AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS...

AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

Annual report December 2014

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

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Contents

Informations about the Fund 3

Annual Report 8

Significant events during the financial period 10

Specific details 11

Regulatory informations 12

Auditor's Certification 13

Annual accounts 16

Balance Sheet 17

Balance Sheet Liabilities 18

Off-balance sheet 19

Income Statement 20

Notes to the annual accounts 21

Accouting rules and methods 22

Changes in net assets 25

Table of profit (loss) of the fund over the past five financial periods 32

Portfolio Listing 33

Pages

UCITS AMUNDI ETF MSCI EMU HIGH DIVIDENDUCITS ETF

UCITS AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

Annual Report on 12/31/14 3

Informations about the Fund Classification Eurozone equities Determination and allocation of distributable sums Accumulation and/or distribution at the discretion of the Management Company 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 USD-denominated, euro-adjusted MSCI EMU High Dividend Yield Strategy Indexwith net dividends reinvested (net return). The MSCI EMU High Dividend Yield Strategy Index is an "equities" index calculated and published by the international index supplier MSCI Inc. ("MSCI"). The equities in the MSCI EMU High Dividend Yield Strategy Index are leading securities traded in the markets of the 10 countries of the European Economic and Monetary Union with the highest dividend yields in their respective countries. The MSCI EMU High Dividend Yield Strategy Index investment focus is derived from the MSCI EMU index investment focus. The MSCI EMU High Dividend Yield Strategy Index is a sub-category of the MSCI Europe Index. The MSCI EMU High Dividend Yield Strategy Index shares the following basic features with the MSCI indices: a) it belongs to MSCI’s range of “investable” equity indices, which are segmented by size, style and industry; b) securities included in the MSCI EMU High Dividend Yield Strategy Index are float-adjusted; c) classified by sector according to the Global Industry Classification Standard (GICS). MSCI’s methodology and calculation methods mean that the number of stocks making up the MSCI EMU High Dividend Yield Strategy Index varies. On 28/11/2014*, the MSCI EMU High Dividend Yield Strategy Index consisted of 35 components and included securities from the following 10 countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Netherlands, Portugal and Spain. * Source: MSCI The full methodology of the construction of the MSCI EMU High Dividend Yield Strategy Index is available on the MSCI website: mscibarra.com. The performance tracked is the published closing price of the MSCI EMU High Dividend Yield Strategy Index. Management fees & commissions Subscription and redemption fees: 0.3% including tax. Subscription fee not retained by the Fund: 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 replicate as closely as possible the value in euro of the MSCI EMU High Dividend Yield Strategy Index (see section “Benchmark index”), whether the MSCI Europe High Dividend Yield Strategy 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 euro-adjusted MSCI EMU High Dividend Yield Strategy Index (referred to below as the “MSCI EMU High Dividend Yield Strategy Index”) as small as possible. The target for maximum tracking error between the Fund’s NAV and the value of the euro-adjusted MSCI EMU High Dividend Yield Strategy Index is 2%. If the “tracking error” exceeds 2%, the objective would nevertheless be to remain below 15% of the volatility of the euro-adjusted MSCI EMU High Dividend Yield Strategy 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 euro-adjusted MSCI EMU High Dividend Yield Strategy Index using a swap-based replication method. To maintain the closest possible correlation with the performance of the MSCI EMU High Dividend Yield Strategy 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 euro-adjusted MSCI EMU High Dividend Yield Strategy Index. 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. - Equities: The Fund will be permanently 60% exposed at least to one or more markets for equities issued in one or more Eurozone countries. 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 EMU High Dividend Yield Strategy 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 EMU High Dividend Yield Strategy 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: - 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 EMU High Dividend Yield 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: constructing synthetic exposure to a particular security, sector and/or to the MSCI EMU High Dividend Yield Strategy Index through 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 EMU High Dividend Yield Strategy 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 EMU High Dividend Yield Strategy 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. 7. Temporary acquisitions and sales of securities: None. Over-exposure of the assets: None. All the Fund's commitments on derivatives and embedded derivatives may not exceed 110% of net assets. 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 EMU High Dividend Yield Strategy IndexCredit Risk Credit risk Counterparty risk related to the tracking method selected Liquidity risk Liquidity risk in a stock market



Annual Report December 2014 The fund’s objective is to track the MSCI EMU High Dividend Yield strategy 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 EMU High Dividend Yield. For the period under review, the portfolio AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF performance is 10.41%. The benchmark performance is 10.70% with a tracking error of 0.25%. Past performance is no guarantee of future performance.



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: 50,730,821.28

- Other Swaps: 50,730,821.28 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 Amount portfolio currency

EPM Securities Cash Total

Financial derivative instruments Securities Cash Total

d) Revenues and operational cost/fees from EPM

Revenues and operational cost/fees Amount portfolio currency

Revenues (**) Total revenues Direct operational fees Indirect operationnal fees Total fees

(**) Revenues received from loans, repurchase and reverse repurchase agreements



Significant events during the financial period As of 04/29/2014 the Risk and reward profile indicator (SRRI) changed from 7 to 6. The initial capital invested is not guaranteed. Historical data such as that used to calculate the synthetic indicator may not be a reliable indicator of the future risk profile of the Fund. The risk category associated with this Fund is not guaranteed and may evolve over time. The lowest category does not mean “risk free.”



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.



Regulatory informations The Broker Selection Policy draws up and implements a policy which enables it to comply with the Fund’s obligation under Art.314-75 (iv) while meeting the requirements set out in ArtL.533-18 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.

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Certificate drafted by the Auditor on the annual accounts

CABINET PWC SELLAM

Audit firm

AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

MUTUAL FUND AUDITOR’S REPORT

FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2014

We submit herewith our report for the financial period ended 31 DECEMBER 2014 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 EMU HIGH

DIVIDEND 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. I. - 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. II. – GROUNDS FOR OUR OPINION As required under Art L. 823-9 of the French Code du Commerce concerning the provision of reasons for our opinion, we now bring the following items to your attention: The arrangements described in the Notes to the Accounts for valuing financial instruments have, like the annual accounts now submitted to you, been established according to the accounting standards, rules and methods specifically applicable to mutual funds (OPCVM) as per the Order dated 16 December 2003.

Postal address: 2, rue Vatimesnil CS 60003 92532 Levallois Perret – France Phone + 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

Our investigations and other activities have mainly addressed the issue of compliance with the principles laid down in the Fund’s Chart of Accounts. In the course of this investigation we checked the existence and valuation of the financial instruments contained in the portfolio. Our assessments form part of our audit of the annual accounts as a whole, and have therefore helped us to form our opinion as expressed in Section I above. III. - 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.

The auditor

CABINET PWC SELLAM – Audit firm

Document authenticated by electronic signature

Frédéric Sellam

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Annual accounts

Annual Report on 12/31/14 17- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

FIXED ASSETS, NET

12/31/14 12/31/13

DEPOSITS FINANCIAL INSTRUMENTS 53,829,296.12 65,074,730.26

Equities and similar securities 53,829,296.12 65,074,730.26Traded in a regulated market or equivalent 53,829,296.12 65,074,730.26Not traded in a regulated market or equivalent

Bonds and similar securities Traded in a regulated market or equivalent Not traded in a regulated market or equivalent

Credit instruments Traded in a regulated market or equivalent

Negotiable credit instruments (Notes) Other credit instruments

Not traded in a regulated market or equivalent Collective investment undertakings

General-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in other countries

Other Funds intended for non-professionals and equivalents in other EUMember States

General-purpose professional funds and equivalents in other EU MemberStates and listed securitisation entities

Other professional investment funds and equivalents in other EU MemberStates and listed securitisation agencies

Other non-European entities

Temporary transactions in securities Credits for securities held under sell-back deals Credits for loaned securities Borrowed securities Securities sold under buy-back deals Other temporary transactions

Hedges Hedges in a regulated market or equivalent Other hedges

Other financial instruments RECEIVABLES 92,812.27 525,390.55

Forward currency transactions Other 92,812.27 525,390.55

FINANCIAL ACCOUNTS 11.19 Cash and cash equivalents 11.19

TOTAL ASSETS 53,922,119.58 65,600,120.81

Balance Sheet on 12/31/14Portfolio : 730062 AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

Balance sheet - asset in EUR


Annual Report on 12/31/14 18- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SHAREHOLDERS' FUNDS

12/31/14 12/31/13

59,229,689.7738,926,875.55Capital

Allocation Report of distributed items (a) 4,418,258.95

Brought forward (a)

Allocation Report of distributed items on Net Income (a,b) 5,918,859.6610,232,528.95

-132,934.124,615.56Result (a,b)

65,015,615.3153,582,279.01Total net shareholders' funds

* Net Assets

FINANCIAL INSTRUMENTS 10,087.74207,153.42

Transfers of financial instruments

Temporary transactions in securities

Sums owed for securities sold under buy-back deals

Sums owed for borrowed securities

Other temporary transactions

Hedges 10,087.74207,153.42

Hedges in a regulated market or equivalent

Other hedges 10,087.74207,153.42

PAYABLES 574,413.13132,687.15

Forward currency transactions

Other 574,413.13132,687.15

FINANCIAL ACCOUNTS 4.63

Short-term credit 4.63

Loans received

TOTAL LIABILITIES 65,600,120.8153,922,119.58

(a) Including adjusment(b) Decreased interim distribution paid during the business year

Balance Sheet Liabilities on 12/31/14Portfolio : 730062 AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

Balance sheet - liabilities in EUR


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12/31/14 12/31/13

HEDGES

Contracts in regulated markets or similar

OTC contracts

Other commitments

OTHER OPERATIONS

Contracts in regulated markets or similar

OTC contracts

Performance swap

BNP PARIBAS 301117 50,730,821.28 61,021,303.22

Other commitments

Off-balance sheet on 12/31/14Portfolio : 730062 AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

Off balance sheet in EUR


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12/31/14

Revenues from financial operations

12/31/13

Revenues from deposits and financial accounts 0.38

160,000.44Revenues from equities and similar securities 35,446.02

Revenues from bonds and similar securities

Revenues from credit instruments

Revenues from temporary acquisition and disposal of securities

Revenues from hedges

Other financial revenues

160,000.44TOTAL (1) 35,446.40

Charges on financial operations

Charges on temporary acquisition and disposal of securities

Charges on hedges

0.01Charges on financial debts 0.38

Other financial charges

0.01TOTAL (2) 0.38

160,000.43NET INCOME FROM FINANCIAL OPERATIONS (1 - 2) 35,446.02

Other income (3)

159,302.78Management fees and depreciation provisions (4) 146,467.42

697.65NET INCOME OF THE BUSINESS YEAR (L.214-17-1) (1-2+3-4) -111,021.40

3,917.91Revenue adjustment (5) -21,912.72

Interim Distribution on Net Income paid during the business year (6)

NET PROFIT (1 - 2 + 3 - 4 + 5 + 6) 4,615.56 -132,934.12

Income Statement on 12/31/14Portfolio : 730062 AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

Income statement in EUR


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Notes to the annual accounts



Accounting rules and methods The annual financial statements are presented in the form stipulated by ANC Regulation 2014-1, which annuls CRC Regulation 2003-02 as amended. The regulation includes the new AIFM classification of mutual funds, but does not alter the applicable accounting standards or the methods for evaluating assets and liabilities. As indicated in the introductory note of the French accounting standards authority (ANC), the terminology and the distribution of the mutual fund heading under assets in the statement of financial position were amended as follows and can be detailed in the following way: The sub-heading "UCITS and general-purpose investment funds intended for non-professionals and equivalents in other countries" corresponds to the former sub-heading "Coordinated European UCITS and general-purpose French UCITS". The sub-heading "Other Funds for non-professionals and equivalents in other Member States of the European Union" corresponds to the former sub-heading "UCITS reserved for certain investors - venture capital funds - futures funds". The sub-heading "General-purpose professional funds and equivalents in other Member States of the European Union and listed securitisation entities" corresponds to the former sub-heading "Investment funds and listed SPVs." The sub-heading "Other professional funds and equivalents in other Member States of the European Union and unlisted securitisation entities" corresponds to the former sub-heading "Investment funds and unlisted SPVs." The sub-heading "Other non-European entities" was introduced by Regulation 2014-01. General accounting principles apply, viz: - fair picture, comparability, ongoing business, - proper practice & trustworthiness, - prudence, - no unreported change in methods from one period to the next. Revenues from fixed-yield securities are recognized on the basis of interest actually received. Acquisitions and disposals of securities are recognized of costs. The accounting currency of the portfolio is the EURO. The accounting period reported on is 12 months. Asset valuation rules: Financial instruments are initially recognized at historic cost and carried on the Balance Sheet at their current value: this is their latest known market value or, in the absence of a market, is determined by any external means or by recourse to financial models. Differences between the securities’ current values determined as above and their original historic cost are recognized in the accounts as “differences on estimation”. Securities denominated in a currency other than that of the portfolio are valued in accordance with the above principle and then converted into the currency of the portfolio at the exchange rate obtained on the valuation date. Deposit: Deposits maturing in three months or sooner are valued according to the linear method.



Equities, bonds and other securities traded in a regulated market or equivalent: When calculating the NAV, the equities and other securities traded in a regulated market or equivalent are valued based on the day’s closing market price. Bonds and similar securities are valued at the closing price notified by various financial service providers. Interest accrued on bonds and similar securities is calculated up to the date of asset valuation. Equities, bonds and other securities not traded in a regulated market or equivalent: Securities not traded in a regulated market are valued by the Fund Manager using methods based on net equity and yield, taking into account the prices retained in significant recent transactions. Negotiable credit instruments (Notes): Negotiable credit instruments which are not actively traded in significant amounts are actuarially valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer’s intrinsic characteristics: Notes maturing in one year’s time or less: euro interbank offered rate (Euribor); Notes maturing in more than one year’s time: the prevailing rate on medium-term interest-bearing Treasury notes (BTAN) or, for the longest Notes, on near-term fungible Treasury bonds (OAT); Negotiable credit instruments maturing in three months or sooner may be valued according to the linear method. French Treasury notes are valued using the market rate published daily by the Banque de France. UCITS held: UCITS units or shares are valued at the latest known NAV. Temporary transactions in securities: Securities held under sell-back deals are carried in Assets under “credits for securities held under sell-back deals” at the amount provided for in the contract, plus accrued interest receivable. Securities sold under buy-back deals are booked to the buying portfolio at their current value. The corresponding debt is booked to the selling portfolio at the value set in the contract plus accrued interest payable. Loaned securities are valued at their current value and carried in Assets under “credits for loaned securities” at their current value plus accrued interest receivable. Borrowed securities are carried in Assets under “borrowed securities” at the amount provided for in the contract, and in Liabilities under “debts for borrowed securities” at the amount provided for in the contract plus accrued interest payable. Hedges: Hedges traded in a regulated market or equivalent: Hedge instruments traded in regulated markets are valued at the day’s settlement price.



Hedges not trades in a regulated market or equivalent: Swaps: Rate swaps and/or forward currency transactions are valued at their market value according to the price calculated by discounting future interest streams at market interest (and/or exchange) rates. This price is adjusted for default risk. Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or are estimated as specified by the Fund Manager. Off-Balance Sheet Commitments: Firm hedging contracts are stated among “Off-Balance Sheet Commitments” at their market value at the rate used in the portfolio. Conditional hedges are converted into their underlying equivalents. Swap commitments are stated at their nominal value or at an equivalent amount, where there is no nominal value. Management fees: Management fees are calculated on the nominal capital on each valuation. These fees are imputed to the fund’s Income Statement. Management fees are paid in full to the Fund Manager, which bears all the fund’s operating costs. The management fees do not include dealing costs. The percentage of nominal capital charged is 0.30% including taxes. Allocation of net profit: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn’t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains. Appropriation methods for the distributable amounts:

Distributable amounts Unit C/D:

Allocation of the net income Accumulation and/or distribution and/or carry forward a decision taken by the management

Allocation of the net realized gains and lossesAccumulation and/or distribution and/or carry forward a

decision taken by the management

Annual Report on 12/31/14 25- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

12/31/14

65,015,615.31NET ASSETS IN START OF PERIOD 32,817,127.84

12/31/13

18,532,801.66Subscriptions (including subscription fees received by the fund) 39,290,146.37

-35,517,567.27Redemptions (net of redemption fees received by the fund) -19,441,934.48

12,110,944.91Capital gains realised on deposits and financial instruments 8,705,354.21

-3,539,802.45Capital losses realised on deposits and financial instruments -1,789,083.80

88,891,475.34Capital gains realised on hedges 81,733,964.78

-85,531,052.81Capital losses realised on hedges -83,596,830.28

-3,765.05Dealing costs -2,560.22

40,445.98Exchange gains/losses -27,561.29

-6,220,598.58Changes in difference on estimation (deposits and financial instruments) 7,728,110.57

1,468,131.42Difference on estimation, period N 7,688,730.00

-7,688,730.00Difference on estimation, period N-1 39,380.57

-197,065.68Changes in difference on estimation (hedges) -289,946.99

-207,153.42Difference on estimation, period N -10,087.74

10,087.74Difference on estimation, period N-1 -279,859.25

Net Capital gains and losses Accumulated from Previous business year

Distribution on Net Capital Gains and Losses from previous business year

697.65Net profit for the period, before adjustment prepayments -111,021.40

Allocation Report of distributed items on Net Income

Interim Distribution on Net Income paid during the business year

150.00Other items * -150.00

NET ASSETS IN END OF PERIOD 53,582,279.01 65,015,615.31

Change in net assets on 12/31/14Portfolio : 730062 AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF

Changes in net asset in EUR

* N: INSEE bill: allocation fees cancellation of a legal entity identifier (LEI) and annual certification fee of LEI.* N-1: INSEE bill: allocation fees of a legal entity identifier (LEI) and annual certification fee of LEI.




BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR COMMERCIAL TYPE

Amount %

ASSETS

BONDS AND SIMILAR SECURITIES

TOTAL BONDS AND SIMILAR SECURITIES

CREDIT INSTRUMENTS

TOTAL CREDIT INSTRUMENTS

LIABILITIES

TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

TOTAL TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

OFF-BALANCE SHEET

HEDGES

TOTAL HEDGES

OTHER OPERATIONS

Other 50,730,821.28 94.68

TOTAL OTHER OPERATIONS 50,730,821.28 94.68

BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TYPE

Fixed rate % Variable rate % Rate subject to

review % Other %

Assets

Deposits

Bonds and similar securities

Credit instruments


Financial accounts 11.19

Liabilities


Financial accounts

Off-balance sheet

Hedges

Other operations



BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TIME TO MATURITY

< 3 Months % ]3 Months -

1 Year] %

]1 - 3 Years]

% ]3 - 5 Years] % > 5 Years %

Assets

Deposits


Credit instruments



Liabilities


Financial accounts

Off-balance sheet

Hedges

Other operations

All hedges are shown in terms of time to maturity of the underlying securities. BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY LISTING OR EVALUATION CURRENCY

Currency 1

%

Currency 2

%

Currency 3

%

Currency N Others

currencies

%

Assets

Deposits

Equities and similar securities


Credit instruments

Mutual fund units


Liabilities

Financial accounts

Liabilities

Transactions involving transfer of financial instruments


Debts

Financial accounts

Off-balance sheet

Hedges

Other operations

Annual Report on 12/31/14 28- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BREAKDOWN BY ITEMS OF RECEIVABLES AND PAYABLES

Sales deferred settlement 92,812.27

12/31/14Type

ReceivablesTotal receivables 92,812.27

Purchases deferred settlement - 92,812.27PayablesManagement fees - 39,874.88

Total of Payables - 132,687.15

Total payables and receivables - 39,874.88


Number of units issued or redeemed

Units subscribed during the period 230,148 18,532,801.66

Units in circulation at the end of the period 645,102

Units redeemed during the period -449,248 -35,517,567.27

Units Value

SHAREHOLDERS’ FUNDS

SUBSCRIPTION AND/OR REDEMPTION FEES

Total of subscription and/or redemption fees received

Total of subscription fees received

Total of redemption fees received

Value

MANAGEMENT FEES CHARGEABLE TO THE FUND

12/31/14

159,302.78Cost of functioning and management fees (fixed management fees)

Commission of performance (variable management fees)

Management fees rebated

0.30Percentage set for fixed management fees

Underwriting commission

Annual Report on 12/31/14 29- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

COMMITMENTS RECEIVED AND GIVEN12/31/14

Guarantees received by the fund

- including capital guarantees

Other commitments received

Other commitments given


Annual Report on 12/31/14 30- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Securities held under sell-back deals

Borrowed securities

12/31/14

Stock market values of pledged securities

Financial instruments pledged but not reclassified

Financial instruments received as pledges but not recognized in the Balance Sheet

12/31/14

Group financial instruments held by the Fund

12/31/14Name of securityIsin code

Equities

Bonds

Notes

UCITS

Hedges

Total group financial instruments

FUTHER DETAILS

Stock market values of temporarily acquired securities


Annual Report on 12/31/14 31- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TOPROFIT (LOSS)

12/31/14 12/31/13

Sums not yet allocated

Brought forward

Profit (loss) 4,615.56 -132,934.12

Total 4,615.56 -132,934.12

Distribution

Brought forward 4,615.56

Allocation

Capitalized -132,934.12

Total 4,615.56 -132,934.12

12/31/14 12/31/13


Distribution

Allocation

Capitalized

Total 14,650,787.90 5,918,859.66

12/31/14 12/31/13

Sums not yet allocated

Net Capital gains and losses Accumulated from Previous business year 4,418,258.95

Total 14,650,787.90 5,918,859.66

Net Capital gains and losses of the business year 10,232,528.95 5,918,859.66

Allocation Report of distributed items on Net Capital Gains and Losses

12/31/14 12/31/13

Net capital gains and losses accumulated per share 14,650,787.90 5,918,859.66

TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TOCAPITAL GAINS AND LOSSES

Annual Report on 12/31/14 32- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TABLE OF PROFIT (LOSS) ANS OTHER TYPICAL FEATURES OF THE FUND OVER THE PASTFIVE FINANCIAL PERIODS

12/31/10 12/30/11 12/31/12 12/31/13 12/31/14

6,906,618.39Net assets in EUR 15,089,418.94 32,817,127.84 65,015,615.31 53,582,279.01

111,001Number of shares/units 276,001 553,000 864,202 645,102

62.2200NAV per share/unit in EUR inEUR

54.6700 59.3400 75.2300 83.0601

Net capital gains and lossesaccumulated per share in EUR

6.84 22.71

-0.16Net income Accumulated pershare in EUR

-0.17 -0.16 -0.15


Annual Report on 12/31/14 33- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Equities and similar securities

Listed equities & similar securitieBELGIUM

ANHEUSER-BUSCH INBEV EUR 55,972 5,253,531.92 9.80TOTAL BELGIUM 5,253,531.92 9.80

Currency Quantity Market value %Name of security

FINLANDNOKIA (AB) OY EUR 143,345 940,343.20 1.75

TOTAL FINLAND 940,343.20 1.75

FRANCEL'OREAL EUR 6,978 972,035.40 1.81LVMH (LOUIS VUITTON - MOET HENNESSY) EUR 6,550 866,237.50 1.62TOTAL EUR 30,039 1,277,258.28 2.38

TOTAL FRANCE 3,115,531.18 5.81

GERMANYALLIANZ HOLDING EUR 18,268 2,509,109.80 4.68BASF SE EUR 30,901 2,159,361.88 4.03BAYER EUR 33,754 3,814,202.00 7.12BMW BAYERISCHE MOTOREN WERKE EUR 25,450 2,284,646.50 4.26DAIMLER AG EUR 74,203 5,117,780.91 9.56DEUTSCHE BANK AG NAMEN EUR 82,280 2,055,765.80 3.84DEUTSCHE TELEKOM AG EUR 160,323 2,124,279.75 3.96E.ON AG NOM. EUR 173,077 2,456,828.02 4.59MUENCHENER RUECKVERSICHERUNG AG EUR 13,613 2,256,354.75 4.21SAP SE EUR 40,936 2,384,931.36 4.45SIEMENS AG NAMEN EUR 27,137 2,544,093.75 4.75

TOTAL GERMANY 29,707,354.52 55.45

NETHERLANDSAIRBUS GROUP EUR 52,282 2,161,860.70 4.03ING GROEP EUR 442,229 4,789,340.07 8.95REED ELSEVIER EUR 132,306 2,624,951.04 4.91UNILEVER EUR 23,222 757,966.08 1.41

TOTAL NETHERLANDS 10,334,117.89 19.30

SPAINBANCO SANTANDER S.A. EUR 323,634 2,264,143.46 4.23IBERDROLA S.A. EUR 395,618 2,214,273.95 4.13

TOTAL listed equities & similar securities traded in a regulatedmarket or equivalent 53,829,296.12 100.47

Total equities & similar securities 53,829,296.12 100.47

TOTAL SPAIN 4,478,417.41 8.36

Portfolio listing of financial instruments in EUR


Annual Report on 12/31/14 34- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Hedges

Other hedgesOther swaps

BNP PARIBAS 301117 EUR 50,730,821.28 -207,153.42 -0.39

Total other hedges -207,153.42 -0.39

Total hedges -207,153.42 -0.39

Total Other SWAPS -207,153.42 -0.39

Currency Quantity Market value %Name of security

Receivables 92,812.27 0.17

Debts -132,687.15 -0.25


Net assets 53,582,279.01 100.00

Portfolio listing of financial instruments in EUR


AMUNDI ETF MSCI EMU HIGH DIVIDEND UCITS ETF 645,102 83.0601EUR

Amundi 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

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