amundi etf euro high yield liquid bond iboxx ucits etf

AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF

Annual report June 2016

AMUNDI’S ASSET MANAGEMENT UCITS Fund Manager: AMUNDI ASSET MANAGEMENT Delegated fund accountant: CACEIS FUND ADMINISTRATION FRANCE Custodian: CACEIS BANK FRANCE Auditors: PWC SELLAM

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Contents

Informations about the Fund 3

Annual Report 7

Significant events during the financial period 10

Specific details 11

Regulatory informations 12

Auditor's Certification 13

Annual accounts 16

Balance Sheet 17

Balance Sheet Liabilities 18

Off-balance sheet 19

Income Statement 20

Notes to the annual accounts 21

Accouting rules and methods 22

Changes in net assets 25

Table of profit (loss) of the fund over the past five financial periods 33

Portfolio Listing 34

Pages

UCITS AMUNDI ETF EURO HIGH YIELD LIQUIDBOND IBOXX UCITS ETF

UCITS AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF

Annual Report on 06/30/16 3

Informations about the Fund Classification Bonds and other debt instruments denominated in the euro. Determination and allocation of distributable sums C units: Accumulation. D units: Accumulation and/or distribution at the discretion of the Management Company. Tax treatment The Fund is eligible for life insurance policies. The Fund may provide a support vehicle for life insurance policies denominated in units of account. The UCITS, by its nature, is not subject to taxation. However, unitholders may be taxed on any income distributed by the Fund or when they sell Fund units. The tax treatment applicable to amounts distributed by the Fund or unrealised or realised capital gains or losses will depend on the individual unitholder's tax situation, residence for tax purposes and/or the investment jurisdiction of the Fund. If an investor is uncertain of his or her tax position, the investor should consult a financial advisor or a professional investment consultant to determine the tax rules applicable to his or her particular situation before any investment. Some income distributed by the UCITS to unitholders residing outside France may be subject to withholding tax in France. Benchmark index The Fund’s Benchmark Index is the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index, a euro-denominated total return index (i.e. reinvesting the coupons of the components). The Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index is a bond index, calculated and published by the international index provider Markit Indices Limited, wholly owned by Markit Group Limited. Management fees and commissions Administrative and management fees for any unit category: 0.4% including tax. Subscription fees received by the Fund for any unit category: None. In compliance with current regulations, this mutual fund has, during the financial period just ended, levied charges at rates which are in line with those stated in the Prospectus and set out in the paragraph “Management Fees” and use under the following headings: - Notes to the annual accounts/Management fees. - Further Details/Subscription and/or redemption fees/Management fees. Investment objective The Fund’s investment objective is to track as closely as possible the performance of the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index (see “Benchmark index” section), whether the Index rises or falls. The Fund is managed to obtain the smallest possible difference between changes in the Fund's NAV and changes in the value of the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index (referred to below as the “Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index”). The target for maximum tracking error between changes in the Fund’s NAV and those in the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index is 2%. If the “tracking error” exceeds 2%, the aim would nevertheless be to remain below 15% of the volatility shown by the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index.



Investment strategy The Fund is managed by “index tracking”. 1. Strategy employed: The Fund is managed by a technique known as “index-tracking” with the objective to replicate changes in the performance of the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index using a swap-based replication method. To maintain the closest possible correlation with the performance of the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index, the Fund will buy a portfolio of bonds and money-market instruments (the "Portfolio") and an over-the-counter (OTC) total return swap, a financial derivative instrument which turns the exposure to the securities in the Portfolio into exposure to the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index.

Geographic area of the securities issuers Euro-denominated international bonds

Spread of sensitivity to interest rates between 0 and 7

Spread of sensitivity to credit spread between 0 and 7

Currency in which the components of the index are denominated

Euro (EUR)

Level of exposure to currency exchange risk None

The Fund will comply with the investment rules set forth in Articles R 214-21 and R214-22 of the French Monetary and Financial Code (CMF). The Portfolio comprising directly held assets described in the "Assets used" section, complies with the provisions of Article R 214-21 of the French Monetary and Financial Code (CMF). The Fund's exposure to the Index achieved through the total return swap may be eligible for exemption ratios applicable to the index-tracking UCITS referred to in Article R214-22 of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as the regulated markets where some marketable securities or some money-market instruments are largely dominant. 2. Assets used (except embedded derivatives): The Fund's exposure to the Index is achieved through the total return swap. The Portfolio consists of the Fund's directly held assets described below. - Securities: The Fund will be continuously exposed to one or more Eurozone rate markets. The securities in the Fund will be chosen to limit the tracking costs of the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index. They will mostly be fixed interest securities from OECD countries, including government stock, Treasury Bills, Deposit Certificates, commercial paper, bonds issued by firms registered in OECD countries and EMTN (Euro Medium Term Notes). - Interest-rate instruments: Up to 100% of the Fund’s net assets may be invested in any kind of monetary and/or bond instrument from OECD countries. The bond issuers selected may be from the private sector or from the public sector (national or local governments, etc.), and private sector debt may account for up to 100% of all debt instruments.



The Fund’s sensitivity to interest rates will range from 0 to 7. - UCITS units or shares: The Fund may hold up to 10% of its assets in UCITS units and/or shares. These UCITS are representative of all asset classes, in compliance with the Fund's requirements. They may be UCITS managed by the Management Company, or by other entities, regardless of whether they belong to the Crédit Agricole SA Group, including related companies. 3. Derivatives: The Fund will use OTC derivative financial instruments (including total return swaps) to turn the exposure to securities held by the Fund into exposure to the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index. Off-balance sheet commitments are calculated by the accrual method of accounting. The Fund may take positions in the following derivatives: Type of market: regulated organised over-the-counter Categories of risk in which the Fund intends to take a position: equity risk interest rate risk currency risk credit risk other risks Nature of positions to be taken, which must be limited to those required to meet the management objective: hedging exposure arbitrage other Types of instruments used: futures: on equities and indices options: on equities and indices total return swaps: on equities and indices total return swap: credit derivatives: credit default swaps other Strategies for use of incorporated derivatives to achieve the management objective: constructing a synthetic exposure to a particular security, sector and/or to the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index via the use of swaps. management of intermediate cash (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock and/or sector and/or to the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index via the use of futures. management of intermediate cash (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock and/or sector and/or to the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index via the use of options. These instruments may be used to hedge up to 100% of the Fund’s net assets. 4. Securities incorporating derivatives (“embedded derivatives”): None.



5. Deposits and liquid assets: The Fund may hold up to 20% of its net assets in deposits for a maximum term of twelve months. The deposits are used for cash management purposes and help the Fund achieve its management objectives. 6. Borrowing: The Fund may temporarily, and in exceptional cases, borrow up to 10% of its net assets in order to optimise its cash flow management. 7. Temporary acquisitions and sales of securities: None. Over-exposure of the assets: None. All the Fund’s commitments on derivatives may not exceed 110% of the net assets. Information on UCITS financial guarantees (collateral) None. Overview of the procedure for choosing intermediaries / counterparties and comments The Management Company generally issues a bid tender. In this case such a procedure has not been required. The Management Company will therefore not undertake a formal procedure that might be tracked and monitored, so as to ensure competition among potential counterparties of OTC swaps it enters into, or among the vendors it buys embedded derivatives from. The Fund may conduct these transactions with Société Générale Corporate and Investment Banking or any other company in the Société Générale group as counterparties or intermediaries. Risk profile Capital risk Factors that may influence the ability of the Fund to track the performance of the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index Interest rate risk Credit Risk Risks related to the use of "speculative debt (high yield) securities" Counterparty risk related to the tracking method selected Liquidity risk Liquidity risk in a stock market Operational risk



Annual Report June 2016 The Fund's objective is to track as closely as possible the euro-denominated Markit iBoxx EUR Liquid High Yield 30 Ex-Financial Index, “total return” index (i.e. interest is rolled up), whether the Markit iBoxx EUR Liquid High Yield 30 Ex-Financial index rises or falls. Subfund Rolling Performance AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF For the period under review, the unit C EUR performance is -0.61%. The benchmark performance is -0.06% with a tracking error of 0.02%. For the period under review, the unit D EUR performance is -0.11%. The benchmark performance is 0.25% with a tracking error of 0.02%. Past performance is no guarantee of future performance. Movements in portfolio listing during the period

Movements (in amount) Securities

Acquisitions Transfers

SOFT GROU 4.75% 30-07-25 62,321,022.87 55,855,362.45

WIND ACQU FIN 4.0% 15-07-20 58,517,323.72 54,973,167.08

PETBRA 2 3/4 01/15/18 50,760,681.21 55,521,326.07

TESCO CORP 1.375% 01-07-19 EMTN 52,367,155.99 52,848,363.18

GAZPROM 3.755% 15/03/2017 45,633,053.48 47,744,205.59

ALTI LUXE SA 7.25% 15-05-22 44,503,373.78 45,301,428.23

THYSSENKRUPP AG 4% 27/08/2018 39,411,694.53 42,353,310.28

FIAT FIN 4.75% 15-07-22 EMTN 30,744,511.50 29,953,646.92

VRX ESCR CORP 4.5% 15-05-23 30,526,722.43 28,719,007.47

CNH INDU 6.25% 09-03-18 EMTN 23,509,310.43 28,560,171.25



Efficient portfolio management (EPM) techniques and Financial derivative instruments a) Exposure obtained through the EPM techniques and Financial derivative instruments Exposure obtained through the EPM techniques and Financial derivative instruments : None.

Underlying exposure reached through financial derivative instruments : 199,324,377.90

o Swap : 199,324,377.90 b) Identity of the counterparty(ies) to EPM techniques and Financial derivative instruments

Identity of the counterparty(ies) to EPM techniques

Financial derivative instruments (*)

SOCIETE GENERALE

(*) Excepted derivative listed c) Type and amount of collateral received by the UCITS to reduce counterparty risk

Types of financial instruments Amount portfolio currency

EPM

. Term Deposit

. Equities

. Bonds

. UCITS

. Cash

Total

Financial derivative instruments

. Term Deposit

. Equities

. Bonds

. UCITS

. Cash

Total



d) Revenues and operational cost/fees from EPM

Revenues and operational cost/fees Amount portfolio currency

. Revenues (**)

. Other revenues

Total revenues

. Direct operational fees

. Indirects operational fees

. Other fees

Total fees

(**) Revenues received from loans, repurchase and reverse repurchase agreements



Significant events during the financial period November 12, 2015 Update of the Management Company's name: « Amundi » has changed to « Amundi Asset Management », compagny of tke Amundi Group.



Specific details Voting rights In accordance with the Fund’s Rules and the Fund Manager’s stated policy, the Fund Manager exercises the voting rights attached to the securities held by the Fund and decides on contributions in the form of securities, except where the securities are those of the Fund Manager itself or of any associate company as defined in Art L. 444-3 of the French Labour Code (Code du Travail). Two documents, “Voting Policy” and “Report on the Exercise of Voting Rights”, prepared by the Fund Manager in compliance with the current regulations are available upon request. This mutual fund (OPC) has not been selected as one of the funds which currently exercise voting rights. Soft commissions The Fund Manager has received no “soft” commissions. Movement commission The Fund Manager has received no commissions on trade. Use of credit derivatives The Fund has not used credit derivatives during the period under consideration. Group funds Details of the financial instruments held by the Fund which are issued by the Fund Manager or its associates will be found in the Auditor’s Report for the latest financial period (enclosed herein) under the following headings of annuals accounts: Further details. Group financial instruments held by the Fund. Calculating overall risk • Overall risk calculation method: the mutual fund uses the commitment calculation method to calculate the mutual fund’s overall exposure to financial contracts.



Regulatory informations Financial intermediary selection procedure The Broker Selection Policy draws up and implements a policy which enables it to comply with the Fund’s obligation under Art.314-75 (iv) while meeting the requirements set out in Art L.533-18 of the French CMF. For each class of instrument, the policy selects the organizations that will be commissioned to execute orders. AMUNDI execution policy may be consulted on the AMUNDI website. Investment advice service The Fund Manager has not prepared a “Report on Brokerage Expenses” since it has not used any investment advice services. Information on environmental, social and governance quality criteria (ESG) Throughout its active management* Amundi, like the entire group, applies strict rules for the integration of extrafinancial criteria (ESG) that form the basis of its liability. Thus it: - excludes direct investment in companies involved in the manufacture or trade in antipersonnel mines and cluster munitions, in accordance with the Ottawa and Oslo Conventions - excludes firms that violate grossly and repeatedly one or more of the 10 principles of the Global Compact. Issuers falling under these two categories are rated G on Amundi's scale (scale from A to G, A being the best and G the worst). Further information on how to take Amundi's ESG criteria into account is available on its websit. *Active Management: excluding index funds and ETF constrained by their benchmark.

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Certificate drafted by the Auditor on the annual accounts

AUDITOR’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2016 AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF Mutual Fund Governed by the Code monétaire et financier Fund Manager AMUNDI 91-93, boulevard Pasteur 75710 Paris Cedex 15 Dear Madam, dear Sir, We submit herewith our report for the financial period ended 30 JUNE 2016 on the following matters, as commissioned by the Fund Manager’s Board of Directors: our audit on the annual accounts of the mutual fund AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF, as attached hereto; the grounds for our opinion;

the auditing checks and specific details required by law.

The annual accounts have been drawn up by the Fund Manager; it is our task to give an opinion on these accounts, based on our audit. 1. - OPINION ON THE ANNUAL ACCOUNTS We have carried out our audit according to the standards of professional practice applicable in France; those standards require the implementation of due diligence sufficient to give a reasonable assurance that the annual accounts in question contain no significant discrepancies. An audit involves checking, by sampling or other selective means, the evidence for the entries (amounts and other details) which appear in the annual accounts. It also involves assessing the accounting standards that have been followed, the significant estimates made, and the way in which the accounts as a whole have been presented. We reckon that the evidence we have gathered is appropriate and sufficient as a basis for our opinion. We hereby certify that the annual accounts have been reliably drafted and are in good order under French accounting rules and standards, and give a fair picture of the outcome of all transactions during the period recently ended, as well as of the mutual fund’s assets, liabilities and financial situation at the end of that period. 2. – GROUNDS FOR OUR OPINION In accordance with the requirements of article L. 823-9 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention that our assessments were conducted with regard to evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made. PwC: 63 rue de Villiers – 92208 Neuilly-sur-Seine Cedex – France Tel. + 33 1 56 57 58 59 – Fax. + 33 1 56 57 58 60 Public Joint-Stock company (SA); share capital €2 510 460 Siret No. 672 006 483 00362

AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF These assessments were made as part of our audit of the financial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report. 3. - CHECKS AND SPECIFIC DETAILS We have also made the specific checks required by law. We have no qualifications to add concerning the trustworthiness and consistency of the annual accounts with the information given in the Annual Report and in the documents submitted to unit holders concerning the financial situation and the annual accounts. Neuilly sur Seine, date of the electronic signature

Document authenticated by electronic signature The Auditor

PricewaterouseCoopers Audit

Benjamin Moïse

Annual Report on 06/30/16 16- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Annual accounts

Annual Report on 06/30/16 17- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

FIXED ASSETS, NET

06/30/16 06/30/15

DEPOSITS FINANCIAL INSTRUMENTS 217,588,177.59 141,516,736.66

Equities and similar securities Traded in a regulated market or equivalent Not traded in a regulated market or equivalent

Bonds and similar securities 217,588,177.59 141,516,736.66Traded in a regulated market or equivalent 217,588,177.59 141,516,736.66Not traded in a regulated market or equivalent

Credit instruments Traded in a regulated market or equivalent

Negotiable credit instruments (Notes) Other credit instruments

Not traded in a regulated market or equivalent Collective investment undertakings

General-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in other countries

Other Funds intended for non-professionals and equivalents in other EUMember States

General-purpose professional funds and equivalents in other EU MemberStates and listed securitisation entities

Other professional investment funds and equivalents in other EU MemberStates and listed securitisation agencies

Other non-European entities

Temporary transactions in securities Credits for securities held under sell-back deals Credits for loaned securities Borrowed securities Securities sold under buy-back deals Other temporary transactions

Hedges Hedges in a regulated market or equivalent Other hedges

Other financial instruments RECEIVABLES 139,668,216.67 3,484,142.56

Forward currency transactions Other 139,668,216.67 3,484,142.56

FINANCIAL ACCOUNTS Cash and cash equivalents

TOTAL ASSETS 357,256,394.26 145,000,879.22

Balance Sheet on 06/30/16Portfolio : 730154 AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF

Balance sheet - asset in EUR


Annual Report on 06/30/16 18- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SHAREHOLDERS' FUNDS

06/30/16 06/30/15

145,657,856.96189,293,075.52Capital

Allocation Report of distributed items (a)

Brought forward (a)

Allocation Report of distributed items on Net Income (a,b) -4,134,025.029,083,555.33

-507,284.351,536,292.02Result (a,b)

141,016,547.59199,912,922.87Total net shareholders' funds

* Net Assets

FINANCIAL INSTRUMENTS 357,987.2417,496,405.51

Transfers of financial instruments

Temporary transactions in securities

Sums owed for securities sold under buy-back deals

Sums owed for borrowed securities

Other temporary transactions

Hedges 357,987.2417,496,405.51

Hedges in a regulated market or equivalent

Other hedges 357,987.2417,496,405.51

PAYABLES 3,626,344.37139,847,013.20

Forward currency transactions

Other 3,626,344.37139,847,013.20

FINANCIAL ACCOUNTS 0.0252.68

Short-term credit 0.0252.68

Loans received

TOTAL LIABILITIES 145,000,879.22357,256,394.26

(a) Including adjusment(b) Decreased interim distribution paid during the business year

Balance Sheet Liabilities on 06/30/16Portfolio : 730154 AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF

Balance sheet - liabilities in EUR


Annual Report on 06/30/16 19- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/30/16 06/30/15

HEDGES

Contracts in regulated markets or similar

OTC contracts

Other commitments

OTHER OPERATIONS

Contracts in regulated markets or similar

OTC contracts

Performance swap

SG ETF 25/11/16 199,324,377.90 140,275,338.69

Other commitments

Off-balance sheet on 06/30/16Portfolio : 730154 AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF

Off balance sheet in EUR


Annual Report on 06/30/16 20- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/30/16

Revenues from financial operations

06/30/15

Revenues from deposits and financial accounts

Revenues from equities and similar securities

1,982,389.15Revenues from bonds and similar securities 55,187.70

Revenues from credit instruments

Revenues from temporary acquisition and disposal of securities

Revenues from hedges

Other financial revenues

1,982,389.15TOTAL (1) 55,187.70

Charges on financial operations

Charges on temporary acquisition and disposal of securities

Charges on hedges

53.17Charges on financial debts 20.38

Other financial charges

53.17TOTAL (2) 20.38

1,982,335.98NET INCOME FROM FINANCIAL OPERATIONS (1 - 2) 55,167.32

Other income (3)

620,571.54Management fees and depreciation provisions (4) 497,120.61

1,361,764.44NET INCOME OF THE BUSINESS YEAR (L.214-17-1) (1-2+3-4) -441,953.29

174,527.58Revenue adjustment (5) -65,331.06

Interim Distribution on Net Income paid during the business year (6)

NET PROFIT (1 - 2 + 3 - 4 + 5 + 6) 1,536,292.02 -507,284.35

Income Statement on 06/30/16Portfolio : 730154 AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF

Income statement in EUR


Annual Report on 06/30/16 21- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Notes to the annual accounts



Accounting rules and methods The annual accounts are presented as provided by the ANC Regulation 2014-01 repealing Regulation CRC 2003-02 as amended. General accounting principles apply, viz: - fair picture, comparability, ongoing business, - proper practice & trustworthiness, - prudence, - no unreported change in methods from one period to the next. Revenues from fixed-yield securities are recognized on the basis of interest actually received. Acquisitions and disposals of securities are recognized exclusiveof costs. The accounting currency of the portfolio is the EURO. The accounting period reported on is 12 months. Asset valuation rules: Financial instruments are initially recognized at historic cost and carried on the Balance Sheet at their current value: this is their latest known market value or, in the absence of a market, is determined by any external means or by recourse to financial models. Differences between the securities’ current values determined as above and their original historic cost are recognized in the accounts as “differences on estimation”. Securities denominated in a currency other than that of the portfolio are valued in accordance with the above principle and then converted into the currency of the portfolio at the exchange rate obtained on the valuation date. Deposit: Deposits maturing in three months or sooner are valued according to the linear method. Equities, bonds and other securities traded in a regulated market or equivalent: When calculating the NAV, the equities and other securities traded in a regulated market or equivalent are valued based on the day’s closing market price. Bonds and similar securities are valued at the closing price notified by various financial service providers. Interest accrued on bonds and similar securities is calculated up to the date of asset valuation. Equities, bonds and other securities not traded in a regulated market or equivalent: Securities not traded in a regulated market are valued by the Fund Manager using methods based on net equity and yield, taking into account the prices retained in significant recent transactions. Negotiable credit instruments (Notes): Negotiable credit instruments which are not actively traded in significant amounts are actuarially valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer’s intrinsic characteristics: Notes maturing in one year’s time or less: euro interbank offered rate (Euribor); Notes maturing in more than one year’s time: the prevailing rate on medium-term interest-bearing Treasury notes (BTAN) or, for the longest Notes, on near-term fungible Treasury bonds (OAT);



Negotiable credit instruments maturing in three months or sooner may be valued according to the linear method. French Treasury notes are valued using the market rate published daily by the Banque de France. UCITS held: UCITS units or shares are valued at the latest known NAV. Temporary transactions in securities: Securities held under sell-back deals are carried in Assets under “credits for securities held under sell-back deals” at the amount provided for in the contract, plus accrued interest receivable. Securities sold under buy-back deals are booked to the buying portfolio at their current value. The corresponding debt is booked to the selling portfolio at the value set in the contract plus accrued interest payable. Loaned securities are valued at their current value and carried in Assets under “credits for loaned securities” at their current value plus accrued interest receivable. Borrowed securities are carried in Assets under “borrowed securities” at the amount provided for in the contract, and in Liabilities under “debts for borrowed securities” at the amount provided for in the contract plus accrued interest payable. Hedges: Hedges traded in a regulated market or equivalent: Hedge instruments traded in regulated markets are valued at the day’s settlement price. Hedges not trades in a regulated market or equivalent: Swaps: Rate swaps and/or forward currency transactions are valued at their market value according to the price calculated by discounting future interest streams at market interest (and/or exchange) rates. This price is adjusted for default risk. Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or are estimated as specified by the Fund Manager. Off-Balance Sheet Commitments: Firm hedging contracts are stated among “Off-Balance Sheet Commitments” at their market value at the rate used in the portfolio. Conditional hedges are converted into their underlying equivalents. Swap commitments are stated at their nominal value or at an equivalent amount, where there is no nominal value. Management fees: Management fees are calculated on the nominal capital on each valuation. These fees are imputed to the fund’s Income Statement. Management fees are paid in full to the Fund Manager, which bears all the fund’s operating costs. The management fees do not include dealing costs.



The percentage of nominal capital charged is 0.40% including taxes. Allocation of net profit: Definition of Distributable: The distributable funds shall consist of: The result: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn’t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains. Appropriation methods for the distributable amounts: Distributable amounts Unit: Allocation of the net income Accumulation and/ or distribution and / or carry

forward a decision taken by the management

Allocation of the net realized gains and losses Accumulation and/ or distribution and / or carry forward a decision taken by the management

Annual Report on 06/30/16 25- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

06/30/16

141,016,547.59NET ASSETS IN START OF PERIOD 109,632,719.95

06/30/15

297,443,830.00Subscriptions (including subscription fees received by the fund) 278,922,520.00

-236,288,850.00Redemptions (net of redemption fees received by the fund) -249,353,090.00

11,259,256.11Capital gains realised on deposits and financial instruments 8,627,056.23

-14,198,604.84Capital losses realised on deposits and financial instruments -1,537,434.91

347,161,557.24Capital gains realised on hedges 90,163,888.50

-331,208,038.43Capital losses realised on hedges -92,444,126.76

Dealing costs

Exchange gains/losses

503,879.03Changes in difference on estimation (deposits and financial instruments) -3,062,304.99

-641,458.44Difference on estimation, period N -1,145,337.47

1,145,337.47Difference on estimation, period N-1 -1,916,967.52

-17,138,418.27Changes in difference on estimation (hedges) 509,272.86

-17,496,405.51Difference on estimation, period N -357,987.24

357,987.24Difference on estimation, period N-1 867,260.10

Net Capital gains and losses Accumulated from Previous business year

Distribution on Net Capital Gains and Losses from previous business year

1,361,764.44Net profit for the period, before adjustment prepayments -441,953.29

Allocation Report of distributed items on Net Income

Interim Distribution on Net Income paid during the business year

Other items

NET ASSETS IN END OF PERIOD 199,912,922.87 141,016,547.59

Change in net assets on 06/30/16Portfolio : 730154 AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS ETF

Changes in net asset in EUR




BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR COMMERCIAL TYPE

Amount %

ASSETS

BONDS AND SIMILAR SECURITIES

Fixed-rate bonds traded on a regulated or similar market 207,839,108.62 103.96

Floating-rate bonds traded on regulated markets 1,105,956.67 0.55

Other bonds (indexed bonds, participating interests) 8,643,112.30 4.32

TOTAL BONDS AND SIMILAR SECURITIES 217,588,177.59 108.84

CREDIT INSTRUMENTS

TOTAL CREDIT INSTRUMENTS

LIABILITIES

TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

TOTAL TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS

OFF-BALANCE SHEET

HEDGES

TOTAL HEDGES

OTHER OPERATIONS

Other 199,324,377.90 99.71

TOTAL OTHER OPERATIONS 199,324,377.90 99.71

BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TYPE

Fixed rate % Variable rate % Rate subject to

review % Other %

Assets

Deposits

Bonds and similar securities 207,839,108.62 103.96 1,105,956.67 0.55 8,643,112.30 4.32

Credit instruments


Financial accounts

Liabilities


Financial accounts 52.68

Off-balance sheet

Hedges

Other operations



BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TIME TO MATURITY

< 3 Months % ]3 Months -

1 Year] % ]1 - 3 Years] % ]3 - 5 Years] % > 5 Years %

Assets

Deposits

Bonds and similar securities 6,619,171.15 3.31 39,015,646.51 19.52 38,409,670.39 19.21 133,543,689.54 66.80

Credit instruments


Financial accounts

Liabilities


Financial accounts 52.68

Off-balance sheet

Hedges

Other operations

All hedges are shown in terms of time to maturity of the underlying securities. BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY LISTING OR EVALUATION CURRENCY

Currency 1

%

Currency 2

%

Currency 3

%

Currency N Others

currencies

%

Assets

Deposits

Equities and similar securities

Bonds and similar securities

Credit instruments

Mutual fund units


Liabilities

Financial accounts

Liabilities

Transactions involving transfer of financial instruments


Financial accounts

Off-balance sheet

Hedges

Other operations

Annual Report on 06/30/16 28- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BREAKDOWN BY ITEMS OF RECEIVABLES AND PAYABLES

Sales deferred settlement 29,670,859.67

06/30/16Type

ReceivablesSubscription receivable 109,834,500.00Coupons and dividends in cash 162,857.00

Total receivables 139,668,216.67

Purchases deferred settlement - 139,668,216.71PayablesManagement fees - 178,796.49

Total of Payables - 139,847,013.20

Total payables and receivables - 178,796.53


Number of units issued or redeemed

Units subscribed during the period 1,468,000 290,530,530.00

Units in circulation at the end of the period 980,001

CUnit

Units redeemed during the period -1,194,000 -234,722,690.00

Units subscribed during the period 35,000 6,913,300.00

Units in circulation at the end of the period 27,000

DUnit

Units redeemed during the period -8,000 -1,566,160.00

Units Value

SHAREHOLDERS’ FUNDS

SUBSCRIPTION AND/OR REDEMPTION FEES

Total of subscription fees received

Total of redemption fees received

CUnit

Total of subscription and/or redemption fees received

Value

Annual Report on 06/30/16 29- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

SUBSCRIPTION AND/OR REDEMPTION FEES

Total of subscription fees received

Total of redemption fees received

DUnit

Total of subscription and/or redemption fees received

Value


MANAGEMENT FEES CHARGEABLE TO THE FUND

06/30/16

CUnit

0.40Percentage set for fixed management fees

615,560.69Fixed management fees

Variable management fees

Trailer fees

Underwriting commission

DUnit

0.40Percentage set for fixed management fees

5,010.85Fixed management fees

Variable management fees

Trailer fees

Underwriting commission

COMMITMENTS RECEIVED AND GIVEN06/30/16

Guarantees received by the fund

- including capital guarantees

Other commitments received

Other commitments given

Annual Report on 06/30/16 30- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Securities held under sell-back deals

Borrowed securities

06/30/16

Stock market values of pledged securities

Financial instruments pledged but not reclassified

Financial instruments received as pledges but not recognized in the Balance Sheet

06/30/16

Group financial instruments held by the Fund

06/30/16Name of securityIsin code

Equities

Bonds

Notes

UCITS

Hedges

Total group financial instruments

FUTHER DETAILS

Stock market values of temporarily acquired securities


Annual Report on 06/30/16 31- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TOPROFIT (LOSS)

Distribution

Brought forward

Allocation

Capitalized 1,490,861.36

Total 1,490,861.36

06/30/16 06/30/15

Sums not yet allocated

Brought forward

Profit (loss) 1,536,292.02 -507,284.35

Total 1,536,292.02 -507,284.35

06/30/16 06/30/15

CUnit

Distribution

Brought forward 45,430.66

Allocation

Capitalized

Total 45,430.66

06/30/16 06/30/15

DUnit


Annual Report on 06/30/16 32- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Distribution

Allocation

Capitalized 8,519,694.85 -4,134,025.02

Total 8,519,694.85 -4,134,025.02

06/30/16 06/30/15

Sums not yet allocated

Net Capital gains and losses Accumulated from Previous business year

Total 9,083,555.33 -4,134,025.02

Net Capital gains and losses of the business year 9,083,555.33 -4,134,025.02

Allocation Report of distributed items on Net Capital Gains and Losses

06/30/16 06/30/15

CUnit

Net capital gains and losses accumulated per share

Distribution 139,320.00

Allocation

Capitalized

Total 563,860.48

Details of units with dividend entitlement

Number of units 27,000

Dividend per unit 5.16

06/30/16 06/30/15

DUnit

Net capital gains and losses accumulated per share 424,540.48


TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TOCAPITAL GAINS AND LOSSES

Annual Report on 06/30/16 33- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TABLE OF PROFIT (LOSS) ANS OTHER TYPICAL FEATURES OF THE FUND OVER THE PASTFIVE FINANCIAL PERIODS

Global Net Assets in EUR

06/30/14

109,632,719.95

06/30/15

141,016,547.59

06/30/16

199,912,922.87

AMUNDI ETF EURO HIGHYIELD LIQUID BOND IBOXXUCITS C

Net assets in EUR 109,632,719.95 141,016,547.59 194,552,799.46

Number of shares/units 555,001 706,001 980,001

NAV per share/unit in EUR inEUR

197.54 199.74 198.52

Net Capital Gains and LossesAccumulated per share in EUR

139.33 -5.85 8.69

Net income Accumulated pershare in EUR

-0.52 -0.71 1.52

AMUNDI ETF EURO HIGHYIELD LIQUID BOND IBOXXUCITS D

Net assets in EUR 5,360,123.41

Number of shares/units 27,000

NAV per share/unit in EUR inEUR

198.52

Distribution on Net Capital gainsand losses per share in EUR

5.16

Net capital gains and lossesaccumulated per share in EUR

15.72

Unit brought forward in EUR onthe result

1.68


Annual Report on 06/30/16 34- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Bonds and similar securities

Listed bonds and similar securitiesCANADA

VRX ESCR CORP 4.5% 15-05-23 EUR 9,712,000 7,468,965.04 3.74TOTAL CANADA 7,468,965.04 3.74

Currency Quantity Market value %Name of security

EIREARDA PACK FIN 4.25% 15-01-22 EUR 7,540,000 7,857,670.67 3.93IRLANDE 5.4%09-130325 EUR 42,400 60,952.88 0.03

TOTAL EIRE 7,918,623.55 3.96

FRANCEAREVA SA 4.625% 10/17 EUR 600,000 603,694.77 0.30AREVA 4 7/8%09-2024 EMTN EUR 50,000 43,210.55 0.02BANQ DE DEV D 0.75% 08-06-25 EUR 5,858,000 6,175,408.11 3.09BFCM 0 03/20/19 EUR 500,000 504,768.67 0.25C E3R+0.01% 03-10-17 EMTN EUR 600,000 601,188.00 0.30CADES 2.375% 01/24 EUR 2,522,000 3,014,590.49 1.51CGMF CR CIE M 7.75% 15-01-21 EUR 287,000 230,214.74 0.12EPHIOS BOND 6.25% 01-07-22 EUR 5,287,000 5,598,355.84 2.80NUMERICABLE SAS 5.625% 15/05/2024 EUR 4,562,000 4,712,357.82 2.36REPU FRAN ZCP 25-05-20 EUR 7,916,479 8,056,600.68 4.03UNEDIC 2 3/8 05/25/24 EUR 100,000 118,876.27 0.06UNIO NAT INTE 0.625% 03-03-26 EUR 100,000 104,163.62 0.05

TOTAL FRANCE 29,763,429.56 14.89

GERMANYALLEMAGNE 0% 2018 EUR 486,613 492,491.29 0.25GERMANY 3.5% 04-07-19 EUR 265,865 299,382.60 0.15HEI 2.25% 30-03-23 EMTN EUR 5,945,000 6,115,727.37 3.06KFW 0.625% 04-07-22 EUR 14,642,000 15,461,366.32 7.73L-BANK 3.5% 04/07/2016 EUR 60,000 60,018.00 0.03MUENCHENER HYPOTHEKENBNK 2.5% 04/07/28 EUR 476,000 583,913.96 0.29THY 1.75% 25-11-20 EMTN EUR 823,000 821,086.32 0.41THYSSENKRUPP AG 4% 27/08/2018 EUR 6,333,000 6,881,617.41 3.44TKAGR 3 1/8 10/25/19 EUR 1,334,000 1,416,576.97 0.71TRIONISTA TOPCO GMBH 6.875% 30/04/2021 EUR 7,376,000 7,878,985.83 3.94UNITYMEDIA 4.0% 15-01-25 EUR 3,158,000 3,248,343.36 1.62

TOTAL GERMANY 43,259,509.43 21.63

ITALYITAL BUON POL 1.6% 01-06-26 EUR 12,225,000 12,637,748.07 6.32ITALIE 2.1%11-150916 INDEXE EUR 5,971,000 6,473,065.74 3.24TELE ITA 3.25% 16-01-23 EMTN EUR 440,000 476,179.28 0.24TELE ITA 3.625% 25-05-26 EMTN EUR 6,680,000 6,935,527.39 3.47

Portfolio listing of financial instruments in EUR


Annual Report on 06/30/16 35- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TELECOM ITALIA 5.25% 10/02/22 EUR 100,000 119,014.92 0.06TOTAL ITALY 26,641,535.40 13.33


JAPANSOFT GROU 4.75% 30-07-25 EUR 6,525,000 7,168,948.63 3.59

TOTAL JAPAN 7,168,948.63 3.59

LUXEMBURGALTI LUXE SA 7.25% 15-05-22 EUR 7,336,000 7,625,060.82 3.81ARCE 3.125% 14-01-22 EMTN EUR 4,367,000 4,354,011.64 2.18CIRSA FUNGING 5.875% 15-05-23 EUR 5,810,000 5,929,375.33 2.97CNH INDU 6.25% 09-03-18 EMTN EUR 1,932,000 2,123,295.52 1.06CNH 2 3/4 03/18/19 EUR 8,420,000 8,706,086.22 4.35EURO FIN 0.2% 28-04-25 EMTN EUR 2,253,000 2,274,487.14 1.14FIAT FIN 4.75% 15-07-22 EMTN EUR 7,927,000 8,884,521.39 4.44FIAT FINA 6.75% 14-10-19 EMTN EUR 716,000 840,761.94 0.42GAZPROM 3.389% 20/03/2020 EUR 700,000 732,880.42 0.37GAZPRU 3.7 07/25/18 EUR 300,000 323,099.11 0.16GAZPRU 4 5/8 10/15/18 EUR 4,805,000 5,292,247.61 2.65HOLC FIN 1.375% 26-05-23 EMTN EUR 345,000 356,653.82 0.18WIND ACQU FIN 4.0% 15-07-20 EUR 9,605,000 9,703,333.86 4.85

TOTAL LUXEMBURG 57,145,814.82 28.58

NETHERLANDSKING OF THE NETH ZCP 15-01-27 EUR 2,159,859 2,104,501.81 1.05PETBRA 2 3/4 01/15/18 EUR 6,873,000 6,793,193.20 3.41PETROBRAS GLOBAL FIN 4.75% 01/25 EUR 1,718,000 1,424,930.51 0.71SCHAEFFLER FINANCE 3.25% 15/05/25 EUR 238,000 247,498.25 0.12

TOTAL NETHERLANDS 10,570,123.77 5.29

RUSSIAGAZPROM VRN 13/02/18 *EUR EUR 333,000 368,513.10 0.18

TOTAL RUSSIA 368,513.10 0.18

SPAINABER INFR 1.375% 20-05-26 EUR 1,000,000 1,028,735.21 0.51ESPAGNE 0% 07/26 EUR 400,000 350,020.00 0.18ROYAUME D'ESPAGNE 0.55% 11/30/19 EUR 2,088,000 2,170,046.56 1.09SPAI GOVE BOND C ZCP 30-07-16 EUR 85,654 86,087.41 0.04

TOTAL SPAIN 3,634,889.18 1.82

UNITED KINGDOMANGLO 1.75% 20/11/17 EUR 100,000 100,535.38 0.05INEO FINANCE 4.0% 01/05/23 EUR 4,837,000 4,697,646.03 2.35INTE GAME TEC 4.75% 15-02-23 EUR 4,486,000 4,737,396.69 2.37PUBLIC POWER CORPORATION 5.5% 01/05/2019 EUR 7,563,000 6,224,916.23 3.11TESCO CORP 1.375% 01-07-19 EMTN EUR 3,253,000 3,217,129.21 1.61THOMAS COOK 7.75% 15/06/2020 EUR 3,080,000 3,042,671.26 1.52



Annual Report on 06/30/16 36- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TSCOLN 2 1/2 07/01/24 EUR 1,381,000 1,350,957.01 0.68TOTAL UNITED KINGDOM 23,371,251.81 11.69


USAVERIZON COM 2.375% 17/02/2022 EUR 248,000 276,573.30 0.14

Total listed bond and similar securities 217,588,177.59 108.84

Total bonds and similar securities 217,588,177.59 108.84

TOTAL USA 276,573.30 0.14

Hedges

Other hedgesOther swaps

SG ETF 25/11/16 EUR 199,324,377.9 -17,496,405.51 -8.75

Total other hedges -17,496,405.51 -8.75

Total hedges -17,496,405.51 -8.75

Total Other SWAPS -17,496,405.51 -8.75

Receivables 139,668,216.67 69.86

Debts -139,847,013.20 -69.95

Financial accounts -52.68

Net assets 199,912,922.87 100.00



AMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS D 27,000 198.52EURAMUNDI ETF EURO HIGH YIELD LIQUID BOND IBOXX UCITS C 980,001 198.52EUR

Amundi Asset Management Anonymous Inc. 596 262 615 Euros. capital amount

Licensed by the French Market Regulator (AMF) as a portfolio management company reg N° GP 04000036

437 574 452 RCS Paris. Registered Office social: 90, boulevard Pasteur 75015 Paris France

amundi etf euro high yield liquid bond iboxx ucits etf

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