1327 ＥＡＳＹ商品 2020-09-28 15:00:00
令和2 年12 月期 中間決算短信（令和2 年1 月1 日～令和2 年6 月30 日） [pdf]
令和 2 年 12 月期 中間決算短信（令和 2 年 1 月 1 日～令和 2 年 6 月 30 日）
令和 2 年 9 月 28 日
上場取引所: 東証
フ ァ ン ド 名 Ｓ＆Ｐ ＧＳＣＩ商品指数Ⓡエネルギー＆メタル・キャップド・コンポーネント35/20・
ＴＨＥＡＭ・イージーＵＣＩＴＳ・ＥＴＦクラスＡ米ドル建受益証券
コ ー ド 番 号 1327（東証外国ＥＴＦ）
連 動 対 象 指 標 Ｓ＆Ｐ ＧＳＣＩ商品指数Ⓡエネルギー＆メタル・キャップド・コンポーネント35/20
トータル・リターン指数
主 要 投 資 資 産 債券、短期金融商品（スワップ契約有り）
売 買 単 位 1口
管 理 会 社 ＢＮＰパリバ・アセットマネジメント・ルクセンブルク
URL http://www.bnpparibas-am.lu/
代 表 者 名 チーフ・エグゼクティブ・オフィサー ステファン・ブルネ
上 場 代 理 人 ＢＮＰパリバ・アセットマネジメント株式会社
問合せ先責任者 クライアント・サービス部 谷下 明芳 （TEL 0120-996-222）
有価証券報告書提出予定日 令和 2 年 9 月 30 日
分配金支払開始予定日 該当なし
Ⅰ ファンドの運用状況
１．令和 2 年 6 月中間期の運用状況（令和 2 年 1 月 1 日～令和 2 年 6 月 30 日）
(1) 資産内訳 （百万円未満切捨て）
現金・預金・その他の資産
主要投資資産 合計（純資産）
（負債控除後）
金額 構成比 金額 構成比 金額 構成比
百万円 ％ 百万円 ％ 百万円 ％
2 年 6 月中間期 7,711 （ 92.7） 604 （ 7.3） 8,315 （ 100.0）
元年 12 月期 9,469 （ 93.9） 611 （ 6.1） 10,080 （ 100.0）
(2) 設定・解約実績
当計算期間末
前計算期間末
設定口数(②) 解約口数(③) 発行済口数
発行済口数(①)
（① +②-③）
口 口 口 口
2 年 6 月中間期 3,015,623 576,000 397,000 3,194,623
元年 12 月期 3,295,724 312,321 592,422 3,015,623
(3) 基準価額
総資産 負債 純資産
1 口当たり基準価額
（①） （②） （③（①－②）
）
百万円 百万円 百万円 円
2 年 6 月中間期 8,318 3 8,315 2,603
元年 12 月期 10,084 4 10,080 3,343
（注） 日本円への換算は、株式会社三菱ＵＦＪ銀行が公表した2020年8月31日現在における対顧客電信直物売
買相場の仲値である１米ドル＝105.36円の換算率で行われています。
２．会計方針の変更
① 会計基準等の改正に伴う変更 該当事項無し
② ①以外の変更 該当事項無し
S&P GSCI® ENERGY & METALS
CAPPED COMPONENT 35/20 THEAM
Easy UCITS ETF
SEMI-ANNUAL REPORT at 30/06/2020
R.C.S. Luxembourg K643
The The asset manager for changing world
asset manager for a a changing world
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS
ETF
Table of contents
Page
Organisation 2
Information 3
Financial statements at 30/06/2020 4
Key figures relating to the last 3 years 5
Securities portfolio at 30/06/2020
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF 6
Notes to the financial statements 7
1
No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the
current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
Page 1
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Organisation
Registered office
10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg
Board of Directors of the Management Company
Chairman
Mr. Fabrice SILBERZAN, Chief Operating Officer, BNP PARIBAS ASSET MANAGEMENT France, Paris
Members
Mr. Stéphane BRUNET, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg,
Luxembourg
Mr. Georges ENGEL, Independent Director, Vincennes, France
Ms. Isabelle BOURCIER, Head of Quantitative and Index (MAQS), BNP PARIBAS ASSET MANAGEMENT
France, Paris
Management Company
BNP PARIBAS ASSET MANAGEMENT Luxembourg, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy
of Luxembourg
BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company in the meaning of Section 15 of the
Luxembourg Law of 17 December 2010 concerning undertakings for collective investment, as amended.
The management company performs the functions of administration, portfolio management and marketing duties.
Effective Investment Manager
BNP PARIBAS ASSET MANAGEMENT France, 1 Boulevard Haussmann, F-75009 Paris, France
Custodian, Registrar, Transfer Agent and NAV calculation
BNP Paribas Securities Services, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of
Luxembourg
Auditor
PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy
of Luxembourg
Page 2
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Information
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF (the “Fund”) is
organized in and under the laws of the Grand Duchy of Luxembourg as a Mutual Investment Fund (“Fonds Commun de
Placement”).
The Fund is governed by the provisions of Part I of the Law of 17 December 2010, as amended, governing
Undertakings for Collective Investment. The Fund was incorporated for an indefinite term in Luxembourg
on 30 December 2004 under the denomination “EasyETF - GSCI®”.
The name has been changed to “EasyETF S&P GSCI™ Capped Commodity 35/20” on 18 January 2010, to
“S&P GSCI® CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF” on 30 May 2014 and to S&P GSCI®
ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF” on 14 December 2015.
The Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg (the “Management Company”). The
Management Company was incorporated on 19 February 1988 in the form of a limited company (“société anonyme”)
under the laws of the Grand Duchy of Luxembourg for an unlimited period. The articles of incorporation were
published in the Mémorial C, Recueil des Sociétés et Associations (the “Mémorial”), on 25 May 1988 after having been
filed with the Registrar of the District Court of and in Luxembourg where they may be consulted. The last modification
of the articles of incorporation is dated 17 May 2017 with effect on 1 June 2017, and has been published with the RESA
on 2 June 2017. Its majority unitholder is BNP PARIBAS ASSET MANAGEMENT, Paris.
The Management Company is governed by chapter 15 of the Law of 2010, as amended and in that capacity, is in charge
of the Fund’s collective management of portfolio.
The Fund's objective is to achieve a return comparable to the S&P GSCI® ENERGY & METALS CAPPED
COMPONENT 35/20 Total Return Index (Bloomberg: SPGCNCT). As the Fund is index-based, its objective is to
maintain a tracking deviation in absolute terms between its Net Asset Value and the value of the relevant Benchmark
Index. The anticipated level of tracking error between the Fund and the level of the Benchmark Index, in normal market
conditions, is 1% at the maximum.
Page 3
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS
ETF
Financial statements at 30/06/2020
S&P GSCI® ENERGY & METALS
CAPPED COMPONENT 35/20
THEAM Easy UCITS ETF
Expressed in USD
Notes
Statement of net assets
Assets 78 952 838
Securities portfolio at cost price 73 177 764
Unrealised gain/(loss) on securities portfolio 11 462
Securities portfolio at market value 2 73 189 226
Net Unrealised gain on financial instruments 2,9 2 785 297
Cash at banks and time deposits 2 978 315
Liabilities 30 730
Other liabilities 30 730
Net asset value 78 922 108
Statement of operations and changes in net assets
Income on investments and assets 2,3,7 23 450
Management fees 4 116 549
Bank interest 3 887
Other fees 5 69 929
Total expenses 190 365
Net result from investments (166 915)
Net realised result on:
Investments securities 504 631
Financial instruments 2 (22 110 841)
Net realised result (21 773 125)
Movement on net unrealised gain/(loss) on:
Investments securities (172 247)
Financial instruments 2 1 122 591
Change in net assets due to operations (20 822 781)
Net subscriptions/(redemptions) 3 4 066 576
Increase/(Decrease) in net assets during the year/period (16 756 205)
Net assets at the beginning of the financial year/period 95 678 313
Net assets at the end of the financial year/period 78 922 108
The accompanying notes form an integral part of these financial statements
Page 4
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Key figures relating to the last 3 years
S&P GSCI® ENERGY & METALS CAPPED
COMPONENT 35/20 THEAM Easy
UCITS ETF USD USD USD Number of units
31/12/2018 31/12/2019 30/06/2020 30/06/2020
Net assets 94 946 253 95 678 313 78 922 108
Net asset value per unit
Class A USD 28.8089 31.7275 24.7047 3 194 623
Page 5
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS
ETF
Securities portfolio at 30/06/2020
Expressed in USD
% of net
Quantity Denomination Quotation currency Market value
assets
Money Market Instruments 73 189 226 92.74
United States of America 73 189 226 92.74
6 000 000 CASH MGMT BILL 0.000% 20-11/08/2020 USD 5 999 119 7.60
8 000 000 US TREASURY BILL 0.000% 19-10/09/2020 USD 7 997 949 10.13
9 000 000 US TREASURY BILL 0.000% 19-16/07/2020 USD 8 999 535 11.40
9 000 000 US TREASURY BILL 0.000% 20-02/07/2020 USD 8 999 975 11.41
10 000 000 US TREASURY BILL 0.000% 20-03/09/2020 USD 9 997 635 12.68
7 000 000 US TREASURY BILL 0.000% 20-09/07/2020 USD 6 999 832 8.87
6 000 000 US TREASURY BILL 0.000% 20-17/09/2020 USD 5 998 245 7.60
5 000 000 US TREASURY BILL 0.000% 20-20/08/2020 USD 4 999 146 6.33
9 000 000 US TREASURY BILL 0.000% 20-27/08/2020 USD 8 998 177 11.40
4 200 000 US TREASURY BILL 0.000% 20-28/07/2020 USD 4 199 613 5.32
Total securities portfolio 73 189 226 92.74
The accompanying notes form an integral part of these financial statements
Page 6
Notes to the financial statements
Page 7
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 30/06/2020
Note 1 - General Information
Events that occurred during the financial period from 1 January 2020 to 30 June 2020
No special event occurred during this financial period.
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Fund are presented in accordance with the legislation in force in Luxembourg on
Undertakings for Collective Investment. The consolidation currency of the Fund is the US dollar (USD).
The statement of operations and changes in net assets covers the financial period from 1 January 2020 to 30 June 2020.
b) Net asset value
This semi-annual report is prepared on the basis of the last net asset value calculated as at 30 June 2020.
c) Valuation of the securities portfolio
Investments listed on an official stock exchange or dealt in on another Regulated Market which operates regularly and is
recognized and open to the public, are valued at the last available price, and, in the event that there are several such
markets, on the basis of the last available price on the principal market for that investment. If such a price does not reflect
the investment’s fair value, it is valued at its probable sales value, which shall be estimated with prudence and in good
faith by the Board of Directors of the Management Company.
Investments not dealt in or listed on a stock exchange or on a Regulated Market operating regularly, recognized and open
to the public, are valued at their probable sales value, which shall be estimated with prudence and in good faith by the
Board of Directors of the Management Company.
Liquid assets, money market instruments and all other instruments may be valued at the last known closing price on the
valuation day or according to the straight-line depreciation method. In the case of straight-line depreciation, money market
instruments are disclosed in portfolio at cost and their value is increased in the Statement of Operations and Changes in
Net Assets by the accrued interest under the caption “Bank Interest”. Portfolio positions will be regularly reviewed under
the supervision of the Management Company in order to determine whether there is a difference between the valuation
found according to the closing price method and straight-line depreciation method. If there is a difference that is likely to
result in significant dilution or to be detrimental to the Unitholders, appropriate corrective action may be taken, including,
if necessary, calculation of the net asset value using the last known closing prices.
The list of changes in the portfolio during the financial period from 1 January 2020 to 30 June 2020, is available free of
charge at the Registered Office of the Management Company of the Fund and from local agents.
d) Conversion of foreign currencies
The cost of investments denominated in currencies other than the Fund accounting currency is converted into that currency
at the exchange rate prevailing at the purchase date.
Income and expenses in currencies other than the Fund accounting currency are converted into that currency at the
exchange rate at the transaction date.
At the end of the financial period, the assets and liabilities denominated in currencies other than the Fund accounting
currency are converted into that currency at the exchange rates prevailing at that date. The resulting realized and
unrealized foreign exchange profits or losses are included in the Statement of Operations and Changes in Net Assets.
As at 30 June 2020, the sole sub-fund and unit class was denominated in USD.
Page 8
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 30/06/2020
e) Swap Contracts
Open swaps are valued at their expected realization value. The resulting changes in unrealized profits or losses and the
realized profits or losses are included in the Statement of Operations and Changes in Net Assets. Realized profits or losses
are presented net of interest expenses paid by the Fund to the swap counterparty.
f) Income
Dividends are recorded at the ex-dividend date. Interest is recorded on an accrual basis.
g) Tracking error
The Fund’s objective is to achieve a return comparable to that of the S&P GSCI® ENERGY & METALS CAPPED
COMPONENT 35/20 Total Return Index (Bloomberg: SPGCNCT) (this Fund’s “Benchmark Index”). As the Fund is
index-based, its objective is to maintain a tracking deviation in absolute terms between its Net Asset Value and the value
of the relevant Benchmark Index. The anticipated level of tracking error between the Fund and the level of the Benchmark
index, in normal market conditions, is 1 % at the maximum.
The sub-fund aims at replicating as closely as possible the performance of its reference index. However, it may experience
some degree of tracking error due to the replication costs.
Note 3 - Subscription and redemptions
The units issued by the Fund are in registered form. The Fund does not issue fractions of units. There are for the time
being one class of units, with the following characteristics:
Class A USD (active)
Units are bought and sold on a primary market and/or on a secondary market as the case may be.
Subscriptions can be paid for in cash, or by the contribution of instruments and securities representative of the Benchmark
Index.
All subscriptions of the period have been paid for in cash.
The subscription and redemption charges, if any, are recorded in the Statement of Operations and Changes in Net Assets
under the caption “Income on investments and assets”.
Note 4 - Management fees (maximum per annum)
In consideration of its services, the Management Company receives a management fee calculated on the net asset of the
unit class, at the following annual rate:
Class A USD: up to 0.30%
The management fees are calculated on each Trading Day and provisioned during the month in question whenever the
Net Asset Value is calculated. They shall be paid monthly, in arrears.
Page 9
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 30/06/2020
Note 5 - Other fees
Other fees are calculated each Trading Day, provisioned during the month in question whenever the Net Asset value is
calculated and paid monthly in arrears from the average net assets of a sub-fund, unit category, or unit class and serve to
cover general custody assets expenses (remuneration of the Custodian) and daily administration expenses (NAV
calculation, record and book keeping, notices to the unitholders, providing and printing the documents legally required
for the unitholders, domiciliation, auditors cost and fees…), except for brokerage fees, commissions for transactions not
related to the deposit, director fees, interest and bank fees, extraordinary expenses, reporting cost in relation with
regulation requirements including the European Market Infrastructure Regulation (EMIR), and the “taxe d’abonnement”
in force in Luxembourg, as well as any other specific foreign tax and other regulators levy.
Note 6 - Taxes
In accordance with applicable Luxembourg law and accepted practice, the Fund is not liable for Luxembourg corporation
tax. Similarly, no withholding tax is levied on any sums distributed by the Fund, without prejudice of the potential
application of the law dated 21 June 2005 implementing the EU Savings Directive.
In Luxembourg the Fund is exempted from the obligation to pay the subscription tax (“taxe d'abonnement”) in accordance
with article 175(e) of the Law of 2010, as amended.
Some income generated by the Fund's portfolio (such as dividends or interest) may be liable for withholding tax in the
countries of origin.
Investors may be personally liable for further taxes on income or gains received. Investors who are unsure of their tax
position are advised to contact a professional tax consultant or their local tax authorities.
Note 7 - Securities lending
As at 30 June 2020, the Fund has not concluded securities lending agreement.
Note 8 - Transaction fees
Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments,
derivatives or other eligible assets are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage
fees, custody fees, VAT fees, stock exchange fees and RTO fees (Reception and Transmission of Orders). Transaction
fees are included in the cost of securities purchased and sold.
For the financial period from 1 January 2020 to 30 June 2020, no transaction fees were incurred by the Fund.
Page 10
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 30/06/2020
Note 9 - Total Return Swaps
As at 30 June 2020, the Total Return Swap contracts remaining open were as follows:
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF
% of net
Sub-fund
Nominal assets Counterparty Currency Maturity Sub-fund paid
received
engaged
S&P GSCI®
SOCIÉTÉ USD T-BILL Energy & Metals
14 278 709 18.09% GÉNÉRALE USD 12/01/2021 AUCTION HIGH Capped
PARIS, FRANCE RATE 3M +0.11% Component 35/20
Total Return Index
S&P GSCI®
USD T-BILL
Energy & Metals
BNP PARIBAS AUCTION HIGH
61 961 847 78.51% USD 12/01/2021 Capped
PARIS, FRANCE RATE 3M
Component 35/20
+0.058%
Total Return Index
Net unrealised
2 785 297
gain (in USD)
Counterparties to Swaps contracts:
BNP Paribas Paris, France
Société Générale Paris, France
Note 10 - Global overview of collateral
As at 30 June 2020, the counterparties to swap agreements pledged the following collaterals in favour of the Fund:
OTC
Sub-fund Currency Type of collateral
collateral
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20
USD 1 070 780 Cash
THEAM Easy UCITS ETF
Note 11 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio during the period is available free of charge at the
Management Company’s registered office and from local agents.
Page 11
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 30/06/2020
Note 12 - Regulation on transparency of Securities Financing Transactions and Reuse
of collateral (SFTR)
This collateral applies to all OTC activity of this fund. There is no way to distinguish it upon type of instrument it is
related to.
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty name Type Maturity Issuers collateral collateral Reinvestment
Currency (absolute value)
received granted
BNP PARIBAS
Less than
BNP PARIBAS Cash USD 742 950 None SECURITIES N/A No
one day
SERVICES
BNP PARIBAS
Less than
SOCIETE GENERALE Cash USD 327 830 None SECURITIES N/A No
one day
SERVICES
Total (absolute value) USD 1 070 780
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100% of the costs/returns generated are recognised in
Fund's primary statements.
Note
All TRS are settled on a bilateral mode.
Note 13 - Subsequent event
Since the end of 2019, the development of the coronavirus (COVID-19) outbreak initially in China and has reached all
continents leading to an unprecedented sanitary and economic crisis. The Board continues to follow the efforts of
governments to contain the spread of the virus and monitor the economic impact on the companies in the portfolio of the
funds.
Page 12
Page 13
The asset manager
for a changing
world