1327 ＥＡＳＹ商品 2019-06-25 11:00:00
平成30年12月期 決算短信（平成30年1月1日～平成30年12月31日） [pdf]
平成 30 年 12 月期 決算短信（平成 30 年 1 月 1 日～平成 30 年 12 月 31 日）
令和元年 6 月 25 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 マーケティング本部 斎藤 正彦 （TEL 0120-996-222）
有価証券報告書提出予定日 令和元年 6 月 27 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．平成 30 年 12 月期の運用状況（平成 30 年 1 月 1 日～平成 30 年 12 月 31 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 ％
30 年 12 月期 10,575 （ 101.8） -192 （ -1.8） 10,383 （ 100.0）
29 年 12 月期 10,703 （ 91.4） 1,005 （ 8.6） 11,709 （ 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
30 年 12 月期 3,260,914 1,733,000 1,698,190 3,295,724
29 年 12 月期 3,180,976 846,938 767,000 3,260,914
(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
30 年 12 月期 11,352 969 10,383 3,151
29 年 12 月期 11,856 147 11,709 3,590
（注） 日本円への換算は、株式会社三菱ＵＦＪ銀行が公表した2019年5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＝109.36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
ANNUAL REPORT at 31/12/2018
R.C.S. Luxembourg K643
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS
ETF
Table of contents
Page
Organisation 2
Information 3
Manager's report 4
Audit report 9
Financial statements at 31/12/2018 12
Key figures relating to the last 3 years 13
Securities portfolio at 31/12/2018
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF 14
Notes to the financial statements 15
Unaudited appendix 20
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, Deputy Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT France,
Paris (since 11 January 2018)
Members
Ms. Sylvie BAIJOT, Deputy Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg,
Luxembourg
Mr. Stéphane BRUNET, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg,
Luxembourg
Mr. Georges ENGEL, Independent Director, Vincennes, France
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
Manager's report
Market Trends in 2018
Equity Markets
2018 got off to a flying start on global equity markets. The rally that began in late 2017 with the passing of US tax cuts,
spilled over into January 2018, with the MSCI AC World index achieving its 15th consecutive monthly gain. But then
things took a turn for the worse. Between 26 January and 8 February, the MSCI AC World index (in dollars) lost 9%
when inflationary fears emerged. Technical factors such as short-volatility financial products exacerbated declines. This
sudden drop was followed by a chaotic rally, driven by a solid macro and microeconomic environment, but the markets
took something of a wait-and-see attitude until the end of the second quarter. Investor doubts were driven by several
major risks, the first among these being the rise in protectionism. US decisions on tariffs in March raised fears of a rapid
escalation, in particular in relations with China. This conflict on the trade front raged until June. In addition, doubts on
Italy during the painstaking process of forming a new government after the 4 March election brought “eurozone risk”
back to the fore and penalised European banking stocks. And, lastly, investors cast doubt on expectations of
synchronised global growth. However, equities were driven most of all by President Trump’s trade policy. Investors
were reassured little by little when they saw that the “trade war” would probably remain a Sino-US matter and not
become a global one. Other developments occurred thereafter in support of this assumption (new threats, contradictory
statements and a shaky truce), but provided no further visibility on the matter. Corporate results remained very solid,
particularly in the US, as tax cuts boosted the economy. Against this backdrop, at end-September, global equities were
still ahead of where they were at the end of 2017 (+2.2% by the MSCI AC World index), driven by a strong showing in
the US (+9.1% by the MSCI USA index).
However, everything changed in the fourth quarter. After its steepest decline since May 2012 (-7.6% in October) and a
slight rise in November (+1.3%), the MSCI AC World index lost 7.2% in December, despite a post-Christmas rally. The
full-year drop (-11.2%) is the steepest since 2008. Emerging markets lost 16.6% after performing poorly early in the
summer amid massive capital outflows from several markets that had less solid fundamentals and were less able to
withstand higher Fed interest rates and a stronger dollar. The swoon in global equities in October was triggered by
upward pressure on US bond yields amid an acceleration in wages and expectations of a more rapid tightening in US
monetary policy. These concerns faded quickly but the basic issue was left unresolved, as investors are having a hard
time grasping the financial market impact of the normalisation of monetary policy in G4 countries – first and foremost
the Fed’s moves in the US – and are therefore especially jittery on this subject. Investor nervousness was driven by
global growth fears, which were exacerbated by signs of slowdown in the Chinese economy. Investors also focused on
political factors (particularly the worldwide rise in populism), which stoked rising volatility in equities compared to the
very low levels of 2017.
Here are the full-year performances of the main indices (in local currencies and without reinvested dividends) on the
major developed markets: -6.2% by the S&P 500, -12.1% by the Nikkei 225, and -14.3% by the EuroStoxx 50.
Monetary Policy
In 2018, the US Federal Reserve raised its interest rates in March, June, September and December. Each time, the
decision had been fully priced in. Since the 18-19 December FOMC meeting, the federal funds target rate has ranged
between 2.25% and 2.50%. This is the ninth increase since the tightening cycle began, in December 2015. Meanwhile,
in October 2017 the Fed began to shrink its balance sheet by limiting reinvestments of proceeds of maturing securities
(T-Notes and MBS). Since then, USD 385 billion have not been reinvested. According to the Fed, these operations have
gone smoothly and have required no adjustments. The transition at the chair of the Fed in February 2018 went off well
after having raised some concerns. The new chairman, Jerome Powell, had already sat on the FOMC and seemed to be
picking up where Janet Yellen left off. For example, in May, the Fed began stating officially that its inflation target was
“symmetric” at about 2%. Meanwhile, Powell pointed out the difficulty of estimating potential growth and the related
variables, thus justifying a pragmatic approach to monetary policy. Based on the strength of the US economy (reflected
clearly in an unemployment rate that fell in September to a low since December 1969), FOMC members said they were
confident of the need to continue raising key rates but stepped somewhat away from this position late in the year. In
reaction to burgeoning risks to global growth and financial market turmoil in the fourth quarter, the Fed said it would
henceforth take a more data-based and flexible approach to monetary policy. In December, it appeared that the Fed had
lowered the federal funds rate considered neutral compared to the rate it had indicated in September (from 2.90% to
2.75%) and was now planning just two rate increases in 2019 (down from three previously) and one in 2020. The Fed
continued to forecast GDP growth above its potential, but Jerome Powell has taken a more cautious line and seems to be
hesitating about pushing monetary policy into restrictive territory.
Page 4
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Manager's report
Fed decisions will not be governed by President Trump’s open hostility and the very tentative rate increase expectations
being priced into the federal funds, but they will be less systematic than in 2018. Inflation, which had shown signs of
acceleration during the summer, levelled off below 2% despite slightly more solid wage increases since autumn.
The European Central Bank (ECB) has made no change to its interest rates (with its main refinancing rate at 0%, its
marginal lending facility at 0.25%, and its deposit facility of -0.40%) since March 2016. Several moves were made to
recalibrate non-conventional measures in 2018. In March, the “downward bias” language that had been introduced in
2016 and pointed to a possible prolongation or expansion in securities purchases, was removed. It had already ceased to
be a key item in ECB forward guidance. The markets focused more on the QE (quantitative easing) exit strategy, as
economic activity showed some signs of slowdown and inflation remained moderate. Following the 14 June Governing
Council meeting, the ECB proposed a very precise roadmap: net purchases under the Public Sector Purchase
Programme (PSPP), which had been at EUR 30 billion per month since January, would be reduced to EUR 15 billion
after September and halted entirely in December; reinvestments of proceeds from maturing securities would continue,
thus helping to stabilise the balance sheet beginning in January 2019. Meanwhile, the key rates would “remain at their
present levels at least through the summer of 2019”. The ECB then devoted its official guidance to confirming this
announcement of QE normalisation and guiding expectations toward a first rate increase in autumn 2019. Mario Draghi
became more cautious late in the year on the economic outlook, pointing out external risks (a slowdown in global
growth, protectionism, and financial market conditions) and domestic ones. Indicators are still quite disappointing in the
eurozone. After 0.2% GDP growth in the third quarter (and 0.4% in the first and second), economic activity surveys
suggest that the slowdown will continue. The composite PMI, which reflects the opinions of purchasing managers in
manufacturing and services, fell to a four-year low in December after hitting an almost 12-year high in January. The
ECB intends to maintain a “significant degree of monetary policy stimulus” via reinvestments and forward guidance on
key rates, but still believes that economic activity will continue to expand and that the squeeze in production capacities
and jobs will lead to an acceleration of core inflation in the medium term. For more than one year now, core inflation
(ex food and energy) has hovered directionless at around 1% year-on-year. The conduct of monetary policy will remain
“patient, persistent and prudent”.
Bond Markets
From the very start of 2018, several factors triggered a steep decline on the US bond market, including fears of a glut of
paper and expectations of a greater-than-expected toughening in monetary policies in major developed economies in
general and the US in particular. In February, these pressures were exacerbated by expectations of an acceleration in
inflation after the release of wages (average hourly earnings) that were far higher than forecast. This sent the 10-year T-
note surging to 2.90% in February. It traded for some time between this level and 2.75% before spiking again, this time
to 3.11% on 17 May (for a total year-to-date increase of 70bp). It then pulled back sharply amid a flight to safety in
reaction to geopolitical and political fears and, from mid-May to mid-September, traded directionless between 2.80%
and 3.00% before breaking firmly through the 3% threshold for the second time this year, reaching almost 3.25% on
5 October (a high since May 2011). This trend was driven by the Fed chairman’s highly optimistic language, which
reinforced expectations of a more aggressive increase in key rates, the release of the jobs report, which revealed that the
unemployment rate was at a near-50-year low, and a record ISM non-manufacturing number. Until mid-November, the
10-year T-Note yield traded between 3.25% and 3.05%, tracking inflation and wage figures and Fed comments. Yields
then began to pull back, driven by equity market turmoil, global growth doubts, and a few disappointing US economic
indicators. The 10-year T-Note yield ended the year at 2.68%, a low since late January and up just 27bp in 2018, despite
the 100bp increase in key rates. The two-year yield, which in November had hit a high since mid-2008 at more than
3.00% (vs. 1.88% at the end of 2017), ended the year just below 2.50%. The additional key rate increases that the Fed
deems “appropriate” for 2019 are not being priced in by the markets. In 2018, the yield curve continued to flatten, as it
had done in 2017, with the 10y-2y spread finishing the year under 20bp, a low since December 2007.
The 10-year Bund yield took a rocky path, ending the year at 0.24%, vs. 0.43% at the end of 2017, clearly
outperforming the US market with a 19bp decline in twelve months. Driven by expectations of a more rapid
normalisation in ECB monetary policy and upward pressures on US bond yields, it had risen as high as 0.75% in
mid-February (a high since autumn 2015). Thereafter, it fell back to about 0.50% by the end of March on the ECB’s
renewed accommodative language, a slight decline in eurozone business surveys and still-low inflation, before
experiencing new turmoil, particularly when the result of the 4 March Italian legislative elections brought back fears of
the “eurozone risk”. On 29 May, the 10-year Bund yield fell below 0.30% (something that had not happened since
mid-2017), as some aspects of the 21 May agreement by the Five-Star Movement (M5S) and the League raised fears
that Italy was taking a path that would inevitably lead it to a wider fiscal deficit.
Page 5
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Manager's report
This is what drove most eurozone bond trends in the following months, as they tracked the (at times contradictory)
statements of Italian government officials, European Commission comments on the draft budget, Rome’s reactions to
European injunctions, and ratings agency decisions on its sovereign credit rating. In October, the European Commission
denounced Italy’s “unprecedented deviation” from the rules of the Stability and Growth Pact and in November
threatened to open a procedure for excessive deficit. Each of these events pushed Italian yields up further and ultimately
persuaded the coalition to accept changes in its two main campaign promises (citizen income and pension reform).
After trading around 120bp until spring, the spread between 10-year Italian and German paper soared above 250bp (a
high since mid-2013) and stayed around that level from May to October. Another spike to slightly above 325bp in
mid-October was followed by pullback to 250bp on Rome’s concessions. The 10-year Italian BTP yield ended the year
at 2.74% after rising as high as 3.70% in mid-October and after starting the year slightly above 2.00%.
Forex Markets
From the very start of the year, the EUR/USD trended upward, quickly reaching 1.25, a high since late 2014. The euro
was driven during this phase by expectations of a more rapid normalisation of ECB monetary policy and by very solid
economic indicators. In late January, the US Treasury secretary’s language (“a weaker dollar is good for us”) pushed
the euro momentarily above 1.25. It stabilised slightly below this level until mid-April, when the issues driving the
EUR/USD reversed themselves, with more and more US economic data better than expected and a decline in indicators
elsewhere. This scenario of a desynchronisation of growth between the US and the rest of the world led market
participants to expect more aggressive Fed monetary policy, and this pushed US bond yields up and capital flows out of
emerging markets. The turmoil experienced by several currencies (mainly the Argentinian peso and the Turkish lira),
undermined by structural weaknesses, triggered a retreat into the currencies of developed economies traditionally
considered safe havens (the Japanese yen, Swiss franc and, to a lesser extent, the US dollar). The EUR/USD quickly
moved towards 1.15, even falling to 1.13 in mid-August. This moved the euro even further away from its fundamental
value and led President Trump to state again that the dollar was too high. The EUR/USD then rallied, traded erratically
and sunk again amid uncertainties over the political situation in Italy, hitting about 1.12 on 12 November, a low since
mid-2017. Beginning in mid-November, it traded between 1.13 and 1.15, tracking monetary policy decisions and
comments on both sides of the Atlantic. The EUR/USD ended down 4.6% on the year, at 1.1450.
The USD/JPY traded erratically in 2018 within a broad, 105-114 range. In March, it fell back to its lows since
November 2016, at less than 105 vs. 112.65 at end-2017. Expectations of a monetary policy shift by the Bank of Japan
(BoJ) contributed to this strengthening in the yen, despite denials by Governor Kuroda. These expectations were driven
by the difficulties of Prime Minister Abe, who was indirectly implicated in an influence-peddling scandal. The yen’s
safe haven status also played a part, in reaction to financial market turmoil triggered by US protectionist measures.
Beginning in late April, the dollar’s across-the-board gains sent the exchange rate above 112, despite the slight less
accommodative shift in BoJ monetary policy in July. Not until the second half of December did the yen move back up.
Investors expect the reduction in securities purchases to continue and expect an increase in key rates to assist financial
establishments, whose problems have been exacerbated by negative rates. The yen ended the year up 2.7%, at 109.72
per dollar.
Outlook
The least one can say is that 2018 ended with a bang on financial markets. Total returns were wiped out within three
months, with equity indices and commodities closing out the year sharply down, while government bonds managed to
eke out some gains despite the normalisation of G4 central bank monetary policies. No doubt political and geopolitical
factors were the cause of investor nervousness, with the markets veering sharply upward and downward in December,
but they were not the only cause. Yes, the political environment is hard to read – whether it’s the Trump
administration’s protectionist measures, the Brexit process, or the rise of non-traditional parties in Europe and several
emerging economies – but there are more fundamental factors at play in the rocky performance on the equity markets
and the rebound in volatility late in the year after it being very low in 2017. Concerns over the sustainability of global
economic growth rose in December against a backdrop of a slowdown in China and persistent disappointments in the
eurozone. Meanwhile, the Fed’s monetary policy is no longer expansionist and could become restrictive in the coming
months, while the ECB closed out its net asset purchases in December and is even thinking about raising its key rates
next autumn. In 2018, investors mourned the exceptional circumstances that had characterised 2017 (strong growth,
abundant liquidity and modest inflation) and sent risky assets sharply up. In 2019, they will have to be on their toes in
dealing with this new phase in the global economy, that will likely see growth becoming weaker but still higher than
potential, liquidity receding, and the prospect of higher bond yields.
Page 6
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Manager's report
BONDS
10-year yields 31 December 2018 29 December 2017 Change Dec/Dec
US T-note 2.68% 2.41% 27 bps
JGB 0.00% 0.05% -5 bps
OAT 0.71% 0.79% -8 bps
Bund 0.24% 0.43% -19 bps
CURRENCIES
31 December 2018 29 December 2017 Change Dec/Dec
EUR/USD 1.1450 1.2006 -4.63%
USD/JPY 109.72 112.65 -2.60%
EUR/JPY 125.67 135.26 -7.09%
EUR/GBP 0.8983 0.8883 1.13%
GBP/USD 1.2747 1.3516 -5.69%
EUR/CHF 1.1268 1.1703 -3.72%
USD/CHF 0.9840 0.9747 0.95%
31 December 2018 29 December 2017 Change Dec/Dec
Euro Stoxx 50 3001.42 3503.96 -14.34%
Stoxx 50 2760.06 3177.84 -13.15%
CAC 40 4730.69 5312.56 -10.95%
Xetra-DAX 10558.96 12917.64 -18.26%
Footsie 100 6728.13 7687.77 -12.48%
SMI 8429.30 9381.87 -10.15%
Dow Jones 30 23327.46 24719.22 -5.63%
Nasdaq 6635.28 6903.39 -3.88%
S&P 500 2506.85 2673.61 -6.24%
Nikkei 225 20014.77 22764.94 -12.08%
Topix 1494.09 1817.56 -17.80%
MSCI all countries (*) 455.66 513.03 -11.18%
MSCI Emergents (*) 965.67 1158.45 -16.64%
(*) in USD
1 Note: This original document is destined for internal use although its contents can be used in external documents.
2 Warning: This presentation was prepared solely for the intention and internal purposes of its recipients. As such, it
provides no right to publication or communication, in full or part, to any third party whatsoever who is not the direct
recipient.
All information targeted in this presentation, unless it is in the public domain, is strictly confidential, unless otherwise
stated in writing or by email by an authorised representative of BNP Paribas Asser Management. This presentation
cannot be divulged, distributed or used in full or in part for any other purpose than that for which it was prepared,
without prior consent notified in writing or by email by an authorised representative of BNP Paribas Asset
Management.
Past performance or achievement is not indicative of current or future performance.
Page 7
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Manager's report
Funds activity in 2018
S&P GSCI Energy & Metals Capped Component 35/20 THEAM Easy UCITS ETF
The aim of the Fund is to replicate the performance of the S&P GSCI® Energy & Metals Capped Component 35/20
Total Return Index (Bloomberg: SPGCNCT).
It has 1 share classe: Class A - USD (active).
Between 28 December 2017 and 31 December 2018, the Fund's USD share performance has been -11.83%.
Meanwhile, the performance of the Benchmark Index calculated in USD has been -11.17%
The calculated ex-post tracking error between the fund and its benchmark is 0.04% for Class A - USD (weekly
annualised data). This realised ex-post TE over the period is in line with the anticipated TE level.
The replication management cost is the main source of performance difference between the fund and its benchmark.
The Board of Directors
Luxembourg, 14 February 2019
The information stated in this report is historical and not necessarily indicative of future performance.
Page 8
Audit report
To the Unitholders of
S&P GSCI Energy & Metals Capped Component 35/20 THEAM Easy UCITS ETF
Our opinion
In our opinion, the accompanying financial statements give a true and fair view of the financial position
of S&P GSCI Energy & Metals Capped Component 35/20 THEAM Easy UCITS ETF (the “Fund”) as at
31 December 2018, and of the results of its operations and changes in its net assets for the year then
ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements.
What we have audited
The Fund’s financial statements comprise:
the statement of net assets as at 31 December 2018;
the securities portfolio as at 31 December 2018;
the statement of operations and changes in net assets for the year then ended; and
the notes to the financial statements, which include a summary of significant accounting policies.
Basis for opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of
23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the
“Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of
23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the
“Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section
of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Fund in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg
by the CSSF together with the ethical requirements that are relevant to our audit of the financial
statements. We have fulfilled our other ethical responsibilities under those ethical requirements.
Other information
The Board of Directors of the Management Company is responsible for the other information. The other
information comprises the information stated in the annual report but does not include the financial
statements and our audit report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
T : +352 494848 1, F : +352 494848 2900, www.pwc.lu
Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)
R.C.S. Luxembourg B 65 477 - TVA LU25482518
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors of the Management Company for the financial
statements
The Board of Directors of the Management Company is responsible for the preparation and fair
presentation of the financial statements in accordance with Luxembourg legal and regulatory
requirements relating to the preparation and presentation of the financial statements, and for such
internal control as the Board of Directors of the Management Company determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Board of Directors of the Management Company is responsible
for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the Board of Directors of the
Management Company either intends to liquidate the Fund or to cease operations, or has no realistic
alternative but to do so.
Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements
The objectives of our audit are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted
for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg
by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the
audit. We also:
identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control;
obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund’s internal control;
evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors of the Management Company;
10
_J
pwc
conclude on the appropriateness of the Board of Directors of the Management Company’s use of the
going concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our audit report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our audit report. However, future events or conditions may cause the Fund
to cease to continue as a going concern;
evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Pricewaterhousecoopers, Societé cooperative Luxembourg, 11 April 2019
Represented by
Frederic Botteman
11
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS
ETF
Financial statements at 31/12/2018
S&P GSCI® ENERGY & METALS
CAPPED COMPONENT 35/20
THEAM Easy UCITS ETF
Expressed in USD
Notes
Statement of net assets
Assets 103 809 959
Securities portfolio at cost price 96 447 778
Unrealised gain/(loss) on securities portfolio 259 842
Securities portfolio at market value 2 96 707 620
Cash at banks and time deposits 7 089 430
Other assets 12 909
Liabilities 8 863 706
Net Unrealised loss on financial instruments 2,9,10 8 823 445
Other liabilities 40 261
Net asset value 94 946 253
Statement of operations and changes in net assets
Income on investments and assets 2,3,7 74 843
Management fees 4 313 905
Bank interest 18 374
Other fees 5 188 343
Total expenses 520 622
Net result from investments (445 779)
Net realised result on:
Investments securities 1 709 423
Financial instruments 1 219 692
Net realised result 2 483 336
Movement on net unrealised gain/(loss) on:
Investments securities 103 041
Financial instruments (16 391 893)
Change in net assets due to operations (13 805 516)
Net subscriptions/(redemptions) 3 1 682 632
Increase/(Decrease) in net assets during the year/period (12 122 884)
Net assets at the beginning of the financial year/period 107 069 137
Net assets at the end of the financial year/period 94 946 253
The accompanying notes form an integral part of these financial statements
Page 12
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
31/12/2016 31/12/2017 31/12/2018 31/12/2018
Net assets 96 269 126 107 069 137 94 946 253
Net asset value per unit
Class A USD 30.2640 32.8341 28.8089 3 295 724
The accompanying notes form an integral part of these financial statements
Page 13
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS
ETF
Securities portfolio at 31/12/2018
Expressed in USD
% of net
Quantity Denomination Quotation currency Market value
assets
Money Market Instruments 96 707 620 101.86
United States of America 96 707 620 101.86
7 000 000 US TREASURY BILL 0.000% 18-05/02/2019 USD 6 984 007 7.36
12 000 000 US TREASURY BILL 0.000% 18-07/02/2019 USD 11 971 115 12.61
14 000 000 US TREASURY BILL 0.000% 18-07/03/2019 USD 13 940 596 14.67
6 000 000 US TREASURY BILL 0.000% 18-10/01/2019 USD 5 996 652 6.32
6 000 000 US TREASURY BILL 0.000% 18-14/02/2019 USD 5 982 649 6.30
8 000 000 US TREASURY BILL 0.000% 18-14/03/2019 USD 7 962 464 8.39
13 000 000 US TREASURY BILL 0.000% 18-17/01/2019 USD 12 986 953 13.68
13 000 000 US TREASURY BILL 0.000% 18-21/02/2019 USD 12 956 628 13.65
4 000 000 US TREASURY BILL 0.000% 18-21/03/2019 USD 3 979 741 4.19
6 000 000 US TREASURY BILL 0.000% 18-24/01/2019 USD 5 991 268 6.31
8 000 000 US TREASURY BILL 0.000% 18-28/03/2019 USD 7 955 547 8.38
Total securities portfolio 96 707 620 101.86
The accompanying notes form an integral part of these financial statements
Page 14
Notes to the financial statements
Page 15
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 31/12/2018
Note 1 - General Information
Events that occurred during the financial year from 1 January 2018 to 31 December 2018
No special event occurred during this financial year.
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 year from 1 January 2018 to 31 December 2018.
b) Net asset value
This annual report is prepared on the basis of the last net asset value as at 31 December 2018.
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 year from 1 January 2018 to 31 December 2018, 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 year, 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 31 December 2018, the sole sub-fund and unit class was denominated in USD.
Page 16
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 31/12/2018
e) Forward Foreign Exchange Contracts
Open Forward Foreign Exchange Contracts are valued at the exchange rate prevailing at the valuation date on the
remaining life of the contracts. Resulting changes in unrealized profits or losses and the realized profits and losses are
included in the Statement of Operations and Changes in Net Assets.
f) 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.
g) Income
Dividends are recorded at the ex-dividend date. Interest is recorded on an accrual basis.
h) 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 year 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 17
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 31/12/2018
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 31 December 2018, 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 year from 1 January 2018 to 31 December 2018, no transaction fees were incurred by the Fund.
Note 9 - Forward foreign exchange contracts
As at 31 December 2018, the Fund has no opened positions.
Page 18
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 31/12/2018
Note 10 - Total Return Swaps
As at 31 December 2018, 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 assets
Nominal Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
USD T-BILL AUCTION S&P GSCI ENERGY & METALS
BNP PARIBAS
37 925 463 39.94% USD 14/01/2019 HIGH RATE 3M + CAPPED COMPONENT INDEX
PARIS, FRANCE
0.065% TOTAL RETURN
SOCIETE USD T-BILL AUCTION S&P GSCI ENERGY & METALS
35 107 937 36.98% GENERALE USD 14/01/2019 HIGH RATE 3M + CAPPED COMPONENT INDEX
PARIS, FRANCE 0.065% TOTAL RETURN
GOLDMAN
SACHS
USD T-BILL AUCTION S&P GSCI ENERGY & METALS
INTERNATIONAL
30 649 664 32.28% USD 14/01/2019 HIGH RATE 3M + CAPPED COMPONENT INDEX
LONDON,
0.060% TOTAL RETURN
UNITED
KINGDOM
Net unrealised loss
(8 823 445)
(in USD)
Counterparties to Swaps contracts:
BNP Paribas Paris, France
Goldman Sachs International London, United Kingdom
Société Générale, France
Note 11 - Global overview of collateral
As at 31 December 2018, the Fund pledged the following collateral in favour of financial instruments counterparties:
Sub-fund Currency OTC collateral Type of collateral
S&P GSCI® ENERGY & METALS USD 4 756 810 Cash
CAPPED COMPONENT 35/20 THEAM
Easy UCITS ETF
Note 12 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio during the year is available free of charge at the
Management Company’s registered office and from local agents.
Page 19
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Unaudited appendix
Global market risk exposure
The Management Company of the Fund, after a risk profile assessment, decided to adopt the commitment approach to
determine the global market risk exposure.
Information on the Remuneration Policy in effect within the Management Company / AIFM
Below are the quantitative information on remuneration, as required by Article 22 of the AIFM directive (Directive
2011/ 61 / EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 2014/91/EU of 23 July 2014),
in a format compliant with the recommendations of the AFG (French Asset Management Association)1.
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT (“BNPP
AM Luxembourg”) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V directive):
Total Remuneration (K EUR) Of which total variable
Business Area Number of Staff
(fixed + variable) remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed “Identified Staff”2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive):
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF/ UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg:
– Number of AIF and UCITS Funds under management:
Number of sub-funds (31/12/2018) AuM (billion EUR) (31/12/2018)3
UCITS 210 76.2
AIFs 22 2.7
– Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holding’s remuneration committee and its
board of directors, an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 2017/2018 financial year was conducted between May and
July 2018. The results of this audit, which covered BNP PARIBAS ASSET MANAGEMENT entities included in
the integrated perimeter with an AIFM and/or UCITS licence, was rated “Generally satisfactory”.
Indeed, no significant issues were found. However, in line with the BNP PARIBAS ASSET MANAGEMENT'S
continuous improvement approach, a recommendation was issued, which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT, who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV.
– In 2018, the remuneration policy was adapted, under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive, to improve the alignment of interest of identified staff
through the award of new deferred instruments. In particular, the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments.
– More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy, which is available on the website of the company.
1
NB 1 : The remuneration amounts above are not directly reconcilable with the accounting data of the year, as they reflect the amounts allocated at the closing, in May
2018, of the annual compensation review process (CRP), based on the scope of employees as at 31 October 2017. Thus, for example, these amounts include all variable
remuneration awarded during this CRP, whether this variable remuneration is deferred or not, and whether the employees ultimately remained in the company or not.
NB 2 : As a reminder, level 3 of UCITS V regulation (eg minimum deferred etc…) was published in March 2016 and applies for the first time in performance year 2017, ie
to variable remuneration that was awarded in March 2018.
2
The identified staff is determined based on end of year review.
3
The amounts indicated take into account the master-feeder funds.
Page 20
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Unaudited appendix
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
Market Value Safekeeping Safekeeping of
Sub-fund
Counterparty name Type (absolute Maturity Issuers of collateral collateral Reinvestment
Currency
value) received granted
SOCIETE Less than
Cash USD 2 141 058 None N/A Pooled N/A
GENERALE one day
GOLDMAN SACHS Less than
Cash USD 715 752 None N/A Pooled N/A
INTERNATIONAL one day
Less than
BNP PARIBAS Cash USD 1 900 000 None N/A Pooled N/A
one day
Total (absolute value) USD 4 756 810
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.
Implication of Brexit
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 29 March 2019, BNPP AM has set
up a comprehensive contingency plan in order to continue to serve its clients without interruption, in all cases including
the event of an exit without the ratification of a withdrawal agreement. In particular, the investment policy has been
reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in order to adapt
accordingly all related documentation and if necessary, in a limited number of occurrences, to adapt the product
composition. For the funds distributed in France and eligible to PEA (Plan d’Epargne en Actions or share savings plan)
a French tax investment scheme, an impact analysis has been made, appropriate measures have been set up and will be
communicated to holders concerned when the exit date is confirmed. For the funds currently distributed in the UK, a
notification is being submitted to the FCA - Financial Conduct Authority, the UK regulator to benefit from the TPR
Temporary Permission Regime to continue to market temporarily in the UK
Page 21