Amundi, the leading European asset manager, ranking among the top 10 global players* , offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.9 trillion of assets**.

With its six international investment hubs***, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,400 employees in 35 countries. 

Amundi, a trusted partner, working every day in the interest of its clients and society

* Source: IPE “Top 500 Asset Managers” published in June 2022, based on assets under management as at 31/12/2021
** Amundi data as at 31/12/2022
*** Boston, Dublin, London, Milan, Paris and Tokyo


Amundi

South China Morning Post published this video item, entitled "Europe's largest fund house Amundi upbeat on Asia economic, market outlook after China reopening" - below is their description.

Valerie Baudson, CEO of Paris-headquartered Amundi, said China's reopening is very good news for the economy in the region and worldwide. China's reopening will spark economic growth to reach 4.5 per cent in 2023, she said. The target will be far higher than the US and Europe, which may experience a short recession and high inflation due to the energy crisis, she said. Amundi is the largest asset management company in Europe, while it has been operating in Hong Kong for more than four decades.

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Europe's largest fund house Amundi upbeat on Asia economic, market outlook after China reopening - The Global Herald

PARIS: There's an awkward realisation spreading across Europe's environmental, social and governance (ESG) fund-management market.

A wave of downgrades triggered by stricter regulatory guidance has exposed significant variations on how investment firms are interpreting rules for the European Union's (EU)top ESG fund class, known as Article 9.

Amundi SA, Europe's biggest asset manager, says it thinks Article 9 can now only be applied to a very limited set of products, which is why it's stripping the label from almost all its 45bil (US$48bil or RM208bil) in such funds, effective this month. It currently holds about 3bil (RM14bil) of Article 9 funds, representing roughly 7% of its previous offering.

Jean-Jacques Barberis, director of the institutional and corporate clients division and ESG at Amundi, said clarifications from the EU likely mean that Article 9 should only be attached to "very 'pure' funds."

These include "some green bond or social bond funds, plus some private asset funds where the rules are different," he said.

Since the European Commission made clear Article 9 must be reserved for funds holding 100% sustainable investments, with allowances for hedging and liquidity, asset managers have stripped the tag from well over US$140bil (RM606.8bil) of client assets.

But not all firms are arriving at the same interpretation of what constitutes a sustainable investment.

Disagreement is emerging as to whether Article 9 can be applied to portfolios of publicly traded stocks, for example.

And there are questions as to whether so-called UCITS funds, for which diversification and liquidity requirements apply, might be hard to package as Article 9.

The strictest, narrowest interpretation of EU ESG investing rules implies that "it's to some extent easier to construct an Article 9 strategy for a private fund than it is for a public UCITS fund," said Tristram Lawton, managing associate at Simmons & Simmons.

"But it's not to say that it's impossible, there are UCITS funds which are Article 9, some firms have managed to do it."

Amundi's decision to apply a very strict reading of Article 9 rests on concerns that to do otherwise would risk "greenwashing allegations, potential legal risk, reputational questions for our clients," Barberis pointed out.

One of the world's biggest Article 9 funds is managed by the investing arm of Nordea Bank Abp. The Nordea 1 - Global Climate and Environment Fund, which is an actively managed 9.5bil (RM44.6bil) equity portfolio, won't be reclassified, said Eric Pedersen, head of responsible investments at Nordea Asset Management.

"We haven't downgraded anything yet and we - for the moment at least - don't think that we will," he said.

"We're looking at this all the time and reviewing it, in light of new information that's coming up. But I think we're in a relatively good place because from the beginning we didn't put very many funds into Article 9."

Nordea manages a total of 10.5bil (RM49.3bil) in the product class.

The EU has yet to nail down a clear definition of "sustainable investment."

One interpretation, namely that 100% of a company's activities must contribute to an environmental or social goal, would rule out most equity funds and if that's what the EU expects, then Nordea would have to downgrade, Pedersen said. -- Bloomberg

Amundi's US$48bil  ESG fund call exposes a                   lot of holdouts

Augusta National is back in a video game.

Coming March 24, EA Sports PGA Tour will launch on all platforms, bringing EA Sports back into the golf video game realm. The last EA Sports golf game launched in 2015 with Rory McIlroy PGA Tour.

On Thursday, EA Sports launched a trailer featuring the game's new elements. EA Sports PGA Tour will be the exclusive home of all four men's majors, including the Masters.

Players will be able to compete in the Masters, PGA Championship, U.S. Open and Open Championship at numerous host courses, including all 2021 and 2022 venues. The 2023 ones will also be released at a later date. Additionally, players can compete in the top amateur championships including the Augusta National Women's Amateur, the U.S. Amateur and other elite international amateur events. Players can also compete in the LPGA's Amundi Evian Championship

Jordan Spieth hitting from a bunker at Augusta National. (Photo: EA Sports PGA Tour)

EA Sports PGA Tour will also have additional content throughout the 2023 PGA Tour and LPGA seasons.

"We're bringing the premier PGA Tour experience to players around the world with real-world golf data powering incredibly realistic gameplay with every shot and some of the most iconic courses in the world rendered in painstaking detail," Cam Weber, EA Sports' EVP and GM, said in a release. "From The Old Course at St Andrews Links to Pebble Beach Golf Links and more, we're giving players the chance to tee off in bucket list golf experiences like never before."

The Players Championship and all three events of the FedEx Cup Playoffs will be in the game. As part of the career mode, top golfers at the end of the year will be given the opportunity to win the FedEx Cup.

Players will be able to create and customize a golfer and develop their skills. With 20 shot types available as players progress in the game, they can enhance their skill set for driving, approach, short game, or putting, depending on their style.

Tony Finau hitting from the fairway at Pebble Beach. (Photo: EA Sports PGA Tour)

Players can also play as several female athletes and create a female golfer in the overhauled Create-A-Player feature. They can participate in a series of LPGA-themed challenges and events. Iona Stephen joins the EA commentary team as the first female on-course commentator in-game, bringing her experienced insights from both playing professionally and working in golf broadcasting.

ShotLink and TrackMan data will also be incorporated to give players accurate rankings of skills.

Pre-orders for EA Sports PGA Tour are available now. Price will be $69.99 for the standard edition and $84.99 for the deluxe edition, which gives players access to numerous add-ons, like three-day early access to the game and Augusta National, Players Championship gear, the Grand Slam gear bundle, a Scotty Cameron putter in-game, 1,500 premium PGA Tour points, a PGA Tour XP Bundle and Masters gear.

A look at the cover of EA Sports PGA Tour. (Photo: EA Sports)

EA Play members will also receive early access to the game, starting with a 10-hour early access trial on March 21. EA Play Pro members will enjoy unlimited access to the deluxe edition - as well as the exclusive EA Play Staff Bag - starting March 21. Lastly, all EA Play members will unlock additional bonuses for EA Sports PGA Tour, with monthly drops of pro shop perks such as exclusive headcovers, shirts, hats and more.

EA Sports PGA Tour will be available on Xbox Series X/S, PlayStation 5 and PC (EA App, Steam and Epic Games Store).

You can watch the official gameplay trailer here.

EA Sports PGA Tour to feature Augusta National, exclusive home to all men's majors and LPGA's Amundi Evian

UniCredit Bank, in partnership with Amundi Asset Management, a top 10 company in the world in terms of managed assets, is launching four new investment funds with an ESG component, which offer investors opportunities to diversify their portfolios in line with the latest market trends in terms of sustainable development, according to a statement.

"The four new funds managed by Amundi Asset Management that we are distributing respond to a growing interest that investors are beginning to show in the companies in which they invest their money and how they approach environmental issues, social and governance," stated Antoaneta Curteanu, Executive Vice President Retail Division within UniCredit Bank.

Launching the four funds (CPR Invest Climate Action, CPR Invest Medtech, CPR Invest Hydrogen and AMUNDI Funds Multi-asset sustainable future) completes the portfolio of funds already available in the bank's offer and promotes responsible financing, in accordance with UniCredit's strategy to support ESG fundamentals.

Through these investment instruments, the bank's clients have access to innovative long-term solutions that meet the expectations and requirements for sustainable development.

UniCredit and Amundi Asset Management launch four ESG mutual funds

This content is from: Portfolio

The $1.86 trillion manager suggests tapping into long duration to cope with a further downturn.

January 20, 2023

While some investors believe that the Federal Reserve could steer the economy toward a soft landing, asset management giant Amundi is far less optimistic.

The $1.86 trillion global manager is predicting a recession for 2023 -- and suggests tapping into fixed income to cope with the economic environment.

"This cycle is following a traditional path toward a weak economy," said Ken Taubes, U.S. chief investment officer, at an investor event on Thursday. "The Fed has raised rates a lot. History would suggest that we'll have a recession in the near future."

According to Taubes, in a traditional path toward a recession, housing is usually the first area of the market to be hit. There's already evidence of that, with demand for mortgage refinancing growing.

Manufacturing is usually next. And the Purchasing Managers' Index, which is tracked by the Institute for Supply Management, showed two consecutive months of contraction in November and December of 2022. This pattern, according to Taubes, signals further economic weakness.

"The next thing is going to be that profits are going to come down quite a bit," he said. "The last thing to go is employment, which looks very strong today. Eventually employment will weaken."

As this path toward a recession progresses, Amundi believes that the Federal Reserve will continue to engage in quantitative tightening.

"If the Federal Reserve pulls off immaculate disinflation and somehow normalizes recovery," then the economy will avoid recession, according to Jonathan Duensing, head of U.S. fixed income at Amundi.

So how should an investor cope?

Amundi suggests tapping into long duration, high quality fixed-income investments. According to Duensing, bonds are back in a few ways: as an actual source of fixed income and total return and as a diversifier in the portfolio.

"We see opportunities in the higher quality parts of the market," he said. "We are more cautious about moving down the risk spectrum."

Moving into U.S. high yield, Amundi believes that there are select opportunities, but more caution is warranted.

Instead, municipal bonds may be attractive from a long duration standpoint. The securitized market also holds opportunities, particularly in consumer lending and some areas of the catastrophe bond market.

Inflation-protected securities are another option. "From our standpoint, we think that TIPS would make sense," Duensing said. "Real yield is positive yield. Investors probably missed that in their portfolios."

Amundi Says a Recession Is Coming  --  And This Is How Investors Should Prepare

LONDON (Reuters) - Asset managers Amundi and Reichmuth will co-invest up to 265 million euros in a new vehicle by Spain's Alantra, which aims to raise a total of 1.7 billion euros to invest in solar photovoltaic farms, the three companies said in a statement.

The platform, in which financial services firm Alantra will partner with renewable developer Solarig, will target 50 plants in Italy and Spain with a capacity 1.9 gigawatts and be called N-Sun Energy.

Money managers are buying into businesses that are putting in place building blocks for a global shift away from greenhouse gases, a pivot that the International Energy Agency calculates will cost $2 trillion a year by 2030.

N-Sun aims to raise 700 million euros ($752.36 million) in equity and 1 billion in debt. Amundi and Reichmuth will contribute to the equity portion, Alantra's spokesperson said.

The solar farms are in different stages of development and will be fully operative by the end of 2025, the companies said.

Once completed, the portfolio will generate the equivalent of the annual consumption of more than 800,000 households and more than 180 million euros in revenues.

($1 = 0.9304 euros)

(Reporting by Andres Gonzalez, editing by Kirsten Donovan)

By Andres Gonzalez

Amundi to co-invest in Alantra's 1.7 billion euro solar platform | MarketScreener

By Andres Gonzalez

LONDON, Jan 11 (Reuters) - Asset managers Amundi and Reichmuth will co-invest up to 265 million euros in a new vehicle by Spain's Alantra, which aims to raise a total of 1.7 billion euros to invest in solar photovoltaic farms, the three companies said in a statement.

The platform, in which financial services firm Alantra will partner with renewable developer Solarig, will target 50 plants in Italy and Spain with a capacity 1.9 gigawatts and be called N-Sun Energy.

Money managers are buying into businesses that are putting in place building blocks for a global shift away from greenhouse gases, a pivot that the International Energy Agency calculates will cost $2 trillion a year by 2030.

N-Sun aims to raise 700 million euros ($752.36 million) in equity and 1 billion in debt. Amundi and Reichmuth will contribute to the equity portion, Alantra's spokesperson said.

The solar farms are in different stages of development and will be fully operative by the end of 2025, the companies said.

Once completed, the portfolio will generate the equivalent of the annual consumption of more than 800,000 households and more than 180 million euros in revenues.

($1 = 0.9304 euros) (Reporting by Andres Gonzalez, editing by Kirsten Donovan)

Amundi to co-invest in Alantra's 1.7 bln euro solar platform

The new Amundi ETF will house roughly €2bn assets under management

Amundi is merging three Lyxor commodity ETFs and rolling them under its branding as it continues to review its product range a year after completing the €825m acquisition of its French rival.

In a shareholder notice, Amundi said it is merging the Lyxor Commodities Refinitiv/CoreCommodity CRB EX-Energy TR UCITS ETF (CRN), the Lyxor Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF (ETF090) and the Lyxor Commodities Refinitiv/CoreCommodity CRB TR UCITS ETF (CRB).

The merged ETF, which will house roughly €2bn assets under management (AUM), will be renamed the Amundi Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF.

The total expense ratio (TER) will be reduced from 0.35% to 0.30% following the changes.

Furthermore, the ETF will switch its index from the Refinitiv/CoreCommodity CRB Total Return index to the Bloomberg Energy and Metals Equal Weighted Total Return index.

The new index will track the performance of 12 commodities in the energy, precious and industrial metals sectors via futures contracts.

"Shareholders in the absorbed sub-funds should benefit from the increased investment capacity in the receiving sub-fund and the economies of scale this merger should achieve, while getting exposure to the same target asset class," Amundi said.

Effective 10 February, Europe's largest asset manager added the merger could have "tax consequences" for certain shareholders.

It is the latest rebrand as the firm continues to seek "economies of scale" following acquisition of Lyxor.

Amundi has merged several ETFs in recent months including switching to a Paris-Aligned Benchmark (PAB) climate index on its Lyxor corporate bond ESG ETF, which is now called the Amundi EUR Corporate Bond Climate Net Zero Ambition PAB UCITS ETF.

Amundi merges three Lyxor commodity ETFs as rebrand continues

Amundi's energy-transition arm and Swiss infrastructure asset manager Reichmuth have co-invested in a fund launched by Alantra and Solarig to invest €1.7bn worth of solar assets in Southern Europe.

Amundi Energy Transition and Reichmuth have together contributed €265m to N-Sun Energy, an investment vehicle expected to buy around 1.9GW of photovoltaic plants in Italy and Spain from Renewables developer Solarig.

Solarig is expected to make available over 50 plants which will progressively reach ready-to-build status within the next 18 months and are expected to be fully operative by the end of 2025.

N-Sun Energy has been set up to buy the portfolio's plants for a total value of €1.7bn, of which €700m will be equity and the remaining €1bn debt.

Christian Ilgner, the head of energy investments at Reichmuth, said: "Reichmuth is delighted to be part of this milestone project allowing us to grant our investors access to a geographically well-diversified portfolio in two of the best solar markets in Europe.

"With the commitment to adhere to the highest standards of sustainability across all projects, N-Sun Energy additionally offers our clients a future-oriented, impactful investment."

Matthieu Poisson, CEO of Amundi Energy Transition, said: "This transaction represents a unique opportunity to invest in one of Europe's largest solar development platforms.

"We are delighted to partner with Solarig, Alantra, and Reichmuth on this investment, which aligns with our current strategy of acquiring late-stage development projects and enhances our portfolio with significant diversification into solar and continues to position Amundi Energy Transition as a leading investor in renewable energy and the decarbonization of European power grids."

Alantra Solar, a partnership between Alantra and Solarig, formed in late 2021, will be responsible for asset management services to N-Sun Energy.

Jacobo Llanza, CEO of Alantra Asset Management, said: "Renewable energy is driving strong demand from investors across the globe, who are looking for experienced partners who can guide their contribution to transforming our energy models.

"The partnership with an industrial partner like Solarig, backed by investors of the calibre of Reichmuth and Amundi, offers a strong response to this need. We aim to replicate this successful model in future portfolios."

Javier Mellado, managing partner of Alantra Solar, said: "The launch of this investment vehicle offers a strong risk-return balance for investors aiming to deploy capital in the solar energy sector, driven by the track record of the partners, the visibility and protection of the portfolio, and the operational development of the plants."

"Solarig is successfully making accomplishment of its Strategic Plan headed to become a multinational leader in the creation of large pipelines of projects with a seized business model secured through our different business lines." said Jose Miguel Moraga, CEO of Solarig.

Amundi, Reichmuth back €1.7bn European solar investment fund

Insurance company makes c-suite change, as asset manager names CEO of Italy and Austria

The insurance group has named Jeremy Porter as group chief risk officer.

He joins FWD from Axa, where he was chief risk officer, Hong Kong and Macau.

Porter succeeds Niall Grady, who had been serving as interim group chief risk officer as well as group chief compliance officer since April 2022.

Grady will remain in his role of group chief compliance officer and will report to Porter.

The asset manager has bolstered its managerial teams in Europe.

Cinzia Tagliabue has been appointed chairman of Amundi Italy's board of directors, Gabriele Tavazzani named chief executive of Amundi in Italy, and Franck Du Plessi appointed chief executive of Amundi in Austria.

David Field has been promoted to director of proposition and development at the platform, according to his Linkedin profile.

He was previously director of business management and IT.

The UK advice consolidator has announced David Inglesfield left the firm on 31 December when his role as chair of IWP Investments came to an end.

Inglesfield was previously chief executive of IWP.

IWP has not named his replacement as chair of IWP Investments yet.

The wealth manager has appointed Adam Burniston as lead portfolio manager of its model portfolio service (MPS).

Previously a portfolio manager at Sanlam, formerly Thesis Asset Management, he managed a range of multi-manager MPS propositions, multiple private fund-of-funds and was head of the investment risk committee.

The wealth management and professional services group has hired David Rankin as managing partner covering its Edinburgh and Aberdeen offices.

Rankin joins Evelyn Partners from Investec's Edinburgh office, where he was most recently senior wealth planning director.

The private banking group has expanded in its Swiss home market and has formed a new sub-market for the regions of Aargau and Solothurn.

As of 1 January 2023, Claude Luethi joined Julius Baer as head of this market, which he will build up and manage from Zurich, and also Josef Zellweger started at Julius Baer to set up an area for advising Swiss non-profit foundations.

Luethi joins Julius Baer from Credit Suisse Switzerland, where he had held various specialist and management positions in private banking since 2002. Zellweger was previously at Credit Suisse Switzerland, where he was most recently as head of partnerships, foundations and acquisitions for six years.

Simon Long has joined the wealth firm as an investment director.

He joins from Investec Wealth & Investment, where he predominantly managed investments for advisers and private clients within a variety of wrappers.

The fund management giant has named James Raby as Apac head of wealth.

Holding more than 15 years' experience at the firm including leadership roles across strategy, corporate development, finance and audit in London, San Francisco, New York and Hong Kong.

The wealth firm has made four appointments to its private banking team as part of a planned expansion in its Jersey office.

Richard Tribe has been appointed as a senior private banker and brings more than 35 years' experience in the offshore financial industry.

Supporting Tribe will be Matt Gollop, who has joined the team as a private banking officer. He is experienced in working with private clients and intermediaries both locally and internationally.

Paul Treacy has been appointed as a corporate trustee relationship manager. He has more than 30 years' experience working for major financial institutions in Jersey and will be focusing on managing and growing the business's trust and corporate book.

Laura Love has also joined the team as a senior private banking officer. Love has 25 years' experience in financial services, having worked previously as a relationship manager and private banker.

The financial services firm has appointed Richard Brass to its UK wealth management business as a managing director.

He will lead a client adviser team and is joined by former colleague Becky Orme as an assistant director.

Brass was Berenberg's UK head of wealth and asset management.

Orme began her career at Berenberg in 2010 in mid office operations and client services; since 2018 she has worked as an investment adviser to ultra-high net worth private clients based in the UK and the Channel Islands.

The Swiss private banking group has hired Rogerio Zanin and Juliana Lage to its office in São Paulo.

Zanin joins Lombard Odier from Julius Baer Family Office, where he headed the commercial area and was part of the executive committee. Lage also joins Lombard Odier from Julius Baer Family Office, where she held the position of senior relationship manager.

The risk-based financial planning tech provider has appointed Michael Whitfield as chair.

He founded Thomson Online Benefits in 2000, which he led for 17 years as chief executive.

The wealth firm has hired Vivian Hu as managing director and senior client adviser, effective 3 January.

Hu started her career in wealth management in New York, before moving to Hong Kong in 2019 to join Pictet Wealth Management.

The financial services provider has made six promotions within its private wealth team.

Christie Barette has been promoted to senior manager.

James Amos, who joined VG in 2018, has been promoted to manager.

Also, Charlotte Manby has been promoted to assistant manager, Tommy Ling and Tyler Hine to trust officer and Jonathan Chamberlain to trust administrator.

The global professional association for practitioners who specialise in family inheritance and succession planning has named Tony Pitcher as chair,

He is chair of the Jersey Board of Altum Group.

Pitcher qualified as a chartered accountant in 1986 and over the course of his career has worked for PwC, EY, RBC and Barclays Wealth before joining Altum Group in 2014.

The wealth manager has hired tax specialist David Gage as partner and head of VAT.

He joins from Evelyn Partners, where he was director of VAT.

The trust company has promoted Solange Rebours to the board position of operations director.

Rebours joined Alex Picot Trust in 2002 as part of the acquisition of the trust company that she had worked for since 1985.

PEOPLE MOVES: FWD Group, Amundi, Novia Global

Alantra and Solarig, who signed a long-term partnership by the end of 2021, have announced today the launch of a 1.9 GW vehicle. The solar investment platform is supported by Swiss infrastructure asset manager Reichmuth and French asset manager Amundi Energy Transition as key investors.

1. A Southern European portfolio with a capacity of 1.9 GW

The portfolio - composed of more than 50 plants - is located in Italy (approximately two-thirds of the assets) and Spain (the remaining one-third), two of the most attractive markets in photovoltaics globally with a capacity of 30GW each, driven by reputable solar photovoltaic structures, strong sector tailwinds, and favourable financing conditions.

The plants will progressively reach Ready-to-Build (RTB) status within the next 18 months and ultimately be fully operative by the end of 2025.

2. An investment vehicle to invest €1.7bn into the solar energy plants

An investment vehicle has been established to gradually acquire the portfolio's plants for a total value of €1.7bn, of which €700m will be equity and the remaining €1bn debt. The vehicle will be named N-Sun Energy and has been created as an investment platform that is environmentally sustainable and compliant with the ESG criteria set out in the EU Taxonomy Regulation.

Alantra is raising the capital for N-Sun Energy and has partnered with infrastructure asset manager Reichmuth and leading European asset manager Amundi as integral strategic co-investors, who have committed up to €265m.

The investment vehicle will gradually acquire the plants as soon as they reach the RTB status and has completed the acquisition of the first eight plants totalling 330 MW.

3. Alantra Solar to provide asset management services to the investment vehicle

Alantra Solar, the partnership between Alantra and Solarig, integrated in Alantra Asset Management, will deliver asset management services to the investment vehicle and ensure its financing capacity while implementing a distribution strategy that balances power purchase agreements (PPAs) and market sales.

Alantra Solar employs a multiskilled team of eight professionals led by three executive partners: Javier Mellado, Carmelo Medrano, and Peer Piske, who each bring over 15 years of experience in the solar sector. As part of the team's track record, they have deployed more than €600m in the sector and acquired and developed assets for a total capacity of more than 3 GW across Europe and the US.

4. Solarig to deploy its integrated services and global experience in the renewable arena

Solarig will oversee the development of the different plants to ensure they reach operational status and thereafter will bring its capabilities as the third largest O&M contractor worldwide to the projects. For that purpose, Solarig has a vast international experience and strong local and execution capabilities with a deep presence in Italy and Spain and 15 other countries.

Once completed, the portfolio will generate c. 2.7 GWh per year, the equivalent of the annual consumption of over 800,000 households, and will generate more than €180m in revenues p.a.

"Renewable energy is driving strong demand from investors across the globe, who are looking for experienced partners who can guide their contribution to transforming our energy models. The partnership with an industrial partner like Solarig, backed by investors of the calibre of Reichmuth and Amundi, offers a strong response to this need. We aim to replicate this successful model in future portfolios," said Jacobo Llanza, CEO of Alantra Asset Management.

"The launch of this investment vehicle offers a strong risk-return balance for investors aiming to deploy capital in the solar energy sector, driven by the track record of the partners, the visibility and protection of the portfolio, and the operational development of the plants," said Javier Mellado, Managing Partner of Alantra Solar.

"Solarig is successfully making accomplishment of its Strategic Plan headed to become a multinational leader in the creation of large pipelines of projects with a seized business model secured through our different business lines. This partnership is a step forward towards the achievement of the ambitious goals that the company has set out," said Jose Miguel Moraga, CEO of Solarig.

"Reichmuth is delighted to be part of this milestone project allowing us to grant our investors access to a geographically well-diversified portfolio in two of the best solar markets in Europe. With the commitment to adhere to the highest standards of sustainability across all projects, N-Sun Energy additionally offers our clients a future-oriented, impactful investment. We are looking forward to working with our partners Alantra Solar, Solarig and Amundi and are proud to be able to further drive the European energy transition together," said Christian Ilgner, Head of Energy Investments at Reichmuth.

"This transaction represents a unique opportunity to invest in one of Europe's largest solar development platforms. We are delighted to partner with Solarig, Alantra, and Reichmuth on this investment, which aligns with our current strategy of acquiring late-stage development projects and enhances our portfolio with significant diversification into solar and continues to position Amundi Energy Transition as a leading investor in renewable energy and the decarbonization of European power grids," said Matthieu Poisson, CEO of Amundi Energy Transition.

Alantra partners with Solarig, as well as infrastructure asset managers Reichmuth and Amundi Energy Transition as Co-Investors, to launch a 1.9 GW photovoltaic investment vehicle

There's an awkward realization spreading across Europe's ESG fund-management market.

A wave of downgrades triggered by stricter regulatory guidance has exposed significant variations in how investment firms are interpreting rules for the European Union's top environmental, social and governance fund class, known as Article 9.

Amundi SA, Europe's biggest asset manager, says it thinks Article 9 can now only be applied to a very limited set of products, which is why it's stripping the label from almost all its €45 billion ($48 billion) in such funds, effective this month. It currently holds about €3 billion of Article 9 funds, representing roughly 7% of its previous offering.

Jean-Jacques Barbéris, director of the institutional and corporate clients division and ESG at Amundi, said clarifications from the EU likely mean that Article 9 should only be attached to "very 'pure' funds." These include "some green bond or social bond funds, plus some private asset funds where the rules are different," he said.

Since the European Commission made clear Article 9 must be reserved for funds holding 100% sustainable investments, with allowances for hedging and liquidity, asset managers have stripped the tag from well over $140 billion of client assets. But not all firms are arriving at the same interpretation of what constitutes a sustainable investment.

Disagreement is emerging as to whether Article 9 can be applied to portfolios of publicly traded stocks, for example. And there are questions as to whether so-called UCITS funds, for which diversification and liquidity requirements apply, might be hard to package as Article 9.

The strictest, narrowest interpretation of EU ESG investing rules implies that "it's to some extent easier to construct an Article 9 strategy for a private fund than it is for a public UCITS fund," said Tristram Lawton, managing associate at Simmons & Simmons. "But it's not to say that it's impossible, there are UCITS funds which are Article 9, some firms have managed to do it."

Amundi's decision to apply a very strict reading of Article 9 rests on concerns that to do otherwise would risk "greenwashing allegations, potential legal risk, reputational questions for our clients," Barbéris said.

One of the world's biggest Article 9 funds is managed by the investing arm of Nordea Bank Abp. The Nordea 1 - Global Climate and Environment Fund, which is an actively managed €9.5 billion equity portfolio, won't be reclassified, said Eric Pedersen, head of responsible investments at Nordea Asset Management.

"We haven't downgraded anything yet and we -- for the moment at least -- don't think that we will," he said. "We're looking at this all the time and reviewing it, in light of new information that's coming up. But I think we're in a relatively good place because from the beginning we didn't put very many funds into Article 9." Nordea manages a total of €10.5 billion in the product class.

The EU has yet to nail down a clear definition of "sustainable investment." One interpretation, namely that 100% of a company's activities must contribute to an environmental or social goal, would rule out most equity funds and if that's what the EU expects, then Nordea would have to downgrade, Pedersen said.

Sustainable Investments in the EU...

The EU Commission currently allows two formulas:

For example, assume a financial market participant invests €100,000 in the stock of a company that follows good governance practices and does no significant harm to any of the EU's environmental or social goals. That company might report, say, that 20% of its economic activities are "sustainable."

The asset manager can choose to count only 20% of the company's holding as a "sustainable investment," or classify the entire position as "sustainable." If they go with the latter option, EU guidelines currently don't set a lower threshold.

The asset management arm of BNP Paribas SA has said it's using an interpretation of "sustainable investment" that has allowed it to continue applying an Article 9 designation to about $20 billion worth of funds. These are predominantly actively managed, and include thematic funds containing publicly traded equities.

Back in September, before a wave of Article 9 downgrades upended Europe's fund industry, Morningstar Inc. estimated the designation covered about €470 billion in client assets.

Hortense Bioy, Morningstar's global director of sustainability research, said last year that Article 9 will "clearly" shrink and be limited to "thematic and impact-oriented funds investing in companies that focus on sustainable products and services," which often tend to be small- or mid-caps, or to "bond funds whose proceeds help finance green and social projects."

Lawton notes that there are "liquidity and diversification rules for public funds that don't exist for private funds, which therefore makes it easier to construct a strategy around a narrow sustainable investment framework that would work for a private fund that wouldn't work for a public fund."

BNP, which has downgraded about $16 billion of passively managed Article 9 funds, said in December that deciding what constitutes a sustainable investment is "much more akin to security valuation than to objective company-level data."

Many asset managers, including Deka Investments GmbH, resorted to Article 9 downgrades after doubts arose about the sustainability of climate transition benchmarks created by the EU. UBS Group AG indicated its downgrades of around $330 million in benchmark-tracking Article 9 funds are a cautionary step "pending clarification" from the EU on how to interpret the rules.

Pedersen said Nordea's confidence in its Article 9 claims rests in large part in its decision to avoid climate benchmarks. "Some people got wrong-footed," he said.

Europe's markets watchdog, ESMA, has asked the EU Commission to provide clearer guidance on how financial professionals should define a sustainable investment. The bloc's executive arm has said it's working on an answer.

Article 9 funds are defined within the Sustainable Finance Disclosure Regulation, which was enforced in March 2021. SFDR will be opened to a consultation process early this year and Mairead McGuinness, the bloc's financial markets commissioner, has said it might need an overhaul.

"We hope that the interpretation of the regulation or the rule will be made more comparable in the near future," Barbéris said.

Amundi's $48 Billion in ESG Downgrades Puts Pressure on Holdouts

PROHIBITION OF SALES TO UK RETAIL INVESTORS - The Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (UK). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) No 2017/565 (as amended) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA); (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 (as amended) as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 (as amended) as it forms part of domestic law by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended) as it forms part of domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling the Securities or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Securities or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

MiFID II Product Governance / Retail investors, professional investors and eligible counterparties target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Securities, taking into account the five categories referred to in item 18 of the Guidelines published by ESMA has led to the conclusion that: (i) the target market for the Securities is eligible counterparties, professional clients and retail clients, each as defined in MiFID II; and (ii) all channels for distribution to eligible counterparties and professional clients are appropriate; and (iii) the following channels for distribution of the Securities to retail clients are appropriate - investment advice, portfolio management and pure execution services, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable.

Any person subsequently offering, selling or recommending the Securities (a distributor) should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Securities (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable.

UK MIFIR product governance / Retail investors, professional investors and eligible counterparties target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Securities, taking into account the five categories referred to in item 18 of the Guidelines published by the ESMA on 5 February 2018 (in accordance with the FCA's policy statement entitled "Brexit our approach to EU non-legislative materials"), has led to the conclusion that: (i) the target market for the Securities is retail clients, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) No 2017/565 (as amended) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA), and eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (COBS) and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (UK MiFIR); (ii) all channels for distribution to eligible counterparties and professional clients are appropriate; and (iii) the following channels for distribution of the Securities to retail clients are appropriate - investment advice and portfolio management and pure execution services subject to the distributor's suitability and appropriateness obligations under COBS, as applicable.

Any person subsequently offering, selling or recommending the Securities (a distributor) should take into consideration the manufacturer's target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the UK MiFIR Product Governance Rules) is

1

responsible for undertaking its own target market assessment in respect of the Securities (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels, subject to the distributor's suitability and appropriateness obligations under COBS, as applicable.

FINAL TERMS DATED 2 JANUARY 2023

Amundi

Legal Entity Identifier (LEI): 96950010FL2T1TJKR531

Amundi Capital 100 2028

Issue of Euro 40,000,000 of Single Index Linked Certificates by Amundi

under the Euro 10,000,000,000 Notes and Certificates Programme

The Base Prospectus referred to below (as supplemented by these Final Terms) has been prepared on the assumption that, other than as provided in sub-paragraph (ii) below, any offering of Certificates in any member state of the European Economic Area (each a Member State) shall be made pursuant to an exemption from the requirement to publish a prospectus for offers of Certificates, in accordance with the Prospectus Regulation. Accordingly, any person offering or intending to offer Certificates may only do so:

in circumstances under which neither the Issuer nor any Dealer is under any obligation to publish a prospectus pursuant to article 3 of the Prospectus Regulation or a supplemental prospectus in accordance with article 23 of the Prospectus Regulation; or in a Non-Exempt Offer Jurisdiction as referred to in paragraph 32 of Part A below, provided that such person is one of the persons referred to in paragraph 32 of Part A below and that such offer is made during the Offer Period specified for such purpose in such same paragraph.

Neither the Issuer nor any Dealer has authorised or authorises the offering of any Certificates in any other circumstances.

The expression Prospectus Regulation means the Regulation (EU) 2017/1129 of the European Parliament and the Council dated 14 June 2017 as amended.

PART A- CONTRACTUAL TERMS

Terms used in these Final Terms shall have the meaning given to them in the chapter headed "Terms and Conditions of the Certificates" of the base prospectus dated 12 July 2022, the first supplement to the Base Prospectus dated 17 August 2022, the second supplement to the Base Prospectus dated 23 September 2022 and the third supplement to the Base Prospectus dated 14 November 2022 which together constitute a base prospectus (the Base Prospectus) as defined in the Regulation (EU) 2017/1129 of the European Parliament and the Council dated 14 June 2017 as amended (the Prospectus Regulation).

This document constitutes the Final Terms of the Certificates described herein for the purposes of the Prospectus Regulation and must be read in conjunction with the Base Prospectus, as supplemented, in order to obtain all the relevant information. Copies of the Base Prospectus, as supplemented, shall be published, in accordance with article 21 of the Prospectus Regulation and are available on the websites of (a) the AMF (www.amf-france.org) and (b) the Issuer (www.amundi.com). A summary of the issue is appended to these Final Terms and includes the information contained in the summary of the Base Prospectus and relevant information on the Final Terms.

2

1.

(i)

Issuer:

Amundi

2.

(i)

Series N°:

32

(ii)

Tranche N°:

1

(iii)

Date on which the Certificates

Not Applicable

become fungible:

3.

Specified Currency(ies):

Euro ("€")

Replacement Currency:

U.S. dollar

4.

Aggregate Nominal Amount:

40,000,000 €

5.

Issue Price:

100 per cent. of the Aggregate Nominal Amount

6.

(i)

Calculation Amount:

1,000 €

7.

(i)

Issue Date:

6 January 2023

(ii)

Trade Date:

7 December 2022

(iii)

Interest Period

Not Applicable

Commencement Date:

8.

Maturity Date:

10 March 2028

9.

Interest Basis:

Not Applicable

10.

Coupon Switch Option:

Not Applicable

11.

Redemption/Payment Basis:

Index Linked Redemption

12.

Issuer/Holders redemption option:

Not Applicable

13.

Authorised Issue Dates:

28 April 2022

14.

Placement method:

Non-syndicated

15.

Hybrid Certificates:

Not Applicable

16.

Exercise of Certificates:

Not Applicable

TERMS RELATING TO INTEREST (IF ANY) PAYABLE

17.

Fixed Rate Certificates:

Not Applicable

18.

Floating Rate Certificates and Rate Linked Not Applicable

Certificates

19.

Change of Interest Basis:

Not Applicable

20.

Zero Coupon Certificates:

Not Applicable

3

21. Underlying Reference Linked Interest Not Applicable Certificates other than Rate Linked

Certificates:

TERMS RELATING TO REDEMPTION

22.

Redemption at the Option of the Issuer

Not Applicable

23.

Redemption at the Option of the Holders

Not Applicable

24.

Final Redemption Amount on each Certificate

Underlying Reference Linked Final Redemption

Amount

25. Underlying Reference Linked Redemption Applicable Amount Certificates

TERMS RELATING TO THE UNDERLYING REFERENCE

(1)

Share Linked Redemption Amount:

Not Applicable

(2)

Index Linked Redemption Amount:

Applicable

(i)

Type of Certificates:

Single Index Linked Certificates

(ii)

Index:

STOXX® Global Select Dividend 100 Price EUR

such as calculated and published by the Index

Sponsor (Bloomberg code "SDGP Index"), which is

a Multi-Exchange Index

(iii)

Index Sponsor:

STOXX Limited

(iv)

Exchange[s]:

Each of the regulated markets or quotation systems

(or any substitution market or system) on which the

stocks composing the Index are mainly traded

(v)

Related Exchange[s]:

Eurex or any substitution option or future market

(vi)

Party responsible for calculation

Calculation Agent

of the Redemption Amount:

(vii)

Valuation Time:

In accordance with Section 1.1.VI of Part 3

(viii)

Specified Maximum Days of

Eight

Disruption:

(ix)

Exchange Business Day

Single Index Basis

(x)

Scheduled Trading Day

Single Index Basis

(xi)

Additional Disruption Events:

Change in Law, Hedging Disruption and Increased

Cost of Hedging apply

(xii)

Correction Deadline:

within a Settlement Cycle following the original

publication and before the Maturity Date

4

(xiii)

Weighting for each Index

Not Applicable

comprised in the basket:

(3)

Fund Linked Redemption Amount:

Not Applicable

(4)

Inflation Linked Redemption Amount:

Not Applicable

(5)

Foreign Exchange Rate Linked Redemption

Not Applicable

Amount:

(6)

Commodity Linked Redemption Amount:

Not Applicable

(7)

Dynamic Linked Redemption Certificates:

Not Applicable

TERMS RELATING TO FINAL REDEMPTION

DETERMINATION OF THE INITIAL VALUE OF THE UNDERLYING REFERENCE:

(i)

Initial Determination Date:

10 March 2023

Observation Dates for Initial 10 March 2023 Determination Date:

(ii)

Initial Value:

Determined in accordance with Value Determination

Terms set forth below

(iii)

Value Determination Terms for the

Reference Value

Initial Value:

(Section 2.2 of Part 3 of the Conditions)

DETERMINATION OF THE FINAL VALUE OF THE UNDERLYING REFERENCE:

(i)

Value Determination Terms for the

Reference Value

Final Value in respect of any

Redemption Amount Determination

Date:

(Section 2.2 of Part 3 of the Conditions)



Observation Dates for any

23 February 2028

Redemption Amount Determination

Date:

DETERMINATION OF THE PERFORMANCE:

(i)

Performance:

Floored Performance

(ii)

Cap:

Not Applicable

(iii)

Floor:

4%

5

Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.

Attachments

Original Link Original Document Permalink

Disclaimer

Amundi SA published this content on 04 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2023 10:47:08 UTC.

Amundi : Communique AMF CP. CP23878174 | MarketScreener

Amundi US today announced the declaration of dividends for five Pioneer closed-end funds for January 2023.

Ex-Date:

January 18, 2023

Record Date:

January 19, 2023

Payable:

January 31, 2023

Ticker

Taxable Funds

Distribution

Per Share

Change From

Previous Month

HNW

Pioneer Diversified High Income Fund, Inc.

$0.09001

-

PHT

Pioneer High Income Fund, Inc.

$0.05751

-

Ticker

Tax-Exempt Funds

Distribution

Per Share

Change From

Previous Month

MAV

Pioneer Municipal High Income Advantage Fund, Inc.

$0.04401

-

MHI

Pioneer Municipal High Income Fund, Inc.

$0.04801

-

MIO

Pioneer Municipal High Income Opportunities Fund, Inc.

$0.05251,2

-$0.0050

Market

Price

Market Price

Distribution Rate

NAV

NAV

Distribution Rate

Pioneer Diversified High Income Fund, Inc.

$10.32

10.47%

$11.74

9.20%

Pioneer High Income Fund, Inc.

$6.63

10.41%

$7.59

9.09%

Pioneer Municipal High Income Advantage Fund, Inc.

$8.18

6.45%

$9.26

5.70%

Pioneer Municipal High Income Fund, Inc.

$8.79

6.55%

$10.00

5.76%

Pioneer Municipal High Income Opportunities Fund, Inc.

$10.73

5.87%

$12.44

5.06%

1 At this time, it is believed that a portion of the Fund's current monthly distribution may be comprised of amounts from sources other than net investment income.

2 MIO's January per share distribution of $0.0525 represents a 8.7% decrease from the $0.0575 per share distribution paid in December.

If any Fund estimates that any portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will provide shareholders a separate written notice. These notices are provided for informational purposes only, and should not be used for tax reporting purposes. The final determination of tax characteristics of each Fund's distributions will occur after the end of its fiscal year, at which time it will be reported to shareholders. A return of capital is not a distribution of income or capital gains from the Fund, does not necessarily reflect the Fund's investment performance, and should not be considered "yield" or "income."

­The closing market price and NAV are based on data as of January 4, 2023. The Market Price Distribution Rate is calculated by dividing the latest declared monthly distribution per share (annualized) by the market price. The NAV Distribution Rate is calculated by dividing the latest declared monthly distribution per share (annualized) by the NAV per share.

The funds are closed-end investment companies. Four of these funds trade on the New York Stock Exchange (NYSE) under the following symbols: MHI, MAV, PHT, and MIO; HNW trades on the NYSEAMER.

Keep in mind, distribution rates are not guaranteed. A fund's distribution rate may be affected by numerous factors, including changes in actual or projected investment income, the level of undistributed net investment income, if any, and other factors. Shareholders should not draw any conclusions about a fund's investment performance based on a fund's current distributions. Closed-end funds, unlike open-end funds, are not continuously offered. Once issued, common shares of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of common shares outstanding. For performance data on Amundi US's closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

About Amundi US

Amundi US is the US business of Amundi, Europe's largest asset manager by assets under management and ranked among the ten largest globally[1]. Boston is one of Amundi's six main global investment hubs[2] and offers a broad range of fixed-income, equity, and multi-asset investment solutions in close partnership with wealth management firms, distribution platforms, and institutional investors across the Americas, Europe, and Asia-Pacific.

With our financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of 5,400[3] team members and market professionals in 36 countries[3]. A subsidiary of the Crédit Agricole group and listed on the Paris stock exchange, Amundi currently manages approximately $1.856 trillion of assets[3].

Amundi, a Trusted Partner, working every day in the interest of our clients and society

www.amundi.com/us

Follow us on linkedin.com/company/amundi-us/ and twitter.com/amundi_us.

1 Source: IPE "Top 500 Asset Managers" published in June 2022, based on assets under management as of 12/31/2021

2 Boston, Dublin, London, Milan, Paris, and Tokyo

3 Amundi data as of 9/30/22

Amundi Distributor US, Inc., Member SIPC

60 State Street, Boston, MA 02109

©2023 Amundi Asset Management US

View source version on businesswire.com: https://www.businesswire.com/news/home/20230105005823/en/

Amundi US Declares Monthly Distributions for Pioneer Closed-End Funds | MarketScreener

The impacts and losses to insurance-linked securities (ILS) from hurricane Ian this year were a "setback" for performance, but also another chance to reflect and double-down on portfolio management processes, according to Amundi US' Chin Liu.

Writing in the annual report for the dedicated mutual ILS investment fund operated by Amundi US Investment Management, the Pioneer ILS Interval Fund, Director of Insurance-linked Securities at the firm, Chin Liu, explained how portfolio management responds to events like this, as well as his outlook for the future.

Amundi US' Chin Liu will be joining us as a speaking participant at our ILS NYC 2023 conference on February 10th in New York. Register today to attend.

In its latest full year to October 31st 2022, the Amundi US managed interval-style ILS mutual fund fell to a -1.97% return for the annual period, with hurricane Ian the main driver.

Given the Pioneer ILS Interval Fund has investments across numerous reinsurance sidecars, private quota share deals, collateralized reinsurance and catastrophe bonds, the strategy was always going to take a hit from a major hurricane loss event like Ian.

At October 31st, the Pioneer ILS Interval Fund's total net assets were reported as $806.5 million, which is a decline from the $861.5 million reported a quarter earlier, at July 31st.

"While the effects of Hurricane Ian were a setback for the Fund's performance, the Fund's return still compared favorably with the performance of most other fixed-income asset classes over the full 12-month period," Liu explained.

Continuing by saying that, "While having exposure to Hurricane Ian detracted from the Fund's performance during the 12-month period, each time such an event occurs, we view it as an opportunity to reflect on our portfolio management philosophy and investment process."

He went on to explain some of the portfolio management steps taken, in response to catastrophe loss activity in recent years, a process that continues after hurricane Ian.

"First, we believe our approach of being sponsor- and vehicle-agnostic - meaning that there are no direct affiliations or ownership conditions in place with a reinsurer - has continued to serve the Fund's shareholders well. Additionally, some ILS vehicles, like catastrophe (CAT) bonds, have tended to have greater concentration in states like Florida. We therefore have continued to look for what we believe are the best relative values between all ILS vehicle types, while seeking to maintain peril and geographic diversification within the portfolio," Liu said.

"Second, we have tried to avoid involving the portfolio in aggregate transactions (in other words, transactions that can be triggered by both severity of a single loss as well as frequency of multiple losses). In recent years, the industry has observed an increase in frequency of events, but not severity. Aggregate transactions have tended to pick up losses from both frequency and severity, whereas catastrophe models generally have demonstrated better accuracy with regard to evaluating severity. In addition, wind events have typically been very well modeled. Over the years, agencies have been able to refine and enhance the modeling for such events and their potential outcomes. As a result, the ability of investors to evaluate, analyze, and price the risks involved has improved. This development has continued to reinforce our view that it is preferable to avoid perils, such as cyber-related perils, and some others, where the modeling, data, governance, and legal frameworks have not been as robust as we would like," he further stated.

Going on to explain that diversification within type of ILS instrument, or transaction, is also important.

"We do not believe pricing improvement will present itself uniformly across all types of ILS issues: CAT bonds, collateralized reinsurance, quota shares, and industry loss warranties (reinsurance products where payouts are triggered by catastrophic insured industry loss). We believe our vehicle-agnostic investment philosophy has allowed us to take advantage of pricing dislocations among different ILS formats. As always, we have continued to shift the Fund's allocations across various ILS formats in an attempt to capture what we believe are the best relative values. We believe this is a more prudent approach than chasing the highest premiums/returns, or overweighting the portfolio to specific perils or regions," Liu explained.

Liu further highlighted the importance of due diligence and evaluating every investment, as well as avoiding holding significant exposure to any single large ceding company.

Liu then explained the supply-demand imbalance and in an outlook to the end of year renewals said that the power in reinsurance now sits with those with more stable capacity, that can provide continuity to their counterparties.

"We will look to capitalize on this unique opportunity as we head into the January 2023 renewal period," Liu said.

Finally, Liu highlighted the drivers for investor allocations to ILS as an asset class, with these continuing to hold true as we move into 2023.

"We have continued to recognize the primary value proposition of ILS as an asset class with low structural correlation to the performance of other asset classes, and offering, in our view, a compelling set of risk/return characteristics," Liu explained.

Adding that, at Amundi US, "We believe those factors remain true as investors have begun confronting the reality of rising interest rates in both the present and the near term, and possibly for longer."

Hurricane Ian a setback for ILS, but also a chance to reflect: Liu, Amundi US - Artemis.bm

KUALA LUMPUR, Jan 7 -- The Royal Malaysia Police (PDRM) have today denied claims that Inspector-General of Police (IGP) Tan Sri Acryl Sani Abdullah Sani is linked to an investment scheme known as Amundi.

PDRM secretary Datuk Noorsiah Mohd Saaduddin said a police report has been lodged to initiate an investigation into the irresponsible individual who has impersonated and deceptively used Acryl Sani's name.

"The investment scheme is also being investigated and the public is advised to always be alert so as not to be deceived and misled into investing in fraudulent schemes," she said in a statement today.

Noorsiah said PDRM recently detected a group on WhatsApp promoting an investment scheme using a profile on Acryl Sani.

"The individual involved who used the phone number 010-2301160 claimed that the IGP has also participated in the investment scheme," she added. -- Bernama

Cops deny IGP's involvement in Amundi investment scheme

KUALA LUMPUR: Bukit Aman has rubbished claims that the Inspector-General of Police is involved in the Amundi investment scheme.

In a statement on Saturday (Jan 7), police secretary Deputy Comm Datuk Noorsiah Mohd Saaduddin said they detected a WhatsApp chat group recently promoting the investment scheme.

"In that group, we found a WhatsApp profile posing as Tan Sri Acryl Sani Abdullah Sani. The individual used a phone number - 010-230 1160 - to pose as the Inspector General of Police to make it seem like he was also making investments," she said.

DCP Noorsiah stressed that Acryl Sani was not involved in the investment.

"A police report has been lodged to facilitate the investigation on the irresponsible individual who was posing as Acryl Sani. We are also conducting an investigation into the investment scheme at the same time," she said.

DCP Noorsiah then added that the public should be cautious and not fall easily for fraudulent schemes such as this.

IGP not part of Amundi investment scheme, says Bukit Aman

DJ Amundi Physical Metals plc: UK Final Terms

Amundi Physical Metals plc (GLDA) Amundi Physical Metals plc: UK Final Terms 30-Dec-2022 / 12:01 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

-----------------------------------------------------------------------------------------------------------------------

FINAL TERMS

Final Terms dated 29 December 2022

AMUNDI PHYSICAL METALS PLC

ETC Securities of Amundi Physical Gold ETC issued under its Secured Precious Metal Linked ETC Securities Programme (the "ETC Securities")

Issue of 101,000 ETC Securities, being Tranche 400 of Amundi Physical Gold ETC specified in these Final Terms

Part A - Contractual Terms

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 20 May 2019 as supplemented by the Supplement to the Base Prospectus dated 4 March 2020.

This document constitutes the final terms of the ETC Securities described herein for the purposes of Article 8.4 of Regulation (EU) 2017/1129 as it forms part of "retained EU law", as defined in the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation") and must be read in conjunction with the Base Prospectus dated 12 May 2022 (the " Current Base Prospectus") and the Supplement to the Current Base Prospectus dated 6 July 2022 (the "Supplement to the Current Base Prospectus"), which together constitute a base prospectus for the purposes of the UK Prospectus Regulation, save in respect of the Conditions which are extracted from the Base Prospectus dated 20 May 2019 as so supplemented and are incorporated by reference into the Current Base Prospectus. Full information on the Issuer and the offer of the ETC Securities is only available on the basis of the combination of this final terms and the Base Prospectus dated 20 May 2019 as so supplemented and the Current Base Prospectus and the Supplement to the Current Base Prospectus.

GENERAL TERMS 1. Issuer: Amundi Physical Metals plc 2. i. Series: Amundi Physical Gold ETC ii. Tranche Number(s): 400 3. Aggregate Number of ETC Securities of the Series: i. Immediately following the issue of the relevant Tranche 57,899,011.00 of ETC Securities: ii. Comprising the relevant 101,000 Tranche of ETC Securities: 4. Metal Entitlement: i. Initial Metal Entitlement as at the Series Issue 0.04 fine troy ounces Date: ii. Metal Entitlement as at the Subscription Trade Date of the relevant Tranche of ETC Securities 0.03978656 (if not the first Tranche of ETC Securities of the Series): 5. Issue Date: i. Series Issue Date: 23 May 2019 ii. Issue Date of the relevant Tranche of ETC Securities 03 January 2023 (if not the first Tranche of ETC Securities of the Series): 6. Scheduled Maturity Date: 23 May 2118 7. Relevant Regulatory Law Reference 21 May 2019 Date: 8. Date on which Board approval for 25 April 2019 issuance of ETC Securities obtained: TRANSACTION PARTIES 9. Additional Paying Agent(s): Not Applicable As at the date of these Final Terms: HSBC Bank plc, with registered office at: 8 Canada Square, Canary Wharf, London, E14 5HQ Jane Street Financial Limited, with registered office at: Floor 30, 20 Fenchurch Street, London EC3M 3BUY Flow Traders B.V., with registered office at: 10. Jacob Bontiusplaats 9 Authorised Participant(s): 1018 LL Amsterdam Optiver VOF, with registered office at: Strawinskylaan 3095 1077 ZX Amsterdam BNP Paribas Arbitrage SNC, with registered office at: 1 Rue Laffitte 75009 Paris Merrill Lynch International, with registered office at 2 King Edward Street London EC1A 1HQ PROVISIONS RELATING TO FEES 11. Total Expense Ratio (as at the date of 0.12% per annum. these Final Terms): PROVISIONS RELATING TO REDEMPTION 12. Nominal Amount: USD 5.085, being an amount equal to 10 per cent. of the Issue Price per ETC Security as at the Series Issue Date. 13. Specified Interest Amount: USD 0.051, being an amount equal to 1 per cent. of the Nominal Amount. GENERAL PROVISIONS APPLICABLE TO THE ETC SECURITIES An offer of the ETC Securities may be made by any Authorised Offeror(s) other than pursuant to Article 1(4) of the Prospectus Regulation in Austria, France, Germany, 14. Non-exempt Offer: Luxembourg, the Netherlands, Spain, Sweden and any other Relevant Member State where the Current Base Prospectus (and any supplements) have been notified to the competent authority in that Relevant Member State and published in accordance with the Prospectus Regulation. LISTING AND ADMISSION TO TRADING APPLICATION These Final Terms comprise the final terms required to list and have admitted to trading the Tranche(s) of ETC Securities described herein pursuant to Amundi Physical Metal Plc's Secured Precious Metal Linked ETC Securities Programme.

Signed on behalf of the Issuer:

By: ............................................

Duly authorised Part B - Other Information

1. LISTING Application has been made for the ETC Securities to be admitted to Euronext Paris and for the ETC Securities to be admitted to trading on the regulated market thereof. Application has also been made for the ETC Securities to be admitted to Euronext Amsterdam, the Deutsche Börse and for the ETC Securities to be admitted to trading on the regulated markets thereof. Application has also been made for the ETC Securities to be admitted to i. Listing and trading on the main market of the London Stock Exchange. admission to trading: Application may be made for the ETC Securities to be listed on additional Stock Exchanges and admitted to trading on additional markets from time to time. As at the date of these Final Terms, ETC Securities of this Series have been admitted to trading on Euronext Paris, Euronext Amsterdam, the Deutsche Börse and the London Stock Exchange. ii. Estimate of total net proceeds of the issue: USD 7,288,452.90 iii. Estimate of total expenses related EUR3,000 to admission to trading for the relevant Tranche: 2. REASONS FOR THE OFFER Reasons for the offer: See section headed "Investing in the ETC Securities to gain exposure to gold price" in the Current Base Prospectus. 3. OPERATIONAL INFORMATION ISIN: FR0013416716 Common Code: 199119532 CFI: DTZXXB FISN: AMUNDI PHYSICAL/DBT Listing Euronext Paris: BJ027Y1 FR Listing Euronext Amsterdam: BJYGLG9 NL SEDOL: Listing Deutsche Börse Xetra: BKF9G58 DE Listing London Stock Exchange: BLKQKY8 WKN (if applicable): A2UJK0 Delivery: Delivery free of payment.

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DJ Amundi Physical Metals plc: UK Final Terms -2-

ANNEX - Issue Specific Summary 29 December 2022

SUMMARY A. INTRODUCTION AND WARNINGS A.1.1 Name and international securities identifier number (ISIN) of the securities Series Amundi Physical Gold ETC due 2118 (the "Series") issued under the Secured Precious Metals Linked ETC Securities Programme. ISIN Code: FR0013416716. A.1.2 Identity and contact details of the issuer, including its legal entity identifier (LEI) Amundi Physical Metals plc (the "Issuer") is a public company limited by shares incorporated in Ireland. Its registered address is at 2nd Floor, Palmerston House, Fenian Street, Dublin 2, Ireland. The Issuer's telephone number is +353 1 905 8020 and its legal entity identifier is 635400OKXTE2YQC92T76. A.1.3 Identity and contact details of the competent authority approving the Base Prospectus The Base Prospectus has been approved in accordance with Regulation (EU) 2017/1129 as it forms part of "retained EU law", as defined in the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation") by the United Kingdom Financial Conduct Authority as competent authority. Address: 12 Endeavour Square, London E20 1JN. Telephone number: +44 (0)20 7066 1000. A.1.4 Date of approval of the Base Prospectus The Base Prospectus (the "Base Prospectus") was approved on 12 May 2022 and may be amended and/or supplemented from time to time. A.1.5 Warning This summary has been prepared in accordance with Article 7 of the UK Prospectus Regulation and should be read as an introduction to the Base Prospectus. Any decision to invest in the exchange-traded, secured, limited recourse securities linked to the price of Gold of this Series (the "ETC Securities") should be based on consideration by the investor of the Base Prospectus as a whole, including the related final terms for this Tranche (the "Final Terms"). Any investor could lose all or part of their invested capital. Civil liability attaches only to those persons who have tabled this summary, including any translation thereof, but only if this summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, key information in order to aid investors when considering whether to invest in the ETC Securities. This document does not constitute an offer or invitation to any person to subscribe for or purchase any ETC Securities. It has been prepared in connection with the Final Terms. B. KEY INFORMATION ON THE ISSUER B.1 Who is the issuer of the securities? B.1.1 Domicile, legal form, LEI, jurisdiction of incorporation and country of operation The Issuer was incorporated on 4 December 2018 as a public limited company in Ireland under the Companies Act of Ireland 2014, as amended, with registration number 638962. Its legal entity identifier is 635400OKXTE2YQC92T76. B.1.2 Principal activities The Issuer has been established as a special purpose vehicle and has established a programme (the "Programme") under which ETC Securities linked to gold ("Gold" or "Metal") may be issued from time to time. Each Series of ETC Securities issued under the Programme will be linked to, and provide exposure to, the price of Gold. B.1.3 Major Shareholders The authorised share capital of the Issuer is EUR25,000, divided into 25,000 ordinary shares of EUR1 each, all of which have been issued and fully paid up. Such shares are held by Cafico Trust Company Limited on trust for charitable purposes. B.1.4 Key managing directors The directors of the Issuer are Rolando Ebuna, Máiréad Lyons and Mehdi Balafrej. B.1.5 Identity of the statutory auditors The statutory auditors of the Issuer are KPMG Ireland. B.2 What is the key financial information regarding the Issuer? The Issuer has published its audited financial statements for the period from 1 April 2021 to the period ending on 31 March 2022. The summary information below is extracted from the Issuer's statement of financial position as 31 March 2022: Total current assets (in USD) 4,849,082,199 Total equity (in USD) 34,899 Total current liabilities (in USD) 4,849,047,300 Total equity and liabilities (in USD) 4,849,082,199

B.3 What are the key risks that are specific to the Issuer?

-- The Issuer is a special purpose vehicle with no material assets other than its paid-up share capital andthe assets on which each Series of ETC Securities are secured (principally the Gold). In respect of each Series,the holders of such ETC Securities (the "Securityholders") will have recourse only to the Secured Property (asdefined below) and not to any other assets of the Issuer. If, following realisation in full of the Secured Propertyrelating to such Series, any outstanding claim remains unpaid, then such claim will be extinguished and no debtwill be owed by the Issuer in respect thereof.

C. KEY INFORMATION ON THE SECURITIES

C.1 What are the main features of the ETC Securities?

C.1.1 Type, class and ISIN

Commodity-linked securities. ISIN Code: FR0013416716 Common Code: 199119532

C.1.2 Currency, denomination, par value, number of securities issued and duration

The ETC Securities are denominated in USD. The ETC Securities are in bearer global form. For the purposes of the UK Prospectus Regulation, the Nominal Amount of each ETC Security (USD 5.085) shall be regarded as the denomination of such ETC Security. The ETC Securities are being treated by the Issuer as having a minimum denomination of less than EUR100,000. As at the issue date of the above tranche of ETC Securities, there will be 57,899,011.00 ETC Securities of this Series in issue. The scheduled maturity date (the "Scheduled Maturity Date") of the ETC Securities is 23 May 2118.

C.1.3 Rights attached to the ETC Securities

Overview

The ETC Securities are designed to provide purchasers with exposure to Gold without having to take physical delivery of the Gold. The Issuer, under the Programme, may only issue ETC Securities to authorised participants appointed as such (each, an "Authorised Participant"). Authorised Participants may, thereafter, offer such ETC Securities to retail clients, professional clients or other eligible counterparties (subject to certain selling restrictions contained in the Base Prospectus). The first tranche of the Series was issued on 23 May 2019 (the "Series Issue Date") to one or more Authorised Participants.

Each ETC Security relates to a specific amount in weight of Gold, specified in the Final Terms, known as the "Metal Entitlement". In order to back its obligations under the ETC Securities, the Issuer will seek to hold enough Gold to meet its obligations under the ETC Securities. On the Series Issue Date, each ETC Security was ascribed with a Metal Entitlement (the "Initial Metal Entitlement") and on each subsequent day, the Metal Entitlement of each ETC Security shall be reduced by a percentage (the "Total Expense Ratio") determined as sufficient to fund the Issuer's "all in one" operational fee to Amundi Asset Management S.A.S (the "Advisor"). In order to fund such "all in one" operational fee, HSBC Bank plc (the "Metal Counterparty") shall periodically liquidate an amount of Gold (the "TER Metal") equal to the accrued reductions (pursuant to the Total Expense Ratio) to the Metal Entitlement of all ETC Securities of the Series. The Total Expense Ratio shall cease to apply to an ETC Security for a Series on the earliest to occur of (i) a Buy-Back Trade Date relating to such ETC Security, (ii) an Early Redemption Trade Date relating to such Series and (iii) the Final Redemption Valuation Date for such Series. The Gold will be held for the Issuer by HSBC Bank plc (the "Custodian ") and will generally be held on an "allocated" basis on the terms of the Custody Agreement in the relevant allocated account of the Issuer with the Custodian marked for the relevant series (the "Allocated Account"). This means that the Gold is held in a segregated account held at the London vault of the Custodian in the name of the Issuer for the account of the relevant Series and all Gold in allocated form that is deposited with or received by the Custodian from time to time is held by the Custodian as bailee for the Issuer for that Series. There are times when amounts of the Gold may be held on an "unallocated" basis, for example to facilitate subscriptions.

Subscription

On any day (other than a Saturday or a Sunday) on which (i) Euronext Paris is open for business, (ii) the over-the-counter market of The London Bullion Market Association (the "LBMA") is open for business and (iii) commercial banks in Ireland are open for business (a "Business Day"), an Authorised Participant may request the Issuer to issue further ETC Securities to such Authorised Participant (a "Subscription"). Prior to settlement of a Subscription, the Authorised Participant will be required to transfer to an unallocated account of the Issuer with the Custodian marked for such Series (the "Unallocated Account") an amount of Gold (the "Subscription Settlement Amount") equal to the product of (a) the Metal Entitlement on the relevant trade date (the "Subscription Trade Date") and (b) the total number of ETC Securities being issued. The Issuer will not issue ETC Securities to an Authorised Participant until the Subscription Settlement Amount has been received in the Unallocated Account and allocated to the Allocated Account for the Series. In connection with each Subscription, the Authorised Participant will also be required to pay to the Issuer a subscription

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Amundi Physical Metals plc: UK Final Terms -2-

DJ Amundi Physical Metals plc: Final Terms

Amundi Physical Metals plc (GLDA) Amundi Physical Metals plc: Final Terms 30-Dec-2022 / 12:04 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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FINAL TERMS

Final Terms dated 29 December 2022

AMUNDI PHYSICAL METALS PLC

ETC Securities of Amundi Physical Gold ETC issued under its Secured Precious Metal Linked ETC Securities Programme (the "ETC Securities")

Issue of 101,000 ETC Securities, being Tranche 400 of Amundi Physical Gold ETC specified in these Final Terms

Part A - Contractual Terms

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 20 May 2019 as supplemented by the Supplement to the Base Prospectus dated 4 March 2020.

This document constitutes the final terms of the ETC Securities described herein for the purposes of Article 8(4) of the Prospectus Regulation (Regulation (EU) 2017/1129) (the "Prospectus Regulation") and must be read in conjunction with the Base Prospectus dated 17 May 2022 (the "Current Base Prospectus") and the Supplement to the Current Base Prospectus dated 6 July 2022 (the "Supplement to the Current Base Prospectus"), which together constitute a base prospectus for the purposes of the Prospectus Regulation, save in respect of the Conditions which are extracted from the Base Prospectus dated 20 May 2019 as so supplemented and are incorporated by reference into the Current Base Prospectus. Full information on the Issuer and the offer of the ETC Securities is only available on the basis of the combination of this final terms and the Base Prospectus dated 20 May 2019 as so supplemented and the Current Base Prospectus and the Supplement to the Current Base Prospectus.

GENERAL TERMS 1. Issuer: Amundi Physical Metals plc 2. i. Series: Amundi Physical Gold ETC ii. Tranche Number(s): 400 3. Aggregate Number of ETC Securities of the Series: i. Immediately following the issue of the relevant Tranche 57,899,011.00 of ETC Securities: ii. Comprising the relevant 101,000 Tranche of ETC Securities: 4. Metal Entitlement: i. Initial Metal Entitlement as at the Series Issue 0.04 fine troy ounces Date: ii. Metal Entitlement as at the Subscription Trade Date of the relevant Tranche of ETC Securities 0.03978656 (if not the first Tranche of ETC Securities of the Series): 5. Issue Date: i. Series Issue Date: 23 May 2019 ii. Issue Date of the 03 January 2023 relevant Tranche of ETC Securities (if not the first Tranche of ETC Securities of the Series): 6. Scheduled Maturity Date: 23 May 2118 7. Relevant Regulatory Law Reference 21 May 2019 Date: 8. Date on which Board approval for 25 April 2019 issuance of ETC Securities obtained: TRANSACTION PARTIES 9. Additional Paying Agent(s): Not Applicable As at the date of these Final Terms: HSBC Bank plc, with registered office at: 8 Canada Square, Canary Wharf, London, E14 5HQ Jane Street Financial Limited, with registered office at: Floor 30, 20 Fenchurch Street, London EC3M 3BUY Flow Traders B.V., with registered office at: 10. Jacob Bontiusplaats 9 Authorised Participant(s): 1018 LL Amsterdam Optiver VOF, with registered office at: Strawinskylaan 3095 1077 ZX Amsterdam BNP Paribas Arbitrage SNC, with registered office at: 1 Rue Laffitte 75009 Paris Merrill Lynch International, with registered office at 2 King Edward Street London EC1A 1HQ PROVISIONS RELATING TO FEES 11. Total Expense Ratio (as at the date of 0.12% per annum. these Final Terms): PROVISIONS RELATING TO REDEMPTION 12. Nominal Amount: USD 5.085, being an amount equal to 10 per cent. of the Issue Price per ETC Security as at the Series Issue Date. 13. Specified Interest Amount: USD 0.051, being an amount equal to 1 per cent. of the Nominal Amount. GENERAL PROVISIONS APPLICABLE TO THE ETC SECURITIES An offer of the ETC Securities may be made by any Authorised Offeror(s) other than pursuant to Article 1(4) of the Prospectus Regulation in Austria, France, Germany, 14. Non-exempt Offer: Luxembourg, the Netherlands, Spain, Sweden and any other Relevant Member State where the Current Base Prospectus (and any supplements) have been notified to the competent authority in that Relevant Member State and published in accordance with the Prospectus Regulation. LISTING AND ADMISSION TO TRADING APPLICATION These Final Terms comprise the final terms required to list and have admitted to trading the Tranche(s) of ETC Securities described herein pursuant to Amundi Physical Metal Plc's Secured Precious Metal Linked ETC Securities Programme.

Signed on behalf of the Issuer:

By: ............................................

Duly authorised Part B - Other Information

1. LISTING Application has been made for the ETC Securities to be admitted to Euronext Paris and for the ETC Securities to be admitted to trading on the regulated market thereof. Application has also been made for the ETC Securities to be admitted to Euronext Amsterdam, the Deutsche Börse and for the ETC Securities to be admitted to trading on the regulated markets thereof. Application has also been made for the ETC Securities to be admitted to i. Listing and trading on the main market of the London Stock Exchange. admission to trading: Application may be made for the ETC Securities to be listed on additional Stock Exchanges and admitted to trading on additional markets from time to time. As at the date of these Final Terms, ETC Securities of this Series have been admitted to trading on Euronext Paris, Euronext Amsterdam, the Deutsche Börse and the London Stock Exchange. ii. Estimate of total net proceeds of the issue: USD 7,288,452.90 iii. Estimate of total expenses related EUR3,000 to admission to trading for the relevant Tranche: 2. REASONS FOR THE OFFER Reasons for the offer: See section headed "Investing in the ETC Securities to gain exposure to gold price" in the Current Base Prospectus. 3. OPERATIONAL INFORMATION ISIN: FR0013416716 Common Code: 199119532 CFI: DTZXXB FISN: AMUNDI PHYSICAL/DBT Listing Euronext Paris: BJ027Y1 FR Listing Euronext Amsterdam: BJYGLG9 NL SEDOL: Listing Deutsche Börse Xetra: BKF9G58 DE Listing London Stock Exchange: BLKQKY8 WKN (if applicable): A2UJK0 Delivery: Delivery free of payment.

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DJ Amundi Physical Metals plc: Final Terms -2-

ANNEX - Issue Specific Summary 29 December 2022

SUMMARY A. INTRODUCTION AND WARNINGS A.1.1 Name and international securities identifier number (ISIN) of the securities Series Amundi Physical Gold ETC due 2118 (the "Series") issued under the Secured Precious Metals Linked ETC Securities Programme. ISIN Code: FR0013416716. A.1.2 Identity and contact details of the issuer, including its legal entity identifier (LEI) Amundi Physical Metals plc (the "Issuer") is a public company limited by shares incorporated in Ireland. Its registered address is at 2nd Floor, Palmerston House, Fenian Street, Dublin 2, Ireland. The Issuer's telephone number is +353 1 905 8020 and its legal entity identifier is 635400OKXTE2YQC92T76. A.1.3 Identity and contact details of the competent authority approving the Base Prospectus The Base Prospectus has been approved in accordance with Regulation (EU) 2017/1129 (the "Prospectus Regulation") by the Central Bank of Ireland as competent authority. Address: New Wapping Street, North Wall Quay, Dublin 1. Telephone number: +353 1 224 6000. A.1.4 Date of approval of the Base Prospectus The Base Prospectus (the "Base Prospectus") was approved on 17 May 2022 and may be amended and/or supplemented from time to time. A.1.5 Warning This summary has been prepared in accordance with Article 7 of the Prospectus Regulation and should be read as an introduction to the Base Prospectus. Any decision to invest in the exchange-traded, secured, limited recourse securities linked to the price of Gold of this Series (the "ETC Securities") should be based on consideration by the investor of the Base Prospectus as a whole, including the related final terms for this Tranche (the "Final Terms"). Any investor could lose all or part of their invested capital. Where a claim relating to the information contained in the Base Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States of the European Union, be required to bear the costs of translating the Base Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled this summary, including any translation thereof, but only if this summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, key information in order to aid investors when considering whether to invest in the ETC Securities. This document does not constitute an offer or invitation to any person to subscribe for or purchase any ETC Securities. It has been prepared in connection with the Final Terms. B. KEY INFORMATION ON THE ISSUER B.1 Who is the issuer of the securities? B.1.1 Domicile, legal form, LEI, jurisdiction of incorporation and country of operation The Issuer was incorporated on 4 December 2018 as a public limited company in Ireland under the Companies Act of Ireland 2014, as amended, with registration number 638962. Its legal entity identifier is 635400OKXTE2YQC92T76. B.1.2 Principal activities The Issuer has been established as a special purpose vehicle and has established a programme (the "Programme") under which ETC Securities linked to gold ("Gold" or "Metal") may be issued from time to time. Each Series of ETC Securities issued under the Programme will be linked to, and provide exposure to, the price of Gold. B.1.3 Major Shareholders The authorised share capital of the Issuer is EUR25,000, divided into 25,000 ordinary shares of EUR1 each, all of which have been issued and fully paid up. Such shares are held by Cafico Trust Company Limited on trust for charitable purposes. B.1.4 Key managing directors The directors of the Issuer are Rolando Ebuna, Máiréad Lyons and Mehdi Balafrej. B.1.5 Identity of the statutory auditors The statutory auditors of the Issuer are KPMG Ireland. B.2 What is the key financial information regarding the Issuer? The Issuer has published its audited financial statements for the period from 1 April 2021 to the period ending on 31 March 2022. The summary information below is extracted from the Issuer's statement of financial position as 31 March 2022: Total current assets (in USD) 4,849,082,199 Total equity (in USD) 34,899 Total current liabilities (in USD) 4,849,047,300 Total equity and liabilities (in USD) 4,849,082,199

B.3 What are the key risks that are specific to the Issuer?

-- The Issuer is a special purpose vehicle with no material assets other than its paid-up share capital andthe assets on which each Series of ETC Securities are secured (principally the Gold). In respect of each Series,the holders of such ETC Securities (the "Securityholders") will have recourse only to the Secured Property (asdefined below) and not to any other assets of the Issuer. If, following realisation in full of the Secured Propertyrelating to such Series, any outstanding claim remains unpaid, then such claim will be extinguished and no debtwill be owed by the Issuer in respect thereof.

C. KEY INFORMATION ON THE SECURITIES

C.1 What are the main features of the ETC Securities?

C.1.1 Type, class and ISIN

Commodity-linked securities. ISIN Code: FR0013416716 Common Code: 199119532

C.1.2 Currency, denomination, par value, number of securities issued and duration

The ETC Securities are denominated in USD. The ETC Securities are in bearer global form. For the purposes of the Prospectus Regulation, the Nominal Amount of each ETC Security (USD 5.085) shall be regarded as the denomination of such ETC Security. The ETC Securities are being treated by the Issuer as having a minimum denomination of less than EUR100,000. As at the issue date of the above tranche of ETC Securities, there will be 57,899,011.00 ETC Securities of this Series in issue. The scheduled maturity date (the "Scheduled Maturity Date") of the ETC Securities is 23 May 2118.

C.1.3 Rights attached to the ETC Securities

Overview

The ETC Securities are designed to provide purchasers with exposure to Gold without having to take physical delivery of the Gold. The Issuer, under the Programme, may only issue ETC Securities to authorised participants appointed as such (each, an "Authorised Participant"). Authorised Participants may, thereafter, offer such ETC Securities to retail clients, professional clients or other eligible counterparties (subject to certain selling restrictions contained in the Base Prospectus). The first tranche of the Series was issued on 23 May 2019 (the "Series Issue Date") to one or more Authorised Participants.

Each ETC Security relates to a specific amount in weight of Gold, specified in the Final Terms, known as the "Metal Entitlement". In order to back its obligations under the ETC Securities, the Issuer will seek to hold enough Gold to meet its obligations under the ETC Securities. On the Series Issue Date, each ETC Security was ascribed with a Metal Entitlement (the "Initial Metal Entitlement") and on each subsequent day, the Metal Entitlement of each ETC Security shall be reduced by a percentage (the "Total Expense Ratio") determined as sufficient to fund the Issuer's "all in one" operational fee to Amundi Asset Management S.A.S (the "Advisor"). In order to fund such "all in one" operational fee, HSBC Bank plc (the "Metal Counterparty") shall periodically liquidate an amount of Gold (the "TER Metal") equal to the accrued reductions (pursuant to the Total Expense Ratio) to the Metal Entitlement of all ETC Securities of the Series. The Total Expense Ratio shall cease to apply to an ETC Security for a Series on the earliest to occur of (i) a Buy-Back Trade Date relating to such ETC Security, (ii) an Early Redemption Trade Date relating to such Series and (iii) the Final Redemption Valuation Date for such Series. The Gold will be held for the Issuer by HSBC Bank plc (the "Custodian ") and will generally be held on an "allocated" basis on the terms of the Custody Agreement in the relevant allocated account of the Issuer with the Custodian marked for the relevant series (the "Allocated Account"). This means that the Gold is held in a segregated account held at the London vault of the Custodian in the name of the Issuer for the account of the relevant Series and all Gold in allocated form that is deposited with or received by the Custodian from time to time is held by the Custodian as bailee for the Issuer for that Series. There are times when amounts of the Gold may be held on an "unallocated" basis, for example to facilitate subscriptions.

Subscription

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Amundi Physical Metals plc: Final Terms -2-

Amundi Physical Metals plc: Final Terms -3-

Amundi Physical Metals plc: Final Terms -6-

Amundi Physical Metals plc: Final Terms -4-

Amundi Physical Metals plc: Final Terms -5-

Amundi Physical Metals plc: UK Final Terms

The ETC Securities are denominated in USD. The ETC Securities are in bearer global form. For the purposes of the UK Prospectus Regulation, the Nominal Amount of each ETC Security (USD 5.085) shall be regarded as the denomination of such ETC Security. The ETC Securities are being treated by the Issuer as having a minimum denomination of less than €100,000. As at the issue date of the above tranche of ETC Securities, there will be 57,899,011.00 ETC Securities of this Series in issue. The scheduled maturity date (the "Scheduled Maturity Date") of the ETC Securities is 23 May 2118.

The ETC Securities are designed to provide purchasers with exposure to Gold without having to take physical delivery of the Gold. The Issuer, under the Programme, may only issue ETC Securities to authorised participants appointed as such (each, an "Authorised Participant"). Authorised Participants may, thereafter, offer such ETC Securities to retail clients, professional clients or other eligible counterparties (subject to certain selling restrictions contained in the Base Prospectus). The first tranche of the Series was issued on 23 May 2019 (the "Series Issue Date") to one or more Authorised Participants.

Each ETC Security relates to a specific amount in weight of Gold, specified in the Final Terms, known as the "Metal Entitlement". In order to back its obligations under the ETC Securities, the Issuer will seek to hold enough Gold to meet its obligations under the ETC Securities. On the Series Issue Date, each ETC Security was ascribed with a Metal Entitlement (the "Initial Metal Entitlement") and on each subsequent day, the Metal Entitlement of each ETC Security shall be reduced by a percentage (the "Total Expense Ratio") determined as sufficient to fund the Issuer's "all in one" operational fee to Amundi Asset Management S.A.S (the "Advisor"). In order to fund such "all in one" operational fee, HSBC Bank plc (the "Metal Counterparty") shall periodically liquidate an amount of Gold (the "TER Metal") equal to the accrued reductions (pursuant to the Total Expense Ratio) to the Metal Entitlement of all ETC Securities of the Series. The Total Expense Ratio shall cease to apply to an ETC Security for a Series on the earliest to occur of (i) a Buy-Back Trade Date relating to such ETC Security, (ii) an Early Redemption Trade Date relating to such Series and (iii) the Final Redemption Valuation Date for such Series. The Gold will be held for the Issuer by HSBC Bank plc (the "Custodian") and will generally be held on an "allocated" basis on the terms of the Custody Agreement in the relevant allocated account of the Issuer with the Custodian marked for the relevant series (the "Allocated Account"). This means that the Gold is held in a segregated account held at the London vault of the Custodian in the name of the Issuer for the account of the relevant Series and all Gold in allocated form that is deposited with or received by the Custodian from time to time is held by the Custodian as bailee for the Issuer for that Series. There are times when amounts of the Gold may be held on an "unallocated" basis, for example to facilitate subscriptions.

Subscription

On any day (other than a Saturday or a Sunday) on which (i) Euronext Paris is open for business, (ii) the over-the-counter market of The London Bullion Market Association (the "LBMA") is open for business and (iii) commercial banks in Ireland are open for business (a "Business Day"), an Authorised Participant may request the Issuer to issue further ETC Securities to such Authorised Participant (a "Subscription"). Prior to settlement of a Subscription, the Authorised Participant will be required to transfer to an unallocated account of the Issuer with the Custodian marked for such Series (the "Unallocated Account") an amount of Gold (the "Subscription Settlement Amount") equal to the product of (a) the Metal Entitlement on the relevant trade date (the "Subscription Trade Date") and (b) the total number of ETC Securities being issued. The Issuer will not issue ETC Securities to an Authorised Participant until the Subscription Settlement Amount has been received in the Unallocated Account and allocated to the Allocated Account for the Series. In connection with each Subscription, the Authorised Participant will also be required to pay to the Issuer a subscription fee (the "Subscription Fee").

Buy-Backs

On any Business Day, an Authorised Participant may request that the Issuer buys back ETC Securities from such Authorised Participant (a "Buy-Back"). Prior to settlement of a Buy-Back, the Authorised Participant will be required to deliver to the Issuing and Paying Agent on behalf of the Issuer the relevant ETC Securities being bought back. The Issuer will not cancel such ETC Securities and deliver to the Authorised Participant an amount of Gold (the "Buy-Back Settlement Amount") equal to the product of (1) the Metal Entitlement on the relevant trade date (the "Buy-Back Trade Date") and (2) the total number of ETC Securities being bought back, until the Issuing and Paying Agent has confirmed receipt of such ETC Securities. In connection with each Buy-Back, the Authorised Participant will also be required to pay to the Issuer a buy-back fee (the "Buy-Back Fee").

Future Buy-Backs and Early and Final Redemption

At any given time, the Gold standing to the credit of the Allocated Account should at least equal the aggregate Metal Entitlement for all ETC Securities still outstanding for such Series. Such Gold will fund the delivery of any future Buy-Back Settlement Amounts and the payment of any "Early Redemption Amount" or "Final Redemption Amount" (each as defined below) in respect of each ETC Security.

Security

The obligations of the Issuer under the ETC Securities will be secured pursuant to a security deed governed by the laws of Ireland and a security deed governed by English law by security interests over the rights of the Issuer under the agreements entered into by it in respect of the ETC Securities and the underlying Gold. The assets and property that are the subject of such security interests are known as "Secured Property" for this Series. Securityholders will not, by reason of holding such Series, have any claim against the Secured Property with respect to any other series of ETC Securities. The security over the Secured Property in respect of a Series of ETC Securities will become enforceable if payment of the Final Redemption Amount or Early Redemption Amount, as applicable, is not made in full when due on the Scheduled Maturity Date or the relevant Early Redemption Settlement Date, as applicable.

Limited Recourse and Ranking

The ETC Securities will rank equally amongst themselves. The rights of Securityholders are limited in recourse to the Secured Property. As such, once the Secured Property has been realised and the net proceeds distributed, none of the parties or anyone acting on their behalves may take further steps against the Issuer or its directors, officers, members or administrator to recover any further sum and no debt will be owed by the Issuer in respect of such sum. Any proceeds of the Secured Property will be applied in accordance with the priorities of payments set out in the terms and conditions and, therefore, the rights of Securityholders will rank in accordance therewith. As a result of such provisions, the Securityholders of a Series may not receive in full the Final Redemption Amount or Early Redemption Amount payable in respect of each ETC Security of such Series if the proceeds of the Secured Property are insufficient to meet the claims of all secured creditors of such Series.

Interest

The ETC Securities will not pay periodic interest but the Early Redemption Amount or Final Redemption Amount, as applicable, may incorporate an interest redemption premium to the extent such Early Redemption Amount or Final Redemption Amount, as applicable, exceeds the issue price per ETC Security for the first tranche of the Series.

Where the value of the Metal comprising the Metal Entitlement per ETC Security is trading at or below an amount equal to the Nominal Amount plus the Specified Interest Amount (each as defined below), a Specified Interest Amount may be payable by the Issuer as part of the Final Redemption Amount or Early Redemption Amount payable per ETC Security, as the case may be, which amount shall represent interest on the Nominal Amount.

Final Redemption of the ETC Securities

Unless previously redeemed in whole or purchased and cancelled by the Issuer, each ETC Security will become due and payable on the Scheduled Maturity Date at its Final Redemption Amount.

The "Final Redemption Amount" for a Series shall be an amount (which amount may incorporate an interest redemption premium, being any excess over the issue price per ETC Security for the first tranche of such Series) denominated in USD per ETC Security equal to the greater of:

Early Redemption of the ETC Securities

The ETC Securities shall become due and payable prior to their scheduled maturity date at its Early Redemption Amount due to the occurrence of any of the following events if, following the occurrence of any such event, the Issuer (and/or, in the case of a Market Value Redemption Event or an Event of Default, the Trustee following requisite direction by the Securityholders) has given notice designating an early redemption of the ETC Securities in full:

The "Early Redemption Amount" shall be an amount (which amount may incorporate an interest redemption premium, being any excess over the issue price per ETC Security for the first tranche of such Series) denominated in USD per ETC Security equal to the greater of:

Payment of any Early Redemption Amount or the Final Redemption Amount is subject at all times to the limited recourse provisions.

Withholding Tax

All payments in respect of the ETC Securities will be made net of and after allowance for any withholding or deduction for, or on account of, any taxes. In the event that any withholding, reduction or deduction for, or on account of, any tax applies to payments in respect of the ETC Securities of any Series, the Securityholders will be subject to such tax or reduction or deduction and will not be entitled to receive amounts to compensate for any such tax or reduction or deduction. No Event of Default will occur as a result of any such withholding or deduction.

Governing Law

Amundi Physical Metals plc : UK Final Terms

The ETC Securities are denominated in USD. The ETC Securities are in bearer global form. For the purposes of the Prospectus Regulation, the Nominal Amount of each ETC Security (USD 5.085) shall be regarded as the denomination of such ETC Security. The ETC Securities are being treated by the Issuer as having a minimum denomination of less than €100,000. As at the issue date of the above tranche of ETC Securities, there will be 57,899,011.00 ETC Securities of this Series in issue. The scheduled maturity date (the "Scheduled Maturity Date") of the ETC Securities is 23 May 2118.

The ETC Securities are designed to provide purchasers with exposure to Gold without having to take physical delivery of the Gold. The Issuer, under the Programme, may only issue ETC Securities to authorised participants appointed as such (each, an "Authorised Participant"). Authorised Participants may, thereafter, offer such ETC Securities to retail clients, professional clients or other eligible counterparties (subject to certain selling restrictions contained in the Base Prospectus). The first tranche of the Series was issued on 23 May 2019 (the "Series Issue Date") to one or more Authorised Participants.

Each ETC Security relates to a specific amount in weight of Gold, specified in the Final Terms, known as the "Metal Entitlement". In order to back its obligations under the ETC Securities, the Issuer will seek to hold enough Gold to meet its obligations under the ETC Securities. On the Series Issue Date, each ETC Security was ascribed with a Metal Entitlement (the "Initial Metal Entitlement") and on each subsequent day, the Metal Entitlement of each ETC Security shall be reduced by a percentage (the "Total Expense Ratio") determined as sufficient to fund the Issuer's "all in one" operational fee to Amundi Asset Management S.A.S (the "Advisor"). In order to fund such "all in one" operational fee, HSBC Bank plc (the "Metal Counterparty") shall periodically liquidate an amount of Gold (the "TER Metal") equal to the accrued reductions (pursuant to the Total Expense Ratio) to the Metal Entitlement of all ETC Securities of the Series. The Total Expense Ratio shall cease to apply to an ETC Security for a Series on the earliest to occur of (i) a Buy-Back Trade Date relating to such ETC Security, (ii) an Early Redemption Trade Date relating to such Series and (iii) the Final Redemption Valuation Date for such Series. The Gold will be held for the Issuer by HSBC Bank plc (the "Custodian") and will generally be held on an "allocated" basis on the terms of the Custody Agreement in the relevant allocated account of the Issuer with the Custodian marked for the relevant series (the "Allocated Account"). This means that the Gold is held in a segregated account held at the London vault of the Custodian in the name of the Issuer for the account of the relevant Series and all Gold in allocated form that is deposited with or received by the Custodian from time to time is held by the Custodian as bailee for the Issuer for that Series. There are times when amounts of the Gold may be held on an "unallocated" basis, for example to facilitate subscriptions.

Subscription

On any day (other than a Saturday or a Sunday) on which (i) Euronext Paris is open for business, (ii) the over-the-counter market of The London Bullion Market Association (the "LBMA") is open for business and (iii) commercial banks in Ireland are open for business (a "Business Day"), an Authorised Participant may request the Issuer to issue further ETC Securities to such Authorised Participant (a "Subscription"). Prior to settlement of a Subscription, the Authorised Participant will be required to transfer to an unallocated account of the Issuer with the Custodian marked for such Series (the "Unallocated Account") an amount of Gold (the "Subscription Settlement Amount") equal to the product of (a) the Metal Entitlement on the relevant trade date (the "Subscription Trade Date") and (b) the total number of ETC Securities being issued. The Issuer will not issue ETC Securities to an Authorised Participant until the Subscription Settlement Amount has been received in the Unallocated Account and allocated to the Allocated Account for the Series. In connection with each Subscription, the Authorised Participant will also be required to pay to the Issuer a subscription fee (the "Subscription Fee").

Buy-Backs

On any Business Day, an Authorised Participant may request that the Issuer buys back ETC Securities from such Authorised Participant (a "Buy-Back"). Prior to settlement of a Buy-Back, the Authorised Participant will be required to deliver to the Issuing and Paying Agent on behalf of the Issuer the relevant ETC Securities being bought back. The Issuer will not cancel such ETC Securities and deliver to the Authorised Participant an amount of Gold (the "Buy-Back Settlement Amount") equal to the product of (1) the Metal Entitlement on the relevant trade date (the "Buy-Back Trade Date") and (2) the total number of ETC Securities being bought back, until the Issuing and Paying Agent has confirmed receipt of such ETC Securities. In connection with each Buy-Back, the Authorised Participant will also be required to pay to the Issuer a buy-back fee (the "Buy-Back Fee").

Future Buy-Backs and Early and Final Redemption

At any given time, the Gold standing to the credit of the Allocated Account should at least equal the aggregate Metal Entitlement for all ETC Securities still outstanding for such Series. Such Gold will fund the delivery of any future Buy-Back Settlement Amounts and the payment of any "Early Redemption Amount" or "Final Redemption Amount" (each as defined below) in respect of each ETC Security.

Security

The obligations of the Issuer under the ETC Securities will be secured pursuant to a security deed governed by the laws of Ireland and a security deed governed by English law by security interests over the rights of the Issuer under the agreements entered into by it in respect of the ETC Securities and the underlying Gold. The assets and property that are the subject of such security interests are known as "Secured Property" for this Series. Securityholders will not, by reason of holding such Series, have any claim against the Secured Property with respect to any other series of ETC Securities. The security over the Secured Property in respect of a Series of ETC Securities will become enforceable if payment of the Final Redemption Amount or Early Redemption Amount, as applicable, is not made in full when due on the Scheduled Maturity Date or the relevant Early Redemption Settlement Date, as applicable.

Limited Recourse and Ranking

The ETC Securities will rank equally amongst themselves. The rights of Securityholders are limited in recourse to the Secured Property. As such, once the Secured Property has been realised and the net proceeds distributed, none of the parties or anyone acting on their behalves may take further steps against the Issuer or its directors, officers, members or administrator to recover any further sum and no debt will be owed by the Issuer in respect of such sum. Any proceeds of the Secured Property will be applied in accordance with the priorities of payments set out in the terms and conditions and, therefore, the rights of Securityholders will rank in accordance therewith. As a result of such provisions, the Securityholders of a Series may not receive in full the Final Redemption Amount or Early Redemption Amount payable in respect of each ETC Security of such Series if the proceeds of the Secured Property are insufficient to meet the claims of all secured creditors of such Series.

Interest

The ETC Securities will not pay periodic interest but the Early Redemption Amount or Final Redemption Amount, as applicable, may incorporate an interest redemption premium to the extent such Early Redemption Amount or Final Redemption Amount, as applicable, exceeds the issue price per ETC Security for the first tranche of the Series.

Where the value of the Metal comprising the Metal Entitlement per ETC Security is trading at or below an amount equal to the Nominal Amount plus the Specified Interest Amount (each as defined below), a Specified Interest Amount may be payable by the Issuer as part of the Final Redemption Amount or Early Redemption Amount payable per ETC Security, as the case may be, which amount shall represent interest on the Nominal Amount.

Final Redemption of the ETC Securities

Unless previously redeemed in whole or purchased and cancelled by the Issuer, each ETC Security will become due and payable on the Scheduled Maturity Date at its Final Redemption Amount.

The "Final Redemption Amount" for a Series shall be an amount (which amount may incorporate an interest redemption premium, being any excess over the issue price per ETC Security for the first tranche of such Series) denominated in USD per ETC Security equal to the greater of:

Early Redemption of the ETC Securities

The ETC Securities shall become due and payable prior to their scheduled maturity date at its Early Redemption Amount due to the occurrence of any of the following events if, following the occurrence of any such event, the Issuer (and/or, in the case of a Market Value Redemption Event or an Event of Default, the Trustee following requisite direction by the Securityholders) has given notice designating an early redemption of the ETC Securities in full:

The "Early Redemption Amount" shall be an amount (which amount may incorporate an interest redemption premium, being any excess over the issue price per ETC Security for the first tranche of such Series) denominated in USD per ETC Security equal to the greater of:

Payment of any Early Redemption Amount or the Final Redemption Amount is subject at all times to the limited recourse provisions.

Withholding Tax

All payments in respect of the ETC Securities will be made net of and after allowance for any withholding or deduction for, or on account of, any taxes. In the event that any withholding, reduction or deduction for, or on account of, any tax applies to payments in respect of the ETC Securities of any Series, the Securityholders will be subject to such tax or reduction or deduction and will not be entitled to receive amounts to compensate for any such tax or reduction or deduction. No Event of Default will occur as a result of any such withholding or deduction.

Governing Law

Amundi Physical Metals plc : Final Terms

Europe's largest China government bond ETF has seen over $8bn outflows so far in 2022

Amundi has expanded its fixed-income range with the launch of a China government bond ETF.

The Amundi China CNY Bonds UCITS ETF (CNYF) is listed on the Deutsche Boerse and Boerse Frankfurt with an ongoing charges figure (OCF) of 0.20%.

This is the second-cheapest exposure on the European market after the SPDR Bloomberg China Treasury Bond UCITS ETF (CHNT) which has a total expense ratio (TER) of 0.19%.

CNYF tracks the Bloomberg Barclays China Treasury + Policy Bank index which offers exposure to Chinese government bonds and securities issued by state-owned banks listed on the Chinese interbank market.

To be included in the index, fixed-rate, Treasury and policy bank debt must have a maturity of at least one year to maturity and RMB5bn outstanding volume.

The launch follows a challenging year for China government bond ETFs, with the iShares China CNY Govt Bond UCITS ETF (CCBI) suffering $8.6bn outflows in the first 10 months of the year, according to data from ETFLogic.

Meanwhile, investors chasing the spike in yields across developed market government bonds have poured $7.9bn into the Invesco US Treasury Bond 7-10 Year UCITS ETF and iShares $ Treasury Bond 7-10 UCITS ETF over the same period.

While 10-year China government bonds currently yield 2.90%, the equivalent US Treasury bond yields 3.49%, up from 1.51% at the start of the year.

However, the yield advantage of US Treasuries is already beginning to soften. Highlighting this, 10-year US Treasury yields have dropped 65 basis points since 4 November and as much as 17bps in a day prior to the Federal Reserve's 50bps interest rate increase on Wednesday.

Amundi unveils China government bond ETF

DJ Amundi Physical Metals plc: Release of the Half-Year Financial Report as of September 30, 2022

Amundi Physical Metals plc (GLDA) Amundi Physical Metals plc: Release of the Half-Year Financial Report as of September 30, 2022 19-Dec-2022 / 08:00 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

-----------------------------------------------------------------------------------------------------------------------

Amundi Physical Metals plc

(" Issuer ")

Release of the Half-Year Financial Report as of September 30, 2022

Dublin, December 19, 2022

The Issuer announces that it has made available to the public its semi-annual financial report as of September 30, 2022 (the "Report").

The Report is available on the Amundi ETF website (www.amundietf.com).

Copies of the Report are available upon request at the Issuer's registered office, Palmerston House 2nd Floor, Fenian Street, Dublin 2, Ireland.

-----------------------------------------------------------------------------------------------------------------------

ISIN: FR0013416716 Category Code: IR TIDM: GLDA LEI Code: 635400OKXTE2YQC92T76 Sequence No.: 209421 EQS News ID: 1515703 End of Announcement EQS News Service =------------------------------------------------------------------------------------

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1515703&application_name=news

(END) Dow Jones Newswires

December 19, 2022 02:00 ET (07:00 GMT)

AMUNDI PHYSICAL METALS-Aktie komplett kostenlos handeln - auf Smartbroker.de

Amundi Physical Metals plc: Release of the Half-Year Financial Report as of September 30, 2022

PHD's January 9 per share distribution of $0.0850 represents a 6.3% increase from the $0.0800 per share distribution paid on December 19.

If any Fund estimates that any portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will provide shareholders a separate written notice. These notices are provided for informational purposes only, and should not be used for tax reporting purposes. The final determination of tax characteristics of each Fund's distributions will occur after the end of its fiscal year, at which time it will be reported to shareholders. A return of capital is not a distribution of income or capital gains from the Fund, does not necessarily reflect the Fund's investment performance, and should not be considered "yield" or "income."

Amundi US Declares Monthly Distribution for Pioneer Closed-End Fund

Amundi has switched to a Paris-Aligned Benchmark (PAB) climate index on its Lyxor corporate bond ESG ETF and brought it under its own branding.

Following the changes, the Lyxor ESG Euro Corporate Bond UCITS ETF (CRP) will be renamed the Amundi EUR Corporate Bond Climate Net Zero Ambition PAB UCITS ETF.

In a shareholder notice, Amundi said CRP will switch from tracking the Bloomberg Barclays MSCI EUR Corporate Liquid SRI Sustainable index to the Bloomberg MSCI Euro Corporate Paris Aligned Green Tilted index.

Amundi said CRP, which has €921m assets under management (AUM), will keep the same ticker and total expense ratio (TER) of 0.14%.

The changes will take place between 10 January and 10 February 2023, Europe's largest asset manager added.

Previously, the index only included issuers with an MSCI ESG rating of BBB or higher while negatively screening our issuer involved in controversial military weapons and those with a 'red' MSCI ESG controversy score.

Following the changes, the ETF will set an initial 50% target of greenhouse gas emissions relative to the Bloomberg Euro Aggregate Corporate index, followed by an annual 7.5% decarbonisation target.

The index will use optimisation to overweight companies with credible reduction targets or other positive carbon characteristics and will exclude bonds that have not reported Scope 1, 2 and 3 emissions data.

CRP will continue to be labelled Article 8 under the Sustainable Finance Disclosure Regulation (SFDR).

Amundi has merged several Lyxor ETFs with its own strategies in recent weeks as it continues to seek "economies of scale" following the acquisition of its French rival in January.

Earlier this month, Amundi said the Lyxor MSCI Emerging Markets UCITS ETF (E123) will be absorbed into the Amundi MSCI Emerging Markets II UCITS ETF (AEEM).

The French asset manager also said it was tightening the exclusionary criteria on its Amundi S&P 500 ESG UCITS ETF (S500) after swapping the current index for a more stringent equivalent next month.

Amundi

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