ETF NEwSlETTEr - SIX Swiss Exchange

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Expert View | ETF News | Events | Market Data | Product Facts | Product Provider & Market Maker | Appendix Driving the Swiss market with lower fees and innovations! SIX Swiss Exchange: Ms. Baudson, can you briefly introduce Amundi ETF? Valérie Baudson: Amundi ETF is a business line of Amundi, the joint asset management company of Crédit Agricole and Société Générale. We decided to launch our ETF business two years ago in very tense market conditions. In 2009, our strategy was focused on developing a large range of products based on a competitive pricing structure (low management fees and tight spreads). After one year of development and with a presence only in France, we more than doubled our assets under management and registered one of the fastest growth rates in Europe in terms of market share. No doubt that 2010 is the year for the European development for Amundi ETF, as we started cross-registering and multi-listing our products on various stock exchanges across Europe. Our arrival in Switzerland marks another significant step in Amundi ETF’s development strategy and will help us achieve our ambitious target for becoming one of the five biggest players in Europe with more than EUR 10 billion in assets under management by 2012. You recently launched 14 ETFs on the SIX Swiss Exchange among your range of 79 products, why did you start with this offer? Our entry into the Swiss market, known as one of the most competitive in Europe, represents a key stage in our development strategy. With our broad product mix, the products listed in each stock exchange across Europe may differ from a country to another depending on local investors’ demand and on market potential. The 14 ETFs listed on SIX Swiss Exchange benefit form competitive management fees (20% lower on average as compared to competition) and 7 of them are unprecedented. For example, the AMUNDI ETF MSCI EUROPE EX SWITZERLAND is an excellent vehicle for Swiss investors seeking to be exposed to the MSCI Europe excluding their domestic market. It is clearly a product adapted to Swiss investors. On the fixed-income side, we wanted to provide Swiss investors with an easy access to the Eurozone government debt (all maturities) and Euro corporates. Valérie Baudson, Managing Director, Amundi ETF Valérie has been Managing Director, Exchange Traded Funds at Amundi since December 2007. From 2004 to 2007, Valérie was Marketing Director and Member of the European Management Committee of Crédit Agricole Cheuvreux, the European Stockbroking subsidiary of Crédit Agricole Group. From 2001 to 2004, she held the position of Corporate Secretary and was a Member of the Management Committee. Valérie joined Crédit Agricole Cheuvreux in 1999 as Project Manager for the Senior Management team. Valérie started her career at Banque Indosuez where she managed international audit missions from 1995 to 1999. Valérie is a graduate from HEC (Haute Ecole de Commerce, Paris) where she majored in Finance. Amundi ETF 79 products covering 4 asset classes: Equities, Fixed Income, Money Market & Commodities Replication method: Swap-based AUM: EUr 4.5 bn (April 2010) For more information: www.amundietf.com ETF NEwSlETTEr | No. 27 | 1 Quarter 2010 2
Expert View | ETF News | Events | Market Data | Product Facts | Product Provider & Market Maker | Appendix Furthermore, since commodity investment is crucial in Switzerland, we listed four unique commodity ETFs, which are UCITS III funds and traded in USD, based on the S&P Goldman Sachs Commodity index family. These vehicles enable investors to be exposed to the main commodity markets via a basket of commodities such as agriculture (cotton, coffee, cocoa, corn, soy beans, wheat and sugar), industrial and precious metals, energy or non-energy. These first listings will be followed by several others in the coming weeks in order to offer Swiss investors up to 40 Amundi ETF funds by the end of the year. What added value do you bring to the Swiss investors? Amundi ETF range’s core benefits can be summed up in three core principles: cost-efficiency, product quality and innovation. And we believe that these competitive edges will meet Swiss investors’ needs. Let’s begin with cost-competitiveness. Price is clearly a key issue in our marketing strategy as we believe that it is one of the client’s major concerns. On a global basis, the Total Expense Ratio (TER) of our ETFs are 20% lower than the average of our competitors on equivalent exposures. In addition to the management fees, we work carefully on the spreads with our market makers to keep them as tight as possible and therefore offer the best cost structure possible. Regarding the quality, indeed, the way we build and manage our ETFs is an important factor. The use of a swap-based replication method enables us to minimize the Tracking Error as we do not bear the cost of buying all the components of the index. Moreover, our products benefit from the high quality ratings of the Crédit Agricole (Equity & Commodity ETFs) and Société Générale (Fixed Income ETFs) Groups. Last but not least, innovation has been one of our main drivers when setting up the product range. Among the 79 product composing the Amundi ETF range, 27 are unprecedented at their launch date. What is your outlook regarding the future of the ETF market? The exchange-traded fund market has shown a significant increase in terms of assets under management in recent years, even during the particularly tough market environment in 2008, when the global mutual fund industry suffered substantial redemptions. At Amundi ETF, we believe that this impressive growth is likely to last as many investors find that ETFs meet their requirements in terms of transparency, cost-efficiency and liquidity. The European ETF markets, and especially the Swiss market, are not yet mature; there is still a strong potential for growth, and for sure, we will be part of it. Valérie, many thanks for your time. TER* Currency ISIN Code Symbol EQUITIES-rEGIONS AMUNDI ETF DOw JONES EUrO STOXX 50 0,15% EUr Fr0010654913 C50 AMUNDI ETF MSCI EUrOPE 0,28% EUr Fr0010655696 CEU AMUNDI ETF MSCI EUrOPE EX SwITZErlAND 0.30% EUr Fr0010821835 CS9 AMUNDI ETF DOw JONES STOXX 600 EQUITY-COUNTrY 0.18% EUr Fr0010791004 C6E AMUNDI ETF MSCI BrAZIl FIXED INCOME 0.55% USD Fr0010821793 BrZ AMUNDI ETF GOVT BOND EUrOMTS BrOAD FIXED INCOME-INFlATION 0.14% EUr Fr0010754192 CB3 AMUNDI ETF EUrO COrPOrATES EQUITIES-lEVErAGED 0.20% EUr Fr0010754119 CC4 AMUNDI ETF lEVErAGED DOw JONES EUrO STOXX 50 0.30% EUr Fr0010756072 C5l AMUNDI ETF lEVErAGED MSCI EUrOPE DAIlY EQUITIES-SHOrT 0.35% EUr Fr0010756080 ClE AMUNDI ETF SHOrT DOw JONES EUrO STOXX 50 COMMODITIES 0.30% EUr Fr0010757781 C5S AMUNDI ETF COMMODITIES S&P GSCI (lE) 0.30% USD Fr0010821728 Cl7 AMUNDI ETF COMMODITIES S&P GSCI AGrICUlTUrE 0.30% USD Fr0010821777 NEG AMUNDI ETF COMMODITIES S&P GSCI METAlS 0.30% USD Fr0010821736 CA8 AMUNDI ETF COMMODITIES S&P GSCI NON ENErGY 0.30% USD Fr0010821744 CME * Total Expense ration – Annual all tax inclusive ETF NEwSlETTEr | No. 27 | 1 Quarter 2010 3
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