AMUNDI ETF MSCI WORLD UCITS ETF

Transcription

1 AMUNDI ETF MSCI WORLD UCITS ETF Annual report June 2015 AMUNDI S UCITS Fund Manager: AMUNDI Delegated fund accountant: CACEIS FUND ADMINISTRATION FRANCE Custodian: CACEIS BANK FRANCE Auditors: PWC SELLAM

2 Contents Pages Informations about the Fund 3 Annual Report 7 Significant events during the financial period 9 Specific details 18 Regulatory informations 19 Auditor's Certification 20 Annual accounts 23 Balance Sheet 24 Balance Sheet Liabilities 25 Off-balance sheet 26 Income Statement 27 Notes to the annual accounts 28 Accouting rules and methods 29 Changes in net assets 32 Table of profit (loss) of the fund over the past five financial periods 40 Portfolio Listing Annual Report on 06/30/15 2

3 Informations about the Fund Classification International equities. Determination and allocation of distributable sums Accumulation and/or distribution for both unit categories (USD and EUR). Tax treatment The Fund is eligible for the Plan d Epargne en Actions ("PEA" reserved for French investors) and life insurance policies. The Fund may provide a support vehicle for life insurance policies denominated in units of account. The UCITS, by its nature, is not subject to taxation. However, unitholders may be taxed on any income distributed by the Fund or when they sell Fund units. The tax treatment applicable to amounts distributed by the Fund or unrealised or realised capital gains or losses will depend on the individual unitholder's tax situation, residence for tax purposes and/or the investment jurisdiction of the Fund. If an investor is uncertain of his or her tax position, the investor should consult a financial advisor or a professional investment consultant to determine the tax rules applicable to his or her particular situation before any investment. Some income distributed by the UCITS to unitholders residing outside France may be subject to withholding tax in France. Benchmark index The Fund s benchmark index is the euro-denominated MSCI World Index with net dividends reinvested (net return). The MSCI World Index is an "equities" index calculated and published by the international index supplier MSCI Inc. ("MSCI"). The equities in the MSCI World Index are leading securities traded in the equity markets of the developed countries. Management fees and commissions Administrative and management fees for any unit category: 0.38% including tax. Subscription fees received by the Fund for any unit category: None. In compliance with current regulations, this mutual fund has, during the financial period just ended, levied charges at rates which are in line with those stated in the Prospectus and used under the following headings: - Notes to the Annual Accounts /- Management fees. - Shareholders Funds /-Subscription and/or redemption fees /- Management fees. Investment objective The Fund s investment objective is to track the performance of the MSCI World Index (see Benchmark index section), as closely as possible, whether the Index rises or falls. The Fund is managed so as to achieve a gap between changes in its NAV and changes in the value of the MSCI World Index (referred to below as the MSCI World Index ) as small as possible. The target for maximum tracking error between the Fund s NAV and the value of the MSCI World Index is 2%. If the tracking error exceeds 2%, the objective would nevertheless be to remain below 15% of the volatility of the MSCI World Index. Investment strategy The Fund is managed by index tracking. 1. Strategy employed: The Fund is managed by a technique known as index-tracking with the objective to replicate changes in the performance of the MSCI World Index using a swap-based replication method. Annual Report on 06/30/15 3

4 To maintain the closest possible correlation with the performance of the MSCI World Index, the Fund will buy a diversified portfolio of equities (the "Portfolio") and an over-the-counter (OTC) total return swap, a financial derivative instrument which turns the exposure to the Portfolio into an exposure to the MSCI World Index. The Fund will comply with the investment rules set forth in Articles R and R of the French Monetary and Financial Code (CMF). The Portfolio comprising directly held assets described in the "Assets used" section, complies with the provisions of Article R of the French Monetary and Financial Code (CMF). The Fund's exposure to the Index achieved through the total return swap may be eligible for exemption ratios applicable to the index-tracking UCITS referred to in Article R of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as the regulated markets where some marketable securities or some money-market instruments are largely dominant. 2. Assets used (except embedded derivatives): The Fund's exposure to the Index is achieved through the total return swap. The Portfolio consists of the Fund's directly held assets described below. - Equities: The Fund will be permanently exposed at least 60% on a foreign equities market or on equity markets in a number of countries, including the French market when appropriate. Up to 100% of the Fund s net assets will be invested, subject to the legal and regulatory ratios, in international equities (any economic sector, traded on any market). The equities in the Fund's assets will be the equities forming the MSCI World index and other international equities, from all economic sectors, listed on all markets, including smallcap markets. The equities in the Fund's assets will be chosen to limit costs associated with reproducing the MSCI World Index. Over 75% of the portfolio s value will, at all times, consist of stocks of companies registered in a Member State of the European Union, or in another State which is part of the European Economic Area (EEA) and has signed a tax convention with France that provides for administrative assistance to prevent fraud and tax evasion. This minimum level of equity exposure makes the Plan d Epargne en Actions (French Stock Savings Plan - PEA). - Interest-rate instruments: Up to 25% of the Fund s net assets may be invested in any kind of bond instruments. Portfolio securities will be selected according to management decision and in compliance with the internal credit risk monitoring policy of the Management Company. For the purpose of stock-picking, management does not, neither exclusively nor mechanically, rely on the ratings issued by rating agencies, but bases its buy and sell convictions of a security on its own credit and market analyses. For information, management may specifically deal in securities with minimum ratings, at the time of purchase, of BBB- in the S&P and Moody s scale ("investment grade" rating). The bond issuers selected may be from the private sector or from the public sector (national or local governments, etc.), and private sector debt may account for up to 100% of all debt instruments. Foreign debt instruments will be denominated in the currency of one of the OECD member countries. In order to meet its investment objective and/or manage intermediate financial flows, the Fund may hold up to 10% of its assets in the following. Annual Report on 06/30/15 4

5 - Euro-denominated debt instruments and money-market instruments: Cash flow will be managed through money-market instruments. Portfolio securities will be selected according to management decision and in compliance with the internal credit risk monitoring policy of the Management Company. For the purpose of stock-picking, management does not, neither exclusively nor mechanically, rely on the ratings issued by rating agencies, but bases its buy and sell convictions of a security on its own credit and market analyses. For information, management may specifically deal in securities with minimum ratings of AA in the S&P and Moody s scale. The bond issuers selected may be from the private sector or from the public sector (national or local governments, etc.), and private sector debt may account for up to 100% of all debt instruments. The average maturity of these instruments will not exceed ten years. - UCITS units or shares: The Fund may hold up to 10% of its assets in UCITS units and/or shares. These UCITS are representative of all asset classes, in compliance with the Fund's requirements. They may be UCITS managed by the Management Company, or by other entities, regardless of whether they belong to the Crédit Agricole SA Group, including related companies. 3. Derivatives: The Fund will use derivative financial instruments, including total return equity swaps that swap the value of equities held by the Fund for the MSCI World Index value. Off-balance sheet commitments are calculated by the accrual method of accounting. The Fund may take positions in the following derivatives: Type of market: regulated organised over-the-counter Categories of risk in which the Fund intends to take a position: equity risk interest rate risk currency risk credit risk other risks Nature of positions to be taken, which must be limited to those required to meet the management objective: hedging exposure arbitrage other Types of instruments used: futures: on equities and indices options: on equities and indices total return swaps: on equities and indices total return swap: credit derivatives: credit default swaps other Annual Report on 06/30/15 5

6 Strategies for use of incorporated derivatives to achieve the management objective: constructing synthetic exposure to a particular security, sector and/or to the MSCI World Index via the use of swaps. management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock and/or sector and/or to the MSCI World Index via the use of futures. management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock and/or sector and/or to the MSCI World Index via the use of options. These instruments may be used to hedge up to 100% of the Fund s net assets. 4. Securities incorporating derivatives ( embedded derivatives ): None. 5. Deposits and liquid assets: The Fund may hold up to 20% of its net assets in deposits for a maximum term of twelve months. The deposits are used for cash management purposes and help the Fund achieve its management objectives. 6. Borrowing: The Fund may temporarily, and in exceptional cases, borrow up to 10% of its net assets in order to optimise its cash flow management. Over-exposure of the assets: None All its commitments on derivatives and embedded derivatives may not exceed 100% of the Fund's net assets. 7.Temporary acquisitions and sales of securities: None. All the Fund s commitments on derivatives and embedded derivatives may not exceed 110% of net assets. Information un UCITS financial guarantees (collateral): None. Overview of the procedure for choosing intermediaries / counterparties and comments: The Management Company generally issues a bid tender. In this case, a comprehensive Request For Proposal ( RFP ) (total return swap and market making) was issued for a portion of the AMUNDI ETF Fund product line. For this reason, neither the Management Company nor the Delegated Fund Manager have undertaken or shall undertake, for this particular Fund, a formal competitive bidding procedure that can be tracked and monitored among counterparties for OTC derivative financial instruments, as the counterparty has already been selected during the comprehensive RFP. The Fund may carry out these transactions with BNP Paribas SA or any other Company of the BNP Paribas SA group as counterparties or intermediaries. Risk profile Equity risk Capital risk Factors that may influence the ability of the Fund to track the performance of the MSCI World Index Currency Risk Credit Risk Counterparty risk related to the tracking method selected Liquidity risk Liquidity risk in a stock market Annual Report on 06/30/15 6

7 Annual Report June 2015 The fund s objective is to track the MSCI World index while remaining eligible for the PEA (i.e. the fund undertakes to hold 75% of its assets in PEA-eligible equities at all times). It therefore holds a basket of shares and a performance swap which turns the Fund s equity exposure into an exposure to the MSCI World. Subfund Rolling Performance AMUNDI ETF MSCI WORLD UCITS ETF For the period under review, the unit C/D EUR performance is 24.69%. The benchmark performance is 24.64% with a tracking error of 0.12%. For the period under review, the unit C/D USD performance is 1.47%. The benchmark performance is 1.43% with a tracking error of 0.12%. Past performance is no guarantee of future performance. Annual Report on 06/30/15 7

8 Efficient portfolio management (EPM) techniques and Financial derivative instruments a) Exposure obtained through the EPM techniques and Financial derivative instruments Exposure obtained through the EPM techniques: None. Underlying exposure reached through financial derivative instruments: 408,532, Other Swaps: 408,532, b) Identity of the counterparty(ies) to EPM techniques and Financial derivatives instruments EPM techniques Financial derivative instruments (*) BNP PARIBAS FRANCE (*) Excepted derivative listed c) Type and amount of collateral received by the UCITS to reduce counterparty risk Type of financial instruments EPM Securities Cash Amount portfolio currency Total Financial derivative instruments Securities Cash Total d) Revenues and operational cost/fees from EPM Revenues and operational cost/fees Revenues (**) Amount portfolio currency Total revenues Direct operational fees Indirect operationnal fees Total fees (**) Revenues received from loans, repurchase and reverse repurchase agreements Annual Report on 06/30/15 8

9 Significant events during the financial period 30 September Addition. Taxation: Considerations on American taxation 30 September Addition. Taxation: The so-called American Act "FATCA" (U.S. Foreign Account Tax Compliance Act) has aimed at strengthening the fight against tax evasion by "American taxpayer persons" holding accounts abroad. 30 September Addition. Taxation: The term "American citizen" taxpayer according to the Internal Revenue Code means a natural person who is a citizen or a U.S. resident, a partnership or a corporation created in the United States or under U.S. federal law or one of the Federated American States, a trust if, (i) under the law, a court located in the United States has the power to make orders or judgements having a substantial effect on all matters relating to the administration of the trust and if (ii) one or more United States persons have a right of control over all substantial trust decisions, or over the estate of a deceased person who was a citizen or resident of the United States. 30 September Addition. Taxation: Under FATCA, any non-american financial institution ("FFI") (bank, corporation, mutual fund, etc.) is specifically liable to declare assets and income received by taxpayers who are American citizens and is called upon to deduct, when the required information has not been provided, a withholding tax at a rate of 30 percent on (i) certain income from a U.S. source (including, among other types of income, dividends and interest), (ii) the gross income from the sale or transfer of assets from a U.S. source, and (iii) income from a non-u.s. source reclassified as U.S. source income, under the "Foreign Passthru Payments" scheme. 30 September Addition. Taxation: The intergovernmental agreement ("IGA") concluded between France and the United States of America, stipulates automatic exchange of information between the French and American tax authorities and thus avoids, in some cases, French FFI deemed compliant with FATCA from deducting the withholding tax of 30%. 30 September Addition. Taxation: The Fund has decided to comply with the obligations under FATCA stipulated in the French IGA for "reporting financial institutions" and has been registered as such with the U.S. tax authorities. 30 September Addition. Taxation: Therefore, by investing or keeping their investment in the Fund, investors are informed and agree on: 30 September Addition. Taxation: Amundi as a management company and the Fund have the status of "French reporting financial institution" and have been registered with the American tax authorities. As a first step, Amundi has been registered as a "Sponsoring entity" and acts on behalf of the Fund which will thus be sponsored for the needs of FATCA; 30 September Addition. Taxation: (i) 30 September Addition. Taxation: to comply with these tax provisions, the FATCA status of the Fund requires it to obtain, during the entire period of holding investments in the Fund, additional identification information from investors regarding their FATCA status. All investors are required to self-certify their FATCA status before any investment in the Fund ((with their financial intermediary, company management, any delegated entity or the developer), especially in the form of the W8, W9 forms or equivalent in force, or to the FFI, provide their GIIN number. In the event of changed circumstances impacting on their declared FATCA status, investors must, without delay, inform their financial intermediary, the Fund, its delegated entity or the developer, in writing, in the form of updated forms; 30 September Addition. Taxation: (ii) 30 September Addition. Taxation: among its reporting obligations, AMUNDI or the Fund will be required to disclose certain confidential information (including, inter alia, the name, address, tax identification number of the investor, and in some cases, certain information regarding investment in the Fund), selfcertification, the GIIN number or any other document received from (or concerning) investors, and automatically exchange information with the French tax authorities and any other competent authority, in order to comply with FATCA, the IGA, or any other applicable laws or regulations; 30 September Addition. Taxation: (iii) Annual Report on 06/30/15 9

10 30 September Addition. Taxation: investors who have not documented their FATCA status adequately or who have refused to communicate their FATCA status or information needed in a timely manner, could be classed as "recalcitrant" and be the subject of a report by their financial intermediary, Amundi and/or the Fund to the competent tax or governmental authorities; 30 September Addition. Taxation: (iv) 30 September Addition. Taxation: to avoid potential impacts resulting from the "Foreign Passthru Payment" mechanism, which could be applied as early as 1 st January 2017, the Fund, AMUNDI or its delegated entity reserves the right to prohibit any subscription in the Fund, as of that date, to any Nonparticipating Financial Institution (financial institution not complying with FATCA), in particular if this request is justified by protection of the general interest of investors in the Fund. Despite the best efforts to comply with the obligations under FATCA and avoid any withholding tax deduction, no guarantee can be given regarding the non-application of such taxation or the consequences of an investment in the Fund by a financial institution non FATCA-compliant. Were the Fund to be subject to withholding tax, its results might be affected. The amount of the withholding tax could therefore be withheld or deducted from any redemption or payment to be made to an investor who refuses to provide the information requested or who is not compliant with FATCA. 30 September Addition. Taxation: (v) 30 September Addition. Taxation: These provisions do not represent a comprehensive analysis of all the tax rules and considerations, nor tax advice, and cannot be regarded as a complete list of all potential tax risks inherent in subscription to or the holding of the Fund's units or shares. Investors should consult their usual advisor concerning taxation and the potential consequences of the subscription, holding or redemption of units or shares pursuant to the laws to which the investor may be subject, including the application of the tax return or withholding tax deduction system under FATCA on their investments in the Fund. 30 September Change. 1. Strategy used: To contribute to the achievement of its management objective and/or to manage intermediate flows, the Fund may hold up to 10% maximum of its total assets in the following: Debt securities and money market instruments denominated in euro: cash is managed through holding money market instruments. The investment portfolio will be selected according to Management's judgement and in compliance with the Management Company's internal credit risk monitoring policy. For the selection of securities, the management relies neither exclusively nor mechanically on ratings from the rating agencies, but bases its belief in the purchase and sale of a security on its own credit and market analyses. For your information, management may include securities with minimum ratings of AA in the S & P and Moody's scale. Selected issuers may come from both the private and public sectors (Governments, local authorities), with private debts being eligible to account for up to 100% of debt instruments. The average duration of these instruments will be less than 10 years. 30 September Change. 1. Strategy used: Rate instruments: the Fund may hold up to 25% of its assets in bond type financial instruments of any kind. The investment portfolio will be selected according to Management's judgement and in compliance with the Management Company's internal credit risk monitoring policy. For the selection of securities, the management relies neither exclusively nor mechanically on ratings from the rating agencies, but bases its belief in the purchase and sale of a security on its own credit and market analyses. For your information, management may include securities with minimum ratings of BBB in the S&P and Moody's scale ("investment grade" rating). Selected issuers may come from the private sector as well as the public sector (Governments, local authorities, etc.); private debt may represent up to 100% of debt instruments. Foreign bond instruments will be denominated in a currency of the OECD Member States. 30 September Change. 4. Securities including derivatives: The Fund is not allowed to overexpose its assets: the sum of liabilities on derivatives and embedded derivatives is limited to 100% of the Fund's net assets. 30 September Addition. Information related to UCITS financial guarantees (collateral): None. Information related to UCITS financial guarantees (collateral): None. 30 September Addition. Risk profile: Liquidity risk. Certain securities included in the composition of the MSCI World Index in which the Fund is invested may be temporarily difficult to trade or even impossible to trade, due notably to the lack of exchanges on the market or regulatory restrictions. 30 September Addition. Risk profile: Liquidity risk on a place of listing: The Fund's Stock Exchange price is likely to deviate from its indicative net asset value. The liquidity of the Fund's units on a place of listing may be affected by any suspension which could particularly, but not only, be due to: i) a suspension or termination of the calculation of the MSCI World Index by the index provider, Annual Report on 06/30/15 10

11 ii) a suspension of the market(s) for the assets underlying the MSCI World Index, iii) the impossibility for a place of listing under consideration to obtain or calculate the Fund's indicative net asset value, iv) a break by a market maker of the rules applicable to a place of listing under consideration, v) a failure of the systems, including computer or electronic systems in a relevant place of listing, vi) any other event preventing the calculation of the NAV of the Fund or trading of Fund units. 30 September Addition. Investor's typical profile: Shares in this mutual fund may not be offered or sold directly or indirectly to the United States of America (including its territories and possessions), to/for the benefit of a "U.S. Person", as defined by United States "Regulation S" adopted by the Securities and Exchange Commission ("SEC"). The term "U.S. Person" means: (a) any natural person resident in the United States of America; (b) any entity or company organized or registered under U.S. regulations; (c) any estate (or "trust ) of which the executor or administrator is a U.S. Person; (d) any trust of which one of the trustees is a "U.S. Person"; (e) any agency or branch of a non-u.s. entity located in the United States of America; (f) any account (other than an estate or trust) managed in a non-discretionary manner by a financial intermediary or any other authorized representative, incorporated or (in the case of a natural person) resident in the United States of America; (g) any account (other than an estate or trust) managed in a discretionary manner by a financial intermediary or any other authorized representative, incorporated or (in the case of a natural person) resident in the United States of America; and (h) any entity or company, which is: (i) organised or incorporated under the laws of a country other than the United States of America and (ii) established by a U.S. Person principally with the aim of investing in securities not registered under the U. S. Securities Act of 1933, as amended, unless it is organized or registered and owned by "Accredited Investors" (as that term is defined by rule 501(a) of the Act of 1933, as amended) other than natural persons, estates or trusts. 30 September Change. Investor's typical profile: This Fund is intended for an investor seeking to increase its capital over the long term, wishing to be exposed to developed countries equities, while providing opportunities for trade-off in the short term. The Fund is in fact listed continuously on one or more places of listing, and its units can be traded continuously on the stock market just as with shares. It thus combines the benefits of a listed security and a UCITS. It is also eligible for PEA (equity savings plans). The amount that it is reasonable to invest in this fund depends on the individual circumstances of the investor. To determine it, we should take into account its personal assets, its current needs and the recommended investment term, as well as its desire to take risks or on the contrary, favour a prudent investment. It is also strongly recommended that investments be diversified sufficiently so as not to expose them to the risks of this Fund alone. Any investor is therefore invited to consider his situation with his usual wealth management advisor. 30 September Change. Method of determining and allocating income: Capitalisation and/or distribution for each class of units (USD and EUR). 30 September Addition. Terms for subscription and redemption: Persons wishing to purchase or subscribe to units will have to certify in writing, at the time of any purchase or subscription of shares, that they are not "U.S. Persons". Any unit holder must inform the Fund's management company if it becomes a "U.S. Person". 30 September Change. "Market makers" financial institutions: The secondary market is the market on which units already created in the Fund are exchanged. It encompasses all the stock exchanges (market enterprises) where the Fund is listed or will be admitted to continuous trading. Purchases and sales on the secondary market are not subject to any subscription or redemption fee. Orders to buy and sell units of any class can be placed on the market where the Fund is listed (or will be listed) for trading with an authorised intermediary. Placing a market order is a cost generator over which the Management Company has no influence. There is no minimum purchase/sale on orders placed on the secondary market other than that imposed as necessary by the market place where the Fund's units are listed. The price of one unit (USD and EUR) traded on the secondary market depends on supply and demand and corresponds roughly to the Annual Report on 06/30/15 11

12 Indicative Net Asset Value (see "Indicative net asset value" section). Some "Market makers" (see "Market maker financial institutions" section) manage the secondary market by acting as a counterparty for the market. They are committed contractually with the market enterprises concerned to ensure a maximum spread between the best offer and the best supply. Their intervention ensures liquidity of each class of units of the Fund. In addition, by their trade-offs between the primary and secondary markets, "Market makers" ensure that the Stock Exchange price of the Fund's USD and EUR units does not deviate significantly from its Indicative Net Asset Value. If the listing of the MSCI World Index is interrupted or suspended, the Fund's listing is suspended simultaneously. Upon listing of the MSCI World Index benchmark being resumed, the Fund's listing is resumed and takes into account any change to the Fund s Net Asset Value and the Indicative Net Asset Value since the interruption. Units acquired on the secondary market may not, generally, be directly resold on the primary market. Bearers must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a broker) and may bear the corresponding costs. In addition, holders may pay more than the current net asset value when they buy units, and may receive less than the current net asset value when they sell them. The Fund's EUR units will be listed for trading on NYSE Euronext. The Management Company has the option to request that the USD and EUR units be listed on other stock exchanges. On NYSE Euronext, the Fund's EUR units will be traded on a segment of products dedicated to Trackers: NextTrack. 30 September Change. Place and conditions of publication or communication of the net asset value: The net asset value of each unit class is calculated and published every day when the NYSE Euronext listing place is open or if one of the places on which the Fund is listed is open (including Borsa Italiana, Deutsche Börse, London Stock Exchange and SIX Swiss Exchange), provided the hedging of orders placed on the primary and secondary markets will be made possible. The net asset value of each unit class of the Fund is available on request from the Management Company and the amundietf.com website. In addition, for USD units, the days on which the net asset value is published, an Indicative Net Asset Value (see "Indicative net asset value section) in USD will be published by NYSE Euronext. 30 September Change. Indicative net asset value: The indicative net asset value ( NAV") is published by the market during trading hours, on each day belonging to the calendar for calculation and publication of the net asset value of the Fund's USD and EUR units. A trading day is a business day in the calculation and publication calendar for the net asset value of the Fund's USD and EUR units. The NAV" is the theoretical Stock Market value of the Fund at time "t", used as reference price by "Market makers" and intra-day investors. It is determined by each place of listing for each of the classes of the Fund's units admitted to listing and trading. The NAV" is automatically updated continuously throughout the day of trading in the Fund's units. If one or more stock exchanges on which are listed the shares included in the composition of the MSCI World Index are closed (on public holidays as defined in the Target calendar, for example), and thus in the case where calculation of the Indicative Net Asset Value is impossible, then trading in each class of the Fund's units may be suspended. 30 September Change. V. INVESTMENT RULES. The Fund will comply with the investment rules laid down by European Directive no. 2009/65/EC of 13 July The Fund will respect the regulatory ratios as enacted by the CMF- Regulatory section. Legal investment rules applicable to the Fund are those governing UCITS assets is invested up to 10% in other UCIs as well as those which apply to its AMF classification "International shares". The main financial and technical management instruments used by the Fund are mentioned in chapter III.2 "Special provisions" of the prospectus. Changes to the CMF will be taken into account by the Management Company in the management of the Fund as from their implementation. 30 September Addition. V. INVESTMENT RULES. STOXX AND ITS LICENSORS DISCLAIM ANY LIABILITY RELATING TO THE AMUNDI ETF MSCI WORLD UCITS ETF. MORE SPECIFICALLY, STOXX AND ITS LICENSORS DO NOT PROVIDE OR ENSURE ANY WARRANTY, EXPRESS OR IMPLIED, WHATSOEVER REGARDING: THE RESULTS TO BE OBTAINED BY THE AMUNDI ETF MSCI WORLD UCITS ETF, HOLDERS OF UNITS IN THE AMUNDI ETF MSCI WORLD UCITS ETF OR ANYONE INVOLVED IN THE USE OF THE MSCI WORLD INDEX AND DATA INCLUDED IN MSCI WORLD ; THE ACCURACY OR COMPLETENESS OF THE MSCI WORLD INDEX AND THE DATA CONTAINED THEREIN; THE NEGOTIABILITY OF THE MSCI WORLD INDEX AND ITS DATA AS WELL AS THEIR SUITABILITY FOR A SPECIFIC USE OR FOR A PARTICULAR PURPOSE; Annual Report on 06/30/15 12

13 STOXX AND ITS LICENSORS CANNOT BE HELD LIABLE FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS EITHER IN THE MSCI WORLD INDEX OR THE DATA IT CONTAINS; UNDER NO CIRCUMSTANCES MAY STOXX OR ITS LICENSORS BE HELD LIABLE FOR ANY LOSS OF PROFITS WHATSOEVER. THIS ALSO APPLIES FOR ANY DAMAGE OR CONSEQUENTIAL LOSS EVEN IF STOXX AND ITS LICENSORS WERE ADVISED OF THE EXISTENCE OF SUCH RISKS. THE LICENCE AGREEMENT BETWEEN AMUNDI AND STOXX WAS ESTABLISHED IN THEIR SOLE INTEREST AND NOT IN THAT OF HOLDERS OF AMUNDI ETF MSCI WORLD UCITS ETF OR OF THIRD PARTIES. 30 September Addition. V. INVESTMENT RULES. STOXX AND ITS LICENSORS HAVE NO OTHER LINK WITH THE LICENSEE THAN THE LICENCE WHICH WAS AWARDED FOR THE MSCI WORLD INDEX AND ASSOCIATED TRADEMARKS FOR USE IN CONNECTION WITH THE AMUNDI ETF MSCI WORLD UCITS ETF. STOXX AND ITS LICENSORS: MAKE NO REPRESENTATION OR WARRANTY AS TO THE APPROPRIATENESS OF A TRANSACTION ON THE AMUNDI ETF MSCI WORLD UCITS ETF, WHICH THEY ALSO REFRAIN FROM SELLING AND PROMOTING. DO NOT ISSUE ANY INVESTMENT RECOMMENDATION TO ANYONE REGARDING THE AMUNDI ETF MSCI WORLD UCITS ETF OR ANY OTHER SECURITY WHATSOEVER. ACCEPT NO LIABILITY OR OBLIGATION WITH RESPECT TO THE LAUNCH DATE, THE QUANTITY AND THE PRICE OF THE UNITS OF AMUNDI ETF MSCI WORLD UCITS ETF, AND DO NOT MAKE ANY DECISION THEREUPON. ACCEPT NO LIABILITY OR OBLIGATION REGARDING THE ADMINISTRATION, MANAGEMENT OR MARKETING OF THE AMUNDI ETF MSCI WORLD UCITS ETF. ARE NOT REQUIRED TO TAKE INTO ACCOUNT THE NEEDS OF THE AMUNDI ETF MSCI WORLD UCITS ETF OR ITS UNIT HOLDERS IN DETERMINING, COMPOSING OR CALCULATING THE MSCI WORLD INDEX. 30 September Change. Prospectus updated: 30 September Prospectus updated: 30 September February Change. Indication of the place where you can get the latest annual report and the last periodic statement: The latest annual and periodic documents are sent out within eight working days on simple written request from the holder to: Amundi ETF 90 boulevard Pasteur CS Paris Cedex 15 Tel: Info@amundietf.com. Additional information can be obtained from Amundi, as well as on the website amundietf.com. The "Autorité des Marchés Financiers" ("AMF") amf-france.org website contains additional information about the list of regulatory documents and all of the provisions relating to protection of investors. 05 February Change. EUR units - Listing of the units on the NextTrack market of Euronext Paris: EUR units - Listing of the units on the NextTrack market of Euronext Paris: 05 February Change. EUR units - Listing of the units on the NextTrack market of Euronext Paris: By reference to article D of the French Monetary and Financial Code ("CMF") whereby shares or units in undertakings for collective investment in transferable securities may be the subject of an admission to listing provided that organisations have implemented a plan ensuring that the Stock Exchange price of the shares or units does not differ significantly from their net asset value, the following operating rules, determined by Euronext Paris SA, apply to the listing of the Fund's units: reservation thresholds are set by applying a percentage change of 3.0% and the either side of the Indicative Net Asset Value or "NAV" (see "Indicative Net Asset Value" section) of the Fund, published by Euronext Paris SA and updated as an estimate during the session depending on the variation of the MSCI World Index; trading of the Fund's units on the Euronext Paris NextTrack market is suspended in the following cases: suspension or halt of the listing or calculation of the MSCI World Index by the index provider; suspension of the market(s) on which the securities included in the MSCI World Index are listed; unavailability of the MSCI World Index price for NYSE Euronext; impossibility for Euronext Paris to obtain the daily net asset value of the Fund and/or publish the "NAV"; Annual Report on 06/30/15 13

14 violation of the rules applicable on the Euronext Paris market by a market maker; failure of the Euronext Paris systems, namely computer or electronic systems; disruption or difficulty of the stock market making normal market management impossible; any other event preventing the calculation of the NAV of the Fund or trading of Fund units. Similarly, "Market makers" must ensure that the unit price of the Fund units does not deviate by more than plus or minus 3.0% from the Indicative Net Asset Value of the Fund, in order to observe the reservation thresholds set by Euronext Paris SA (see "Indicative net asset value" section). 05 February Deletion. Revision of the MSCI World Index. The MSCI World Index is also calculated on each trading business day. The MSCI World Index is available via Reuters and Bloomberg. Via Reuters:.dMIWO00000NEU. Via Bloomberg: MSDEWIN 05 February Change. Publication of the MSCI World Index. The Fund's benchmark is the MSCI World Index, with net dividends reinvested (net return), denominated in euro. The MSCI World Index is an "equity" index calculated and published by the international index provider MSCI Inc. ("MSCI"). The shares used in the composition of the MSCI World Index are derived from the universe of the most important securities in the equity markets of developed countries. The MSCI World Index retains the basic features of the MSCI indices, namely: a) belonging to the range of share indices termed "investable" by MSCI, segmented by size, style and type of industry; b) adjustment of the values included in the MSCI World index based on the floating; c) a sectoral classification according to the GICS (Global Industry Classification Standard) classification. The MSCI methodology and its method of calculation involve a variable number of companies constituting the MSCI World Index. On 28/11/2014*, the MSCI World Index held 1636 constituents and included securities of the 23 following countries: Germany, Austria, Australia, Belgium, Canada, Denmark, Spain, United States, Finland, France, Hong Kong, Ireland, Israel, Italy, Japan, Norway, New Zealand, Netherlands, Portugal, United Kingdom, Singapore, Sweden and Switzerland. * Source: MSCI. The complete construction methodology of the MSCI World Index is available on the MSCI Web site: mscibarra.com. The monitored performance is that of the closing prices of the MSCI World Index. 05 February Addition. 4. Securities including derivatives: None. 4. Securities including derivatives: None. 05 February Addition. 7. Temporary acquisitions and transfers of securities: None. 7. Temporary acquisitions and transfers of securities: None. 05 February Change. 7. Temporary acquisitions and transfers of securities: None. Total liabilities on derivatives and embedded derivatives are limited to 110% of the assets. 05 February Addition. Risk profile: The Fund has a high volatility due to its exposure to equity markets. 05 February Addition. Risk profile: -Exchange rate risk: EUR unit: EUR units of the Fund have a foreign exchange risk related to the exposure of the MSCI World Index, resulting from changes to the reference currencies for the shares comprising the MSCI World Index replicated by the Fund, and in particular the following currencies: Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Danish kroner (DKK), Pound sterling (GBP), Hong Kong dollar (HKD), Israeli shekel (ILS), Japanese yen (JPY), Norwegian krone (NOK), New Zealand dollar (NZD), Swedish krona (SEK), dollar of Singapore (SGD) and US dollar (USD). The investor is therefore exposed to fluctuations in the exchange rate of these currencies against the euro. You are exposed to the exchange rate risk between the currencies of the shares composing the index and the currency of the unit in which you have invested. USD unit: USD units of the Fund have a foreign exchange risk related to the exposure of the MSCI World Index, resulting from changes to the reference currencies for the shares comprising the MSCI World Index replicated by the Fund, and in particular the following currencies: Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Danish kroner (DKK), Euro (EUR, Pound sterling (GBP), Hong Kong dollar (HKD), Israeli shekel (ILS), Japanese yen (JPY), Norwegian krone (NOK), New Zealand dollar (NZD), Swedish krona (SEK) and dollar of Singapore (SGD). The investor is therefore exposed to fluctuations in the exchange rate of these currencies against the US dollar. You are exposed to the exchange rate risk between the currencies of the shares composing the index and the currency of the unit in which you have invested. However, you are not exposed to the exchange rate risk between the currency of the index and the currency of the unit in which you have invested. The exchange rate risk may be as high as 100% of the Fund's net assets. Annual Report on 06/30/15 14

15 05 February Change. Method of determining and allocating distributable sums: Method of determining and allocating distributable sums: 05 February Deletion. Listing and trading of the Fund's units in the secondary market: On 29 November 2012, the "Market maker" financial institution is: BNP Paribas Arbitrage partnership Registered office: boulevard Mac Donald Paris. "Market makers" undertake to maintain the market value of the Fund's units from the time of their listing on the place where the Fund is listed for trading. "Market makers" undertake in particular to perform animation operations ("market-making") by a permanent presence on the market, which is reflected through the provision of a bid and ask price range and sufficient liquidity. In particular, for the listing of EUR units, "Market maker" financial institutions having signed a market making contract for the Fund are also committed to Euronext Paris SA to meet the following requirements for the Fund: a maximum global spread of 2% between the sale and purchase prices in the centralised order book of a minimum nominal value amount for purchase and sale corresponding to the value in EUR of 2200 units of the Fund. The "Market makers" obligations will be suspended when the value of the MSCI World Index is not available, or if one of its component values is suspended. Generally, the "Market makers" obligations will be suspended in case of anomaly or difficulty on the relevant stock market making it impossible to manage the market normally (e.g. disruptions in listing, etc.). For the listing of USD units, "Market makers" are also required to ensure that the stock market price of the Fund's EUR units does not deviate by more than 3.0% either side of the Indicative Net Asset Value (see "Indicative net asset value" section). The Management Company may request that "Market makers" suspend listing of the Fund's units of each class when exceptional circumstances so require and when required in the interests of unit holders. 05 February Change. "Market makers" financial institutions: The secondary market is the market on which units already created in the Fund are exchanged. It encompasses all the stock exchanges (market enterprises) where the Fund is listed or will be admitted to continuous trading. Purchases and sales on the secondary market are not subject to any subscription or redemption fee. Orders to buy and sell units of any class can be placed on the market where the Fund is listed (or will be listed) for trading with an authorised intermediary. Placing a market order is a cost generator over which the Management Company has no influence. There is no minimum purchase/sale on orders placed on the secondary market other than that imposed as necessary by the market place where the Fund's units are listed. The price of one unit (USD and EUR) traded on the secondary market depends on supply and demand and corresponds roughly to the Indicative Net Asset Value (see "Indicative net asset value" section). Some "Market makers" (see "Market maker financial institutions" section) manage the secondary market by being a counterparty for the market. They are committed contractually with the market enterprises concerned to ensure a maximum spread between the best offer and the best supply. Their intervention ensures liquidity of each class of units of the Fund. In addition, by their trade-offs between the primary and secondary markets, "Market makers" ensure that the Stock Exchange price of the Fund's USD and EUR units does not deviate significantly from its Indicative Net Asset Value. If the listing of the MSCI World Index is interrupted or suspended, the Fund's listing is suspended simultaneously. Upon listing of the MSCI World Index benchmark being resumed, the Fund's listing is resumed and takes into account any change to the Fund s Net Asset Value and the Indicative Net Asset Value since the interruption. Units acquired on the secondary market may not, generally, be directly resold on the primary market. Bearers must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a broker) and may bear the corresponding costs. In addition, holders may pay more than the current net asset value when they buy units, and may receive less than the current net asset value when they sell them. The Fund's EUR units will be listed for trading on Euronext Paris. The Management Company has the option to request that the USD and EUR units be listed on other stock exchanges. On Euronext Paris, the Fund's EUR units will be traded on a segment of products dedicated to Trackers: NextTrack. 05 February Change. Place and conditions of publication or communication of the net asset value: The net asset value of each unit class is calculated and published every day when the Euronext Paris listing place is open or if one of the places on which the Fund is listed is open (including Borsa Italiana, Deutsche Börse, London Stock Exchange and SIX Swiss Exchange), provided the hedging of orders placed on the primary and secondary markets will be made possible. on the Internet site amundietf.com. In addition, for USD units, the days on which the net asset value is published, an Indicative Net Asset Value (see "Indicative net asset value section) in USD will be published by Euronext Paris. 05 February Change. Indicative net asset value: On Euronext Paris, the "NAV" is published every 15 seconds throughout the trading session in Paris (from 9 a.m. to 5.35 p.m.). The "NAV" is published Annual Report on 06/30/15 15

16 continuously on the Euronext Paris website (euronext.com) and by most financial information providers (Reuters, Bloomberg, among others). 05 February Deletion. Indicative net asset value: Reservation thresholds are set by applying a percentage change of 3.0% either side of the "NAV" of the Fund's units, published by Euronext Paris SA, and updated as an estimate during the session depending on the variation of the MSCI World Index. 05 February Change. V. INVESTMENT RULES. AMUNDI ETF MSCI WORLD UCITS ETF (THE "FUND") IS IN NO WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), OR BY ANY OF ITS SUBSIDIARIES, ITS SUPPLIERS OF INFORMATION, OR BY ANY OF THE ENTITIES INVOLVED IN THE ESTABLISHMENT, THE CALCULATION OR THE CREATION OF THE MSCI INDICES (JOINTLY "MSCI PARTIES"). THE MSCI INDICES ARE THE EXCLUSIVE PROPERTY OF MSCI AND ARE TRADEMARKS OF MSCI OR ITS AFFILIATES. THE MSCI INDICES HAVE BEEN SUBJECT TO A LICENCE GRANTED, FOR CERTAIN PURPOSES, TO AMUNDI. THE MSCI PARTIES MAKE NO RECOMMENDATION AND ISSUE NO WARRANTIES, EXPRESS OR IMPLIED, TO THE ISSUER OF THE FUND, OF THE HOLDERS OF SHARES OF THE FUND OR ANY THIRD PARTY, WHETHER A NATURAL PERSON OR LEGAL ENTITY, AS TO THE OPPORTUNITY OF AN INVESTMENT IN THE UNITS IN A MUTUAL FUND IN GENERAL, OR FUND UNITS IN PARTICULAR, OR THE ABILITY OF ANY MSCI INDEX TO REPLICATE THE PERFORMANCE OF THE CORRESPONDING STOCK MARKET. MSCI OR ITS AFFILIATES ARE HOLDERS OF CERTAIN NAMES AND TRADEMARKS AS WELL AS THE MSCI INDICES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT CONSULTATION WITH AMUNDI OR THE FUND, OR HOLDERS OF ITS UNITS, OR ANY THIRD PARTY, WHETHER NATURAL PERSON OR LEGAL ENTITY. THE MSCI PARTIES ARE NOT REQUIRED TO TAKE INTO ACCOUNT THE NEEDS OF AMUNDI, HOLDERS OF THE FUND'S UNITS, OR ANY THIRD PARTY, WHETHER NATURAL PERSON OR LEGAL ENTITY, FOR DETERMINING, COMPOSING OR CALCULATING THE MSCI INDICES. THE MSCI PARTIES ARE NOT RESPONSIBLE FOR AND DO NOT DETERMINE THE DATE OF LAUNCH, THE PRICE, OR THE AMOUNT OF THE FUND'S UNITS, OR EVEN THE CHOICE AND THE CALCULATION OF THE FORMULA FOR DETERMINING THE NAV OF THE FUND. THE MSCI PARTIES HAVE NO LIABILITY OR OBLIGATION TO THE ISSUER OF THE FUND, ITS UNIT HOLDERS OR ANY THIRD PARTY, WHETHER NATURAL PERSON OR LEGAL ENTITY, REGARDING THE FUND'S ADMINISTRATION, MANAGEMENT OR MARKETING ALTHOUGH MSCI OBTAINS INFORMATION INCORPORATED OR USED IN CALCULATING INDICES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, THE MSCI PARTIES DO NOT GUARANTEE THE ORIGINALITY, ACCURACY AND/OR COMPREHENSIVE NATURE OF THE MSCI INDICES OR ANY DATA INCLUDED IN THESE INDICES. THE MSCI PARTIES GIVE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE RESULTS THAT THE ISSUER OF THE FUND, HOLDERS OF ITS UNITS, OR ANY THIRD PARTY, WHETHER NATURAL PERSON OR LEGAL ENTITY, WILL ACHIEVE BY USING THE INDICES OR ANY DATA INCLUDED IN THESE INDICES. THE MSCI PARTIES DISCLAIM ANY RESPONSIBILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS RELATING TO ANY MSCI INDEX OR ANY INFORMATION THEY MIGHT INCLUDE. IN ADDITION THE MSCI PARTIES GIVE NO EXPRESS OR IMPLIED WARRANTIES AND DISCLAIM ANY WARRANTY ON THE MERCHANTABILITY OR SUITABILITY FOR A SPECIFIC USE OF INDICES OR ANY DATA INCLUDED IN THE LATTER. WITHOUT PREJUDICE TO THE FOREGOING, UNDER NO CIRCUMSTANCES WILL THE MSCI PARTIES BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, CONSEQUENTIAL OR OTHERWISE (INCLUDING LOSS OF PROFITS AND INCOME) EVEN IF THE MSCI PARTIES HAD BEEN AWARE OF THE POSSIBILITY OF SUCH DAMAGE. 05 February Addition. V. INVESTMENT RULES. STOXX AND ITS LICENSORS DISCLAIM ANY LIABILITY RELATING TO THE AMUNDI ETF MSCI WORLD UCITS ETF. MORE SPECIFICALLY, STOXX AND ITS LICENSORS DO NOT PROVIDE OR ENSURE ANY WARRANTY, EXPRESS OR IMPLIED, WHATSOEVER REGARDING: THE RESULTS TO BE OBTAINED BY THE AMUNDI ETF MSCI WORLD UCITS ETF, HOLDERS OF UNITS IN THE AMUNDI ETF MSCI WORLD UCITS ETF OR ANYONE INVOLVED IN THE USE OF THE MSCI WORLD INDEX AND DATA INCLUDED IN MSCI WORLD ; THE ACCURACY OR COMPLETENESS OF THE MSCI WORLD INDEX AND THE DATA CONTAINED THEREIN; THE NEGOTIABILITY OF THE MSCI WORLD INDEX AND ITS DATA AS WELL AS THEIR SUITABILITY FOR A SPECIFIC USE OR FOR A PARTICULAR PURPOSE; Annual Report on 06/30/15 16

17 STOXX AND ITS LICENSORS CANNOT BE HELD LIABLE FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS EITHER IN THE MSCI WORLD INDEX OR THE DATA IT CONTAINS; UNDER NO CIRCUMSTANCES MAY STOXX OR ITS LICENSORS BE HELD LIABLE FOR ANY LOSS OF PROFITS WHATSOEVER. THE SAME APPLIES FOR ANY INDIRECT DAMAGE OR LOSS, EVEN IF STOXX AND ITS LICENSORS WERE ADVISED OF THE EXISTENCE OF SUCH RISKS. THE LICENCE AGREEMENT BETWEEN AMUNDI AND STOXX WAS ESTABLISHED IN THEIR SOLE INTEREST AND NOT IN THAT OF HOLDERS OF AMUNDI ETF MSCI WORLD UCITS ETF OR OF THIRD PARTIES. 05 February Addition. V. INVESTMENT RULES. STOXX AND ITS LICENSORS HAVE NO OTHER LINK WITH THE LICENSEE THAN THE LICENCE WHICH WAS AWARDED FOR THE MSCI WORLD INDEX AND ASSOCIATED TRADEMARKS FOR USE IN CONNECTION WITH THE AMUNDI ETF MSCI WORLD UCITS ETF. STOXX AND ITS LICENSORS: MAKE NO REPRESENTATION OR WARRANTY AS TO THE APPROPRIATENESS OF A TRANSACTION ON THE AMUNDI ETF MSCI WORLD UCITS ETF, WHICH THEY ALSO REFRAIN FROM SELLING AND PROMOTING. DO NOT ISSUE ANY INVESTMENT RECOMMENDATION TO ANYONE REGARDING THE AMUNDI ETF MSCI WORLD UCITS ETF OR ANY OTHER SECURITY WHATSOEVER. ACCEPT NO LIABILITY OR OBLIGATION WITH RESPECT TO THE LAUNCH DATE, THE QUANTITY AND THE PRICE OF THE UNITS OF AMUNDI ETF MSCI WORLD UCITS ETF, AND DO NOT TAKE ANY DECISION THEREUPON. ACCEPT NO LIABILITY OR OBLIGATION REGARDING THE ADMINISTRATION, MANAGEMENT OR MARKETING OF THE AMUNDI ETF MSCI WORLD UCITS ETF. ARE NOT REQUIRED TO TAKE INTO ACCOUNT THE NEEDS OF THE AMUNDI ETF MSCI WORLD UCITS ETF OR ITS UNIT HOLDERS IN DETERMINING, COMPOSING OR CALCULATING THE MSCI WORLD INDEX. 05 February Change. Prospectus updated: 05 February Prospectus updated: 05 February Annual Report on 06/30/15 17

18 Specific details Voting rights In accordance with the Fund s Rules and the Fund Manager s stated policy, the Fund Manager exercises the voting rights attached to the securities held by the Fund and decides on contributions in the form of securities, except where the securities are those of the Fund Manager itself or of any associate company as defined in Art L of the French Labour Code (Code du Travail). Two documents, Voting Policy and Report on the Exercise of Voting Rights, prepared by the Fund Manager in compliance with the current regulations are available upon request. This mutual fund (OPC) has not been selected as one of the funds which currently exercise voting rights. Soft commissions The Fund Manager has received no soft commissions. Movement commission The Fund Manager has received no commissions on trade. Use of credit derivatives The Fund has not used credit derivatives during the period under consideration. Group funds Details of the financial instruments held by the Fund which are issued by the Fund Manager or its associates will be found in the Auditor s Report for the latest financial period (enclosed herein) under the following headings of annuals accounts: Further details. Group financial instruments held by the Fund. Off-balance sheet commitments calculation Off-Balance Sheet commitments are calculated with a Commitment calculation method. Annual Report on 06/30/15 18

19 Regulatory informations The Broker Selection Policy draws up and implements a policy which enables it to comply with the Fund s obligation under Art (iv) while meeting the requirements set out in ArtL of the French CMF. For each class of instrument, the policy selects the organizations that will be commissioned to execute orders. AMUNDI execution policy may be consulted on the AMUNDI website. Investment advice service The Fund Manager has not prepared a Report on Brokerage Expenses since it has not used any investment advice services. Information on environmental, social and governance quality criteria (ESG) Throughout its active management* Amundi, like the entire group, applies strict rules for the integration of extrafinancial criteria (ESG) that form the basis of its liability. Thus it: - excludes direct investment in companies involved in the manufacture or trade in antipersonnel mines and cluster munitions, in accordance with the Ottawa and Oslo Conventions - excludes firms that violate grossly and repeatedly one or more of the 10 principles of the Global Compact. Issuers falling under these two categories are rated G on Amundi's scale (scale from A to G, A being the best and G the worst). Further information on how to take Amundi's ESG criteria into account is available on its websit. Annual Report on 06/30/15 19

20 Certificate drafted by the Auditor on the annual accounts Annual Report on 06/30/15 20

21 AUDITOR S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2015 AMUNDI ETF MSCI WORLD UCITS ETF Mutual Fund Governed by the Code monétaire et financier Fund Manager AMUNDI 91-93, boulevard Pasteur Paris Cedex 15 Dear Madam, dear Sir, We submit herewith our report for the financial period ended 30 JUNE 2015 on the following matters, as commissioned by the Fund Manager s Board of Directors: our audit on the annual accounts of the mutual fund AMUNDI ETF MSCI WORLD UCITS ETF, as attached hereto; the grounds for our opinion; the auditing checks and specific details required by law. The annual accounts have been drawn up by the Fund Manager; it is our task to give an opinion on these accounts, based on our audit OPINION ON THE ANNUAL ACCOUNTS We have carried out our audit according to the standards of professional practice applicable in France; those standards require the implementation of due diligence sufficient to give a reasonable assurance that the annual accounts in question contain no significant discrepancies. An audit involves checking, by sampling or other selective means, the evidence for the entries (amounts and other details) which appear in the annual accounts. It also involves assessing the accounting standards that have been followed, the significant estimates made, and the way in which the accounts as a whole have been presented. We reckon that the evidence we have gathered is appropriate and sufficient as a basis for our opinion. We hereby certify that the annual accounts have been reliably drafted and are in good order under French accounting rules and standards, and give a fair picture of the outcome of all transactions during the period recently ended, as well as of the mutual fund s assets, liabilities and financial situation at the end of that period GROUNDS FOR OUR OPINION In accordance with the requirements of article L of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention that our assessments were conducted with regard to evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made. PwC Sellam: 2, rue Vatimesnil CS Levallois Perret Cedex France Phone +33 (0) Fax. +33 (0) opcvm@cabinetsellam.com Public Joint-Stock company (SA); share capital 10,000 Siret No

22 AMUNDI ETF MSCI WORLD UCITS ETF These assessments were made as part of our audit of the financial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report CHECKS AND SPECIFIC DETAILS We have also made the specific checks required by law. We have no qualifications to add concerning the trustworthiness and consistency of the annual accounts with the information given in the Annual Report and in the documents submitted to unit holders concerning the financial situation and the annual accounts. Levallois-Perret, date of the electronic signature Document authenticated by electronic signature Audit firm PwC Sellam Frédéric Sellam