AMUNDI ETF EURO CORPORATES UCITS ETF · AMUNDI ETF EURO CORPORATES UCITS ETF Semi-Annual report...

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AMUNDI ETF EURO CORPORATES UCITS ETF Semi-Annual report December 2015 AMUNDI’S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian : CACEIS BANK FRANCE Auditors : PWC SELLAM This periodic document is not subject to certification by the Auditor of the mutual fund.
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  • AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual report December 2015

    AMUNDI’S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian : CACEIS BANK FRANCE Auditors : PWC SELLAM

    This periodic document is not subject to certification by the Auditor of the mutual fund.

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    Contents

    Informations about the Fund 3

    Semi-Annual Report 7

    Significant events during the financial period 8

    Specific details 9

    Certificate drafted by the Auditor relative to the asset composition for theMutual Fund

    10

    Portfolio Listing 11

    Pages

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

  • UCITS AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual Report on 12/31/15 3

    Informations about the Fund Classification Bonds and other debt instruments denominated in the euro. Determination and allocation of distributable sums C units: Accumulation. D units: Accumulation and/or distribution at the discretion of the Management Company. Tax treatment The Fund is eligible for 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 Markit iBoxx Euro Liquid Corporates Index, a euro-denominated total return index (i.e. reinvesting the coupons of the components). The Markit iBoxx Euro Liquid Corporates Index is a bond index, calculated and published by the international index provider Markit Indices Limited, wholly owned by Markit Group Limited. Management fees & commissions Administrative and management fees for any unit category: 0.16% 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 as closely as possible the performance of the Markit iBoxx Euro Liquid Corporates Index (see “Benchmark index” section), 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 Markit iBoxx Euro Liquid Corporates Index (referred to below as the “Markit iBoxx Euro Liquid Corporates Index”) as small as possible. The target for maximum tracking error between the Fund’s NAV and the value of the Markit iBoxx Euro Liquid Corporates Index is 2%. If the “tracking error” exceeds 2%, the objective would nevertheless be to remain below 15% of the volatility of the Markit iBoxx Euro Liquid Corporates 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 performance of the Markit iBoxx Euro Liquid Corporates Index using a swap based replication method.

  • UCITS AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual Report on 12/31/15 4

    To maintain the closest possible correlation with the performance of the Markit iBoxx Euro Liquid Corporates Index, the Fund will buy a portfolio of bonds and money-market instruments (the "Portfolio") and an over-the-counter (OTC) total return swap, a financial derivative instrument which turns the exposure to the securities in the Portfolio into exposure to the Markit iBoxx Euro Liquid Corporates Index.

    Geographic area of the securities issuers OECD issuing countries rated "Investment grade"

    Spread of sensitivity to interest rates Between 3 and 5

    Spread of sensitivity to credit spread Between 3 and 5

    Currency in which the components of the index aredenominated

    Euro (EUR)

    Level of exposure to currency exchange risk None The Fund will comply with the investment rules set forth in Articles R 214-21 and R214-22 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 214-21 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 R214-22 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. - Securities: The Fund will be continuously exposed to one or more Eurozone rate markets. The securities held by the Fund will be chosen so as to limit the tracking costs of the Markit iBoxx Euro Liquid Corporates Index. They will mostly be fixed interest securities from OECD countries, including government stock, Treasury Bills, Deposit Certificates, commercial paper, bonds issued by firms registered in OECD countries and EMTN (Euro Medium Term Notes). - Interest-rate instruments: Up to 100% of the Fund’s net assets may be invested in any kind of monetary and/or bond instrument from OECD countries. 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 Fund’s sensitivity to interest rates will range from 3 to 5. - 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.

  • UCITS AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual Report on 12/31/15 5

    3. Derivatives: The Fund will use OTC derivative financial instruments (including total return swaps) to turn the exposure to securities held by the Fund into an exposure to the Markit iBoxx Euro Liquid Corporates 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 Strategies for use of incorporated derivatives to achieve the management objective: reconstitution of a synthetic exposure to a stock, a business sector and/or to the Markit iBoxx Euro Liquid Corporates index through the use of swaps. management of intermediate cash flows (subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock and/or sector and/or to the Markit iBoxx Euro Liquid Corporates 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 Markit iBoxx Euro Liquid Corporates 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.

  • UCITS AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual Report on 12/31/15 6

    7. Temporary acquisitions and sales of securities: None. Over-exposure of the assets: None. All the Fund's commitments on derivatives may not exceed 110% of net assets. Information on 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 such a procedure has not been required. The Management Company will therefore not undertake a formal procedure that might be tracked and monitored, so as to ensure competition among potential counterparties of OTC swaps it enters into, or among the vendors it buys embedded derivatives from. The Fund may conduct these transactions with Société Générale Corporate and Investment Banking or any other company in the Société Générale group as counterparties or intermediaries. Risk profile Capital risk Factors that may influence the ability of the Fund to track the performance of the Markit iBoxx Euro Liquid Corporates Index Interest rate risk Credit risk Counterparty risk related to the tracking method selected Liquidity risk Liquidity risk in a stock market Operational risk

  • UCITS AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual Report on 12/31/15 7

    Semi-Annual Report December 2015 The Fund's objective is to track as closely as possible the euro-denominated Markit iBoxx Euro Liquid Corporates Index, “total return” index (i.e. interest is rolled up), whether the Markit iBoxx Euro Liquid Corporates index rises or falls. Subfund Rolling Performance AMUNDI ETF EURO CORPORATES UCITS ETF For the period under review, the unit C EUR performance is 1.17%. The benchmark performance is 1.31%. For the period under review, the unit EUR performance is -0.05%. The benchmark performance is -0.01%. Past performance is no guarantee of future performance. Movements in portfolio listing during the period

    Movements (in amount) Securities

    Acquisitions Transfers

    ITALY 0.3% 15-10-18 28,244,014.20 28,286,679.68

    EFSF 0 7/8 04/16/18 27,591,330.52 27,560,574.29

    ROYAUME D'ESPAGNE 1.8% 30/11/2024 IND 25,886,946.20 25,889,902.09

    KFW 1.125% 10/18 24,332,162.28 24,342,452.60

    FRENCH REP 1.5% 25-05-31 23,188,722.70 23,228,585.27

    CRED SUIS AG 1.375% 29-11-19 18,424,348.07 26,668,458.39

    EFSF 2% 15/05/2017 25,550,607.87 18,882,506.36

    AFD 3.375% 05-16/11/15 20,836,159.94 20,830,020.25

    BANQ EUR 0.875% 13-09-24 EMTN 24,234,036.46 15,549,181.47

    SLOVGB 1.5% 11/28/18 16,329,219.27 16,307,640.07

  • UCITS AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual Report on 12/31/15 8

    Significant events during the financial period None.

  • UCITS AMUNDI ETF EURO CORPORATES UCITS ETF

    Semi-Annual Report on 12/31/15 9

    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. 444-3 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.

  • AMUNDI ETF EURO CORPORATES UCITS ETF MUTUAL FUND

    STATEMENT OF AUDIT REGARDING THE COMPOSITION OF ASSETS ON 31 DECEMBER 2015

    In our capacity as auditor of the Fund AMUNDI ETF EURO CORPORATES UCITS ETF, and in compliance with the provisions set out in article L. 214-17 of the Code Monétaire et Financier and article 411-125 of the General Regulations of the AMF, we have verified the validity of the composition AMUNDI ETF EURO CORPORATES UCITS ETF of assets as shown attached to this statement.

    The documents published were established under the responsibility of the Fund Manager. We are responsible, based on our audit, for attesting to their validity.

    The audit of the information contained within these documents has been carried out in accordance with the professional standards applicable in France. These standards require due diligence in order to assess the validity of this information in terms of consistency, accuracy and relevance. Such audit, limited to its objective, essentially consists of analytical procedures and interviews with the people responsible for the information published.

    We have no observations to make regarding the validity of the information provided in the published documents.

    Levallois-Perret, The auditor

    PWC SELLAM – Audit firm

    Postal address : 2, rue Vatimesnil – 92532 Levallois Perret Cedex – France Tel. + 33 1 45 62 00 82 – Fax. + 33 1 42 89 45 28

    Email : [email protected] Public Joint-Stock company (SA); share capital €10,000

    Siret No. 453 541 450 00012

    Document authenticated by electronic signature

    Benjamin Moïse

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    Bonds and similar securitiesListed bonds and similar securitiesAUSTRALIA

    NATL AUS 0.875% 19-02-27 EMTN EUR 3,514,000 3,336,195.93 1.22

    Currency Quantity Market value %Name of security

    ORIGIN ENERGY FINANCE LTD 3.5% 04/10/2021 EUR 200,000 195,706.69 0.07TELSTRA CORP 4.25% 23/03/20 EMTN EUR 1,902,000 2,253,019.09 0.82

    TOTAL AUSTRALIA 5,784,921.71 2.11

    AUSTRIATELEKOM FINANZMANAGEMENT 4% 04/04/2022 EUR 1,493,000 1,758,939.03 0.64

    TOTAL AUSTRIA 1,758,939.03 0.64

    BELGIUMANHE 0.8% 20-04-23 EMTN EUR 127,000 123,344.06 0.04ANHE 1.5% 18-04-30 EMTN EUR 14,414,000 12,970,953.02 4.73ANHEUSERBUSCH INBEV E3R+0.25% 19-10-18 EUR 909,000 904,854.05 0.33

    TOTAL BELGIUM 13,999,151.13 5.10

    CANADAONTARIO 3%10-28/09/2020 EMTN EUR 571,000 646,717.31 0.24

    TOTAL CANADA 646,717.31 0.24

    CZECH REPUBLICCEZ AS 4 7/8% 2025 EUR 3,605,000 4,688,352.73 1.71CEZ AS 4.5%10-290620 EUR 1,554,000 1,845,158.46 0.67

    TOTAL CZECH REPUBLIC 6,533,511.19 2.38

    DENMARKCARLSBERG BREWERIES A/S 2.5% 28/05/2024 EUR 100,000 104,669.39 0.04DONG ENERGY A/S 2.625% 19/09/2022 EUR 100,000 108,339.59 0.04

    TOTAL DENMARK 213,008.98 0.08

    FRANCEAFD 1.25% 02/18 EUR 300,000 312,241.48 0.11BFCM 3.75% 26/01/18 EUR 851,000 942,927.12 0.34BPCE TV 28/05/18 EUR 500,000 504,295.50 0.18CADES 3% 11-16 EUR 27,000 27,822.91 0.01CADESi 1.85%250717 EUR 8,714,000 10,159,094.42 3.71CAPGEMINI 1.75% 01-07-20 EUR 100,000 103,458.91 0.04CASINO GUICHARD 3.157% 06/08/2019 EMTN EUR 100,000 105,895.10 0.04CASINO 3.994% 09/03/2020 EUR 100,000 109,796.60 0.04CDC 4.125% 20/02/19 EMTN EUR 200,000 233,068.27 0.08CNA 3.75%05-25 EUR 50,453 63,794.68 0.02CNA 5.25%2017 EUR 113,000 125,136.66 0.05DANONE 2 1/4 11/15/21 EUR 100,000 107,848.52 0.04

    Portfolio Listing

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

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    DEXGRP 1 07/11/16 EUR 2,983,000 3,014,122.80 1.11

    Currency Quantity Market value %Name of security

    EDF 5 5/8%03-33 EMTN EUR 2,000,000 2,897,573.70 1.06ENGIE 1.5% 13-03-35 EMTN EUR 500,000 448,751.56 0.16ENGIE 1.50% 07/17 EUR 813,000 835,760.93 0.30FRANCE TELECOM 3% 15/06/22 EUR 100,000 113,398.13 0.04FRANCE TELEC.5.625% 08-18 EUR 2,801,000 3,255,100.88 1.20FRA.TELEC.8 1/8%03-33 EMTN EUR 396,000 688,006.49 0.25OAT 0% 25/04/2021 EUR 5,000 4,968.75OAT 0% 251019 EUR 11,644 11,666.36OAT 0% 25/10/2018 EUR 165,000 165,991.65 0.06OAT 0% 25/10/2026 EUR 51,816 45,611.03 0.02OAT 0% 25/10/22 EUR 122,119 118,608.08 0.04R.A.T.P. 4.5% 08-18 EUR 1,450,000 1,649,135.87 0.60SAGESS 2.75% 24/01/2017 EUR 400,000 422,803.40 0.15ST GOBAIN 3.625% 28/03/2022 EUR 100,000 116,844.94 0.04ST GOBAIN 4% 08/10/18 EMTN EUR 205,000 226,897.44 0.08SUEZ ALLIANCE 5 3/4%03-23 EUR 462,000 627,273.68 0.23VEOLIA ENVIRONNEMENT 4.625% 12-30/03/27 EMTN EUR 100,000 131,028.89 0.05

    TOTAL FRANCE 27,568,924.75 10.05

    GERMANYALLEMAGNE 0% 2018 EUR 5,000 5,036.50ALLEMAGNE 0% 01/29 EUR 155,750 135,706.53 0.05ALLEMAGNE 0% 01/30 EUR 1,197,438 1,029,748.78 0.38ALLEMAGNE 0% 01/32 EUR 16,000 12,992.32ALLEMAGNE 0% 04/01/24 EUR 1,773,239 1,717,257.84 0.63ALLEMAGNE 0% 04/07/16 EUR 26,600 26,635.38 0.01ALLEMAGNE 0% 04/0725 EUR 15,261 14,299.10 0.01ALLEMAGNE 0% 07/23 EUR 237,500 230,225.38 0.08ALLEMAGNE 0% 07/24 EUR 1,410,152 1,344,086.38 0.49ALLEMAGNE 0% 07/26 EUR 1,982,568 1,821,801.56 0.66ALLEMAGNE 0% 07/27 EUR 1,901,126 1,703,903.19 0.62ALLEMAGNE 0% 07/29 EUR 667,219 576,463.87 0.21ALLEMAGNE 0% 07/30 EUR 242,500 203,348.38 0.07ALLEMAGNE 0%040722 IPMT EUR 1,137,096 1,121,802.06 0.41BAYNGR 1 7/8 01/25/21 EUR 2,605,000 2,803,481.73 1.02BERTELSMANN 2.625% 08/22 EUR 100,000 109,866.85 0.04CMZB 0.5% 03-04-18 EMTN EUR 4,110,000 4,135,544.67 1.51CMZB 1 02/05/19 EUR 1,954,000 2,032,610.76 0.74CMZB 1 06/25/18 EUR 10,000 10,310.71CONGR 3 07/16/18 EUR 900,000 972,587.93 0.35

    Portfolio Listing

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

  • Semi-Annual Report on 12/31/15 13- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    CONTINENTAL AG 3.125% 09/09/2020 EUR 1,638,000 1,831,947.61 0.67

    Currency Quantity Market value %Name of security

    DEUT PFA 0.875% 30-01-17 EMTN EUR 310,000 315,459.31 0.12DEUT PFA 1.375% 28-08-18 EMTN EUR 656,000 683,633.27 0.25DEUT PFANDBRIEFBANK AG 1% 25/03/2019 EUR 680,000 706,570.46 0.26DEUT PFANDBRIEFBANK AG 1.625% 04/07/17 EUR 200,000 206,602.76 0.08GEMEINSAME BUNDESLAENDER 1.375% 10/19 EUR 13,000 13,693.43LINDE AG 1.75% 17/09/2020 EUR 8,034,000 8,547,208.41 3.13MERC FIN 0.75% 02-09-19 EMTN EUR 500,000 506,731.01 0.18MERC FINA S 4.5% 24-03-20 EMTN EUR 98,000 117,514.43 0.04NRW.BANK 4.25% 04/19 EUR 854,000 1,001,089.69 0.36S 1.75% 22-02-27 EMTN EUR 3,057,000 3,151,090.27 1.15SAP E3R+0.3% 20-11-18 EMTN EUR 500,000 501,817.89 0.18STRIP INT 04/01/19 EUR 753,804 751,550.13 0.27STRIP INT 04/01/24 EUR 1,282,460 1,230,097.16 0.45STRIP INT 04/01/26 EUR 560,000 518,588.00 0.19STRIP INT 04/01/27 EUR 900,000 815,526.00 0.30STRIP PPMT (5.625%) 04/01/28 EUR 105,481 94,396.00 0.03VOLKSWAGEN LEASING 2.625% 01/24 EUR 6,333,000 6,697,532.69 2.45

    TOTAL GERMANY 47,698,758.44 17.39

    ILIAC TRACTS CAIMANESHUTC WHAM INT 1.375% 31-10-21 EUR 10,437,000 10,483,335.15 3.82

    TOTAL ILIAC TRACTS CAIMANES 10,483,335.15 3.82

    ITALYASSICURAZIONI GEN. 5.125% 09-24 EUR 500,000 643,621.52 0.23ENEL 5.625% 21/06/27 *EUR EUR 1,764,000 2,484,400.54 0.91INTESA SANPAOLO 3.25% 02/26 EUR 3,900,000 4,674,557.63 1.70INTESA SANPAOLO 4% 09/11/2017 EUR 443,000 475,427.38 0.17ISPIM 0 04/17/19 EUR 600,000 604,717.40 0.22ISPIM 2 1/4 09/24/18 EUR 200,000 212,254.39 0.08ITALIE ZCP 27-02-17 EUR 14,061,000 14,066,624.40 5.14ITALIE 6%99-010531 EUR 2,403,000 3,655,069.42 1.33TERNA SPA 4.75%11-150321 EMTN EUR 900,000 1,106,644.77 0.40TRNIM 0 7/8 02/02/22 EUR 100,000 99,334.88 0.04

    TOTAL ITALY 28,022,652.33 10.22

    LUXEMBURGBANQ EUR 0.875% 13-09-24 EMTN EUR 8,557,000 8,714,751.80 3.18EFSF 0 7/8 04/16/18 EUR 57,000 58,756.25 0.02EFSF 1.25% 01/19 EUR 1,200,000 1,264,857.37 0.46EFSF 1.25% 31/07/18 EUR 605,000 630,280.64 0.23EFSF 1.625% 15/09/17 EUR 200,000 207,210.54 0.08

    Portfolio Listing

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

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    EFSF 2% 15/05/2017 EUR 6,396,000 6,670,142.35 2.43

    Currency Quantity Market value %Name of security

    ESM 0 7/8 10/15/19 EUR 3,041,588 3,150,751.76 1.15EURO FIN 0.125% 04-11-19 EMTN EUR 663,000 667,609.01 0.24EURO FIN 0.2% 28-04-25 EMTN EUR 5,855,000 5,564,750.37 2.03EURO FINL STA 0.25% 18-10-17 EUR 1,669,000 1,683,753.32 0.61NESTLE FINANCE 1.75% 12/09/2022 EUR 2,097,000 2,249,721.65 0.82

    TOTAL LUXEMBURG 30,862,585.06 11.25

    MEXICOAMER MOVI SAB 4.75% 28-06-22 EUR 647,000 796,235.89 0.29PEMEX 3.125% 27/11/2020 EUR 104,000 100,778.07 0.04

    TOTAL MEXICO 897,013.96 0.33

    NETHERLANDSA E3R+0.2% 14-01-17 EMTN EUR 400,000 400,191.26 0.15ABN AMRO BK 1.875% 31/07/19 EUR 4,153,000 4,452,116.76 1.61ABN AMRO TV 04/16 EUR 100,000 100,140.56 0.04ABN AMRO 2.875% 30/06/25 EMTN EUR 120,000 124,968.76 0.05BANK NEDER GEMEENTEN 1.875% 06/19 EUR 4,114,000 4,426,342.64 1.60BK NEDERLANDSE GEMEENTEN 1.5% 15/04/2020 EUR 116,000 124,193.16 0.05BK NEDERLANDSE 2.25% 30/08/22 EUR 130,000 146,061.35 0.05BM 0.875% 17-11-20 EMTN EUR 1,687,000 1,690,680.10 0.62BMW FIN 0.5% 05-09-18 EMTN EUR 500,000 502,443.33 0.18CRHID 3.125% 04/03/23 EUR 100,000 112,562.10 0.04DEUTSCHE POST FINANCE 1.875% 27/06/2017 EUR 204,000 211,155.52 0.08DEUTSCHE TELEKOM 4.25% 10-22 EUR 1,000,000 1,221,337.16 0.45DT 2 1/8 01/18/21 EUR 1,600,000 1,746,789.04 0.64DT 3 1/4 01/17/28 EUR 3,479,000 4,125,890.50 1.49ENEL FIN 5% 09-22 EUR 3,168,000 4,000,921.56 1.45E.ON INTL 5.75% 05/20 EUR 2,306,000 2,848,431.69 1.04HEINEKEN 2.50% 03/19 EUR 2,827,000 3,059,479.35 1.12I E3R+0.71% 14-08-17 EMTN EUR 500,000 504,196.81 0.18ING BANK NV 1.875% 02/18 EUR 2,819,000 2,963,325.46 1.08ING BANK NV 3.375% 11/01/18 EUR 580,000 639,580.62 0.23ING BANK NV 3.375%10-230317 EUR 1,430,000 1,527,450.75 0.56KONINKLIJKE KPN NV 3.3/4% 21/09/2020 EMTN EUR 137,000 155,393.71 0.06LEAS C E3R+0.45% 28-04-17 EUR 1,951,000 1,949,790.05 0.71NEDER WATERSCHAPBK 3% 12/07/2016 EUR 387,000 399,058.22 0.15NEDER WATERSCHAPSBANK 1.625% 23/08/2019 EUR 1,271,000 1,352,844.59 0.49NEDWBK 1.75% 07/09/20 EUR 100,000 108,111.66 0.04PROPERTIZE B.V. 0.5% 27/02/17 EUR 100,000 101,207.40 0.04REPSOL INTL 4.875% 19/02/2019 EUR 1,100,000 1,261,721.70 0.46

    Portfolio Listing

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

  • Semi-Annual Report on 12/31/15 15- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    ROSW 0 7/8 02/25/25 EUR 3,735,000 3,694,166.73 1.35

    Currency Quantity Market value %Name of security

    RWE FIN 1.875% 01/20 EUR 60,000 62,682.35 0.02RWE FINANCE 3% 01/24 EUR 393,000 428,284.99 0.16RWE FINANCE 5 1/8%03-18 EMTN EUR 556,000 634,709.88 0.23SIEGR 1.75% 3/4 03/12/21 EUR 932,000 999,687.85 0.36SIEMENS FINANCIERINGSMAAT 5.625% 06/18 EUR 1,120,000 1,304,875.28 0.48TEVA PHAR FIN 1.25% 31-03-23 EUR 104,000 99,594.86 0.04VOLKSWAGEN INTL FIN NV 2% 14/01/2020 EUR 1,657,000 1,721,369.23 0.63VOLKSWAGEN INTL FIN NV 3.25% 21/01/19 EUR 680,000 739,041.23 0.27

    TOTAL NETHERLANDS 49,940,798.21 18.20

    SLOVAKIASLOVAKIA GOVERNMENT BOND EUR 50,363 62,131.47 0.02SLOVGB 1.5% 11/28/18 EUR 23,000 24,025.74 0.01

    TOTAL SLOVAKIA 86,157.21 0.03

    SLOVENIAREPU DE SLOV 2.25% 25-03-22 EUR 65,000 70,924.23 0.03SLOVENIE 4.375% 06/02/2019 EUR 210,000 245,012.12 0.09

    TOTAL SLOVENIA 315,936.35 0.12

    SPAINCAJA MADRID 5.25% 07/04/2016 EUR 50,000 52,591.99 0.02GAS NATURAL CAPITAL 6.00% 27/01/2020 EUR 100,000 126,215.36 0.05ICO 4.875% 30/07/17 EUR 6,000 6,572.81I.C.O 5.125% 25/01/2016 EUR 30,000 31,537.25 0.01MADRID 4.688% 12/03/2020 EUR 16,000 19,144.29 0.01TELEFONICA EMISIONES SAU 4.797% 21/02/2018 EUR 100,000 113,291.30 0.04

    TOTAL SPAIN 349,353.00 0.13

    SWEDENAKZO NOBEL SWEDEN FINANC EUR 100,000 110,174.89 0.04

    TOTAL SWEDEN 110,174.89 0.04

    UNITED KINGDOMABBEY NATL 3.625% 10-17 EUR 836,000 896,620.05 0.33ABBEY NATL. 3.625% 14/10/2016 EUR 4,921,000 5,099,733.81 1.85ABBEY 1 5/8 11/26/20 EUR 2,551,000 2,704,177.23 0.99ANGLO 1.75% 20/11/17 EUR 100,000 88,435.95 0.03BACR 1 1/2 04/01/22 EUR 100,000 100,322.44 0.04BARCLAYS BK 6.625% 30/03/2022 EUR 100,000 130,913.41 0.05BARCLAYS 4.7/8%-13/08/2019 EUR 754,000 890,506.82 0.32BRITISH 1.5% 15-09-21 EMTN EUR 600,000 605,502.10 0.22CREDIT SUISSE E3R 19/02/16 EUR 328,000 328,219.15 0.12IMTLN 2.25% 26/02/2021 EUR 100,000 107,101.45 0.04

    Portfolio Listing

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

  • Semi-Annual Report on 12/31/15 16- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    LLOYDS 1 11/19/21 EUR 1,524,000 1,519,388.61 0.55

    Currency Quantity Market value %Name of security

    N E3R+0.5% 02-11-18 EMTN EUR 417,000 417,645.52 0.15RBS 5.5% 23/03/2020 EUR 439,000 544,859.88 0.20UBS AG LDN 1.125% 30/06/20 EMTN EUR 1,168,000 1,197,970.21 0.44UBS AG 6% 18/04/18 EMTN EUR 1,000,000 1,176,560.82 0.43UBS 1 1/4 09/03/21 EUR 1,143,000 1,172,289.34 0.43VODAFONE GROUP 4.65%10-200122 EUR 900,000 1,116,251.14 0.41WPP 3% 11/23 EUR 100,000 110,658.05 0.04

    TOTAL UNITED KINGDOM 18,207,155.98 6.64

    USAAT&T INC 3.55% 12/32 EUR 500,000 533,241.45 0.19B E3R+0.2% 20-04-18 EMTN EUR 4,109,000 4,087,093.67 1.49BK AMER 1.625% 14-09-22 EMTN EUR 4,900,000 4,943,399.67 1.80CITIGROUP 5%04-19 EMTN EUR 781,000 918,183.80 0.33CITIGROUP 7.375% 04/09/19 EMTN EUR 1,278,000 1,618,938.24 0.59G E3R+0.75% 29-10-19 EMTN EUR 1,119,000 1,119,897.44 0.41GS 2 5/8 08/19/20 EUR 2,383,000 2,576,688.48 0.94JPM E3M 19/02/2017 EUR 4,676,000 4,687,325.79 1.71MORG STA 2.375% 31-03-21 EMTN EUR 3,144,000 3,392,499.87 1.24NGGLN 1 3/4 02/20/18 EUR 100,000 104,617.45 0.04PEMEX PROJECT 5.50% 02/25 EUR 4,373,000 4,712,195.04 1.72PROCTER G 4.875% 05/27 EUR 400,000 544,449.61 0.20ROCHE HLDGS INC 6.5%09-040321 EMTN EUR 5,000 6,805.96T E3R+0.2% 20-07-18 EMTN EUR 797,000 794,185.55 0.29TOYOTA MOTOR CREDIT CORP 1.25% 01/08/2017 EUR 563,000 575,826.28 0.21TOYOTA 1.8 07/23/20 EUR 772,000 820,006.00 0.30

    Total listed bond and similar securities 274,914,448.98 100.23

    Total bonds and similar securities 274,914,448.98 100.23

    TOTAL USA 31,435,354.30 11.46

    Credit instrumentsCredit instruments traded in a regulated market or equivalentLUXEMBURG

    EURO STAB MECH ZCP 07-01-16 EUR 284,386 284,391.69 0.10

    Total credit instruments traded on a regulated or similarmarket 284,391.69 0.10

    Total credit instruments 284,391.69 0.10

    TOTAL LUXEMBURG 284,391.69 0.10

    Portfolio Listing

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

  • Semi-Annual Report on 12/31/15 17- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    HedgesOther hedgesOther swaps

    SG ETF 27.11.19 EUR 274,717,254.68 -804,804.00 -0.29

    Total other hedges -804,804.00 -0.29

    Total hedges -804,804.00 -0.29

    Total Other SWAPS -804,804.00 -0.29

    Currency Quantity Market value %Name of security

    Receivables 252,089.46 0.09Debts -362,335.96 -0.13Financial accounts 6.31Net assets 274,283,796.48 100.00

    Portfolio Listing

    UCITS AMUNDI ETF EURO CORPORATES UCITSETF

    AMUNDI ETF EURO CORPORATES UCITS ETF 1,326,000 206.07EURAMUNDI ETF EURO CORPORATES UCITS ETF 5,000 206.08EUR

  • Amundi Asset Management Anonymous Inc. 596 262 615 Euros. capital amount

    Licensed by the French Market Regulator (AMF) as a portfolio management company reg N° GP 04000036

    437 574 452 RCS Paris. Registered Office social: 90, boulevard Pasteur 75015 Paris France