are monitored and controlled on a regular Global exposure calculation Commitment. basis. NAM’s Responsible Investment Policy

Investor Considerations A NAM level overlay of norms-based screening and exclusion Suitability The fund is suitable for all types of investors list is deployed as Baseline safeguards through NAM’s through all distribution channels. Responsible Investment Policy which bans investments in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 1 year. exceeding a predefined threshold.

March 2021 Prospectus Nordea 1 SICAV 109 Based on regular screenings, NAM’s Responsible Investment Sustainability risk integration Committee instigates appropriate action for any company Sustainability risks are included in the investment decision that is allegedly involved in breaches of, or controversies process together with traditional financial factors, such as around, international laws and norms. If engagement fails risk and valuation metrics, when building and monitoring or is deemed futile, investments may be put on hold or the portfolios. company may be placed on the exclusion list. Exclusions of certain sectors and/or financial instruments The detailed Responsible Investment Policy and the Corporate from the investable universe are expected to reduce the Exclusion List are available at nordea.lu‌ . sustainability risk of the fund. Conversely, such exclusions may Implementation of the ESG strategy increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. Please refer to nordea.lu‌ for more fund-specific information. NAM conducts a thorough due diligence on external data Reference benchmark and alignment with the vendors to clarify applied methodologies and verify data sustainability profile of the fund quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 110 Nordea 1 — Low Duration US High Yield Bond Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the medium to long term. safeguards applicable to all funds within the Responsible Benchmark ICE BofA 0-3 Month US Treasury Bill Index. For Investment Policy) and is promoting ESG characteristics as performance comparison only. The fund’s portfolio is actively per Article 8 of the SFDR. managed without reference or constraints relative to its Environmental and/or social characteristics benchmark. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Investment policy The fund mainly invests in US high yield Enhanced exclusion filters are applied to the portfolio corporate bonds. construction process to restrict investments in companies and Specifically, the fund invests at least two thirds of total assets issuers with significant exposure to certain activities deemed in high yield debt securities that are denominated in USD or to be damaging for the environment and/or the society at are issued by companies that are domiciled, or conduct the large, including tobacco companies and fossil fuel companies. majority of their business, in the United States of America. Policy to assess good governance The fund’s modified duration is between 0 and 2 years and the average effective weighted maturity of the investments is An evaluation of the quality of governance is an integral between 0 and 7 years. The maturity measurement allows for part of the assessment of potential investments. The the likelihood of bonds being called or prepaid. governance assessment considers accountability, protection The fund’s major part of currency exposure is hedged to the of shareholder/bondholder rights and long-term sustainable base currency, although it may also be exposed (through value creation. investments or cash) to other currencies. ESG strategy

Derivatives and techniques The fund may use derivatives The strategy ensures that applied exclusion filters are and other techniques for hedging (reducing risks), efficient reflected in the investment universe. portfolio management and to seek investment gains. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Strategy In actively managing the fund’s portfolio, the companies’ exposure to fossil fuel production, distribution and management team selects securities that appear to offer services and excludes companies that are involved beyond superior investment opportunities. these thresholds if they do not have a documented transition Investment manager(s) Nordea Investment strategy that aligns with the Paris agreement. Management AB. The inherent limitations on the investment universe resulting Sub-investment manager(s) MacKay Shields LLC. from the strategy are monitored and controlled on a regular basis. Base currency USD. NAM’s Responsible Investment Policy

Risk Considerations A NAM level overlay of norms-based screening and exclusion Read the “Risk Descriptions” section carefully before investing list is deployed as Baseline safeguards through NAM’s in the fund, with special attention to the following: Responsible Investment Policy which bans investments • ABS/MBS • Hedging in companies active in the production of illegal or nuclear • Credit • Interest rate weapons and companies with exposure to coal mining • Derivatives • Prepayment and extension exceeding a predefined threshold. Global exposure calculation Commitment. Based on regular screenings, NAM’s Responsible Investment Committee instigates appropriate action for any company Investor Considerations that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails Suitability The fund is suitable for all types of investors or is deemed futile, investments may be put on hold or the through all distribution channels. company may be placed on the exclusion list. Investor profile Investors who understand the risks of the The detailed Responsible Investment Policy and the Corporate fund and plan to invest for at least 5 years. Exclusion List are available at nordea.lu‌ . The fund may appeal to investors who: Implementation of the ESG strategy are looking for investment growth • The Paris-aligned fossil fuel screening and other exclusions are interested in exposure to developed bond markets • filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 111 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 112 Nordea 1 — North American High Yield Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark ICE BofA US High Yield Index. For performance Investor profile Investors who understand the risks of the comparison only. Risk characteristics of the fund’s portfolio fund and plan to invest for at least 5 years. may bear some resemblance to those of the benchmark. The fund may appeal to investors who: Investment policy The fund mainly invests in US high yield • are looking for investment growth corporate bonds. • are interested in exposure to developed bond markets Specifically, the fund invests at least two thirds of total assets in high yield debt securities that are issued by companies that SFDR related information are domiciled, or conduct the majority of their business, in the The fund applies baseline ESG safeguards, in line with United States of America. Article 6 of the SFDR. The fund may invest in, or be exposed to, the following Baseline ESG safeguards instruments up to the percentage of total assets indicated: • asset-backed securities (ABSs): 20% See Baseline ESG safeguards applicable to all funds within the Responsible Investment Policy. The fund may be exposed (through investments or cash) to other currencies than the base currency. Sustainability risk integration Derivatives and techniques The fund may use derivatives Sustainability risks are included in the investment decision and other techniques for hedging (reducing risks), efficient process together with traditional financial factors, such as portfolio management and to seek investment gains. risk and valuation metrics, when building and monitoring Strategy In actively managing the fund’s portfolio, the portfolios. management team selects securities that appear to offer Exclusions of certain sectors and/or financial instruments superior investment opportunities. from the investable universe are expected to reduce the Investment manager(s) Nordea Investment sustainability risk of the fund. Conversely, such exclusions may Management AB. increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of Sub-investment manager(s) Aegon USA Investment loss. Management, LLC. See Sustainability Risk Integration applicable to all funds. Base currency USD.

Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Derivatives • Credit • Interest rate • Currency • Prepayment and extension Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 113 Nordea 1 — Norwegian Bond Fund

Investment Objective and Policy Environmental and/or social characteristics

Objective To provide shareholders with investment growth in The fund invests within an investment universe that generally the medium to long term. exhibits a high level of ESG performance across constituents. Consequently, the screenings that apply to the strategy have Benchmark Bloomberg Barclays Series-E Norway Govt limited impact on the investment universe and the actual All > 1 Yr Bond Index. For performance comparison only. investments of the fund, and only serve as an insurance that Risk characteristics of the fund’s portfolio may bear some underlying investments consistently represent the expected resemblance to those of the benchmark. ESG characteristics of the asset class. Investment policy The fund mainly invests in Norwegian The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. bonds. Enhanced exclusion filters are applied to the portfolio Specifically, the fund invests at least two thirds of total assets construction process to restrict investments in companies and in debt securities that are issued by public authorities, or by issuers with significant exposure to certain activities deemed companies that are domiciled or conduct the majority of their to be damaging for the environment and/or the society at business, in Norway. large, including tobacco companies and fossil fuel companies. The fund’s main currency exposure is to the base currency, Policy to assess good governance although it may also be exposed (through investments or cash) to other currencies. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Derivatives and techniques The fund may use derivatives governance assessment considers accountability, protection and other techniques for hedging (reducing risks), efficient of shareholder/bondholder rights and long-term sustainable portfolio management and to seek investment gains. value creation. Strategy In actively managing the fund’s portfolio, the ESG strategy management team selects securities that appear to offer superior investment opportunities. The strategy ensures that applied exclusion filters are Investment manager(s) Nordea Investment reflected in the investment universe. Management AB. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Base currency NOK. companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Risk Considerations these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. Read the “Risk Descriptions” section carefully before investing The inherent limitations on the investment universe resulting in the fund, with special attention to the following: from the strategy are monitored and controlled on a regular • Concentration • Interest rate basis. • Derivatives • Leverage NAM’s Responsible Investment Policy Global exposure calculation Relative VaR. A NAM level overlay of norms-based screening and exclusion Expected leverage 100%. list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Investor Considerations in companies active in the production of illegal or nuclear Suitability The fund is suitable for all types of investors weapons and companies with exposure to coal mining through all distribution channels. exceeding a predefined threshold. Investor profile Investors who understand the risks of the Based on regular screenings, NAM’s Responsible Investment fund and plan to invest for at least 3 years. Committee instigates appropriate action for any company that is allegedly involved in breaches of, or controversies The fund may appeal to investors who: around, international laws and norms. If engagement fails are looking for investment growth • or is deemed futile, investments may be put on hold or the are interested in exposure to developed bond markets • company may be placed on the exclusion list. SFDR related information The detailed Responsible Investment Policy and the Corporate Exclusion List are available at nordea.lu‌ . The fund applies baseline ESG safeguards (see Baseline ESG Implementation of the ESG strategy safeguards applicable to all funds within the Responsible Investment Policy) and is promoting ESG characteristics as The Paris-aligned fossil fuel screening and other exclusions per Article 8 of the SFDR. filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 114 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 115 Nordea 1 — Norwegian Short-Term Bond Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the short to medium term. safeguards applicable to all funds within the Responsible Benchmark 50% Norwegian Regular Market Index, sector Investment Policy) and is promoting ESG characteristics as 1, 2 and 3, Floating Rate Securities and 50% NIBOR 3M. For per Article 8 of the SFDR. performance comparison only. Risk characteristics of the Environmental and/or social characteristics fund’s portfolio may bear some resemblance to those of the The fund invests within an investment universe that generally benchmark. exhibits a high level of ESG performance across constituents. Investment policy The fund mainly invests in bonds Consequently, the screenings that apply to the strategy have denominated in NOK. limited impact on the investment universe and the actual Specifically, the fund invests at least two thirds of total assets investments of the fund, and only serve as an insurance that in debt securities that are denominated in NOK and issued underlying investments consistently represent the expected by public authorities or companies. The fund may invest in ESG characteristics of the asset class. securities with a residual maturity of 2 years or more. The The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. fund’s weighted average life is expected to be above 1 year. Enhanced exclusion filters are applied to the portfolio Floating-rate debt securities will have their interest rates construction process to restrict investments in companies and adjusted to market conditions at least once a year according to issuers with significant exposure to certain activities deemed their issue terms. to be damaging for the environment and/or the society at The fund’s main currency exposure is to the base currency, large, including tobacco companies and fossil fuel companies. although it may also be exposed (through investments or Policy to assess good governance cash) to other currencies. Derivatives and techniques The fund may use derivatives An evaluation of the quality of governance is an integral and other techniques for hedging (reducing risks), efficient part of the assessment of potential investments. The portfolio management and to seek investment gains. governance assessment considers accountability, protection of shareholder/bondholder rights and long-term sustainable Strategy In actively managing the fund’s portfolio, the value creation. management team selects securities that appear to offer superior investment opportunities. ESG strategy Investment manager(s) Nordea Investment The strategy ensures that applied exclusion filters are Management AB. reflected in the investment universe. Base currency NOK. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for companies’ exposure to fossil fuel production, distribution and Risk Considerations services and excludes companies that are involved beyond these thresholds if they do not have a documented transition Read the “Risk Descriptions” section carefully before investing strategy that aligns with the Paris agreement. in the fund, with special attention to the following: The inherent limitations on the investment universe resulting Concentration Interest rate • • from the strategy are monitored and controlled on a regular Derivatives • basis. Global exposure calculation Commitment. NAM’s Responsible Investment Policy Investor Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Suitability The fund is suitable for all types of investors Responsible Investment Policy which bans investments through all distribution channels. in companies active in the production of illegal or nuclear Investor profile Investors who understand the risks of the weapons and companies with exposure to coal mining fund and plan to invest for at least 1 year. exceeding a predefined threshold. The fund may appeal to investors who: Based on regular screenings, NAM’s Responsible Investment • are looking for investment growth Committee instigates appropriate action for any company • are interested in exposure to developed bond markets that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list.

March 2021 Prospectus Nordea 1 SICAV 116 The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are available at nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data Please refer to nordea.lu‌ for more fund-specific information. vendors to clarify applied methodologies and verify data Reference benchmark and alignment with the quality. However, as the regulation and standards of non- sustainability profile of the fund financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for Sustainability risk integration further information. Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 117 Nordea 1 — Renminbi Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark iBoxx Albi China Onshore Index. For Investor profile Investors who understand the risks of the performance comparison only. Risk characteristics of the fund and plan to invest for at least 5 years. fund’s portfolio may bear some resemblance to those of the The fund may appeal to investors who: benchmark. • are looking for investment growth Investment policy The fund mainly invests in Chinese • are interested in exposure to emerging bond markets bonds, including high yield bonds. Specifically, the fund invests at least two thirds of total SFDR related information assets in debt securities that are issued by public authorities, The fund applies baseline ESG safeguards, in line with or by companies that are domiciled in People’s Republic of Article 6 of the SFDR. China, Hong Kong, Macau, Taiwan (Greater China) and Asia, or conduct the majority of their business in those countries. Baseline ESG safeguards Companies may also be based in other foreign countries. See Baseline ESG safeguards applicable to all funds within These securities are investment grade or high yield. The fund the Responsible Investment Policy. may invest directly in Chinese debt securities traded on the Sustainability risk integration China Interbank Bond Market or Bond Connect. The fund may invest in, or be exposed to, the following Sustainability risks are included in the investment decision instruments up to the percentage of total assets indicated: process together with traditional financial factors, such as • asset-backed securities (ABSs): 20% risk and valuation metrics, when building and monitoring portfolios. The fund’s main currency exposure is to the base currency or CNY, although it may also be exposed (through investments or Exclusions of certain sectors and/or financial instruments cash) to other currencies. from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may Derivatives and techniques The fund may use derivatives increase the concentration risk of the fund which could-seen and other techniques for hedging (reducing risks), efficient in isolation – result in higher volatility and a greater risk of portfolio management and to seek investment gains. loss. Strategy In actively managing the fund’s portfolio, the See Sustainability Risk Integration applicable to all funds. management team selects securities that appear to offer superior investment opportunities. Investment manager(s) Nordea Investment Management AB. Sub-investment manager(s) Manulife Investment Management (Hong Kong) Limited. Base currency CNH.

Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Emerging and frontier • Country risk – China markets • Credit • Interest rate • Currency • Prepayment and extension • Derivatives • Securities handling • Taxation Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 118 Nordea 1 — Swedish Bond Fund

Investment Objective and Policy Environmental and/or social characteristics

Objective To provide shareholders with investment growth in The fund invests within an investment universe that generally the medium to long term. exhibits a high level of ESG performance across constituents. Consequently, the screenings that apply to the strategy have Benchmark JPM Sweden Government Bond (in SEK) limited impact on the investment universe and the actual – Total Return Index. For performance comparison only. investments of the fund, and only serve as an insurance that Risk characteristics of the fund’s portfolio may bear some underlying investments consistently represent the expected resemblance to those of the benchmark. ESG characteristics of the asset class. Investment policy The fund mainly invests in Swedish The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. bonds. Enhanced exclusion filters are applied to the portfolio Specifically, the fund invests at least two thirds of total assets construction process to restrict investments in companies and in debt securities that are issued by public authorities, or by issuers with significant exposure to certain activities deemed companies that are domiciled or conduct the majority of their to be damaging for the environment and/or the society at business, in Sweden. large, including tobacco companies and fossil fuel companies. The fund’s main currency exposure is to the base currency, Policy to assess good governance although it may also be exposed (through investments or cash) to other currencies. An evaluation of the quality of governance is an integral part of the assessment of potential investments. The Derivatives and techniques The fund may use derivatives governance assessment considers accountability, protection and other techniques for hedging (reducing risks), efficient of shareholder/bondholder rights and long-term sustainable portfolio management and to seek investment gains. value creation. Strategy In actively managing the fund’s portfolio, the ESG strategy management team selects securities that appear to offer superior investment opportunities. The strategy ensures that applied exclusion filters are Investment manager(s) Nordea Investment reflected in the investment universe. Management AB. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Base currency SEK. companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Risk Considerations these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. Read the “Risk Descriptions” section carefully before investing The inherent limitations on the investment universe resulting in the fund, with special attention to the following: from the strategy are monitored and controlled on a regular • Concentration • Interest rate basis. • Derivatives NAM’s Responsible Investment Policy Global exposure calculation Commitment. A NAM level overlay of norms-based screening and exclusion Investor Considerations list is deployed as Baseline safeguards through NAM’s Responsible Investment Policy which bans investments Suitability The fund is suitable for all types of investors in companies active in the production of illegal or nuclear through all distribution channels. weapons and companies with exposure to coal mining Investor profile Investors who understand the risks of the exceeding a predefined threshold. fund and plan to invest for at least 3 years. Based on regular screenings, NAM’s Responsible Investment The fund may appeal to investors who: Committee instigates appropriate action for any company • are looking for investment growth that is allegedly involved in breaches of, or controversies • are interested in exposure to developed bond markets around, international laws and norms. If engagement fails or is deemed futile, investments may be put on hold or the SFDR related information company may be placed on the exclusion list. The detailed Responsible Investment Policy and the Corporate The fund applies baseline ESG safeguards (see Baseline ESG Exclusion List are available at nordea.lu‌ . safeguards applicable to all funds within the Responsible Investment Policy) and is promoting ESG characteristics as Implementation of the ESG strategy per Article 8 of the SFDR. The Paris-aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund.

March 2021 Prospectus Nordea 1 SICAV 119 The fund may use derivatives and other techniques for the Exclusions of certain sectors and/or financial instruments purposes described in the ‘Derivatives and techniques’ from the investable universe are expected to reduce the section. Any such holdings are not in scope of the ESG criteria. sustainability risk of the fund. Conversely, such exclusions may NAM conducts a thorough due diligence on external data increase the concentration risk of the fund which could-seen vendors to clarify applied methodologies and verify data in isolation – result in higher volatility and a greater risk of quality. However, as the regulation and standards of non- loss. financial reporting is rapidly developing, data quality, coverage See Sustainability Risk Integration applicable to all funds. and accessibility remains challenging – especially for smaller More fund specific information companies and less developed markets. Please refer to nordea.lu‌ for more fund-specific information. Sustainability risk integration Reference benchmark and alignment with the Sustainability risks are included in the investment decision sustainability profile of the fund process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring The fund uses a benchmark which is not aligned with the portfolios. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for further information.

March 2021 Prospectus Nordea 1 SICAV 120 Nordea 1 — Swedish Short-Term Bond Fund

Investment Objective and Policy SFDR related information

Objective To provide shareholders with investment growth in The fund applies baseline ESG safeguards (see Baseline ESG the short to medium term. safeguards applicable to all funds within the Responsible Benchmark 25% OMRX Mortgage Bond Index 1-3 Years Investment Policy) and is promoting ESG characteristics as and 75% OMRX T-Bill. For performance comparison only. per Article 8 of the SFDR. Risk characteristics of the fund’s portfolio may bear some Environmental and/or social characteristics resemblance to those of the benchmark. The fund invests within an investment universe that generally Investment policy The fund mainly invests in bonds exhibits a high level of ESG performance across constituents. denominated in SEK. Consequently, the screenings that apply to the strategy have Specifically, the fund invests at least two thirds of total assets limited impact on the investment universe and the actual in debt securities that are denominated in SEK and issued investments of the fund, and only serve as an insurance that by public authorities or companies. The fund may invest in underlying investments consistently represent the expected securities with a residual maturity of 2 years or more. The ESG characteristics of the asset class. fund’s weighted average life is expected to be above 1 year. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Floating-rate debt securities will have their interest rates Enhanced exclusion filters are applied to the portfolio adjusted to market conditions at least once a year according to construction process to restrict investments in companies and their issue terms. issuers with significant exposure to certain activities deemed The fund’s main currency exposure is to the base currency, to be damaging for the environment and/or the society at although it may also be exposed (through investments or large, including tobacco companies and fossil fuel companies. cash) to other currencies. Policy to assess good governance Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient An evaluation of the quality of governance is an integral portfolio management and to seek investment gains. part of the assessment of potential investments. The governance assessment considers accountability, protection Strategy In actively managing the fund’s portfolio, the of shareholder/bondholder rights and long-term sustainable management team selects securities that appear to offer value creation. superior investment opportunities. ESG strategy Investment manager(s) Nordea Investment Management AB. The strategy ensures that applied exclusion filters are reflected in the investment universe. Base currency SEK. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for Risk Considerations companies’ exposure to fossil fuel production, distribution and services and excludes companies that are involved beyond Read the “Risk Descriptions” section carefully before investing these thresholds if they do not have a documented transition in the fund, with special attention to the following: strategy that aligns with the Paris agreement. Concentration Interest rate • • The inherent limitations on the investment universe resulting Derivatives • from the strategy are monitored and controlled on a regular Global exposure calculation Commitment. basis. NAM’s Responsible Investment Policy Investor Considerations A NAM level overlay of norms-based screening and exclusion Suitability The fund is suitable for all types of investors list is deployed as Baseline safeguards through NAM’s through all distribution channels. Responsible Investment Policy which bans investments Investor profile Investors who understand the risks of the in companies active in the production of illegal or nuclear fund and plan to invest for at least 1 year. weapons and companies with exposure to coal mining The fund may appeal to investors who: exceeding a predefined threshold. • are looking for investment growth Based on regular screenings, NAM’s Responsible Investment • are interested in exposure to developed bond markets Committee instigates appropriate action for any company that is allegedly involved in breaches of, or controversies around, international laws and norms. If engagement fails or is deemed futile, investments may be put on hold or the company may be placed on the exclusion list.

March 2021 Prospectus Nordea 1 SICAV 121 The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are available at nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data Please refer to nordea.lu‌ for more fund-specific information. vendors to clarify applied methodologies and verify data Reference benchmark and alignment with the quality. However, as the regulation and standards of non- sustainability profile of the fund financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for Sustainability risk integration further information. Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 122 Nordea 1 — Unconstrained Bond Fund — USD Hedged

Investment Objective and Policy Risk Considerations

Objective To provide shareholders with investment growth in Read the “Risk Descriptions” section carefully before investing the medium to long term. in the fund, with special attention to the following: Benchmark ICE BofA 0-3 Month US Treasury Bill Index. For • ABS/MBS • Interest rate performance comparison only. The fund’s portfolio is actively • Credit • Leverage managed without reference or constraints relative to its • Derivatives • Prepayment and extension benchmark. • Hedging Investment policy The fund mainly invests globally and in a Global exposure calculation Absolute VaR. wide range of bonds. Expected leverage 300%. Specifically, the fund invests at least two thirds of total assets The fund may extensively use financial derivatives to in debt securities issued by companies and public authorities. implement the investment policy and achieve its target risk The fund invests at least 50% of total assets in debt securities profile. that are denominated in USD, or issued in the United States of America, or issued by companies that are domiciled or conduct Investor Considerations the majority of their business in the United States of America. Suitability The fund is suitable for all types of investors The fund may invest in, or be exposed to, the following through all distribution channels. instruments up to the percentage of total assets indicated: • asset-backed securities (ABSs) that are either issued, Investor profile Investors who understand the risks of the guaranteed, or collateral-secured by a government or any fund and plan to invest for at least 5 years. of its agencies (including instrumentalities and sponsored The fund may appeal to investors who: corporations), including commercial and government agency • are looking for investment growth with minimised currency MBSs, or privately issued mortgage-backed securities risk in the base currency (MBSs), backed by non-conforming mortgages and rated at • are interested in exposure to global bond markets least B-/B3 or equivalent: 50% The fund may invest in securities of any credit rating quality, SFDR related information including unrated securities. The fund applies baseline ESG safeguards, in line with The fund’s major part of currency exposure is hedged to the Article 6 of the SFDR. base currency, although it may also be exposed (through Baseline ESG safeguards investments or cash) to other currencies. See Baseline ESG safeguards applicable to all funds within Derivatives and techniques The fund may use derivatives the Responsible Investment Policy. and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. Sustainability risk integration Strategy In actively managing the fund’s portfolio, the Sustainability risks are included in the investment decision management team seeks to exploit market opportunities process together with traditional financial factors, such as across all fixed income sub-sectors. risk and valuation metrics, when building and monitoring Investment manager(s) Nordea Investment portfolios. Management AB. Exclusions of certain sectors and/or financial instruments Sub-Investment manager(s) MacKay Shields LLC. from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may Base currency USD. increase the concentration risk of the fund which could-seen in isolation – result in higher volatility and a greater risk of loss. See Sustainability Risk Integration applicable to all funds.

March 2021 Prospectus Nordea 1 SICAV 123 Nordea 1 — US Corporate Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark Bloomberg Barclays US Credit Index. For Investor profile Investors who understand the risks of the performance comparison only. Risk characteristics of the fund and plan to invest for at least 3 years. fund’s portfolio may bear some resemblance to those of the The fund may appeal to investors who: benchmark. • are looking for investment growth Investment policy The fund mainly invests in US corporate • are interested in exposure to developed bond markets bonds. Specifically, the fund invests at least two thirds of total SFDR related information assets in debt securities that are issued by companies that The fund applies baseline ESG safeguards, in line with are domiciled, or conduct the majority of their business, in Article 6 of the SFDR. the United States of America. The fund also invests at least two thirds of total assets in debt securities with a long-term Baseline ESG safeguards rating of AAA/Aaa or lower, but not lower than BBB-/Baa3, or See Baseline ESG safeguards applicable to all funds within equivalent. the Responsible Investment Policy. The fund may invest in, or be exposed to, the following Sustainability risk integration instruments up to the percentage of total assets indicated: • asset-backed securities (ABSs): 20% Sustainability risks are included in the investment decision process together with traditional financial factors, such as The fund may be exposed (through investments or cash) to risk and valuation metrics, when building and monitoring other currencies than the base currency. portfolios. Derivatives and techniques The fund may use derivatives Exclusions of certain sectors and/or financial instruments and other techniques for hedging (reducing risks), efficient from the investable universe are expected to reduce the portfolio management and to seek investment gains. sustainability risk of the fund. Conversely, such exclusions may Strategy In actively managing the fund’s portfolio, the increase the concentration risk of the fund which could-seen management team selects securities that appear to offer in isolation – result in higher volatility and a greater risk of superior investment opportunities. loss. Investment manager(s) Nordea Investment See Sustainability Risk Integration applicable to all funds. Management AB. Sub-investment manager(s) MacKay Shields LLC. Base currency USD.

Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Derivatives • Credit • Interest rate • Currency • Prepayment and extension Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 124 Nordea 1 — US High Yield Bond Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the medium to long term. through all distribution channels. Benchmark ICE BofA US High Yield Index. For performance Investor profile Investors who understand the risks of the comparison only. Risk characteristics of the fund’s portfolio fund and plan to invest for at least 5 years. may bear some resemblance to those of the benchmark. The fund may appeal to investors who: Investment policy The fund mainly invests in US high yield • are looking for investment growth corporate bonds. • are interested in exposure to developed bond markets Specifically, the fund invests at least two thirds of total assets in high yield debt securities that are issued by companies that SFDR related information are domiciled, or conduct the majority of their business, in the The fund applies baseline ESG safeguards, in line with United States of America. Article 6 of the SFDR. The fund’s major part of currency exposure is hedged to the Baseline ESG safeguards base currency, although it may also be exposed (through investments or cash) to other currencies. See Baseline ESG safeguards applicable to all funds within the Responsible Investment Policy. Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient Sustainability risk integration portfolio management and to seek investment gains. Sustainability risks are included in the investment decision Strategy In actively managing the fund’s portfolio, the process together with traditional financial factors, such as management team selects securities that appear to offer risk and valuation metrics, when building and monitoring superior investment opportunities. portfolios. Investment manager(s) Nordea Investment Exclusions of certain sectors and/or financial instruments Management AB. from the investable universe are expected to reduce the Sub-investment manager(s) MacKay Shields LLC. sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen Base currency USD. in isolation – result in higher volatility and a greater risk of loss. Risk Considerations See Sustainability Risk Integration applicable to all funds. Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Hedging • Credit • Interest rate • Derivatives • Prepayment and extension Global exposure calculation Commitment.

March 2021 Prospectus Nordea 1 SICAV 125 Nordea 1 — US Total Return Bond Fund

Investment Objective and Policy Investor profile Investors who understand the risks of the fund and plan to invest for at least 5 years. Objective To provide shareholders with investment growth in The fund may appeal to investors who: the medium to long term. • are looking for investment growth Benchmark ICE BofA 0-3 Month US Treasury Bill Index. For • are interested in exposure to developed bond markets performance comparison only. The fund’s portfolio is actively managed without reference or constraints relative to its SFDR related information benchmark. The fund applies baseline ESG safeguards (see Baseline ESG Investment policy The fund mainly invests in US bonds. safeguards applicable to all funds within the Responsible Specifically, the fund invests at least two thirds of total assets Investment Policy) and is promoting ESG characteristics as in debt securities of any type, such as asset-and mortgage- per Article 8 of the SFDR. backed securities (ABSs/MBSs), collateralised loan obligations Environmental and/or social characteristics (CLOs) and pass-through securities, and of any seniority and maturity that are issued by public authorities, or by companies The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. that are domiciled or conduct the majority of their business, Enhanced exclusion filters are applied to the portfolio in the United States of America or its territories. The fund construction process to restrict investments in companies and also invests at least 30% of total assets in debt securities issuers with significant exposure to certain activities deemed that are issued, guaranteed, or collateral-secured by the US to be damaging for the environment and/or the society at government or any of its agencies (including instrumentalities large, including tobacco companies and fossil fuel companies. and sponsored corporations) or MBSs that are privately issued and rated at least AA-/Aa3 or equivalent. Policy to assess good governance The fund may invest in securities of any credit rating quality, An evaluation of the quality of governance is an integral including unrated securities. part of the assessment of potential investments. The governance assessment considers accountability, protection The fund’s main currency exposure is to the base currency, of shareholder/bondholder rights and long-term sustainable although it may also be exposed (through investments or value creation. cash) to other currencies. ESG strategy Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient The strategy ensures that applied exclusion filters are portfolio management and to seek investment gains. reflected in the investment universe. Strategy In actively managing the fund’s portfolio, the NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for management team generally seeks to identify investment companies’ exposure to fossil fuel production, distribution and opportunities across all sub-sectors of the US mortgage services and excludes companies that are involved beyond market. these thresholds if they do not have a documented transition Investment manager(s) Nordea Investment strategy that aligns with the Paris agreement. Management AB. The inherent limitations on the investment universe resulting Sub-Investment manager(s) DoubleLine Capital LP. from the strategy are monitored and controlled on a regular basis. Base currency USD. NAM’s Responsible Investment Policy

Risk Considerations A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Read the “Risk Descriptions” section carefully before investing Responsible Investment Policy which bans investments in the fund, with special attention to the following: in companies active in the production of illegal or nuclear ABS/MBS Derivatives • • weapons and companies with exposure to coal mining CDO/CLO Interest rate • • exceeding a predefined threshold. • Credit • Prepayment and extension Based on regular screenings, NAM’s Responsible Investment Global exposure calculation Commitment. Committee instigates appropriate action for any company that is allegedly involved in breaches of, or controversies Investor Considerations around, international laws and norms. If engagement fails Suitability The fund is suitable for all types of investors or is deemed futile, investments may be put on hold or the through all distribution channels. company may be placed on the exclusion list.

March 2021 Prospectus Nordea 1 SICAV 126 The detailed Responsible Investment Policy and the Corporate Exclusions of certain sectors and/or financial instruments Exclusion List are available at nordea.lu‌ . from the investable universe are expected to reduce the Implementation of the ESG strategy sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen The Paris-aligned fossil fuel screening and other exclusions in isolation – result in higher volatility and a greater risk of filters apply to all direct investments of the fund. loss. The fund may use derivatives and other techniques for the See Sustainability Risk Integration applicable to all funds. purposes described in the ‘Derivatives and techniques’ More fund specific information section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data Please refer to nordea.lu‌ for more fund-specific information. vendors to clarify applied methodologies and verify data Reference benchmark and alignment with the quality. However, as the regulation and standards of non- sustainability profile of the fund financial reporting is rapidly developing, data quality, coverage The fund uses a benchmark which is not aligned with the and accessibility remains challenging – especially for smaller environmental and social characteristics of the fund. Please companies and less developed markets. refer to the ‘Investment Objective and Policy’ section for Sustainability risk integration further information. Sustainability risks are included in the investment decision process together with traditional financial factors, such as risk and valuation metrics, when building and monitoring portfolios.

March 2021 Prospectus Nordea 1 SICAV 127 Nordea 1 — Balanced Income Fund

Investment Objective and Policy Expected leverage 450%. The fund may extensively use financial derivatives to Objective To provide shareholders with investment growth implement the investment policy and achieve its target risk and achieve relatively stable income. profile. Benchmark EURIBOR 1M. For performance comparison only. The fund’s portfolio is actively managed without reference or Investor Considerations constraints relative to its benchmark. Suitability The fund is suitable for all types of investors Investment policy The fund mainly invests, directly or through all distribution channels. through derivatives, in bonds as well as various other asset classes such as equities, money market instruments and Investor profile Investors who understand the risks of the currencies from anywhere in the world. fund and plan to invest for at least 3 years. Specifically, the fund may invest in corporate and government The fund may appeal to investors who: debt securities and debt-related securities, equities and • are looking for a combination of investment growth and equity-related securities, money market instruments, and stable income UCITS/UCIs, including exchange-traded funds. The debt • are interested in exposure to multiple asset classes investments may include securities such as convertible bonds, covered bonds, inflation-linked bonds and emerging market SFDR related information bonds. The fund may invest in credit default swaps. The fund applies baseline ESG safeguards, in line with The fund may invest in, or be exposed to, the following Article 6 of the SFDR. instruments up to the percentage of total assets indicated: Baseline ESG safeguards • asset- and mortgage-backed securities (ABSs/MBSs): 20% • defaulted corporate bonds: 5% (as a result of holding See Baseline ESG safeguards applicable to all funds within corporate bonds defaulting. The fund will not invest actively the Responsible Investment Policy. in defaulted corporate bonds) Sustainability risk integration The fund may be exposed (through investments or cash) to Sustainability risks are included in the investment decision other currencies than the base currency. process together with traditional financial factors, such as Derivatives and techniques The fund may use derivatives risk and valuation metrics, when building and monitoring and other techniques for hedging (reducing risks), efficient portfolios. portfolio management and to seek investment gains. Exclusions of certain sectors and/or financial instruments Strategy In actively managing the fund’s portfolio, the from the investable universe are expected to reduce the management team uses a risk-balanced and dynamic asset sustainability risk of the fund. Conversely, such exclusions may allocation process, with a focus on bonds. The team also increase the concentration risk of the fund which could-seen takes both long and short positions and manages currencies in isolation – result in higher volatility and a greater risk of actively. loss. Investment manager(s) Nordea Investment See Sustainability Risk Integration applicable to all funds. Management AB. Base currency EUR.

Risk Considerations

Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Equity • Convertible securities • Hedging • Covered bonds • Interest rate • Credit • Leverage • Currency • Prepayment and extension • Depositary receipt • Securities handling • Derivatives • Short position • Emerging and frontier • Taxation markets Global exposure calculation Absolute VaR.

March 2021 Prospectus Nordea 1 SICAV 128 Nordea 1 — GBP Diversified Return Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth Suitability The fund is suitable for all types of investors and achieve relatively stable income. through all distribution channels. Benchmark SONIA. For performance comparison only. The Investor profile Investors who understand the risks of the fund’s portfolio is actively managed without reference or fund and plan to invest for at least 3 years. constraints relative to its benchmark. The fund may appeal to investors who: Investment policy The fund mainly invests, directly or • are looking for a combination of investment growth and through derivatives, in equities as well as various other stable income asset classes such as bonds, money market instruments and • are interested in exposure to multiple asset classes currencies from anywhere in the world. The fund intends to qualify as a “mixed fund” in accordance Specifically, the fund may invest in equities and equity-related with the German Investment Tax Act (please refer to securities, debt securities and debt-related securities and chapter Investing in the Funds for further information) as it money market instruments. continuously invests at least 25% of total assets in equities The fund may be exposed (through investments or cash) to (“Kapitalbeteiligungen”) as defined within the German other currencies than the base currency. Investment Tax Act. Derivatives and techniques The fund may use derivatives SFDR related information and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. The fund applies baseline ESG safeguards (see Baseline ESG Strategy In actively managing the fund’s portfolio, the safeguards applicable to all funds within the Responsible management team uses a risk-balanced and dynamic asset Investment Policy) and is promoting ESG characteristics as allocation process, with a focus on bonds and equities. The per Article 8 of the SFDR. team also takes both long and short positions and manages See Sustainability Risk Integration applicable to all funds. currencies actively. Environmental and/or social characteristics Investment manager(s) Nordea Investment The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Management AB. Enhanced exclusion filters are applied to the portfolio Base currency GBP. construction process to restrict investments in companies and issuers with significant exposure to certain activities deemed Risk Considerations to be damaging for the environment and/or the society at Read the “Risk Descriptions” section carefully before investing large, including tobacco companies and fossil fuel companies. in the fund, with special attention to the following: Active ownership and engagement are key components in • ABS/MBS • Equity seeking to influence companies’ behaviour. Convertible securities Hedging • • Policy to assess good governance • Covered bonds • Interest rate • Credit • Leverage An evaluation of the quality of governance is an integral • Currency • Prepayment and extension part of the assessment of potential investments. The • Depositary receipt • Securities handling governance assessment considers accountability, protection • Derivatives • Short position of shareholder/bondholder rights and long-term sustainable • Emerging and frontier • Taxation value creation. markets ESG strategy Global exposure calculation Absolute VaR. The strategy ensures that applied exclusion filters are Expected leverage 450%. reflected in the investment universe. The fund may extensively use financial derivatives to NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for implement the investment policy and achieve its target risk companies’ exposure to fossil fuel production, distribution and profile. services and excludes companies that are involved beyond these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. The inherent limitations on the investment universe resulting from the strategy are monitored and controlled on a regular basis.

March 2021 Prospectus Nordea 1 SICAV 129 NAM’s Responsible Investment Policy Sustainability risk integration

A NAM level overlay of norms-based screening and exclusion Sustainability risks are included in the investment decision list is deployed as Baseline safeguards through NAM’s process together with traditional financial factors, such as Responsible Investment Policy which bans investments risk and valuation metrics, when building and monitoring in companies active in the production of illegal or nuclear portfolios. weapons and companies with exposure to coal mining Exclusions of certain sectors and/or financial instruments exceeding a predefined threshold. from the investable universe are expected to reduce the Based on regular screenings, NAM’s Responsible Investment sustainability risk of the fund. Conversely, such exclusions may Committee instigates appropriate action for any company increase the concentration risk of the fund which could-seen that is allegedly involved in breaches of, or controversies in isolation – result in higher volatility and a greater risk of around, international laws and norms. If engagement fails loss. or is deemed futile, investments may be put on hold or the See Sustainability Risk Integration applicable to all funds. company may be placed on the exclusion list. More fund specific information The detailed Responsible Investment Policy and the Corporate Exclusion List are available at nordea.lu‌ . Please refer to nordea.lu‌ for more fund-specific information. Implementation of the ESG strategy Reference benchmark and alignment with the sustainability profile of the fund The Paris-aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund. The fund uses a benchmark which is not aligned with the environmental and social characteristics of the fund. Please The fund may use derivatives and other techniques for the refer to the ‘Investment Objective and Policy’ section for purposes described in the ‘Derivatives and techniques’ further information. section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging – especially for smaller companies and less developed markets.

March 2021 Prospectus Nordea 1 SICAV 130 Nordea 1 — Stable Return Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth Suitability The fund is suitable for all types of investors and achieve relatively stable income. through all distribution channels. Benchmark EURIBOR 1M. For performance comparison only. Investor profile Investors who understand the risks of the The fund’s portfolio is actively managed without reference or fund and plan to invest for at least 3 years. constraints relative to its benchmark. The fund may appeal to investors who: Investment policy The fund mainly invests, directly or • are looking for a combination of investment growth and through derivatives, in equities as well as various other stable income asset classes such as bonds, money market instruments and • are interested in exposure to multiple asset classes currencies from anywhere in the world. The fund intends to qualify as a “mixed fund” in accordance Specifically, the fund may invest in equities and equity-related with the German Investment Tax Act (please refer to securities, debt securities and debt-related securities and chapter Investing in the Funds for further information) as it money market instruments. continuously invests at least 25% of total assets in equities The fund may be exposed (through investments or cash) to (“Kapitalbeteiligungen”) as defined within the German other currencies than the base currency. Investment Tax Act. Derivatives and techniques The fund may use derivatives SFDR related information and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. The fund applies baseline ESG safeguards (see Baseline ESG Strategy In actively managing the fund’s portfolio, the safeguards applicable to all funds within the Responsible management team uses a risk-balanced and dynamic asset Investment Policy) and is promoting ESG characteristics as allocation process, with a focus on bonds and equities. The per Article 8 of the SFDR. team also takes both long and short positions and manages Environmental and/or social characteristics currencies actively. The fund adheres to NAM’s Paris-Aligned Fossil Fuel Policy. Investment manager(s) Nordea Investment Enhanced exclusion filters are applied to the portfolio Management AB. construction process to restrict investments in companies and Base currency EUR. issuers with significant exposure to certain activities deemed to be damaging for the environment and/or the society at Risk Considerations large, including tobacco companies and fossil fuel companies.

Read the “Risk Descriptions” section carefully before investing Active ownership and engagement are key components in in the fund, with special attention to the following: seeking to influence companies’ behaviour. • ABS/MBS • Equity Policy to assess good governance • Convertible securities • Hedging • Covered bonds • Interest rate An evaluation of the quality of governance is an integral • Credit • Leverage part of the assessment of potential investments. The • Currency • Prepayment and extension governance assessment considers accountability, protection • Depositary receipt • Securities handling of shareholder/bondholder rights and long-term sustainable • Derivatives • Short position value creation. • Emerging and frontier • Taxation ESG strategy markets The strategy ensures that applied exclusion filters are Global exposure calculation Absolute VaR. reflected in the investment universe. Expected leverage 450%. NAM’s Paris-Aligned Fossil Fuel Policy sets thresholds for The fund may extensively use financial derivatives to companies’ exposure to fossil fuel production, distribution and implement the investment policy and achieve its target risk services and excludes companies that are involved beyond profile. these thresholds if they do not have a documented transition strategy that aligns with the Paris agreement. The inherent limitations on the investment universe resulting from the strategy are monitored and controlled on a regular basis.

March 2021 Prospectus Nordea 1 SICAV 131 NAM’s Responsible Investment Policy and accessibility remains challenging – especially for smaller companies and less developed markets. A NAM level overlay of norms-based screening and exclusion list is deployed as Baseline safeguards through NAM’s Sustainability risk integration Responsible Investment Policy which bans investments Sustainability risks are included in the investment decision in companies active in the production of illegal or nuclear process together with traditional financial factors, such as weapons and companies with exposure to coal mining risk and valuation metrics, when building and monitoring exceeding a predefined threshold. portfolios. Based on regular screenings, NAM’s Responsible Investment Exclusions of certain sectors and/or financial instruments Committee instigates appropriate action for any company from the investable universe are expected to reduce the that is allegedly involved in breaches of, or controversies sustainability risk of the fund. Conversely, such exclusions may around, international laws and norms. If engagement fails increase the concentration risk of the fund which could-seen or is deemed futile, investments may be put on hold or the in isolation – result in higher volatility and a greater risk of company may be placed on the exclusion list. loss. The detailed Responsible Investment Policy and the Corporate See Sustainability Risk Integration applicable to all funds. Exclusion List are available at nordea.lu‌ . More fund specific information Implementation of the ESG strategy Please refer to nordea.lu‌ for more fund-specific information. The Paris-aligned fossil fuel screening and other exclusions filters apply to all direct investments of the fund. Reference benchmark and alignment with the sustainability profile of the fund The fund may use derivatives and other techniques for the purposes described in the ‘Derivatives and techniques’ The fund uses a benchmark which is not aligned with the section. Any such holdings are not in scope of the ESG criteria. environmental and social characteristics of the fund. Please refer to the ‘Investment Objective and Policy’ section for NAM conducts a thorough due diligence on external data further information. vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage

March 2021 Prospectus Nordea 1 SICAV 132 Nordea 1 — Sustainable Stable Return Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth Suitability The fund is suitable for all types of investors and achieve relatively stable income. through all distribution channels. Benchmark EURIBOR 1M. For performance comparison only. Investor profile Investors who understand the risks of the The fund’s portfolio is actively managed without reference or fund and plan to invest for at least 3 years. constraints relative to its benchmark. The fund may appeal to investors who: Investment Policy The fund mainly invests, directly or • are looking for a combination of investment growth and through derivatives, in equities as well as various other stable income with a responsible investment approach asset classes such as bonds, money market instruments and • are interested in exposure to multiple asset classes currencies from anywhere in the world. The fund intends to qualify as a “mixed fund” in accordance Specifically, the fund may invest in equities and equity-related with the German Investment Tax Act (please refer to securities, debt securities and debt-related securities and chapter Investing in the Funds for further information) as it money market instruments. continuously invests at least 25% of total assets in equities The fund may be exposed (through investments or cash) to (“Kapitalbeteiligungen”) as defined within the German other currencies than the base currency. Investment Tax Act. Derivatives and techniques The fund may use derivatives SFDR related information and other techniques for hedging (reducing risks), efficient portfolio management and to seek investment gains. The fund applies baseline ESG safeguards (see Baseline ESG Strategy In actively managing the fund’s portfolio, the safeguards applicable to all funds within the Responsible management team selects companies and issuers with a Investment Policy) and is promoting ESG characteristics as particular focus on their ability to comply with international per Article 8 of the SFDR. standards for environmental, social and corporate governance, Environmental and/or social characteristics and to offer superior investment opportunities. The The fund integrates ESG aspects into the investment management team uses a risk-balanced and dynamic asset universe by excluding companies or sectors that are deemed allocation process, with a focus on bonds and equities. The incompatible with the environmental, social or ethical team also takes both long and short positions and manages considerations that are applied to the investment strategy. currencies actively. The fund adheres to NAM’s Paris-aligned Fossil Fuel Policy. Investment manager(s) Nordea Investment Management AB. Enhanced exclusion filters are applied to the portfolio construction process to restrict investments in companies and Base currency EUR. issuers with significant exposure to certain activities deemed to be damaging for the environment and/or the society at Risk Considerations large, including tobacco companies and fossil fuel companies. Read the “Risk Descriptions” section carefully before investing Policy to assess good governance in the fund, with special attention to the following: • ABS/MBS • Equity An evaluation of the quality of governance is an integral • Convertible securities • Hedging part of the assessment of potential investments. The • Covered bonds • Interest rate governance assessment considers accountability, protection • Credit • Leverage of shareholder/bondholder rights and long-term sustainable • Currency • Prepayment and extension value creation. • Depositary receipt • Securities handling ESG strategy Derivatives Short position • • The investment strategy ensures that applied exclusion filters Emerging and frontier Taxation • • are reflected in the investment universe. markets NAM’s Paris-aligned Fossil Fuel Policy sets thresholds for Global exposure calculation Absolute VaR. companies’ exposure to fossil fuel production, distribution and Expected leverage: 450%. services and excludes companies that are involved beyond The fund may extensively use financial derivatives to these thresholds if they do not have a documented transition implement the investment policy and achieve its target risk strategy that aligns with the Paris agreement. profile. The inherent limitations on the investment universe resulting from the investment strategy are monitored and controlled on a regular basis.

March 2021 Prospectus Nordea 1 SICAV 133 NAM’s Responsible Investment Policy Sustainability risk integration

A NAM level overlay of norms-based screening and exclusion Sustainability risks are included in the investment decision list is deployed as Baseline safeguards through NAM’s process together with traditional financial factors, such as Responsible Investment Policy which bans investments risk and valuation metrics, when building and monitoring in companies active in the production of illegal or nuclear portfolios. weapons and companies with exposure to coal mining Exclusions of certain sectors and/or financial instruments exceeding a predefined threshold. from the investable universe are expected to reduce the Based on regular screenings, NAM’s Responsible Investment sustainability risk of the fund. Conversely, such exclusions may Committee instigates appropriate action for any company increase the concentration risk of the fund which could-seen that is allegedly involved in breaches of, or controversies in isolation – result in higher volatility and a greater risk of around, international laws and norms. If engagement fails loss. or is deemed futile, investments may be put on hold or the See Sustainability Risk Integration applicable to all funds. company may be placed on the exclusion list. More fund specific information The detailed Responsible Investment Policy and the Corporate Exclusion List are accessible via nordea.lu‌ . Please refer to nordea.lu‌ for more fund-specific information. Implementation of the ESG strategy Reference benchmark and alignment with the sustainability profile of the fund The Paris-aligned fossil fuel screening and other exclusion filters apply to all direct investments of the fund. The fund uses a benchmark which is not aligned with the environmental and social characteristics of the fund. Please The fund may use derivatives and other techniques for the refer to the ‘Investment Objective and Policy’ section for purposes described in the ‘Derivatives and techniques’ further information. section. Any such holdings are not in scope of the ESG criteria. NAM conducts a thorough due diligence on external data vendors to clarify applied methodologies and verify data quality. However, as the regulation and standards of non- financial reporting is rapidly developing, data quality, coverage and accessibility remains challenging - especially for smaller companies and less developed markets.

March 2021 Prospectus Nordea 1 SICAV 134 Nordea 1 — Alpha 7 MA Fund

Investment Objective and Policy Expected leverage 500%. The fund may extensively use financial derivatives to Objective To maximise shareholder return in the long term implement the investment policy and achieve its target risk through a combination of income and investment growth profile. (total return). The fund targets a volatility in the range of 5% to 7%, Investor Considerations where 7% is seen as the tail volatility during adverse market conditions. Suitability The fund is suitable for all types of investors through all distribution channels. Benchmark EURIBOR 1M. For performance comparison only. The fund’s portfolio is actively managed without reference or Investor profile Investors who understand the risks of the constraints relative to its benchmark. fund and plan to invest for at least 3 years. Investment policy The fund mainly invests, directly or The fund may appeal to investors who: through derivatives, in various asset classes such as equities, • are looking for a combination of investment growth and bonds, money market instruments and currencies from income within a targeted volatility range anywhere in the world. • are interested in exposure to multiple asset classes Specifically, the fund may invest in equities and equity-related The fund intends to qualify as a “mixed fund” in accordance securities, debt securities and debt-related securities, money with the German Investment Tax Act (please refer to market instruments, and UCITS/UCIs, including exchange- chapter Investing in the Funds for further information) as it traded funds. The fund may invest in credit default swaps. continuously invests at least 25% of total assets in equities (“Kapitalbeteiligungen”) as defined within the German The fund may invest in, or be exposed to, the following Investment Tax Act. instruments up to the percentage of total assets indicated: • asset- and mortgage-backed securities (ABSs/MBSs): 20% SFDR related information The fund may be exposed (through investments or cash) to other currencies than the base currency. The fund applies baseline ESG safeguards, in line with Article 6 of the SFDR. Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient Baseline ESG safeguards portfolio management and to seek investment gains. See Baseline ESG safeguards applicable to all funds within Strategy In actively managing the fund’s portfolio, the the Responsible Investment Policy. management team seeks exposure to various risk premia Sustainability risk integration strategies that have little or no correlation with each other. The allocation between these strategies is based on Sustainability risks are included in the investment decision continuous bottom-up valuations combined with a focus on process together with traditional financial factors, such as short-term market behaviour across asset classes and risk risk and valuation metrics, when building and monitoring factors. The team also takes both long and short positions and portfolios. manages currencies actively. Exclusions of certain sectors and/or financial instruments Investment manager(s) Nordea Investment from the investable universe are expected to reduce the Management AB. sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen Base currency EUR. in isolation – result in higher volatility and a greater risk of loss. Risk Considerations See Sustainability Risk Integration applicable to all funds. Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Hedging • Credit • Interest rate • Currency • Leverage • Depositary receipt • Prepayment and extension • Derivatives • Securities handling • Emerging and frontier • Short position markets • Taxation • Equity Global exposure calculation Absolute VaR.

March 2021 Prospectus Nordea 1 SICAV 135 Nordea 1 — Alpha 10 MA Fund

Investment Objective and Policy Global exposure calculation Absolute VaR. Expected leverage 650%. Objective To maximise shareholder return in the long term through a combination of income and investment growth The fund may extensively use financial derivatives to (total return). implement the investment policy and achieve its target risk profile. The fund targets a volatility in the range of 7% to 10%, where 10% is seen as the tail volatility during adverse market conditions. Investor Considerations Benchmark EURIBOR 1M. For performance comparison only. Suitability The fund is suitable for all types of investors The fund’s portfolio is actively managed without reference or through all distribution channels. constraints relative to its benchmark. Investor profile Investors who understand the risks of the Investment policy The fund mainly invests, directly or fund and plan to invest for at least 5 years. through derivatives, in various asset classes such as equities, The fund may appeal to investors who: bonds, money market instruments and currencies from • are looking for a combination of investment growth and anywhere in the world. income within a targeted volatility range Specifically, the fund may invest in equities and equity-related • are interested in exposure to multiple asset classes securities, debt securities and debt-related securities, money The fund intends to qualify as a “mixed fund” in accordance market instruments, and UCITS/UCIs, including exchange- with the German Investment Tax Act (please refer to traded funds. The fund may invest in credit default swaps. chapter Investing in the Funds for further information) as it The fund may invest in, or be exposed to, the following continuously invests at least 25% of total assets in equities instruments up to the percentage of total assets indicated: (“Kapitalbeteiligungen”) as defined within the German • asset- and mortgage-backed securities (ABSs/MBSs): 20% Investment Tax Act. The fund may be exposed (through investments or cash) to other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives The fund applies baseline ESG safeguards, in line with and other techniques for hedging (reducing risks), efficient Article 6 of the SFDR. portfolio management and to seek investment gains. Baseline ESG safeguards

Usage (% of total assets) Total return swaps: expected 40%. See Baseline ESG safeguards applicable to all funds within Strategy In actively managing the fund’s portfolio, the the Responsible Investment Policy. management team seeks exposure to various risk premia Sustainability risk integration strategies that have little or no correlation with each other. The allocation between these strategies is based on Sustainability risks are included in the investment decision continuous bottom-up valuations combined with a focus on process together with traditional financial factors, such as short-term market behaviour across asset classes and risk risk and valuation metrics, when building and monitoring factors. The team also takes both long and short positions and portfolios. manages currencies actively. Exclusions of certain sectors and/or financial instruments Investment manager(s) Nordea Investment from the investable universe are expected to reduce the Management AB. sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen Base currency EUR. in isolation – result in higher volatility and a greater risk of loss. Risk Considerations See Sustainability Risk Integration applicable to all funds. Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Hedging • Credit • Interest rate • Currency • Leverage • Depositary receipt • Prepayment and extension • Derivatives • Securities handling • Emerging and frontier • Short position markets • Taxation • Equity

March 2021 Prospectus Nordea 1 SICAV 136 Nordea 1 — Alpha 15 MA Fund

Investment Objective and Policy Global exposure calculation Absolute VaR. Expected leverage 900%. Objective To maximise shareholder return in the long term through a combination of income and investment growth The fund may extensively use financial derivatives to (total return). implement the investment policy and achieve its target risk profile. The fund targets a volatility in the range of 10% to 15%, where 15% is seen as the tail volatility during adverse market conditions. Investor Considerations Benchmark EURIBOR 1M. For performance comparison only. Suitability The fund is suitable for all types of investors The fund’s portfolio is actively managed without reference or through all distribution channels. constraints relative to its benchmark. Investor profile Investors who understand the risks of the Investment policy The fund mainly invests, directly or fund and plan to invest for at least 5 years. through derivatives, in various asset classes such as equities, The fund may appeal to investors who: bonds, money market instruments and currencies from • are looking for a combination of investment growth and anywhere in the world. income within a targeted volatility range Specifically, the fund may invest in equities and equity-related • are interested in exposure to multiple asset classes securities, debt securities and debt-related securities, money The fund intends to qualify as a “mixed fund” in accordance market instruments, and UCITS/UCIs, including exchange- with the German Investment Tax Act (please refer to traded funds. The fund may invest in credit default swaps. chapter Investing in the Funds for further information) as it The fund may invest in, or be exposed to, the following continuously invests at least 25% of total assets in equities instruments up to the percentage of total assets indicated: (“Kapitalbeteiligungen”) as defined within the German • asset- and mortgage-backed securities (ABSs/MBSs): 20% Investment Tax Act. The fund may be exposed (through investments or cash) to other currencies than the base currency. SFDR related information Derivatives and techniques The fund may use derivatives The fund applies baseline ESG safeguards, in line with and other techniques for hedging (reducing risks), efficient Article 6 of the SFDR. portfolio management and to seek investment gains. Baseline ESG safeguards

Usage (% of total assets) Total return swaps: expected 100%. See Baseline ESG safeguards applicable to all funds within Strategy In actively managing the fund’s portfolio, the the Responsible Investment Policy. management team seeks exposure to various risk premia Sustainability risk integration strategies that have little or no correlation with each other. The allocation between these strategies is based on Sustainability risks are included in the investment decision continuous bottom-up valuations combined with a focus on process together with traditional financial factors, such as short-term market behaviour across asset classes and risk risk and valuation metrics, when building and monitoring factors. The team also takes both long and short positions and portfolios. manages currencies actively. Exclusions of certain sectors and/or financial instruments Investment manager(s) Nordea Investment from the investable universe are expected to reduce the Management AB. sustainability risk of the fund. Conversely, such exclusions may increase the concentration risk of the fund which could-seen Base currency EUR. in isolation – result in higher volatility and a greater risk of loss. Risk Considerations See Sustainability Risk Integration applicable to all funds. Read the “Risk Descriptions” section carefully before investing in the fund, with special attention to the following: • ABS/MBS • Hedging • Credit • Interest rate • Currency • Leverage • Depositary receipt • Prepayment and extension • Derivatives • Securities handling • Emerging and frontier • Short position markets • Taxation • Equity

March 2021 Prospectus Nordea 1 SICAV 137 Nordea 1 — Global Equity Market Neutral Fund

Investment Objective and Policy Investor Considerations

Objective To provide shareholders with investment growth in Suitability The fund is suitable for all types of investors the long term, while seeking a return that has a low correlation through all distribution channels. with the returns of the equity markets (absolute return). Investor profile Investors who understand the risks of the Benchmark EURIBOR 1M. For performance fee calculation fund and plan to invest for at least 5 years. only. The fund may appeal to investors who: Investment policy The fund mainly invests, directly or • are looking for investment growth that has low correlation through derivatives, in equities of companies from anywhere with equity markets and low currency risk in the base in the world. currency Specifically, the fund invests in equities and equity-related • are interested in exposure to individual global equities securities. The fund may also gain exposure to these assets The fund intends to qualify as an equity fund in accordance through UCITS/UCIs, including exchange-traded funds. with the German Investment Tax Act (please refer to The fund’s major part of currency exposure is hedged to the chapter Investing in the Funds for further information) as it base currency, although it may also be exposed (through continuously invests at least 50% of total assets in equities investments or cash) to other currencies. (“Kapitalbeteiligungen”) as defined within the German Investment Tax Act. Derivatives and techniques The fund may use derivatives and other techniques for hedging (reducing risks), efficient SFDR related information portfolio management and to seek investment gains. Usage (% of total assets) Total return swaps: expected The fund applies baseline ESG safeguards, in line with 100%. Article 6 of the SFDR. Strategy In actively managing the fund’s portfolio, the Baseline ESG safeguards management team takes long positions (such as ownership) See Baseline ESG safeguards applicable to all funds within to equities that it believes will increase in price and short the Responsible Investment Policy. positions to equities that it believes will decline in price in an Sustainability risk integration attempt to exploit differences in stock prices and keep a low exposure to the market factors. Sustainability risks are included in the investment decision Investment manager(s) Nordea Investment process together with traditional financial factors, such as Management AB. risk and valuation metrics, when building and monitoring portfolios. Base currency EUR. Exclusions of certain sectors and/or financial instruments Risk Considerations from the investable universe are expected to reduce the sustainability risk of the fund. Conversely, such exclusions may Read the “Risk Descriptions” section carefully before investing increase the concentration risk of the fund which could-seen in the fund, with special attention to the following: in isolation – result in higher volatility and a greater risk of • Depositary receipt • Hedging loss. • Derivatives • Leverage See Sustainability Risk Integration applicable to all funds. • Emerging and frontier • Securities handling markets • Short position • Equity • Taxation Global exposure calculation Absolute VaR. Expected leverage 200%. The fund may extensively use financial derivatives to implement the investment policy and achieve its target risk profile.

March 2021 Prospectus Nordea 1 SICAV 138 Credit Policy

The management company, through appointed investment The management company and investment managers only managers, assesses credit quality of bonds and money market use ratings of credit agencies approved by the European instruments according to ratings of credit agencies or internal Securities and Markets Authority (ESMA) or the Securities and evaluations or both. Exchange Commission (SEC). Responsible Investment Policy

The board believes that responsible investing is an important diligence policies with respect to those impacts is accessible part of good corporate citizenship as well as being important via nordea.lu‌ . for long-term value creation. All funds manage their investments following the responsible investment policy of Sustainability Risk Integration applicable to all Nordea Asset Management which is accessible via nordea.lu‌ . funds The responsible investment policy and activities are overseen NAM integrates sustainability risk integration by by the Responsible Investment Committee of Nordea Asset • Providing portfolio managers and analysts with relevant ESG Management. The committee includes members from the information, making it possible to identify sustainability risks Senior Executive Management team and is chaired by the CEO and opportunities within the investable universe of Nordea Asset Management. • Including sustainability risks as part of security evaluation across all our portfolios Nordea Asset Management has signed the UN Principles • considering sustainability risks in the investment decision for Responsible Investments and are thus committed to process integrating ESG factors into our investment analysis, decision- making processes and active ownership practices. NAM believes that including sustainability risks in the investment decision process can enhance the risk-adjusted Baseline ESG safeguards applicable to all funds returns of the portfolios. NAM’s responsible investment framework also comprises a Acting in the best interests of its clients, NAM’s portfolio baseline integration of ESG safeguards. The ESG safeguards managers and analysts include sustainability risks in the consist of norm-based screening and exclusions lists, investment decision process for all actively managed implemented across the product range to ensure the portfolio portfolios. How sustainability risks are integrated differs meets a minimum standard independent of the individual among NAM’s investment boutiques, as the materiality of portfolios’ ESG ambitions. the sustainability risk will vary depending on asset class, Further, a continuously growing part of the product range investment strategy, client objectives, and market trends. includes additional ESG features. Depending on the Sustainability risks are included in the investment decision investment strategy, the portfolio could for example exclude process together with traditional financial factors, such as certain sectors, select securities with higher ESG standards, or risk and valuation metrics, when building and monitoring invest thematically. portfolios. For specific information on which additional ESG features The assessment of sustainability risks is facilitated by ESG are integrated in investment decisions of a strategy, and the data and information made available to analysts and portfolio likely impacts of sustainability risks on the returns of relevant managers, in all investment boutiques. This is supplemented strategy reference is made to our product specific disclosures. by the expertise of analysts in NAM’s Responsible Investment team. Principal adverse impacts In addition to the above, NAM’s Risk & Performance Analysis We have opted to consider the principal adverse impacts of team integrate, where relevant, ESG analysis in the risk investment decisions on sustainability factors and integrated reporting, which is made available to analysts and portfolio in our processes, including due diligence processes, managers on a daily basis. procedures for considering those impacts. A statement on due Risk Descriptions

All investments involve risk. Any of these risks could cause a fund to lose money, to The risk descriptions below correspond to the main risk perform less well than similar investments or a benchmark, to factors listed for each fund. A fund could potentially experience high volatility (ups and downs in NAV), or to fail to be affected by risks beyond those listed in the “Fund meet its objective over any period of time. Descriptions” or described here, nor are these risk descriptions ABS/MBS risk Mortgage-backed and asset-backed themselves intended to be exhaustive. Each risk is described securities (MBSs and ABSs) typically carry prepayment and as if for an individual fund. extension risk and can carry above-average liquidity risk.

March 2021 Prospectus Nordea 1 SICAV 139 MBSs (a category that includes collateralised mortgage buy-sellback transactions, the collateral held could yield less obligations, or CMOs) and ABSs represent an interest in a pool income than the assets transferred to the counterparty. While of debt, such as credit card receivables, auto loans, student the fund uses industry standard agreements with respect to loans, equipment leases, home mortgages and home equity all collateral, in some jurisdictions even these agreements loans. might prove to be difficult or impossible to enforce under local The pool of securities underlying ABSs and MBSs may be law. structured in tranches. Senior debt takes priority over all other Concentration risk To the extent that the fund invests a tranches, mezzanine debt is next in line for payment, and large portion of its assets in a limited number of industries, junior debt payments are made only after all obligations of sectors, or issuers, or within a limited geographical area, it can both the senior and mezzanine tranches have been satisfied. be more risky than a fund that invests more broadly. Credit, prepayment, extension and liquidity risks will all be Focusing on any company, industry, sector, country, region, affected by the seniority of the particular tranche. type of stock, type of economy, etc. makes the fund more MBSs and ABSs also tend to be of lower credit quality than sensitive to the factors that determine market value for the many other types of debt securities. To the extent that the area of focus. These factors may include economic, financial or debts underlying an MBS or ABS go into default or become market conditions as well as social, political, environmental or non-collectable, the securities based on those debts will other conditions. The result can be both higher volatility and a lose some or all of their value, particularly if there are no greater risk of loss. government guarantees. To the extent that any assets or Convertible securities risk Because convertible securities collateral exist, it may be difficult to convert them into cash. are structured as bonds that typically can, or must, be repaid CDO/CLO risk The lower tranches of CDOs and CLOs can with a predetermined quantity of equity shares, rather than experience significantly higher risk than upper tranches of the cash, they carry both equity risk and the credit and default same CDOs or CLOs. risks typical of bonds. These securities can be hurt by a decline in the underlying Because of their hybrid nature, convertible securities typically assets. Because of their complex structure, they can also be are less exposed to the performance and risk of the issuer’s hard to value accurately and their behavior in different market stock as well as of the issuer’s bonds, meaning it is likely conditions may be unpredictable. they will underperform one or the other at any given time. CoCo bonds risk Issuers of contingent convertible securities With convertible securities that have the option of repaying (CoCo bonds or CoCos) can cancel or suspend scheduled principal either in cash or equity securities, repayment will income payments at will. CoCos carry extension risk, and they typically be in the form of whichever is worth less at the time can be highly volatile. of repayment, which could mean that the fund misses out on the benefits of appreciation in the issuer’s equities. At the A CoCo bond can be junior not only to other debt obligations same time, if a convertible security is repaid in the issuer’s but to equity holders as well. It can also lose some or all of its equities, it is possible that these equities could fall in value value instantaneously in case of a write-down or if a trigger before the fund is able to liquidate them. event occurs; for example, the trigger could be activated either through a loss of capital (numerator) or an increase in risk- Counterparty risk Any entity with which the fund does weighted assets (denominator). Because CoCos are in effect business could become unwilling or unable to meet its perpetual loans, the principal amount may be paid off on the obligations to the fund. call date, anytime afterward, or never. CoCos can also have If a counterparty becomes bankrupt, the fund could lose some liquidity risk. or all of its money and could experience delays in getting There is a risk that volatility or price collapses could spread back securities or cash that were in the possession of the across issuers and that the CoCos could become illiquid. This counterparty. This could mean the fund is unable to sell the risk could be worse depending on the level of underlying securities or receive the income from them during the period instrument arbitrage. In case of conversion into equity, the in which it seeks to enforce its rights, a process that itself is portfolio manager would be forced to sell any new equity likely to create additional costs. In addition, the value of the shares if the fund’s investment policy does not permit equities; securities could fall during the period of delay. this could involve liquidity risk. While CoCos tend to offer Agreements with counterparties can be affected by liquidity attractive yields, any assessment of their risk must include risk and operational risk (including the risk of human error and not only their credit ratings (which may be below investment criminal activity), either of which could cause losses or limit grade) but also the other risks associated with CoCos, such as the fund’s ability to meet redemption requests. the risk of conversion, coupon cancellation, and liquidity risk. Because counterparties are not liable for losses caused by a Collateral risk The value of collateral might not cover the “force majeure” event (such as a serious natural or human- full value of a transaction, and might not cover any fees or caused disaster, riot, terrorist act or war), such an event could returns due to the fund. If any collateral the fund holds as cause significant losses for which the fund would likely have protection against counterparty risk (including assets in which no recourse. cash collateral has been invested) declines in value, it may Country risk – China The legal rights of investors in China not fully protect the fund against losses. Difficulties in selling are uncertain, government intervention is common and collateral may delay or restrict the ability of the fund to meet unpredictable, and some of the major trading and custody redemption requests. In the case of securities lending or systems are unproven.

March 2021 Prospectus Nordea 1 SICAV 140 In China, it is uncertain whether a court would protect the through Bond Connect may be subject to high price volatility fund’s right to securities it may purchase, whether purchased and potential lack of liquidity due to low trading volume of via a local broker under a Qualified Foreign Institutional certain debt securities. Large spreads between bid and offer Investor (QFII) Licence, the Stock Connect program or other prices, which make it harder to sell bonds at a profit, are also a methods. The structure of these schemes does not require full risk, as is counterparty risk. accountability of some of its component entities and leaves Currencies In China, the government maintains two separate investors such as the fund with relatively little standing to take currencies: onshore renminbi (which must remain within China legal action in China. The regulations of these schemes may and generally cannot be owned by foreigners) and offshore be subject to change. renminbi (which can be owned by anyone). The exchange rate, In addition, Chinese security exchanges or authorities may and the extent to which the currencies can be exchanged, tax or limit short-swing profits, recall eligible stocks, set or is determined by a combination of market and government change quotas (maximum trading volumes, either at the actions. This effectively creates currency risk within a single investor level or at the market level) or otherwise block, limit, nation’s currency, as well as liquidity risk. restrict or delay trading, hampering or preventing a fund from Covered bond risk Covered bonds are bonds usually issued implementing its intended strategies. by financial institutions, backed by a pool of assets (typically, Stock Connect program The Shanghai- or Shenzhen-Hong but not exclusively, mortgages and public sector debt) that Kong Stock Connect programs (Stock Connect) are joint secure or “cover” the bond if the issuer becomes insolvent. projects of the Hong Kong Exchanges and Clearing Limited With covered bonds the assets being used as collateral remain (HKEC), China Securities Depository and Clearing Corporation on the issuer’s balance sheet, giving bondholders additional Limited (ChinaClear), and the Shanghai and the Shenzhen recourse against the issuer in case of default. Stock Exchanges. Hong Kong Securities Clearing Company Limited (HKSCC), a clearing house that in turn is operated by In addition to carrying credit, default and interest rate risks, HKEC, acts as nominee for investors accessing Stock Connect covered bonds could face the risk that the collateral set aside Securities. to secure bond principal could decline in value. Creditors of the nominee or custodian could assert that the Danish covered bonds The vast majority of these bonds assets in accounts held for the funds are actually assets are backed by mortgage pools. Danish covered bonds follow of the nominee or custodian. If a court should uphold this a “balance principle” whereby each new loan is in principle assertion, creditors of the nominee or custodian could seek funded by the issuance of new bonds of equal size, identical payment from the assets of the relevant fund. HKSCC, as cash flow and maturity characteristics, further reducing nominee, does not guarantee the title to Stock Connect default risk. securities held through it and is under no obligation to enforce Note that Danish law and regulation allow that in times title or other rights associated with ownership on behalf of of significantly rising interest rates or difficult market beneficial owners (such as the funds). Consequently, title to environments for bond issuance, some Danish mortgage such securities, or the rights associated with them (such as bonds can extend their maturity, thus increasing the impact of participation in corporate actions or shareholder meetings), interest rate risk. cannot be assured. To the extent that the fund invests in Danish covered bonds Should the SICAV or any fund suffer losses resulting from the that are callable (which many are), it takes on prepayment risk. performance or insolvency of HKSCC, the SICAV would have Credit risk A bond or money market security, whether no direct legal recourse against HKSCC, because Chinese from a public or private issuer, could lose value if the issuer’s law does not recognize any direct legal relationship between financial health deteriorates. This risk is greater the lower HKSCC and either the SICAV or the depositary. the credit quality of the debt, and the greater the fund’s Should ChinaClear default, HKSCC’s contractual liabilities exposure to below investment grade bonds. In extreme cases, will be limited to assisting participants with claims. A fund’s a debt security could go into default, meaning the issuers or attempts to recover lost assets could involve considerable guarantors of certain bonds could become unable to make delays and expenses,and may not be successful. payments on their bonds. China Interbank Bond Market (CIBM) China prohibits If the financial health of the issuer of a bond or money market outside lenders from extending credit directly to individuals or security weakens, or if the market believes it may weaken, entities within China. Outside investors (such as the fund) can the value of the bond or money market security may fall or buy Chinese corporate and government bonds. Because these become more volatile, and it may become illiquid. bonds are denominated in RMB, whose value and liquidity is Below investment grade bonds are considered speculative. to some extent controlled by the government, currency risks Compared to investment grade bonds, the prices and yields of (described below) may affect the liquidity and trading price below investment grade bonds are more sensitive to economic of Chinese bonds. Many of the same concerns about investor events and more volatile, and the bonds are less liquid. rights apply to Chinese bonds as well. Debt issued by governments and government-owned or Bond Connect aims to enhance the efficiency Bond Connect -controlled entities can be subject to many risks, especially and flexibility of investing in the China Interbank Bond Market. in cases where the government is reliant on payments or Although Bond Connect removes CIBM’s investment quota extensions of credit from external sources, is unable to and the need for a bond settlement agent, investments made institute the necessary systemic reforms or control domestic

March 2021 Prospectus Nordea 1 SICAV 141 sentiment, or is unusually vulnerable to changes in geopolitical • in difficult market conditions, it may be impossible or or economic sentiment. Even if a government issuer is unfeasible to place orders that would limit or offset the financially able to pay off its debt, investors may have little market exposure or financial losses created by some recourse should it decide to delay, discount or cancel its derivatives obligations. Debt issued by corporations is usually less liquid • using derivatives involves costs that the fund would not than debt issued by government or supranational entities. otherwise incur Bonds that are in default may become illiquid or worthless. • changes in tax, accounting, or securities laws could cause Trying to recover principal or interest payments from a the value of a derivative to fall or could force the fund to defaulted issuer can be difficult, particularly if the bonds are terminate a derivative position under disadvantageous unsecured or subordinate to other obligations, and can involve circumstances additional costs. Exchange-traded derivatives Trading in these derivatives Currency risk To the extent that the fund holds assets that or their underlying assets could be suspended or subject to are denominated in currencies other than the base currency, limits. There is also a risk that settlement of these derivatives any changes in currency exchange rates could reduce through a transfer system may not happen when or as investment gains or income, or increase investment losses, in expected. some cases significantly. OTC derivatives — non-cleared Because OTC derivatives Exchange rates can change rapidly and unpredictably, and it are in essence private agreements between a fund and one may be difficult for the fund to unwind its exposure to a given or more counterparties, they are less highly regulated than currency in time to avoid losses. Changes in exchange rates market-traded securities. They also carry greater counterparty can be influenced by such factors as export-import balances, and liquidity risks. If a counterparty ceases to offer a derivative economic and political trends, governmental intervention and that a fund had been planning on using, the fund may not be investor speculation. able to find a comparable derivative elsewhere and may miss an opportunity for gain or find itself unexpectedly exposed to Intervention by a central bank, such as aggressive buying or risks or losses, including losses from a derivative position for selling of currencies, changes in interest rates, restrictions which it was unable to buy an offsetting derivative. on capital movements or a “de-pegging” of one currency to another, could cause abrupt or long-term changes in relative OTC derivatives — cleared Because these derivatives are currency values. cleared on a trading platform, their liquidity risks are similar to those for exchange-traded derivatives. However, they still Custody risk The depositary, and any entity to whom carry counterparty risk that is similar to non-cleared OTC custody of fund assets is further delegated, are all considered derivatives. counterparties and are subject to counterparty risk. In addition, because cash deposits are not segregated at the ETF risk An ETF may trade below its full value, especially depositary or sub-custodian level, these assets would be at during intra-day trading. In addition, index tracking ETFs may greater risk in the event of a bankruptcy or other failure of any not exactly reflect the underlying index (or benchmark). of these parties. To lower transaction costs, indexing ETFs will typically Depositary receipt risk Depositary receipts (certificates that hold a smaller set of securities than the underlying index or represent securities held on deposit by financial institutions) benchmark. This leads to tracking error, which is typically carry illiquid securities and counterparty risks. limited, but over time can lead to an increasing divergence between the ETF and the index or benchmark. Depositary receipts, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Emerging and frontier markets risk Emerging and Depositary Receipts (GDRs) and Participation Notes frontier markets are less established, and more volatile, than (P-Notes), can trade below the value of their underlying developed markets. They involve higher risks, particularly securities. Owners of depositary receipts may lack some of the market, credit, legal and currency risks, and are more likely to rights (such as voting rights) they would have if they owned experience risks that, in developed markets, are associated the underlying securities directly. with unusual market conditions, such as liquidity and counterparty risks. Derivatives risk Small movements in the value of an underlying asset can create large changes in the value of a Reasons for this higher level of risk include: derivative, making derivatives highly volatile in general, and • political, economic, or social instability exposing the fund to potential losses significantly greater than • economies that are heavily reliant on particular industries, the cost of the derivative. commodities, or trading partners • high or capricious tariffs or other forms of protectionism Derivatives are subject to the risks of the underlying asset(s) • quotas, regulations, laws, restrictions on repatriation of as well as carrying their own risks. Some of the main risks of monies, or other practices that place outside investors (such derivatives are: as the fund) at a disadvantage • the pricing and volatility of some derivatives, in particular • changes in laws or failure to enforce laws or regulations, to credit default swaps, may diverge from the pricing or volatility provide fair or functioning mechanisms for resolving disputes of their underlying reference(s) or pursuing recourse, or to otherwise recognise the rights of investors as understood in developed markets

March 2021 Prospectus Nordea 1 SICAV 142 • excessive fees, trading costs, taxation, or outright seizure of holdings, which may include currencies other than the base assets currency of the fund or the currency of the share class. inadequate reserves to cover issuer or counterparty defaults • Inflation-linked debt securities The inflation protection • incomplete, misleading, or inaccurate information about that these securities are designed to offer does not protect securities and their issuers them from interest rate risk. Interest payments on inflation- • non-standard or sub-standard accounting, auditing or linked securities are unpredictable and will fluctuate as the financial reporting practices principal and interest are adjusted for inflation. Any increase • markets that are small and have low trading volumes, and in the principal amount of an inflation-linked debt security consequently can be vulnerable to liquidity risk and to may be considered taxable ordinary income, even though the manipulation of market prices fund will not receive the principal until maturity. In the case of arbitrary delays and market closures • inflation-indexed bonds, whose principal value is periodically less developed market infrastructure that is unable to handle • adjusted according to the rate of inflation. Any decline in the peak trading volumes index measuring inflation will result in a decline in the value of fraud, corruption and error • the bonds and, in turn, a decline in the interest rate. In certain countries, securities markets may also suffer from To the extent that the inflation index used by an inflation- impaired efficiency and liquidity, which may worsen price linked security does not accurately measure the real rate of volatility and market disruptions. To the extent that emerging inflation in the prices of goods and services, the security will markets are in different time zones from Luxembourg, fail to protect against the erosion of purchasing power caused and may have different trading days, these risks could be by inflation. compounded for the fund if it is not able to react in a timely fashion to price movements that occur when the fund is not Interest rate risk When interest rates rise, bond values open for business. generally fall. This risk is generally greater the longer the maturity or duration of the bond investment. For purposes of risk, the category of emerging markets includes markets that are less developed, such as most Investment fund risk As with any investment fund, investing countries in Asia, Africa, Latin America and Eastern Europe, in the fund involves certain risks an investor would not face if as well as countries such as China, Russia and India that have investing in markets directly: successful economies but may not offer the highest levels of • the actions of other investors, in particular sudden large investor protection. Frontier markets are the least developed outflows of cash or behavior that results in a tax penalty for of the emerging market countries. The list of emerging and the fund, could cause losses to other investors less developed markets is subject to continuous change. • the investor cannot direct or influence how money is invested while it is in the fund Equity risk Equities can lose value rapidly, and typically • the fund is subject to various investment laws and regulations involve higher (often significantly higher) market risks than that limit the use of certain securities and investment bonds or money market instruments. techniques that might improve performance; to the extent If a company goes through bankruptcy or a similar financial that the fund decides to register in jurisdictions that impose restructuring, its equities may lose most or all of their value. narrower limits, this decision could further limit its investment Initial public offerings (IPOs) can be highly volatile and can activities be hard to evaluate because of a lack of trading history and • because the fund is based in Luxembourg, any protections relative lack of public information. that would have been provided by other regulators (including, for investors outside Luxembourg, those of their home Hedging risk – portfolio Any attempts to reduce or regulator) may not apply eliminate certain risks may not work as intended, and to • because fund shares are not publicly traded, the only option the extent that they do work, they will generally eliminate for liquidation of shares is generally redemption, which could potentials for gain along with risks of loss. be subject to any redemption policies set by the fund Any measures that the fund takes that are designed to offset • the fund could suspend redemptions of its shares, for any specific risks may work imperfectly, may not be feasible at of the reasons described in “Rights We Reserve” under all times. Hedging involves costs, which reduce investment “Investing in the Funds” performance. • the fund’s buying and selling of investments may not be Hedging risk – contagion It may not be possible to fully optimal for the tax efficiency of any given investor isolate all risks (such as counterparty risk) and all costs of • to the extent that the fund invests in other UCITS/UCIs, it currency hedged share classes from classes that are not will have less direct knowledge of, and no control over, the currency hedged. For a list of funds with share classes that decisions of the UCITS/UCI’s investment managers, it could could experience contagion risk, go to nordea.lu‌ . incur a second layer of investment fees (which will further erode any investment gains ), and it could face liquidity risk in Hedging risk – currency hedged share classes Any trying to unwind its investment in a UCITS/UCI attempts to reduce or eliminate the effect of exchange • to the extent that the SICAV conducts business with affiliates rate fluctuations between the base currency of the fund of Nordea Group, and these affiliates (and affiliates of other and the currency of the share class may not be successful. service providers) do business with each other on behalf of The currency hedging on the hedged share classes has no the SICAV, conflicts of interest may be created; to mitigate correlation with the currency exposure of the fund´s portfolio these, all such business dealings are conducted on an “arm’s

March 2021 Prospectus Nordea 1 SICAV 143 length” basis, and all entities, and the individuals associated Prepayment and extension risk Any unexpected behaviour with them, are subject to strict “fair dealing” policies that in interest rates could hurt the performance of callable debt prohibit profiting from inside information and showing securities (securities whose issuers have the right to pay off favoritism) the security’s principal before the maturity date). Where a fund invests in another UCITS/ other UCI, these risks When interest rates fall, issuers tend to pay off these securities apply to the fund, and in turn indirectly to shareholders. and re-issue new ones at lower interest rates. When this Leverage risk The fund’s high net exposure to certain happens, the fund may have no alternative but to reinvest the investments could make its share price more volatile. money from these prepaid securities at a lower rate of interest (“prepayment risk”). To the extent that the fund uses leverage to increase its net exposure to any market, rate, basket of securities or other At the same time, when interest rates rise, borrowers tend not financial reference source, fluctuations in the price of the to prepay their low-interest mortgages. This can lock in the reference source will be amplified at the fund level. fund to receiving below-market yields until interest rates fall or the securities mature (“extension risk”). It can also mean Liquidity risk Certain securities may be hard to value or that the fund must either sell the securities at a loss or forgo sell at a desired time and price, especially in any quantity. the opportunity to make other investments that may turn out In addition, temporary market conditions could cause any to have performed better. security to become hard to value or to sell at a desired time and price. The prices and yields of callable securities typically reflect the assumption that they will be paid off at a certain point before Liquidity risk could affect the fund’s value and its ability to pay maturity. If this prepayment happens when expected, the redemption proceeds or to repay, for example, buy-sellback fund generally will not suffer any adverse effects. However, if agreement proceeds by the agreed deadline. it happens substantially earlier or later than expected, it can Securities that are inherently less liquid than, for example, mean that the fund effectively overpaid for the securities. large equities that trade daily on major exchanges, may These factors can also affect the fund’s duration, increasing include Rule 144A securities as well as a security of any type or decreasing sensitivity to interest rates in undesired ways. that represents a small issue, trades infrequently, or is traded In some circumstances, the failure of rates to rise or fall when on markets that are comparatively small or that have long anticipated could cause prepayment or extension risks as well. settlement times. Real estate investments risk Real estate and related Market risk Prices and yields of many securities can change investments, including real estate investment trusts (REITs), frequently — sometimes with significant volatility — and can can be hurt by any factor that makes an area or individual fall, based on a wide variety of factors. property less valuable. Examples of these factors include: Specifically, investments in real estate holdings or related • political and economic news businesses or securities (including interests in mortgages) can • government policy be hurt by natural disasters, economic declines, overbuilding, • changes in technology and business practices zoning changes, tax increases, population or lifestyle trends, • changes in demographics, cultures and populations environmental contamination, defaults on mortgages, failures • natural or human-caused disasters (including but not limited of management, and other factors that may affect the market to pandemics), whether they qualify as force majeure or not value or cash flow of the investment. • cybercrime, fraud and other criminal activities • weather and climate patterns Securities handling risk Some countries may restrict • scientific or investigative discoveries securities ownership by outsiders or may have less regulated • costs and availability of energy, commodities and natural custody practices. resources These practices may leave the fund more vulnerable to fraud, The effects of market risk can be immediate or gradual, short- error, ownership disputes, and other sources of financial loss term or long-term, narrow or broad. unrelated to market declines. Operational risk The fund could be subject to the risk of Small and mid-cap equity risk Stocks of small and mid-size loss resulting from human error or criminal activity such as companies can be more volatile and less liquid than stocks of cybercrime and fraud, faulty processes or governance, or larger companies. technological failures. Small and mid-size companies often have fewer financial Operational risks may subject the fund to errors affecting resources, shorter operating histories, and less diverse valuation, pricing, accounting, tax reporting, financial business lines, and as a result can be at greater risk of long- reporting, custody and trading, among other things. term or permanent business setbacks. Initial public offerings Operational risks may go undetected for long periods of (IPOs) can be highly volatile and can be hard to evaluate time, and even if they are detected it may prove impractical because of a lack of trading history and relative lack of public to recover prompt or adequate compensation from those information. responsible. Short position risk The use of a short position (whose value moves in the opposite direction from the value of the security itself) may increase the risk of both loss and volatility.

March 2021 Prospectus Nordea 1 SICAV 144 In theory, potential losses from using short positions can be Sustainability risk An environmental, social or governance unlimited as security prices could potentially rise infinitely, event, or condition that, if it occurs, could cause a negative whereas the loss from investing in a long position cannot material impact on the value of the investment. exceed the amount invested. Sustainability risk may significantly increase the volatility of The short selling of investments may be subject to changes the investment return of the fund. in regulations, which could create losses or the inability to Taxation risk A country could change its tax laws or treaties continue using short positions as intended or at all. in ways that affect the fund or shareholders. Standard practices risk Investment management practices Tax changes potentially could be retroactive and in some that have worked well in the past, or are accepted ways of cases could affect investors with no direct investment in the addressing certain conditions, could prove ineffective. country.

March 2021 Prospectus Nordea 1 SICAV 145 General Investment Powers and Restrictions

Each fund, and the SICAV itself, must comply with all articles or the prospectus (with the articles taking precedence applicable EU and Luxembourg laws and regulations, as over the prospectus). well as certain circulars, technical standards and other If any violation of the 2010 Law by a fund is detected, the requirements. This section presents, in tabular form, the investment manager must make compliance with the relevant portfolio management requirements of the 2010 Law as policies a priority in its securities trades and management well as the requirements set by the European Securities decisions for the fund, taking due account of the interests of and Markets Authority (ESMA) for risk monitoring and shareholders. management. In case of any discrepancy, the 2010 Law itself, in the original French version, would prevail over either the Except where noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of total assets.

Permitted assets, techniques and transactions The table below describes what is allowable to any UCITS. The funds may set limits that are more restrictive in one way or another, based on their investment objectives and policies. A fund’s usage of any asset, technique or transaction must be consistent with its investment policies and restrictions. No fund can acquire assets that come with unlimited liability attached, underwrite securities of other issuers, or issue warrants or other rights to subscribe for their shares.

Security/ Transaction Requirements

1. Transferable Must be listed or traded on an official stock exchange in an Recently issued securities must include in their terms of securities and money eligible state, or on a regulated market in an eligible state (a issue a commitment to apply for official listing on a regulated market instruments market that operates regularly, is recognised and is open to market and such admission must be received within 12 the public). months of issue.

2. Money market Must be subject (at the securities or issuer level) to Can also qualify if the issuer belongs to a category approved instruments that do not regulation aimed at protecting investors and savings and by the CSSF, is subject to investor protections that are equiv- meet the requirements must meet one of the following: alent to those described directly at left, and meets one of the in row 1 • be issued or guaranteed by a central, regional or local following criteria: authority, or a central bank of an EU member state, the • is issued by a company with at least EUR 10 million in European Central Bank, the European Investment Bank, capital and reserves that publishes annual accounts the EU, a public international body to which at least consistent with Directive 78/660/EEC one EU member state belongs, a sovereign nation, or a • is issued by an entity dedicated to financing a group of member state of a federation companies at least one of which is publicly listed • be issued by an undertaking whose securities qualify • is issued by an entity dedicated to financing securitisation under row 1 (with exception of recently issued securities) vehicles that benefit from a banking liquidity line. • be issued or guaranteed by an institution that is subject to, and complies with, EU prudential supervision rules or other rules the CSSF considers to be at least as stringent

3. Transferable Limited to 10% of fund assets. securities and money market instruments that do not meet the requirements in rows 1 and 2

4. Units of UCITS or Must be limited by constitutional documents to investing no • issue annual and semi-annual reports to enable an other UCIs that are not more than 10% of assets in other UCITS or other UCIs. assessment of assets, liabilities, income and operations linked to the SICAV* • If the target investment is an “other UCI”, it must: over the reporting period • invest in UCITS-allowable investments • offer investor protections that are equivalent to those of a • be authorised by an EU member state or by a state the UCITS, in particular as to the rules on asset segregation, CSSF considers to have equivalent laws on supervision, borrowing, lending and uncovered sales with sufficient cooperation between authorities • the target fund might have different investment strategies or restrictions than the fund, to the extent that such investments do not result in a circumvention of the investment strategies or restrictions of the fund.

5. Units of UCITS or Must meet all requirements in row 4. The UCITS/other UCI cannot charge a fund any fees for other UCIs that are The SICAV’s annual report must state the total annual subscribing for or redeeming shares. linked to the SICAV* management and advisory fees charged both to the fund and to the UCITS/other UCIs in which the fund has invested during the relevant period.

6. Shares of other funds Must meet all requirements in rows 4 and 5. The acquiring fund surrenders all voting rights in shares it of the SICAV The target fund cannot invest, in turn, in the acquiring fund acquires. (reciprocal ownership). The value of the shares does not count in the calculation of the assets of the SICAV for the purpose of verifying the minimum capital requirements imposed by the 2010 Law.

* A UCITS or other UCI is considered to be linked to the SICAV if both are managed or controlled by the same Management Company or another affiliated entity.

March 2021 Prospectus Nordea 1 SICAV 146 Security/ Transaction Requirements

7. Real estate and Direct ownership of precious metals or commodities, or Direct ownership of real estate or other tangible property commodities, including certificates representing them, is prohibited. Investment is prohibited except for what is directly necessary to precious metals exposure is allowed only indirectly, through assets, conducting the SICAV’s business. techniques and transactions allowed under the 2010 Law.

8. Deposits with credit Must be repayable or withdrawable on demand, and any The credit institutions either must have a registered office in institutions maturity date must be no more than 12 months in the future. an EU/EEA member state or, if not, be subject to prudential supervision rules the CSSF consider to be at least as stringent as EU rules.

9. Cash and cash The SICAV may hold ancillary liquid assets. equivalents

10. Derivatives and Underlying assets must be those described in rows 1, 2, OTC derivatives must meet all of the following criteria: equivalent cash-settled 4, 5, 6 and 8 or must be financial indices, interest rates, • be subject to reliable and verifiable independent daily instruments foreign exchange rates or currencies consistent with fund valuations investment objectives and policies. • be able to be sold, liquidated or closed by an offsetting All usage must be adequately captured by the risk transaction at their fair value at any time at the SICAV’s management process described in “Management and initiative monitoring of global risk” below. • be with counterparties that are institutions subject to prudential supervision and that belong to categories approved by the CSSF

11. Securities lending, Must be used as an efficient portfolio management For each transaction, the fund must receive and hold repurchase transactions technique only. collateral that is at least equivalent, at all times during the and reverse repurchase The volume of transactions must not interfere with a lifetime of the transactions, to the full current value of the transactions fund’s pursuit of its investment policy or its ability to meet securities lent. redemptions. With loans of securities and with repurchase During the life of a repurchase contract, the fund cannot sell transactions, the fund must ensure that it has sufficient the securities which are the object of the contract, either assets to settle the transaction. before the right to repurchase these securities has been All counterparties must be subject to EU prudential exercised by the counterparty, or the repurchase term has supervision rules or to rules the CSSF consider to be at least expired. as stringent. The fund must have the right to terminate any of these A fund may lend securities: transactions at any time and to recall the securities that have been lent or are subject to the repurchase agreement. • directly to a counterparty • through a lending system organised by a financial The SICAV cannot grant or guarantee any other type of loan institution that specialises in this type of transaction to a third party. • through a standardised lending system organised by a recognised clearing institution

12. Borrowing The SICAV is not allowed to borrow in principle except if it The SICAV may however acquire foreign currency by means is on a temporary basis and represents no more of 10% of a of back-to-back loans. fund’s assets.

13. Short sales Direct short sales are prohibited. Short positions may be acquired only through derivatives.

March 2021 Prospectus Nordea 1 SICAV 147 Diversification requirements To ensure diversification, a fund cannot invest more than a certain amount of its assets in one issuer, as defined below. For purposes of this table, companies that share consolidated accounts (whether in accordance with Directive 2013/34/EU or with recognised international rules) are considered to be a single issuer. The percentage limits indicated by the vertical brackets in the center of the table indicate the maximum aggregate investment in any single issuer for all bracketed rows.

Maximum investment/exposure, as a % of total net assets In any In Category of securities one issuer aggregate Other Exceptions

A. Transferable securities and 35% A fund may invest in as few as six issues if it money market instruments is investing in accordance with the principle issued or guaranteed by a of risk spreading and meets both of the sovereign nation, any EU following criteria: public local authority, or any • it invests no more than 30% in any one public international body issue to which one or more EU • the securities are issued by an EU member member states belongs. state, its local authorities or agencies, a member state of the OECD or of the G20, Singapore or Hong Kong, or by a public international body of which one or more EU member state belongs The exception described for Row C applies to this row as well. B. Bonds issued by a credit 25% 80% in any issuer in whose bonds institution whose registered a fund has invested more than 5% office is in an EU member of assets. state and which is subject by law to special public supervision designed to protect bondholders*. C. Any transferable 10% 35% 20% in transferable securities and For index-tracking funds, the 10% increases securities and money market money market instruments within to 20% in the case of a published, sufficiently instruments other than those the same group. diversified index that is adequate as a described in rows A and B 40% in aggregate in all issuers benchmark for its market and is recognised above. in which a fund has invested by the CSSF. This 20% increases to 35% (but more than 5% of its assets (does for one issuer only) in exceptional market not include deposits and OTC conditions, such as when the security is highly derivative contracts with financial dominant in the regulated market in which it institutions subject to prudential trades. supervision and securities indicated in rows A and B). 20% D. Deposits with credit 20% institutions. E. OTC derivatives with a 10% max risk counterparty that is a credit exposure institution as defined in row 8 (OTC above (first table in section). derivatives and EPM techniques combined) F. OTC derivatives with any 5% max risk other counterparty. exposure G. Units of UCITS or UCIs as 20% in one or more UCITS Target funds of an umbrella defined in rows 4 and 5 above or other UCIs structure whose assets and (first table in section). liabilities are segregated are considered as a separate UCITS or other UCI. Assets held by the UCITS or other UCIs do not count for purposes of complying with rows A - F of this table.

*These bonds also must invest all sums deriving from their issuance in assets that, for the life of the bonds, are capable of covering all claims attaching to the bonds and in case of issuer bankruptcy would be used, on a priority basis, to reimburse principal and accrued interest.

Additional requirements set by the management company Unless specifically stated in “Fund Descriptions”, a fund’s investment in the following securities is limited to the following percentage of the fund’s total assets: • 10% in mortgage-backed and asset-backed securities (MBSs and ABSs) • 10% in contingent convertible bonds • 10% in China A shares • 10% in other UCITS/UCIs

March 2021 Prospectus Nordea 1 SICAV 148 Limits on concentration of ownership These limits are intended to prevent the SICAV or a fund from the risks that could arise (for itself or an issuer) if it were to own a significant percentage of a given security or issuer. A fund does not need to comply with the investment limits described under “Diversification requirements” (above) and “Limits on concentration of ownership” (below) when exercising subscription rights attaching to transferable securities or money market instruments that form part of its assets, so long as any resulting violations of the investment restrictions are corrected as described in the introduction to “General Investment Powers and Restrictions”.

Category of securities Maximum ownership, as a % of the total value of the securities issued

Securities carrying voting rights Less than would enable the SICAV to exercise These rules do not apply to: significant influence over the • securities described in row A of the table management of an issuer above Non-voting securities of any one 10% • shares of a non-EU company that issuer mainly invests in its home country and represents the only way to invest in that Debt securities of any one issuer 10% These limits can be country in accordance with the 2010 Law disregarded at purchase purchases or repurchases of shares of Money market securities of any one 10% if at that time the gross • issuer subsidiaries that provide management, amount of bonds or money advice or marketing in their country, Shares of any fund of an umbrella 25% market instruments, or when done as a way of effecting UCITS or UCI the net amount of the transactions for SICAV shareholders in instruments in issue, cannot accordance with the 2010 Law be calculated.

Master and feeder funds The SICAV can create one or more funds that qualify as a master fund or a feeder fund, or can designate any existing fund a master fund or a feeder fund. The rules below apply to any fund that is a feeder fund.

Security Investment Requirements Other Terms and Requirements

Units of the At least 85% of assets The master fund cannot charge any fees for subscribing or redeeming master fund shares/units. Derivatives and Up to 15% of assets Derivatives must only be used for hedging. In measuring derivatives exposure, the feeder ancillary cash and cash fund must combine its own direct exposure with, in proportion to its investment, either the equivalents* actual exposure created by the master fund or its maximum permitted exposure. The timing of NAV calculation and publication for the master fund and for the feeder fund must be coordinated in a way designed to prevent market timing and arbitrage between the two funds.

* Also includes movable and immovable property, which is allowed only if it is directly necessary to the SICAV’s business.

Management and monitoring of global risk The management company uses a risk management process, approved and supervised by its board, to monitor and measure at any time the overall risk profile of each fund from direct investment, derivatives, techniques, collateral and all other sources. Global risk assessments are calculated every trading day (whether or not the fund calculates a NAV for that day), and encompass numerous factors, including coverage for contingent liabilities created by derivative positions. Any derivatives embedded in transferable securities or money market instrument count as derivatives held by the fund, and any exposure to transferable securities or money market instruments gained through derivatives (except certain index-based derivatives) counts as investment in those securities or instruments. Risk monitoring approaches There are three main risk measurement approaches: the commitment approach and the two forms of value at risk (VaR), absolute and relative. These approaches are described below, and the approach each fund uses is described in “Fund Descriptions”. The board and the management company choose which approach each fund will use based on the fund’s investment policy and strategy.

Approach Description

Absolute Value-at-Risk The fund seeks to estimate the maximum loss it could experience in a month (meaning 20 trading days), and requires that (Absolute VaR) 99% of the time, the fund’s worst outcome does not exceed a 20% reduction in net asset value, and 95% of the time does not exceed a 14.1% reduction. Relative Value-at-Risk Used for funds that measure and limit overall exposure compared to a benchmark that represents the relevant segment (Relative VaR) of the reference financial market. The fund seeks, with 99% confidence, to maintain an estimated fund VaR that does not exceed twice the VaR of the benchmark. Commitment The fund calculates its global exposure by taking into account either the market value of an equivalent position in the underlying asset or the derivative‘s notional value, as appropriate. This allows the fund to reduce its global exposure by taking into account the effects of certain hedging or offsetting positions, consistent with ESMA guidelines 10/788. A fund using this approach must ensure that its overall market exposure does not exceed 200% of total assets (100% from direct investment and 100% from derivatives).

March 2021 Prospectus Nordea 1 SICAV 149 Gross leverage Any fund that uses the Absolute or Relative VaR approach must also calculate its expected level of gross leverage, which is stated in “Fund Descriptions”. A fund’s expected level of leverage is an indicative level, not a regulatory limit, and the actual level of leverage may exceed the expected level from time to time. However, a fund’s use of derivatives will remain consistent with its investment objective, investment policies and risk profile, and will comply with its VaR limit. Gross leverage is a measure of total derivative usage and is calculated as the “sum of the notionals” (the exposure of all derivatives, without treating opposing positions as cancelling each other out). As the leverage calculation considers neither the sensitivity to market movements nor whether it increases or decreases a fund’s overall risk, it may not be representative of the actual investment risk level within a fund. How the Funds Use Instruments and Techniques

Legal and regulatory framework • Interest rate hedging Typically done using interest rate A fund may use the following instruments and techniques futures, interest rate swaps, writing call options on interest consistent with the 2010 Law, Grand Ducal regulation of rates or buying put options on interest rates. The goal is to 8 February 2008, CSSF Circulars 08/356 and 14/592, ESMA manage interest rate risk. guidelines 14/937, the Securities Financing Transactions (SFT) Investment exposure A fund can use any allowable regulation (EU) 2015/2365 and any other applicable law and derivative and other techniques to gain exposure to regulation. Each fund’s usage must also be consistent with its permissible assets, in particular when direct investment is investment objective and policies and will not increase its risk economically inefficient or impracticable. profile beyond what it otherwise would have been. Leverage A fund can use any allowable derivative and other techniques to increase its total investment exposure beyond What the funds can use derivatives for what would be possible through direct investment. Leverage A fund may use derivatives for any of the following purposes, typically increases portfolio volatility. consistent with what is described in “Fund Descriptions”. Efficient portfolio management Reducing risks or costs or Hedging Hedging is taking a market position that is in the generating additional capital or income. opposite direction from the position created by other portfolio investments, for the purpose of reducing or canceling out Derivatives the funds can use exposure to price fluctuations or certain factors that contribute A derivative is a financial contract whose value depends on to them. the performance of one of more reference assets (such as a • Credit hedging Typically done using credit default swaps. security or basket of securities, an index or an interest rate). The goal is to hedge against credit risk. This includes purchasing or selling protection against the risks of specific The following are the most common derivatives used by the assets or issuers as well as proxy hedging (taking an opposite funds: position in a different investment that is likely to behave • financial futures similarly to the position being hedged). • options, such as options on equities, interest rates, indices, • Currency hedging Typically done using currency forwards. bonds, currencies, or commodity indices The goal is to hedge against currency risk. A fund may • warrants engage in: • forwards, such as currency forwards (foreign exchange ––direct hedging (same currency, opposite position) contracts for future delivery at a specified price) ––cross-hedging (reducing exposure to one currency while • swaps (contracts where two parties exchange the returns increasing exposure to another, the net exposure to the from two different reference assets, such as foreign exchange base currency being left unchanged), when it provides an or interest rate swaps and swaps on baskets of equities but efficient way of gaining the desired exposures NOT including total return, credit default, commodity index, ––proxy hedging (taking an opposite position in a different volatility or variance swaps) currency that is considered likely to behave similarly to the • credit derivatives, such as credit default swaps (contracts base currency) where one party receives a fee from the counterparty in ––anticipatory hedging (taking a hedge position in exchange for agreeing that, in the event of a bankruptcy, anticipation of an exposure that is anticipated to arise as default or other “credit event”, it will make payments to the the result of a planned investment or other event) counterparty designed to cover the latter’s losses) • Duration hedging Typically done using interest rate swaps, • structured financial derivatives, such as credit-linked and swaptions and futures. The goal is to seek to reduce the equity-linked securities exposure to rate shifts for longer-maturity bonds. • total return swaps (transaction in which one counterparty • Price hedging Typically done using options on indices makes payments based on a fixed or variable rate to the other (specifically, by selling a call or buying a put). Usage is counterparty, who transfers the total economic performance, generally limited to situations where there is sufficient including income from interest and fees, gains and losses correlation between the composition or performance of from price movements, and credit losses, of a reference the index and that of the fund. The goal is to hedge against obligation); this category includes contracts for difference fluctuations in the market value of a position. • swaptions (options that provide the right, but not the obligation, to engage in a swap)

March 2021 Prospectus Nordea 1 SICAV 150 Futures are generally exchange-traded. All other types of • 100% of the net revenues from repurchase transactions derivatives are generally OTC (over the counter, meaning • 100% of the net revenues from total return swap transactions they are in effect private contracts between a fund and a The revenues received from securities lending, repurchase counterparty). transactions and total return swaps, and the related fixed or For any index-linked derivatives, the index provider variable fees and operational costs, are disclosed in financial determines the rebalancing frequency and there is no cost to reports. the relevant fund when the index itself rebalances. Counterparties to derivatives and techniques A fund may use more exotic derivatives (derivatives whose payoff structure or underlying asset(s) are more complex) to In addition to the requirements stated in Row 11 of table the extent that is it consistent with its investment restrictions. “Permitted assets, techniques and transactions” on page 146 a counterparty must meet the following criteria: Instruments and techniques the funds can use • undergo analysis applicable to the counterparty’s intended A fund can use the following instruments and techniques with activity, which can include a review of such aspects as respect to any and all securities it holds, but only for efficient company management, liquidity, profitability, corporate portfolio management (as described above). structure, capital adequacy, and asset quality, as well as the regulatory framework; legal status and geographic criteria Securities lending Under these transactions, the fund lends are typically be considered as well assets to qualified borrowers, for a determined duration • be considered creditworthy by the management company or returnable on demand, in exchange for cash or other • typically have a public credit rating that is at least investment compensation. The borrower must put in collateral consistent grade with the provisions of this prospectus. A fund may lend any securities that it holds. None of the funds currently use Unless otherwise stated in this prospectus, no counterparty securities lending transactions. to a derivative held by any fund can serve as an investment manager of that fund or any other fund within the SICAV, or Repurchase transactions (buy-sell back transactions, otherwise have any control or approval over the composition sell-buy back transactions, repurchase agreements, or management of such a fund’s investments or transactions reverse repurchase agreements) Under these or over the assets underlying a derivative. Affiliated transactions, the fund respectively buys or sells securities to a counterparties are allowed provided that the transactions are counterparty, against payment, and has either the right or the conducted at arm’s length. obligation to sell back or buy back (respectively) the securities at a later date and a specific (and typically higher) price. The SICAV has authorised the lending agent to arrange loans of securities to qualified entities, such as banks, funds and Only the following assets may be used for repurchase pension schemes, most of them within Europe. The generally transactions: low levels of counterparty risk and market risk associated • short-term bank certificates or money market instruments with securities lending are further mitigated by counterparty • shares or units of investment-grade money market UCIs default protection from the lending agent and the receipt of • adequately liquid bonds of non-governmental issuers collateral. • bonds issued or guaranteed by an OECD country (including the country’s local public authorities) or by a supranational Collateral policies institution or undertaking with regional (including EU) or These policies apply to assets received from counterparties world-wide scope in connection with transactions in securities lending, sell- shares included in a main index and traded on an EU • buyback transactions and OTC derivatives. regulated market or a stock exchange of an OECD country Acceptable collateral The main securities that may be Usage accepted as collateral are: All figures for expected usage are based on yearly averages • cash and cash equivalents, such as a letter of credit or a and will be updated with each new prospectus version. demand note from a first class credit institution not affiliated to the counterparty Securities lending Permitted: 0% of total assets. Expected: 0%. • investment grade bonds issued or guaranteed by a Repurchase transactions Permitted: 100% of total assets. member state of the OECD or by their local authorities or by Expected: 0%. Any expected or permitted usage above those supranational institutions and undertakings levels is disclosed in “Fund Descriptions”. • shares or units issued by money market UCIs that calculate a Total return swaps (TRSs), including contracts for difference daily net asset value are rated at least AAA or equivalent and similar derivatives Permitted: 100% of expected gross • investment grade bonds issued or guaranteed by first class leverage. Expected usage, if any, is disclosed in “Fund issuers offering an adequate liquidity Descriptions”. • shares listed or dealt on a regulated market of a EU Member State or on a stock exchange of a member state of the OECD Revenues • shares or units issued by UCITS investing mainly in bonds or shares qualifying under the two bullets immediately above In general, any net revenues from the use of derivatives and techniques will be paid to the applicable fund, net of reasonable operational costs and fees, in particular: • 85% of the net revenues from securities lending transactions

March 2021 Prospectus Nordea 1 SICAV 151 Non-cash collateral must be traded on a regulated market or Custody of collateral Collateral (as well as other securities multilateral trading facility with transparent pricing and must that can be held in custody) transferred by title to a fund be able to be sold quickly for close to its pre-sale valuation. will be held by the depositary or a sub-custodian. With other To ensure that collateral is suitably independent from the types of collateral arrangements, such as a pledge agreement, counterparty as far as both credit risk and investment collateral can be held by a third party custodian that is subject correlation risk, collateral issued by the counterparty or its to prudential supervision and is unrelated to the collateral group is not accepted. The collateral is not expected to display provider. a high correlation with the performance of the counterparty. Valuation and haircuts All collateral is marked to market Counterparty credit exposure is monitored against credit limits (valued daily using available market prices), taking into and collateral is valuated on a daily basis. account any applicable haircut (a discount to the value of Collateral received from a counterparty in any transaction may collateral intended to protect against any decline in collateral be used to offset the overall exposure to that counterparty. value or liquidity). Diversification All collateral held by the SICAV must be The SICAV has implemented a haircut policy relating to the diversified by country, market and issuer, with exposure to any classes of assets received as collateral. The policy takes into issuer no greater than 20% of a fund’s assets. A fund could account a variety of factors, depending on the nature of the be fully collateralised by different transferable securities and collateral received, such as the issuer’s credit standing, the money market instruments issued or guaranteed by a member maturity, currency, price volatility of the assets and, where state, one or more of its local authorities, a third country, or a applicable, the outcome of liquidity stress tests carried out by public international body to which one or more member states the SICAV under normal and exceptional liquidity conditions. belong. In this case, the fund should receive collateral from A fund may demand additional collateral (variation margin) at least 6 different issues, with no issue exceeding 30% of the from the counterparty to ensure that the collateral value at fund’s total assets. least equals the corresponding counterparty exposure. Reuse and reinvestment of collateral Cash collateral The value of collateral received should, during the duration of will either be placed on deposit or invested in high-quality the contract, be at least equal to 90% of the global valuation government bonds, repurchase transactions or short-term of the securities concerned by such transactions or techniques. money market funds (as defined in the Guidelines on a Common Definition of European Money Market Funds) Risks that calculate a daily net asset value and are rated AAA or The risks associated with above-mentioned instruments and equivalent. techniques are described in “Risk Descriptions”. Non-cash collateral will not be sold, reinvested or pledged.

March 2021 Prospectus Nordea 1 SICAV 152 Investing in the Funds

Share Classes The information below describes all currently existing core share classes and suffixes. Within each fund, the SICAV can create and issue share classes. All share classes within a fund invest commonly Available classes in the same portfolio of securities but may have different While any fund is permitted to issue any core share class, and characteristics and investor eligibility requirements. to configure it with any combination of the features described Each share class is identified first by a core share class label below, in practice only certain configurations are available (described in the table below) and then by any applicable in any given fund. Also, some funds or share classes that are suffixes and currency abbreviation. Within any given share available in certain jurisdictions may not be available in others. class of any fund, all shares have equal rights of ownership. For the most current information on available share classes, go to nordea.lu‌ . Core share class characteristics

Distributor Commission or Management Minimum initial Core Retrocession Company investment Class Available to Available Requirements amount* • All investors investing through an approved distributor that provides independent portfolio management or investment advice. • Approved distributors in countries that prohibit receiving and retaining C commissions. No None None • Approved distributors that provide non-independent advice (as defined by MiFID II, for EU distributors) and have client agreements that prohibit receiving and retaining commissions. • Institutional investors or shareholders who meet all terms of the Written agree- D written agreement and who agree to hold the shares in custody at the No ment before first On application administrative agent; at the discretion of the management company. investment E • All investors. Yes None None All investors generally investing through an account with Nordea Group, or F • No None None any other investor, at the discretion of the management company. EUR 75,000 or I • Institutional investors. Yes None equivalent in other currencies • All investors who meet the terms of the written agreement, and which are approved distributors that provide non-independent advice (as defined Written agree- EUR 25 million or N by MiFID II, for EU distributors) and have client agreements that prohibit No ment before first equivalent in other receiving and retaining commissions; at the discretion of the management investment currencies company. P • All investors. Yes None None All investors generally investing through an account with Nordea Group, or Q • Yes None None any other investor, at the discretion of the management company. • All investors who meet the terms of the written agreement, who agree to Written agree- S only invest their savings plans in the share class. Yes ment before first None • S share classes are only available for some funds with ESG or theme focus. investment Written agree- EUR 5 million or UCIs established in Brazil (hedged to BRL share class), at the discretion of V • N ment before first equivalent in other the management company. investment currencies • Institutional investors who meet the terms of the written agreement, who agree to hold the shares in custody at the administrative agent in their own Written agree- EUR 25 million or X name and who have an arrangement where part or all of the fees normally No ment before first equivalent in other charged to the fund/share class are collected directly from the investor by investment currencies the management company; at the discretion of the management company. • Specialised Investment Funds (governed by the Law of 13 February 2007) and UCIs that have appointed Nordea Investment Funds S.A. as management company or alternative investment fund manager; at the discretion of the management company. Y No None None • UCIs that have appointed a Nordea entity as management company; at the discretion of the management company. • Other entities belonging to the Nordea Group for strategic purposes; at the discretion of the management company. Institutional investors who are willing to seed newly launched funds, who • Written agree- meet all terms of the written agreement and who agree to hold the shares Z No ment before first On application in custody at the administrative agent in their own name; at the discretion of investment the Management Company.

* Amounts apply for each share class of each fund, and include initial investments made by switches, subject to “Rights We Reserve”.

March 2021 Prospectus Nordea 1 SICAV 153 Share class supplemental labels Accumulating share classes Accumulation shares retain all net investment income in the share price and generally do not Core share classes are issued either as distributing shares distribute any dividends. For classes E, Z, X and Y, any shares or accumulating shares, Additionally, hedging features may that do NOT contain the suffix “A”, “J” or “M” are accumulation be added. Suffixes are added to the core share class label to shares. For all other classes, shares that DO contain the suffix indicate these characteristics. Currency codes are added as a “B” are accumulation shares. suffix on share classes to indicate the share class currency. Currency hedged share classes (suffix “H”). Distributing share classes Distributing share classes are entitled to payment of a dividend, subject to approval by a Currency hedged shares seek to hedge the NAV, expressed vote of shareholders at the general meeting or by the SICAV, in the fund’s base currency, to the currency of the share as relevant. Dividends may be paid out of capital and/or may class. The SICAV may use derivatives such as currency reduce the NAV of the relevant share class. Dividends paid out forwards (deliverable or non-deliverable) to perform the of capital could be taxed as income in certain jurisdictions. currency hedging. In practice it is unlikely that the hedging will eliminate 100% of the fluctuations in foreign exchange Dividends are by default paid in cash by bank transfer and rates. For more on currency hedging, see “How the Funds Use in the currency of the share class. Shareholders may request Instruments and Techniques”. to have their distributions reinvested in further distributing shares of the same fund and share class, if offered as an When currency hedging applies to P-Shares, the letter “P” is option below. omitted. Ex: ––currency hedged BP-Shares are denominated No interest is paid on unclaimed dividend payments, and “HB-Shares”, after 5 years these unclaimed payments will be returned to ––currency hedged AP-Shares are denominated the fund. No fund will make a dividend payment if the assets “HA-Shares”, of the fund are below the minimum capital requirement, or if ––currency hedged MP-Shares are denominated paying the dividend would cause that situation to occur. “HM-Shares”.

The SICAV currently offers the following categories of Currency codes Each share class carries the standard three- distributing shares: letter code for the currency in which it is denominated. A share Share classes with suffix “A” class may be issued in any currency as decided by the SICAV. • eligible for annual distributions • dividends can be re-invested upon request Share Class Fees

Share classes with suffix “J” Subscription fee This fee may be charged when you invest. • available at the discretion of the management company It is calculated as a percentage of the amount being invested. • eligible for annual distributions The subscription fees shown here are the maximum you might • generally available only to Institutional Investors in Denmark, pay with any of these one-off charges. The actual subscription Finland, Norway and Sweden fee you pay varies by fund and share class, though in no case • dividends can be re-invested upon request will it exceed the applicable maximum shown. Share classes with suffix “M” Maximum subscription fees, by fund type and share class • available at the discretion of the management company • generally available only to residents of Hong Kong and D, E, F, I, V, Fund Type* C, N, P, Q, S X, Y, Z Singapore Equity 5.00% None • eligible for monthly distributions we may decide the payment of a dividend out of the capital, 3.00% for Stable Return Fund and • Balanced GBP Diversified Return Fund, None in this case the capital will be eroded and the potential for 1.00% for all others future capital growth may be impacted 1.00% for Conservative Fixed Income Fund, EUR Corporate Bond Share classes with suffix “V” Fund 1-3 Years, Flexible Fixed • Hedged to BRL share class available at the discretion of the Income Fund, Flexible Fixed Income Bond Plus Fund, Low Duration European None management company to feeder funds established in Brazil. Covered Bond Fund, Norwegian The Hedged to BRL share class cannot be denominated Short-Term Bond Fund, Swedish in BRL which is a restricted currency, and is therefore Short-Term Bond Fund, 3.00% for all others denominated in the base currency of the relevant fund. The NAV of the share class is converted in BRL via the use of Absolute Return 5.00% None derivatives including non-deliverable forwards. The NAV will fluctuate in line with the fluctuation in exchange rate * See “Contents” on page 2 for the list of funds by fund type. between the BRL and the fund’s base currency due to the use of currency derivatives. The cost of these transactions Charges taken from the fund over a year will be reflected exclusively in the NAV of the BRL Hedged These fees cover fund operating costs, including management, share class. The performance of the BRL Hedged share class administration, taxe d’abonnement and distribution costs. will consequently differ from the performance of other share These fees are accrued on a daily basis on the total assets in classes within a fund. the relevant share classes and funds and deducted from fund assets quarterly, and therefore reduce the performance of your investment.

March 2021 Prospectus Nordea 1 SICAV 154 These fees are the same for all shareholders of a given fund In the case of X share classes, a performance fee may be and share class. directly invoiced by the management company to the investors These fees may occasionally be reduced or waived by the per the separate charging structure agreed upon between management company. each individual investor and the management company. Management fees These fees, payable out of the assets The investment manager may elect to forego its right to the of the relevant funds, are due to the management company. performance fee. In such a case, the management company is Management fees for D and Z shares are set in the separate not entitled to receive a performance fee from the respective terms that apply to investors in these shares. Management fund. fees for X shares are not taken from the fund but are paid by Where applicable, performance fee is due if, at the end of investors in this type of shares. Management fees for Y shares the performance review period, the net asset value per share are zero. exceeds its respective high watermark and its accumulated • Operational expenses These expenses consist of a fee for hurdle rate since performance fee was last paid. the administration of the fund (including fees charged by The performance of a share class is reviewed at the end and expenses payable to fund platforms, as applicable), a of each calendar year. If a share class is created during a custody fee (for safekeeping, administration and transaction calendar year, the performance review period is from the date charges), a fiduciary fee, and the taxe d’abonnement (see the share class was launched to the upcoming end of the “Taxes paid from fund assets” on page 163). Safekeeping calendar year. and administration charges are based on the value of assets held in custody and vary from fund to fund depending on The high watermark of a share is the greater of (i) the initial the countries the funds are invested in. The depositary net asset value per share or, (ii) the highest net asset value furthermore charges a fixed fee per year and per fund price at the end of each calendar year. domicile. The fiduciary fee is calculated as a percentage of The applicable hurdle rates are set out in the table below. each fund’s total assets. A floor of 0% is applied to the hurdle rate, i.e. as long as the Operational expenses further include: interest rate used as hurdle rate for any share class is negative, • All expenses of the auditor and legal advice the hurdle rate is considered to be 0%. This means that • All expenses connected with publication and supply performance fee cannot be charged if the value of the shares of information to shareholders, in particular the cost of falls or remain unchanged during a calendar year. printing, the distribution of financial reports as well as any Max fee % prospectuses C, E, P, I and Q Fund Hurdle rate classes • All expenses related to the maintenance, production, printing, Global Equity Market EURIBOR 1 Month 15% translation, distribution, dispatch, storage and archiving of the Neutral Fund KIIDs The performance fee is calculated and accrued daily and paid Any advertising costs and expenses other than those • yearly in arrears, in respect of each calendar year. specified above that the management company determines to be directly related to the offer or distribution of sharesAll At the end of the calendar year for which performance fee expenses involved in registering and maintaining the is to be calculated, the performance fee for each share is registration of the SICAV with supervisory authorities and equal to maximum 15% of the appreciation of the net asset stock exchanges value per share (net of performance fee) in excess of the high watermark from when performance fee was last paid, after Distribution fee This fee is paid to the management deduction of the accumulated hurdle rate since performance company and in principle forwarded to the local distributor or fee was last paid. Any performance fee due will generally be intermediary. The fee is charged only on E shares and is 0.75% paid within 30 business days after the end of each calendar a year. year. Performance fee The management company may receive In case a fund is liquidated, merged or in case of net a performance fee. The performance fee is deducted from redemptions as observed on any valuation day, the pro rata the NAV and passed on to the investment manager for the of the year-to-date performance accrual that relates to such respective fund. shares is considered as due regardless of the performance of For institutional share classes (except I share classes), the the fund after such liquidation, merger or net redemption. management company has the discretion to decide, prior to the first investment, to charge or not a performance fee and to determine the rate of performance fee that is applied to the share class.

March 2021 Prospectus Nordea 1 SICAV 155 Examples of how performance fee is calculated

Calendar NAV end Performance Hurdle Accumulated hur- High watermark since Fee rate Performance fee due year of calen- (net) end of rate dle rate since last last performance fee dar year calendar year performance fee

Year 1 105 5.00% 1.50% 1.50% Exceeded with 5.00%* 15.00% 5.00% - 1.50% x 15.00% = 0.53% Year 2 104 -0.95% 1.00% 1.00% Unchanged 15.00% None Year 3 103 -0.96% 0%** 1.00% Unchanged 15.00% None Year 4 106 2.91% 3.00% 4.03% Exceeded with 0.95% 15.00% None Year 5 113 6.60% 1.00% 5.07% Exceeded with 7.62% 15.00% 7.62% - 5.07% x 15.00% = 0.38% *The initial subscription price represents the first high watermark. In this case the initial subscription price is 100. **Hurdle rate is 0% if negative.

How fund expenses are applied and used Expenses not included in any of the above All expenses that are paid from funds’ total assets are • all taxes payable on the assets, income and expenses reflected in NAV calculations, and the actual amounts paid chargeable to the SICAV, except for the taxe d’abonnement are documented in the SICAV’s annual reports. Expenses are • transaction costs such as ordinary brokerage fees and bank calculated and accrued each valuation day for each fund and charges share class and paid quarterly in arrears. • litigation expenses • any extraordinary expenses or other unforeseen charges. All fees paid by the SICAV are subject to VAT where applicable. Each fund and share class pays all costs it incurs directly and also pays its pro rata share (based on its total net asset value) of costs not attributable to a specific fund or share class.

Management fees and operational expenses of share classes available to institutional investors:

Management Fee Operational expenses (Max) D I V X Y Z D I V X Y Z On invoiced to On Alpha 7 MA Fund 0.900% 0.900% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application On invoiced to On Alpha 10 MA Fund 1.000% 1.000% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application On invoiced to On Alpha 15 MA Fund 1.200% 1.200% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application Asia ex Japan Equity On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.150% 0.200% Fund Application investors Application Asian Stars Equity On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.200% 0.150% 0.200% Fund Application investors Application Balanced Income On invoiced to On 0.650% 0.650% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Fund Application investors Application On invoiced to On Chinese Equity Fund 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application Conservative Fixed On invoiced to On 0.100% 0.100% 0.000% 0.150% 0.150% 0.150% 0.100% 0.100% 0.100% Income Fund Application investors Application Danish Covered Bond On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Fund Application investors Application Emerging Market On invoiced to On 0.650% 0.650% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Bond Fund Application investors Application Emerging Market On invoiced to On Bond Opportunities 0.800% 0.800% 0.000% 0.300% 0.300% 0.300% 0.250% 0.150% 0.250% Application investors Application Fund Emerging Market On invoiced to On 0.800% 0.800% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Corporate Bond Fund Application investors Application Emerging Markets On invoiced to On Debt Total Return 0.700% 0.700% 0.000% 0.300% 0.300% 0.300% 0.250% 0.150% 0.250% Application investors Application Fund Emerging Markets On invoiced to On 0.950% 0.950% 0.000% 0.300% 0.300% 0.300% 0.250% 0.150% 0.250% Small Cap Fund Application investors Application Emerging Stars Bond On invoiced to On 0.500% 0.500% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application Emerging Stars On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.250% 0.150% 0.250% Equity Fund Application investors Application Emerging Stars Local On invoiced to On 0.600% 0.600% 0.000% 0.300% 0.300% 0.300% 0.250% 0.150% 0.250% Bond Fund Application investors Application Emerging Wealth On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Equity Fund Application investors Application

March 2021 Prospectus Nordea 1 SICAV 156 Management Fee Operational expenses (Max) D I V X Y Z D I V X Y Z EUR Corporate Bond On invoiced to On 0.250% 0.250% 0.000% 0.150% 0.150% 0.150% 0.100% 0.100% 0.100% Fund 1-3 Years Application investors Application European Corporate On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Bond Fund Application investors Application European Corporate On invoiced to On 0.400% 0.400% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Bond Fund Plus Application investors Application European Corporate On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Stars Bond Fund Application investors Application European Covered On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Bond Fund Application investors Application European Covered On invoiced to On Bond Opportunities 0.350% 0.350% 0.000% 0.150% 0.150% 0.150% 0.100% 0.100% 0.100% Application investors Application Fund European Covered On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Bond Stars Fund Application investors Application European Cross On invoiced to On 0.500% 0.500% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Credit Fund Application investors Application European Financial On invoiced to On 0.500% 0.500% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Debt Fund Application investors Application European High Yield On invoiced to On 0.500% 0.500% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Bond Fund Application investors Application European High Yield On invoiced to On 0.500% 0.500% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Credit Fund Application investors Application European High Yield On invoiced to On 0.500% 0.500% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Stars Bond Fund Application investors Application European Inflation On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Linked Bond Fund Application investors Application European Small and On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Mid Cap Equity Fund Application investors Application European Stars On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Equity Fund Application investors Application On invoiced to On Flexible Credit Fund 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application Flexible Fixed Income On invoiced to On 0.400% 0.400% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Fund Application investors Application Flexible Fixed Income On invoiced to On 0.500% 0.500% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Plus Fund Application investors Application GBP Diversified On invoiced to On 0.700% 0.700% 0.000% 0.100% 0.250% 0.250% 0.200% 0.100% 0.200% Return Fund Application investors Application On invoiced to On Global Bond Fund 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Application investors Application Global Climate and On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Environment Fund Application investors Application Global Disruption On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.150% 0.20150% Fund Application investors Application Global Equity Market On invoiced to On 1.000% 1.000% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Neutral Fund Application investors Application Global Gender On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.200% 0.150% 0.200% Diversity Fund Application investors Application Global Green Bond On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Fund Application investors Application Global High Yield On invoiced to On 0.600% 0.600% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Bond Fund Application investors Application Global Social On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.150% 0.200% Empowerment Fund Application investors Application Global Listed On invoiced to On 0.800% 0.800% 0.000% 0.300% 0.300% 0.300% 0.250% 0.150% 0.250% Infrastructure Fund Application investors Application Global Opportunity On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application On invoiced to On Global Portfolio Fund 0.500% 0.500% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application Global Real Estate On invoiced to On 0.850% 0.850% 0.000% 0.300% 0.300% 0.300% 0.250% 0.100% 0.250% Fund Application investors Application Global Small Cap On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application Global Stable Equity On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.300% Fund Application investors Application Global Stable Equity On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund – Euro Hedged Application investors Application Global Stars Equity On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.200% 0.150% 0.200% Fund Application investors Application

March 2021 Prospectus Nordea 1 SICAV 157 Management Fee Operational expenses (Max) D I V X Y Z D I V X Y Z On invoiced to On Indian Equity Fund 1.000% 1.000% 0.000% 0.350% 0.350% 0.350% 0.300% 0.150% 0.300% Application investors Application International High On invoiced to On Yield Bond Fund – 0.600% 0.600% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application USD Hedged Latin American On invoiced to On 1.000% 1.000% 0.000% 0.300% 0.300% 0.300% 0.250% 0.150% 0.250% Equity Fund Application investors Application Long Duration US On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Bond Fund Application investors Application Low Duration On invoiced to On European Covered 0.250% 0.250% 0.000% 0.150% 0.150% 0.150% 0.100% 0.100% 0.100% Application investors Application Bond Fund Low Duration US On invoiced to On 0.600% 0.600% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% High Yield Bond Fund Application investors Application On invoiced to On Nordic Equity Fund 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application Nordic Equity Small On invoiced to On 1.000% 1.000% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Cap Fund Application investors Application Nordic Ideas Equity On invoiced to On 1.000% 1.000% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application Nordic Stars Equity On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application North American High On invoiced to On 0.600% 0.600% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Yield Bond Fund Application investors Application North American On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Small Cap Fund Application investors Application North American Stars On invoiced to On 0.750% 0.750% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Equity Fund Application investors Application North American On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Value Fund Application investors Application Norwegian Bond On invoiced to On 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Fund Application investors Application Norwegian Equity On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application Norwegian Short- On invoiced to On 0.125% 0.125% 0.000% 0.200% 0.200% 0.200% 0.100% 0.100% 0.100% Term Bond Fund Application investors Application On invoiced to On Renminbi Bond Fund 0.600% 0.600% 0.000% 0.300% 0.300% 0.300% 0.250% 0.100% 0.250% Application investors Application Stable Emerging On invoiced to On 1.000% 1.000% 0.000% 0.250% 0.250% 0.250% 0.200% 0.150% 0.200% Markets Equity Fund Application investors Application On invoiced to On Stable Return Fund 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Application investors Application Sustainable Stable On invoiced to On 0.850% 0.850% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Return Fund Application investors Application On invoiced to On Swedish Bond Fund 0.300% 0.300% 0.000% 0.200% 0.200% 0.200% 0.150% 0.100% 0.150% Application investors Application Swedish Short-Term On invoiced to On 0.125% 0.125% 0.000% 0.200% 0.200% 0.200% 0.100% 0.100% 0.100% Bond Fund Application investors Application Unconstrained Bond On invoiced to On 0.650% 0.650% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund – USD Hedged Application investors Application US Corporate Bond On invoiced to On 0.350% 0.350% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application US High Yield Bond On invoiced to On 0.600% 0.600% 0.000% 0.250% 0.250% 0.250% 0.200% 0.100% 0.200% Fund Application investors Application US Total Return Bond On invoiced to On 0.550% 0.550% 0.000% 0.350% 0.350% 0.350% 0.300% 0.100% 0.300% Fund Application investors Application

Management fees and operational expenses of share classes available to all investors (excluding classes reserved to institutional investors):

Operational Management Fee expenses (Max) Q F P E C S N (Max) (Max) Alpha 7 MA Fund 1.600% 1.600% 1.600% 1.000% n/a 1.000% 0.900% 0.350%

Alpha 10 MA Fund 1.700% 1.700% 1.700% 1.100% n/a 1.100% 1.000% 0.350%

Alpha 15 MA Fund 2.000% 2.000% 2.000% 1.300% n/a 1.300% 1.200% 0.350%

March 2021 Prospectus Nordea 1 SICAV 158 Operational Management Fee expenses (Max) Q F P E C S N (Max) (Max) Asia ex Japan Equity Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Asian Stars Equity Fund 1.500% 1.500% 1.500% 0.850% n/a 0.850% 0.750% 0.350%

Balanced Income Fund 1.200% 1.200% 1.200% 0.750% n/a 0.750% 0.650% 0.300%

Chinese Equity Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Conservative Fixed Income Fund 0.175% 0.175% 0.175% 0.150% n/a 0.150% 0.100% 0.250%

Danish Covered Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

Emerging Market Bond Fund 1.000% 1.000% 1.000% 0.750% n/a 0.750% 0.650% 0.400%

Emerging Market Bond Opportunities Fund 1.200% 1.200% 1.200% 0.900% n/a 0.900% 0.800% 0.400%

Emerging Market Corporate Bond Fund 1.200% 1.200% 1.200% 0.900% n/a 0.900% 0.800% 0.400%

Emerging Markets Debt Total Return Fund 1.300% 1.300% 1.300% 0.800% n/a 0.800% 0.700% 0.400%

Emerging Markets Small Cap Fund 1.600% 1.600% 1.600% 1.050% n/a 1.050% 0.950% 0.400%

Emerging Stars Bond Fund 0.900% 0.900% 0.900% 0.600% n/a 0.600% 0.500% 0.350%

Emerging Stars Equity Fund 1.500% 1.500% 1.500% 0.850% n/a 0.850% 0.750% 0.350%

Emerging Stars Local Bond Fund 1.000% 1.000% 1.000% 0.700% n/a 0.700% 0.600% 0.400%

Emerging Wealth Equity Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

EUR Corporate Bond Fund 1-3 Years 0.500% 0.500% 0.500% 0.350% n/a 0.350% 0.250% 0.300%

European Corporate Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

European Corporate Bond Fund Plus 0.750% 0.750% 0.750% 0.500% n/a 0.500% 0.400% 0.300%

European Corporate Stars Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

European Covered Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

European Covered Bond Opportunities Fund 0.700% 0.700% 0.700% 0.450% n/a 0.450% 0.350% 0.250%

European Covered Bond Stars Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

European Cross Credit Fund 1.000% 1.000% 1.000% 0.600% n/a 0.600% 0.500% 0.300%

European Financial Debt Fund 1.000% 1.000% 1.000% 0.600% n/a 0.600% 0.500% 0.300%

European High Yield Bond Fund 1.000% 1.000% 1.000% 0.600% n/a 0.600% 0.500% 0.400%

European High Yield Credit Fund 1.000% 1.000% 1.000% 0.600% n/a 0.600% 0.500% 0.350%

European High Yield Stars Bond Fund 1.000% 1.000% 1.000% 0.600% n/a 0.600% 0.500% 0.350%

European Inflation Linked Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

European Small and Mid Cap Equity Fund 1.300% 1.300% 1.300% 0.950% n/a 0.950% 0.850% 0.350%

European Stars Equity Fund 1.500% 1.500% 1.500% 0.850% 1.250% 0.850% 0.750% 0.350%

Flexible Credit Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.400%

Flexible Fixed Income Fund 0.800% 0.800% 0.800% 0.500% n/a 0.500% 0.400% 0.300%

Flexible Fixed Income Plus Fund 1.000% 1.000% 1.000% 0.600% n/a 0.600% 0.500% 0.300%

GBP Diversified Return Fund 1.500% 1.500% 1.500% 0.700% n/a 0.700% 0.700% 0.350%

Global Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

Global Climate and Environment Fund 1.500% 1.500% 1.500% 0.850% 1.250% 0.850% 0.750% 0.350%

Global Disruption Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Global Equity Market Neutral Fund 1.750% 1.750% 1.750% 1.100% n/a 1.100% 1.000% 0.350%

Global Gender Diversity Fund 1.500% 1.500% 1.500% 0.850% 1.250% 0.850% 0.750% 0.350%

Global Green Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

Global High Yield Bond Fund 1.000% 1.000% 1.000% 0.700% n/a 0.800% 0.600% 0.400%

Global Social Empowerment Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Global Listed Infrastructure Fund 1.600% 1.600% 1.600% 0.900% n/a 0.900% 0.800% 0.400%

Global Opportunity Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.400%

Global Portfolio Fund 0.750% 0.750% 0.750% 0.600% n/a 0.600% 0.500% 0.350%

Global Real Estate Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.400%

March 2021 Prospectus Nordea 1 SICAV 159 Operational Management Fee expenses (Max) Q F P E C S N (Max) (Max) Global Small Cap Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.400%

Global Stable Equity Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Global Stable Equity Fund – Euro Hedged 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Global Stars Equity Fund 1.500% 1.500% 1.500% 0.850% 1.250% 0.850% 0.750% 0.350%

Indian Equity Fund 1.800% 1.800% 1.800% 1.100% n/a 1.100% 1.000% 0.500% International High Yield Bond Fund – USD 1.000% 1.000% 1.000% 0.700% n/a 0.800% 0.600% 0.400% Hedged Latin American Equity Fund 1.600% 1.600% 1.600% 1.100% n/a 1.100% 1.000% 0.400%

Long Duration US Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.350%

Low Duration European Covered Bond Fund 0.500% 0.500% 0.500% 0.350% n/a 0.350% 0.250% 0.250%

Low Duration US High Yield Bond Fund 1.000% 1.000% 1.000% 0.700% n/a 0.800% 0.600% 0.400%

Nordic Equity Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Nordic Equity Small Cap Fund 1.500% 1.500% 1.500% 1.100% n/a 1.100% 1.000% 0.350%

Nordic Ideas Equity Fund 1.500% 1.500% 1.500% 1.100% n/a 1.100% 1.000% 0.350%

Nordic Stars Equity Fund 1.500% 1.500% 1.500% 0.850% n/a 0.850% 0.750% 0.350%

North American High Yield Bond Fund 1.000% 1.000% 1.000% 0.700% n/a 0.800% 0.600% 0.400%

North American Small Cap Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.400%

North American Stars Equity Fund 1.500% 1.500% 1.500% 0.850% n/a 0.850% 0.750% 0.350%

North American Value Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.400%

Norwegian Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

Norwegian Equity Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Norwegian Short-Term Bond Fund 0.125% 0.125% 0.125% 0.125% n/a 0.125% 0.125% 0.300%

Renminbi Bond Fund 1.100% 1.100% 1.100% 0.700% n/a 0.700% 0.600% 0.400%

Stable Emerging Markets Equity Fund 1.800% 1.800% 1.800% 1.100% n/a 1.100% 1.000% 0.350%

Stable Return Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Sustainable Stable Return Fund 1.500% 1.500% 1.500% 0.950% n/a 0.950% 0.850% 0.350%

Swedish Bond Fund 0.600% 0.600% 0.600% 0.400% n/a 0.400% 0.300% 0.300%

Swedish Short-Term Bond Fund 0.125% 0.125% 0.125% 0.125% n/a 0.125% 0.125% 0.300%

Unconstrained Bond Fund – USD Hedged 1.100% 1.100% 1.100% 0.750% n/a 0.750% 0.650% 0.400%

US Corporate Bond Fund 0.700% 0.700% 0.700% 0.450% n/a 0.450% 0.350% 0.400%

US High Yield Bond Fund 1.000% 1.000% 1.000% 0.700% n/a 0.800% 0.600% 0.400%

US Total Return Bond Fund 1.100% 1.100% 1.100% 0.650% n/a 0.650% 0.550% 0.450%

Share Class Policies Subscribing, Switching, Redeeming and

We issue shares in registered form only. With these shares, Transferring Shares the owner’s name is recorded in the SICAV’s register of In general we recommend that you place all transaction shareholders and the owner receives a confirmation of orders through your intermediary or an authorised distributor, subscription. unless there is reason not to do so. If you are an institutional investor, you can place transactions through your intermediary, Other policies an authorised distributor or the transfer agent. Shares are issued to one one-thousandth of a share (three decimal places). Fractional shares receive their pro rata Information that applies to all transactions except portion of any dividends, reinvestments and liquidation transfers proceeds. Dealing requests You can submit requests to subscribe, Shares carry no preferential or preemptive rights. No fund is switch or redeem shares. required to give existing shareholders any special rights or When placing any request, you must include all necessary terms for subscribing for new shares. All shares must be fully identifying information, including the account number and paid up. the name and address of the accountholder exactly as they appear on the account. Your request must indicate the fund,

March 2021 Prospectus Nordea 1 SICAV 160 share class, ISIN number, reference currency, transaction size a fund does not have adequate liquidity to pay out redemption (currency; number of shares or invested amount) and type proceeds). Neither the SICAV nor the management company is of transaction (purchasing, switching or redeeming). Any responsible for any delays or charges incurred at any receiving requests that we consider to be incomplete or unclear may be bank or settlement system. delayed or rejected. We cannot be responsible for any losses Exceptions and unusual circumstances The language or missed opportunities arising from unclear requests. in this “Investing in the Funds” section, up until “Rights Once you have placed a request, you can withdraw it only We Reserve”, describes generally applicable terms and prior to the cut-off time on the same day. At or after cut-off procedures. See “Rights We Reserve” on page 164 or time, any request that is accepted will be considered final and descriptions of terms and procedures that may apply under irrevocable. certain unusual circumstances or at the discretion of the No request will be accepted or processed in any way that is SICAV. inconsistent with this prospectus. Subscribing for shares Also see “Information that Cut-off times and processing schedule Unless specified applies to all transactions except transfers” above otherwise in “Fund Descriptions”, dealing requests received To make an initial investment, submit a completed application by the transfer agent before 15h30 CET on a valuation day form and all account opening documentation (such as will be processed that day. Any dealing request received at or all required tax and anti-money laundering information). after the cut-off time will be processed on the next applicable However, the original documents must also be send via postal valuation day. letter. Note that some distributors may have their own account Note that the NAV at which a dealing request will be opening requirements. Once an account has been opened, you processed cannot be known at the time the request is placed. can place your initial and any additional orders. Pricing Shares are priced at the NAV for the relevant share Payment must be sent via bank transfer (net of any bank class and are quoted (and processed) in the currency of charges) in the currency denomination of the share class(es) that share class. Except for initial offering periods, during you want to subscribe for or, if that currency is non- which the price is the initial offer price, the share price for a deliverable, in the base currency of the fund. We do not accept transaction will be the NAV calculated for the day on which cheques or third-party payments. the transaction request is processed. Shares will be allocated to your account as soon as your order Currencies We accept and make payments exclusively in the has been processed. However, they cannot be sold, switched share class currency, except in a share class whose currency or redeemed until your payment is received. If we do not is a non-deliverable currency. In such cases, payments will be receive good payment, on time (see “Settlement” above), made in the fund’s base currency. for the full amount of your subscription, we may cancel the subscription and seek full payment of our costs and any Your local intermediary Fees charged by intermediaries investment losses. We may do this by taking action against may impose their own fees as part of any contractual you and your intermediaries or by deducting the amount arrangements that they may have with an investor. Such owed from any assets of yours we hold, including fund shares, fees are independent of the SICAV, the depositary and the payments you are due to receive from us, or a late-arriving or management company, are deducted from your transaction insufficient subscription payment. amounts and are generally kept by the intermediary. Consult your financial advisor or local intermediary to learn what your Switching shares Also see “Information that applies to actual fee rate would be for a given investment. all transactions except transfers” above Late or missing payments to shareholders The payment You can switch shares of any fund into the same class of of a dividend or redemption proceeds to any shareholder shares in any other fund in the SICAV. Except for S share may be delayed, reduced, or withheld if required by foreign classes, you can also switch into a different share class, either exchange rules, other rules imposed by the shareholder’s within the same fund or as part of a switch to a different fund; home jurisdiction, or for other reasons. In such cases we in this case, you must indicate your desired share class on your cannot accept responsibility, nor do we pay interest on request. amounts delayed. All switches are subject to the following conditions: you must meet all eligibility and minimum initial investment Changes to account information You must promptly inform • us of any changes in personal or bank information, particularly requirements for the share class into which you are any information that might affect your eligibility for any share requesting to switch class. We will require adequate proof of authenticity for any • for any switches into shares with a higher subscription fee request to change the bank account associated with your fund than what you paid, you may be charged the difference investment. • both share classes involved must be denominated in the same currency Settlement Settlement of dealing transactions occurs • the switch must not violate any restrictions stated in this generally no later than 3 business days after the requests prospectus (including in “Fund Descriptions”) have been processed (without exceeding 8 business days). • the switch might not be accepted until any previous For redemptions and switches, the dealing period can also be transaction involving the shares to be switched has been fully extended if the SICAV or the management company decides settled to do so because of exceptional circumstances (for example, if

March 2021 Prospectus Nordea 1 SICAV 161 We will let you know if any switch you request is not permitted Swing pricing by this prospectus. On business days when net dealing in fund shares exceeds a We process all switches on a value-for-value basis, using the certain threshold, a fund’s NAV may be adjusted by a swing NAVs of the two investments that are in effect as at the time factor. This adjustment reflects an assessment of the overall we process the switch. costs (estimated tax charges and trading costs that may be Because a switch is considered two separate transactions incurred by the fund and the estimated bid/offer spread of (a simultaneous redemption and subscription) it may create the assets in which the fund invests) incurred in buying or tax or other implications. The subscription and redemption selling investments to satisfy, respectively, net subscriptions components of a switch are subject to all terms of each or net redemptions of shares (understanding that a fund respective transaction. generally maintains adequate daily liquidity to handle ordinary cash flows with little or no impact on ordinary investment Redeeming shares Also see “Information that applies to operations). The NAV price will be adjusted upwards when net all transactions except transfers” above dealing in fund shares is positive (net subscription), and will Redemption requests that are for more than the value of the be adjusted downwards when net dealing in fund shares is account (at the time the redemption is processed) will be negative (net redemption). considered as “not in good order” and rejected. Swing pricing is intended to reduce the impact of these costs The SICAV does not pay interest on redemption proceeds on shareholders who are not dealing their shares at that whose arrival is delayed for reasons beyond its control. time, and is impacting the shareholders who are dealing their Note that any redemption proceeds will only be paid out once shares by adjusting their NAV price by the swing factor. To the all investor documentation has been received, including any extent that markets have different charging structures on the requested in the past that was not adequately provided. buy and sell side, the swing factor may not be equal for net subscriptions or net redemptions. We pay redemption proceeds only to investors identified in the SICAV’s register of shareholders. Payment is made by Although all funds may be subject to swing pricing, thresholds bank transfer, using the bank account details we have on file and swing factors (as fixed by the board or the management for your account. The account to be paid to must always be company) can vary by fund. Under normal market conditions, in the name of the registered shareholder(s). If any required the adjustment swing factor will not be larger than 1.75% information is missing, the payment will be held back until of NAV for all share classes within a fund. In extraordinary such information has been provided. situations the board can raise this limit to protect the interests of shareholders. All payments are made at the shareholder’s expense and risk. Transferring shares Asset Valuations We do not execute transfers of shares that involve a change of In general, we determine the value of each fund’s assets as beneficial ownership. follows: • Cash in hand or on deposit, bills and demand notes and How We Calculate NAV accounts receivable, prepaid expenses, cash dividends and interest declared or accrued but not yet received Timing and formula Valued at full value, plus any accrued interest. Unless indicated otherwise in “Fund Descriptions”, we • Fixed income instruments In general, valued at the most calculate the NAV for each share class of each fund on each recent prices received from pricing services. valuation day. Each NAV is calculated in the base currency of • Equities Listed equities are generally valued based on the the fund and, where applicable, exchanged to the currency in latest observable market prices retrieved at the valuation which each share class is denominated. point. For markets where foreign and domestic shares All NAVs whose pricing involves currency conversion of an co-exist, suspended shares and other exotic equities, other underlying NAV are calculated using market exchange rates in models are used. effect at the time the NAV calculation process starts. NAVs are • Listed derivatives Futures and other liquid derivatives rounded up or down to the smallest commonly used fractional are valued based on market quotes, while more illiquid currency amount. listed derivatives are valued on standard vendor valuation models that draw on objective market data from underlying To calculate NAV for each share class of each fund, we use this instruments. general formula: • OTC derivatives Valued based on market prices developed (assets − liabilities) through standard vendor valuation models that draw on = NAV number of outstanding shares objective market data from proven data vendors. Appropriate provisions will be made to account for the costs, • Shares or units of UCITS or UCIs Valued based on the charges and fees attributable to each fund and class as well latest traded price (ETF’s), latest official net asset value, or a as accrued income on investments. price provided by an approved pricing source available at the valuation point.

March 2021 Prospectus Nordea 1 SICAV 162 • Currencies Valued at the market foreign exchange rate Taxes you are responsible for paying (applies to currencies held as assets, to hedging positions, The following is summary information and is provided for and when translating values of securities denominated in general reference only. Investors should consult their own tax other currencies into the base currency of the fund). advisors. • All other assets Valued in good faith at a prudent estimate of their sales price. Taxes in your country of tax residence Distributions of dividends interest, as well as gains realized in the redemption All valuation methodologies are established by the board. In of fund shares, are generally taxable to a beneficial owner in any circumstances where it proves impossible to calculate any jurisdiction in which they are a tax resident. with accuracy or confidence using the usual method, or when, because of unusual market conditions, time differences across International tax agreements Several international tax markets or other reasons, we believe the values from usual agreements require the SICAV to report certain information sources and methods are not current or accurate, the board or about fund shareholders to the Luxembourg tax authorities the management company can choose a different valuation every year, and for those authorities to forward that method, using generally recognised, auditable valuation information to other countries, as follows: principles. This explicitly includes the application in distressed • Directive on Administrative Cooperation (DAC) and markets of adjustments in the NAV valuation to reflect the Common Reporting Standard (CRS) Collected: financial high volatility, the fast-moving prices of securities and the account information, such as interest and dividend payments, distressed liquidity in the relevant markets. capital gains, and account balances. Forwarded to: the home countries of any shareholder located in the EU (DAC) or in The NAV may also be adjusted to reflect certain dealing OECD countries that have adopted CRS standards. charges incurred by a fund if there is no swing factor applied • US Foreign Account Tax Compliance Act on the fund. (FATCA) Collected: information on direct and indirect All assets quoted in a currency other than the base currency ownership of non-US accounts or entities by certain US of the relevant fund will be valued in the fund’s base currency Persons. Forwarded to: US Internal Revenue Service (IRS). using market exchange rates in effect at the time the NAV Any shareholder who fails to comply with the SICAV’s calculation process starts. information or documentation requests may be subject to penalties from their jurisdiction of residence and may be Taxes held liable for any penalties imposed on the SICAV that are attributable to the shareholder’s failure to provide the Taxes paid from fund assets documentation. However, shareholders should be aware that The SICAV is subject to a taxe d’abonnement (subscription such a violation on the part of another shareholder could tax) at the following rates: reduce the value of all other shareholders’ investments, and • Classes C, E, F, N, P, Q and S: 0.05%. that it is unlikely the SICAV will be able to recover the amount • Classes D, I, V, X, Y and Z: 0.01%. of such losses. This tax is calculated and payable quarterly, on the aggregate While the management company will make good-faith efforts net asset value of the outstanding shares of the SICAV. The to ensure compliance with all applicable obligations of tax SICAV is not currently subject to any Luxembourg stamp tax, law, the SICAV cannot guarantee that it will be exempt from withholding tax, municipal business tax, net worth tax, or withholding requirements or that it will provide all necessary taxes on income, profits or capital gains. information for shareholders to comply with their tax reporting The taxe d’abonnement is paid out of the operational requirements. expenses. German Investment Fund Tax Act If the prospectus or the To the extent that any country in which a fund invests articles indicate that a fund continuously invests a certain level imposes taxes on income or gains earned in that country, of its assets in equities (as at the date of this prospectus, the most of these taxes will be deducted before the fund levels are 50% to qualify as “equity funds” and 25% to qualify receives its income or proceeds. Some of these taxes may be as “mixed funds”), German taxable investors may qualify for a recoverable. The fund might also have to pay other taxes on full or partial tax exemption for investments in that fund. its investments. See also “Tax risks” in the “Risk descriptions” section. Measures to Prevent Improper and Illegal While the above tax information is accurate to the best of Behaviour the board’s knowledge, it is possible that a tax authority may modify existing taxes or impose new ones (including Measures to prevent money laundering and financ- retroactive taxes) or that the Luxembourg tax authorities may ing of terrorism determine, for example, that any class currently identified We (meaning the SICAV, the management company and as being subject to the 0.01% taxe d’abonnement should be the administrative agent) will at all times comply with any reclassified as being subject to the 0.05% rate. The latter obligations imposed by all applicable laws, regulations and case could happen for an institutional share class of any fund circulars with respect to the prevention of money laundering for any period during which an investor not entitled to hold and financing of terrorism, and, in particular, with the institutional shares was found to have held such shares. Luxembourg Law of 12 November 2004 (as amended by the Luxembourg law of 25 March 2020).

March 2021 Prospectus Nordea 1 SICAV 163 Before opening an account and on an ongoing basis, investors access, conduct statistical analyses, provide you with will be required to provide documentary evidence of their information on other products and services, and comply with identity (as well as the identities of any beneficial owners), various laws and regulations. their address, and the source of the funds to be invested. In compliance with the GDPR, we (here meaning the SICAV, Additional documentation may be required from time to time the management company or any other service provider pursuant to legal, regulatory and other requirements. appointed by the management company) may do any of the Where the investor is purchasing shares on behalf of, or following with personal data: as an intermediary for, one or more of its clients, we will • gather, store, modify, process and use it in physical or apply enhanced due diligence measures, which includes the electronic form (including making recordings of telephone requirement to obtain a representation that the intermediary calls to or from potential investors, shareholders or their has collected and maintains recorded evidence for its end representatives) investors. • share it with external processing centres, the transfer or We may delay or deny the opening of your account and any payment agents, or other third parties as necessary for the associated transaction requests and payments (including purposes we have described; these third parties, may or may switches and redemptions) until we receive, and judge to be not be Nordea Bank Group entities, and some may be located satisfactory, all requested documents. We will not be liable in jurisdictions with different or lesser information protection for any resulting costs, losses, or lost interest or investment standards than Luxembourg opportunities. In addition, we reserve the right to terminate • use it for aggregate data and statistical purposes, and in the business relationship with immediate effect after connection with sending you marketing messages about reasonable attempts to contact the investor to obtain the other products and services offered by a Nordea Asset missing or updated documentation in line with applicable laws Management entity, including Nordea Investment Funds and regulations, which will prevent us from fulfilling our anti- S.A. and Nordea Investment Management AB (together, the money laundering and counter-terrorism financing obligations. Nordea Asset Management entities) • share it as required by applicable law or regulation We conduct ongoing transaction monitoring to ensure that transactions are consistent with our knowledge of your We take reasonable measures to ensure the accuracy and identity and our business relationship. confidentiality of all personal data, and do not use or disclose it beyond what is described in this section without the We perform ongoing due diligence on the SICAV’s assets in potential investor’s or shareholder’s consent, unless we are accordance with applicable laws, regulations and circulars. required to do so. At the same time, neither the SICAV nor For more information on the documentation required to open any Nordea Group entity accepts liability for personal data an account, contact us (see below). obtained by unauthorised third parties, except in the case of gross negligence or serious misconduct by the SICAV, a Market timing and excessive trading Nordea Group entity or any of their employees or officers. The funds are in general designed to be long-term Personal data is held only as long as needed or as required by investments and not vehicles for frequent trading or for law, whichever is longer. market timing (defined as short-term trading intended to Subject to applicable law, you have the right to review, correct profit from arbitrage opportunities arising from deficiencies in or request deletion of the personal data we and any service NAV calculations or from timing differences between market providers have on file for you at any time, free of charge. openings and NAV calculations). Note that the deletion of certain data could prevent us from These types of trading are not acceptable as they may disrupt providing services to you. Information on our Data Privacy portfolio management and drive up fund expenses, to the policy can be found on nordea.lu‌ . detriment of other shareholders. We may therefore take various measures to protect shareholder interests, including Rights We Reserve rejecting, suspending or cancelling any request we believe Within the limits of law and the articles, we reserve the right represents excessive trading or market timing. We may also to do any of the following at any time: forcibly redeem your investment, at your sole cost and risk, if Reject or cancel any application to open an account we believe you have engaged in excessive trading or market • or any request to subscribe for shares, for any reason timing. We can reject the entire amount or part of it. If a request to Late trading subscribe for shares is rejected, monies will be returned at the purchaser’s risk within 7 business days, without interest and We take measures to ensure that any request to subscribe minus any incidental expenses. for, switch or redeem shares that arrives at or after the cut-off Declare additional dividends or change (temporarily or time for a given NAV will not be processed at that NAV. • permanently) the method used for calculating dividends, within the limits of law and the articles. Privacy of Personal Data • Require shareholders to prove beneficial ownership We require personal data from potential investors and of shares or eligibility to hold shares, or compel an shareholders for various purposes, such as to maintain the ineligible shareholder to relinquish ownership If the SICAV’s register of shareholders, process requests, provide directors of the management company believe that shares are shareholder services, guard against unauthorised account being held in whole or in part by or for an owner who is, or

March 2021 Prospectus Nordea 1 SICAV 164 appears likely to become, ineligible to own those shares, we A suspension could apply to any share class and fund, or to all, can request certain information from the owner to establish and to any type of request (subscribe, switch, redeem). eligibility or confirm beneficial ownership. If no information If your order is delayed in processing because of a suspension, is provided, or if we consider the information provided to be you will be notified promptly in writing. unsatisfactory, we may either request that the owner redeem the shares and provide evidence of having done so, or we All requests whose processing has been delayed because of a may redeem the shares without the owner’s consent, on the suspension of transactions will be executed at the next NAV to next dealing day following notice. We may take these steps be calculated. to ensure the SICAV’s compliance with law and regulation, • Implement special procedures during times of high net to avoid the adverse financial consequences for the SICAV subscription, switch or redemption requests If on any (such as tax charges), or for any other reason. The SICAV will valuation day a fund receives and accepts dealing requests not be held liable for any gain or loss associated with these whose value exceeds 10% of the fund’s total net asset redemptions. value, the SICAV or the management company may extend • Compulsorily switch shareholder shares The board processing of some or all requests for a period of as long as 8 may decide to compulsorily switch shares of any share valuation days. class to any other shares of another share class within the • Soft or hard close a fund or share class to further same fund. Such decision shall be taken with due regard investment — temporarily or indefinitely, immediately or to shareholders’ best interests. Concerned shareholders at a future date, and in all cases without notice, when the will be informed of the contemplated compulsory switch, management company believes it is in the best interests indicating the reasons as well as the applicable process for of shareholders (such as when a fund has reached the size the intended switch, through a one month’s advance notice, where further growth appears likely to be detrimental to during which they will be able to redeem or switch their performance). A closure may apply only to new investors (soft shares free of any redemption or switching charges. At the closure) or to further investments from existing shareholders end of the notice period, shareholders who still own shares as well (hard closure). that are being switched and who have not expressly indicated • Accept securities as payment for shares, or fulfill their willingness to participate will be bound by the decision redemption payments with securities (in-kind relating to the compulsory switch. payments) If you wish to request a subscription or • Temporarily suspend the calculation of NAVs and redemption in kind, you must get advance approval from the transactions in a fund’s shares when, at the sole management company. Except for cases where exemption discretion of the board, a suspension would be consistent may be granted, the value of a subscription or redemption in with the interests of shareholders and any of the following is kind will be certified by an auditor’s report. You must pay all true: costs associated with the in-kind nature of the transaction ––a certain portion (as defined by the board) of the fund’s (such as any required auditors’ report). assets cannot be traded due to a full or partial closure or Any securities accepted as a payment in kind for a subscription other restrictions or suspensions on a relevant market of shares must be consistent with the fund’s investment policy, ––a disruption of communication systems or other and acceptance of these securities must not affect the fund’s emergency has made it impractical to reliably value or to compliance with the 2010 Law. trade fund assets ––an emergency exists that makes it impracticable to value If you receive approval for an in-kind redemption, we will seek or liquidate assets to provide you with a selection of securities that closely or fully ––the fund is a feeder fund and its master fund has matches the overall composition of the fund’s portfolio at the suspended its NAV calculations or share transactions time the transaction is processed. ––for any other reason any portfolio investments cannot be The board may request that you accept securities instead of properly or accurately valued cash in fulfillment of part or all of a redemption request. If you ––the fund is unable to repatriate monies needed to pay out agree to this, the SICAV may provide an independent valuation redemption proceeds, or is unable to exchange monies report from its auditor and other documentation. needed for operations or redemptions at what the board Reduce or waive any stated sales charge, or minimum considers to be a normal currency exchange rate • initial investment amount, for any share class, fund, ––the fund or SICAV is being liquidated or merged, or notice has been given of a shareholder meeting at which it will investor, or request, so long as it is consistent with equal be decided whether or not to liquidate or merge treatment of shareholders. ––any other circumstances exist under which the law allows for a suspension

March 2021 Prospectus Nordea 1 SICAV 165 Notices and Publications The following table shows which material (in its most recent version) is made available through which channels.

Information/document Sent Media Online Office Prospectus and KIIDs • • Application form • • NAVs (share prices) and the start and end of any suspension of the processing of share • • • transactions Dividend announcements • Financial reports • • Shareholder notices • • • • Statements/ confirmations • Articles and core agreements (management company, investment management, • depositary, fund service, other major service providers) Information on our core policies (conflicts of interest, remuneration, engagement, complaints • • handling, etc.)

KEY Sent Sent to all investors directly registered in the SICAV’s shareholder list at the address of record. Media Published, as required by law or as determined by the board, in newspapers or other media (such as newspapers in Luxembourg and other countries where shares are available, or electronic platforms such as Bloomberg or Fundsquare, where daily NAVs are published), as well as the Recueil Electronique des Sociétés et Associations. Online Posted online on nordea.lu, and in some jurisdictions on local Nordea websites. Office Available free of charge upon request from the registered offices of the SICAV and the management company, and available for inspection at those offices. Many items are also available free on request from the central administration, depositary and local representatives. . Shareholder notices include convening notice of shareholder meetings (the annual general meeting and any extraordinary meetings) as well as notices of prospectus changes, suspension of trading in shares (including the lifting of such suspensions), and all other items for which notice is required. Statements and confirmations are sent when there are transactions in your account. Other items are sent when issued. Audited annual reports are available within four months of the end of the financial year. Unaudited semi-annual reports are available within two months of the end of the period they cover. Information on past performance, by fund and share class, appears in the applicable KIID and on nordea.lu‌ . The articles, the remuneration policy and certain other materials will be sent to the investor, or otherwise made available, free of charge upon request.

March 2021 Prospectus Nordea 1 SICAV 166 The SICAV

Operations and Business Structure Board of Directors of the SICAV

Claude Kremer (Chair). Name and registered office Founding Partner and Head of Investment Management Nordea 1, SICAV Practice, Arendt & Medernach 562, rue de Neudorf Luxembourg, Grand Duchy of Luxembourg L-2220 Luxembourg Grand Duchy of Luxembourg Lars Eskesen Retired; formerly CEO of Sparekassen SDS and Deputy CEO Open-ended investment company Legal structure of Unibank A/S organised as a société anonyme and qualifying as a Copenhagen, Denmark société d’investissement à capital variable (SICAV). Christophe Girondel Luxembourg. Legal jurisdiction Global Head of Institutional and Wholesale Distribution and Incorporated 31 August 1989 (as Frontrunner I, SICAV). member of Senior Executive Management Group, Duration Indefinite. Nordea Asset Management Luxembourg, Grand Duchy of Luxembourg Articles of incorporation First published in the Mémorial C, Recueil des Sociétés et Associations, on Brian Stougård Jensen 16 October 1989; the most recent amendment was Head of Product Office and member of Senior Executive published in the Recueil Electronique des Sociétés et Management Group, Associations (RESA) on 22 August 2018. Nordea Asset Management Copenhagen, Denmark Regulatory authority Commission de Surveillance du Secteur Financier (CSSF) Sheenagh Gordon-Hart 283, route d’Arlon Partner, The Directors’ Office S.A. (partnership of L-1150 Luxembourg, Grand Duchy of Luxembourg independent directors) cssf.lu Luxembourg, Grand Duchy of Luxembourg Registration number (Luxembourg Trade and The board is responsible for the overall investment policy, Companies Register) B-31442. objectives and management of the SICAV and funds and, as described more fully in the articles, has broad powers to act 1 January to 31 December. Financial year on behalf of the SICAV and the funds, including: Capital Sum of the assets of all of the funds, at any time. • appointing and supervising the management company Minimum capital (under Luxembourg law) • setting investment policy and approving the appointment of EUR 1,250,000 or equivalent in any other currency. any investment manager or sub-investment manager • making all determinations regarding the launch, modification, Par value of shares None. merger or discontinuation of funds and share classes, Share capital and reporting currency EUR. including such matters as timing, pricing, fees, base currency, dividend policy and payment of dividends, liquidation of the SICAV, and other conditions Qualification as a UCITS The SICAV qualifies as an • determining eligibility requirements and ownership Undertaking for Collective Investment in Transferable restrictions for investors in any fund or share class, and what Securities (UCITS) under Part 1 of the 2010 Law and EU steps may be taken in the case of any violation directive 2009/65 and is registered on the CSSF’s official • determining the availability of any share class to any investor list of collective investment undertakings. The SICAV is or distributor or in any jurisdiction also governed by the Law of 10 August 1915 on commercial • determining when and how the SICAV will exercise its rights companies. and will distribute or publicise shareholder communications Financial independence of the funds The assets and • ensuring that the appointments of the management company liabilities of each fund are segregated from those of other and the depositary bank are consistent with the 2010 Law funds; there is no cross-liability, and a creditor of one fund has and any applicable contracts of the SICAV no recourse to the other funds. • determining whether to list any shares on the Luxembourg stock exchange To lower costs and increase diversification, the funds may commingle certain assets and manage them as a single pool. The board may delegate some of these responsibilities to the In such a case, the assets of each fund will remain segregated management company. as far as accounting and ownership is concerned, and the allocation of performance and costs is assigned to each fund on a pro rata basis.

March 2021 Prospectus Nordea 1 SICAV 167 The board is responsible for the information in this prospectus The depositary has no influence or control over the funds’ and has taken all reasonable care to ensure that it is materially investment decisions, and is not allowed to carry out activities accurate and complete. The prospectus will be updated as with regard to the SICAV that may create conflicts of interest required when funds are added or discontinued or when other between the SICAV, the shareholders and the depositary material changes are made. itself (including its delegates), unless it has properly identified Directors serve until their term ends, they resign, or their any such potential conflicts of interest, has functionally and mandate is revoked, in accordance with the articles. Any hierarchically separated the performance of its depositary additional directors will be appointed in accordance with the tasks from its other potentially conflicting tasks, and the articles and Luxembourg law. Independent directors (directors potential conflicts of interest are properly identified, managed, who are not employees of Nordea Group or any of its affiliates) monitored and disclosed to the SICAV and its shareholders. may receive compensation for serving on the board. The depositary fee is included in the operational expenses.

Professional Firms Engaged by the SICAV Auditor PricewaterhouseCoopers, société coopérative The management company and various professional firms are 2, rue Gerhard Mercator engaged by the SICAV through service agreements, and must L-2182 Luxembourg, Grand Duchy of Luxembourg provide periodic reports to the board relating to their services. Any professional firm must cooperate fully with a transition The auditor provides independent review of the financial of its duties, consistent with its service agreement, its duties statements of the SICAV and all funds once a year. The auditor under law, and the instructions of the board. also verifies all performance fee calculations.

Management company Shareholder Meetings and Voting

See “The Management Company” on page 170. The annual general meeting is held within 6 months of the end of each financial year, typically at the SICAV’s registered office Depositary or another location within Luxembourg City, but potentially J.P. Morgan Bank Luxembourg S.A. elsewhere if the board believes it warranted by exceptional 6, route de Trèves circumstances. Other shareholder meetings may be held at other L-2633 Senningerberg, Grand Duchy of Luxembourg places and times, with appropriate approval and notification. The depositary provides such services as: At the annual general meeting, shareholders generally vote on • providing safekeeping of the assets of the SICAV (custody of such matters as the election or re-election of board members, assets that can be held in custody and ownership verification ratification of the auditors, and approval of distribution and record keeping of other assets) amounts and the financial report for the past year. Interim • fulfilling oversight duties to ensure that the activities defined dividends can be declared by the board, subject to final in the depositary and custodian agreement are carried out in approval at the annual meeting. accordance with the board’s instructions and, above all, with Written notice convening annual general meetings, including the the 2010 Law and the articles of incorporation. The oversight agenda, date, time, and location, will be provided to shareholders of the fund activities include the calculation of NAV, the as required by Luxembourg law. To the extent permitted by processing of fund shares and the receipt and allocation of law, the convening notice to a general meeting of shareholders income and revenues to each fund and share class, among may provide that the quorum and majority requirements will be others assessed against the number of shares issued and outstanding at • cash flow monitoring midnight (Luxembourg time) on the fifth day prior to the relevant The depositary must use reasonable care in exercising its meeting, meaning that participation in the meeting will be based functions and is liable to the SICAV and shareholders for any on the number of shares held by each shareholder on that date. losses that result from failing to properly perform its duties, Resolutions that concern all shareholders generally will be taken as defined in the depositary and custodian agreement. It may in a general meeting. entrust assets to third party banks, financial institutions or Each share gets one vote in all matters brought before a clearinghouses but this will not affect its liability. general meeting of shareholders. Fractional shares do not Where the law of a third country requires that certain have voting rights. investments be held in custody by a local entity but no local For information on admission and voting at any meeting, refer entities satisfy the delegation requirement, the depositary to the applicable meeting notice. may nevertheless delegate to a local entity so long as the SICAV has informed investors and has given the depositary Shareholder rights when investing through an appropriate instructions, and only for as long as no other local intermediary entity exists that meets the delegation requirements. Only investors registered in the register of shareholders Up-to-date information on any safekeeping function can fully exercise their shareholder rights, such as voting in delegated by the depositary and an up-to-date list of the SICAV’s general meetings. When investing through an delegates is available at nordea.lu‌ . intermediary, investors may not be able to exercise certain shareholder rights. Consult your intermediary for more information on your shareholder rights.

March 2021 Prospectus Nordea 1 SICAV 168 Merger or Liquidation If none of the above is true, the board must ask shareholders to approve the liquidation. Even if one of the above is true, the Mergers board may opt to submit the matter to a shareholder meeting for a vote. In either case, the liquidation is approved if it Within the limits of the 2010 Law, the board may decide to receives the votes of a simple majority of the shares present or merge a fund with another fund within the SICAV, or with a represented at a validly held meeting (no quorum required). fund in another UCITS, wherever domiciled. Once a liquidation has been decided by the board or voted, A merger between the SICAV and another UCITS is also shareholders must continue to hold their shares, participate in possible, as permitted by the 2010 Law. The board is the liquidation process and receive any proceeds due. authorised to approve mergers of other UCITS into the SICAV. However, a merger of the SICAV into another UCITS must be Liquidation of the SICAV approved by a majority of votes cast at a shareholder meeting The liquidation of the SICAV requires a shareholder vote. (no quorum requirement). Such a vote can be taken at time at a general meeting of Shareholders whose investments are involved in any merger shareholders. If it is determined that the SICAV’s capital will receive at least one month’s advance notice of the merger, has fallen below two-thirds of legally required minimum during which they will be able to redeem or switch their capital (under Luxembourg law), or below one-quarter of the shares free of any redemption and switching charges. At the minimum set by the articles, then shareholders must be given end of the notice period, shareholders who still own shares the opportunity to vote on dissolution at a general meeting in a fund and class that is being merged out of existence held within 40 days of the determination. and who have not expressly indicated their willingness to Voluntary liquidations (meaning a decision to liquidate that is participate in the merger will receive shares of the receiving initiated by shareholders) require a quorum of at least one-half fund of the merger. of the capital and approval by at least 2/3 of the votes cast. Liquidation of a fund or share class Otherwise, dissolution will occur if approved by a majority of the shares present and represented at the meeting, or, if the The board may decide to liquidate a fund or share class if the capital is below 1/4 of the minimum set by the articles, by 1/4 board believes any of the following is true: of the shares present and represented (no quorum required). • the value of the assets of the fund or share class is so low as to make continued operation economically inefficient Should it be voted that the SICAV will liquidate, one or more • there has been a substantial change in political, economic, liquidators appointed by the shareholder meeting and duly monetary or regulatory conditions or other circumstances approved by the CSSF will liquidate the SICAV’s assets in beyond the control of the board the best interest of shareholders and will distribute the • the liquidation is appropriate as part of an economic net proceeds (after deduction of any costs relating to the rationalisation (such as an overall adjustment of fund liquidation) to shareholders in proportion to their holdings. offerings) Amounts from any liquidations that are not claimed by • to do so would be in the interests of shareholders shareholders within 6 months will be deposited in escrow with • for feeder funds, if the fund becomes a non-feeder fund, the Caisse de Consignation. Amounts still unclaimed after or if the master fund liquidates, merges, or splits, and the 30 years will be forfeited according to Luxembourg law. CSSF approves neither the feeder remaining with the split or merged master fund nor the appointment of a new master fund

March 2021 Prospectus Nordea 1 SICAV 169 The Management Company

Operations and Business Structure Responsibilities The management company is responsible for, among other things: Name and registered office investment management (including portfolio management Nordea Investment Funds S.A. • and risk management) with respect to all funds 562, rue de Neudorf administration, including corporate agency duties L-2220 Luxembourg, Grand Duchy of Luxembourg • • marketing Legal form Société anonyme Concerning administration, the management company Incorporated 12 September 1989, in Luxembourg (as serves as the administrative agent. In this capacity, it handles Frontrunner Management Company S.A.) the administrative work required by law and regulation Regulatory authority and by the articles of incorporation, such as calculating Commission de Surveillance du Secteur Financier NAVs, maintaining the SICAV’s register of shareholders and 283, route d’Arlon accounting records, opening and closing accounts, processing L-1150 Luxembourg, Grand Duchy of Luxembourg requests for transactions in fund shares, and providing documentation of these transactions to shareholders. Registration number (Luxembourg Trade and Companies Register) B-31619 Concerning distribution, the management company serves as Other funds managed See shareholder reports the principal distributor. In this capacity it is responsible for all distribution and marketing in jurisdictions in which the SICAV is permitted to engage in those activities. Directors of the Management Company Concerning corporate agency duties, the management company serves as corporate agent. In this capacity it is Nils Bolmstrand (Chair) responsible for all such duties required by Luxembourg law, in Head of Nordea Asset Management particular the mailing of shareholder documents. Stockholm, Sweden The management company is subject to Chapter 15 of the Brian Stougård Jensen 2010 Law. Head of Product Office and member of Senior Executive Management Group, Delegation of Responsibilities Nordea Asset Management Copenhagen, Denmark With the consent of the SICAV and the CSSF, the management company has the option of delegating to third parties portfolio Graham Goodhew management, administration and marketing responsibilities so Retired; formerly member of the board and Conducting long as it retains supervision, implements appropriate controls Officer, JP Morgan Asset Management (Europe) S.à r.l. and and procedures, and updates the prospectus in advance. For executive director of JPMorgan Chase example, the management company can appoint one or more Luxembourg, Grand Duchy of Luxembourg investment managers to handle the day-to-day management Conducting Officers of fund assets, or investment advisors to provide investment information, recommendations and research concerning Michael Maldener prospective and existing investments. The management Managing Director company will pay a remuneration out of the management Nordea Investment Funds S.A. fee of the respective fund to the investment manager for the Luxembourg, Grand Duchy of Luxembourg services rendered. Sinor Chhor An investment manager in turn can, with the approval of the Nordea Investment Funds S.A. management company, appoint one or more sub-investment Luxembourg, Grand Duchy of Luxembourg managers. The remuneration of the sub-investment managers Markku Kotisalo will be paid by the investment manager out of its own fee. The Nordea Investment Funds S.A. investment manager or a sub-investment manager may also Luxembourg, Grand Duchy of Luxembourg appoint investment advisors (meaning entities that provide recommendations but do not have the ability to set strategy or Christophe Wadeleux place trades in portfolio securities). Information about which Nordea Investment Funds S.A. entities currently have appointments as investment managers Luxembourg, Grand Duchy of Luxembourg and sub-investment managers, and to which funds, appears in“Fund Descriptions”.

March 2021 Prospectus Nordea 1 SICAV 170 The management company must require any delegated entity Remuneration policy to comply with the provisions of the prospectus, articles of The management company has implemented a remuneration incorporation and other applicable provisions. Also, regardless policy, based on that of Nordea Group, that is consistent of the nature and extent of its delegations, the management with, and promotes, sound and effective risk management company remains liable for the actions of its delegates. and does not encourage risk taking that is inconsistent with The management company can also appoint various service the risk profile of the funds. The management company has providers, including distributors, to market and distribute fund committed to ensuring that all individuals subject to the policy shares in any jurisdiction where the shares are approved for — which includes the management company’s directors, sale. managers and employees — will comply with the policy. The investment managers, sub-investment managers and The remuneration policy integrates governance, a pay sub-investment advisors and all service providers engaged by structure that is balanced between fixed and variable the management company have agreements to serve for an components, and risk and long-term performance alignment indefinite period and must provide periodic reports relating to rules. These alignment rules are designed to be consistent their services. The management company may terminate any with the interests of the management company, the SICAV of these agreements immediately if it determines that it is in and the shareholders, with respect to such considerations the interest of shareholders. Otherwise, a party of any of these as business strategy, objectives, values and interests, agreements can resign or be replaced by the management and include measures to avoid conflicts of interest. The company. The management company will pay any costs management company ensures that the calculation of any associated with any direct delegates and other service variable remuneration is based on the applicable multi-year providers. performance of the relevant fund(s) and that the actual payment of such remuneration is spread over the same period. Complaints handling Material risk-takers and employees in control functions do not The management company makes every effort to respond receive variable remuneration. to all formal complaints quickly. A copy of our complaints Information on the remuneration policy is available at procedure is available to shareholders free of charge upon nordea.lu‌ . request and information on the Complaints Handling procedure is available at nordea.lu‌ . Best execution Any legal disputes involving the management company, the The investment managers and sub-investment managers, SICAV or any shareholder will be subject to the jurisdiction consistent with their duty to act in the best interests of of the competent Luxembourg court and adjudicated under shareholders, have an obligation to execute orders on terms Luxembourg law (except that for service providers, the most favorable to their clients. Consequently, the investment process is as described in their contracts with the SICAV or the managers and sub-investment managers select counterparties management company). and enter into transactions in accordance with best execution principles. Corporate Conduct Policies Voting of portfolio securities Conflicts of interest The SICAV has delegated the right to make all decisions Because the management company, an investment manager about exercising voting rights on securities held in the funds’ and certain sub-distributors are all part of the Nordea Group, portfolios to the management company, which in turn has they will at times find their obligations to the SICAV or to a delegated it to Nordea Investment Management AB in its role fund to be in conflict with other professional obligations they as investment manager. have pledged to honor. A Nordea Group entity could be an Benchmarks issuer or counterparty for a security or derivative a fund is considering buying or selling. In addition, a Nordea Group As of 1 January 2020, any benchmarks the funds use, whether entity that serves the SICAV in a given capacity could serve to calculate performance fees or simply as a relevant market another UCI (whether affiliated with Nordea Group or not) in a reference, must comply with Regulation (EU) 2016/1011 (the similar or different capacity. “Benchmark Regulation”). This means a benchmark must either be provided by a registered provider or must itself be Other service providers, such as the depositary, administrative registered (if the provider is based outside the EU). agent and central administration agent could have potential conflicts in interest with the SICAV or the management Benchmarks may be used by some funds as a reference for company. In such cases, the management company seeks to comparison purposes against which the performance of each identify, manage and, where necessary, prohibit any action or fund is measured, as indicated in the “Fund Descriptions”. The transaction that could pose a conflict between the interests funds are actively managed, and the investment manager may of, for example, the management company and shareholders, freely select the securities that it will invest in. Consequently or the SICAV and other clients. The management company the performance may differ substantially from that of the strives to manage any conflicts in a manner consistent with benchmark. the highest standards of integrity and fair dealing. Information The SICAV does not have any tracker funds (being funds on the management company’s conflict of interest policy is tracking the return of an index or combination of indices). available at nordea.lu‌ .

March 2021 Prospectus Nordea 1 SICAV 171 Funds may use interest rate benchmarks for the purpose of MacKay Shields LLC performance fee calculation as indicated in “Performance fee” 1345 Avenue of the Americas on page 155. New York, NY 10105, USA The following relevant benchmarks administrators are Manulife Investment Management (Hong Kong) Limited included in the ESMA register: The European Money Market 16th Floor, Lee Garden One, Institute, which is the administrator of EURIBOR under the 33 Hysan Avenue, Causeway bay, Benchmark Regulation. Hong Kong The management company has a written plan for what it will PGIM Inc do if a fund’s benchmark fails to comply with the Benchmark 685 Broad Street, Regulation on time, or has changed materially or ceases to Newark, New Jersey 07102, USA be provided. The plan is available upon request and free of River Road Asset Management LLC charge at the registered office of the management company. 462 S. Fourth Street, Suite 2000, Louisville, Kentucky 40202, USA Investment Managers Engaged by the TimesSquare Capital Management LLC Management Company 7 Times Square 42nd Floor New York, NY 10036, USA Investment Managers Nordea Investment Management AB (including branches). Sub-Investment Advisors Mäster Samuelsgatan 21, M540 ICICI Prudential Asset Management Company Ltd. Stockholm 10571, Sweden 12th Floor, Narain Manzil, Barakhambha Road New Delhi 110 001, India Sub-Investment Managers and Sub- Investment Advisors Engaged by the Other Service Providers Engaged by the Investment Managers Management Company and/or the SICAV

Sub-Investment Managers Distributors and nominees Aegon USA Investment Management, LLC The SICAV and/or the management company can engage 6300 C Street SW, Cedar Rapids local distributors or other agents in countries or markets Iowa, 52499, USA where it is not barred from distributing fund shares. In some countries, use of an agent is mandatory, and the agent may Capital Four Management Fondsmæglerselskab A/S not merely facilitate transactions but may hold shares in its Per Henrik Lings Allé 2, 8th Floor own name on behalf of investors. Fees of distributors and 2100 Copenhagen, Denmark agents are paid out of the management fee. CBRE Clarion Securities LLC Distributors can act as nominees, which may affect your rights 201 King of Prussia Road, Suite 600 as an investor. See “Share class policies“on page 160. Radnor, Pennsylvania, 19087, USA DoubleLine Capital LP Local representatives and paying agents 333 South Grand Ave., 18th Floor Austria Los Angeles, CA 90071, USA Information and Paying Agent Duff & Phelps Investment Management Erste Bank der österreichischen Sparkassen AG 200 South Wacker Drive, Suite 500, Am Belvedere 1 Chicago, Illinois 60606, USA 1100 Vienna, Austria GW&K Investment Management LLC Tel +43 50100 12139 | Fax +43 50100 9 12139 222 Berkeley Street, 15th Floor, Boston, MA 02116, USA Belgium Itaú USA Asset Management Inc. Financial Service Agent 767 Fifth Avenue, 50th floor, BNP Paribas Securities Services S.C.A. ,Brussels Branch New York, New York, 10153, USA Rue de Loxum, 25 1000-Brussels, Belgium Metlife Investment Management, LLC 1717 Arch Street, Suite 1500 Denmark Philadelphia, PA 19103, USA Representative Agent Loomis, Sayles & Company, LP c/o Corporation Service Company Nordea Danmark, Filial af Nordea Bank Abp, Finland 2711 Centerville Road, Suite 400 Grønjordsvej 10 Wilmington, DE 19808, USA Postbox 850 0900 Copenhagen C, Denmark Tel +45 5547 0000

March 2021 Prospectus Nordea 1 SICAV 172 Estonia of the retail investor or a nominee, and perform all services relating to the exercise of shareholder rights. See the Italian Representative Agent application form for details. Luminor Bank AS Liivalaia 45 Latvia 10145 Tallinn,Estonia Tel +372 6283 300 | Fax +372 6283 201 Representative Agent Luminor Bank AS France 62 Skanstes iela 12 1013 Riga, Latvia Centralising Correspondent Tel +371 67 096 096 | Fax +371 67 005 622 CACEIS Bank 1-3, place Valhubert Lithuania 75206 Paris cedex 13, France Tel +33 1 41 89 70 00 | Fax +33 1 41 89 70 05 Representative Agent Luminor Bank AB Germany Konstitucijos pr. 21 A 03601 Vilnius, Lithuania Information Agent Tel +370 5 2 361 361 | Fax +370 5 2 361 362 Société Générale S.A. Frankfurt Branch Neue Mainzer Straße 46-50 Spain 60311 Frankfurt am Main, Germany Representative Agent Ireland Allfunds Bank S.A.U. C/ de los Padres Dominicos, 7 Facilities Agent 28050 Madrid, Spain Maples Fund Services (Ireland) Limited Tel +34 91 270 95 00 | Fax +34 91 308 65 67 32 Molesworth Street D02 Y512 Dublin 2, Ireland Poland Italy Paying Agent Paying Agents Bank Handlowy w Warszawie S.A. State Street Bank International GmbH – Succursale Italia ul. Senatorska 16 Via Ferrante Aporti 10 00-923 Warszawa, Poland 20125 Milan, Italy Tel +48 22 657 72 00 | Fax +48 22 692 50 23 Tel +39 02 3211-7001/ 7002 | Fax +39 02 8796 9964 Representative Agent Allfunds Bank S.A.U. — Succursale di Milano ProService Finteco Sp. z o.o. Via Bocchetto 6 ul. Konstruktorska 12A 20123 Milan, Italy 02-673 Warszawa, Poland Tel +39 02 89 628 301 | Fax +39 02 89 628 240 Tel +48 22 58 81 900 | Fax +48 22 58 81 950

Société Générale Securities Services S.p.A. Portugal Via Benigno Crespi, 19/A –MAC2 20159 Milan, Italy Paying Agent Tel +39 02 9178 4661 | Fax +39 02 9178 3059 BEST - Banco Electrónico de Serviço Total, S.A. Pç. Marquês de Pombal 3, 3º Banca Sella Holding S.p.A. 1250 – 161, Lisboa, Portugal Piazza Gaudenzio Sella 1 Tel +351 218 839 252 13900 Biella, Italy Tel +39 015 3501 997 | Fax +39 2433 964 Sweden Banca Monte dei Paschi di Siena S.p.A. Paying Agent Piazza Salimbeni 3, Nordea Bank Abp, Swedish Branch 53100 Siena, Italy Smålandsgatan 17 Tel +39 0577 294111 105 71 Stockholm, Sweden Caceis Bank S.A., Italian Branch Tel +46 8 61 47000 | Fax +46 8 20 08 46 Piazza Cavour 2 Switzerland 20121 Milano, Italy Tel +39 02721 74401 | Fax +39 02721 74454 Representative and Paying Agent BNP Paribas Securities Services, Paris Subject to Italian law and custom, a paying agent in Italy may Succursale de Zurich distribute fund shares through a saving plan. Retail investors Selnaustrasse 16 residing in Italy can direct a paying agent in that country to 8002 Zurich, Switzerland either submit dealing requests to the SICAV on their behalf Tel +41 58 212 61 11 | Fax +41 58 212 63 30 (grouped by fund or distributor), register shares in the name

March 2021 Prospectus Nordea 1 SICAV 173 United Kingdom Facilities Agent FE Fundinfo (UK) Limited. 3rd Floor, Hollywood House, Church Street East, Woking GU21 6HJ, United Kingdom Tel +44 207 534 7505

March 2021 Prospectus Nordea 1 SICAV 174 Interpreting this prospectus

The following rules apply unless law, regulation or context require otherwise: • a reference to a document, agreement, regulation or legislation refers to the same as it has been amended or replaced (except as prohibited by • terms that are defined in the 2010 Law but not here have the same this prospectus or applicable external controls), and a reference to a party meaning as in the 2010 Law includes the party’s successors or permitted substitutes and assigns • the words “include”, “such as” or “for example”, in any form, does not • a reference to legislation includes reference to any of its provision and any denote comprehensiveness rule or regulation promulgated under the legislation • a reference to an agreement includes any undertaking, deed, agreement • any conflict in meaning between this prospectus and the articles will be and legally enforceable arrangement, whether or not in writing, and resolved in favor of the prospectus for “Fund Descriptions” and in favor of a reference to a document includes an agreement in writing and any the articles in all other cases certificate, notice, instrument and document of any kind

March 2021 Prospectus Nordea 1 SICAV 175