ALBY INVEST PUBLIC LIMITED COMPANY an umbrella fund with segregated liability between sub-funds

Transcription

1 This Prospectus is consolidated from the prospectus of the Company dated 25 September 2015 and the Additional Information for Investors in the Federal Republic of Germany dated 25 September It does not constitute a prospectus for the purposes of Irish law. The Prospectus is exclusively used for offer and distribution of the shares of the Company in or from Germany. It may not be used for the offer or distribution of the shares in the Company in any other jurisdiction. The Directors accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. ALBY INVEST PUBLIC LIMITED COMPANY an umbrella fund with segregated liability between sub-funds (an open-ended investment company with variable capital incorporated with limited liability in Ireland and established as an umbrella fund with segregated liability between sub-funds and as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended) CONSOLIDATED PROSPECTUS FOR INVESTORS IN GERMANY (the Prospectus ) for AMUNDI ETF MSCI Europe DR UCITS ETF AMUNDI ETF EURO STOXX 50 DR UCITS ETF 25 September 2015 CR037/008/AC#

2 THIS DOCUMENT CONTAINS IMPORTANT INFORMATION ABOUT THE COMPANY AND THE FUNDS AND SHOULD BE READ CAREFULLY BEFORE INVESTING. IF YOU HAVE ANY QUESTIONS ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR BROKER, INTERMEDIARY, BANK MANAGER, LEGAL ADVISER, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL ADVISER. Certain terms used in this Prospectus are defined in the section of this document entitled Definitions. Central Bank Authorisation The Company has been authorised by the Central Bank as a UCITS within the meaning of the Regulations. The authorisation of the Company is not an endorsement or guarantee of the Company by the Central Bank nor is the Central Bank responsible for the contents of this Prospectus. The authorisation of the Company by the Central Bank shall not constitute a warranty as to the performance of the Company and the Central Bank shall not be liable for the performance or default of the Company or of any fund. The Company is an umbrella fund with segregated liability between funds. Listing on The Irish Stock Exchange and other exchanges The shares of AMUNDI ETF MSCI Europe DR UCITS ETF and AMUNDI ETF EURO STOXX 50 DR UCITS ETF have been admitted to the Official List of the Irish Stock Exchange. The Directors do not expect that an active secondary market will develop in the shares on The Irish Stock Exchange. Neither the admission of the shares to the Official List nor the approval of any listing particulars pursuant to the listing requirements of The Irish Stock Exchange shall constitute a warranty or representation by The Irish Stock Exchange as to the competence of the service providers to or any other party connected with the Company, the adequacy of information contained in the listing particulars or the suitability of the Funds for investment or for any other purpose. The shares of AMUNDI ETF MSCI Europe DR UCITS ETF and AMUNDI ETF EURO STOXX 50 DR UCITS ETF have also been admitted to listing on Euronext and Borsa Italiana enabling investors to buy or sell shares on the secondary market in smaller quantities than would otherwise be possible if they purchased or repurchased shares through the Company without having to incur a subscription and/or repurchase charge. However, investors should note that transactions fees and expenses may be payable to brokers when purchases or sales are made on the secondary market. Application may also be made to have the Shares of AMUNDI ETF MSCI Europe DR UCITS ETF and AMUNDI ETF EURO STOXX 50 DR UCITS ETF admitted to listing on additional exchanges. Investment Risks There can be no assurance that a Fund will achieve its investment objective. It should be appreciated that the value of the shares and any income from them is not guaranteed and may go down as well as up. An investment in a Fund involves investment risks, including possible loss of the amount invested. The capital return and income of a Fund are based on the capital appreciation and income on the investments it holds, less expenses incurred. Therefore, a Fund s return may be expected to fluctuate in response to changes in such capital appreciation or income. Fluctuations in the rate of exchange between the currency in which the shares are denominated and the currency of investment may also have the effect of causing the value of an investment in the shares to diminish or increase. Investors attention is drawn to the specific risk factors set out in the section entitled Risk Factors. The difference at any one time between the subscription price and the repurchase price for share means that an investment in a Fund should be viewed as medium to long term. A repurchase charge of up to 1% of the repurchase monies may be payable on repurchases of shares. An investment in a Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. Distribution and Selling Restrictions The distribution of this Prospectus and the offering or purchase of the shares may be restricted in certain jurisdictions. No persons receiving a copy of this Prospectus or the accompanying application form in any such jurisdiction may treat this Prospectus or such application form as constituting an invitation to them to purchase or subscribe for shares, nor should they in any event use such application form, unless in the relevant jurisdiction such an invitation could lawfully be made to them and such application form could lawfully be used. Accordingly, this Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. It is the responsibility of any persons in possession of this Prospectus and any persons wishing to apply for shares pursuant to this ii

3 Prospectus to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for shares should inform themselves as to the legal requirements of so applying and subscribing, holding or disposing of such shares and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence, incorporation or domicile, including any requisite government or other consents and the observing of any other formalities. The shares have not been, and will not be, registered under the 1933 Act or the securities laws of any of the states of the US and the Company has not been, and will not be, registered under the 1940 Act or the laws of any of the states of the US. Accordingly the shares may not be offered or sold directly or indirectly in the US or to or for the account or benefit of any US Person, except pursuant to an exemption from, or in a transaction not subject to the regulatory requirements of, the 1933 Act and any applicable state securities laws. Applicants for shares will be required to certify whether they are US Persons. The Manager may limit or prevent the direct or indirect holding of shares by any person who is a Non-Eligible Person as defined herein below. A Non-Eligible Person is a US Person as defined in US Regulation S of the Securities and Exchange Commission ( SEC ); or any other person (a) who seems to be directly or indirectly in violation of the laws and regulations of any country or any government authority, or (b) who may, according to the Manager, cause damage to the Company or a Fund that it would not have otherwise suffered or incurred. In relation to this, the Manager may: (i) refuse to issue any share if it seems that as a result of such issuance, said shares would or could be held directly or indirectly by or on behalf of a Non-Eligible Person;(ii) at any time request that a person or entity whose name is listed in the Shareholder register provide it with information, and a statement to that effect, indicating that such person would deem necessary to determine whether the actual beneficiary of the shares is a Non-Eligible Person or not; and (iii) carry out, within a reasonable timeframe, a mandatory repurchase of all the shares held by a Shareholder in accordance with the sections entitled Mandatory Repurchase of Shares and Forfeiture of Dividends and Repurchase of Shares if it seems that the latter is (a) a Non-Eligible Person and (b) such person is the sole or joint beneficiary of the shares. Marketing Rules Distribution of this Prospectus is not authorised unless it is accompanied by a copy of the latest annual report and, if published thereafter, the latest half-yearly report. However, potential investors should note that the auditors do not accept or assume responsibility to any person other than the Company, the Company s Shareholders as a body and any other person as may be agreed in writing by the auditors, for their audit work, their report or the opinions they have formed. Shares are offered only on the basis of the information contained in the current Prospectus and, as appropriate, the latest annual report or half-yearly report of the Company. Any further information or representation given or made by any dealer, salesman or other person should be disregarded and accordingly should not be relied upon. Neither the delivery of this Prospectus nor the offer, issue or sale of shares shall, under any circumstances, constitute a representation that the information given in this Prospectus is correct as of any time subsequent to the date of this Prospectus. Statements made in this Prospectus are based on the law and practice currently in force in Ireland and are subject to changes therein. This Prospectus may be translated into other languages provided that any such translation shall be a direct translation of the English text. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in translation, the English text shall prevail and all disputes as to the terms thereof shall be governed by, and construed in accordance with, the law of Ireland. This Prospectus should be read in its entirety before making an application for shares. iii

4 ALBY INVEST PUBLIC LIMITED COMPANY Directors Ms. Valerie Baudson Mr. Christophe Granjon Mr. Carl O Sullivan Mr. Adrian Waters Mr. Fadi Youssef Registered Office of the Company One Custom House Plaza International Financial Services Centre Dublin 1 Ireland Promoter, Manager, Investment Manager and Distributor Amundi 90, Boulevard Pasteur Paris France Administrator CACEIS Ireland Limited One Custom House Plaza International Financial Services Centre Dublin 1 Ireland Custodian CACEIS Bank Luxembourg - Dublin Branch One Custom House Plaza International Financial Services Centre Dublin 1 Ireland Company Secretary Bradwell Limited Earlsfort Centre, Earlsfort Terrace Dublin 2 Ireland Legal Advisers Arthur Cox Earlsfort Centre, Earlsfort Terrace Dublin 2 Ireland Sponsoring Broker for the Irish Stock Exchange Arthur Cox Listing Services Ltd Earlsfort Centre, Earlsfort Terrace, Dublin 2, Ireland Auditors PricewaterhouseCoopers, Chartered Accountants One Spencer Dock, North Wall Quay Dublin 1 Ireland Centralising Correspondent and Paying Agent in France CACEIS Bank France 1 Place Valhubert Paris France Paying Agent in Germany Marcard, Stein & Co. AG Ballindamm Hamburg Germany iv

5 INDEX SUMMARY... vii DEFINITIONS...1 INTRODUCTION...5 INVESTMENT OBJECTIVE AND POLICIES...5 Investment Objective and Policies of the Funds...5 Profile of a Typical Investor in the Funds...7 Rebalancing of each Fund...7 Dividends...8 Investment Techniques and Financial Derivative Instruments...8 RISK FACTORS...11 FEES, COSTS AND EXPENSES...13 MANAGEMENT AND ADMINISTRATION...14 The Board of Directors and Secretary...14 The Administrator...15 The Custodian...16 The Promoter, Manager, Investment Manager and Distributor...16 ADMINISTRATION OF THE COMPANY...17 Determination of the Net Asset Value...17 Procedures for Subscriptions and Repurchases (Primary Market)...19 Subscribing for Shares...19 Repurchase of Shares...22 Procedures for Subscriptions and Repurchases (Secondary Market)...23 Declaration as to Status of Investor...24 Mandatory Repurchase of Shares and Forfeiture of Dividends...24 Transfer of Shares...25 Conversion of Shares...25 Publication of the Price of the Shares...26 Temporary Suspension of Valuation of the shares and of Sales, Repurchases and Conversions...26 TAXATION...26 Irish Taxation Considerations...26 French Taxation Considerations...33 US Taxation Considerations...34 GENERAL...35 The Share Capital...35 The Company and Segregation of Liability...36 Conflicts of Interest and Best Execution...37 Voting Policy...38 Complaints...38 Meetings and Votes of Shareholders...38 Termination...38 Deferred Repurchase...38 Distribution of Assets on Winding-Up...39 Reports...39 Miscellaneous...39 Material Contracts...40 Supply and Inspection of Documents...40 Page v

6 SCHEDULE I The Regulated Markets...42 SCHEDULE II Investment Techniques and Instruments...44 SCHEDULE III Investment Restrictions...52 SCHEDULE IV Index Descriptions...56 SCHEDULE V Additional Information for Investors in the Federal Republic of Germany...59 vi

7 SUMMARY ALBY INVEST PUBLIC LIMITED COMPANY Structure The Company is an umbrella fund with segregated liability between sub-funds established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 and the Regulations and has been authorised by the Central Bank as a UCITS. Its share capital is divided into a number of classes each representing interests in a Fund and each Fund shall comprise a distinct portfolio or pool of investments. The Subscriber Shares do not entitle the holders to participate in the assets of any Fund. This Prospectus relates to the first two funds of the Company: AMUNDI ETF MSCI Europe DR UCITS ETF and AMUNDI ETF EURO STOXX 50 DR UCITS ETF. The Company has established two further funds as of the date of this Prospectus: Barclays Quantitative Merger Arbitrage US Fund and Euro Dynamic Volatility Alpha Fund. These funds are offered pursuant to separate prospectuses. Investment Objectives Each of the Funds will seek to invest in equities of European issuers comprised in the relevant Index to seek to achieve investment results that correspond generally to the net return of the corresponding Index so far as is possible and practicable. Dividend Policy It is proposed that neither Fund will declare or pay a dividend until further notice. Subscriptions and Repurchases Subscriptions and repurchases in each Fund may be made in cash or in kind and shall generally be for 25,000 shares (a Creation Unit ) or integer multiples of that amount. The Manager reserves the right to vary or waive this requirement and accept subscriptions or repurchases in a Fund in an amount other than a Creation Unit or an integer multiple of that amount. Subscription and repurchases in cash may be subject to a charge of up to 1% of the Net Asset Value per share on subscriptions and up to 1% of the Net Asset Value per share on repurchases. Details of the actual charge applicable are available from the Manager. Subscriptions and repurchases in kind will be subject to a charge of 1% of the Net Asset Value per share on subscriptions and 1% of the Net Asset Value per share on repurchases. Stock Exchange Listings of the Funds The shares of AMUNDI ETF MSCI Europe DR UCITS ETF and AMUNDI ETF EURO STOXX 50 DR UCITS ETF are listed on The Irish Stock Exchange, Euronext and Borsa Italiana. It is not expected that an active secondary market will develop in relation to the shares on the Irish Stock Exchange but an active secondary market is expected to develop arising out of the listing on Euronext and Borsa Italiana. The listing of the shares on Euronext and Borsa Italiana enables investors to buy or sell shares on the secondary market in smaller quantities than would otherwise be possible if they purchased or repurchased shares through the Company without having to incur a subscription and/or repurchase charge. However, investors should note that transaction fees and expenses may be payable to brokers when purchases or sales are made on the secondary market. Application may be made to list the shares on other exchanges in Europe. If such applications are made it is expected that an active secondary market in the shares may develop in the shares listed on these exchanges. Taxation As an investment undertaking within the meaning of section 739B (1) of the Taxes Act, the Company is generally exempt from Irish tax on its income and gains and the Company will not be required to account for any tax in respect of Shareholders who are not Irish Residents provided that the necessary signed declarations are in place. The Company may be required to account for tax in respect of Shareholders who are Irish Residents. Shareholders who are not Irish Residents will not be liable to Irish tax on income from their shares or gains made on the disposal of their shares, provided that the shares are not held directly or indirectly by or for a branch or agency in Ireland. No stamp duty or other tax is payable in Ireland on the subscription, issue, holding, redemption or transfer of shares. Where any subscription for or redemption of shares is satisfied by an in specie vii

8 transfer of Irish securities or other Irish property, Irish stamp duty may arise on the transfer of such securities or property. A gift or inheritance of shares may be liable to Irish capital acquisitions tax. The Company may be subject to, and/or accrue, withholding, capital gains, transaction-based and other taxes imposed by jurisdictions in which the Fund makes investments. Potential investors are advised to consult their own tax advisers as to the implications of an investment in the Fund. Please refer to the section entitled Taxation for further information. Fees, Costs and Expenses Investors attention is drawn to the details of the fees, costs and expenses charged to each Fund which are set out in the section entitled Fees, Costs and Expenses. Dealing Days Subscriptions for shares and repurchases of shares may be made on a Dealing Day. Unless otherwise determined by the Directors, each Business Day shall be a Dealing Day, except that such days shall not constitute Dealing Days where the determination of the Net Asset Value of the Company or of any Fund has been temporarily suspended in the circumstances outlined in the section entitled Temporary Suspension of Valuation of the Shares and of Sales, Repurchases and Conversions. Investor Restrictions The shares may not be purchased or held by US Persons unless pursuant to a relevant exemption under applicable US law and may not be offered or sold in any jurisdiction in which such offer or sale is not lawful or in which the person making such offer or sale is not qualified to do so or to anyone to whom it is unlawful to make such an offer or sale. Investment Risks An investment in a Fund involves investment risks, including possible loss of the amount invested. Moreover, there can be no assurance that a Fund will achieve its investment objective. A more detailed description of certain investment risks relevant to investors in the Funds is set out under Investment Objective and Policies and Risk Factors. viii

9 DEFINITIONS In this Prospectus the following words and phrases shall have the meanings indicated below: 1933 Act means the US Securities Act of 1933, as amended; 1940 Act means the US Investment Company Act of 1940, as amended; Administration Agreement Administrator Articles Authorised Participant Base Currency Business Day Central Bank Class Company Creation Unit Custodian Custodian Agreement Dealing Day means the agreement between the Company, the Manager and the Administrator as may be amended or supplemented from time to time, pursuant to which the latter acts as administrator, registrar and transfer agent of the Company; means CACEIS Ireland Limited or any successor administrator appointed in respect of the Company; means the articles of association of the Company; means a person or entity authorised to subscribe for shares; means the base currency of a fund and which in the case of the Funds the subject of this Prospectus is the Euro; means in respect of each Fund, unless the Directors decide otherwise, a day on which the Index is compiled and published or such other days as the Directors may from time to time determine and notify to Shareholders in advance; means the Central Bank of Ireland or any successor regulatory authority with responsibility for the authorisation and supervision of the Company; means any class of shares from time to time issued by the Company; means Alby Invest Public Limited Company, an open-ended investment company with variable capital incorporated in Ireland pursuant to the Companies Act 2014 and organised as an umbrella fund with segregated liability between sub-funds; means 25,000 shares of a Fund; means CACEIS Bank Luxembourg - Dublin Branch or any successor custodian appointed in respect of the Company; means the agreement between the Company, the Manager and the Custodian as may be amended or supplemented from time to time, pursuant to which the latter provides custodial and trustee services to the Company; means such Business Day or Business Days as the Directors, in conjunction with the Administrator, from time to time may determine, provided that, unless otherwise determined in respect of a Fund, each Business Day shall be a Dealing Day and provided further that in any event there shall be at least two Dealing Days each month at approximately equal intervals; 1

10 Directors EEA EU Euro or euro or eur Euronext FDI Fund fund Index Index Provider Intermediary Irish Stock Exchange Licence Agreement Manager Management Agreement Member State MSCI Net Asset Value means the directors of the Company for the time being and any duly constituted committee thereof; means the European Economic Area uniting the EU Members States and Iceland, Liechtenstein and Norway in an internal market; means the European Union; means the currency unit referred to in the Second Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro; means the Euronext stock exchange; means financial derivative instruments; means AMUNDI ETF MSCI Europe DR UCITS ETF and AMUNDI ETF EURO STOXX 50 DR UCITS ETF; any fund from time to time established by the Company with the prior approval of the Central Bank; means, in relation to the AMUNDI ETF MSCI Europe DR UCITS ETF, the MSCI Europe Index and, in relation to the AMUNDI ETF EURO STOXX 50 DR UCITS ETF, the EURO STOXX 50 Index, details of which are set out in Schedule IV; means, in relation to the MSCI Europe Index, MSCI and, in relation to the EURO STOXX 50 Index, Stoxx; means a person who: (i) carries on a business which consists of, or includes, the receipt of payments from an investment undertaking on behalf of other persons; or (ii) holds shares in an investment undertaking on behalf of other persons; means The Irish Stock Exchange plc; means the agreements between each Index Provider and the Manager as may be amended or supplemented from time to time in relation to the use of the relevant Index and certain trade marks in connection with each Fund; means Amundi or any successor management company appointed in respect of the Company; means the agreement between the Company and the Manager as may be amended or supplemented from time to time, pursuant to which the latter acts as manager and investment manager of the Company and distributor of the shares; means a member state of the EU; means MSCI Inc., the provider of the MSCI Europe Index; means the net asset value of the Company, or of a Fund, as appropriate, calculated as described herein; 2

11 Net Asset Value per share OECD Primary Market Regulated Market Regulations Relevant Institution Relevant Period Secondary Market share or shares Shareholder Stoxx Subscriber Shares Supplemental prospectus UCITS UCITS Directive means in respect of any shares the Net Asset Value attributable to the shares issued in respect of a Fund divided by the number of shares in issue in respect of that Fund rounded to the nearest four decimal places; means the Organisation for Economic Co-operation and Development, whose member states currently include Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the UK and the US; means a market on which the shares of a Fund are subscribed or redeemed (off exchange) directly with the Company; means a stock exchange or regulated market which is provided for in the Articles, details of which are set out in Schedule I; means the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended from time to time) and any rules adopted by the Central Bank pursuant thereto; means (i) a credit institution authorised in the EEA; (ii) a credit institution authorised within a signatory state, other than a Member State of the EEA, to the Basle Capital Convergence Agreement of July 1988 (Canada, Japan, Switzerland and the US); or (iii) a credit institution authorised in Australia, Guernsey, the Isle of Man, Jersey or New Zealand; means a period of 8 years beginning with the acquisition of a share by a Shareholder and each subsequent period of 8 years beginning immediately after the preceding, relevant period; means a market on which shares of the Funds are traded between investors rather than with the Company itself, which may either take place on a recognised stock exchange or over the counter; means the shares of no par value in the Company; means a holder of shares; means Stoxx Limited, the provider of the EURO STOXX 50 Index; means the initial share capital of 39,000 shares of no par value subscribed for euro 39,000, of which 38,999 are in issue; means any supplemental prospectus issued by the Company in connection with a Fund from time to time; means an undertaking for collective investment in transferable securities established pursuant to the Regulations; means EU Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective 3

12 investment in transferable securities (UCITS), as such may be amended, supplemented or replaced from time to time; UK US US Government Securities US Person means the United Kingdom of Great Britain and Northern Ireland; means the United States of America, its territories, possessions and all other areas subject to its jurisdiction; means any security or securities issued or guaranteed by the US government, its agencies or instrumentalities; and means, unless otherwise determined by the Directors: (i) a citizen or resident of the US; (ii) a partnership organised or existing in or under the laws of the US; (iii) a corporation organised under the laws of the US; or (iv) any estate or trust which is subject to US federal income tax on its income regardless of its source. 4

13 INTRODUCTION The Company is an investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies Act The Company has been authorised by the Central Bank as a UCITS within the meaning of the Regulations. It was incorporated on 24 September 2001 under registration number under the name Credit Lyonnais ETF Public Limited Company. It changed its name on 29 January 2002 to SPDR Europe Public Limited Company and on 25 September 2015 to Alby Invest Public Limited Company. Its sole object, as set out in Clause 2 of the Company s Memorandum of Association, is the collective investment in transferable securities and/or other liquid financial assets referred to in Regulation 68 of the Regulations of capital raised from the public and which operates on the principle of risk spreading. The Company is structured as an umbrella fund with segregated liability between funds. The Articles provide that the Company may offer separate Classes of shares, each representing interests in a Fund comprising a distinct portfolio of investments. In addition, each fund may be further divided into a number of different Classes within the fund. The Company has obtained the approval of the Central Bank for the establishment of four funds. This Prospectus relates to the Company s first two funds which have been established with one Class of shares in each Fund. With the prior approval of the Central Bank, the Company from time to time may create an additional fund or funds in which case a supplemental prospectus incorporating details relating to each fund will be issued by the Company. The creation of further share Classes shall be notified to and cleared by the Central Bank. This Prospectus relates to two Funds of the Company, namely AMUNDI ETF MSCI Europe DR UCITS ETF and AMUNDI ETF EURO STOXX 50 DR UCITS ETF. The Base Currency of these Funds is Euro. The Base Currency of any new fund will be determined by the Directors at the time of the launch of the fund. INVESTMENT OBJECTIVE AND POLICIES Investment Objective and Policies of the Funds The Company has been formed to provide investors with an opportunity to purchase shares in a Fund whose investment objective is to seek to physically replicate so far as possible and practicable the price and yield performance of a selected equity index thereby allowing investors to obtain market exposure to the companies whose securities comprise the selected Index in an easily tradeable form. Each Fund will seek to hold a portfolio of transferable securities that so far as is possible and practicable consists of substantially all of the component securities of the selected Index in substantially the same weighting as the Index. The investment objective of AMUNDI ETF MSCI Europe DR UCITS ETF is to seek to track closely so far as is possible and practicable the euro-denominated MSCI Europe Index with net dividends reinvested (net returns), whether the MSCI Europe Index rises or falls. The investment objective of AMUNDI ETF EURO STOXX 50 DR UCITS ETF is to seek to track closely so far as is possible and practicable the euro-denominated EURO STOXX 50 Index with net dividends reinvested (Total Net Return), whether the EURO STOXX 50 Index rises or falls. The MSCI Europe Index is a stock index calculated and published by MSCI. The MSCI Europe Index is comprised of the leading large- and mid-cap securities traded in the markets of 15 developed European markets. The MSCI Europe Index covers approximately 85% of the free float-adjusted market capitalisation across the equity universe of developed European markets. The EURO STOXX 50 Index is an equity index calculated and published by Stoxx. The EURO STOXX 50 Index is a sub-set of the EURO STOXX Index. It includes the 50 leading securities of twelve Eurozone countries. The equities that make up the EURO STOXX 50 Index cover all economic sectors and are chosen for their level of market capitalisation. The EURO STOXX 50 Index covers approximately 60% of the floatadjusted market capitalisation of the Eurozone stock markets as represented by the EURO STOXX Index, 5

14 which itself covers approximately 95% of the float-adjusted market capitalisation of the national markets represented therein. Each Fund will pursue the objective of replicating so far as practicable the price and yield performance of the relevant Index by seeking to hold a portfolio of transferable securities that consists of substantially all of the component securities of that Index in substantially the same weighting as the Index. The securities in which each Fund will invest will principally be ordinary shares or common stock. The composition of the securities held by the Fund will be adjusted periodically to seek to replicate the composition and weighting of the securities in the relevant Index so as to ensure that the composition and weighting of the portfolio are so far as is possible and practicable a reflection of the securities of the Index and their weighting within the Index. Each Index comprises securities listed on developed markets stock exchanges in Europe. Each Fund s ability to replicate the yield performance of the relevant Index will be affected by the costs and expenses incurred by the Fund and by the investment restrictions set out at Schedule III. It will not always be possible for a Fund to replicate and maintain exactly the composition and weighting of the relevant Index due to capital changes in the Index and because the Fund, in contrast to the Index, will have operating expenses. Neither Fund will be managed according to the traditional methods of active management, which involve the buying and selling of securities based upon economic, financial and market analyses and investment judgment. Instead, the investment style will be to replicate the relevant Index. The only purchases and sales of securities which will be made will be those necessary to create to the extent feasible a portfolio that is designed to replicate the relevant Index. As a result the financial or other condition of an issuer will not result in the elimination of its securities from the portfolio unless the securities of such an issuer are removed from the relevant Index. Each Fund is managed to minimise the gap between changes in the Net Asset Value of the Fund and changes in the value of the relevant Index. It is expected that the maximum tracking error between the Net Asset Value of the Fund and the value of the relevant Index will be 2.00%. In the event that the tracking error exceeds 2.00%, the Fund will nevertheless seek to maintain the volatility of the Net Asset Value at below 15% of the volatility of the relevant Index. It is expected that ancillary liquid assets will not form a substantial part of a Fund s assets. However, any liquid assets which a Fund holds may be invested in short-term investments such as commercial paper, bankers acceptances, certificates of deposit and government securities issued by OECD member countries or by any supra-national entity and which are traded on a Regulated Market in an OECD member country and rated investment grade or better by a rating agency, such as Standard & Poor s Corporation or Moody s Investors Service Inc. In addition, each Fund may invest up to 5% of its Net Asset Value in open-ended collective investment schemes of the type within the meaning of Regulation 68(i)(e) of the Regulations which have a primary objective of investing in such short-term investments, including government securities and may not otherwise invest in other collective investment schemes. Unless otherwise provided in this section, each of the Fund s investments will be limited to investments permitted by the Regulations which are described in more detail in Schedule III. The Regulated Markets in which a Fund may invest are listed in Schedule I. The Central Bank does not issue a list of approved markets or exchanges. If the limits on investments contained in Schedule III (excluding the limits on borrowings) are exceeded for reasons beyond the control of the Company it shall adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of Shareholders. Each Fund is also subject to the relevant investment policies as outlined herein and, in the case of a conflict between such policies and Schedule III, the more restrictive limitation shall apply. If the Regulations are altered during the life of the Company, the investment restrictions may be changed to take account of any such alterations and Shareholders will be advised of such changes in the next succeeding annual or half-yearly report of the relevant Fund. 6

15 As long as the shares of a Fund are listed on the Irish Stock Exchange each Fund shall comply with the Irish Stock Exchange s investment restrictions, including a prohibition on the taking of legal or management control of any underlying issuer. Any change in the investment restrictions shall be in accordance with the requirements of the Central Bank. Ancillary Liquid Assets A Fund may hold ancillary liquid assets in accordance with the limitations set out above and in Schedule III. Borrowings A Fund may not borrow money, grant loans or act as guarantor on behalf of third parties, except as follows: 1. foreign currency may be acquired by means of a back-to-back loan; and 2. borrowings not exceeding 10% of the total Net Asset Value of the Fund may be made on a temporary basis and the assets of the Fund may be charged as security for such borrowings. The Funds will engage in leverage to the extent permitted by Schedule II and as described in the section Investment Techniques and Financial Derivative Instruments. The investment objective and policies of each Fund will be adhered to, and in the absence of any unforeseen circumstances, will not be altered for a period of three years following the admission of the shares of a relevant Fund to the Official List of the Irish Stock Exchange. Any change in the investment objective and any material change in investment policies will be subject to the prior consent of Shareholders evidenced either by a majority vote at a meeting of Shareholders of a Fund or by the written consent of all of the Shareholders. In the event of a change in the investment objective and/or investment policy of a Fund a reasonable notification period shall be provided by the Company to the Shareholders to enable the Shareholders to redeem their shares prior to the implementation of the change. Profile of a Typical Investor in the Funds Investment in a Fund may be appropriate for investors who have a long-term investment horizon. The Funds are not designed for investors who are unwilling to accept volatility, including the possibility of a decline in the value of their investment or are seeking to invest to meet short-term goals. Rebalancing of each Fund As the investment objective of each Fund is to seek to track so far as possible and practicable the performance of the relevant Index, any changes to that Index, such as the composition and/or weighting of the securities within the Index, will require the Fund to make a corresponding adjustment to its portfolio from time to time to seek to replicate the relevant Index. The Manager may adjust the composition and/or weighting of the securities held in a portfolio from time to time and to the extent practicable and possible to seek to replicate changes in the composition and/or weighting of the securities within the Index in a manner as speedy and effective as possible. Certain adjustments to the portfolio and conforming changes may be made to each Fund when changes in the relevant Index are made by the Index Provider or when significant corporate events occur which affect the nature of the securities in issue. Other, typically smaller, adjustments may be made more frequently to seek to maintain so far as is possible and practicable the tracking of the relevant Index. Although the investment objective of each Fund is to provide investment results which track the performance of the relevant Index, it will not always be efficient to replicate the composition and/or weighting of the securities of the Index if the transaction costs incurred by the Fund in so adjusting the securities are disproportionate. Accordingly, minor mismatches will generally be permitted. Under normal market conditions, the level of tracking error in replicating each Index may be up to 2.00%. The risks associated with the physical replication of each Index include index risk and investment risk. A more detailed description of these risks is set out in the section entitled Risk Factors. The Manager shall rely solely on the Index Providers for information as to the composition and/or weighting of the securities within each Index. If the Manager is unable to obtain or process such information on any 7

16 Dealing Day then the composition and/or weighting of the Index most recently published will be used for the purposes of all adjustments. Dividends It is proposed that neither AMUNDI ETF MSCI Europe DR UCITS ETF nor AMUNDI ETF EURO STOXX 50 DR UCITS ETF will declare or pay a dividend until further notice. Any change in this matter will be subject to disclosure in the Prospectus and Shareholders being notified in advance. If the Directors decide to declare a dividend at a future date, then any dividend will be paid out of a Fund s net income (whether in the form of dividends, interest or otherwise) and unrealised and capital gains less realised and unrealised capital losses. Any dividend will be paid by telegraphic transfer to the Shareholder s account, details of which the Shareholder will be required to provide to the Company. The cost of paying a dividend by telegraphic transfer may be passed on to a Shareholder. Any dividend which is unclaimed six years from the date it became payable shall be forfeited and become the property of the relevant Fund. All dividends will be calculated and paid in accordance with the requirements of the Irish Stock Exchange. Investment Techniques and Financial Derivative Instruments The Company may employ investment techniques and FDI including, but not limited to trading in futures and options and other FDI for efficient portfolio management and investment purposes (namely; for the purpose of reducing risk, reducing costs or generating additional capital or income for the Company with an appropriate level of risk, taking into account the risk profile of the Company as outlined in the section of this Prospectus entitled Risk Factors ), subject to the conditions and within the limits from time to time laid down by the Central Bank. The FDI that the Company may use are further described below under the heading Derivative Contracts. Furthermore, new investment techniques and FDI may be developed which may be suitable for use by a Fund in the future and a Fund may employ such techniques and instruments subject to the prior approval, and any restrictions imposed by, the Central Bank. Notwithstanding this, it is not proposed for the present that AMUNDI ETF MSCI Europe DR UCITS ETF or AMUNDI ETF EURO STOXX 50 DR UCITS ETF will employ investment techniques and FDI for investment purposes. The Company will only use the FDI which are included in the risk management process cleared by the Central Bank referred to below under the heading Risk Management Process for Financial Derivative Instruments. If a Fund invests in total return swaps or other FDI with the same characteristics, the underlying asset or index may be comprised of equity or debt securities, money market instruments or other eligible investments which are consistent with the investment objective and policies of the Fund as set out in the section entitled Investment Objective and Policies. The counterparties to such transactions are typically banks, investment firms, broker-dealers, collective investment schemes or other financial institutions or intermediaries. The risk of the counterparty defaulting on its obligations under the total return swap and its effect on investor returns are described in the section entitled Risk Factors under the heading Counterparty Risk. It is not intended that the counterparties to total return swaps entered into by the Fund assume any discretion over the composition or management of the Fund s investment portfolio or over the underlying of the FDI, or that the approval of the counterparty is required in relation to any portfolio transactions by the Fund. The policy that will be applied to collateral arising from over-the-counter FDI transactions or efficient portfolio management techniques relating to the Fund is to adhere to the requirements set out in Schedule II. This sets out the permitted types of collateral, level of collateral required and haircut policy and, in the case of cash collateral, the re-investment policy prescribed by the Central Bank pursuant to the Regulations. The categories of collateral which may be received by the Funds include cash and non-cash assets such as equities, debt securities and money market instruments. From time to time and subject to the requirements in Schedule II, the policy on levels of collateral required and haircuts may be adjusted, at the discretion of the Manager, where this is determined to be appropriate in the context of the specific counterparty, the characteristics of the asset received as collateral, market conditions or other circumstances. The haircuts applied (if any) by the Manager are adapted for each class of assets received as collateral, taking into account the characteristics of the assets such as the credit standing and/or the price volatility, as well as the outcome of any stress tests performed in accordance with the requirements in Schedule II. Each decision to apply a specific haircut, or to refrain from applying any haircut, to a certain class of assets should be justified on the basis of this policy. 8

17 If cash collateral received by a Fund is re-invested, the Fund is exposed to the risk of loss on that investment. Should such a loss occur, the value of the collateral will be reduced and the Fund will have less protection if the counterparty defaults. The risks associated with the re-investment of cash collateral are substantially the same as the risks which apply to the other investments of the Fund. For further details see the section entitled Risk Factors. Direct and indirect operational costs and fees arising from the efficient portfolio management techniques of stock lending, repurchase and reverse repurchase arrangements may be deducted from the revenue delivered to the Fund (for example, as a result of revenue sharing arrangements). These costs and fees should not include hidden revenue. All the revenues arising from such efficient portfolio management techniques, net of direct and indirect operational costs, will be returned to the Fund. The entities to which direct and indirect costs and fees may be paid include banks, investment firms, broker-dealers, securities lending agents or other financial institutions or intermediaries and may be related parties to the Company or the Custodian. The revenues arising from such efficient portfolio management techniques for the relevant reporting period, together with the direct and indirect operational costs and fees incurred and the identity of the counterparty(ies) to these efficient portfolio management techniques, will be disclosed in the annual and half-yearly reports of the Company. There may be instances where the weighting of any constituent security of the relevant Index if replicated by a Fund could cause the Fund to breach the investment restrictions provided for in Schedule III. For example, the weighting of a constituent security of an index could exceed 10% of the Net Asset Value of a fund in respect of a single issuer. It is intended that each Fund may employ forwards and equity swaps transacted over-the-counter, and such other FDI contracts as are set out in Schedule II or any other over-the-counter contracts permitted by the Central Bank on a case by case basis in order to seek to maintain the same economic exposure prior to any periodic review of the relevant Index being made to the composition and weighting of the securities in the relevant Index without breaching the investment restrictions. AMUNDI ETF MSCI Europe DR UCITS ETF or AMUNDI ETF EURO STOXX 50 DR UCITS ETF may use investment techniques and FDI relating to transferable securities for efficient portfolio management purposes and details of the risks associated with such instruments are set out in the section entitled Risk Factors. The ability of AMUNDI ETF MSCI Europe DR UCITS ETF or AMUNDI ETF EURO STOXX 50 DR UCITS ETF to use these investment techniques and FDI may be limited by market conditions, regulatory limits and tax considerations and these investment techniques and FDI may be used only in accordance with the investment objectives of each Fund. Any such investment technique or FDI must be one which (alone or in combination with one or more other investment techniques or FDI) is reasonably believed by the Manager to be economically appropriate to the efficient portfolio management of each Fund. Risk Management Process for Financial Derivative Instruments The Company employs a risk management process which enables it to accurately measure, monitor and manage the various risks associated with the main categories of FDI used for efficient portfolio management purposes. Any FDI not included in the Company s risk management process will not be utilised until such time as a revised risk management process incorporating such FDI has been cleared by the Central Bank. The following is a description of the types of FDI that may be used by AMUNDI ETF MSCI Europe DR UCITS ETF or AMUNDI ETF EURO STOXX 50 DR UCITS ETF for efficient portfolio management purposes: Derivative Contracts Call options may be purchased on the condition that the exercise value of the option is at all times held by a Fund in cash or securities with a maturity of three months or under. However, uncovered call options may be purchased on the condition that the exercise value of the call options purchased in this way does not exceed 10% of the Net Asset Value of the Fund. Generally, call options may be written (sold) on condition that the Fund at all times maintains ownership of the security which is the subject of the call option. Index call options may be written, provided that all of the assets of the Fund or a proportion of such assets, which may not be less in value than the exercise value of the call option written, can reasonably be expected to behave in terms of price movement in the same manner as the options contract. However, uncovered call options 9

18 may be written on the condition that the aggregate exercise value of all call options sold in this way does not exceed 10% of the Net Asset Value of the Fund. Put options may be purchased on condition that the security which is the subject of the put option remains at all times in the ownership of the Fund. Index put options may be purchased provided that all of the assets of the Fund or a proportion of such assets, which may not be less in value than the exercise value of the put option purchased, can reasonably be expected to behave in terms of price movement in the same manner as the options contract. Uncovered put options may be purchased on the condition that the exercise value of the put options purchased in this way does not exceed 10% of the Net Asset Value of the Fund. Put options may be written (sold) on condition that the exercise value of the option is at all times held by the Fund in cash or securities with a maturity of three months or under. Futures contracts may be sold on condition that either the security which is the subject of the contract remains at all times in the ownership of the Fund or on condition that all of the assets of a Fund or a proportion of such assets, which may not be less in value than the exercise value of the futures contracts sold, can reasonably be expected to behave in terms of price movement, in the same manner as the futures contract. Futures contracts may be purchased on condition that the exercise value of the contract is at all times held by the Fund in cash or securities with a maturity of three months or under. However, a Fund which invests directly in both the fixed income and equity markets may purchase futures contracts on condition that the aggregate net exposure of the Fund is not greater than that which would be achieved through the direct investment of all of the Fund s assets in the underlying securities. In such cases the Fund must clearly provide for such an active asset allocation strategy in its investment objectives. Due to fluctuations in the value of futures contracts, the aggregate net exposure of a Fund may temporarily exceed that which would be achieved through the direct investment of all of the Fund s assets in the underlying securities. In this case, an adjustment to the Fund s exposure to futures contracts will be made as soon as possible to ensure that the aggregate net exposure of a Fund does not exceed that which would be achieved through the direct investment of all of the Fund s assets in the underlying securities. The total amount of premium paid or received for options together with the amount of initial margin paid for futures contracts may not exceed 10% of the Net Asset Value of a Fund. The above limits do not apply to a transaction which is being effected to close out an existing position. Option, interest rate swap and exchange rate swap contracts transacted over the counter ( OTC contracts ) are permitted subject to the requirements set out in Schedule II. A Fund may also enter into equity swap contracts transacted over-the-counter subject to the requirements set out in Schedule II. While the terms of any equity swap transaction will be a matter of negotiation between the parties to the contract, an equity swap transaction in general is an agreement between two parties pursuant to which one party agrees to pay to the other party an amount equal to the total return of an underlying security, basket of securities or an index. In return, the party receiving the equity return agrees to pay an agreed interest rate on the notional amount of the transaction to the party paying the equity return. Through an equity swap transaction, the party receiving the total return on the underlying security, basket of securities or index has essentially the same economic risk and reward as if it had purchased the relevant security, basket of securities or index. If a Fund enters into an equity swap transaction pursuant to which it receives the equity return, it is required by the rules of the Central Bank to maintain at all times an amount in cash or securities with a maturity of three months or under equal to the notional amount of the equity swap transaction. Other OTC contracts may be permitted subject to the requirements set out in Schedule II. Repurchase Agreements, Reverse Repurchase Agreements and Stocklending Agreements Repurchase agreements are transactions in which a Fund purchases securities from a bank or recognised securities dealer and simultaneously commits to resell the securities to the bank or dealer at an agreed-upon date and price reflecting a market rate of interest unrelated to the coupon rate of maturity of the purchased 10

19 securities. A reverse repurchase agreement involves the sale of securities with an agreement to repurchase the securities at an agreed upon price, date and interest payment. A Fund may also lend securities to a counterparty approved by the Manager. A Fund will only enter into repurchase agreements, reverse repurchase agreements and stocklending agreements in accordance with the requirements set out in Schedule II. Protection against Exchange Rate Risks A Fund may employ techniques and instruments intended to provide protection against exchange risks in the context of the management of its assets and liabilities. In this regard, a Fund may: (i) (ii) (iii) utilise currency options; hedge exposure to one currency by entering into forward currency transactions in a related currency because of the institutional and expected future correlation between the two currencies; and utilise OTC contracts subject to the requirements set out in Schedule II. Other OTC contracts may be permitted subject to the requirements set out in Schedule II. RISK FACTORS Investors attention is drawn to the following risk factors. This does not purport to be an exhaustive list of the risk factors relating to an investment in the Company and investors attention is drawn to the description of the instruments set out in the section entitled Investment Objective and Policies. Investment Risk There can be no assurance that a Fund will achieve its investment objective. The value of shares and the income therefrom may rise or fall as the capital value of the securities in which the Fund invests may fluctuate. The investment income of a Fund is based on the income earned on the securities it holds, less expenses incurred. Therefore, a Fund s investment income may be expected to fluctuate in response to changes in such income or expenses. No Fund will be able to replicate exactly the performance of the relevant Index because the total return generated by the investment in the securities comprising the Index will be reduced by certain costs and expenses whereas such costs and expenses are not included in the calculation of the relevant Index. Other extraordinary circumstances may also result in a deviation from precise index weightings. In addition, the limits on the investments made by a Fund imposed by the Regulations may also mean that a Fund may not fully replicate the performance of the relevant Index if the concentration or type of investments in the Index contravene those limits. Index Risk There is no assurance that each Index will continue to be calculated and published on the basis described in this Prospectus, that it will continue to be UCITS compliant or that it will not be amended significantly. The past performance of each Index is not a guide to future performance. The AMUNDI ETF MSCI Europe DR UCITS ETF is not sponsored, endorsed, sold or promoted by MSCI, any of its affiliates, any of its information providers or any third party involved in, or related to, compiling or creating the MSCI Europe Index (collectively, the MSCI Parties ). The MSCI Europe Index is the exclusive property of MSCI and is a service mark of MSCI or its affiliates. The MSCI Europe Index has been licensed for use for certain purposed by the Manager. None of the MSCI Parties makes any representation or warranty, express or implied, to the AMUNDI ETF MSCI Europe DR UCITS ETF or the Shareholders or any other person or entity regarding the advisability of investing in funds generally or in the AMUNDI ETF MSCI Europe DR UCITS ETF or the ability of the MSCI Europe Index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI Europe Index which are determined, composed and calculated by MSCI without regard to the Manager, the AMUNDI ETF MSCI Europe DR UCITS ETF or the Shareholders or any other person or entity. None of the MSCI Parties has any obligation to take the needs of the Manager, the AMUNDI ETF MSCI Europe DR UCITS ETF or the Shareholders or any other 11

20 person or entity into consideration in determining, composing or calculating the MSCI Europe Index. None of the MSCI Parties is responsible for or has participated in determination of the timing of, prices at, or quantities of the AMUNDI ETF MSCI Europe DR UCITS ETF to be issued or in the determination or calculation of the equation by or the consideration into which the AMUNDI ETF MSCI Europe DR UCITS ETF is redeemable. Furthermore, none of the MSCI Parties has any obligation or liability to the issuer or owners of the AMUNDI ETF MSCI Europe DR UCITS ETF or any other person or entity in connection with the administration, marketing or offering of the AMUNDI ETF MSCI Europe DR UCITS ETF. Although MSCI shall obtain information for inclusion in or for use in the calculation of the AMUNDI ETF MSCI Europe DR UCITS ETF from sources that MSCI considers reliable, none of the MSCI Parties warrants or guarantees the originality, accuracy and/or the completeness of the MSCI Europe Index or any data included therein. None of the MSCI Parties makes any warranty, express or implied, as to results to be obtained by the AMUNDI ETF MSCI Europe DR UCITS ETF, the Shareholders or any other person or entity, from the use of the MSCI Europe Index or any data included therein. None of the MSCI Parties shall have any liability for any errors, omissions or interruptions of or in connection with the MSCI Europe Index or any data included therein. Furthermore, none of the MSCI Parties makes any express or implied warranties of any kind, and the MSCI Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to the MSCI Europe Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Stoxx and its licensors have no relationship to the Manager or the Company, other than the licensing of the EURO STOXX 50 Index and related trademarks for use in connection with the AMUNDI ETF EURO STOXX 50 DR UCITS ETF. Stoss and its licensors do not: (i) sponsor, endorse, sell or promote the AMUNDI ETF EURO STOXX 50 DR UCITS ETF; (ii) recommend that any person invest in the AMUNDI ETF EURO STOXX 50 DR UCITS ETF or any other securities; (iii) have any responsibility or liability for or make any decisions about the timing, amount or pricing of the AMUNDI ETF EURO STOXX 50 DR UCITS ETF; (iv) have any responsibility or liability for the administration, management or marketing of the AMUNDI ETF EURO STOXX 50 DR UCITS ETF; or (v) consider the needs of the AMUNDI ETF EURO STOXX 50 DR UCITS ETF or the owners of the AMUNDI ETF EURO STOXX 50 DR UCITS ETF in determining, composing or calculating the EURO STOXX 50 Index or have any obligation to do so. Stoxx and its licensors will not have any liability in connection with the AMUNDI ETF EURO STOXX 50 DR UCITS ETF. Specifically, Stoxx and its licensors (i) do not make any warranty, express or implied and disclaim any and all warranty about: (a) the results to be obtained by the AMUNDI ETF EURO STOXX 50 DR UCITS ETF, Shareholders of AMUNDI ETF EURO STOXX 50 DR UCITS ETF or any other person in connection with the use of the EURO STOXX 50 Index and the data included in the EURO STOXX 50 Index; (b) the accuracy or completeness of the EURO STOXX 50 Index and its data; and (c) the merchantability and the fitness for a particular purpose or use of the EURO STOXX 50 Index and its data; (ii) will have no liability for any errors, omissions or interruptions in the EURO STOXX 50 Index or its data; and (iii) under no circumstances will be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if Stoxx or its licensors knows that they might occur. The Licence Agreement between the Manager and Stoxx is solely for their benefit and not for the benefit of the Shareholders of AMUNDI ETF EURO STOXX 50 DR UCITS ETF or any other third parties. Secondary Trading Risk If the shares are listed on one or more stock exchanges there can be no certainty that there will be liquidity in the shares on any one or more of the stock exchanges or that the market price at which shares may be traded on a stock exchange will be the same as the Net Asset Value per share. There can be no guarantee that once the shares are listed on a stock exchange they will remain listed on that stock exchange. Trading in Derivatives for Efficient Portfolio Management The prices of all FDI instruments, including futures and options prices, are highly volatile. Price movements of futures and options contracts are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programmes and policies of governments, and national and international political and economic events and policies. The value of futures and options also depends upon the price of the securities underlying them. The Funds also are subject to the 12