Semi-Annual Report for the Investment Fund ETFlab Deutsche Börse EUROGOV Germany 5-10 31 August 2009 Page 1
Note The Investment Fund referred to in this report is a fund under German law. Licence information Deutsche Börse EUROGOV Germany is a registered trademark of Deutsche Börse AG. The financial instrument ETFlab Deutsche Börse EUROGOV Germany 5-10 is not sponsored, promoted, sold or supported in any other way by Deutsche Börse AG. The calculation and licensing of the index or the index trademark does not constitute any recommendation for investing capital. The Licensor is not liable in respect of third parties for any errors in the index. Page 2
Management Report Dear Sir/Madam, Dear Investors, The past year has been an active one for ETFlab. We added a large number of new funds to our product portfolio. These include six iboxx Liquid Sovereign Diversified ETFs on European government bonds with various maturity ranges. Also new in the product line are five bond ETFs and one money-market ETF, all of which invest in Federal Republic of Germany government bonds. This volume and numerous press reports point up clearer than ever the investor trend towards Exchange Traded Funds: transparent, highly efficient products that combine the benefits of equities, funds and futures, while leaving out their disadvantages. All current ETFlab funds pursue the strategy of full replication. This means that all securities in the index are purchased in accordance with their weighting in the index. With ETFlab DAXplus Maximum Dividend, investors can now for the first time invest in the Deutsche Börse s strategy index of the same name. This innovative dividend index is focussed on the future and is calculated on the basis of the dividend yields of German companies that are either announced or estimated by analysts. As a result, the total volume of the ETFlab Funds had grown to EUR 3.3 billion as at 31/08/2009. With our experienced teams of experts, we will continue to develop products that address the needs of the market and that afford our investors additional investment opportunities. This Semi-Annual Report contains detailed information on the performance of our index funds. Thank you for your confidence in us. We hope that you will continue to include ETFlab ETFs in your financial planning. Andreas Fehrenbach Michael Langmack Managing Director CEO Managing Director COO Page 3
Composition of the index (%) Republic of Germany 3.25% 04/07/2015 9.92 Republic of Germany 3.5% 04/01/2016 10.97 Republic of Germany 3.5% 04/07/2019 6.07 Republic of Germany 3.75% 04/01/2015 11.14 Republic of Germany 3.75% 04/01/2017 9.62 Republic of Germany 3.75% 04/01/2019 11.47 Republic of Germany 4% 04/01/2018 9.74 Republic of Germany 4% 04/07/2016 11.25 Republic of Germany 4.25% 04/07/2017 9.42 Republic of Germany 4.25% 04/07/2018 10.41 Page 4
Fund management activity report In the period under review, the following changes in the index were announced by the index provider: Addition: Republic of Germany 3.5% 04/07/2019 Deletion: Republic of Germany 4.25% 04/07/2014 Page 5
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Overview of index performance Name Date Price index (closing price) Date Price index (closing price) Low Date High Date Change (%) Deutsche Börse EUROGOV Germany 5-10 16/03/2009 105.28 31/08/2009 104.65 101.63 05/06/2009 106.29 01/04/2009-0.60% Overview of Fund performance Unit price (closing price) Unit price (closing price) Low Date High Date Change (%) excl. distribution Name Date Date ETFlab Deutsche Börse EUROGOV Germany 5-10 16/03/2009 107.19 31/08/2009 108.23 104.36 05/06/2009 108.43 27/08/2009 0.97% Page 7
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Munich, 31/08/2009 Andreas Fehrenbach Michael Langmack Page 14
Management and custodian Investment company Wilhelm-Wagenfeld-Straße 20 80807 Munich Share capital as at 31 August 2009 EUR 1 million Shareholder DekaBank Deutsche Girozentrale Mainzer Landstraße 16 60325 Frankfurt/Main Management Andreas Fehrenbach Ottobrunn Michael Langmack Ismaning Supervisory Board Walter Groll (Chairman) Member of the Management Board of DekaBank Deutsche Girozentrale Frankfurt/Main Dr. h.c. Friedrich Oelrich (Deputy Chairman) Member of the Management Board of DekaBank Deutsche Girozentrale Frankfurt/Main Steffen Matthias Advisor Tervuren Custodian DekaBank Deutsche Girozentrale Mainzer Landstraße 16 60325 Frankfurt/Main Germany Auditors PriceWaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Olof-Palme-Straße 35 60439 Frankfurt/Main Wilhelm-Wagenfeld-Straße 20 80807 Munich Germany Tel +49 (0)89 327 29 33 33 Fax *49 (0)89 327 29 33 info@etflab.de www.etflab.de Page 15