1327 ＥＡＳＹ商品 2019-09-24 16:20:00
令和元年12月期 中間決算短信（平成31年1月1日～令和元年6月30日） [pdf]
令和元年 12 月期 中間決算短信（平成 31 年 1 月 1 日～令和元年 6 月 30 日）
令和元年 9 月 24 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 令和元年 9 月 26 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．令和元年 6 月中間期の運用状況（平成 31 年 1 月 1 日～令和元年 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 ％
令和元年 6 月中間期 9,026 （ 89.8） 1,024 （ 10.2） 10,051 （ 100.0）
平成 30 年 12 月期 10,295 （ 101.8） -187 （ -1.8） 10,107 （ 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
令和元年 6 月中間期 3,295,724 143,521 387,112 3,052,133
平成 30 年 12 月期 3,260,914 1,733,000 1,698,190 3,295,724
(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
令和元年 6 月中間期 10,055 3 10,051 3,293
平成 30 年 12 月期 11,051 943 10,107 3,067
（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8月30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＝106.46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 30/06/2019
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 30/06/2019 4
Key figures relating to the last 3 years 5
Securities portfolio at 30/06/2019
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS ETF 6
Notes to the financial statements 7
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
Members
Ms. Sylvie BAIJOT, Deputy Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg,
Luxembourg (until 14 February 2019)
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 (from 3 June 2019)
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 30/06/2019
S&P GSCI® ENERGY & METALS
CAPPED COMPONENT 35/20
THEAM Easy UCITS ETF
Expressed in USD
Notes
Statement of net assets
Assets 94 449 145
Securities portfolio at cost price 84 568 487
Unrealised gain/(loss) on securities portfolio 221 611
Securities portfolio at market value 2 84 790 098
Net Unrealised gain on financial instruments 2,9 4 572 477
Cash at banks and time deposits 5 052 057
Other assets 34 513
Liabilities 33 946
Other liabilities 33 946
Net asset value 94 415 199
Statement of operations and changes in net assets
Income on investments and assets 2,3,7 75 121
Management fees 4 144 466
Bank interest 9 245
Other fees 5 86 680
Total expenses 240 391
Net result from investments (165 270)
Net realised result on:
Investments securities 1 158 631
Financial instruments (7 254 905)
Net realised result (6 261 544)
Movement on net unrealised gain/(loss) on:
Investments securities (38 231)
Financial instruments 13 395 921
Change in net assets due to operations 7 096 146
Net subscriptions/(redemptions) 3 (7 627 200)
Increase/(Decrease) in net assets during the year/period (531 054)
Net assets at the beginning of the financial year/period 94 946 253
Net assets at the end of the financial year/period 94 415 199
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
31/12/2017 31/12/2018 30/06/2019 30/06/2019
Net assets 107 069 137 94 946 253 94 415 199
Net asset value per unit
Class A USD 32.8341 28.8089 30.9342 3 052 133
The accompanying notes form an integral part of these financial statements
Page 5
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy UCITS
ETF
Securities portfolio at 30/06/2019
Expressed in USD
% of net
Quantity Denomination Quotation currency Market value
assets
Money Market Instruments 84 790 098 89.81
United States of America 84 790 098 89.81
10 000 000 US TREASURY BILL 0.000% 18-12/09/2019 USD 9 958 612 10.55
9 000 000 US TREASURY BILL 0.000% 19-01/08/2019 USD 8 984 516 9.52
9 000 000 US TREASURY BILL 0.000% 19-02/07/2019 USD 8 999 518 9.53
8 000 000 US TREASURY BILL 0.000% 19-05/07/2019 USD 7 998 294 8.47
7 000 000 US TREASURY BILL 0.000% 19-05/09/2019 USD 6 973 281 7.39
9 000 000 US TREASURY BILL 0.000% 19-06/08/2019 USD 8 981 766 9.51
6 000 000 US TREASURY BILL 0.000% 19-08/08/2019 USD 5 987 150 6.34
17 000 000 US TREASURY BILL 0.000% 19-22/08/2019 USD 16 949 120 17.95
2 000 000 US TREASURY BILL 0.000% 19-23/07/2019 USD 1 997 474 2.12
8 000 000 US TREASURY BILL 0.000% 19-26/09/2019 USD 7 960 367 8.43
Total securities portfolio 84 790 098 89.81
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 30/06/2019
Note 1 - General Information
Events that occurred during the financial period from 1 January 2019 to 30 June 2019
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 2019 to 30 June 2019.
b) Net asset value
This semi-annual report is prepared on the basis of the last net asset value as at 28 June 2019.
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 2019 to 30 June 2019, 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 28 June 2019, 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 30/06/2019
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 30/06/2019
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 2019, 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 2019 to 30 June 2019, 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 30/06/2019
Note 9 - Total Return Swaps
As at 30 June 2019, 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
51 476 608 54.52% USD 13/01/2020 HIGH RATE 3M + CAPPED COMPONENT 35/20
PARIS, FRANCE
0.058% INDEX TOTAL RETURN
SOCIÉTÉ USD T-BILL AUCTION S&P GSCI ENERGY & METALS
38 395 034 40.67% GÉNÉRALE, USD 13/01/2020 HIGH RATE 3M + CAPPED COMPONENT 35/20
FRANCE 0.059% INDEX TOTAL RETURN
Net unrealised gain
4 572 477
(in USD)
Counterparties to Swaps contracts:
BNP Paribas Paris, France
Société Générale, France
Note 10 - Global overview of collateral
As at 30 June 2019, the counterparties to swap agreements pledged the following collaterals in favour of the Fund:
Sub-fund Currency OTC collateral Type of collateral
S&P GSCI® ENERGY & METALS USD 5 056 000 Cash
CAPPED COMPONENT 35/20
THEAM EASY
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.
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
Market Value Safekeeping Safekeeping of
Sub-fund
Counterparty name Type (absolute Maturity of collateral collateral Reinvestment
Currency
value) received granted
BNP
SOCIETE Less than PARIBAS
Cash USD 2 157 000 N/A No
GENERALE one day SECURITIES
SERVICES
BNP
Less than PARIBAS
BNP PARIBAS Cash USD 2 899 000 N/A No
one day SECURITIES
SERVICES
Total (absolute value) USD 5 056 000
Page 11
S&P GSCI® ENERGY & METALS CAPPED COMPONENT 35/20 THEAM Easy
UCITS ETF
Notes to the financial statements at 30/06/2019
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.
Page 12
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The asset manager
for a changing
world