AMUNDI ETF EURO STOXX 50 UCITS ETF Semi-Annual report September 2016

AMUNDI’S ASSET MANAGEMENT UCITS Fund manager : AMUNDI ASSET MANAGEMENT Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian : CACEIS BANK FRANCE Auditors : PRICEWATERHOUSECOOPERS AUDIT

This periodic document is not subject to certification by the Auditor of the mutual fund.

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

Contents Pages Informations about the Fund

3

Semi-Annual Report

7

Significant events during the financial period

8

Specific details

9

Certificate drafted by the Auditor relative to the asset composition for the Mutual Fund

10

Portfolio Listing

11

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UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

Informations about the Fund Classification Eurozone equities. Determination and allocation of distributable sums: Capitalization and/or distribution for the shares (EUR, USD and DAILY HEDGED USD). Capitalization for the share EUR (C). Tax treatment The Fund is eligible for the Plan d’Epargne en Actions ("PEA" reserved for French investors) and 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 euro-denominated EURO STOXX 50 Index with net dividends reinvested (Total Net Return). The EURO STOXX 50 Index is an "equity" index calculated and published by the international index provider STOXX Ltd. ("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 this index cover all economic sectors and are chosen for their level of market capitalisation, their liquidity and their sector weighting. Management fees & commissions Subscription and redemption fees for any unit category: 0.15% including tax. Subscription fee not retained 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 used under the following headings: - Notes to the Annual Accounts /- Management fees. - Shareholders’ Funds /-Subscription and/or redemption fees /- Management fees. Investment objective The Fund’s investment objective is to track the performance of the EURO STOXX 50® Index (see “Benchmark index” section), as closely as possible, whether the Index rises or falls. The Fund is managed so as to achieve a gap between changes in its NAV and changes in the value of the EURO STOXX 50 Index (referred to below as the “EURO STOXX 50 Index”) as small as possible. The target for maximum tracking error between the Fund’s net asset value and the value of the EURO STOXX 50 Index is 2%. If the “tracking error” exceeds 2%, the objective would nevertheless be to remain below 15% of the volatility of the EURO STOXX 50 Index. Investment strategy The Fund is managed by “index tracking”.

Semi-Annual Report on 09/30/16

3

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

1. Strategy employed: The Fund is managed by a technique known as “index-tracking” which aims to replicate changes in the EURO STOXX 50 Index using a swap-based replication method. To maintain the closest possible correlation with the performance of the EURO STOXX 50 Index, the Fund will use a diversified portfolio of equities (the “Portfolio”) and an over-the-counter (OTC) total return swap, a financial derivative instrument which turns exposure to the Portfolio into exposure to the EURO STOXX 50 Index. The Fund shall observe the investment rules stipulated in Articles R214-21, R214-22 and R214-23 the French Monetary and Financial Code. 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. - Equities: At least 60% of the Fund will be permanently exposed to a foreign equity market or equity markets in a number of countries, including the French market when appropriate. Up to 100% of the Fund’s net assets will be invested, subject to the legal and regulatory ratios, in international equities (any economic sector, traded on any market). The equities in the Fund’s assets will be the equities that comprise the EURO STOXX 50 Index, and other international equities, from all economic sectors, including small-cap markets. Equities in the Fund's assets will be chosen to limit costs associated with reproducing the EURO STOXX 50 Index. Over 75% of the portfolio’s value will, at all times, consist of stocks of companies registered in a Member State of the European Union, or in another State which is part of the European Economic Area (EEA) and has signed a tax convention with France that provides for administrative assistance to prevent fraud and tax evasion. This minimum level of equity exposure makes the Fund eligible for a Plan d’Epargne en Actions (French Stock Savings Plan – PEA). - Interest-rate instruments: Up to 25% of the Fund’s net assets may be invested in any kind of bond instruments. Portfolio securities will be selected according to the best judgement of the management and in compliance with the Management Company’s internal credit risk monitoring policy. For the purpose of stock-picking, management does not - neither exclusively nor automatically – rely on the ratings issued by rating agencies, but bases its buy and sell opinion about a security on its own credit and market analyses. For information, management may specifically deal in securities with minimum ratings, at the time of purchase, of BBB- in the S&P and Moody’s scale ("investment grade" rating). 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. Foreign debt instruments will be denominated in the currency of one of the OECD member countries. In order to meet its investment objective and/or manage intermediate financial flows, the Fund may hold up to 10% of its assets in the following:

Semi-Annual Report on 09/30/16

4

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

- Debt instruments and money market instruments in euros: Cash flow will be managed through money market instruments. Portfolio securities will be selected according to the best judgement of the management and in compliance with the Management Company’s internal credit risk monitoring policy. For the purpose of stock-picking, management does not - neither exclusively nor automatically – rely on the ratings issued by rating agencies, but bases its buy and sell opinion about a security on its own credit and market analyses. For information, management may specifically deal in securities with minimum ratings of AA in the S&P and Moody’s scale. 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 average maturity of these instruments will not exceed 10 years. - UCITS units or shares: The Fund may hold up to 10% of its assets in units and/or shares of UCITS. 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, which may or may not belong to the Crédit Agricole SA Group, including related companies. 3. Derivatives: The Fund will use derivative financial instruments, including OTC total return equity swaps that swap the value of equities held by the Fund for the EURO STOXX 50 Index value. 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

Semi-Annual Report on 09/30/16

5

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

 Strategies for use of incorporated derivatives to achieve the management objective:  constructing synthetic exposure to a particular secutity, sector and/or to the EURO STOXX 50 Index via the use of swaps.  management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock and/or sector and/or to the EURO STOXX 50 Index via the use of futures.  management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock and/or sector and/or to the EURO STOXX 50 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 Total exposure to risks arising from these commitments and from open positions in real securities shall not exceed 110% of net assets. Information relating to financial guarantees (temporary purchases and sales of securities) and total return swaps (TRS) None. Overview of the procedure for choosing intermediaries / counterparties and comments The Management Company generally issues a bid tender. In this case, a comprehensive Request For Proposal (“RFP”) (total return swap and market making) was issued for a portion of the AMUNDI ETF Fund product line. For this reason, neither the Management Company nor the Delegated Fund Manager have undertaken or shall undertake, for this particular Fund, a formal competitive bidding procedure that can be tracked and monitored among counterparties for OTC derivative financial instruments, as the counterparty has already been selected during the comprehensive RFP. The Fund may carry out these transactions with BNP Paribas SA or any other Company of the BNP Paribas SA group as counterparties or intermediaries. Risk profile Equity risk Capital risk Factors that may influence the ability of the Fund to track the performance of the EURO STOXX 50 Index Credit risk Counterparty risk related to the tracking method selected Liquidity risk Liquidity risk in a stock market

Semi-Annual Report on 09/30/16

6

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

Semi-Annual Report September 2016 The fund’s objective is to track the EURO STOXX 50 Index while remaining eligible for the PEA (i.e. the fund undertakes to hold 75% of its assets in PEA-eligible equities at all times). It therefore holds a basket of shares and a performance swap which turns the Fund’s equity exposure into an exposure to the EURO STOXX 50. Subfund Rolling Performance AMUNDI ETF EURO STOXX 50 UCITS ETF For the period under review, the unit EUR (C) EUR performance is 2.75%. The benchmark performance is 2.31% with a tracking error of 0. For the period under review, the unit USD USD performance is 1.33%. The benchmark performance is 0.90% with a tracking error of 0. For the period under review, the unit DAILY HEDGED USD USD performance is 2.95%. The benchmark performance is 2.85% with a tracking error of 0. For the period under review, the unit EUR (C/D) EUR performance is 2.75%. The benchmark performance is 2.31% with a tracking error of 0. Past performance is no guarantee of future performance. Movements in portfolio listing during the period Securities

Movements (in amount) Acquisitions

Transfers

ANHEUSER-BUSCH INBEV

397,922,267.60

462,088,982.55

BAYER

287,958,829.25

299,325,943.31

BANCO DE BILBAO VIZCAYA S.A.

237,973,457.01

344,008,773.82

DEUTSCHE TELEKOM AG

294,565,892.73

283,178,367.84

DEUTSCHE POST AG NAMEN

215,175,632.69

213,974,586.83

UNILEVER

165,025,059.89

230,440,827.94

DAIMLER AG

227,977,997.54

146,018,714.78

NESTLE NOM.

178,274,529.80

169,485,328.32

NOVO NORDISK AS

109,700,687.81

152,349,898.82

NOKIA (AB) OY

111,715,127.10

130,174,328.50

Semi-Annual Report on 09/30/16

7

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

Significant events during the financial period None.

Semi-Annual Report on 09/30/16

8

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF

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.

Semi-Annual Report on 09/30/16

9

AMUNDI ETF EURO STOXX 50 UCITS ETF MUTUAL FUND STATEMENT OF AUDIT REGARDING THE COMPOSITION OF ASSETS ON 30 SEPTEMBER 2016 In our capacity as auditor of the Fund AMUNDI ETF EURO STOXX 50 UCITS ETF, and in compliance with the provisions set out in article L. 214-17 of the Code Monétaire et Financier and article 411-125 of the General Regulations of the AMF, we have verified the validity of the composition AMUNDI ETF EURO STOXX 50 UCITS ETF of assets as shown attached to this statement. The documents published were established under the responsibility of the Fund Manager. We are responsible, based on our audit, for attesting to their validity. The audit of the information contained within these documents has been carried out in accordance with the professional standards applicable in France. These standards require due diligence in order to assess the validity of this information in terms of consistency, accuracy and relevance. Such audit, limited to its objective, essentially consists of analytical procedures and interviews with the people responsible for the information published. We have no observations to make regarding the validity of the information provided in the published documents.

Neuilly sur Seine,

The auditor PricewaterhouseCoopers Audit firm

Document authenticated by electronic signature

Frédéric SELLAM

PricewaterhouseCoopers Audit, SA, 63, rue de Villiers, 92208 Neuilly-sur-Seine Cedex T: +33 (o) 1 56 5758 59,F: +33 (o) 1 56 5758 60, www.pwcfr

UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF Portfolio Listing Name of security

Currency

Quantity

Market value

%

Equities and similar securities Listed equities & similar securitie BELGIUM ANHEUSER-BUSCH INBEV TOTAL BELGIUM

EUR

381,861

44,524,992.60 44,524,992.60

3.43 3.43

DENMARK COLOPLAST B

DKK

118,407

8,173,402.45

0.63

DANSKE BANK AS

DKK

367,841

9,553,862.60

0.74

VESTAS WIND SYSTEMS TOTAL DENMARK

DKK

349,757

25,622,621.25 43,349,886.30

1.97 3.34

EUR

392,647

37,478,156.15

2.88

FRANCE AIR LIQUIDE CAP GEMINI

EUR

58,514

5,101,250.52

0.39

DANONE

EUR

601,084

39,701,598.20

3.05

ENGIE SA

EUR

2,073,229

28,589,827.91

2.20

LVMH (LOUIS VUITTON - MOET HENNESSY)

EUR

306,201

46,481,311.80

3.58

MICHELIN CAT.B

EUR

36,285

3,572,621.10

0.27

ORANGE

EUR

5,983,080

83,344,304.40

6.42

PERNOD RICARD

EUR

327,076

34,457,456.60

2.65

RENAULT SA

EUR

20,412

1,492,933.68

0.11

SANOFI

EUR

870,755

58,897,868.20

4.53

SCHNEIDER ELECTRIC SE

EUR

806,967

50,080,372.02

3.85

SOCIETE GENERALE SA

EUR

677,335

20,848,371.30

1.60

TECHNIP

EUR

15,753

861,216.51

0.07

TOTAL

EUR

1,824,920

76,956,876.40

5.93

VINCI (EX SGE)

EUR

827,079

56,340,621.48

4.33

VIVENDI TOTAL FRANCE

EUR

1,860,000

33,387,000.00 577,591,786.27

2.57 44.43

GERMANY ADIDAS NOM.

EUR

104,397

16,129,336.50

1.24

ALLIANZ SE

EUR

631,444

83,413,752.40

6.42

BASF SE

EUR

1,289,750

98,162,872.50

7.55

CONTINENTAL AG O.N.

EUR

22,077

4,131,710.55

0.32

DAIMLER AG

EUR

1,180,278

74,015,233.38

5.69

E.ON AG NOM.

EUR

2,138,839

13,504,629.45

1.04

FRESENIUS MEDICAL

EUR

143,607

11,166,880.32

0.86

HENKEL AG AND CO.KGAA NON VTG PRF

EUR

105,165

12,724,965.00

0.98

LINDE AG

EUR

49,409

7,475,581.70

0.58

MUENCHENER RUECKVERSICHERUNG AG

EUR

162,281

26,938,646.00

2.07

SAP SE

EUR

1,239,581

100,306,894.52

7.72

SIEMENS AG NAMEN

EUR

425,593

44,346,790.60

3.41

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UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF Portfolio Listing Name of security

VONOVIA SE TOTAL GERMANY

Currency

Quantity

Market value

%

EUR

506,919

17,085,704.90 509,402,997.82

1.31 39.19

EUR

250,000

992,000.00 992,000.00

0.08 0.08

ITALY ENEL SPA TOTAL ITALY NETHERLANDS AIRBUS GROUP

EUR

27,358

1,472,954.72

0.11

ASML HOLDING NV

EUR

594,929

58,118,614.01

4.48

KONINKLIJKE AHOLD NV

EUR

878,810

17,831,054.90

1.37

UNILEVER TOTAL NETHERLANDS

EUR

346,162

14,218,604.15 91,641,227.78

1.09 7.05

NOK

19,488

227,171.05 227,171.05

0.02 0.02

BANCO SANTANDER S.A.

EUR

15,015,000

59,264,205.00

4.56

INDUSTRIA DE DISENO TEXTIL TOTAL SPAIN

EUR

333,282

10,998,306.00 70,262,511.00

0.85 5.41

NORWAY DNB ASA TOTAL NORWAY SPAIN

SWEDEN NORDEA AB

SEK

355,583

3,144,774.87

0.24

SANDVIK AB TOTAL SWEDEN

SEK

101,635

995,976.55 4,140,751.42

0.08 0.32

CREDIT SUISSE GROUP

CHF

346,620

4,044,006.06

0.31

NESTLE NOM.

CHF

214,362

15,062,797.04

1.16

SWISS RE NAMEN AKT

CHF

80,332

6,463,282.36

0.50

SYNGENTA AG TOTAL SWITZERLAND

CHF

22,784

8,888,562.51 34,458,647.97

0.68 2.65

TOTAL listed equities & similar securities traded in a regulated market or equivalent

1,376,591,972.21

105.92

Total equities & similar securities

1,376,591,972.21

105.92

BNP Short 30/11/17

EUR 1,310,655,032.41 -1,298,143,480.15

-99.88

BNPLongEUR C 3011/17

EUR 1,257,867,738.97

BNPLongEUR D 3011/17

EUR

BNPLongUSD D 3011/17 BNPLongUSD D 3011/17 Total Other SWAPS

SWITZERLAND

Hedges Other hedges Other swaps 1,246,756,997.01

95.93

45,917,592.46

45,860,331.57

3.53

EUR

4,145,279.28

4,737,471.64

0.36

EUR

2,724,421.7

2,854,848.20 2,066,168.27

0.22 0.16

Total other hedges

2,066,168.27

0.16

Total hedges

2,066,168.27

0.16

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UCITS AMUNDI ETF EURO STOXX 50 UCITS ETF Portfolio Listing Name of security

Currency

Quantity

Receivables Debts Financial accounts Net assets

Market value

%

101,927,007.45

7.84

-180,897,756.20

-13.92

-863.58 1,299,686,528.15

100.00

AMUNDI ETF EURO STOXX 50 UCITS ETF EUR (C/D)

EUR

983,817

46.5963

AMUNDI ETF EURO STOXX 50 UCITS ETF EUR (C)

EUR

20,525,457

60.7175

AMUNDI ETF EURO STOXX 50 UCITS ETF DAILY HEDGED USD

USD

153,000

34.7839

AMUNDI ETF EURO STOXX 50 UCITS ETF USD

USD

47,000

68.2355

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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