Axxion S.A. is a Luxembourg-based fund company. The owner-managed company operates independently of banks and insurance companies and carries out its fund administration in a climate-neutral manner. In 2022, Axxion S.A. extended its product range to include an ETF by launching the Frankfurt UCITS ETF - Modern Value in cooperation with Shareholder Value Management AG. The ETF tracks the actively managed Frankfurt Modern Value Index (Bloomberg FRAX). This index contains the 25 watchlist stocks of the Shareholder Value Management AG that have the highest expected total shareholder return (TSR) over a five-year period.