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Weekl y Pulse 16 October 2026
Amundi ETF
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY
1. Source: Amundi, Bloomberg as at 16/ 6/10/ 0/2026. Past market trends are not a reliable indicator of future ones. Investment involves risks . For more information, please refer to the Risk section at the end of the report. 2. Flows data are based on weekly observation for US and EU domici led funds and ETFs between 09/10/ 0/2026 and 15 /10/ 0/2026. source Amundi, Morningstar.
1 – ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
Sticky inflation and concerns surrounding the valuation of stocks related to artificial i ntelligence (AI) were the key drivers of global market performance 1 . Tech - related stocks sold off globally while defensive assets , energy and Treasuries outperformed 1 . Flows 2 were mainly directed into US equities . There was renewed allocation into emerging markets and Europe. In fi xed income there were flows into global corporates and euro government debt.
DURATION MANAGEMENT REQUIRED FOR TIPS US INFLATION WITH ULTRASHORT TIPS P erformance and duration of selected USD fixed income indices since 28/02/2026 (NTR in USD)
TIPS: treasury inflation protected securities. Source: Amundi, Bloomberg. Data as at 14/ 4/10/ 0/2026. Past performance is not a reliable indicator of future performance.
US inflation: C oncentrated but broadening : Energy price s are doing the heavy lifting for consumer price index ( CPI ) prints for now, but the inflation story is progressively broadening in the US. The Federal Reserve (Fed) is not done yet.
Ultrashort TIPS: Inflation exposure without the duration burden : The laddered structure, holding the eight shortest - maturity TIPS, has delivered positive returns 1 compared to conventional TIPS by keeping rate sensitivity to a minimum.
Related ind ex Bloomberg US TIPS Ultrashort laddered
FLOW TREND MONITOR: UCITS ETF MARKET EVENT CALENDAR ( 18/ 8/ 10 – 23/ 3/10/ 0/2026)
UCITS ETFs c umulative net new assets (21 - day rolling window)
Source: Amundi, Bloomberg. Commodities includes flows into ETCs. Data as at 14 / 10 /2026 . Past market trends are not a reliable indicator of future ones. For illustrative purpose s only, may change without prior notice.
US : Sep Housing data, Oct (P) S&P global manufacturing PMI Europe : Oct (P) euro area consumer confidence, S&P G lobal eurozone manufacturing PMI, Sep ECB 1 year CPI expectations, France Oct manufacturing confidence, Germany ZEW survey expectation, Sep PPI, ECB officials to speak at various events China : 3Q GDP, Sep retail sales, industrial production, fixed asset investments ➔ Equities will be driven by AI spending concerns in the midst of the corporate earnings season. The US Federal R eserve will enter communication blackout ahead of the 277-2 -28 October FOMC meeting
Ross Finlayson (Head) ross.finlayson@amundi.com Olivier Genin (Deputy) olivier.genin@amundi.com Ida Troussieux ida.troussieux@amundi.com Michael Stewart michael.stewart@amundi.com Sofia Santarsiero sofia.santarserio@amundi.com Roxane Philibert roxane.philibert@amundi.com Théo Bolival theo.bolival@amundi.com
Amundi ETF Investment & Product Strategy Our latest Weekly Pulse Date
Gold: Storing value for uncertain times 09/10
Cherry - picking across global sectors 02/10 Fine - tune your EUR Treasuries exposure 25/09 Confidence boost for European equities 18/09 On the edge of inflation 11/09 Navigating the US yield curve 04/09
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
2 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
US inflation with ultrashort TIPS
High energy prices have produced knock - on effects across global financial markets. In Inflation breakeven curves have jumped since early March in the US as markets have repriced inflation expectations and the path for monetary policy rates. The US Federal Reserve (F (Fed) d) is navigating a narrow path: inflation remains above target, but the labour market has not showed signs of overheating.
Whether inflation is transitory depends on two factors: how long oil, gas, food and fertiliser prices stay elevated and how deeply anchored core inflation is likely to remain. In our view, consumer price index (CPI) readings may stay substantially above central banks’ target until year end before subsiding next year – albeit still above target. For now, we anticipate that the Fed will lift rates once more this year.
US inflation: Concentrated but broadening
Seven months after the initial energy price shock caused by the Iran war, headline inflation has remained elevated on both sides of the Atlantic. In the US, the move has been bigger, broader, and stickier. While headline CPI surged from 2.4% in February to 3.7% in September, core CPI also moved higher with tariffs, shelter costs, and services inflation compounding the energy shock (2.6% YoY in September). For the Fed, the question is whether the partial deceleration of headline CPI prints from its May peak of 4. 2% is genuine disinflation or related to the temporary stabilisation in the oil price.
For now, investors are treating the ongoing pressures as a temporary shock, not a lasting shift. In September, energy accounted for ~77% of the 1.7pp CPI overshoot above the Fed’s 2% target. The 10Y US inflation breakeven rate stands at 2.34% , well below its April 2022 peak of 3.08% . T hough that episode is a useful reminder of how quickly things can escalate. In 2022, the overshoot was n ot just an energy story. Even at the June 2022 peak , when headline CPI hit 9.1% , energy accounted for ~41% of the gap above target; across the full year, that share averaged closer to 30%. The remainder was driven by a broad and simultaneous acceleration in shelter, core goods, and services inflation, each contributing independently an d persistently to the overshoot.
Having said that, shelter cost re - accelerated in September, tariff pass - through into goods prices is becoming increasingly visible with a lag, and elevated diesel prices are feeding into broader services costs. The Fed, currently at 4.00%, is expected by markets to tighten further towa rd s a terminal rate of ~4.6% by September 2027. Meaningful disinflation is not expected to materialise until late 2027 and into 2028, as household spending weakens and energy base effects turn favourable . How quickly that path unfolds will depend on w hether the Strait of Hormuz remains partially closed into 2027 as the IEA now projects , and whether this remains an orderly repricing or becomes something considerably harder to manage.
Inflationary pressures have broadened this year 10yr inflation breakeven on the rise but contained US CPI: En Energy vs ex energy contribution to headline (pp, YoY, in %)
US 10Y inflation breakeven & oil price
Source: Bloomberg, Amundi. Performance data as at 15/10/2026. There is no inflation data in October 2025, due to the US government shutdown. Past performance is not a reliable indicator of future performance . For illustrative purpose only, may change without prior notice. Inflation breakeven: subtracting the yield of a 10Y inflation - linked bond from the yield of a 10Y nominal bond.
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Energy Ex Energy CPI YoY Core CPI YoY
2.33%
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2.70
2.90
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110.0
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Percentage points USD/bbl
WTI 1st Generic Future ($/bbl, LhS) US Breakeven 10 Year (in %, RhS)
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
3 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
For now, c onsensus forecasts 1 place headline CPI at 3.4% for full - year 2026 and 2.5% for 2027, with core PCE at 3.3% and 2.6% respectively . B oth metrics are expected to stand above the Fed's 2% target across the entire forecast horizon. In that context, allocation into inflation - linked bonds can make sense as a portfolio hedge 2 , with breakeven rates still pricing a relatively benign outcome relative to potential upside surprises in inflation expectations.
Ultrashort T TIPS: Inflation e xposure w w ithout the d uration b urden
Treasury Inflation - Protected Securities (TIPS) offer a potential hedge 2 against rising price levels, though investors should be aware that inflation - linked bonds carry meaningful duration exposure . I n a broad bond sell - off driven by rising real yields or term premium, the inflation accrual may not fully offset mark - to - market losses on the underlying nominal rate sensitivity. Since 28 February, the Bloomberg US TIPS index has proved more resilient than nominal Treasuries, returning −2.51% versus −3.49% net total return in USD 1 , though both indices have delivered negative returns as rising real yields have weighed on duration.
For investors seeking a closer expression of inflation expectations without the full duration burden of outright linkers, the Bloomberg US TIPS Ultrashort Laddered index 3 has posted strong performance 1 through 2026. The chart on the cover page shows the net total return of such a structure compared to nominal Treasuries and all - maturity linkers since 28 February . This outperformance 1 reflects a structurally distinct construction from that index structure that manages duration and cash efficiency in a way that conventional TIPS indices do not. For instance, the laddered index bears a duration of ~1yr compared to 6.5Y for the all - maturity TIPS index 1 . TIPS are issued with maturities of 5 or 10 years and mature on a quarterly cycle, meaning one bond in the ultrashort ladder rolls off approximately every three months. Rather than selling the maturing bond in the secondary market , where pricing can be inefficient close to maturity , the index simply holds it to par and reinvests the inflation - adjusted principal proceeds into the new bond entering at the longest maturity point. The index 3 holds the eight shortest - maturity TIPS at any given time, with the shortest weighted at 8% by market value and the remaining seven equally weighted. The result is a concentrated 2 , low - turnover structure with limited duration exposure , which co uld provide investors with the opportunity to capture the inflation accrual and breakeven re rating without the drag from rising real yields that has weighed on longer - duration linkers throughout 2026.
Overall, fo for investors navigating an inflation shock of uncertain duration, the laddered approach may offer a more efficient trade - off: it could give investors meaningful inflation protection with a much more limited interest rate risk compared to conventional all maturity bond indices.
Related indices
US TIPS performance 1 hit by duration exposure Performance of selected inflation - linked indices (base 100 = 31/12/2025)
Source: Amundi, Bloomberg. Data as at 23/09/2026. Past performance is not a reliable indicator of future ones. For illustrative purpose only, may change without prior notice.
Index name Bloomberg ticker
Asset class
Amundi ETF replication Bloomberg US TIPS Ultrashort laddered I40823US Fixed I ncome Full Source: Amundi
1. Source: Amundi, Bloomberg. Data as at 15/10/2026. Past performance is not a reliable indicator of future performance. 2. Investment involves risks. For more information, please refer to the Risk section at the end of the report. 3. For more information regarding the index methodology, please refer to index provider website www.bloomberg.com .
99.0
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Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 US CPI (YoY) BBG US Government Inflation-Linked Bond Index (BCIT1T) BBG US TIPS Ultrashort Laddered Index (I40823US) Fed Funds capitalised index (SOFEDL01)
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
4 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
Summary of key exposures (focus of the week in bold)
Market theme
Related exposures
Equities Fixed income/ Commodities
Inflation / growth /
policy response
US equities
European equities/ Germany E urope banks Europe & Strategic autonomy
EM Asia
Global Healthcare/ Materials
Memory chips/ Data center
Ultrashort US TIPS Inflation linked bonds
US Treasuries USD Floating Rate Notes
EUR govies - short duration EUR IG credit - short term EUR Floating Rate notes
Portfolio construction
Global equities – all country Global equities
Global equities - USA ad justed
Global equities – USA/ ex USA
Global Treasuries GDP adjusted Gold Broad commodities
Doc ID: 6028311
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
5 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
6 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
Inflation - linked instruments risk An inflation - linked bond offers a fixed real interest rate (i.e., net of the inflation rate) and all its cash flows (coupons and principal) are indexed on the inflation rate of the country or the zone of issue. Besides the interest rate risk presented abov e and applied to the real interest rates, this bond is thus exposed to the variations in the realised inflation and in the inflation anticipated up to the maturity date of the security. A decrease of the inflation rate will result in a decrease of the valu e of the inflation - linked bond. The variation in the inflation rate can thus have an impact on the Sub - Fund’s net asset value. The inflation rate to which the bonds are indexed is generally associated to a consumer price index in the country or the zone of issuance and thus linked to the economic situation of this country or this zone.
Certain Sub - Funds may also enter into inflation swaps which allow to get a direct exposure to the inflation, long or short, without dependence to the real interest rates.
Specific risk due to seasonality, carry and retroactivity on inflation Inflation may be subject to seasonal fluctuations which may have an impact on Inflation - Linked Bonds return and may generate either positive or negative carry (where the carry of any asset is the cost or benefit of owning that asset). There is positive car ry when the monthly inflation accretion earned is higher than the cost of financing the trade through the repurchase market; there is negative carry otherwise. Inflation accretion can be negative and amplify the negative carry. The Inflation figures are ge nerated retrospectively, which results in a time lag of several months between the collection of prices data and the indexation application.
Interest rate risk Sub - Funds using a duration - neutral strategy (such as those designed to provide returns linked to inflation expectations): A Sub - Fund may follow a duration - neutral strategy, i.e. a strategy designed to minimize the influence of interest rates variations. However, the Sub - Fund could be exposed to moves in interest rates due to imperfect matching between fixed - income securities maturities in both long and short legs. Additionally, a residual exposure to interest rates risk may exist due to the price changes of the underlying fixed - income securities since the last rebalancing. Interest rates’ fluctuations may therefore impact posi tively or adversely the Sub - Fund’s net asset value.
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
7 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
Knowing your risk
It is important for potential investors to evaluate the risks described below and in the fund’s Key Investor Document (“KID”) and prospectus available on our website www.amundietf.com .
CAPITAL AT RISK
ETFs are tracking instruments. Their risk profile is similar to a direct investment in the underlying index. Investors’ capital is fully at risk and investors may not get back the amount originally invested.
UNDERLYING RISK
The underlying index of an ETF may be complex and volatile. For example, ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks .
REPLICATION RISK
The fund’s objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication . COUNTERPARTY RISK
Investors are exposed to risks resulting from the use of an OTC swap (over - the - counter) or securities lending with the respective counterparty( - ies). Counterparty( - ies) are credit institution(s) whose name(s) can be found on the fund’s website amundietf.co m. In line with the UCITS guidelines, the exposure to the counterparty cannot exceed 10% of the total assets of the fund.
CURRENCY RISK
An ETF may be exposed to currency risk if the ETF is denominated in a currency different to that of the underlying index securities it is tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.
LIQUIDITY RISK
There is a risk associated with the markets to which the ETF is exposed. The price and the value of investments are linked to the liquidity risk of the underlying index securities. Investments can go up or down. In addition, on the secondary market liquidi ty is provided by registered market makers on the respective stock exchange where the ETF is listed. On exchange, liquidity may be limited as a result of a suspension in the underlying market represented by the underlying index tracked by the ETF; a failur e in the systems of one of the relevant stock exchanges, or other market - maker systems; or an abnormal trading situation or event.
VOLATILITY RISK
The ETF is exposed to changes in the volatility patterns of the underlying index relevant markets. The ETF value can change rapidly and unpredictably, and potentially move in a large magnitude, up or down.
CONCENTRATION RISK
ETFs can select a large portion of their assets in a particular issuer, industry, stocks or type of bonds, country or region for their portfolio. Where selection rules are extensive, it can lead to a more concentrated portfolio where risk is spread over fe wer stocks. Where selection rules are extensive, it can lead to a more concentrated portfolio where risk is spread over fewer stocks. This can mean both higher volatility and a greater risk of loss.
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
8 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
Important information This material is solely for the attention of professional and eligible counterparties, as defined in Directive MIF 2014/65/UE of the European Parliament acting solely and exclusively on their own account. It is not directed at retail clients. In Switzerlan d, it is solely for the attention of qualified investors within the meaning of Article 10 paragraph 3 a), b), c) and d) of the Federal Act on Collective Investment Scheme of June 23, 2006. This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any U.S. Person (as defined in the prospectus of the Funds or in the legal mentions section on www.amundi.com and www.amundietf.com. The Funds have not been registered in the United States under the Investment Company Act of 1940 and units/share s of the Funds are not registered in the United States under the Securities Act of 1933. This material reflects the views and opinions of the individual authors at this date and in no way the official position or advices of any kind of these authors or of Amundi Asset Management nor any of its subsidiaries and thus does not engage the responsi bility of Amundi Asset Management nor any of its subsidiaries nor of any of its officers or employees. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would b e illegal. It is explicitly stated that this document has not been prepared by reference to the regulatory requirements that seek to promote independent financial analysis. It does not constitute a personal recommendation or take into account the particula r investment objectives, financial situations, or needs of individual clients. Neither Amundi Asset Management nor any of its subsidiaries accept liability, whether direct or indirect, that may result from using any information contained in this document o r from any decision taken the basis of the information contained in this document. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, i ncluding tax advice. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research. This document is of a commercial nature. The funds described in this document (the “Funds”) may not be available to all investors and may not be registered for public distribution with the relevant authorities in all countries. It is each investor’s respon sibility to ascertain that they are authorised to subscribe, or invest into this product. Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. This is a promotional and non - contractual information which should not be regarded as an investment advice or an investment recommendation, a solicitation of an investment, an offer or a purchase, from Amundi Asset Management (“Amundi”) nor any of its subs idiaries. The Funds are Amundi UCITS ETFs and Amundi ETF designates the ETF business of Amundi. Amundi UCITS ETFs are passively - managed index - tracking funds. The Funds are French, Luxembourg open ended mutual investment funds respectively approved by the French Autorité des Marchés Financiers, the Luxembourg Commission de Surveillance du Secteur Fina ncier, and authorised for marketing of their units or shares in various European countries (the Marketing Countries) pursuant to the article 93 of the 2009/65/EC Directive. The Funds can be French Fonds Communs de Placement (FCPs) and also be sub funds of the following umbrella structures: - Amundi Index Solutions, Luxembourg SICAV, RCS B206810, located 5, allée Scheffer, L - 2520, managed by Amundi Luxembourg S.A. - Multi Units France, French SICAV, RCS 441 298 163, located 91 - 93, boulevard Pasteur, 75015 Paris, France managed by Amundi Asset Management located 91 93, boulevard Pasteur, 75015 Paris - Multi Units Luxembourg, RCS B115129, Luxembourg SICAV located 9, rue de Bitbourg, L - 1273 Luxembourg, managed by Amundi Luxembourg S.A. located 5, allée Scheffer, L - 2520 Luxembourg
Before any subscriptions, the potential investor must read the offering documents (KID and prospectus) of the Funds. The prospectus in French for French UCITS ETFs, and in English for Luxembourg UCITS ETFs, and the KID in the local languages of the Marketi ng Countries are available free of charge on www.amundi.com or www.amundietf.com. They are also available from the headquarters of Amundi Luxembourg S.A. (as the management company of Amundi Index Solutions and Multi Units Luxembourg), or the headquarters of Amundi Asset Management (as the management company of Amundi ETF French FCPs and Multi Units France). For more information related to the stocks exchanges where the ETF is listed please refer to the fund’s webpage on amundietf.com. Investment in a fund carries a substantial degree of risk (i.e. risks are detailed in the KID and prospectus). Past Performance does not predict future returns. Investment return and the principal value of an investment in funds or other investment product may go up or down and may result in the loss of the amount originally invested. All investors should seek professional advice prior to any investment decision, in order to determine the risks associated with the investment and its suitability. It is the investor’s responsibility to make sure his/her investment is in compliance with the applicable laws she/he depends on, and to check if this investment is matching his/her investment objective with his/her patrimonial situation (including tax aspe cts). Please note that the management companies of the Funds may de - notify arrangements made for marketing as regards units/shares of the Fund in a Member State of the EU or the UK in respect of which it has made a notification. A summary of information about investors’ rights and collective redress mechanisms can be found in English on the regulatory page at https://about.amundi.com/legal - documentation with respect to Amundi ETFs. This document was not reviewed, stamped or approved by any financial authority. This document is not intended for and no reliance can be placed on this document by persons falling outside of these categories in the below mentioned jurisdictions. In jurisdictions other than those specified below, this document is for the sole use of th e professional clients and intermediaries to whom it is addressed. It is not to be distributed to the public or to other third parties and the use of the information provided by anyone other than the addressee is not authorised. This material is based on sources that Amundi and/or any of her subsidiaries consider to be reliable at the time of publication. Data, opinions and analysis may be changed without notice. Amundi and/or any of her subsidiaries accept no liability whatsoever , whether direct or indirect, that may arise from the use of information contained in this material. Amundi and/or any of her subsidiaries can in no way be held responsible for any decision or investment made on the basis of information contained in this m aterial. Updated composition of the product’s investment portfolio is available on www.amundietf.com. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. I nvestors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Indices and the related trademarks used in this document are the intellectual property of index sponsors and/or its licensors. The indices are used under license from index sponsors. The Funds based on the indices are in no way sponsored, endorsed, sold or promoted by index sponsors and/or its licensors and neither index sponsors nor its licensors shall have any liability with respect thereto. The indices referred to herein (the “Index” or the “Indices”) are neither sponsored, approved or sold by Amundi nor any of its subsidiaries. Neither Amundi nor any of its subsidiaries shall assume any responsibility in this respect. In EEA Member States, the content of this document is approved by Amundi for use with Professional Clients (as defined in EU Directive 2004/39/EC) only and shall not be distributed to the public. Information reputed exact as of the date mentioned above. Reproduction prohibited without the written consent of Amundi.
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MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
9 - ETF Investment & Product Strategy - Weekly Pulse - 16 October 2026 Amundi ETF
FRANCE Some information may constitute a general investment recommendation as defined in the article 3. (35) of 596/2014/UE regulation. This material has not been produced with the aim at promoting the independency of financial analysis, and Amundi, as an investm ent services provider, has no restriction in negotiating any financial instruments described in this material before its issue. The prospectus in French for French UCITS ETFs, and in English for Luxembourg UCITS ETFs, and the KID in French are available free of charge on www.amundi.com or www.amundietf.com. They are also available from the headquarters of Amundi Luxembourg S.A. (as the management company of Amundi Index Solutions and Multi Units Luxembourg), or the headquarters of Amundi Asset Management (as the management company of French FCPs and Multi Units France). The prospectus in English and KID of the Amundi ETF are available on www.amundietf.com; and free of charge from the “centralisateur” of the Funds which in the case of Amundi Index Solutions SICAV, is CACEIS Bank SA, 1 - 3 place Valhubert, 75013 Paris, France . In the case of funds admitted to trading in France, trading is subject to a control mechanism to ensure that the price of the shares or units does not deviate significantly from a reference value set by the rules of the regulated market on which the ETF is traded, in particular through the implementation of a mechanism to halt trading in the event of excessive deviation from the reference value. The Market Maker ensures that the market price of the Funds units does not deviate more than the percentage indic ated in the prospectus of the Funds mentioned in this Document, and on the other hand from the net asset value of the UCITS, in order to comply with the reservation thresholds set by Euronext Paris SA.
DENMARK For Amundi Index Solutions: The regulatory documentation of the Funds registered for public marketing in Denmark are available free of charge, as printed copies, from Deloitte Tax & Consulting, established and having its registered office at 20 boulevard Ko Kockelscheuer, L- L- 1821 Luxembourg, which acts as a facilities agent, and at www.amundietf.com For Multi Units France and Multi Units Luxembourg: The regulatory documentation of the Funds registered for public marketing in Denmark are available at www.amundietf.com . UNITED KINGDOM Marketing Communication. For Professional Clients only. In the United Kingdom (the “UK”), this marketing communication is being issued by Amundi (UK) Limited (“Amundi UK”), 77 Coleman Street, London EC2R 5BJ, UK. Amundi UK is authorised and regulated by t he Financial Conduct Authority (“FCA”) and entered on the FCA’s Financial Services Register under number 114503. This may be checked at https://register.fca.org.uk/ and further information of its authorisation is available on request. This marketing communication is approved by Amundi UK only for use with Professional Clients (as defined in the FCA’s Handbook of Rules and Guidance, the “FCA Rules”)) and shall not be distributed to the public, relied on or acted upon by any other persons for any purposes whatsoever. Past performance is not a guarantee or indication of future results. Each fund and its relevant sub -f -fund(s) under its respective fund range that is referred to in this marketing communication (each, a “Fund”) is an unregulated collective investment scheme under the Financial Services and Markets Act 2000 (the “FSMA”). This marketing communication is addressed only to those persons in the UK who qualify as non - retail clients (Professional Clients or Eligible Counterparties) as set out in the FCA’s Handbook, Conduct of Business Sourcebook 4.12B - “Promotion of non - mass market investments”, as amended from time to time, and thereby fall with an exemption from the restrictions in Section 238 FSMA. Potential investors in the UK should be aware that none of the protections afforded by the UK regulatory system will apply to an inves tment in a Fund and that compensation will not be available under the UK Financial Services Compensation Scheme. Indices and the related trademarks used in this marketing communication are the intellectual property of index sponsors and/or its licensors. T he indices are neither sponsored, approved or sold by Amundi. The Central Bank has notified the FCA of its approval of the Base Prospectus. Potential investors in the UK should be aware that none of the protections afforded by the UK regulatory system (as defined in the FCA Rules) will apply to an investment in the ET ETC and that compensation will not be available under the UK Financial Services Compensation Scheme.
SPAIN The Funds are foreign undertakings for collective investment registered with the CNMV. Luxembourg Funds were approved for public distribution in Luxembourg by the Commission de Surveillance du Secteur Financier of Luxembourg, French Funds were approved by the French Autorité des Marchés Financiers and Irish Funds were approved by the Central Bank of Ireland. - Amundi ETF Funds which are Luxembourg SICAVs approved by the Commission de Surveillance du Secteur Financier are numbered: Amundi Index Solutions (1495), RCS B206810, located 5, allée Scheffer, L- L- 2520 Luxembourg; Multi Units Luxembourg (920), RCS B115129 located 9, rue de Bitbourg, L- L- 1273 Luxembourg. - French FCPs approved by the Autorités des Marchés Financiers - Amundi ETF Funds approved by the French Autorité des Marchés Financiers are numbered: Multi Units France (319). Multi Units France RCS 441 298 163, is a French SICAV, located, 91 - 93, boulevard Pasteur, 75015 Paris, France. Information and documents are available on www.amundi.com or www.amundietf.com. They are also available from the headquarters of Amundi Luxembourg S.A. (as the management company of Amundi Index Solutions and Multi Units Luxembourg), or the headquarters of Amundi Asset Management (as the management company of French FCPs and Multi Units France). Any investment in the Funds must be made through a registered Spanish distributor. Amundi Iberia SGIIC, SAU, is the main distributor of the Funds in Spain, registered with number 31 in the CNMV's SGIIC registry, with address at Pº de la Castellana 1, Madri d 28046, Spain. A list of all Spanish distributors may be obtained from the CNMV at www.cnmv.es. Units/shares may only be acquired on the basis of the most recent prospectus, key information document and further current documentation, which may be obtained from the CNMV. The legal documentation of the Funds is also available on the web page www.amundi.com or www.amundietf.com.
GERMANY The Funds are German, French, Luxembourg or Irish collective investment schemes respectively approved by the German Bundesanstalt für Finanzdienstleistungsaufsicht, the French Autorité des Marchés Financiers, the Luxembourg Commission de Surveillance du Se cteur Financier or the Central Bank of Ireland. For additional information on the Funds, a free prospectus may be requested from Amundi Deutschland GmbH, Arnulfstr. 124- 4- 126 80636 Munich, Germany (Tel. +49.89.99.226.0). The regulatory documents of the Funds registered for public distribution in Germany a re available free of charge on request, and as printed version, from Marcard, Stein & Co. AG, Ballindamm 36, 20095 Hamburg, Germany.
Page 10
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
Amundi ETF
10 - ETF Investment & Product Strategy - Weekly Pulse -
16 October 2026
SWITZERLAND This document is for qualified investors (as defined in Swiss Federal Act on Collective Investment Schemes of 23 June 2006 as amended or supplemented) use only and shall not be offered to the public. For Amundi Index Solutions: The Representative and Paying Agent for Funds registered for public offering in Switzerland is for Amundi Index Solutions SICAV : Representative - CACEIS (Switzerland) SA and Paying Agent, CACEIS Bank, Nyon Branch both at 35 Rou te de Signy, Case postale 2259, CH - 1260 Nyon. Free copies of the prospectus, Key Information Document, annual and semi - annual reports, management regulations and other information are available at the representative’s address shown above. For Multi Units France and Multi Units Luxembourg: The Representative and the Paying Agent of the Fund(s) in Switzerland is Société Générale, Paris, Zurich Branch, Talacker 50, CH - 8001 Zurich. The prospectus or offering memorandum, the Key Information Docu ments, the management regulation, the articles of association and/or any other constitutional documents as well as the annual and semi - annual financial reports may be obtained free of charge from the Representative in Switzerland. The prospectus, the Key I nformation Documents, the articles of association and/or the annual reports may be obtained free of charge from the Representative in Switzerland.
KOREA This document is not intended as an offer or solicitation with respect to the purchase or sale of securities, including shares or units of funds. All views expressed and/or reference to companies cannot be construed as a recommendation by Amundi. Opinions and estimates may be changed without notice. To the extent permitted by applicable law, rules, codes and guidelines, Amundi, and her related entities accept no liability whatsoever whether direct or indirect that may arise from the use of information con tained in this document. This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. This document is prepared for information only and does not have a ny regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Any person considering an investment should seek independent advice on the suitability or otherwise of the p articular investment. Investors should not only base on this document alone to make investment decisions. Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bon d market or the economic trends of the markets are not indicative of future performance.
AUSTRALIA AND NEW ZEALAND Standard Disclaimer for use in Australia and New Zealand by Amundi in respect of promotional materials and even formal offer documentation This document and any accompanying documentation (“Documentation”) is provided in Australia and New Zealand by Amundi. Amundi is regulated by the French Autorité des Marchés Financiers (“AMF”) under French laws, which differ from Australian laws. Pursuant to instruments issued by the Australian Securities and Investments Commission, Amundi is exempt from the requirement to hold an Australian financial services licence under Australia's Corporations Act 2001 (Cth) in respect of their provision of financial s ervices in Australia. The material in the Documentation is intended only for use in Australia by wholesale clients within the meaning of Part 7.1 of Australia's Corporations Act 2001 (Cth) and in New Zealand by wholesale investors within the meaning of clause 3(2) of Schedule 1 of New Zealand's Financial Markets Conduct Act 2013 (NZ). The material in the Documentation is not intended to amount to investment, legal, tax or other advice or a recommendation to invest. To the extent that any of the material in the Documentation is financial product advice, it is general advice only and does not take into account the objectives, financial situation or needs of any person. Before acting on any of the material, a person should therefore conduct their own assessment of this material with regard to their own situation, and obtain such advice as t hey consider necessary or appropriate. Whilst every effort is made to ensure the information in this document is accurate, its accuracy, reliability and completeness are not guaranteed. This material may include forward - looking statements, which are not guarantees or predictions of future performance. Any forward - looking statements contained in this material involve known and unknown risks, uncertainties and assumptions and other importan t factors which may cause actual results to differ from those contained in this material. Forward - looking statements, by their very nature, are subject to uncertainty and contingencies many of which are outside the control of Amundi or the Amundi Group. Past performance is not a reliable indication of future performance. Amundi nor any member of entity, guarantees the performance of any product, the repayment of capital, or any specific rate of return. The Documentation is only available to persons receiving the Documentation in Australia and New Zealand. If a person has accessed the Documentation outside of Australia and New Zealand, they should inform themselves of any securities selling restrictions that may apply in their home country. Nothing in the Documentation constitutes an offer of securities or financial products unless the document is an offer document provided to you expressly for such purpose. The Documentation is not a disclosure document or a product disclosure document for the purposes of the Corporations Act 2001 (Cth) or the Financial Markets Conduct Act 2013 (NZ). The Documentation has not been and will not be lodged with the Australian Se curities and Investments Commission (ASIC) or the Registrar of Financial Service Providers and does not contain all the information that a prospectus or a product disclosure statement is required to contain.
AUSTRIA Amundi Index Solutions: The regulatory documentation of the Funds registered for public marketing in Austria are available free of charge, as printed copies, from Société Générale, Vienna Branch, Prinz Eugen Strasse 8, 10/5/Top 11, A- A- 1040 Vienna, Austria, which acts as a paying agent and tax representative, and at www.amundietf.com. For Multi Units France and Multi Units Luxembourg: The regulatory documentation of the Funds registered for public marketing in Austria are available free of charge, as printed copies, from: Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1, A- A- 1100 Vienna, Austria, which acts as a paying agent and tax representative, and at www.amundietf.de.
Page 11
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
Amundi ETF
11 - ETF Investment & Product Strategy - Weekly Pulse -
16 October 2026
SINGAPORE In Singapore, this document is provided solely for the use of distributors and financial advisors only and is not to be distributed to the retail public. This document contains information about certain sub - funds of Amundi Index Solutions SICAV which may be registered as recognised schemes in Singapore under the Securities and Futures Act (Cap. 289) of Singapore (“SFA”), or notified as restricted schemes under the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment S chemes) Regulations 2005. For the sub - funds or relevant unit/share classes notified as restricted schemes in Singapore, such sub -f -funds or relevant unit/share classes are not authorised or recognised by the Monetary Authority of Singapore ("MAS") and are no t allowed to be offered to the Singapore retail public. Accordingly, this document and the material contained within, may not be circulated or distributed, nor may the relevant units/shares be offered or sold, or be made the subject of an invitation for su bscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In other Asian jurisdictions, for use by licensed intermediaries only and not to be distributed to the public. The Singapore Representative for Funds registered for public offering in Singapore is Amundi Singapore Limited (Registration No. 198900774E), 80 Raffles Place, UOB Plaza 1, #23 - 01, Singapore 048624.
JAPAN In Japan, this document is issued by Amundi Japan Ltd. This document is not intended as an offer or solicitation with respect to the purchase or sale of securities, including shares or units of funds. All views expressed and/or reference to companies canno t be construed as a recommendation by Amundi. Opinions and estimates may be changed without notice. To the extent permitted by applicable law, rules, codes and guidelines, Amundi, and her related entities accept no liability whatsoever whether direct or in direct that may arise from the use of information contained in this document. This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. This document is prepared for information only and does not have a ny regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Any person considering an investment should seek independent advice on the suitability or otherwise of the p articular investment. Investors should not only base on this document alone to make investment decisions. Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets are not indicative of future performance.
HONG KONG This document is issued by Amundi Hong Kong Limited. This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. Any dissemination, reproduction, copy, modification or translation in whole or in part, with respect to any information provided herein is forbidden. This document is for professional investors only and not for retail investors. The fund(s) mentioned in this document are not authorized by Securities and Futures Commission in Hong Kong. Consequently, shares or units of such funds are not available to the general public in Hong Kong and must not be distributed in Hong Kong by way of of public offer, public advertisement or in any similar manner. This document has not been reviewed by any regulatory authority in Hong Kong and no regulatory authority in Hong Kong takes responsibility for the financial soundness of the funds or for the ac curacy of any statement made or opinion expressed in this document. Investors are advised to exercise caution in relation to the offer. Any investor who is in doubt about the contents of the document is strongly recommended to seek independent profession al advice. Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of futu re performance. The offering document(s) should be read for further details including the risk factors.
SWEDEN Some of the Funds have been passported into Sweden pursuant to the Swedish Securities Funds Act (as amended) (Sw. lag (2004:46) om värdepappersfonder), implementing the UCITS IV Directive and may accordingly be distributed to Swedish investors. The Key Info formation Document (“KID”) (in Swedish) and the prospectuses for the funds, as well as the annual and semi - annual reports are also available from the Swedish paying agent free of charge. The name and details of the Swedish paying agent are Skandinaviska Enskilda Banken AB (publ) through its entity Transaction Banking, SEB Merchant Banking, with its principal offices at Kungsträdgårdsgatan 8, SE - 106 40 Stockholm, Sweden.
Amundi Asset Management French “Société par Actions Simplifiée” - SAS with a share capital of €1 143 615 555 Portfolio management company approved by the French Financial Markets Authority (Autorité des Marchés Financiers) under no.GP 04000036 Head office: 91 - 93, boulevard Pasteur, 75015 Paris - France Postal address: 91, boulevard Pasteur, CS 21564, 75730 Paris Cedex 15 France Tel : +33 (0)1 76 33 30 30 Siren no. 437 574 452 RCS Paris
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