{"annotation_id":"66db4ad1-b511-4a69-a327-0109db8bca55","file_hash":"637caf0e37d98181043a67f7ee3dabd5df7a2521da4a18b1cbc24d571a0451be","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"49b50d4d-3b75-498d-8a18-7a772b470542","block_type":"box","text":"Weekl","page_number":1,"box":{"x":64,"y":16,"width":201,"height":36}},{"id":"f483ac87-045c-49b4-809f-20c15eb07be8","block_type":"box","text":"y","page_number":1,"box":{"x":271,"y":26,"width":56,"height":37}},{"id":"0e3530a7-7c4e-4774-9852-b24da3182cf0","block_type":"box","text":"Pulse","page_number":1,"box":{"x":333,"y":16,"width":171,"height":36}},{"id":"fb71d9cf-e156-4239-8d89-10f04ccaeee2","block_type":"box","text":"23 October 2026","page_number":1,"box":{"x":767,"y":21,"width":133,"height":9}},{"id":"8366e079-8eee-453b-8f7d-e69f183137d4","block_type":"box","text":"Amundi ETF","page_number":1,"box":{"x":64,"y":73,"width":196,"height":18}},{"id":"78221f4f-64c0-4ca3-88bf-e4607f08d23a","block_type":"box","text":"MARKETING COMMUNICATION","page_number":1,"box":{"x":66,"y":136,"width":209,"height":8}},{"id":"a93cc8f1-e7c7-4d2d-840e-796d77fa04f0","block_type":"box","text":"-","page_number":1,"box":{"x":280,"y":140,"width":4,"height":1}},{"id":"d098cfc2-85f8-404c-818b-9ce3fea02c14","block_type":"box","text":"FOR PROFESSIONAL","page_number":1,"box":{"x":289,"y":136,"width":131,"height":8}},{"id":"c09b6fc5-8b82-4dc1-a188-c1ccc81d7433","block_type":"box","text":"CLIENTS","page_number":1,"box":{"x":425,"y":136,"width":53,"height":8}},{"id":"aebd53db-90de-4e72-a4e5-75a10b659ec7","block_type":"box","text":"AND QUALIFIED INVESTORS ONLY","page_number":1,"box":{"x":482,"y":136,"width":225,"height":9}},{"id":"f453da77-cb95-410a-ab18-ed59bec899ec","block_type":"box","text":"1. Source: Amundi, Bloomberg as at","page_number":1,"box":{"x":70,"y":891,"width":196,"height":10}},{"id":"890aecda-ad83-4b4c-81d0-74094c5f9593","block_type":"box","text":"23","page_number":1,"box":{"x":268,"y":892,"width":14,"height":7}},{"id":"4e743767-1a42-4a2c-909c-35964b4438db","block_type":"box","text":"/10/","page_number":1,"box":{"x":282,"y":892,"width":18,"height":7}},{"id":"60acd53a-f0a0-4677-be2d-1a875aa56ebb","block_type":"box","text":"0/2026. Past market trends are not a reliable indicator of future ones.","page_number":1,"box":{"x":300,"y":891,"width":369,"height":8}},{"id":"1664ba7b-8f02-4427-8b7f-6a8b5e8e9133","block_type":"box","text":"Investment involves risks","page_number":1,"box":{"x":672,"y":891,"width":151,"height":8}},{"id":"86463d9e-d840-4104-a477-505e1f06c6c4","block_type":"box","text":". For more information,","page_number":1,"box":{"x":823,"y":891,"width":127,"height":9}},{"id":"37720923-5990-4cb5-ab44-f9eb515ac625","block_type":"box","text":"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","page_number":1,"box":{"x":70,"y":904,"width":662,"height":10}},{"id":"5a8bd154-367b-482e-a666-7f311f5fec3a","block_type":"box","text":"led funds and ETFs between","page_number":1,"box":{"x":733,"y":904,"width":151,"height":8}},{"id":"b7312e81-13ed-4a58-9c8c-ecfa25a15749","block_type":"box","text":"16/","page_number":1,"box":{"x":888,"y":905,"width":13,"height":7}},{"id":"b7db6da9-d9bc-45f0-a515-46ee9e8a7af3","block_type":"box","text":"6/10/","page_number":1,"box":{"x":900,"y":905,"width":18,"height":7}},{"id":"0a309ed9-1989-449d-8efa-93ad07d8b0b1","block_type":"box","text":"0/2026","page_number":1,"box":{"x":918,"y":905,"width":32,"height":7}},{"id":"576de17b-779f-49e8-97cc-d298d986aec5","block_type":"box","text":"and","page_number":1,"box":{"x":69,"y":917,"width":21,"height":8}},{"id":"f75f2de6-7e34-45ff-814d-827c771122b9","block_type":"box","text":"22","page_number":1,"box":{"x":93,"y":918,"width":14,"height":6}},{"id":"69e7b6d2-0267-40d9-8cb1-02f7c30850b2","block_type":"box","text":"/10/","page_number":1,"box":{"x":107,"y":918,"width":18,"height":7}},{"id":"967d7a16-bf80-4959-a9b5-88d99e88ed73","block_type":"box","text":"0/2026.","page_number":1,"box":{"x":124,"y":918,"width":35,"height":7}},{"id":"2e47fc15-5393-4fdb-be91-4f38b7c2a827","block_type":"box","text":"source","page_number":1,"box":{"x":162,"y":919,"width":37,"height":6}},{"id":"c20c35ea-a30a-4af1-be01-764a414be665","block_type":"box","text":"Amundi,","page_number":1,"box":{"x":201,"y":917,"width":47,"height":9}},{"id":"3de7b3f5-b1e2-413c-bb01-769532a67651","block_type":"box","text":"Morningstar.","page_number":1,"box":{"x":253,"y":917,"width":70,"height":10}},{"id":"e736bf55-0c74-47f4-8937-9d5d27242a37","block_type":"box","text":"3.","page_number":1,"box":{"x":327,"y":918,"width":9,"height":7}},{"id":"502ec67c-2690-4c43-ba74-e3fb1d7addf0","block_type":"box","text":"Information on Amundi’s responsible investing can be found on amundietf.com and amundi.com","page_number":1,"box":{"x":339,"y":917,"width":535,"height":10}},{"id":"836b0a41-cefc-4052-9e76-73b351b07db4","block_type":"box","text":"1","page_number":1,"box":{"x":69,"y":955,"width":5,"height":6}},{"id":"af2687bf-37af-4228-8804-af4dd923dff8","block_type":"box","text":"–","page_number":1,"box":{"x":80,"y":958,"width":6,"height":1}},{"id":"321eebdd-6358-497b-98f8-0504469f7b3e","block_type":"box","text":"ETF","page_number":1,"box":{"x":91,"y":955,"width":20,"height":6}},{"id":"75725f54-b276-4739-97eb-42ab2094e086","block_type":"box","text":"Investment & Product","page_number":1,"box":{"x":116,"y":954,"width":137,"height":8}},{"id":"919db5f4-672f-4372-9eca-c7f879c64829","block_type":"box","text":"Strategy","page_number":1,"box":{"x":258,"y":955,"width":52,"height":9}},{"id":"e7d7a9f3-e68f-4870-b693-2ffb89d63e29","block_type":"box","text":"-","page_number":1,"box":{"x":314,"y":958,"width":3,"height":1}},{"id":"4a5443b9-4cbf-4e0d-8fbd-c196d23c1209","block_type":"box","text":"Weekly Pulse","page_number":1,"box":{"x":322,"y":954,"width":81,"height":10}},{"id":"45f8703f-3553-491f-8102-458c3b4239ef","block_type":"box","text":"-","page_number":1,"box":{"x":409,"y":958,"width":3,"height":1}},{"id":"0a180af8-8497-46db-b6d1-4ef1ce6a550e","block_type":"box","text":"23 October 2026","page_number":1,"box":{"x":427,"y":954,"width":103,"height":8}},{"id":"e2a192bc-59d3-43a9-944c-c5d87258da31","block_type":"box","text":"Amundi ETF","page_number":1,"box":{"x":831,"y":951,"width":118,"height":11}},{"id":"71b4263f-c450-4a7f-9c65-b223b066b0a3","block_type":"box","text":"Ris","page_number":1,"box":{"x":80,"y":172,"width":20,"height":9}},{"id":"d1b89e83-af0e-4f8e-903a-ea3372cfd821","block_type":"box","text":"k assets lacked","page_number":1,"box":{"x":101,"y":172,"width":114,"height":9}},{"id":"08967e68-fcc7-4814-9de1-991b6d6f508c","block_type":"box","text":"dir","page_number":1,"box":{"x":223,"y":172,"width":20,"height":9}},{"id":"0aaaa8e9-1340-447b-9626-9628e4a16eab","block_type":"box","text":"ection","page_number":1,"box":{"x":243,"y":172,"width":45,"height":9}},{"id":"75f85dec-fe0c-40ba-a1aa-3069ae53344d","block_type":"box","text":"while oil","page_number":1,"box":{"x":295,"y":172,"width":64,"height":9}},{"id":"e3d2496b-b63d-4ce6-9edb-c1b817c8ac04","block_type":"box","text":"price","page_number":1,"box":{"x":367,"y":172,"width":35,"height":11}},{"id":"94fe4a17-d405-4a52-ab62-a21ad0f3c9b7","block_type":"box","text":"gyrated on supply concerns","page_number":1,"box":{"x":410,"y":172,"width":211,"height":11}},{"id":"31751a59-8da0-4d59-9482-0ced13d9910b","block_type":"box","text":". Gold ext","page_number":1,"box":{"x":621,"y":172,"width":68,"height":9}},{"id":"6f6c042f-f900-418c-8f8a-59e155606a68","block_type":"box","text":"xtended its slide","page_number":1,"box":{"x":689,"y":172,"width":117,"height":9}},{"id":"c20b2651-ecbc-4bbe-824c-e443d8a7012b","block_type":"box","text":"with real yields","page_number":1,"box":{"x":812,"y":172,"width":118,"height":11}},{"id":"72c08382-b5ce-48f4-a05c-cbd58832415c","block_type":"box","text":"remaining elevated","page_number":1,"box":{"x":79,"y":187,"width":145,"height":12}},{"id":"15c33411-bd11-45e3-b8dc-d5678435ac78","block_type":"box","text":"1","page_number":1,"box":{"x":225,"y":187,"width":3,"height":5}},{"id":"185065f1-b368-4328-a594-07fd3bac36b3","block_type":"box","text":".","page_number":1,"box":{"x":230,"y":194,"width":2,"height":2}},{"id":"b458d36a-07bc-43f4-8a7b-3cd8079734b1","block_type":"box","text":"In equities","page_number":1,"box":{"x":239,"y":187,"width":79,"height":12}},{"id":"0d6714de-8daa-4b22-8328-6d88eeee0e9d","block_type":"box","text":", fl","page_number":1,"box":{"x":319,"y":187,"width":16,"height":10}},{"id":"1d999788-06d4-4718-8e4f-70752a9b7a4b","block_type":"box","text":"flows","page_number":1,"box":{"x":334,"y":187,"width":33,"height":9}},{"id":"430eba77-f75b-4402-8f22-f7077eaea5c6","block_type":"box","text":"2","page_number":1,"box":{"x":367,"y":187,"width":5,"height":5}},{"id":"d6ff1b9e-e5c7-42e1-acab-bd870078513d","block_type":"box","text":"were main","page_number":1,"box":{"x":377,"y":187,"width":80,"height":9}},{"id":"20ed8857-af04-4f43-a233-dd21403a2c8b","block_type":"box","text":"l","page_number":1,"box":{"x":459,"y":187,"width":3,"height":9}},{"id":"0d903d43-7333-4fad-a732-16a4afd7d8c0","block_type":"box","text":"y","page_number":1,"box":{"x":462,"y":190,"width":9,"height":9}},{"id":"ab8eee83-fe79-4b56-9203-f530541d478f","block_type":"box","text":"directed towards global and EM equities exposures. I","page_number":1,"box":{"x":477,"y":187,"width":401,"height":12}},{"id":"349dfd55-aa49-4dd6-a401-d4f53195926c","block_type":"box","text":"n fixed","page_number":1,"box":{"x":879,"y":187,"width":50,"height":9}},{"id":"b866ed5e-677c-4a3c-8f3a-5b43db13ba21","block_type":"box","text":"income there were renewed flows","page_number":1,"box":{"x":79,"y":203,"width":249,"height":8}},{"id":"beef31a2-d4cc-410d-8d5d-5957e4f8c92a","block_type":"box","text":"into","page_number":1,"box":{"x":333,"y":203,"width":28,"height":8}},{"id":"673f44c8-31d2-4849-b965-d0e7b416e8fa","block_type":"box","text":"euro","page_number":1,"box":{"x":365,"y":205,"width":34,"height":6}},{"id":"bae67cd6-c0d6-4885-acbb-2a804eaab371","block_type":"box","text":"a","page_number":1,"box":{"x":403,"y":205,"width":8,"height":6}},{"id":"cf484ca4-1cfc-4f12-b082-41fe6f515a9f","block_type":"box","text":"n","page_number":1,"box":{"x":413,"y":205,"width":8,"height":6}},{"id":"9f12727c-d1a9-46ea-9ce0-2aee9227ea83","block_type":"box","text":"d USD","page_number":1,"box":{"x":422,"y":203,"width":43,"height":8}},{"id":"c90c9e2e-8452-4c85-9710-eba18b8b238c","block_type":"box","text":"g","page_number":1,"box":{"x":469,"y":205,"width":8,"height":9}},{"id":"fc647906-b2c0-4dd0-a47a-7423efcf4263","block_type":"box","text":"overnment debt","page_number":1,"box":{"x":478,"y":203,"width":120,"height":8}},{"id":"6d36ba40-43e4-4b6f-b6f7-41968ef48173","block_type":"box","text":"exposu","page_number":1,"box":{"x":602,"y":205,"width":51,"height":9}},{"id":"76d69e80-f6a3-4caa-a331-69d37cee089f","block_type":"box","text":"res.","page_number":1,"box":{"x":655,"y":205,"width":25,"height":6}},{"id":"15823eba-be2e-4bf3-ac87-ce5b35354ca3","block_type":"box","text":"US EQUITIES: SLOWER FLOWS AHEAD OF ELECTIONS","page_number":1,"box":{"x":80,"y":228,"width":440,"height":12}},{"id":"2e7dbe76-e90d-49ae-82f5-08f29b069788","block_type":"box","text":"REBAL","page_number":1,"box":{"x":532,"y":228,"width":55,"height":10}},{"id":"4a19ca40-fb3f-4cba-8c62-1096dde263b9","block_type":"box","text":"ANCING US EQUITIES","page_number":1,"box":{"x":587,"y":228,"width":187,"height":12}},{"id":"46236eac-a74d-4137-b843-8a733ac8cc9a","block_type":"box","text":"US equity UCITS ETFs:","page_number":1,"box":{"x":80,"y":249,"width":175,"height":11}},{"id":"46c8c543-d2a7-40b7-8820-dd7790f5904b","block_type":"box","text":"Monthly c","page_number":1,"box":{"x":261,"y":249,"width":71,"height":11}},{"id":"bc630a21-5133-40ee-8feb-d2ea198c18fa","block_type":"box","text":"umulative net new","page_number":1,"box":{"x":333,"y":249,"width":135,"height":9}},{"id":"383e75d1-19a8-4ef2-988a-8566088f29df","block_type":"box","text":"assets per segment","page_number":1,"box":{"x":79,"y":263,"width":146,"height":11}},{"id":"0d42ab62-6829-4ac1-a298-2a152d3d3859","block_type":"box","text":"(in EUR bn)","page_number":1,"box":{"x":231,"y":263,"width":80,"height":11}},{"id":"fba60a36-20f7-427b-ae85-7be8f29a79e6","block_type":"box","text":"n)","page_number":1,"box":{"x":310,"y":263,"width":6,"height":11}},{"id":"c6e3d836-1ac3-4aa3-8e8b-f2b256487685","block_type":"box","text":"Source: Amundi, Bloomberg. Data as at","page_number":1,"box":{"x":79,"y":473,"width":211,"height":9}},{"id":"77d82782-d039-4e27-8139-a84264fb0ada","block_type":"box","text":"22/","page_number":1,"box":{"x":292,"y":473,"width":13,"height":7}},{"id":"72f2775b-7166-4875-8574-91074bc54088","block_type":"box","text":"2/10/","page_number":1,"box":{"x":305,"y":473,"width":17,"height":7}},{"id":"577a717e-7cab-4d3a-ba57-0722c61d679f","block_type":"box","text":"0/2026. Past performance is not a","page_number":1,"box":{"x":322,"y":473,"width":172,"height":9}},{"id":"b0318834-31b5-41b6-9810-759243b9988d","block_type":"box","text":"reliable indicator of future performance.","page_number":1,"box":{"x":79,"y":486,"width":213,"height":9}},{"id":"dbf7fb15-f683-49b3-8cfc-7bcf62a478e3","block_type":"box","text":"","page_number":1,"box":{"x":539,"y":252,"width":9,"height":8}},{"id":"08be2271-66ef-4a8f-bed9-988f9cb0cd01","block_type":"box","text":"US equities volatility ahead of mid","page_number":1,"box":{"x":559,"y":250,"width":321,"height":12}},{"id":"8ad2ba37-d41d-435b-9536-f1511053d8ba","block_type":"box","text":"-","page_number":1,"box":{"x":882,"y":255,"width":4,"height":2}},{"id":"ad7d8a45-8f78-43c5-8127-e715a455b5f2","block_type":"box","text":"term","page_number":1,"box":{"x":887,"y":251,"width":39,"height":8}},{"id":"45a3e2ef-e3c9-4839-9d77-4763c02332b5","block_type":"box","text":"elections","page_number":1,"box":{"x":558,"y":266,"width":72,"height":9}},{"id":"e99805e0-8616-4c50-8026-57a063e38973","block_type":"box","text":":","page_number":1,"box":{"x":631,"y":269,"width":3,"height":6}},{"id":"3897114c-4522-4b22-b478-322667566951","block_type":"box","text":"T","page_number":1,"box":{"x":650,"y":267,"width":9,"height":8}},{"id":"46756bd9-84c4-4cfd-a108-2c9337ebe2f9","block_type":"box","text":"he midterm elections","page_number":1,"box":{"x":661,"y":266,"width":181,"height":9}},{"id":"8cac1a78-09a5-4703-91af-f03c59f7a2f7","block_type":"box","text":"are","page_number":1,"box":{"x":859,"y":269,"width":24,"height":6}},{"id":"0df0acec-1af4-49ea-9706-7be6b3557f3e","block_type":"box","text":"fast","page_number":1,"box":{"x":899,"y":266,"width":28,"height":9}},{"id":"8c24f1ab-1972-4d69-8946-9545d335d8f5","block_type":"box","text":"approaching","page_number":1,"box":{"x":558,"y":282,"width":94,"height":12}},{"id":"1789d98c-61b9-4abf-b8a9-610e8295c94b","block_type":"box","text":".","page_number":1,"box":{"x":655,"y":290,"width":2,"height":2}},{"id":"e5cbd7d1-b06b-41f9-83ec-99569a93a178","block_type":"box","text":"H","page_number":1,"box":{"x":669,"y":283,"width":9,"height":8}},{"id":"bf138f57-9024-4c05-9046-06e0ab0aa332","block_type":"box","text":"istory suggests that near","page_number":1,"box":{"x":681,"y":282,"width":204,"height":12}},{"id":"67d527ae-21d3-4006-9cd9-31f2638e3f2b","block_type":"box","text":"-","page_number":1,"box":{"x":885,"y":288,"width":4,"height":1}},{"id":"e14fc122-2fb9-479d-8971-1f9a8e433e77","block_type":"box","text":"term","page_number":1,"box":{"x":890,"y":284,"width":36,"height":8}},{"id":"07b52fb3-db16-4a26-b138-8734d345a5af","block_type":"box","text":"market volatility is the norm","page_number":1,"box":{"x":559,"y":299,"width":210,"height":11}},{"id":"363fd8b9-9b4a-405f-9500-01e58cccd8d5","block_type":"box","text":",","page_number":1,"box":{"x":771,"y":306,"width":2,"height":3}},{"id":"db097b3e-3587-4fdf-9a56-054f3c17e242","block_type":"box","text":"but so too is a post","page_number":1,"box":{"x":780,"y":299,"width":142,"height":11}},{"id":"875993b9-8d4e-49b0-8eea-d1cc59a96e7c","block_type":"box","text":"election recovery","page_number":1,"box":{"x":558,"y":315,"width":129,"height":12}},{"id":"7a3588a7-da93-4813-9cbe-bf481f5dd3d7","block_type":"box","text":"1","page_number":1,"box":{"x":687,"y":315,"width":3,"height":5}},{"id":"3fb2bb06-f164-4b7c-ab14-589b88bb1b19","block_type":"box","text":", regardless of the outcome.","page_number":1,"box":{"x":692,"y":315,"width":211,"height":12}},{"id":"af54adef-9387-422c-b38f-58ad450cc101","block_type":"box","text":"","page_number":1,"box":{"x":539,"y":339,"width":9,"height":9}},{"id":"e22b7e07-0de7-4a2e-8245-e4172b9179c6","block_type":"box","text":"Re","page_number":1,"box":{"x":559,"y":339,"width":18,"height":8}},{"id":"401a97c4-434a-4540-b695-af6e6c8cc3b9","block_type":"box","text":"balance","page_number":1,"box":{"x":579,"y":338,"width":60,"height":9}},{"id":"d2d07da8-759d-44c9-8f43-5aac5492a903","block_type":"box","text":"US equities","page_number":1,"box":{"x":645,"y":338,"width":88,"height":12}},{"id":"3c7806b4-5284-4e9b-ab22-10408a4408e8","block_type":"box","text":"allocation","page_number":1,"box":{"x":739,"y":338,"width":76,"height":9}},{"id":"a9162dd9-b2b1-46ad-9ba2-af563f1c88f0","block_type":"box","text":"with ex Mega","page_number":1,"box":{"x":821,"y":338,"width":108,"height":12}},{"id":"d4afd577-5903-44d5-b1ae-d8cd3901a329","block_type":"box","text":"caps","page_number":1,"box":{"x":558,"y":357,"width":35,"height":9}},{"id":"cf47f8db-8ae7-454a-b66c-7acd761494fa","block_type":"box","text":":","page_number":1,"box":{"x":594,"y":357,"width":3,"height":6}},{"id":"c0e7774c-beac-476f-a756-19f7f7768b1c","block_type":"box","text":"US equity market concentration has","page_number":1,"box":{"x":616,"y":354,"width":313,"height":12}},{"id":"966b0880-ee7d-424d-9a9d-6fd10031b056","block_type":"box","text":"intensified, with a narrow set of AI and","page_number":1,"box":{"x":559,"y":370,"width":369,"height":11}},{"id":"daafc1af-c25f-44b9-9dc5-66f152cac4e0","block_type":"box","text":"semiconductor names driving returns","page_number":1,"box":{"x":558,"y":387,"width":283,"height":11}},{"id":"d12fc436-6512-47ed-8b03-2dc27a842d07","block_type":"box","text":"1","page_number":1,"box":{"x":842,"y":386,"width":3,"height":6}},{"id":"98d81035-737a-4e85-8a36-8ac94051abb8","block_type":"box","text":". These are","page_number":1,"box":{"x":848,"y":387,"width":81,"height":9}},{"id":"9ea73860-c91d-4f79-82ae-7d674b860f9a","block_type":"box","text":"now reversing sharply, making the case for a","page_number":1,"box":{"x":559,"y":403,"width":369,"height":12}},{"id":"f8fe8422-ba83-4467-8252-13090412f151","block_type":"box","text":"blended allocation with MSCI USA ex Mega Caps.","page_number":1,"box":{"x":559,"y":419,"width":359,"height":12}},{"id":"42d86803-1bfc-4376-be86-448c0094754a","block_type":"box","text":"Related in","page_number":1,"box":{"x":532,"y":442,"width":68,"height":8}},{"id":"722d99d2-eebe-416a-8eb5-bceaa3f39ddd","block_type":"box","text":"dices","page_number":1,"box":{"x":602,"y":442,"width":35,"height":8}},{"id":"79d1609e-8162-4c72-8c80-201cf87f0364","block_type":"box","text":"S&P 500 Net Total Return","page_number":1,"box":{"x":531,"y":460,"width":163,"height":8}},{"id":"eb9720bb-5a3a-4d14-b7ac-4163780e26a4","block_type":"box","text":"MSCI USA Screened Select ex Thermal Coal Net","page_number":1,"box":{"x":532,"y":475,"width":303,"height":8}},{"id":"0c200e8b-2d7f-412b-8a59-6fd7d0a7ff1f","block_type":"box","text":"3","page_number":1,"box":{"x":835,"y":474,"width":5,"height":5}},{"id":"3147dc4a-55df-47fe-b58f-d5fca1d5dee4","block_type":"box","text":"MSCI USA Ex Mega Cap Select Net","page_number":1,"box":{"x":532,"y":489,"width":219,"height":11}},{"id":"317efb64-9310-44aa-a618-daaaa0c70ad7","block_type":"box","text":"FLOW TREND MONITOR: UCITS ETF MARKET","page_number":1,"box":{"x":80,"y":510,"width":395,"height":9}},{"id":"7a878129-ed0d-48cc-9f18-81a0729f5fd4","block_type":"box","text":"EVENT CALENDAR","page_number":1,"box":{"x":532,"y":510,"width":161,"height":9}},{"id":"bd364397-e3e3-4849-822b-655db27f8571","block_type":"box","text":"(2","page_number":1,"box":{"x":699,"y":510,"width":6,"height":11}},{"id":"177393d7-fbf6-4099-8154-23d1722137a2","block_type":"box","text":"(26/","page_number":1,"box":{"x":703,"y":510,"width":21,"height":9}},{"id":"a37377ac-8b25-46f3-9e4c-7c5833212db6","block_type":"box","text":"6/","page_number":1,"box":{"x":723,"y":510,"width":9,"height":9}},{"id":"d9f7da1b-046b-46b1-8421-e794524ef83a","block_type":"box","text":"10","page_number":1,"box":{"x":733,"y":510,"width":17,"height":9}},{"id":"0ae36bc9-f4d6-448f-897a-8289a6c0f2fb","block_type":"box","text":"–","page_number":1,"box":{"x":756,"y":515,"width":8,"height":1}},{"id":"8c235f04-0707-4295-9868-e0368ebc42bc","block_type":"box","text":"30/","page_number":1,"box":{"x":769,"y":510,"width":20,"height":9}},{"id":"49e6e295-248a-4fe9-b5a3-97e6270e9732","block_type":"box","text":"0/10/","page_number":1,"box":{"x":789,"y":510,"width":27,"height":9}},{"id":"867b3533-1a50-49fd-9420-f94843feb5fe","block_type":"box","text":"0/2026)","page_number":1,"box":{"x":816,"y":510,"width":52,"height":11}},{"id":"819389f7-2ec3-4575-b7ca-84282c7b1e0f","block_type":"box","text":"UCITS ETFs","page_number":1,"box":{"x":79,"y":532,"width":72,"height":9}},{"id":"35bad096-c68a-434d-abec-9257a537cf6d","block_type":"box","text":"c","page_number":1,"box":{"x":155,"y":534,"width":6,"height":7}},{"id":"c0611496-16c8-4ed0-9b7d-f665a4b0a3c9","block_type":"box","text":"umulative net new assets (21","page_number":1,"box":{"x":162,"y":531,"width":188,"height":11}},{"id":"fde48eca-82ca-4e6c-93c9-bc0936875fef","block_type":"box","text":"-","page_number":1,"box":{"x":352,"y":537,"width":4,"height":1}},{"id":"7f46b0dc-022b-424b-90fc-8dc8410de4aa","block_type":"box","text":"day rolling window)","page_number":1,"box":{"x":357,"y":531,"width":130,"height":12}},{"id":"6f17e519-484e-4c89-b3f9-57ccc3ea0867","block_type":"box","text":"Source: Amundi, Bloomberg. Commodities includes flows into ETCs. Data","page_number":1,"box":{"x":79,"y":707,"width":433,"height":10}},{"id":"7d727bde-50f9-41ed-bc9d-a2ddb3e9796a","block_type":"box","text":"as at","page_number":1,"box":{"x":79,"y":721,"width":27,"height":7}},{"id":"465c944f-160e-4fbd-b0c0-4c28f9c63bfb","block_type":"box","text":"22","page_number":1,"box":{"x":110,"y":721,"width":14,"height":6}},{"id":"34932e3a-9577-4cd8-b582-37fd2d21b152","block_type":"box","text":"/","page_number":1,"box":{"x":125,"y":721,"width":4,"height":6}},{"id":"1adfbce4-ac15-479b-99a5-070d5b9df466","block_type":"box","text":"10","page_number":1,"box":{"x":131,"y":721,"width":13,"height":7}},{"id":"fb9b2cf1-a46d-442d-94af-dae51adbd673","block_type":"box","text":"/2026","page_number":1,"box":{"x":145,"y":721,"width":35,"height":7}},{"id":"f03f20a5-1a35-4ebd-a2b6-86212bab9a73","block_type":"box","text":".","page_number":1,"box":{"x":182,"y":726,"width":1,"height":2}},{"id":"762f864d-e56e-439d-ad94-86d503f7d463","block_type":"box","text":"Past","page_number":1,"box":{"x":189,"y":721,"width":24,"height":7}},{"id":"643f798a-51fe-45e5-9693-a238dcb40058","block_type":"box","text":"market trends are not a reliable indicator of future","page_number":1,"box":{"x":217,"y":720,"width":295,"height":8}},{"id":"f32e4738-54b6-45f8-92a0-293c6d09a38d","block_type":"box","text":"ones. For illustrative purpose","page_number":1,"box":{"x":79,"y":733,"width":167,"height":10}},{"id":"9186d77f-7681-45c1-a53b-6f3037dee476","block_type":"box","text":"s","page_number":1,"box":{"x":247,"y":735,"width":5,"height":6}},{"id":"8d8313f9-7279-44c4-8444-89afe83d495a","block_type":"box","text":"only, may change without prior notice.","page_number":1,"box":{"x":256,"y":733,"width":223,"height":10}},{"id":"8cfcec16-eca9-4cea-a79f-76b3f31c5c35","block_type":"box","text":"US","page_number":1,"box":{"x":535,"y":532,"width":19,"height":9}},{"id":"40560295-ba4d-4772-b5e0-135d121daea8","block_type":"box","text":":","page_number":1,"box":{"x":556,"y":534,"width":2,"height":7}},{"id":"3788a1aa-7af6-40cf-9b86-30a198ef24e3","block_type":"box","text":"FOMC","page_number":1,"box":{"x":567,"y":532,"width":46,"height":9}},{"id":"f48be9a7-7e5e-42ee-9ece-ed7ddd58f6b5","block_type":"box","text":"rate de","page_number":1,"box":{"x":621,"y":531,"width":56,"height":10}},{"id":"559490a3-6e5d-4c1b-8dc9-626d1c2cfb3f","block_type":"box","text":"cision (4.00%","page_number":1,"box":{"x":679,"y":532,"width":102,"height":10}},{"id":"7e98b262-edeb-4671-b174-d16913f60848","block_type":"box","text":", unc","page_number":1,"box":{"x":782,"y":534,"width":38,"height":8}},{"id":"c5c9c6fb-6b1d-44d0-8d18-479eb4942bb8","block_type":"box","text":"hanged)","page_number":1,"box":{"x":823,"y":531,"width":63,"height":12}},{"id":"1f5a6b41-2b28-41a0-ad8a-5c62b48312c7","block_type":"box","text":",","page_number":1,"box":{"x":887,"y":539,"width":3,"height":3}},{"id":"a027304e-86f8-499f-8426-bff9a0335956","block_type":"box","text":"Sep","page_number":1,"box":{"x":898,"y":532,"width":27,"height":11}},{"id":"6b068f73-88e3-4eb9-8df8-6a250392f1a4","block_type":"box","text":"(P)","page_number":1,"box":{"x":534,"y":548,"width":19,"height":10}},{"id":"1b5b685f-cfe6-4396-8bd6-0b8911b42860","block_type":"box","text":"dur","page_number":1,"box":{"x":570,"y":548,"width":26,"height":9}},{"id":"8816ef21-bf2c-4cc6-84f0-4a25a6494f3d","block_type":"box","text":"a","page_number":1,"box":{"x":597,"y":550,"width":7,"height":7}},{"id":"432bb381-ecc3-4f6f-8e91-ea971e8b013b","block_type":"box","text":"b","page_number":1,"box":{"x":607,"y":548,"width":8,"height":9}},{"id":"5b3c6fe3-40c9-4b03-bc0c-39c8efaba420","block_type":"box","text":"l","page_number":1,"box":{"x":618,"y":548,"width":1,"height":9}},{"id":"b89952c5-84c5-4e4f-970c-badc0ababa3c","block_type":"box","text":"e","page_number":1,"box":{"x":621,"y":550,"width":8,"height":7}},{"id":"5a181509-5af7-4be4-a407-6e52ae48ec3c","block_type":"box","text":"good","page_number":1,"box":{"x":646,"y":548,"width":39,"height":11}},{"id":"887bdcba-7ca6-40f5-b603-125059b90c29","block_type":"box","text":"s","page_number":1,"box":{"x":687,"y":550,"width":6,"height":7}},{"id":"ad78052b-27f1-4c3a-8c80-9606dfbf7d24","block_type":"box","text":"orders, Oct Con","page_number":1,"box":{"x":710,"y":548,"width":143,"height":10}},{"id":"585a76ec-3429-4dd7-a2b6-a1e133763d92","block_type":"box","text":"f.","page_number":1,"box":{"x":854,"y":548,"width":9,"height":9}},{"id":"c3859b6a-3e88-460c-9da7-ef65fa8b51f2","block_type":"box","text":"b","page_number":1,"box":{"x":881,"y":548,"width":8,"height":9}},{"id":"0979b5e3-aa3f-4fdd-9fae-a6f6303db0a3","block_type":"box","text":"oard","page_number":1,"box":{"x":891,"y":548,"width":34,"height":9}},{"id":"32e28753-9c16-4a81-af45-0404f831f05f","block_type":"box","text":"consumer confidence,","page_number":1,"box":{"x":534,"y":564,"width":178,"height":10}},{"id":"fbb62034-af5f-4674-8331-2cdac289c2c6","block_type":"box","text":".","page_number":1,"box":{"x":715,"y":571,"width":2,"height":2}},{"id":"c396069d-96d1-4ad9-b1f5-98bcc7e42f84","block_type":"box","text":"Sep","page_number":1,"box":{"x":729,"y":564,"width":27,"height":12}},{"id":"2738af00-d151-42e6-b613-8d463ed24361","block_type":"box","text":"Per","page_number":1,"box":{"x":769,"y":564,"width":24,"height":9}},{"id":"0bbf3db6-07ed-4c9d-9531-2eeadd127268","block_type":"box","text":"sonal income &","page_number":1,"box":{"x":795,"y":564,"width":131,"height":9}},{"id":"34e3fcda-0a4a-4049-b250-353e1dd7e972","block_type":"box","text":"spe","page_number":1,"box":{"x":534,"y":582,"width":26,"height":10}},{"id":"54a707f8-c3c1-470a-a98f-f843ccd37009","block_type":"box","text":"nding","page_number":1,"box":{"x":563,"y":580,"width":43,"height":12}},{"id":"906c7386-0bb1-40a3-b4ce-44209a939c8c","block_type":"box","text":",","page_number":1,"box":{"x":608,"y":588,"width":2,"height":2}},{"id":"bc6f838d-0fff-40ca-ad53-0ceca4f56d93","block_type":"box","text":"3Q (A) GDP","page_number":1,"box":{"x":617,"y":580,"width":85,"height":11}},{"id":"3e1e760b-6bc5-4e24-a01d-65210971c441","block_type":"box","text":"Europe","page_number":1,"box":{"x":535,"y":600,"width":54,"height":12}},{"id":"b711146c-0302-4dcb-b862-0f6e407bff6a","block_type":"box","text":":","page_number":1,"box":{"x":591,"y":602,"width":2,"height":7}},{"id":"4485fad7-22ab-4a7c-a495-94927e33cc89","block_type":"box","text":"ECB rate decision (2.50%, uncha","page_number":1,"box":{"x":606,"y":600,"width":269,"height":11}},{"id":"83a91d9d-3e58-4bf6-9278-97f188dd5ef8","block_type":"box","text":"nged)","page_number":1,"box":{"x":878,"y":600,"width":43,"height":12}},{"id":"f1135aae-d403-4639-b5fd-b27febe9365d","block_type":"box","text":",","page_number":1,"box":{"x":923,"y":607,"width":2,"height":3}},{"id":"88dabe10-c048-4cb9-8432-806110d912ca","block_type":"box","text":"G","page_number":1,"box":{"x":535,"y":616,"width":9,"height":9}},{"id":"a4591db4-2404-46d9-a826-77ea5ac63d89","block_type":"box","text":"ermany","page_number":1,"box":{"x":547,"y":618,"width":59,"height":10}},{"id":"50c5e156-f60a-4335-b8eb-2f7e280761cc","block_type":"box","text":"Oct","page_number":1,"box":{"x":612,"y":616,"width":26,"height":9}},{"id":"b20bcbf3-e686-4d4b-8c50-6f3dff319b02","block_type":"box","text":"IFO business Clima","page_number":1,"box":{"x":645,"y":616,"width":148,"height":9}},{"id":"14552a74-4d92-46a8-aa58-db30c589a0c3","block_type":"box","text":"t","page_number":1,"box":{"x":795,"y":617,"width":6,"height":8}},{"id":"ab8fc700-7aa9-4b2c-952a-99fe71368cec","block_type":"box","text":"e","page_number":1,"box":{"x":802,"y":618,"width":8,"height":7}},{"id":"acae0681-39bd-49aa-a94e-6d34c1269826","block_type":"box","text":", France 3Q (P)","page_number":1,"box":{"x":811,"y":616,"width":115,"height":11}},{"id":"e457dd0b-dd5e-4e1a-9c56-37ea918782bd","block_type":"box","text":"GDP,","page_number":1,"box":{"x":535,"y":633,"width":36,"height":10}},{"id":"3f5d1a9a-5514-4301-a88e-cb117a42e564","block_type":"box","text":"Oct (P) CPI","page_number":1,"box":{"x":578,"y":633,"width":81,"height":10}},{"id":"1a98a26d-f19d-43d0-932f-0286a52ebc8a","block_type":"box","text":"➔","page_number":1,"box":{"x":535,"y":652,"width":15,"height":9}},{"id":"38217da8-ba2b-4343-a408-2e8a72ab932d","block_type":"box","text":"The Fed and ECB decisions","page_number":1,"box":{"x":565,"y":652,"width":213,"height":9}},{"id":"a9eb379c-2dd6-4bfc-8708-2f0c240d7a9b","block_type":"box","text":"will","page_number":1,"box":{"x":789,"y":652,"width":24,"height":9}},{"id":"42e75b9e-ebd4-495c-9be9-4da721f0ec11","block_type":"box","text":"dominate","page_number":1,"box":{"x":823,"y":652,"width":70,"height":9}},{"id":"871633a3-f129-426e-958c-0dc6ebdee76c","block_type":"box","text":"the","page_number":1,"box":{"x":903,"y":652,"width":23,"height":9}},{"id":"0b314556-8a92-4ebc-913b-5b96a9af104b","block_type":"box","text":"week. G","page_number":1,"box":{"x":564,"y":668,"width":57,"height":9}},{"id":"b53a49aa-3397-4b62-95ea-cb038a0f5de4","block_type":"box","text":"uidance on the","page_number":1,"box":{"x":622,"y":668,"width":109,"height":9}},{"id":"87b3d2d9-536f-420a-abcb-3a5225503743","block_type":"box","text":"path ahead","page_number":1,"box":{"x":736,"y":668,"width":87,"height":12}},{"id":"02e26b45-fa79-4939-ba05-ad43e9da0d75","block_type":"box","text":"is","page_number":1,"box":{"x":828,"y":668,"width":11,"height":9}},{"id":"a81398c8-6288-415a-a0a2-89c2a94889ad","block_type":"box","text":"a","page_number":1,"box":{"x":844,"y":671,"width":9,"height":6}},{"id":"a6c3d48b-af48-4a9b-95b3-fa3353525465","block_type":"box","text":"key","page_number":1,"box":{"x":858,"y":668,"width":25,"height":12}},{"id":"a10d695c-b1d0-4ccf-b17d-e22c124cfe33","block_type":"box","text":"focus","page_number":1,"box":{"x":885,"y":668,"width":41,"height":12}},{"id":"7cb47173-b1c7-473e-9a3b-44192a96e5ab","block_type":"box","text":"given elevated rates.","page_number":1,"box":{"x":564,"y":684,"width":168,"height":12}},{"id":"cf5e2a8f-eb59-47f2-b34a-736485325cf2","block_type":"box","text":"China's Plenum could","page_number":1,"box":{"x":749,"y":684,"width":178,"height":9}},{"id":"4eb6ef5e-1e37-4a43-acb2-3b0dcf1a9470","block_type":"box","text":"provide so","page_number":1,"box":{"x":563,"y":700,"width":77,"height":12}},{"id":"dc1115d3-d242-4d68-9293-f635354699b6","block_type":"box","text":"me","page_number":1,"box":{"x":641,"y":703,"width":22,"height":6}},{"id":"617d4475-7ecc-49a5-9a3d-ea01f0f67078","block_type":"box","text":"fiscal stimulus signals.","page_number":1,"box":{"x":666,"y":700,"width":167,"height":12}},{"id":"a979d088-f758-4884-be6a-1e54828d9864","block_type":"box","text":"Ross Finlayson (Head)","page_number":1,"box":{"x":80,"y":776,"width":108,"height":8}},{"id":"762dc1a1-41d0-412c-a469-03934069433a","block_type":"box","text":"ross.finlayson@amundi.com","page_number":1,"box":{"x":80,"y":786,"width":132,"height":7}},{"id":"9b72ba6e-1bb7-4290-9bc6-eeb15c9c9253","block_type":"box","text":"Olivier Genin (Deputy)","page_number":1,"box":{"x":246,"y":776,"width":111,"height":8}},{"id":"f9ff49c8-ba87-479c-a09f-c9395ab0e245","block_type":"box","text":"olivier.genin@amundi.com","page_number":1,"box":{"x":246,"y":786,"width":126,"height":7}},{"id":"a0e3c5a3-2c51-4a37-bf8b-92bd465b77e5","block_type":"box","text":"Ida Troussieux","page_number":1,"box":{"x":79,"y":804,"width":74,"height":5}},{"id":"349ccee9-db81-406d-9791-b9d51a00b31b","block_type":"box","text":"ida.troussieux@amundi.com","page_number":1,"box":{"x":80,"y":814,"width":133,"height":6}},{"id":"32b67855-b45e-4b61-8a21-879a9cde3189","block_type":"box","text":"Michael Stewart","page_number":1,"box":{"x":247,"y":804,"width":80,"height":5}},{"id":"880d3f92-a9d0-4270-a855-ca2194f0a62d","block_type":"box","text":"michael.stewart@amundi.com","page_number":1,"box":{"x":247,"y":814,"width":141,"height":6}},{"id":"523ae8ee-5cb9-4832-b51e-97480ae8b6c3","block_type":"box","text":"Sofia Santarsiero","page_number":1,"box":{"x":80,"y":831,"width":84,"height":6}},{"id":"5e08d8cd-f910-40b2-8949-521901adcd2c","block_type":"box","text":"sofia.santarserio@amundi.com","page_number":1,"box":{"x":80,"y":841,"width":146,"height":6}},{"id":"b9a1946f-aaee-47c5-87b1-23fa0bc712d6","block_type":"box","text":"Roxane Philibert","page_number":1,"box":{"x":247,"y":831,"width":82,"height":6}},{"id":"0905a962-f35b-4d05-9925-ca61ed2e99d9","block_type":"box","text":"roxane.philibert@amundi.com","page_number":1,"box":{"x":248,"y":841,"width":142,"height":7}},{"id":"0762d188-a392-4397-8444-17fa59859d23","block_type":"box","text":"Théo Bolival","page_number":1,"box":{"x":79,"y":860,"width":61,"height":6}},{"id":"2bd0b5f2-3551-4b6e-a065-2a24b087ba7e","block_type":"box","text":"theo.bolival@amundi.com","page_number":1,"box":{"x":79,"y":870,"width":123,"height":6}},{"id":"a3c97dd5-2239-4a9e-ad04-539cae92bd38","block_type":"box","text":"Amundi ETF","page_number":1,"box":{"x":78,"y":747,"width":98,"height":9}},{"id":"5e479546-3f96-44ab-9bca-f1c9240da60d","block_type":"box","text":"Investment","page_number":1,"box":{"x":182,"y":748,"width":96,"height":8}},{"id":"6ba42181-6273-43ca-9ff2-4d6b670c69d3","block_type":"box","text":"& Product Strategy","page_number":1,"box":{"x":284,"y":747,"width":158,"height":12}},{"id":"61f87426-7796-4064-a8dc-01d6e90432dc","block_type":"box","text":"Our latest Weekly","page_number":1,"box":{"x":556,"y":750,"width":169,"height":13}},{"id":"b0942b11-f17e-406c-ae1d-f3e6dbe85a85","block_type":"box","text":"Pulse","page_number":1,"box":{"x":726,"y":750,"width":47,"height":10}},{"id":"199d38d4-aac9-4eae-a78d-1c6eadf14d14","block_type":"box","text":"Date","page_number":1,"box":{"x":890,"y":750,"width":36,"height":9}},{"id":"6c239fd0-7599-4acb-8fb9-aeeec3bd6d40","block_type":"box","text":"US inflation with ultrashort TIPS","page_number":1,"box":{"x":556,"y":774,"width":238,"height":9}},{"id":"4ec14934-65f0-468c-ad83-a7b0cecc921a","block_type":"box","text":"16/10","page_number":1,"box":{"x":884,"y":774,"width":43,"height":9}},{"id":"59bfa613-7fd2-4c40-b0c5-4e583d75bac9","block_type":"box","text":"Gold: Storing value for uncertain times","page_number":1,"box":{"x":556,"y":795,"width":290,"height":12}},{"id":"1d06b967-7422-4285-b9f6-43d0678f0f90","block_type":"box","text":"09/10","page_number":1,"box":{"x":886,"y":796,"width":43,"height":8}},{"id":"9c51faae-9c92-4d6c-b986-add1766b5a4c","block_type":"box","text":"Cherry","page_number":1,"box":{"x":556,"y":814,"width":50,"height":12}},{"id":"478983cf-5d79-4f54-9c5b-1f7ab92dfa75","block_type":"box","text":"-","page_number":1,"box":{"x":606,"y":820,"width":4,"height":1}},{"id":"ea2cb1d8-657b-4d2b-9baa-de0febf46311","block_type":"box","text":"picking across global sectors","page_number":1,"box":{"x":612,"y":814,"width":214,"height":12}},{"id":"b1bff4ff-6eb0-4a6f-994f-e7a791acee50","block_type":"box","text":"02/10","page_number":1,"box":{"x":886,"y":815,"width":43,"height":9}},{"id":"6a2dfa44-1916-4710-9cec-0a5a917bed54","block_type":"box","text":"Fine","page_number":1,"box":{"x":556,"y":834,"width":29,"height":9}},{"id":"9498eaf6-f1fb-4ddb-bbbd-5fac35f9b916","block_type":"box","text":"-","page_number":1,"box":{"x":587,"y":839,"width":4,"height":1}},{"id":"c5e319d9-ba3b-4740-bfef-25913b503cb0","block_type":"box","text":"tune your EUR Treasuries exposure","page_number":1,"box":{"x":591,"y":834,"width":266,"height":12}},{"id":"c587da5b-ef5d-41b9-be71-b18e76b201b3","block_type":"box","text":"25/09","page_number":1,"box":{"x":886,"y":834,"width":43,"height":9}},{"id":"99e8be02-96d9-4ae8-9746-f029d6a33d54","block_type":"box","text":"Confidence boost for European equities","page_number":1,"box":{"x":556,"y":853,"width":298,"height":12}},{"id":"cf3acaa7-685d-4e42-b192-72efadf50df0","block_type":"box","text":"18/09","page_number":1,"box":{"x":886,"y":853,"width":43,"height":9}},{"id":"1ed05b52-68d0-4999-9601-17839eadd402","block_type":"box","text":"On the edge of inflation","page_number":1,"box":{"x":556,"y":872,"width":185,"height":12}},{"id":"49c838cb-f9d2-4efd-b1c0-8b04baca0c1c","block_type":"box","text":"11/09","page_number":1,"box":{"x":886,"y":873,"width":43,"height":8}},{"id":"1713f7e1-4de3-463f-9748-322a4198e9d1","block_type":"box","text":"-4.0","page_number":1,"box":{"x":123,"y":398,"width":22,"height":7}},{"id":"7ebc09d2-89c2-432c-b4f4-ca927b97eff4","block_type":"box","text":"-2.0","page_number":1,"box":{"x":123,"y":386,"width":22,"height":7}},{"id":"8922716b-d581-45d7-a950-2c2502661f39","block_type":"box","text":"0.0","page_number":1,"box":{"x":128,"y":375,"width":17,"height":7}},{"id":"1d2eab28-a2db-49df-965d-29fa3d1044ba","block_type":"box","text":"2.0","page_number":1,"box":{"x":128,"y":363,"width":17,"height":7}},{"id":"99522b3c-772e-42a2-b105-f61b4fc304b6","block_type":"box","text":"4.0","page_number":1,"box":{"x":127,"y":352,"width":18,"height":7}},{"id":"788f7265-e487-4d06-a02a-60d90ff30f26","block_type":"box","text":"6.0","page_number":1,"box":{"x":128,"y":340,"width":17,"height":7}},{"id":"99de2b4a-23dd-4620-bec4-4ee133f55e1d","block_type":"box","text":"8.0","page_number":1,"box":{"x":128,"y":329,"width":17,"height":7}},{"id":"042ab8fe-5467-4687-b9c1-4cb4be5223ef","block_type":"box","text":"10.0","page_number":1,"box":{"x":121,"y":317,"width":24,"height":7}},{"id":"62dd7f25-88bb-46b1-873b-5c59445768cb","block_type":"box","text":"12.0","page_number":1,"box":{"x":121,"y":306,"width":24,"height":7}},{"id":"4fefea43-fd62-40d4-9231-14b6053bbc26","block_type":"box","text":"14.0","page_number":1,"box":{"x":121,"y":294,"width":24,"height":7}},{"id":"a17e8eb2-3856-4f51-b6e0-d64b3d72627a","block_type":"box","text":"16.0","page_number":1,"box":{"x":121,"y":283,"width":24,"height":7}},{"id":"9365e9a6-98bd-46fc-b70a-244b05e23f37","block_type":"box","text":"EUR bn","page_number":1,"box":{"x":92,"y":282,"width":10,"height":33}},{"id":"4e5e682a-38d3-40b1-b130-97bcf0bf05af","block_type":"box","text":"Equal Weight","page_number":1,"box":{"x":121,"y":450,"width":79,"height":9}},{"id":"ca5b985d-c3a0-44d1-afff-f4431922eb02","block_type":"box","text":"US Sectors","page_number":1,"box":{"x":220,"y":450,"width":66,"height":7}},{"id":"1ae7404b-ccb5-4930-99ec-e75a3ac96cf8","block_type":"box","text":"Small & Mid","page_number":1,"box":{"x":307,"y":450,"width":70,"height":7}},{"id":"ec3cae2c-d49b-4ef1-93ff-10be986fb1ae","block_type":"box","text":"Broad","page_number":1,"box":{"x":398,"y":450,"width":34,"height":7}},{"id":"c2bb903c-3c62-4d8e-ab02-022e874b90e2","block_type":"box","text":"Other","page_number":1,"box":{"x":453,"y":450,"width":33,"height":7}},{"id":"c732ef20-4ba1-4ff2-b709-a7a815542529","block_type":"box","text":"-10","page_number":1,"box":{"x":110,"y":670,"width":18,"height":7}},{"id":"19f8bd27-f248-4b83-97eb-e5a575235383","block_type":"box","text":"0","page_number":1,"box":{"x":122,"y":650,"width":7,"height":7}},{"id":"f31057a4-2ea1-4fab-a97c-13efe484558c","block_type":"box","text":"10","page_number":1,"box":{"x":116,"y":630,"width":12,"height":7}},{"id":"0a68e343-03da-4164-8c7c-32612f732add","block_type":"box","text":"20","page_number":1,"box":{"x":115,"y":610,"width":13,"height":7}},{"id":"8b57ac8b-32da-423f-b1c4-9a5765fb1301","block_type":"box","text":"30","page_number":1,"box":{"x":115,"y":589,"width":13,"height":7}},{"id":"a4a8ab14-c9eb-4dc7-ad2c-7092bd0d1f94","block_type":"box","text":"40","page_number":1,"box":{"x":114,"y":569,"width":14,"height":7}},{"id":"b6a1c7ca-72d6-4d35-b32a-146cba836b00","block_type":"box","text":"50","page_number":1,"box":{"x":115,"y":549,"width":13,"height":7}},{"id":"50af9c6c-a776-480a-b706-bf75ac3fd249","block_type":"box","text":"Oct-25","page_number":1,"box":{"x":124,"y":680,"width":34,"height":7}},{"id":"b31ecf53-4b0d-462c-a22b-cbcc5748247f","block_type":"box","text":"Dec-25","page_number":1,"box":{"x":182,"y":680,"width":36,"height":7}},{"id":"e32c7a9a-9149-45b9-939f-207ad94166f4","block_type":"box","text":"Feb-26","page_number":1,"box":{"x":242,"y":680,"width":35,"height":7}},{"id":"a7de6786-1fd1-4858-8d1b-56274b73de21","block_type":"box","text":"Apr-26","page_number":1,"box":{"x":298,"y":680,"width":35,"height":8}},{"id":"56aed551-b725-4802-8d91-8b9001cc1b9f","block_type":"box","text":"Jun-26","page_number":1,"box":{"x":357,"y":680,"width":35,"height":7}},{"id":"923297eb-9d32-4176-a721-26d8f9d158bd","block_type":"box","text":"Aug-26","page_number":1,"box":{"x":414,"y":680,"width":37,"height":8}},{"id":"77cdaa02-31c4-45c6-bedb-54a4746fbfd0","block_type":"box","text":"Oct-26","page_number":1,"box":{"x":475,"y":680,"width":34,"height":7}},{"id":"4e6a2e40-c1dd-4c07-be8e-aee506b7790d","block_type":"box","text":"EUR bn","page_number":1,"box":{"x":92,"y":552,"width":10,"height":33}},{"id":"2e08639b-e425-4652-958b-43e64ecb8bc6","block_type":"box","text":"Equities","page_number":1,"box":{"x":157,"y":695,"width":46,"height":9}},{"id":"efdb2a9c-64c8-4a02-9fb1-2bc676b32ca1","block_type":"box","text":"Fixed Income","page_number":1,"box":{"x":265,"y":695,"width":79,"height":7}},{"id":"64320ebf-9cc4-4660-ae08-73654a010678","block_type":"box","text":"Commodities","page_number":1,"box":{"x":405,"y":695,"width":78,"height":7}},{"id":"e831f642-851c-4a9f-a266-f03949a7c7ac","block_type":"box","text":"MARKETING COMMUNICATION","page_number":2,"box":{"x":70,"y":10,"width":213,"height":8}},{"id":"f6a606ae-6d52-492e-aef0-90c9d11956c3","block_type":"box","text":"-","page_number":2,"box":{"x":288,"y":15,"width":4,"height":1}},{"id":"c5c386b5-bad8-44c1-94b9-fff2beb77dcf","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":2,"box":{"x":297,"y":10,"width":390,"height":10}},{"id":"14c3e298-5913-4c6c-af7c-f9b98432933a","block_type":"box","text":"2","page_number":2,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"cd161839-e9c7-41cf-b192-b62d301f1e90","block_type":"box","text":"-","page_number":2,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"6cd8c35c-5552-43e8-8178-d29308475f65","block_type":"box","text":"ETF","page_number":2,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"d3a7ced8-c0cc-43de-b616-a60e24f28f84","block_type":"box","text":"Investment","page_number":2,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"a7c8b217-8c17-48e9-b247-044fa48bc216","block_type":"box","text":"& Product","page_number":2,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"69c61d9c-3ec5-4178-ad84-06a6434afb59","block_type":"box","text":"Strategy","page_number":2,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"c44333d4-f440-4281-83d6-7b58e6c52af9","block_type":"box","text":"-","page_number":2,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"a49b84c5-e97d-41ca-9991-edc6a9694b85","block_type":"box","text":"Weekly Pulse","page_number":2,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"2c2b4a50-62f5-46ea-ba35-ece510f603d1","block_type":"box","text":"-","page_number":2,"box":{"x":418,"y":960,"width":3,"height":1}},{"id":"42784b58-8db6-4450-810c-2ae618d7abdf","block_type":"box","text":"23 October 2026","page_number":2,"box":{"x":438,"y":956,"width":104,"height":7}},{"id":"b3578ae8-2ef4-45f3-ad82-26a5b5258fdb","block_type":"box","text":"Amundi ETF","page_number":2,"box":{"x":819,"y":953,"width":118,"height":10}},{"id":"e7629e13-756b-4a0b-a824-8af83419f414","block_type":"box","text":"Rebalancing US equities","page_number":2,"box":{"x":84,"y":62,"width":479,"height":29}},{"id":"acfb93f9-6b33-4109-9605-e29494e89570","block_type":"box","text":"Anxiety about","page_number":2,"box":{"x":80,"y":103,"width":101,"height":12}},{"id":"b0f7f5ae-f774-4a84-8939-74a291d3134e","block_type":"box","text":"supply chain","page_number":2,"box":{"x":186,"y":103,"width":91,"height":12}},{"id":"c9d2a092-a958-41bd-b858-c55dbfcd8a57","block_type":"box","text":"disruption to the software industry and concerns about the sustainability of exponential","page_number":2,"box":{"x":285,"y":103,"width":644,"height":12}},{"id":"74956fa5-807b-4fba-93ac-e8c7693d8944","block_type":"box","text":"capital expenditure plans from major US technology companies have given way to a more nuanced picture","page_number":2,"box":{"x":81,"y":119,"width":787,"height":12}},{"id":"ad2c5a63-883a-4f6f-8d2d-7e596f1d50bd","block_type":"box","text":"to the","page_number":2,"box":{"x":876,"y":119,"width":42,"height":9}},{"id":"42fe450e-827f-4b2d-ba5e-d0529923e523","block_type":"box","text":"ir","page_number":2,"box":{"x":918,"y":120,"width":11,"height":8}},{"id":"3de2aa17-c0d6-4387-b8c3-a714169e5b44","block_type":"box","text":"ou","page_number":2,"box":{"x":81,"y":138,"width":18,"height":7}},{"id":"ff8bf0b2-f445-4e85-a0b3-c6268a7cfd65","block_type":"box","text":"tl","page_number":2,"box":{"x":100,"y":137,"width":5,"height":8}},{"id":"c771f69c-4d19-45c4-abcd-7a6a16f88d9b","block_type":"box","text":"tlook.","page_number":2,"box":{"x":105,"y":135,"width":30,"height":10}},{"id":"d9dcfd06-72b2-4be0-a74a-5aaf03d90200","block_type":"box","text":"k.","page_number":2,"box":{"x":135,"y":143,"width":2,"height":2}},{"id":"651aa330-feaa-40cf-a32f-a5f3ce23a401","block_type":"box","text":"We remain selective on US equities and favour exposures beyond highly valued mega caps.","page_number":2,"box":{"x":145,"y":135,"width":680,"height":12}},{"id":"75d17355-dbe0-4c8c-9aa1-c03e301e0d59","block_type":"box","text":"Earnings per","page_number":2,"box":{"x":833,"y":136,"width":96,"height":11}},{"id":"e63a4126-ac9f-41b8-b37a-5035d5d7fb6f","block_type":"box","text":"share (EPS) upgrades in the S&P 500 have been","page_number":2,"box":{"x":81,"y":152,"width":343,"height":12}},{"id":"3b896a59-2e16-4087-a6d9-090ce90addaf","block_type":"box","text":"heavily concentrated in three sectors","page_number":2,"box":{"x":429,"y":152,"width":268,"height":12}},{"id":"003558ea-eb05-4b73-8f45-034d0f7a788d","block_type":"box","text":"–","page_number":2,"box":{"x":702,"y":157,"width":7,"height":1}},{"id":"f909abdb-1f2c-4a4b-b87d-536788a7bfb6","block_type":"box","text":"with","page_number":2,"box":{"x":714,"y":152,"width":30,"height":9}},{"id":"38325753-b4c6-46ad-a740-a16bf14c188e","block_type":"box","text":"the majority of the index","page_number":2,"box":{"x":749,"y":152,"width":179,"height":12}},{"id":"0773f101-b4f2-4dd9-8593-3bfa6a7337d6","block_type":"box","text":"revised at or below the index average.","page_number":2,"box":{"x":81,"y":168,"width":290,"height":12}},{"id":"f2046f1a-cd85-4157-b92b-99fa3f881082","block_type":"box","text":"Such","page_number":2,"box":{"x":380,"y":168,"width":34,"height":9}},{"id":"0d77849d-70fe-4820-bd27-505a36bb303d","block_type":"box","text":"concentration reinforces our preference for","page_number":2,"box":{"x":422,"y":168,"width":328,"height":12}},{"id":"5cc6fa6e-4d0d-4501-b8b9-9f4140ad481a","block_type":"box","text":"exposures","page_number":2,"box":{"x":757,"y":170,"width":73,"height":10}},{"id":"3a56d05d-9f7a-41d1-b8dd-fcad85d82cb4","block_type":"box","text":"allowing for","page_number":2,"box":{"x":838,"y":168,"width":91,"height":12}},{"id":"b19331b3-336e-4316-b6d5-2abb69e616c9","block_type":"box","text":"greater diversification","page_number":2,"box":{"x":81,"y":184,"width":162,"height":12}},{"id":"662a2648-c53f-4c62-b820-ad70d8409731","block_type":"box","text":"1","page_number":2,"box":{"x":246,"y":184,"width":3,"height":5}},{"id":"c9a71a18-216d-40bd-9968-d88afb4c6069","block_type":"box","text":".","page_number":2,"box":{"x":250,"y":192,"width":2,"height":1}},{"id":"7f87594f-c90a-4ebd-b976-0f9fb7792db6","block_type":"box","text":"US equities volatility ahead of mid","page_number":2,"box":{"x":82,"y":213,"width":341,"height":14}},{"id":"513475b7-be1b-4da9-88e5-7cef6b3e2d34","block_type":"box","text":"-","page_number":2,"box":{"x":426,"y":219,"width":5,"height":2}},{"id":"0c5553ed-b057-4912-aff2-7509aea6d824","block_type":"box","text":"term elections","page_number":2,"box":{"x":432,"y":213,"width":145,"height":11}},{"id":"eb0675fa-561a-4adf-9b86-2a5602394088","block_type":"box","text":"Despite lingering","page_number":2,"box":{"x":82,"y":241,"width":125,"height":12}},{"id":"3dc7c5dc-302a-4848-ac07-05c32f37c0b7","block_type":"box","text":"uncertaint","page_number":2,"box":{"x":215,"y":241,"width":75,"height":9}},{"id":"590e7fb8-c895-4375-92af-d79ed0fab201","block_type":"box","text":"ies","page_number":2,"box":{"x":292,"y":241,"width":18,"height":9}},{"id":"bb71b59a-86b6-4663-807c-cb56df948860","block_type":"box","text":", investors’ appetite for US","page_number":2,"box":{"x":311,"y":241,"width":197,"height":12}},{"id":"166d274c-26a8-4c59-9825-291b15c760a1","block_type":"box","text":"equities","page_number":2,"box":{"x":81,"y":257,"width":58,"height":12}},{"id":"4a0c8a98-9520-40d1-b8db-22f07cb86b66","block_type":"box","text":"has remained steady","page_number":2,"box":{"x":143,"y":257,"width":153,"height":12}},{"id":"fe3465db-324e-405c-b8a3-660bb56e2370","block_type":"box","text":". US equities UCITS ETFs have","page_number":2,"box":{"x":297,"y":257,"width":211,"height":12}},{"id":"d465a042-6079-42d4-ba93-d7c49e382b6d","block_type":"box","text":"gathered clo","page_number":2,"box":{"x":81,"y":273,"width":95,"height":12}},{"id":"ce00de5b-2f18-47a4-ab3a-323ed6e3fbd6","block_type":"box","text":"se to €30bn net new assets","page_number":2,"box":{"x":177,"y":273,"width":212,"height":9}},{"id":"4c792d46-2d67-4e4e-867b-650bab7d85cb","block_type":"box","text":"since June","page_number":2,"box":{"x":396,"y":274,"width":76,"height":11}},{"id":"46b74a6a-a060-475a-ac93-ecd5762b2958","block_type":"box","text":"2","page_number":2,"box":{"x":473,"y":273,"width":5,"height":5}},{"id":"0333163d-e969-47d9-bc41-37a75d705228","block_type":"box","text":"(vs.","page_number":2,"box":{"x":485,"y":274,"width":22,"height":10}},{"id":"6c539a56-8e42-4c54-8011-9baf817888ea","block_type":"box","text":"€11.6bn for Europe equities UCITS ETFs)","page_number":2,"box":{"x":81,"y":289,"width":301,"height":12}},{"id":"71e27014-27c3-4779-8047-97ca5f5576dc","block_type":"box","text":".","page_number":2,"box":{"x":384,"y":297,"width":2,"height":2}},{"id":"79133bbc-b079-405f-bda5-3e1c0445063f","block_type":"box","text":"Investors’ focus","page_number":2,"box":{"x":393,"y":289,"width":115,"height":10}},{"id":"f31d2b32-cb69-4839-9c5d-0106cdcb214a","block_type":"box","text":"remain","page_number":2,"box":{"x":82,"y":306,"width":51,"height":9}},{"id":"0ead1d8b-5371-43c0-b5b1-23cc2cd1876a","block_type":"box","text":"s","page_number":2,"box":{"x":135,"y":308,"width":6,"height":7}},{"id":"557d7103-0521-4d41-bdb0-8fcc908e7d8e","block_type":"box","text":"primarily on broad US large cap exposures","page_number":2,"box":{"x":146,"y":306,"width":308,"height":11}},{"id":"5f7809af-03d3-4e8e-acfc-6754fe6b90b6","block_type":"box","text":",","page_number":2,"box":{"x":455,"y":313,"width":3,"height":3}},{"id":"f16efe6b-3e7c-41f8-9979-6b762355cbc2","block_type":"box","text":"where","page_number":2,"box":{"x":461,"y":306,"width":47,"height":9}},{"id":"c7801956-f89f-4382-8209-d04c44f8a5d6","block_type":"box","text":"76","page_number":2,"box":{"x":81,"y":322,"width":17,"height":9}},{"id":"946435f7-2d23-4323-91e4-4fc2958af696","block_type":"box","text":"% of the flows went (see chart","page_number":2,"box":{"x":99,"y":322,"width":246,"height":11}},{"id":"947839cd-951a-473e-afec-fe8a0ca7324a","block_type":"box","text":"on the cover page","page_number":2,"box":{"x":354,"y":322,"width":145,"height":12}},{"id":"d9bfb085-39ff-4762-a3ad-51377d92ce95","block_type":"box","text":").","page_number":2,"box":{"x":500,"y":322,"width":8,"height":11}},{"id":"4a67fc55-575d-45aa-82d4-d65524baa619","block_type":"box","text":"However,","page_number":2,"box":{"x":82,"y":339,"width":68,"height":10}},{"id":"bff5ce77-7cb2-4660-9146-faa5d549f27a","block_type":"box","text":"this data","page_number":2,"box":{"x":158,"y":338,"width":65,"height":9}},{"id":"b8f77745-e596-4991-bfa8-da9189bce358","block_type":"box","text":"also","page_number":2,"box":{"x":231,"y":338,"width":29,"height":9}},{"id":"d1c5ccb3-1d2c-47a5-bfba-dee03da9ae55","block_type":"box","text":"suggests that the pace of asset","page_number":2,"box":{"x":267,"y":338,"width":241,"height":12}},{"id":"363338d7-f50b-4fd6-b18b-920da89b76de","block_type":"box","text":"gathering has decelerated since July. Higher rates, rising","page_number":2,"box":{"x":81,"y":354,"width":426,"height":12}},{"id":"4c2f0371-249c-4992-a6b5-967498bd18f5","block_type":"box","text":"energy prices, the underperformance of AI/ tech stocks in","page_number":2,"box":{"x":81,"y":370,"width":426,"height":12}},{"id":"998f0d26-7c52-4053-b932-9f1d947545a7","block_type":"box","text":"spite of resilient earnings are factors that may have","page_number":2,"box":{"x":81,"y":387,"width":426,"height":11}},{"id":"62ffe17d-eca6-4a5f-a54c-7b0f729895d7","block_type":"box","text":"moderated investors’ demand for the local market.","page_number":2,"box":{"x":82,"y":403,"width":374,"height":9}},{"id":"c28cace9-1b7f-4443-9f53-430797f5a9f7","block_type":"box","text":"Another barometer of","page_number":2,"box":{"x":81,"y":429,"width":192,"height":9}},{"id":"64b39317-7ad6-4d99-83f2-38642b1df682","block_type":"box","text":"investor sentiment is the","page_number":2,"box":{"x":287,"y":429,"width":220,"height":9}},{"id":"fbd5afe1-8ebb-4a7c-824c-a09131aab8d8","block_type":"box","text":"Commodity Futures Trading Commission","page_number":2,"box":{"x":82,"y":445,"width":318,"height":11}},{"id":"47874d65-0650-4bc0-a8ca-baf65b3edc49","block_type":"box","text":"(","page_number":2,"box":{"x":406,"y":445,"width":4,"height":11}},{"id":"ebd4d797-b579-4294-b734-0ec6fabd5e87","block_type":"box","text":"CFTC","page_number":2,"box":{"x":411,"y":445,"width":38,"height":9}},{"id":"970ce62b-993f-45cd-9767-c98c708782f9","block_type":"box","text":")","page_number":2,"box":{"x":450,"y":445,"width":4,"height":11}},{"id":"3abc1bad-3b35-4e65-b6f4-f3f5ea633fdc","block_type":"box","text":"report","page_number":2,"box":{"x":460,"y":446,"width":48,"height":10}},{"id":"4c1bd278-bee5-4a76-9ed3-1f0f3fba0525","block_type":"box","text":"on net positions in S&P 500 e","page_number":2,"box":{"x":81,"y":461,"width":239,"height":12}},{"id":"d2c478d8-a654-479e-9907-5046ebcbbc46","block_type":"box","text":"-","page_number":2,"box":{"x":322,"y":466,"width":4,"height":1}},{"id":"6bb26bd4-1c8d-4db2-8183-e44afb0ed6ac","block_type":"box","text":"mini futures contracts.","page_number":2,"box":{"x":328,"y":461,"width":179,"height":9}},{"id":"7e1710a0-27d2-45df-bc3e-5c9f7a4ed5b0","block_type":"box","text":"T","page_number":2,"box":{"x":81,"y":478,"width":9,"height":8}},{"id":"9ca99103-a6a5-4534-be2b-873cd8da4332","block_type":"box","text":"he","page_number":2,"box":{"x":91,"y":477,"width":18,"height":9}},{"id":"a6e278f4-f9ee-4291-8309-c8f6848d8945","block_type":"box","text":"Asset managers’ appetite for US equities futures","page_number":2,"box":{"x":116,"y":477,"width":391,"height":12}},{"id":"0542533a-5c4b-444e-a5c8-725e25a50626","block_type":"box","text":"chart","page_number":2,"box":{"x":81,"y":493,"width":40,"height":9}},{"id":"0be25c3f-0cde-4309-9821-83ba09decd7c","block_type":"box","text":"is a useful indicator","page_number":2,"box":{"x":136,"y":493,"width":178,"height":9}},{"id":"f5ad7a9f-d911-4454-a8d0-7c2324a69b2a","block_type":"box","text":"of","page_number":2,"box":{"x":329,"y":493,"width":16,"height":9}},{"id":"ca5e33e3-15c6-48a1-8b2c-e6f6262fb4cd","block_type":"box","text":"re","page_number":2,"box":{"x":359,"y":496,"width":14,"height":6}},{"id":"94b61b88-ebef-4dc7-8cb9-b49d4ecb572c","block_type":"box","text":"covery","page_number":2,"box":{"x":375,"y":496,"width":51,"height":9}},{"id":"56c4dbe3-2aee-4506-a01c-63a7e3e67919","block_type":"box","text":"in asset","page_number":2,"box":{"x":440,"y":494,"width":68,"height":8}},{"id":"ace557f6-1b47-4e24-98c7-501c95b1d302","block_type":"box","text":"managers’ net positions on these highly liquid","page_number":2,"box":{"x":82,"y":509,"width":424,"height":12}},{"id":"1715ec33-a640-403e-903a-61860c40e9c2","block_type":"box","text":"contracts since","page_number":2,"box":{"x":81,"y":526,"width":118,"height":9}},{"id":"92cf214f-4e10-4958-8890-8d9c3264ff40","block_type":"box","text":"March, broadly in line with the S&P 500’s strong recovery","page_number":2,"box":{"x":209,"y":526,"width":467,"height":11}},{"id":"bc8a88ba-2388-4e60-a9f5-c5383fc2b9b8","block_type":"box","text":"1","page_number":2,"box":{"x":677,"y":525,"width":3,"height":5}},{"id":"5fea8e71-38a9-4d6b-b356-67b613568c12","block_type":"box","text":"in 2Q. C","page_number":2,"box":{"x":690,"y":526,"width":64,"height":11}},{"id":"aae3db45-89f5-48d1-93c4-3126a7d82f6f","block_type":"box","text":"urrent level reflects a","page_number":2,"box":{"x":756,"y":526,"width":171,"height":9}},{"id":"bbeb5cb7-7ad7-41f1-bf87-4b80aa5c6e1b","block_type":"box","text":"broadly constructive","page_number":2,"box":{"x":82,"y":542,"width":160,"height":12}},{"id":"a17788aa-6e68-4b5f-b3fd-7b863441f224","block_type":"box","text":"stance from","page_number":2,"box":{"x":251,"y":542,"width":94,"height":9}},{"id":"bebadd36-c71a-4416-b7c3-c7fda972f85a","block_type":"box","text":"institutional","page_number":2,"box":{"x":355,"y":542,"width":91,"height":9}},{"id":"d4b293e0-a8f0-446c-a284-9451aceb67a5","block_type":"box","text":"investors on US equities futures markets","page_number":2,"box":{"x":455,"y":542,"width":329,"height":12}},{"id":"aad67add-40c6-4a40-8baa-0ef88a2e7683","block_type":"box","text":",","page_number":2,"box":{"x":786,"y":549,"width":2,"height":3}},{"id":"583c18db-1d2b-4f05-a502-4581c74cae2d","block_type":"box","text":"in spite of lower","page_number":2,"box":{"x":797,"y":542,"width":131,"height":12}},{"id":"ac40a25c-30f4-4b64-a2c1-ef6f1073cd8a","block_type":"box","text":"performance","page_number":2,"box":{"x":82,"y":558,"width":100,"height":12}},{"id":"ff8f4098-3852-4394-bb2a-71270abdab16","block_type":"box","text":"since the","page_number":2,"box":{"x":188,"y":558,"width":69,"height":9}},{"id":"607d820b-0240-4b19-8c3a-18e18215388f","block_type":"box","text":"summer. F","page_number":2,"box":{"x":263,"y":559,"width":83,"height":8}},{"id":"1f4bd2ee-679a-4933-bf56-5758ba24e62c","block_type":"box","text":"utures positioning","page_number":2,"box":{"x":348,"y":558,"width":141,"height":12}},{"id":"bb9a6911-17fb-4fd8-827d-64c7a52ecfb0","block_type":"box","text":"has remained","page_number":2,"box":{"x":497,"y":558,"width":105,"height":9}},{"id":"0c02974f-c35c-4285-97d3-4e2a2dcc0bfa","block_type":"box","text":"well","page_number":2,"box":{"x":608,"y":558,"width":30,"height":9}},{"id":"68c0d85f-087c-466c-bd6a-173e844ab115","block_type":"box","text":"above the","page_number":2,"box":{"x":644,"y":558,"width":77,"height":9}},{"id":"795d42aa-9531-46f1-a50f-4253f725f0ca","block_type":"box","text":"ir","page_number":2,"box":{"x":723,"y":558,"width":10,"height":9}},{"id":"3ba9f787-4f8b-4a67-9587-74c7b9e95238","block_type":"box","text":"long","page_number":2,"box":{"x":739,"y":558,"width":32,"height":12}},{"id":"2412ada3-09f8-4cfe-903e-9abfd7f0499e","block_type":"box","text":"-","page_number":2,"box":{"x":773,"y":563,"width":4,"height":1}},{"id":"ca88791e-5d32-42f2-b245-11bb9408477f","block_type":"box","text":"term average","page_number":2,"box":{"x":778,"y":559,"width":105,"height":11}},{"id":"ad40ad7b-6a19-43dd-821c-10e5ba7ae044","block_type":"box","text":".","page_number":2,"box":{"x":886,"y":566,"width":2,"height":1}},{"id":"06cc7950-1f61-41e2-b2a4-0525375be4a3","block_type":"box","text":"The mid","page_number":2,"box":{"x":81,"y":584,"width":62,"height":9}},{"id":"7e462f78-6388-489e-b8a3-2ee1a02264c7","block_type":"box","text":"-","page_number":2,"box":{"x":144,"y":589,"width":4,"height":1}},{"id":"ee52d522-fc67-43ba-a367-112a9ec35896","block_type":"box","text":"term elections are also fast approaching and brought additional market volatility. Market predictions","page_number":2,"box":{"x":149,"y":584,"width":778,"height":11}},{"id":"3698b693-5113-41c0-9a67-8d8374448c49","block_type":"box","text":"increasingly favour a Democrat sweep for Congress, while our central scenario remains one of a divided congress.","page_number":2,"box":{"x":82,"y":600,"width":845,"height":12}},{"id":"c2a1df70-b5f2-4453-b4a2-d468bba513bd","block_type":"box","text":"When assessing the S&P 500's perf","page_number":2,"box":{"x":81,"y":616,"width":271,"height":12}},{"id":"20569d37-b2c0-4d59-aee8-f982eaf00c26","block_type":"box","text":"ormance in midterm election years since 1946, data suggest that the three","page_number":2,"box":{"x":352,"y":616,"width":575,"height":12}},{"id":"ca59dc65-c1a7-466d-ba76-21fc72fdf926","block_type":"box","text":"months ahead of the election are usually characterised by increased volatility and more subdued returns. The","page_number":2,"box":{"x":82,"y":632,"width":845,"height":12}},{"id":"c9494b15-c991-477f-b70b-bbb68ba035f1","block_type":"box","text":"pre","page_number":2,"box":{"x":82,"y":651,"width":24,"height":9}},{"id":"6bc20ff2-9910-4ac4-8094-62f9281aabb9","block_type":"box","text":"-","page_number":2,"box":{"x":107,"y":654,"width":4,"height":1}},{"id":"2c923db4-e9cf-460e-9315-b8d1cd6c37ef","block_type":"box","text":"election average across all 20 cycles is just +1.2%","page_number":2,"box":{"x":112,"y":648,"width":366,"height":12}},{"id":"c94548e3-c739-4fb1-a404-a7352c1e5b1f","block_type":"box","text":"3","page_number":2,"box":{"x":479,"y":648,"width":4,"height":5}},{"id":"59feaeb4-91f3-4786-aa7a-ee4ef31fe2eb","block_type":"box","text":", with a 50% hit rate.","page_number":2,"box":{"x":484,"y":648,"width":152,"height":11}},{"id":"deda5906-34d8-4aa6-aaf2-9b5dd806ea20","block_type":"box","text":"Asset managers’ appetite for US equities futures","page_number":2,"box":{"x":523,"y":248,"width":367,"height":12}},{"id":"9397e655-ac10-4478-bd06-7be440cf07b1","block_type":"box","text":"A","page_number":2,"box":{"x":522,"y":265,"width":10,"height":8}},{"id":"663300ce-f32b-41ab-8f22-a7c91dc25271","block_type":"box","text":"sset managers","page_number":2,"box":{"x":532,"y":265,"width":104,"height":11}},{"id":"afa7052a-4163-42a8-86bd-6e8bd5be1f16","block_type":"box","text":"’ net position","page_number":2,"box":{"x":637,"y":264,"width":89,"height":12}},{"id":"093eccc0-26eb-4a97-96ba-cb332627eb9a","block_type":"box","text":"in","page_number":2,"box":{"x":731,"y":264,"width":13,"height":9}},{"id":"985e00dc-c75e-4ff0-9ffc-9c0e35fe01f8","block_type":"box","text":"S&P 500 e","page_number":2,"box":{"x":749,"y":265,"width":70,"height":8}},{"id":"733eda39-f340-4332-ab95-f774bdb3f2c3","block_type":"box","text":"-","page_number":2,"box":{"x":820,"y":270,"width":4,"height":0}},{"id":"dfead689-5ae9-4436-8da1-4038d0a76795","block_type":"box","text":"mini futures","page_number":2,"box":{"x":825,"y":264,"width":85,"height":12}},{"id":"9a7a5f7f-dfd2-4950-8d91-9689a567ab09","block_type":"box","text":"Source: Bloomberg, CFTC (Traders in Financial Futures report),","page_number":2,"box":{"x":533,"y":453,"width":360,"height":9}},{"id":"009bcbcf-aae1-452a-a798-60f3d1c682a0","block_type":"box","text":"Amundi. Past market trends are not a reliable indicator of future","page_number":2,"box":{"x":532,"y":465,"width":373,"height":8}},{"id":"c6f3b246-7d66-4003-a55e-0e03dbf6e0c9","block_type":"box","text":"ones. For illustrative purpose only, may change without prior","page_number":2,"box":{"x":533,"y":478,"width":353,"height":10}},{"id":"31827fba-461e-4af1-9ad2-fcc10c9a6a48","block_type":"box","text":"notice. Data as at","page_number":2,"box":{"x":533,"y":492,"width":99,"height":7}},{"id":"044c18bd-a483-495c-8199-9a564335acb4","block_type":"box","text":"22/10","page_number":2,"box":{"x":636,"y":492,"width":32,"height":7}},{"id":"3f2e47bd-31a7-49db-ad55-7e619e89b486","block_type":"box","text":"/2026.","page_number":2,"box":{"x":669,"y":492,"width":35,"height":7}},{"id":"baff8379-8e9b-4d36-b25c-2d3be6e885ca","block_type":"box","text":"US equities volatile ahead of mid","page_number":2,"box":{"x":82,"y":669,"width":261,"height":12}},{"id":"4deb83f1-5016-4a75-9c2c-554e3ba74e20","block_type":"box","text":"-","page_number":2,"box":{"x":345,"y":674,"width":4,"height":1}},{"id":"b668c77f-3aaf-4a33-a739-c81693bfd8f2","block_type":"box","text":"term elections","page_number":2,"box":{"x":350,"y":669,"width":116,"height":9}},{"id":"a4462608-64ad-45ed-875a-4421b51236d7","block_type":"box","text":"Performance tends to be","page_number":2,"box":{"x":499,"y":669,"width":198,"height":9}},{"id":"5422fc87-3b32-49e2-98a0-46503e821ca2","block_type":"box","text":"lowest","page_number":2,"box":{"x":703,"y":669,"width":51,"height":9}},{"id":"46bab685-f7a0-41dd-ad28-2b2ec651f84f","block_type":"box","text":"with split","page_number":2,"box":{"x":759,"y":669,"width":75,"height":12}},{"id":"d60710c1-294e-49d9-bb73-c1f3908ffab1","block_type":"box","text":"congress","page_number":2,"box":{"x":839,"y":671,"width":71,"height":10}},{"id":"8bf9d3b7-ae00-4b36-a2da-83ddd1b06d02","block_type":"box","text":"S&P 500 performance","page_number":2,"box":{"x":81,"y":687,"width":120,"height":9}},{"id":"fae4c573-4eac-436f-b2e9-987a09b25bd2","block_type":"box","text":"ahead and post mid term elections","page_number":2,"box":{"x":204,"y":687,"width":190,"height":9}},{"id":"6cb581e8-c2d8-48a8-8b17-c2ed5300a24f","block_type":"box","text":"(%","page_number":2,"box":{"x":84,"y":700,"width":5,"height":8}},{"id":"ca59254a-c94c-4479-b701-e0ce445b06d4","block_type":"box","text":"(%","page_number":2,"box":{"x":88,"y":700,"width":9,"height":7}},{"id":"afda35c6-6b23-4331-9425-36ac8b6650a7","block_type":"box","text":"TR","page_number":2,"box":{"x":101,"y":700,"width":13,"height":7}},{"id":"ce645843-edf5-4d05-91b3-d7706baf159e","block_type":"box","text":"in USD,","page_number":2,"box":{"x":117,"y":700,"width":36,"height":7}},{"id":"75f314ea-4c02-4e42-bc1e-6824b898bb00","block_type":"box","text":"D, since 194","page_number":2,"box":{"x":153,"y":700,"width":57,"height":8}},{"id":"a9ca41ff-d284-422a-87f8-09cea87bee64","block_type":"box","text":"6)","page_number":2,"box":{"x":211,"y":700,"width":6,"height":7}},{"id":"37647284-a73a-49aa-878a-c67106ae3d96","block_type":"box","text":"6)","page_number":2,"box":{"x":216,"y":700,"width":4,"height":8}},{"id":"c4485868-425f-4e09-9beb-644ed268a968","block_type":"box","text":"S&P 500 performance 3 months after election depending on outcome","page_number":2,"box":{"x":498,"y":687,"width":379,"height":9}},{"id":"fc86958b-edbc-496e-a4ae-c266375330a1","block_type":"box","text":"(%","page_number":2,"box":{"x":498,"y":700,"width":4,"height":8}},{"id":"ed859315-2465-47a5-bb39-9c39c6b623c8","block_type":"box","text":"(%","page_number":2,"box":{"x":502,"y":700,"width":9,"height":7}},{"id":"c875f6a3-eb13-4324-81d6-6f1189448697","block_type":"box","text":"TR","page_number":2,"box":{"x":512,"y":700,"width":13,"height":7}},{"id":"7a22e2b1-079a-44f9-b513-d1a1a2202af8","block_type":"box","text":"in USD,","page_number":2,"box":{"x":528,"y":700,"width":36,"height":7}},{"id":"70b98204-9539-4f01-b151-44b131a8f01c","block_type":"box","text":"D, since 194","page_number":2,"box":{"x":563,"y":700,"width":58,"height":8}},{"id":"8bcc0dc1-a663-42f6-97b5-fd25a4c42f18","block_type":"box","text":"6)","page_number":2,"box":{"x":622,"y":700,"width":6,"height":7}},{"id":"46e934ca-db87-4a58-b04f-f2d1529139f2","block_type":"box","text":"6)","page_number":2,"box":{"x":627,"y":700,"width":4,"height":8}},{"id":"59f60e9b-836c-45a2-92a0-a517056c0036","block_type":"box","text":"Source: Bloomberg, Amundi.","page_number":2,"box":{"x":81,"y":876,"width":180,"height":10}},{"id":"72077f91-ac8c-49d6-9d96-43afc6141fbf","block_type":"box","text":"Data as at 22/10/2026.","page_number":2,"box":{"x":267,"y":877,"width":139,"height":7}},{"id":"b2359346-fc42-4be7-b44d-57506fbc62cb","block_type":"box","text":"Past performance is not a reliable indicator of future performance","page_number":2,"box":{"x":411,"y":876,"width":414,"height":10}},{"id":"6a436285-a415-4db1-ba01-00ffcea7767a","block_type":"box","text":".","page_number":2,"box":{"x":827,"y":883,"width":2,"height":1}},{"id":"e260e5b5-1dd4-4a99-ae7b-4d128f130c82","block_type":"box","text":"For illustrative","page_number":2,"box":{"x":838,"y":876,"width":88,"height":8}},{"id":"5dd4e364-9f29-4278-87cd-06a54b41f68e","block_type":"box","text":"purpose only, may change without prior notice.","page_number":2,"box":{"x":82,"y":889,"width":297,"height":10}},{"id":"7fb37571-27f3-4d72-b946-ed5566804a85","block_type":"box","text":"1.","page_number":2,"box":{"x":82,"y":903,"width":9,"height":7}},{"id":"242106eb-5473-4e8b-b956-9bc76a20dc60","block_type":"box","text":"Diversification does not guarantee a profit or protect against a loss.","page_number":2,"box":{"x":100,"y":902,"width":423,"height":10}},{"id":"80d6cd6e-fe69-42cb-8069-97e8b73518b9","block_type":"box","text":"2.","page_number":2,"box":{"x":529,"y":903,"width":9,"height":7}},{"id":"ac34ba1a-1950-43e7-bb02-70fc8e142639","block_type":"box","text":"D","page_number":2,"box":{"x":544,"y":903,"width":7,"height":7}},{"id":"bffb22ba-2b1d-4146-b7ee-38e9508ebae0","block_type":"box","text":"ata","page_number":2,"box":{"x":553,"y":903,"width":18,"height":7}},{"id":"c7aa5f7b-7a1b-4f0b-ae6a-7151c4bf2bb9","block_type":"box","text":"as at 22/10/2026 f","page_number":2,"box":{"x":576,"y":902,"width":113,"height":8}},{"id":"d5d9aced-554a-4831-8460-48d423f4c832","block_type":"box","text":"or t","page_number":2,"box":{"x":689,"y":903,"width":21,"height":7}},{"id":"c10df8d3-2910-4b2b-8247-9a1d053ccb44","block_type":"box","text":"he U","page_number":2,"box":{"x":712,"y":902,"width":26,"height":8}},{"id":"219f0917-1dd7-4512-a259-e2906ddd822a","block_type":"box","text":"CITS ETF market.","page_number":2,"box":{"x":740,"y":902,"width":104,"height":8}},{"id":"ca9dfceb-b10c-4907-8455-aeb5fc0901e4","block_type":"box","text":"3.","page_number":2,"box":{"x":849,"y":903,"width":10,"height":7}},{"id":"9be1afc8-fc3c-43c3-b117-ce7178ae07f4","block_type":"box","text":"D","page_number":2,"box":{"x":865,"y":903,"width":7,"height":7}},{"id":"35c28f54-f132-4201-8637-f50e0a3f7473","block_type":"box","text":"ata","page_number":2,"box":{"x":874,"y":903,"width":18,"height":7}},{"id":"fc738c50-9210-41ad-a2fd-d52145228084","block_type":"box","text":"as at","page_number":2,"box":{"x":897,"y":903,"width":29,"height":7}},{"id":"c8e78184-cede-467d-b17b-bd2f84689878","block_type":"box","text":"22/10/2026","page_number":2,"box":{"x":81,"y":916,"width":70,"height":7}},{"id":"65a50d95-ac62-4cc2-9d47-6eb7dc2703b1","block_type":"box","text":".","page_number":2,"box":{"x":153,"y":921,"width":2,"height":2}},{"id":"7abff58b-c4b1-463c-a805-eba1522c25df","block_type":"box","text":"Past performance is","page_number":2,"box":{"x":160,"y":915,"width":124,"height":10}},{"id":"e3490572-db04-48cb-8101-0febdddf0198","block_type":"box","text":"not a relia","page_number":2,"box":{"x":290,"y":915,"width":61,"height":8}},{"id":"87cec357-c23e-4bba-86b3-a7dd09850d39","block_type":"box","text":"ble indicator of fu","page_number":2,"box":{"x":353,"y":915,"width":110,"height":8}},{"id":"0699a60f-7136-48b1-96ec-a11aa6093544","block_type":"box","text":"ture performance.","page_number":2,"box":{"x":464,"y":915,"width":114,"height":10}},{"id":"1d0a6668-6097-4591-ac01-75b01e5377df","block_type":"box","text":"-","page_number":2,"box":{"x":562,"y":396,"width":4,"height":1}},{"id":"23b81a60-3450-4c8c-bbb6-b2e5ea83f410","block_type":"box","text":"50","page_number":2,"box":{"x":559,"y":378,"width":14,"height":7}},{"id":"7191ac70-6072-4a87-ac67-d28fc5d8c6e6","block_type":"box","text":"100","page_number":2,"box":{"x":553,"y":364,"width":20,"height":7}},{"id":"3046fda4-42c6-48e0-b5ec-4140c6e66d3e","block_type":"box","text":"150","page_number":2,"box":{"x":553,"y":351,"width":20,"height":7}},{"id":"22f161aa-c5a8-4eff-89f3-612f536b14e2","block_type":"box","text":"200","page_number":2,"box":{"x":552,"y":337,"width":21,"height":7}},{"id":"2668cdbd-35a9-4e5f-af92-ccc99bfc82a7","block_type":"box","text":"250","page_number":2,"box":{"x":552,"y":323,"width":21,"height":7}},{"id":"51a911ea-685f-4a65-979f-9c00d193f4aa","block_type":"box","text":"300","page_number":2,"box":{"x":552,"y":309,"width":21,"height":7}},{"id":"6a0b0c98-424b-42ac-af53-aa8fdbe9cf32","block_type":"box","text":"350","page_number":2,"box":{"x":552,"y":295,"width":21,"height":7}},{"id":"73eeff2d-4ccd-4456-9d99-0ecb353d70f2","block_type":"box","text":"400","page_number":2,"box":{"x":551,"y":281,"width":22,"height":7}},{"id":"b73cb17d-96fc-438e-9b09-9eae328ffc54","block_type":"box","text":"USD Billions","page_number":2,"box":{"x":532,"y":283,"width":10,"height":56}},{"id":"dbbcbbd1-0e71-478c-b7f6-f360e98d13eb","block_type":"box","text":"Asset Managers Net Totals positions","page_number":2,"box":{"x":590,"y":435,"width":191,"height":8}},{"id":"06039097-560a-4033-aa90-40f65fde761e","block_type":"box","text":"LT average","page_number":2,"box":{"x":847,"y":435,"width":58,"height":8}},{"id":"4968eba9-3f0f-4d2a-b8b4-63922bf0eeaa","block_type":"box","text":"+2 std dev","page_number":2,"box":{"x":590,"y":285,"width":62,"height":7}},{"id":"bc78c6c6-895a-4298-bd55-b39020178452","block_type":"box","text":"+1 std dev","page_number":2,"box":{"x":591,"y":312,"width":62,"height":7}},{"id":"90c4d6dd-9841-4201-97bb-f69778fe138d","block_type":"box","text":"-","page_number":2,"box":{"x":840,"y":364,"width":4,"height":1}},{"id":"98cc064b-229e-4fd8-aed4-22e392a66085","block_type":"box","text":"1 std dev","page_number":2,"box":{"x":846,"y":360,"width":53,"height":7}},{"id":"532ecc45-a906-4f93-ae49-fed7de7cdc15","block_type":"box","text":"-","page_number":2,"box":{"x":838,"y":390,"width":4,"height":0}},{"id":"9c012d29-41e4-429f-990b-5183ef178eea","block_type":"box","text":"2 std dev","page_number":2,"box":{"x":842,"y":386,"width":55,"height":7}},{"id":"869947b3-379c-455d-855c-96505945de8e","block_type":"box","text":"1.2%","page_number":2,"box":{"x":153,"y":799,"width":28,"height":8}},{"id":"3ebe33b0-e0e9-4a73-8935-9ed4aa69e2b1","block_type":"box","text":"7.9%","page_number":2,"box":{"x":342,"y":729,"width":29,"height":7}},{"id":"28dde910-4b0a-41ba-baf0-5bcf17b48d07","block_type":"box","text":"-","page_number":2,"box":{"x":204,"y":839,"width":3,"height":0}},{"id":"0a9cc97d-f25f-4cf6-8b6c-27285bee87a8","block_type":"box","text":"0.1%","page_number":2,"box":{"x":208,"y":834,"width":30,"height":8}},{"id":"289f355b-8f8a-4ff2-b280-c295cddaa5ae","block_type":"box","text":"7.8%","page_number":2,"box":{"x":396,"y":730,"width":29,"height":7}},{"id":"16e778d6-e5d2-47cc-a01f-ef152a9a5eca","block_type":"box","text":"3M election run up","page_number":2,"box":{"x":139,"y":855,"width":110,"height":9}},{"id":"965273e5-f87c-4399-b324-989c24953f7e","block_type":"box","text":"3M post election","page_number":2,"box":{"x":336,"y":855,"width":96,"height":9}},{"id":"0dc0c47c-5843-4187-8db7-960510007218","block_type":"box","text":"Average","page_number":2,"box":{"x":119,"y":721,"width":49,"height":9}},{"id":"89884fb2-f9d4-47de-9edb-dcc85222b786","block_type":"box","text":"Median","page_number":2,"box":{"x":120,"y":736,"width":42,"height":7}},{"id":"496c58c0-b2b1-49ef-85f9-2f65af63eda7","block_type":"box","text":"9.1%","page_number":2,"box":{"x":529,"y":715,"width":29,"height":8}},{"id":"5fe81d79-fd3a-42ad-91a7-0ef185e723f4","block_type":"box","text":"8.0%","page_number":2,"box":{"x":595,"y":727,"width":29,"height":7}},{"id":"9754e317-9fba-4e86-b2ef-f8861a35ba0b","block_type":"box","text":"8.4%","page_number":2,"box":{"x":661,"y":723,"width":29,"height":7}},{"id":"7e368599-246f-48cf-8b84-71112273549d","block_type":"box","text":"5.3%","page_number":2,"box":{"x":727,"y":754,"width":30,"height":7}},{"id":"f4f14a46-8ccf-4a47-aae2-1d93aaa232e0","block_type":"box","text":"9.1%","page_number":2,"box":{"x":793,"y":715,"width":30,"height":7}},{"id":"2a167a08-db02-437a-8d48-89c7a5fec1bf","block_type":"box","text":"2.1%","page_number":2,"box":{"x":860,"y":787,"width":29,"height":7}},{"id":"cadbe528-11d0-4cf3-b2eb-bd14b0e11377","block_type":"box","text":"Democrat","page_number":2,"box":{"x":519,"y":829,"width":50,"height":6}},{"id":"f2e26cd5-0b30-4a03-8692-4d95fb29db4b","block_type":"box","text":"sweep","page_number":2,"box":{"x":527,"y":840,"width":33,"height":6}},{"id":"6dabdf3d-2e67-40ff-8d32-ff2d78b61e23","block_type":"box","text":"Dem","page_number":2,"box":{"x":598,"y":829,"width":23,"height":6}},{"id":"b728a638-9d59-47de-9b07-f952c6b4f7ef","block_type":"box","text":"president &","page_number":2,"box":{"x":581,"y":839,"width":58,"height":7}},{"id":"b2b2f24e-3834-4ff8-8a12-4593da63aba3","block_type":"box","text":"Rep","page_number":2,"box":{"x":600,"y":848,"width":20,"height":8}},{"id":"f11bcb00-1f9c-41ce-9a13-b41532e45dbd","block_type":"box","text":"congress","page_number":2,"box":{"x":586,"y":859,"width":47,"height":6}},{"id":"e9f0d7eb-7027-40df-9cfa-ee433468a42a","block_type":"box","text":"Dem","page_number":2,"box":{"x":664,"y":829,"width":24,"height":6}},{"id":"d02458d1-19a1-4068-8b57-14aa0527e48d","block_type":"box","text":"president &","page_number":2,"box":{"x":647,"y":839,"width":58,"height":7}},{"id":"5400d606-ec20-4acf-87c3-421a1ad7b301","block_type":"box","text":"split","page_number":2,"box":{"x":666,"y":848,"width":20,"height":8}},{"id":"740ce01b-5464-4eea-bdd3-db569782f6bf","block_type":"box","text":"congress","page_number":2,"box":{"x":653,"y":859,"width":46,"height":6}},{"id":"cb39b4df-2f91-4603-902a-75135aae5226","block_type":"box","text":"Republican","page_number":2,"box":{"x":714,"y":829,"width":57,"height":8}},{"id":"89dfcf0b-f2a5-4643-beee-16ef4e0b3598","block_type":"box","text":"sweep","page_number":2,"box":{"x":726,"y":840,"width":33,"height":6}},{"id":"1b1555f0-c4ce-40c9-a970-f34379209e63","block_type":"box","text":"Rep","page_number":2,"box":{"x":798,"y":829,"width":21,"height":8}},{"id":"3f823cc8-5507-478e-bb52-758c7ad9e720","block_type":"box","text":"president &","page_number":2,"box":{"x":779,"y":839,"width":59,"height":7}},{"id":"f8dbe11e-3b6e-490f-8118-ab191c1c23ca","block_type":"box","text":"Dem","page_number":2,"box":{"x":797,"y":848,"width":23,"height":6}},{"id":"e83c1974-7608-4089-9989-59a4035339fd","block_type":"box","text":"congress","page_number":2,"box":{"x":785,"y":859,"width":47,"height":6}},{"id":"bf749940-ceb0-4ef2-9a0e-2bb3ac0428bb","block_type":"box","text":"Rep","page_number":2,"box":{"x":865,"y":829,"width":20,"height":8}},{"id":"f12d02a2-c23b-4186-af7b-af68e1aba2f7","block_type":"box","text":"president &","page_number":2,"box":{"x":846,"y":839,"width":58,"height":7}},{"id":"a384d8a0-7597-4716-aaa7-ed1e22fe388f","block_type":"box","text":"split","page_number":2,"box":{"x":864,"y":848,"width":21,"height":8}},{"id":"375145b5-5aea-4fcc-a531-25884b1cd50e","block_type":"box","text":"congress","page_number":2,"box":{"x":851,"y":859,"width":47,"height":6}},{"id":"27da5351-0d7d-4a44-b625-9bbf56a8acf0","block_type":"box","text":"MARKETING COMMUNICATION","page_number":3,"box":{"x":70,"y":10,"width":213,"height":8}},{"id":"c5224f88-599d-4a42-822b-895be52018cd","block_type":"box","text":"-","page_number":3,"box":{"x":288,"y":15,"width":4,"height":1}},{"id":"4774de83-6ce6-4724-a18a-bf9a55176e10","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":3,"box":{"x":297,"y":10,"width":390,"height":10}},{"id":"d7b35c67-ecee-4558-b233-ff8f4ddd8125","block_type":"box","text":"3","page_number":3,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"fa62cb5f-7c45-4594-8157-11ba9316bbef","block_type":"box","text":"-","page_number":3,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"f73902ef-3516-4bb7-ab30-7bc225232c64","block_type":"box","text":"ETF","page_number":3,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"737e7e6d-f51f-44bb-a1a1-08a5c009d66b","block_type":"box","text":"Investment","page_number":3,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"c469c451-7464-4bba-b746-31652c152446","block_type":"box","text":"& Product","page_number":3,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"66c0c4e9-b9fa-4d59-8c58-8fb300fb3968","block_type":"box","text":"Strategy","page_number":3,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"9bd51630-c832-4d6f-864e-c4ed06ab79a9","block_type":"box","text":"-","page_number":3,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"7665c88a-bf25-46e1-80d6-e3f642246601","block_type":"box","text":"Weekly Pulse","page_number":3,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"b2c7ceea-7e93-48e5-97d3-88fea4d1b92e","block_type":"box","text":"-","page_number":3,"box":{"x":418,"y":960,"width":3,"height":1}},{"id":"0c8fae11-9163-4a88-a66b-66d7ab479b8d","block_type":"box","text":"23 October 2026","page_number":3,"box":{"x":438,"y":956,"width":104,"height":7}},{"id":"a0eec8aa-5cf4-46fe-a617-843e2f7b2813","block_type":"box","text":"Amundi ETF","page_number":3,"box":{"x":819,"y":953,"width":118,"height":10}},{"id":"989208c7-5441-473a-90b7-a483260d0415","block_type":"box","text":"This is usually followed by a period of recovery","page_number":3,"box":{"x":81,"y":57,"width":355,"height":12}},{"id":"71fbe066-cb9a-4421-8d74-68259abfcf3f","block_type":"box","text":", regardless of the outcome, with the three months post","page_number":3,"box":{"x":436,"y":57,"width":427,"height":12}},{"id":"c9b8d101-1050-4dac-8299-2880ffddc36f","block_type":"box","text":"-","page_number":3,"box":{"x":864,"y":63,"width":4,"height":0}},{"id":"1ebf28fb-1847-4bee-a5ae-7b5840419f41","block_type":"box","text":"election","page_number":3,"box":{"x":870,"y":57,"width":57,"height":9}},{"id":"3ab306e0-e189-4980-b6ac-f301cd4d5ac9","block_type":"box","text":"averaging +7.9%","page_number":3,"box":{"x":81,"y":74,"width":127,"height":11}},{"id":"89d1c0bb-bab2-4ca6-abe1-2dc44fcc04e1","block_type":"box","text":"1","page_number":3,"box":{"x":209,"y":73,"width":3,"height":5}},{"id":"9efa12cc-9572-4fa6-80fc-f068ad4e6b33","block_type":"box","text":".","page_number":3,"box":{"x":215,"y":81,"width":2,"height":1}},{"id":"c526131d-f10c-4d04-9261-6bf625bee11f","block_type":"box","text":"Congressional control, however,","page_number":3,"box":{"x":225,"y":73,"width":246,"height":12}},{"id":"39776e1e-f771-4a71-a4f7-243ce63540a5","block_type":"box","text":"can shape","page_number":3,"box":{"x":479,"y":73,"width":78,"height":12}},{"id":"08288755-5902-45fe-a907-2e24294d545c","block_type":"box","text":"the magnitude of that recovery.","page_number":3,"box":{"x":563,"y":73,"width":247,"height":12}},{"id":"c826294c-a24a-4ffa-a6ea-342a2edee68d","block_type":"box","text":"Our","page_number":3,"box":{"x":818,"y":74,"width":29,"height":8}},{"id":"ac13a67a-c8a3-4de1-8660-5036219cedad","block_type":"box","text":"base case","page_number":3,"box":{"x":854,"y":73,"width":74,"height":9}},{"id":"0399d170-cb05-4bca-a768-58affa75173a","block_type":"box","text":"scenario,","page_number":3,"box":{"x":81,"y":90,"width":67,"height":10}},{"id":"9d70022a-a9ba-4de5-8a0f-0c15848f1f9d","block_type":"box","text":"a split Congress","page_number":3,"box":{"x":154,"y":90,"width":119,"height":11}},{"id":"efb651f1-a565-458a-bb2b-21077144d924","block_type":"box","text":",","page_number":3,"box":{"x":275,"y":97,"width":2,"height":3}},{"id":"7e1b14ab-9400-4f0a-a579-2579b6b95cdc","block_type":"box","text":"has historically been the weakest post","page_number":3,"box":{"x":284,"y":90,"width":287,"height":11}},{"id":"9d9f94a5-893d-43b6-ab0d-63b22d995e0a","block_type":"box","text":"-","page_number":3,"box":{"x":572,"y":95,"width":4,"height":1}},{"id":"3212f8e3-4661-493a-b153-9b130b612738","block_type":"box","text":"election configuration, averaging just +2.1% in","page_number":3,"box":{"x":578,"y":90,"width":349,"height":11}},{"id":"96fa7cb9-0ab6-48e8-9e1f-066dc7712d0a","block_type":"box","text":"the three months following the vote, compared to +9.1%","page_number":3,"box":{"x":81,"y":106,"width":425,"height":12}},{"id":"ecfc1bad-08f9-42d2-8a8b-e6749ab0ddee","block_type":"box","text":"average return","page_number":3,"box":{"x":512,"y":107,"width":111,"height":11}},{"id":"8adf3f01-dd4f-43f1-9c94-2584f4e49193","block_type":"box","text":"1","page_number":3,"box":{"x":625,"y":105,"width":3,"height":6}},{"id":"068aeb7f-fe68-40c0-b4a4-60f31f4aa6ba","block_type":"box","text":"of a","page_number":3,"box":{"x":635,"y":106,"width":26,"height":9}},{"id":"2e77314e-e33e-45a9-a6b2-160a70b8c0b6","block_type":"box","text":"more equally split control between","page_number":3,"box":{"x":667,"y":106,"width":260,"height":12}},{"id":"05f565b1-451a-4e97-a8c8-c60c3958bca1","block_type":"box","text":"Republicans and Democrats outcome.","page_number":3,"box":{"x":82,"y":122,"width":286,"height":12}},{"id":"ce119f37-833f-48a8-87e5-1bf561a76910","block_type":"box","text":"Under this configuration, history suggests that presidents facing a divided legislature have tended to redirect","page_number":3,"box":{"x":82,"y":148,"width":846,"height":11}},{"id":"46422599-3249-4512-a9a3-45ace96e3b6d","block_type":"box","text":"attention towards foreign and trade policy, areas where congressional constraint is more limited. In the current","page_number":3,"box":{"x":81,"y":164,"width":847,"height":12}},{"id":"2aa12e88-3167-4f75-8c6c-7cdcac291867","block_type":"box","text":"context, with tariffs and geopo","page_number":3,"box":{"x":81,"y":180,"width":244,"height":12}},{"id":"01ed8153-1c86-45b9-8e06-a2ec30ae4fdc","block_type":"box","text":"litical positioning already central to the Trump administration's agenda, this","page_number":3,"box":{"x":327,"y":180,"width":601,"height":12}},{"id":"7195e66a-25bc-4957-ab11-38bb64fca98e","block_type":"box","text":"dynamic is likely to reinforce rather than redirect existing policy priorities, sustaining a degree of uncertainty that","page_number":3,"box":{"x":81,"y":196,"width":847,"height":12}},{"id":"570bcaae-0a03-44c8-a175-f5b9256012f3","block_type":"box","text":"the market will need to price","page_number":3,"box":{"x":81,"y":212,"width":215,"height":12}},{"id":"01d0ad43-6363-4855-b9e4-91d9061c51ab","block_type":"box","text":"-","page_number":3,"box":{"x":297,"y":218,"width":4,"height":1}},{"id":"31f85a03-e46c-48a6-ae8c-b62142917d63","block_type":"box","text":"in","page_number":3,"box":{"x":303,"y":213,"width":12,"height":8}},{"id":"92a39ff3-8a10-44b7-b6ee-0080a39c71d6","block_type":"box","text":"through the post","page_number":3,"box":{"x":320,"y":212,"width":128,"height":12}},{"id":"6b7af545-c1a1-43ae-a55d-6789d32bf3e7","block_type":"box","text":"-","page_number":3,"box":{"x":449,"y":218,"width":4,"height":1}},{"id":"7f6e6a51-3e14-4fed-968c-2994b34f53d4","block_type":"box","text":"election period.","page_number":3,"box":{"x":454,"y":212,"width":115,"height":12}},{"id":"bf4c960e-9a32-4ca0-acbc-fa2fade0af52","block_type":"box","text":"Rebalancing US equities with ex Mega caps","page_number":3,"box":{"x":82,"y":239,"width":411,"height":14}},{"id":"1f7c6de0-d784-4d3f-8e20-c19a9accbc20","block_type":"box","text":"The concentration of returns","page_number":3,"box":{"x":81,"y":270,"width":226,"height":9}},{"id":"3996420d-7962-4897-9aeb-d23702d035e8","block_type":"box","text":"1","page_number":3,"box":{"x":309,"y":270,"width":3,"height":5}},{"id":"e87da785-7c1e-4d68-802c-43146facee50","block_type":"box","text":"has been striking in US equities since late March. The top ten contributors to","page_number":3,"box":{"x":321,"y":270,"width":606,"height":12}},{"id":"b4ba49d9-74af-4bab-b045-13cc787ef7fb","block_type":"box","text":"the performance of the MSCI USA Index since 31 March 2026 are dominated by semiconductor, AI","page_number":3,"box":{"x":81,"y":286,"width":846,"height":12}},{"id":"af874a16-cad3-4916-bfda-15ebaf0a977c","block_type":"box","text":"infrastructure, and cybersecurity names. This degree of concentration carries a mat","page_number":3,"box":{"x":82,"y":302,"width":682,"height":12}},{"id":"6c2b4069-475f-4f64-afe6-c84f165b76fd","block_type":"box","text":"erial downside risk","page_number":3,"box":{"x":766,"y":302,"width":151,"height":9}},{"id":"422c893c-7cb7-4082-9e1c-3e042f1edd34","block_type":"box","text":"2","page_number":3,"box":{"x":918,"y":302,"width":5,"height":5}},{"id":"847962b9-a16f-41bf-bf13-cfb4f3930136","block_type":"box","text":":","page_number":3,"box":{"x":925,"y":305,"width":2,"height":6}},{"id":"76829865-9a09-4835-9506-bc67bffa71f6","block_type":"box","text":"when leadership is this narrow, a reversal in a handful of names can disproportionately drag on index","page_number":3,"box":{"x":81,"y":318,"width":804,"height":12}},{"id":"d4677fb6-d773-458b-9596-359613d943e0","block_type":"box","text":"-","page_number":3,"box":{"x":887,"y":324,"width":5,"height":1}},{"id":"cddbefe5-a264-4846-ba4c-705a78611f2b","block_type":"box","text":"level","page_number":3,"box":{"x":894,"y":318,"width":33,"height":9}},{"id":"1eef9fd9-d5bd-4636-844e-fd521397ac0a","block_type":"box","text":"returns, even when the broader market holds up. This is precisely what has begun to play out","page_number":3,"box":{"x":82,"y":334,"width":766,"height":12}},{"id":"e2a5118e-b862-4de8-8af1-74661f1e40c5","block_type":"box","text":"since the","page_number":3,"box":{"x":856,"y":334,"width":71,"height":10}},{"id":"a7549af6-fcbb-43f1-a5c4-43f66ec32908","block_type":"box","text":"beginning of the month","page_number":3,"box":{"x":82,"y":351,"width":182,"height":12}},{"id":"4627eae0-f1b0-45db-92f5-7605a6c0fbcf","block_type":"box","text":". Of the 513 constituents of the MSCI USA Index,","page_number":3,"box":{"x":267,"y":351,"width":368,"height":10}},{"id":"e0a39dd6-f614-4324-86dd-426346703ecf","block_type":"box","text":"70%","page_number":3,"box":{"x":641,"y":351,"width":32,"height":9}},{"id":"e8e7bead-c56e-4174-b9f7-e5b13c0a44a2","block_type":"box","text":"have delivered a positive return","page_number":3,"box":{"x":679,"y":351,"width":242,"height":12}},{"id":"e335ff05-1223-40cf-8f67-fe4228c7f874","block_type":"box","text":"1","page_number":3,"box":{"x":923,"y":351,"width":3,"height":5}},{"id":"8e4d7f23-f556-4891-b513-3ae867c6825d","block_type":"box","text":"so far this month","page_number":3,"box":{"x":81,"y":367,"width":136,"height":9}},{"id":"c0addce3-10ee-4482-91cf-778386a75da3","block_type":"box","text":".","page_number":3,"box":{"x":220,"y":374,"width":2,"height":2}},{"id":"2722758e-0310-4f21-a23c-ab1f5e8755f1","block_type":"box","text":"Y","page_number":3,"box":{"x":229,"y":367,"width":9,"height":9}},{"id":"70cabbcf-4dc8-478d-86c8-70e84155264b","block_type":"box","text":"et","page_number":3,"box":{"x":239,"y":368,"width":15,"height":8}},{"id":"b40e5b78-0752-4cfa-b62e-f41704bc9e3a","block_type":"box","text":", MSCI USA","page_number":3,"box":{"x":255,"y":367,"width":88,"height":10}},{"id":"1c800db3-37a9-4257-b6b8-3adb609c919e","block_type":"box","text":"returned","page_number":3,"box":{"x":350,"y":367,"width":66,"height":9}},{"id":"31584157-ea96-4e14-b09e-2e0a60ec0c66","block_type":"box","text":"only","page_number":3,"box":{"x":424,"y":367,"width":33,"height":12}},{"id":"aeab918f-8384-4aed-80a4-17a1cd5e5106","block_type":"box","text":"–","page_number":3,"box":{"x":463,"y":372,"width":7,"height":1}},{"id":"0943e960-7c70-4c05-a28a-a3931ffcf4d5","block_type":"box","text":"0.1%","page_number":3,"box":{"x":472,"y":367,"width":36,"height":9}},{"id":"04059089-63a6-456e-8091-6b47239f6d76","block_type":"box","text":"1","page_number":3,"box":{"x":510,"y":367,"width":2,"height":5}},{"id":"4cee1a20-3a30-401c-ac79-1dbb5d820cd5","block_type":"box","text":",","page_number":3,"box":{"x":515,"y":374,"width":3,"height":3}},{"id":"59e60cfc-afe6-48d9-b287-922318a66132","block_type":"box","text":"a direct consequence of the AI and semiconductor","page_number":3,"box":{"x":525,"y":367,"width":403,"height":12}},{"id":"3c459788-96fa-40c6-837f-a5460b5441b3","block_type":"box","text":"selloff dragging on the largest","page_number":3,"box":{"x":81,"y":383,"width":245,"height":12}},{"id":"f5923bf6-5927-46b4-bd44-0cf468e6fecd","block_type":"box","text":"-","page_number":3,"box":{"x":327,"y":388,"width":4,"height":1}},{"id":"30aae5cd-3636-4ce1-a849-de4d33e382bd","block_type":"box","text":"weight names, with the worst","page_number":3,"box":{"x":332,"y":383,"width":240,"height":12}},{"id":"ca95e972-18e1-4279-bc86-75a1d5bc37c2","block_type":"box","text":"-","page_number":3,"box":{"x":573,"y":388,"width":4,"height":1}},{"id":"f3d78c88-1477-478d-abed-1a951841fec6","block_type":"box","text":"performing","page_number":3,"box":{"x":579,"y":383,"width":88,"height":12}},{"id":"c85aca60-2424-4b94-a763-1c4f46006618","block_type":"box","text":"1","page_number":3,"box":{"x":669,"y":383,"width":3,"height":5}},{"id":"21f7b8ca-4cfd-4056-8810-48123051a3fe","block_type":"box","text":"constituents almost exclusively","page_number":3,"box":{"x":681,"y":383,"width":247,"height":12}},{"id":"544a0caf-4388-456c-927d-cac8ce0285d0","block_type":"box","text":"drawn from semiconductor and AI infrastructure sub","page_number":3,"box":{"x":81,"y":399,"width":416,"height":9}},{"id":"a5e22ce2-27b1-4666-a042-6028149d6918","block_type":"box","text":"-","page_number":3,"box":{"x":499,"y":405,"width":4,"height":0}},{"id":"5d5cfd13-8fe4-4256-87fc-242e5cf7ea2e","block_type":"box","text":"sectors","page_number":3,"box":{"x":504,"y":400,"width":55,"height":8}},{"id":"60ae19f6-6df4-4c48-9c92-ed99723ce15a","block_type":"box","text":".","page_number":3,"box":{"x":562,"y":407,"width":2,"height":1}},{"id":"94231b97-218a-49eb-a1e8-125d1190fb95","block_type":"box","text":"By strategically balancing","page_number":3,"box":{"x":82,"y":425,"width":198,"height":12}},{"id":"67bff449-d3dc-48ff-9f91-da71c3611159","block_type":"box","text":"allocation between mega cap and ex","page_number":3,"box":{"x":287,"y":425,"width":288,"height":12}},{"id":"2cbd8440-506a-44b6-86d4-ea6d19ef9995","block_type":"box","text":"-","page_number":3,"box":{"x":577,"y":430,"width":4,"height":1}},{"id":"9227713c-09d4-4898-919c-7f9f8be75dff","block_type":"box","text":"mega cap stocks, investors could access the","page_number":3,"box":{"x":583,"y":425,"width":344,"height":12}},{"id":"7ac0365e-bcf9-4a1a-aaee-ded232ea4211","block_type":"box","text":"potential strengths of these market dynamics and manage risk more effectively","page_number":3,"box":{"x":82,"y":441,"width":627,"height":12}},{"id":"06f56238-c160-415a-8c87-26ffd4eed7f2","block_type":"box","text":"2","page_number":3,"box":{"x":710,"y":441,"width":5,"height":5}},{"id":"a1979202-fcdc-4fb3-b7c2-3ec7d34352cf","block_type":"box","text":". A balanced approach that","page_number":3,"box":{"x":717,"y":441,"width":211,"height":12}},{"id":"11cda855-7af2-4d6e-a694-f24eec21a06f","block_type":"box","text":"integrates both exposures could allow investors to tap mega caps' strong growth potential while accessing","page_number":3,"box":{"x":82,"y":457,"width":844,"height":12}},{"id":"1ab9494f-1abe-4391-ac63-f2366b183839","block_type":"box","text":"the performance of future market leaders. In this context, a blended allocation into MSCI USA and MSCI USA","page_number":3,"box":{"x":81,"y":473,"width":847,"height":12}},{"id":"220c6e67-998d-4d95-b9ea-35ca6a742fba","block_type":"box","text":"ex Mega Caps cou","page_number":3,"box":{"x":81,"y":490,"width":140,"height":12}},{"id":"651502f5-89c4-462c-a6e5-dd408f4fa82e","block_type":"box","text":"ld be considered. Month","page_number":3,"box":{"x":224,"y":490,"width":189,"height":9}},{"id":"b637f642-4daa-4701-8a88-ac37b268f983","block_type":"box","text":"-","page_number":3,"box":{"x":415,"y":495,"width":4,"height":1}},{"id":"b363aeaf-e80b-4eaf-8754-220cc50496dc","block_type":"box","text":"to","page_number":3,"box":{"x":420,"y":491,"width":15,"height":8}},{"id":"2c5cf6ee-8072-41f8-88b0-2238547d0dfe","block_type":"box","text":"-","page_number":3,"box":{"x":436,"y":495,"width":5,"height":1}},{"id":"412e467a-e12f-4f6b-831c-ae85018ab70d","block_type":"box","text":"date in October, this dynamic is already visible in the data:","page_number":3,"box":{"x":442,"y":490,"width":455,"height":12}},{"id":"cf6772bb-3179-441a-803e-1581aa3d458e","block_type":"box","text":"the","page_number":3,"box":{"x":903,"y":490,"width":25,"height":9}},{"id":"551c6c75-e55e-41d3-8d98-83a7655a2e32","block_type":"box","text":"MSCI USA","page_number":3,"box":{"x":82,"y":506,"width":76,"height":9}},{"id":"98460d70-2e47-4520-a449-7aa45ad75d3c","block_type":"box","text":"index","page_number":3,"box":{"x":165,"y":506,"width":42,"height":9}},{"id":"c41f13b1-9a3f-44c2-aeb9-ceca1ddcf16d","block_type":"box","text":"has returned","page_number":3,"box":{"x":213,"y":506,"width":100,"height":9}},{"id":"08beba96-cea6-486d-9e16-57ac373fc6ec","block_type":"box","text":"–","page_number":3,"box":{"x":321,"y":511,"width":7,"height":1}},{"id":"78f35913-1b9b-43fa-800c-08dea0f6732a","block_type":"box","text":"0.1%","page_number":3,"box":{"x":329,"y":506,"width":36,"height":9}},{"id":"563fd6b8-855d-45ec-9e1a-e5def1110da4","block_type":"box","text":"1","page_number":3,"box":{"x":367,"y":506,"width":3,"height":5}},{"id":"4546b06c-138a-49b5-9409-e98ceff0484a","block_type":"box","text":", while the MSCI USA ex Mega Cap has","page_number":3,"box":{"x":373,"y":506,"width":304,"height":12}},{"id":"0ea4ed51-eea7-4ee2-981f-8fd897dcfd68","block_type":"box","text":"gained","page_number":3,"box":{"x":684,"y":506,"width":52,"height":12}},{"id":"a2c9c8dc-0e1b-49c7-b03b-069b21671cfb","block_type":"box","text":"+3.1%","page_number":3,"box":{"x":743,"y":506,"width":46,"height":9}},{"id":"16b0a5ba-2767-4b8a-82a3-c5a3f3cdc05f","block_type":"box","text":"1","page_number":3,"box":{"x":791,"y":506,"width":3,"height":5}},{"id":"d1c88292-f4cf-4eb9-b196-91acf12dcfc6","block_type":"box","text":",","page_number":3,"box":{"x":797,"y":513,"width":2,"height":3}},{"id":"0c631ab6-39e1-4502-8e5e-3f80b403c71b","block_type":"box","text":"a divergence of","page_number":3,"box":{"x":806,"y":506,"width":123,"height":12}},{"id":"ee7cc598-f5b8-4d65-af9e-7aff7665c003","block_type":"box","text":"over 3 percentage points within a single month. The ex","page_number":3,"box":{"x":81,"y":522,"width":434,"height":12}},{"id":"e2fc5503-7b68-4717-8b71-ef50ea94c331","block_type":"box","text":"-","page_number":3,"box":{"x":517,"y":527,"width":4,"height":1}},{"id":"a3a2e11b-5985-43de-abf6-bab4b6b5697b","block_type":"box","text":"mega","page_number":3,"box":{"x":523,"y":525,"width":42,"height":9}},{"id":"9a12d09a-0d85-47b9-8ddb-f3f1c635b18b","block_type":"box","text":"-","page_number":3,"box":{"x":567,"y":527,"width":4,"height":1}},{"id":"b1eac124-40ae-4156-889a-a347f27dcc45","block_type":"box","text":"cap index also trades at a valuation discount,","page_number":3,"box":{"x":573,"y":522,"width":353,"height":12}},{"id":"b45a4a5a-ac0f-4245-81d1-d41cb72a9fcd","block_type":"box","text":"at a forward P/E of 17.5x versus 18.8x","page_number":3,"box":{"x":81,"y":538,"width":312,"height":9}},{"id":"a49c2a3a-6cc3-4e7c-b3d3-6e052b0ab473","block_type":"box","text":"MSCI USA,","page_number":3,"box":{"x":402,"y":539,"width":81,"height":10}},{"id":"52e02247-c0da-4344-9e43-924676af2680","block_type":"box","text":"offering both a performance and a valuation case for","page_number":3,"box":{"x":492,"y":538,"width":436,"height":12}},{"id":"3690cfb2-16dd-4e0c-994b-1090848d3297","block_type":"box","text":"broadening exposure. The","page_number":3,"box":{"x":82,"y":554,"width":206,"height":12}},{"id":"7bf63c51-01a7-4143-8b8c-0a1ca62c6bec","block_type":"box","text":"main index","page_number":3,"box":{"x":296,"y":554,"width":85,"height":10}},{"id":"e20ca400-34ae-4cc5-84f4-b1f1c69cb295","block_type":"box","text":"remains heavily concentrated in Information Technology at 37.3% of","page_number":3,"box":{"x":388,"y":554,"width":541,"height":12}},{"id":"935e922b-e55b-4755-875d-e8cca8d2efa0","block_type":"box","text":"the index, with the ex","page_number":3,"box":{"x":81,"y":571,"width":182,"height":10}},{"id":"6fe3695e-7712-4a85-8aec-7650344869eb","block_type":"box","text":"-","page_number":3,"box":{"x":264,"y":576,"width":4,"height":1}},{"id":"d5728087-15f3-49e1-964e-7497506595de","block_type":"box","text":"mega","page_number":3,"box":{"x":270,"y":573,"width":43,"height":9}},{"id":"6eefcbe5-bf2e-48aa-a7cd-7b9ff70ada6d","block_type":"box","text":"-","page_number":3,"box":{"x":315,"y":576,"width":4,"height":1}},{"id":"c3d4180a-761b-4b1f-94af-624374e5475b","block_type":"box","text":"cap variant providing a greater tilt toward Financials (11.9%), Health Care","page_number":3,"box":{"x":320,"y":571,"width":607,"height":11}},{"id":"4f2c8597-6d3f-4d13-b7cb-4d4b7d36c156","block_type":"box","text":"(10.0%), Industrials (8.2%), and Consumer sectors.","page_number":3,"box":{"x":81,"y":587,"width":391,"height":11}},{"id":"957d4adc-56c1-4737-bfaa-f556d5c05c38","block_type":"box","text":"1. Source: Amundi, Bloomberg. Data as at 22/10/2026. Net total return in USD Past performance is not a reliable indicator of","page_number":3,"box":{"x":82,"y":887,"width":779,"height":9}},{"id":"2baebe0a-cb10-4cdc-aa23-5b56e65fb578","block_type":"box","text":"future","page_number":3,"box":{"x":865,"y":887,"width":38,"height":7}},{"id":"97fef12a-eed9-4e9f-866e-21aae31ad2cf","block_type":"box","text":"performance. 2.","page_number":3,"box":{"x":82,"y":901,"width":98,"height":10}},{"id":"12099f68-99b7-42e8-b1d2-7b7fcc796ae0","block_type":"box","text":"Investment involves risks. For more information, please refer to the Risk section at the end of the report.","page_number":3,"box":{"x":185,"y":901,"width":657,"height":10}},{"id":"3c391901-e5f2-47a2-9e69-3d4a6b8acb3d","block_type":"box","text":"Reduced exposure to tech with a blended allocation","page_number":3,"box":{"x":82,"y":625,"width":411,"height":11}},{"id":"4dbb5dd8-caa7-45d1-9573-2ceb5e179d1e","block_type":"box","text":"Sector breakdown (as % of index weight)","page_number":3,"box":{"x":82,"y":642,"width":290,"height":11}},{"id":"e3f3635f-c3df-40a3-867d-17d18f9f9dc3","block_type":"box","text":"MSCI USA","page_number":3,"box":{"x":692,"y":632,"width":64,"height":7}},{"id":"479cca13-c808-40f5-8256-cf99e26ad0f3","block_type":"box","text":"MSCI USA ex","page_number":3,"box":{"x":761,"y":626,"width":83,"height":7}},{"id":"aac8235f-1352-4c13-8f1c-02fdd88fc74c","block_type":"box","text":"Mega C","page_number":3,"box":{"x":768,"y":637,"width":46,"height":9}},{"id":"916482a9-4a7a-4a4e-b663-bd2f62522b4e","block_type":"box","text":"aps","page_number":3,"box":{"x":816,"y":639,"width":22,"height":7}},{"id":"7e7b97e7-9dc2-45a4-b0b1-5e988eafbfe4","block_type":"box","text":"50% USA","page_number":3,"box":{"x":854,"y":621,"width":59,"height":7}},{"id":"fb310612-0984-4260-b7a2-3d792883a438","block_type":"box","text":"/","page_number":3,"box":{"x":913,"y":621,"width":3,"height":7}},{"id":"3c405362-534c-4cf5-8bad-5f2deff81471","block_type":"box","text":"50% ex","page_number":3,"box":{"x":863,"y":632,"width":45,"height":7}},{"id":"33543464-b1e3-422e-9433-7f4cc762d52e","block_type":"box","text":"Mega c","page_number":3,"box":{"x":851,"y":643,"width":45,"height":9}},{"id":"e7e05642-616b-413c-8bc0-11918127679b","block_type":"box","text":"aps","page_number":3,"box":{"x":897,"y":644,"width":22,"height":7}},{"id":"3e64f8c6-b95b-41c7-be60-f525960a7c35","block_type":"box","text":"Performance metrics","page_number":3,"box":{"x":519,"y":660,"width":149,"height":8}},{"id":"8e78b3d5-87e4-4dbb-8dfb-5b4a0b7ca21f","block_type":"box","text":"(in %)","page_number":3,"box":{"x":689,"y":660,"width":39,"height":10}},{"id":"f30005e4-429e-4d63-83bc-4fae80e75f43","block_type":"box","text":"Perf YTD (%)","page_number":3,"box":{"x":519,"y":677,"width":79,"height":9}},{"id":"33235238-92fb-4ef1-b790-c17c26da4a95","block_type":"box","text":"16.2","page_number":3,"box":{"x":712,"y":676,"width":24,"height":7}},{"id":"02a70b48-7926-4fd0-8e4b-9e17cdc7bfbf","block_type":"box","text":"12.3","page_number":3,"box":{"x":791,"y":676,"width":24,"height":7}},{"id":"1baef745-2ccf-44de-a67d-99cad89769c9","block_type":"box","text":"14.3","page_number":3,"box":{"x":873,"y":676,"width":25,"height":7}},{"id":"bd3053a0-fdce-496e-bd23-4cc20115459f","block_type":"box","text":"Perf 1Y (%)","page_number":3,"box":{"x":519,"y":693,"width":68,"height":9}},{"id":"2bb3bb5d-457f-46e4-a753-e380f739c5cc","block_type":"box","text":"18.9","page_number":3,"box":{"x":712,"y":692,"width":24,"height":7}},{"id":"1ff279d3-663c-4ac0-b119-401a63dce156","block_type":"box","text":"13.1","page_number":3,"box":{"x":791,"y":692,"width":22,"height":7}},{"id":"fbff793f-19c9-429b-9fac-3ffb771f25cc","block_type":"box","text":"16.03","page_number":3,"box":{"x":870,"y":692,"width":31,"height":7}},{"id":"dc92b9f7-7896-4dc2-8b10-74d226cdbdbb","block_type":"box","text":"Perf 3Y (%","page_number":3,"box":{"x":519,"y":708,"width":63,"height":9}},{"id":"536eaff2-d32f-4897-8375-6ec6f724a65e","block_type":"box","text":"-","page_number":3,"box":{"x":588,"y":712,"width":3,"height":1}},{"id":"d66abbf3-aa8c-41d3-bed4-33c83c75fa62","block_type":"box","text":"annualised)","page_number":3,"box":{"x":596,"y":708,"width":68,"height":9}},{"id":"b97096b3-240a-4024-9b63-9d54a62ecf94","block_type":"box","text":"19.6","page_number":3,"box":{"x":712,"y":707,"width":24,"height":7}},{"id":"cf812e3c-ef9f-4566-be0d-caead7ad2b10","block_type":"box","text":"13.5","page_number":3,"box":{"x":791,"y":707,"width":24,"height":7}},{"id":"9774603f-298d-4437-b96c-51014e3edf96","block_type":"box","text":"16.6","page_number":3,"box":{"x":873,"y":707,"width":24,"height":7}},{"id":"ed3936b7-4f49-4af9-80b4-2ad9ec52f0d6","block_type":"box","text":"1Y volatility","page_number":3,"box":{"x":520,"y":722,"width":66,"height":9}},{"id":"105eba42-f03a-48b4-8ace-00b1af17d5eb","block_type":"box","text":"12.6","page_number":3,"box":{"x":712,"y":722,"width":24,"height":7}},{"id":"356070a8-6645-465b-acf8-e0d836ca6ad1","block_type":"box","text":"11.7","page_number":3,"box":{"x":791,"y":722,"width":24,"height":7}},{"id":"a25bccb4-41a1-4785-bca1-fd77c9015629","block_type":"box","text":"9.7","page_number":3,"box":{"x":876,"y":722,"width":18,"height":7}},{"id":"a815c12b-2e21-48dd-89fc-44b14d5d2a66","block_type":"box","text":"Sharpe 1Y","page_number":3,"box":{"x":519,"y":737,"width":63,"height":9}},{"id":"80f53be5-e7f4-4920-bff8-99c52d5b52d6","block_type":"box","text":"1.51","page_number":3,"box":{"x":712,"y":737,"width":22,"height":7}},{"id":"2103156d-5dc9-4608-8fe1-d847acf68e02","block_type":"box","text":"1.13","page_number":3,"box":{"x":791,"y":737,"width":24,"height":7}},{"id":"f94e08a7-8a58-41dc-a92d-4bb20e259106","block_type":"box","text":"1.65","page_number":3,"box":{"x":873,"y":737,"width":25,"height":7}},{"id":"b6d529dd-d2bf-4e3c-b55f-d3ec41d9438d","block_type":"box","text":"Source: Bloomberg, Amundi.","page_number":3,"box":{"x":81,"y":861,"width":180,"height":9}},{"id":"ea51fb5a-a222-4d6c-a5d5-2729f562a85a","block_type":"box","text":"Index data","page_number":3,"box":{"x":266,"y":861,"width":66,"height":7}},{"id":"899fef31-f2b8-4453-ba9c-769157d47206","block_type":"box","text":"as at","page_number":3,"box":{"x":337,"y":862,"width":29,"height":6}},{"id":"73b3fc91-45c1-488e-855d-f5fdb16bfe44","block_type":"box","text":"30/09","page_number":3,"box":{"x":370,"y":861,"width":35,"height":7}},{"id":"65cac1d2-fb4d-4177-8ced-43a6712967ae","block_type":"box","text":"/202","page_number":3,"box":{"x":406,"y":861,"width":27,"height":7}},{"id":"3563299c-1353-45a4-8f0d-bc6a4f6aefab","block_type":"box","text":"6","page_number":3,"box":{"x":434,"y":861,"width":7,"height":7}},{"id":"7eed0ca4-6ced-4599-bdbd-3e1a5dc159ea","block_type":"box","text":". Past market trends are not a reliable indicator of future ones. For","page_number":3,"box":{"x":442,"y":861,"width":420,"height":7}},{"id":"b676d056-5a96-4935-8c62-f264041af063","block_type":"box","text":"illustrative purpose only, may change without prior notice.","page_number":3,"box":{"x":82,"y":874,"width":366,"height":9}},{"id":"90b984cc-44a9-48f7-9fff-7513c0135415","block_type":"box","text":"0","page_number":3,"box":{"x":99,"y":757,"width":7,"height":7}},{"id":"f57ffb72-db83-4740-be97-fdf53bc0298e","block_type":"box","text":"5","page_number":3,"box":{"x":99,"y":746,"width":7,"height":7}},{"id":"2aad0237-2e90-4982-9f1a-675ba56e798a","block_type":"box","text":"10","page_number":3,"box":{"x":93,"y":734,"width":13,"height":7}},{"id":"34e48a7e-4f01-4b13-b1a0-e8b57b6b5d94","block_type":"box","text":"15","page_number":3,"box":{"x":93,"y":723,"width":13,"height":7}},{"id":"91df8a94-21da-48cd-ba1a-c437018ee87a","block_type":"box","text":"20","page_number":3,"box":{"x":92,"y":712,"width":14,"height":7}},{"id":"9d43a258-b300-47be-99d9-dd1954ac7c2a","block_type":"box","text":"25","page_number":3,"box":{"x":92,"y":701,"width":14,"height":7}},{"id":"a96d1238-4fb7-44f9-bea4-f3b43b014344","block_type":"box","text":"30","page_number":3,"box":{"x":92,"y":689,"width":14,"height":7}},{"id":"fa3072e6-718d-470a-8609-0a3ec02ac779","block_type":"box","text":"35","page_number":3,"box":{"x":92,"y":678,"width":14,"height":7}},{"id":"63a911b0-191f-4527-baf7-f69cbb95b5f0","block_type":"box","text":"40","page_number":3,"box":{"x":92,"y":667,"width":14,"height":7}},{"id":"b7f0df08-0c89-4052-86d4-3783e91e6cdb","block_type":"box","text":"50% USA/ 50% USA ex Mega caps","page_number":3,"box":{"x":198,"y":813,"width":211,"height":9}},{"id":"f606ddb1-8dbf-4a0f-8f07-8b891d758a18","block_type":"box","text":"MSCI USA","page_number":3,"box":{"x":199,"y":825,"width":64,"height":7}},{"id":"c271189b-4e99-4735-91dd-a1e5481f25ba","block_type":"box","text":"MSCI USA Ex Mega Cap Select","page_number":3,"box":{"x":199,"y":838,"width":190,"height":9}},{"id":"305f4d40-848c-493c-909a-5da3cec7a4bc","block_type":"box","text":"MARKETING COMMUNICATION","page_number":4,"box":{"x":70,"y":10,"width":213,"height":8}},{"id":"016f5d53-5295-4e2c-8e19-27520a03acfc","block_type":"box","text":"-","page_number":4,"box":{"x":288,"y":15,"width":4,"height":1}},{"id":"5a3dcec7-65e1-486f-a692-cfddf3bb83ba","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":4,"box":{"x":297,"y":10,"width":390,"height":10}},{"id":"96ebac93-8a16-455f-8e1e-cc6e8847e7aa","block_type":"box","text":"4","page_number":4,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"e4962859-da6f-4ffb-a3ef-cddfadf012af","block_type":"box","text":"-","page_number":4,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"5ae84c81-d3b6-4624-bf84-51673bfa73cc","block_type":"box","text":"ETF","page_number":4,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"09a24d36-8451-4639-90a6-e7ee11acbfe2","block_type":"box","text":"Investment","page_number":4,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"f0b53201-f352-4745-94a4-c0f0c0da1801","block_type":"box","text":"& Product","page_number":4,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"d62741d7-529f-4e76-b294-51982940a5a8","block_type":"box","text":"Strategy","page_number":4,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"958f8fb1-e7af-4b1b-b27d-8359ee65ef57","block_type":"box","text":"-","page_number":4,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"081ccbba-731c-4b8d-8c3e-8bbe935be1c6","block_type":"box","text":"Weekly Pulse","page_number":4,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"23cc66b0-8d3e-4dd9-88cc-f6f7be20fea0","block_type":"box","text":"-","page_number":4,"box":{"x":418,"y":960,"width":3,"height":1}},{"id":"adc67cb4-4774-4490-9fd2-390b7e9545f8","block_type":"box","text":"23 October 2026","page_number":4,"box":{"x":438,"y":956,"width":104,"height":7}},{"id":"0216a748-13b8-420a-817f-d39d8e939bea","block_type":"box","text":"Amundi ETF","page_number":4,"box":{"x":819,"y":953,"width":118,"height":10}},{"id":"9dada080-bffc-470d-8d59-270565697dac","block_type":"box","text":"Overall, a","page_number":4,"box":{"x":82,"y":57,"width":70,"height":11}},{"id":"8b6a93e8-75e8-4902-8f9c-81edac804155","block_type":"box","text":"50/50 blended allocation between the two indices","page_number":4,"box":{"x":158,"y":57,"width":383,"height":9}},{"id":"0ac1cd98-5557-4035-bea8-d2d9b4dda089","block_type":"box","text":"may offer","page_number":4,"box":{"x":546,"y":57,"width":74,"height":12}},{"id":"48dd58fc-39d8-4013-80fc-b68705541dd7","block_type":"box","text":"a more resilient profil","page_number":4,"box":{"x":624,"y":57,"width":165,"height":12}},{"id":"85371044-e7c9-4713-859f-b2b2100dfd63","block_type":"box","text":"e","page_number":4,"box":{"x":791,"y":60,"width":8,"height":6}},{"id":"75f2f3aa-fc9c-42f3-9459-983cf37f7001","block_type":"box","text":"1","page_number":4,"box":{"x":801,"y":57,"width":2,"height":5}},{"id":"07d6b9a7-b7ef-4032-9b19-7e75f24e6397","block_type":"box","text":". Such exposure","page_number":4,"box":{"x":807,"y":57,"width":120,"height":12}},{"id":"e8b6a4a1-5508-4962-8483-316676d7ea40","block_type":"box","text":"wou","page_number":4,"box":{"x":81,"y":78,"width":32,"height":7}},{"id":"486f13e3-3c53-4d48-a0ea-469ee9c028d1","block_type":"box","text":"l","page_number":4,"box":{"x":116,"y":76,"width":1,"height":9}},{"id":"78aed4b4-580b-44fe-8a37-b5eb3a786b5f","block_type":"box","text":"d","page_number":4,"box":{"x":119,"y":76,"width":8,"height":9}},{"id":"e478a47b-56b2-4149-bae8-bdc092c8df5c","block_type":"box","text":"preserv","page_number":4,"box":{"x":135,"y":78,"width":59,"height":10}},{"id":"473a7454-d975-4263-8304-c40d53ec2f98","block_type":"box","text":"e","page_number":4,"box":{"x":195,"y":78,"width":7,"height":7}},{"id":"73722f3b-5e15-4a5c-bb27-da14c6833261","block_type":"box","text":"meaningful exposure to the mega","page_number":4,"box":{"x":210,"y":76,"width":269,"height":12}},{"id":"d3588e27-9749-4d80-8839-8687cd581ceb","block_type":"box","text":"-","page_number":4,"box":{"x":481,"y":81,"width":4,"height":1}},{"id":"0d7842d5-de70-4b4e-9b5e-db7f18fa322a","block_type":"box","text":"cap growth names that continue to underpin long","page_number":4,"box":{"x":487,"y":76,"width":396,"height":12}},{"id":"7423dbb1-153d-478a-8863-b4d1ed370606","block_type":"box","text":"-","page_number":4,"box":{"x":885,"y":81,"width":4,"height":1}},{"id":"71a9a072-5866-471b-972f-26581d062c47","block_type":"box","text":"term","page_number":4,"box":{"x":891,"y":77,"width":36,"height":8}},{"id":"222886d2-0212-4aea-aa7e-6af092c76e79","block_type":"box","text":"earnings momentum, while reducing vulnerability to the kind of concentrated reversal that has characterised","page_number":4,"box":{"x":81,"y":94,"width":845,"height":12}},{"id":"a53d66f9-7c10-4368-b9de-2718a9072a72","block_type":"box","text":"since the","page_number":4,"box":{"x":81,"y":113,"width":69,"height":9}},{"id":"6fcbfbc0-cedd-41c5-a49e-8cb50b0543db","block_type":"box","text":"beginning","page_number":4,"box":{"x":157,"y":113,"width":77,"height":12}},{"id":"ee41b501-6626-47f0-a29f-c901693a64bc","block_type":"box","text":"of the month.","page_number":4,"box":{"x":241,"y":113,"width":105,"height":9}},{"id":"9aca4ea2-a161-4775-9f18-9f4f8de428f5","block_type":"box","text":"Related indices","page_number":4,"box":{"x":82,"y":144,"width":150,"height":11}},{"id":"4bd6518a-6742-40ec-b6ae-cf415e9fe4af","block_type":"box","text":"Index name","page_number":4,"box":{"x":90,"y":191,"width":79,"height":7}},{"id":"ee8d039f-0adf-4670-8197-8d23e29a99a6","block_type":"box","text":"Bloomberg","page_number":4,"box":{"x":523,"y":184,"width":72,"height":10}},{"id":"bd07360a-8dde-45f8-a600-7902927ac05e","block_type":"box","text":"ticker","page_number":4,"box":{"x":539,"y":197,"width":39,"height":7}},{"id":"f23fece0-d524-43c8-beb5-47a2ebf0053f","block_type":"box","text":"Asset","page_number":4,"box":{"x":652,"y":185,"width":36,"height":6}},{"id":"d95162e6-2981-443c-aa16-13a87a270f62","block_type":"box","text":"class","page_number":4,"box":{"x":655,"y":197,"width":31,"height":7}},{"id":"7b47238b-b500-462d-915f-1056a5877f94","block_type":"box","text":"Amundi ETF","page_number":4,"box":{"x":783,"y":184,"width":79,"height":7}},{"id":"1f3efc73-0020-466c-8329-2c104095b50b","block_type":"box","text":"replication","page_number":4,"box":{"x":787,"y":197,"width":71,"height":10}},{"id":"a4163337-e465-4325-b9a8-ac60bf76a083","block_type":"box","text":"S&P 500 Net Total Return","page_number":4,"box":{"x":91,"y":215,"width":177,"height":8}},{"id":"863ae8c6-9aaf-482b-9725-c9d95bbb0bfd","block_type":"box","text":"SPTR500N","page_number":4,"box":{"x":524,"y":215,"width":71,"height":8}},{"id":"4a8a30f3-eca4-4b17-a874-70a2b6af8af9","block_type":"box","text":"Equities","page_number":4,"box":{"x":644,"y":215,"width":54,"height":10}},{"id":"d7b9d549-19c7-45fe-948e-7eb278b077f3","block_type":"box","text":"Derivative","page_number":4,"box":{"x":789,"y":215,"width":69,"height":8}},{"id":"4b222785-11a4-4aa4-9e38-f2287361b2d9","block_type":"box","text":"MSCI USA Screened Select ex Thermal Coal","page_number":4,"box":{"x":91,"y":231,"width":276,"height":9}},{"id":"88422c6f-3dad-469e-bee3-766d3a440998","block_type":"box","text":"Net","page_number":4,"box":{"x":372,"y":232,"width":22,"height":8}},{"id":"d2f3eed9-8ce0-44f2-8d52-d1d3b8ff2d11","block_type":"box","text":"2","page_number":4,"box":{"x":395,"y":231,"width":4,"height":5}},{"id":"05d7e5af-2a02-4256-aafc-21906c1b0aa3","block_type":"box","text":"MXUSSCNU","page_number":4,"box":{"x":520,"y":233,"width":80,"height":8}},{"id":"7e39b8a9-3225-4143-aaee-07256179c5c7","block_type":"box","text":"Equities","page_number":4,"box":{"x":644,"y":233,"width":54,"height":10}},{"id":"d1dc41ab-e4f6-4b10-8f12-ea41b4837ba7","block_type":"box","text":"Full","page_number":4,"box":{"x":812,"y":233,"width":22,"height":8}},{"id":"12ff6b9c-f4ea-4827-aae5-57c60b9c9d10","block_type":"box","text":"MSCI USA Ex Mega Cap Select Net","page_number":4,"box":{"x":91,"y":249,"width":219,"height":11}},{"id":"f3d187c7-9cb2-4406-abee-4f2fcc915dad","block_type":"box","text":"MXUSEMNU","page_number":4,"box":{"x":518,"y":251,"width":84,"height":8}},{"id":"bd8794ae-bb13-4863-ab4d-f15ceb2206ee","block_type":"box","text":"Equities","page_number":4,"box":{"x":644,"y":251,"width":54,"height":10}},{"id":"368d94ae-a5d8-45bf-a6f7-a44c39747cb8","block_type":"box","text":"Full","page_number":4,"box":{"x":812,"y":250,"width":22,"height":9}},{"id":"27baefb9-3a37-47a7-ad85-7a43001b17c6","block_type":"box","text":"Source: Amundi","page_number":4,"box":{"x":91,"y":267,"width":98,"height":7}},{"id":"ac8a27f5-6c57-40b8-aa3d-a5ab772194fb","block_type":"box","text":"1","page_number":4,"box":{"x":82,"y":293,"width":4,"height":7}},{"id":"6e89a703-9ffa-47d2-bf94-c9c730053dfe","block_type":"box","text":".","page_number":4,"box":{"x":89,"y":299,"width":2,"height":1}},{"id":"bd1216e8-86cc-4e0d-845a-c24162dbc0e4","block_type":"box","text":"Investment involves risks. For more information, please refer to the Risk section at the end of the report.","page_number":4,"box":{"x":96,"y":292,"width":657,"height":10}},{"id":"8b83f0a7-6ab1-4b48-812e-e1c4f19dcb31","block_type":"box","text":"2.","page_number":4,"box":{"x":81,"y":306,"width":10,"height":7}},{"id":"28dc43e4-7179-45cf-a137-4d5c82412507","block_type":"box","text":"Information on Amundi’s responsible investing can be found on amundietf.com and amundi.com","page_number":4,"box":{"x":96,"y":305,"width":536,"height":10}},{"id":"eb627949-a225-4674-9c96-49e8bec05994","block_type":"box","text":"MARKETING COMMUNICATION","page_number":5,"box":{"x":70,"y":10,"width":213,"height":8}},{"id":"acba583e-9044-463c-9333-7cd3f5e83740","block_type":"box","text":"-","page_number":5,"box":{"x":288,"y":15,"width":4,"height":1}},{"id":"315de8b9-e9dc-4451-8cdb-6c916d82fb3a","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":5,"box":{"x":297,"y":10,"width":390,"height":10}},{"id":"ae8f7404-57d7-49af-b1b7-ef3a13dffce0","block_type":"box","text":"5","page_number":5,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"7206dc9d-58dc-49dc-b29e-29a74767b73e","block_type":"box","text":"-","page_number":5,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"831bf00a-816f-4ee1-b523-02f4687f6dd9","block_type":"box","text":"ETF","page_number":5,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"48357a1b-8ed1-4dc5-93cd-11fefebf651d","block_type":"box","text":"Investment","page_number":5,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"8e5d4217-e44f-4cd6-b342-b9eec6119704","block_type":"box","text":"& Product","page_number":5,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"c0e989aa-9f68-4df3-bbb0-e4dca1fc3d5d","block_type":"box","text":"Strategy","page_number":5,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"a106180c-38d8-4e93-b1af-497a5571f52a","block_type":"box","text":"-","page_number":5,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"e9e0af32-e87d-4a13-8fa4-37ddc55fc5e5","block_type":"box","text":"Weekly Pulse","page_number":5,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"2972a96b-cb68-4022-a883-486870d9e116","block_type":"box","text":"-","page_number":5,"box":{"x":418,"y":960,"width":3,"height":1}},{"id":"f00b5f20-873c-480e-b505-6d6068eb9e37","block_type":"box","text":"23 October 2026","page_number":5,"box":{"x":438,"y":956,"width":104,"height":7}},{"id":"06f0cf40-3176-4659-9824-85bd2a9ec080","block_type":"box","text":"Amundi ETF","page_number":5,"box":{"x":819,"y":953,"width":118,"height":10}},{"id":"0efb7d0f-6455-402c-8b06-11025be917e2","block_type":"box","text":"Summary of key exposures (focus of the week in bold)","page_number":5,"box":{"x":81,"y":58,"width":541,"height":14}},{"id":"ff939bf4-6601-4893-882a-aa7cf1ce535f","block_type":"box","text":"Market theme","page_number":5,"box":{"x":135,"y":109,"width":118,"height":9}},{"id":"4a8663dd-76e8-4129-8b21-dcdb82437dd7","block_type":"box","text":"Related exposures","page_number":5,"box":{"x":541,"y":92,"width":152,"height":12}},{"id":"e1e8db30-a72d-4fb2-98fa-fac9963b7503","block_type":"box","text":"Equities","page_number":5,"box":{"x":433,"y":126,"width":65,"height":12}},{"id":"2378fa8f-e2b5-400c-aa07-19786d47e579","block_type":"box","text":"Fixed income/ Commodities","page_number":5,"box":{"x":660,"y":126,"width":230,"height":9}},{"id":"08890d3c-4d7c-4f83-bfc1-a7a692cc71e7","block_type":"box","text":"Inflation / growth /","page_number":5,"box":{"x":114,"y":259,"width":160,"height":12}},{"id":"2da9a1c9-cd90-430d-b312-a68a75b6d96a","block_type":"box","text":"policy response","page_number":5,"box":{"x":130,"y":281,"width":128,"height":12}},{"id":"12ddef1a-740e-48d5-b598-12d465456921","block_type":"box","text":"US equities","page_number":5,"box":{"x":420,"y":179,"width":91,"height":12}},{"id":"5221ec4e-40c7-40fb-96ec-e564ecc06641","block_type":"box","text":"European equities/ Germany","page_number":5,"box":{"x":354,"y":220,"width":224,"height":12}},{"id":"9d14022c-f50e-4271-81a3-b75bb27bcc26","block_type":"box","text":"E","page_number":5,"box":{"x":413,"y":239,"width":6,"height":8}},{"id":"27865a50-53f0-427e-88a7-f11d4d48b840","block_type":"box","text":"urope","page_number":5,"box":{"x":422,"y":241,"width":45,"height":9}},{"id":"94fcfe53-ddbc-413c-9dfd-eb6afef7ba5a","block_type":"box","text":"banks","page_number":5,"box":{"x":473,"y":238,"width":45,"height":9}},{"id":"c441f6ec-bb29-4d39-b922-8176071819fa","block_type":"box","text":"Europe & Strategic autonomy","page_number":5,"box":{"x":351,"y":257,"width":230,"height":12}},{"id":"f2f45584-944b-4f53-ab98-8daed324f83e","block_type":"box","text":"EM Asia","page_number":5,"box":{"x":436,"y":293,"width":58,"height":9}},{"id":"10674a91-aee8-4e5a-9769-2e445b0fadf2","block_type":"box","text":"Global Healthcare/ Materials","page_number":5,"box":{"x":354,"y":330,"width":223,"height":9}},{"id":"e7461626-8b5f-4c45-b0cb-92ff873df557","block_type":"box","text":"Memory chips/ Data center","page_number":5,"box":{"x":360,"y":366,"width":212,"height":12}},{"id":"1dbd8cf7-06d7-4503-83df-88710f561020","block_type":"box","text":"Ultrashort US TIPS","page_number":5,"box":{"x":704,"y":185,"width":142,"height":9}},{"id":"ac32afb5-576d-4e7c-a3e9-bcb4ee18ed37","block_type":"box","text":"Inflation linked bonds","page_number":5,"box":{"x":689,"y":203,"width":171,"height":9}},{"id":"c5391367-0b91-477d-a2b3-85145e160ca0","block_type":"box","text":"US Treasuries","page_number":5,"box":{"x":722,"y":229,"width":106,"height":9}},{"id":"906c4255-4f58-471e-bb6b-8db5f258ed23","block_type":"box","text":"USD Floating Rate Notes","page_number":5,"box":{"x":680,"y":248,"width":190,"height":11}},{"id":"b979bf71-292a-4d18-b01b-bfe13caf925f","block_type":"box","text":"EUR govies","page_number":5,"box":{"x":669,"y":292,"width":84,"height":12}},{"id":"9272d0ab-3765-4f35-86cf-a1f1e3fa7a0a","block_type":"box","text":"-","page_number":5,"box":{"x":759,"y":297,"width":4,"height":1}},{"id":"abbbf949-f124-4b98-a280-3f0145bba35f","block_type":"box","text":"short duration","page_number":5,"box":{"x":769,"y":292,"width":112,"height":9}},{"id":"d08ec201-a3de-4402-9a9a-cddac6077c28","block_type":"box","text":"EUR IG credit","page_number":5,"box":{"x":678,"y":311,"width":101,"height":9}},{"id":"988210fb-6bae-45e0-b114-e5995e6fff85","block_type":"box","text":"-","page_number":5,"box":{"x":781,"y":316,"width":4,"height":1}},{"id":"d0346c88-0a90-4ef1-b6be-d219aadc4f2e","block_type":"box","text":"short term","page_number":5,"box":{"x":791,"y":311,"width":81,"height":9}},{"id":"5758bfbc-2960-4db5-99f2-92676d05c803","block_type":"box","text":"EUR Floating Rate notes","page_number":5,"box":{"x":682,"y":329,"width":186,"height":12}},{"id":"c06b2eb6-b411-402c-b004-9e375c6080a9","block_type":"box","text":"Portfolio construction","page_number":5,"box":{"x":103,"y":471,"width":181,"height":9}},{"id":"515faea2-9910-47a4-9eed-33c5637009b0","block_type":"box","text":"Global equities","page_number":5,"box":{"x":358,"y":436,"width":115,"height":12}},{"id":"70de6c52-9b95-46a7-aba3-c89c481f9e95","block_type":"box","text":"–","page_number":5,"box":{"x":479,"y":441,"width":7,"height":1}},{"id":"d0a9c649-7676-43e4-ad47-2632374ef1ac","block_type":"box","text":"all country","page_number":5,"box":{"x":492,"y":436,"width":82,"height":12}},{"id":"85061bad-6fd6-44e5-9a24-6ff0d9b2ad07","block_type":"box","text":"Global equities","page_number":5,"box":{"x":408,"y":454,"width":115,"height":12}},{"id":"bee83760-f6c2-4086-b9c7-3d9c48e488e6","block_type":"box","text":"Global equities","page_number":5,"box":{"x":348,"y":499,"width":116,"height":12}},{"id":"55d1dc57-93c0-4c22-b065-a09e411a5af3","block_type":"box","text":"-","page_number":5,"box":{"x":470,"y":504,"width":4,"height":1}},{"id":"b941cdc5-d830-4701-a8e8-6f099496e095","block_type":"box","text":"USA ad","page_number":5,"box":{"x":480,"y":499,"width":54,"height":9}},{"id":"87e3d8b3-c6e4-4d1e-9a09-8a8f963126a2","block_type":"box","text":"justed","page_number":5,"box":{"x":534,"y":499,"width":48,"height":12}},{"id":"946b2191-bae8-4717-b9c7-298c1160979b","block_type":"box","text":"Global equities","page_number":5,"box":{"x":350,"y":524,"width":116,"height":12}},{"id":"0f567fc6-5243-4a72-b4b4-7d623824ee73","block_type":"box","text":"–","page_number":5,"box":{"x":472,"y":530,"width":7,"height":1}},{"id":"f5dd1f2b-7854-42ca-9e43-16289c16af99","block_type":"box","text":"USA/ ex USA","page_number":5,"box":{"x":485,"y":525,"width":97,"height":9}},{"id":"b9a0bba8-c7d2-4b4c-af26-2c8091062c34","block_type":"box","text":"Global Treasuries","page_number":5,"box":{"x":707,"y":443,"width":136,"height":9}},{"id":"6dbd6d82-776e-451e-a68c-511c787d38ff","block_type":"box","text":"GDP adjusted","page_number":5,"box":{"x":722,"y":461,"width":105,"height":12}},{"id":"2f3d0311-b43d-4c97-b737-5e4a2283fd1b","block_type":"box","text":"Gold","page_number":5,"box":{"x":758,"y":480,"width":34,"height":9}},{"id":"b5e12164-ec08-4f03-b345-342a8cde8ebd","block_type":"box","text":"Broad commodities","page_number":5,"box":{"x":699,"y":499,"width":152,"height":9}},{"id":"2bb9873b-7a15-4009-bcc9-2e829e984947","block_type":"box","text":"Doc ID:","page_number":5,"box":{"x":82,"y":905,"width":43,"height":7}},{"id":"de79cc51-410d-4521-bce9-d06ed993889f","block_type":"box","text":"6052478","page_number":5,"box":{"x":131,"y":905,"width":52,"height":7}},{"id":"ad04710d-e6ef-42d8-a401-a874ed7e4d45","block_type":"box","text":"MARKETING COMMUNICATION","page_number":6,"box":{"x":70,"y":10,"width":213,"height":8}},{"id":"9b6b24f7-fb1e-47e8-8f9b-873c2dde7c23","block_type":"box","text":"-","page_number":6,"box":{"x":288,"y":15,"width":4,"height":1}},{"id":"6f3137f7-c1e2-4c5a-beaa-42fefe4ba279","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":6,"box":{"x":297,"y":10,"width":390,"height":10}},{"id":"94e61c0e-eaf1-4983-bfb7-3aeee929f9ad","block_type":"box","text":"6","page_number":6,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"50e98d4a-47ea-4849-957c-d89d6f8aa409","block_type":"box","text":"-","page_number":6,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"8bd0379e-7583-4587-b7e9-eeabdc01073b","block_type":"box","text":"ETF","page_number":6,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"1baca61c-7cc6-4167-9647-e5b233bac08d","block_type":"box","text":"Investment","page_number":6,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"3f72bdee-7d40-4b79-b920-9a88961713d5","block_type":"box","text":"& Product","page_number":6,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"d4a9352c-14a6-4b73-837d-785aaf7d5cad","block_type":"box","text":"Strategy","page_number":6,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"57411c77-7d94-4543-a2a4-1d5164136a3f","block_type":"box","text":"-","page_number":6,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"651b0793-790d-42ea-805e-5d0b07ddc62c","block_type":"box","text":"Weekly Pulse","page_number":6,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"6b6d1961-a7a6-43b4-9b99-d8fbff683190","block_type":"box","text":"-","page_number":6,"box":{"x":418,"y":960,"width":3,"height":1}},{"id":"139f4a03-c88d-4fe7-a339-2730c3fa956b","block_type":"box","text":"23 October 2026","page_number":6,"box":{"x":438,"y":956,"width":104,"height":7}},{"id":"6e8402bf-9a55-4020-a9c0-a4752feb220c","block_type":"box","text":"Amundi ETF","page_number":6,"box":{"x":819,"y":953,"width":118,"height":10}},{"id":"60402943-2d4b-4b45-b603-342d15e110e3","block_type":"box","text":"Knowing your risk","page_number":6,"box":{"x":82,"y":95,"width":167,"height":13}},{"id":"d6bc47a3-5e3b-4702-b47a-4f87a96f684c","block_type":"box","text":"It is important for potential investors to evaluate","page_number":6,"box":{"x":81,"y":124,"width":394,"height":12}},{"id":"f0781919-acee-49a0-aac8-e3d9d840a92f","block_type":"box","text":"the risks described below and in the fund’s Key","page_number":6,"box":{"x":81,"y":140,"width":395,"height":12}},{"id":"508bc0f8-c5c6-4865-bbc8-f9d835d5d9e8","block_type":"box","text":"Investor Document (“KID”) and prospectus","page_number":6,"box":{"x":81,"y":157,"width":394,"height":12}},{"id":"f1a0759e-3485-4d9a-bbc0-458ad9a03cfa","block_type":"box","text":"available on our website","page_number":6,"box":{"x":81,"y":173,"width":190,"height":9}},{"id":"81fcb452-00ff-4bd7-9f6c-7dbd036593cf","block_type":"box","text":"www.amundietf.com","page_number":6,"box":{"x":277,"y":173,"width":162,"height":9}},{"id":"d23d522d-84aa-4741-8cf2-ce706ed98136","block_type":"box","text":".","page_number":6,"box":{"x":442,"y":181,"width":2,"height":1}},{"id":"a99a9bef-f4a4-479d-a164-1dadaa318ea0","block_type":"box","text":"CAPITAL AT RISK","page_number":6,"box":{"x":82,"y":202,"width":137,"height":8}},{"id":"6c5f32c3-1229-4b5b-9bc4-992285f6ddaf","block_type":"box","text":"ETFs are tracking instruments. Their risk profile is","page_number":6,"box":{"x":82,"y":229,"width":393,"height":12}},{"id":"87b22781-b213-459f-a6de-c8b7e8a3ec57","block_type":"box","text":"similar to a direct investment in the underlying","page_number":6,"box":{"x":81,"y":245,"width":393,"height":12}},{"id":"3e0649df-2516-42a7-9fcd-7a7eae23a0c4","block_type":"box","text":"index. Investors’ capital is fully at risk and investors","page_number":6,"box":{"x":82,"y":261,"width":393,"height":12}},{"id":"15dc3ffe-b437-43fd-8e6f-c558796ae8b0","block_type":"box","text":"may not get back the amount originally invested.","page_number":6,"box":{"x":82,"y":278,"width":383,"height":12}},{"id":"cbe8291f-e2ca-4fd7-b311-4d33a06b91a1","block_type":"box","text":"UNDERLYING RISK","page_number":6,"box":{"x":82,"y":306,"width":152,"height":9}},{"id":"bb2d0034-5276-489b-8196-ca05c9dc7660","block_type":"box","text":"The underlying index of an ETF may be complex","page_number":6,"box":{"x":81,"y":334,"width":395,"height":12}},{"id":"1c0ed765-519a-4c9c-b311-f46afd511459","block_type":"box","text":"and volatile. For example, ETFs exposed to","page_number":6,"box":{"x":81,"y":350,"width":394,"height":12}},{"id":"cc4bbcc9-0935-4446-8d1f-ca1ec118d808","block_type":"box","text":"Emerging Markets carry a greater risk of potential","page_number":6,"box":{"x":82,"y":366,"width":393,"height":12}},{"id":"58133d16-d345-47f5-b3e2-230a71efe9d0","block_type":"box","text":"loss than investment in Developed Markets as they","page_number":6,"box":{"x":82,"y":382,"width":394,"height":12}},{"id":"503f91a2-6cea-4679-8bfa-6dd6b2fd7885","block_type":"box","text":"are exposed to a wide range of unpredictable","page_number":6,"box":{"x":81,"y":398,"width":394,"height":12}},{"id":"d70ae387-621b-4bcb-a4d0-e325ad7438a8","block_type":"box","text":"Emerging Market risks","page_number":6,"box":{"x":82,"y":415,"width":175,"height":12}},{"id":"23780b57-6054-4e4b-995e-aa9056717e53","block_type":"box","text":".","page_number":6,"box":{"x":260,"y":422,"width":2,"height":2}},{"id":"41b05f0d-99bf-4ad4-a716-21802c67f3e2","block_type":"box","text":"REPLICATION RISK","page_number":6,"box":{"x":82,"y":443,"width":153,"height":9}},{"id":"7fcb9a0c-4c3b-4612-98df-4c4ede301f3c","block_type":"box","text":"The fund’s objectives might not be reached due to","page_number":6,"box":{"x":81,"y":471,"width":394,"height":12}},{"id":"4a5fe4fa-b0f5-4c66-af0f-4bdb101fc882","block_type":"box","text":"unexpected events on the underlying markets","page_number":6,"box":{"x":82,"y":487,"width":393,"height":12}},{"id":"aedb8b9e-4145-4a60-be33-05141e842342","block_type":"box","text":"which will impact the index calculation and the","page_number":6,"box":{"x":81,"y":503,"width":394,"height":12}},{"id":"6ba47ef4-b18f-4ad5-8f44-77e870923ee4","block_type":"box","text":"efficient fund replication","page_number":6,"box":{"x":81,"y":519,"width":191,"height":12}},{"id":"594e370d-4db1-4485-9aae-f6fb4054f8aa","block_type":"box","text":".","page_number":6,"box":{"x":274,"y":527,"width":3,"height":1}},{"id":"dc48cedb-7300-4b1f-b289-8a7c58022089","block_type":"box","text":"COUNTERPARTY RISK","page_number":6,"box":{"x":82,"y":542,"width":175,"height":9}},{"id":"afae6595-cd01-4ea2-9db3-5e98cd893228","block_type":"box","text":"Investors are exposed to risks resulting from the","page_number":6,"box":{"x":81,"y":565,"width":394,"height":12}},{"id":"d8058d38-21bd-43b0-b0a3-87ced0d58c55","block_type":"box","text":"use of an OTC swap (over","page_number":6,"box":{"x":82,"y":581,"width":257,"height":12}},{"id":"71ff43c9-2b82-4156-b916-ba25bb14ad2f","block_type":"box","text":"-","page_number":6,"box":{"x":341,"y":586,"width":4,"height":1}},{"id":"9ff9f9c5-4c76-4119-8289-2c75684bf06b","block_type":"box","text":"the","page_number":6,"box":{"x":346,"y":581,"width":24,"height":9}},{"id":"0b9769ee-28a5-4f65-a222-dbbf34a0d7ae","block_type":"box","text":"-","page_number":6,"box":{"x":372,"y":586,"width":4,"height":1}},{"id":"4e9d1083-1c3b-4a31-a4ea-a879aad2c88f","block_type":"box","text":"counter","page_number":6,"box":{"x":377,"y":582,"width":61,"height":8}},{"id":"da6cd397-052a-4249-94b2-6bc1a87b4472","block_type":"box","text":") or","page_number":6,"box":{"x":439,"y":582,"width":37,"height":10}},{"id":"bb558ac8-1d3a-4637-a89b-fa25268e2e25","block_type":"box","text":"securities lending with the respective","page_number":6,"box":{"x":81,"y":597,"width":394,"height":12}},{"id":"195b5d0a-acaa-4a14-aa6a-ec0c89e5b793","block_type":"box","text":"counterparty(","page_number":6,"box":{"x":81,"y":614,"width":107,"height":11}},{"id":"3e863c4c-03b2-4e7d-815f-348a1236d269","block_type":"box","text":"-","page_number":6,"box":{"x":189,"y":619,"width":4,"height":1}},{"id":"6b42f9a8-f247-43f2-9fce-d8d46d3dbcbf","block_type":"box","text":"ies). Counterparty(","page_number":6,"box":{"x":195,"y":614,"width":152,"height":11}},{"id":"5f8073fc-5dc8-4deb-8080-edc5e52ad5f1","block_type":"box","text":"-","page_number":6,"box":{"x":349,"y":619,"width":4,"height":1}},{"id":"c94927b1-66fd-4066-9c17-f9bd596893ef","block_type":"box","text":"ies) are credit","page_number":6,"box":{"x":355,"y":613,"width":121,"height":11}},{"id":"f07460f9-7193-48c3-9aff-e2a98c4f91b8","block_type":"box","text":"institution(s) whose name(s) can be found on the","page_number":6,"box":{"x":82,"y":629,"width":393,"height":11}},{"id":"ac3c7e4d-c628-4f20-a7d8-c8cc7f9ce168","block_type":"box","text":"fund’s website amundietf.com. In line with the","page_number":6,"box":{"x":81,"y":645,"width":394,"height":10}},{"id":"e9563a28-1c37-4267-91b4-2995547dd263","block_type":"box","text":"UCITS guidelines, the exposure to the","page_number":6,"box":{"x":82,"y":662,"width":393,"height":12}},{"id":"d187be18-ae6b-4663-b634-e75834874beb","block_type":"box","text":"counterparty cannot exceed 1","page_number":6,"box":{"x":81,"y":678,"width":254,"height":12}},{"id":"d462701a-e8f7-4976-bfeb-50333a9eaf97","block_type":"box","text":"0% of the total","page_number":6,"box":{"x":340,"y":678,"width":135,"height":9}},{"id":"787751fd-da83-411d-859b-f0cceb201c2b","block_type":"box","text":"assets of the fund.","page_number":6,"box":{"x":81,"y":694,"width":144,"height":9}},{"id":"0488e71d-2378-4c88-857d-95d1951759ae","block_type":"box","text":"CURRENCY RISK","page_number":6,"box":{"x":510,"y":100,"width":131,"height":9}},{"id":"2358bd10-1093-4c5d-86dd-07d29456d8b7","block_type":"box","text":"An ETF may be exposed to currency risk if the ETF","page_number":6,"box":{"x":509,"y":128,"width":398,"height":11}},{"id":"2f2dfead-0e17-4f2f-83dd-af46ce0f42ab","block_type":"box","text":"is denominated in a currency different to that of","page_number":6,"box":{"x":510,"y":144,"width":398,"height":12}},{"id":"3100a5a0-dd8c-45c0-8b41-0dc8a6c8f5c2","block_type":"box","text":"the underlying index securities it is tracking. This","page_number":6,"box":{"x":509,"y":160,"width":398,"height":12}},{"id":"a726d006-3941-4b98-aabd-211bd4bc8f2e","block_type":"box","text":"means that exchange rate fluctuations could have","page_number":6,"box":{"x":511,"y":176,"width":396,"height":12}},{"id":"5c5a88be-6b90-4da5-b3ff-7f8f4e39c32c","block_type":"box","text":"a negative or positive effect on returns.","page_number":6,"box":{"x":510,"y":192,"width":308,"height":12}},{"id":"505fb27a-49cc-400e-9d5c-e34bb92e38a3","block_type":"box","text":"LIQUIDITY RISK","page_number":6,"box":{"x":511,"y":221,"width":128,"height":10}},{"id":"e433ad60-8c04-4f2a-81c3-0b25a47cbf38","block_type":"box","text":"There is a risk associated with the markets to which","page_number":6,"box":{"x":509,"y":249,"width":397,"height":9}},{"id":"67e7ad83-6699-4baa-a660-bb66012b49f4","block_type":"box","text":"the ETF is exposed. The price and the value of","page_number":6,"box":{"x":509,"y":265,"width":399,"height":11}},{"id":"5531ad4f-71fa-4698-886e-5589e211cf41","block_type":"box","text":"investments are linked to the liquidity risk of the","page_number":6,"box":{"x":510,"y":281,"width":397,"height":12}},{"id":"66d7395d-d4f2-4fcc-b6c4-b1bbbabcf578","block_type":"box","text":"underlying index securities. Investments can go up","page_number":6,"box":{"x":510,"y":297,"width":397,"height":12}},{"id":"ca09a8f9-8cc4-46ef-b5ca-9125f63d81e5","block_type":"box","text":"or down. In addition, on the secondary market","page_number":6,"box":{"x":510,"y":313,"width":397,"height":12}},{"id":"edb8a05f-b75d-4c94-b465-cea413e7e461","block_type":"box","text":"liquidi","page_number":6,"box":{"x":511,"y":329,"width":45,"height":12}},{"id":"2752a814-d3e9-4866-9851-a383ac15b958","block_type":"box","text":"ty is provided by registered market makers","page_number":6,"box":{"x":558,"y":329,"width":349,"height":12}},{"id":"f4e2970b-bdf9-4b99-b7c2-ca0500ef113c","block_type":"box","text":"on the respective stock exchange where the ETF is","page_number":6,"box":{"x":510,"y":345,"width":397,"height":12}},{"id":"614c7b09-b00b-4e14-9426-ee899eb84e36","block_type":"box","text":"listed. On exchange, liquidity may be limited as a","page_number":6,"box":{"x":511,"y":362,"width":395,"height":12}},{"id":"a706103e-197f-4cb2-9743-c4853232a04d","block_type":"box","text":"result of","page_number":6,"box":{"x":511,"y":378,"width":68,"height":9}},{"id":"62cf14a3-eb9a-4163-92a0-9e6aadceabb7","block_type":"box","text":"a suspension in the underlying market","page_number":6,"box":{"x":587,"y":378,"width":320,"height":12}},{"id":"ca6d2db9-3ec1-42bd-b649-a98246a69e52","block_type":"box","text":"represented by the underlying index tracked by the","page_number":6,"box":{"x":511,"y":394,"width":396,"height":12}},{"id":"4113de91-4ad6-4391-9df7-fc07862f4932","block_type":"box","text":"ETF; a failure in the systems of one of the relevant","page_number":6,"box":{"x":511,"y":410,"width":396,"height":12}},{"id":"ef88ccd7-0f2f-4ea3-944b-aa013dc305e3","block_type":"box","text":"stock exchanges, or other market","page_number":6,"box":{"x":510,"y":426,"width":267,"height":12}},{"id":"e4a6fc00-dffa-4591-831b-17f0e63d1469","block_type":"box","text":"-","page_number":6,"box":{"x":779,"y":432,"width":4,"height":1}},{"id":"b9498372-a206-4dbb-83fb-89dbfe7e41f4","block_type":"box","text":"maker systems;","page_number":6,"box":{"x":785,"y":426,"width":122,"height":12}},{"id":"6563fa44-e60a-413f-addd-0115cbd958aa","block_type":"box","text":"or an abnormal trading situation or event.","page_number":6,"box":{"x":510,"y":443,"width":330,"height":11}},{"id":"c6dc98bb-e043-4cd4-b6ea-da974f2aa39b","block_type":"box","text":"VOLATILITY RISK","page_number":6,"box":{"x":509,"y":471,"width":140,"height":9}},{"id":"08c07348-d0bd-4d36-bdef-4209473f0406","block_type":"box","text":"The ETF is exposed to changes in the volatility","page_number":6,"box":{"x":509,"y":493,"width":398,"height":12}},{"id":"ce64b831-a404-4bc4-8e7c-5b7af5607a53","block_type":"box","text":"patterns of the underlying index relevant markets.","page_number":6,"box":{"x":511,"y":509,"width":395,"height":12}},{"id":"7f43ea2b-b59a-410c-8ac5-0318c2f91ead","block_type":"box","text":"The ETF value can change rapidly and","page_number":6,"box":{"x":509,"y":525,"width":397,"height":12}},{"id":"ebbefbaa-048b-4624-a0a6-736635762c39","block_type":"box","text":"unpredictably, and potentially move in a large","page_number":6,"box":{"x":510,"y":541,"width":397,"height":12}},{"id":"107797b0-0f6e-42db-af66-dbcf653ff9b0","block_type":"box","text":"magnitude, up or down.","page_number":6,"box":{"x":511,"y":557,"width":187,"height":12}},{"id":"64a0d2f0-5ced-44c3-a322-2b93e25e4a6f","block_type":"box","text":"CONCENTRATION RISK","page_number":6,"box":{"x":510,"y":581,"width":189,"height":9}},{"id":"2cda9914-7838-465f-b816-97263f0eeedd","block_type":"box","text":"ETFs can select a large portion of their assets in a","page_number":6,"box":{"x":511,"y":604,"width":395,"height":12}},{"id":"092db840-56ba-4e71-9eaa-c9fc03c3a51a","block_type":"box","text":"particular issuer, industry, stocks or type of bonds,","page_number":6,"box":{"x":511,"y":620,"width":395,"height":12}},{"id":"9948abc9-4e30-4697-a208-a5c4398ce314","block_type":"box","text":"country or region for their portfolio. Where","page_number":6,"box":{"x":510,"y":636,"width":396,"height":12}},{"id":"cf16afef-163d-409d-8648-cb9a76cc28bf","block_type":"box","text":"selection rules are extensive, it can lead to a more","page_number":6,"box":{"x":510,"y":653,"width":397,"height":10}},{"id":"15516864-c88c-470c-9b51-113386a2c4b9","block_type":"box","text":"concentrated portfolio where risk is spread over","page_number":6,"box":{"x":510,"y":669,"width":397,"height":12}},{"id":"2ab7c0bf-7c5d-43b3-97c3-2ead60efd651","block_type":"box","text":"fe","page_number":6,"box":{"x":509,"y":685,"width":15,"height":9}},{"id":"ef3ffa9f-474a-4591-a88b-3476b8b47a46","block_type":"box","text":"wer stocks. Where selection rules are extensive,","page_number":6,"box":{"x":525,"y":685,"width":381,"height":11}},{"id":"f36a079a-fb98-427b-a9f2-79a4daac3af3","block_type":"box","text":"it can lead to a more concentrated portfolio where","page_number":6,"box":{"x":510,"y":701,"width":397,"height":12}},{"id":"20881358-2976-4ae2-8256-1a7067e6d132","block_type":"box","text":"risk is spread over fewer stocks. This can mean","page_number":6,"box":{"x":511,"y":717,"width":395,"height":12}},{"id":"c99aaf6f-eae8-4c34-ae53-1c8ad1ef0a01","block_type":"box","text":"both higher volatility and a greater risk of loss.","page_number":6,"box":{"x":511,"y":733,"width":364,"height":12}},{"id":"9741ac30-e784-446a-b9e7-0f97410fe3cc","block_type":"box","text":"MARKETING COMMUNICATION","page_number":7,"box":{"x":85,"y":11,"width":213,"height":8}},{"id":"605a0bb6-7996-4912-851c-a0452ffa5266","block_type":"box","text":"-","page_number":7,"box":{"x":303,"y":15,"width":4,"height":1}},{"id":"57125c4f-40bc-48af-b838-5bb9813c1513","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":7,"box":{"x":312,"y":11,"width":390,"height":9}},{"id":"f54e95be-fdcf-4e49-8ed5-423e4b73c2d5","block_type":"box","text":"7","page_number":7,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"f7c6629a-7fba-454e-ad88-20285858614c","block_type":"box","text":"-","page_number":7,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"eecb9516-bcab-4d45-a737-729815ad32d5","block_type":"box","text":"ETF","page_number":7,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"217dc76c-6259-41b4-bb34-7febe3e28a95","block_type":"box","text":"Investment","page_number":7,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"9078f972-8c59-43be-a610-1c3af0756953","block_type":"box","text":"& Product","page_number":7,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"de4674a0-9d9d-4ddd-856c-694480fc577e","block_type":"box","text":"Strategy","page_number":7,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"30c2f19d-9650-41aa-afb0-1c696ad28991","block_type":"box","text":"-","page_number":7,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"289eaad2-9610-41d4-9139-875f75cd9e4d","block_type":"box","text":"Weekly Pulse","page_number":7,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"51e2ef98-1830-4192-9cf5-cb770b817b8a","block_type":"box","text":"-","page_number":7,"box":{"x":418,"y":960,"width":4,"height":0}},{"id":"d71b41f4-c983-4899-932b-0bcf17d0bdc8","block_type":"box","text":"23 October 2026","page_number":7,"box":{"x":433,"y":954,"width":103,"height":8}},{"id":"5f65c073-5920-4e31-99a1-f9c08876d0be","block_type":"box","text":"Amundi ETF","page_number":7,"box":{"x":795,"y":953,"width":118,"height":10}},{"id":"ecca2798-ade8-4f7f-a8ce-2a15e4246cba","block_type":"box","text":"Important information","page_number":7,"box":{"x":81,"y":72,"width":124,"height":9}},{"id":"9be0ce2a-37e4-4fdd-b16e-0befd9751f58","block_type":"box","text":"This material is solely for the attention of professional and eligible counterparties, as","page_number":7,"box":{"x":81,"y":84,"width":421,"height":8}},{"id":"803748e6-0f79-4eea-a5d4-deae7b7ffd82","block_type":"box","text":"defined in Directive MIF 2014/65/UE of the European Parliament acting solely and","page_number":7,"box":{"x":81,"y":95,"width":408,"height":8}},{"id":"c8b7ac0e-f54f-4a7f-aa07-d223f7b878e8","block_type":"box","text":"exclusively on their own account. It is not directed at retail clients. In Switzerlan","page_number":7,"box":{"x":81,"y":106,"width":393,"height":9}},{"id":"81ec399a-1863-4a01-b6a0-9c14b74ac3ed","block_type":"box","text":"d, it is","page_number":7,"box":{"x":475,"y":106,"width":28,"height":8}},{"id":"06189936-5a33-4754-aece-522f4e0fc3ca","block_type":"box","text":"solely for the attention of qualified investors within the meaning of Article 10","page_number":7,"box":{"x":81,"y":118,"width":382,"height":8}},{"id":"ad888895-460a-47b9-bd78-9c282355825a","block_type":"box","text":"paragraph 3 a), b), c) and d) of the Federal Act on Collective Investment Scheme of","page_number":7,"box":{"x":82,"y":129,"width":410,"height":8}},{"id":"49523507-7139-4b6d-baba-0354b3769803","block_type":"box","text":"June 23, 2006.","page_number":7,"box":{"x":80,"y":141,"width":70,"height":7}},{"id":"4bb0733b-fd8e-4f5a-97fe-36cc864119b9","block_type":"box","text":"This information is not for distribution and does not constitute an offer to sell or the","page_number":7,"box":{"x":81,"y":152,"width":418,"height":6}},{"id":"daa69023-5412-4b79-be0c-c5eda7c1ff5e","block_type":"box","text":"solicitation of any offer to buy any securities or services in the United States or in any","page_number":7,"box":{"x":81,"y":163,"width":423,"height":8}},{"id":"90696c2f-5fd7-4eea-9c7c-67720d74ec8d","block_type":"box","text":"of its territories or possessions subject to its jurisdiction to or for the","page_number":7,"box":{"x":81,"y":174,"width":339,"height":9}},{"id":"7c0eca32-8859-4be1-ab53-74e1e3f1a7d7","block_type":"box","text":"benefit of any","page_number":7,"box":{"x":423,"y":174,"width":69,"height":9}},{"id":"bc562cac-7120-4609-bd9f-22c50ae1854a","block_type":"box","text":"U.S. Person (as defined in the prospectus of the Funds or in the legal mentions","page_number":7,"box":{"x":82,"y":186,"width":391,"height":8}},{"id":"a1cfbc3f-940c-4e36-b827-d25c28d3cc86","block_type":"box","text":"section on www.amundi.com and www.amundietf.com. The Funds have not been","page_number":7,"box":{"x":81,"y":197,"width":410,"height":6}},{"id":"1456d646-c3f7-4826-b089-5692b35d54a8","block_type":"box","text":"registered in the United States under the Investment Company Act of 1940 and","page_number":7,"box":{"x":82,"y":208,"width":396,"height":9}},{"id":"496d500a-8fc4-4e33-a414-4eedccd239ba","block_type":"box","text":"units/share","page_number":7,"box":{"x":81,"y":220,"width":57,"height":6}},{"id":"d6c2cc15-ad44-42e2-bad8-567bd1f6e6e2","block_type":"box","text":"s of the Funds are not registered in the United States under the","page_number":7,"box":{"x":138,"y":220,"width":317,"height":8}},{"id":"b6aa0768-0a30-41f2-a351-ecec5559f0a9","block_type":"box","text":"Securities Act of 1933.","page_number":7,"box":{"x":81,"y":231,"width":109,"height":6}},{"id":"e0bbf969-5e81-42f5-8dad-68a82823c02f","block_type":"box","text":"This material reflects the views and opinions of the individual authors at this date","page_number":7,"box":{"x":81,"y":242,"width":405,"height":9}},{"id":"9bf4d7be-2b05-4b49-9899-c6a83a82c7cb","block_type":"box","text":"and in no way the official position or advices","page_number":7,"box":{"x":81,"y":254,"width":220,"height":8}},{"id":"1cc1cd1e-5d01-4323-8cea-8e61cff6cd3c","block_type":"box","text":"of any kind of these authors or of","page_number":7,"box":{"x":305,"y":254,"width":167,"height":8}},{"id":"7f91771d-171a-40c0-ad46-b0e6f646cb75","block_type":"box","text":"Amundi Asset Management nor any of its subsidiaries and thus does not engage","page_number":7,"box":{"x":81,"y":265,"width":406,"height":8}},{"id":"d9e24676-b166-43d2-bc66-06b10bc97577","block_type":"box","text":"the responsibility of Amundi Asset Management nor any of its subsidiaries nor of","page_number":7,"box":{"x":81,"y":276,"width":407,"height":9}},{"id":"fa39b375-857b-44aa-ae92-321b049050f6","block_type":"box","text":"any of its officers or employees. This research is not an offe","page_number":7,"box":{"x":81,"y":288,"width":295,"height":8}},{"id":"cc4cd1d0-eaa4-45a4-a0df-8bd971e5de67","block_type":"box","text":"r to sell or the solicitation","page_number":7,"box":{"x":378,"y":288,"width":123,"height":6}},{"id":"cce86d47-1fa1-4b77-aab6-3db08d6a1257","block_type":"box","text":"of an offer to buy any security in any jurisdiction where such an offer or solicitation","page_number":7,"box":{"x":81,"y":299,"width":412,"height":8}},{"id":"fec0d9c6-aa57-45c5-9d0c-10313855609a","block_type":"box","text":"would be illegal. It is explicitly stated that this document has not been prepared by","page_number":7,"box":{"x":81,"y":310,"width":412,"height":8}},{"id":"6d14739b-cce3-423b-8e36-9cb0cd03e702","block_type":"box","text":"reference to the regulatory requirements that seek t","page_number":7,"box":{"x":82,"y":322,"width":261,"height":8}},{"id":"081ba32e-74d2-4791-abf9-2bbc5957602c","block_type":"box","text":"o promote independent","page_number":7,"box":{"x":344,"y":322,"width":121,"height":8}},{"id":"e4ea1c68-dc7d-44ab-9f22-74709eac8da2","block_type":"box","text":"financial analysis. It does not constitute a personal recommendation or","page_number":7,"box":{"x":81,"y":333,"width":356,"height":8}},{"id":"27cad0ed-dc19-4944-8c17-1fbfd5e57f9c","block_type":"box","text":"take into","page_number":7,"box":{"x":440,"y":333,"width":43,"height":6}},{"id":"90d5da40-fa12-43e7-bb30-3bda3e2289ff","block_type":"box","text":"account the particular investment objectives, financial situations, or needs of","page_number":7,"box":{"x":81,"y":344,"width":384,"height":9}},{"id":"40ea6232-d02d-4e80-b691-e8abcadddf47","block_type":"box","text":"individual clients. Neither Amundi Asset Management nor any of its subsidiaries","page_number":7,"box":{"x":81,"y":356,"width":400,"height":8}},{"id":"28d7a189-b5f7-44e7-b9e2-dd221de4967e","block_type":"box","text":"accept liability, whether direct or indirect, that may result from using any","page_number":7,"box":{"x":81,"y":367,"width":363,"height":8}},{"id":"00ae5b18-66f5-447d-a0fe-4a72d3cba72f","block_type":"box","text":"informati","page_number":7,"box":{"x":81,"y":378,"width":46,"height":7}},{"id":"109e119c-163f-4878-b2b7-e281fd30bcfb","block_type":"box","text":"on contained in this document or from any decision taken the basis of the","page_number":7,"box":{"x":128,"y":378,"width":369,"height":9}},{"id":"1567aa13-29de-49bf-8d7b-08c043b4f63e","block_type":"box","text":"information contained in this document. Clients should consider whether any advice","page_number":7,"box":{"x":81,"y":389,"width":422,"height":9}},{"id":"1c45380a-f47c-470a-b9a0-267343afac02","block_type":"box","text":"or recommendation in this research is suitable for their particular circumstances","page_number":7,"box":{"x":81,"y":401,"width":402,"height":8}},{"id":"b412fd4a-57e4-4af1-a209-eaa4798cd2ed","block_type":"box","text":"and, if appropriate, seek professional advice, including tax advice. Our salespeople,","page_number":7,"box":{"x":81,"y":412,"width":415,"height":8}},{"id":"c668ecb5-0f29-4b56-8ec9-63e27181c214","block_type":"box","text":"traders, and other professionals may provide oral or written market commentary or","page_number":7,"box":{"x":81,"y":424,"width":421,"height":8}},{"id":"0240ccf0-388f-4d42-b73b-0f5e39d9397b","block_type":"box","text":"trading strategies to our clients and principal trading desks that reflect opinions tha","page_number":7,"box":{"x":81,"y":435,"width":417,"height":8}},{"id":"aaf394f8-398a-4345-bfb0-7720c5e1b36b","block_type":"box","text":"t","page_number":7,"box":{"x":499,"y":436,"width":4,"height":5}},{"id":"68c3e9ea-75db-416f-b0fe-bcc888c88584","block_type":"box","text":"are contrary to the opinions expressed in this research. Our asset management","page_number":7,"box":{"x":81,"y":446,"width":399,"height":8}},{"id":"f32b61c0-173d-40dd-9bdd-740449508505","block_type":"box","text":"area, principal trading desks and investing businesses may make investment","page_number":7,"box":{"x":81,"y":458,"width":386,"height":8}},{"id":"91602657-867f-46d8-a2c8-eb946b5e50d9","block_type":"box","text":"decisions that are inconsistent with the recommendations or views expressed in this","page_number":7,"box":{"x":81,"y":469,"width":423,"height":8}},{"id":"02549794-975f-48e5-8c8b-54dedee88ffc","block_type":"box","text":"research.","page_number":7,"box":{"x":82,"y":480,"width":45,"height":7}},{"id":"aa970b0c-c934-4e3c-ae94-986a8b293600","block_type":"box","text":"This document is of a commercial nature. The funds described in this document","page_number":7,"box":{"x":81,"y":491,"width":412,"height":7}},{"id":"74105d81-5147-440d-b47f-a8fa9349c8cd","block_type":"box","text":"(the “Funds”) may not be available to all investors and may not be registered for","page_number":7,"box":{"x":81,"y":503,"width":412,"height":8}},{"id":"b4d07b4a-857d-4805-b59b-e3a5f388713a","block_type":"box","text":"public distribution with the relevant authorities in all countries. It is each investor’s","page_number":7,"box":{"x":82,"y":514,"width":411,"height":8}},{"id":"72d9dc54-19aa-4ee6-bf50-2dcb5dba5335","block_type":"box","text":"respon","page_number":7,"box":{"x":82,"y":527,"width":34,"height":7}},{"id":"0bf7034b-9764-4dc8-b437-653bf9e8f744","block_type":"box","text":"sibility to ascertain that they are authorised to subscribe, or invest into this","page_number":7,"box":{"x":117,"y":525,"width":376,"height":9}},{"id":"e98cbe16-ca82-44e0-a3c1-bae09f6b8ea8","block_type":"box","text":"product. Prior to investing in the product, investors should seek independent","page_number":7,"box":{"x":82,"y":537,"width":411,"height":8}},{"id":"dff20fd2-92d0-412f-a878-f6e5f730392d","block_type":"box","text":"financial, tax, accounting and legal advice.","page_number":7,"box":{"x":81,"y":548,"width":209,"height":8}},{"id":"d09b7475-e817-4f75-975b-9836ff74eb5e","block_type":"box","text":"This is a promotional and non","page_number":7,"box":{"x":81,"y":559,"width":166,"height":9}},{"id":"e54ab8ec-8d60-4347-a30a-ae9406958af7","block_type":"box","text":"-","page_number":7,"box":{"x":249,"y":563,"width":2,"height":1}},{"id":"9c7ae717-3acc-4ae0-9117-2a6591e074c9","block_type":"box","text":"contractual information which should not be","page_number":7,"box":{"x":252,"y":559,"width":241,"height":7}},{"id":"dcd1317b-2c1b-46e8-9fbe-a8eae0b50c51","block_type":"box","text":"regarded as an investment advice or an investment recommendation, a solicitation","page_number":7,"box":{"x":82,"y":571,"width":411,"height":8}},{"id":"674ce9cd-af9d-49a4-bd2c-57ee26ddb283","block_type":"box","text":"of an investment, an offer or a purchase, from Amundi Asset Management","page_number":7,"box":{"x":81,"y":582,"width":412,"height":8}},{"id":"f6d86df5-0b77-4db8-83e6-acbdecee0edd","block_type":"box","text":"(“Amundi”) nor any of its subs","page_number":7,"box":{"x":81,"y":593,"width":147,"height":9}},{"id":"eab3969d-9208-43fa-ab3a-2095c260d56a","block_type":"box","text":"idiaries.","page_number":7,"box":{"x":229,"y":593,"width":38,"height":7}},{"id":"d9facda4-c051-40cf-946e-36f20e09b348","block_type":"box","text":"The Funds are Amundi UCITS ETFs and Amundi ETF designates the ETF business of","page_number":7,"box":{"x":81,"y":605,"width":413,"height":8}},{"id":"8abfee7c-acfb-4da8-830d-93c583e4617f","block_type":"box","text":"Amundi.","page_number":7,"box":{"x":81,"y":616,"width":42,"height":6}},{"id":"bb2d40f3-94ee-485c-a7e1-6b7b02cd6644","block_type":"box","text":"Amundi UCITS ETFs are passively","page_number":7,"box":{"x":81,"y":627,"width":171,"height":9}},{"id":"59760afb-55a3-4612-b91d-42d7ab44ed3d","block_type":"box","text":"-","page_number":7,"box":{"x":252,"y":631,"width":3,"height":1}},{"id":"883bdf88-a045-4676-b759-b6f5ca5f1f7d","block_type":"box","text":"managed","page_number":7,"box":{"x":256,"y":627,"width":47,"height":9}},{"id":"df49dbe6-aed3-4065-b460-de9e90676628","block_type":"box","text":"index","page_number":7,"box":{"x":308,"y":627,"width":28,"height":7}},{"id":"80517de2-6d66-4ac9-b008-dec7231a616a","block_type":"box","text":"-","page_number":7,"box":{"x":336,"y":631,"width":3,"height":1}},{"id":"79ea42c4-5043-4f5e-a65a-ac0b72d8bb84","block_type":"box","text":"tracking funds. The Funds are","page_number":7,"box":{"x":339,"y":627,"width":154,"height":9}},{"id":"7b3036b0-e568-483e-8ba5-c912293e4cfd","block_type":"box","text":"French, Luxembourg open ended mutual investment funds respectively approved","page_number":7,"box":{"x":82,"y":639,"width":411,"height":8}},{"id":"fa8418f3-5579-497f-85f9-39ab77b3ab2b","block_type":"box","text":"by the French Autorité des Marchés Financiers, the Luxembourg Commission de","page_number":7,"box":{"x":82,"y":650,"width":411,"height":8}},{"id":"8b19cd1b-d129-4cca-bb39-8e26dfe605fa","block_type":"box","text":"Surveillance du Secteur Financier, and authorised for marketing of","page_number":7,"box":{"x":81,"y":661,"width":343,"height":9}},{"id":"920e2037-7763-4a74-8d77-f505b4b79c11","block_type":"box","text":"their units or","page_number":7,"box":{"x":427,"y":661,"width":67,"height":7}},{"id":"a749919d-1c12-4c4a-a7eb-3b79b921acd8","block_type":"box","text":"shares in various European countries (the Marketing Countries) pursuant to the","page_number":7,"box":{"x":81,"y":673,"width":412,"height":8}},{"id":"5f5d4ee7-6c3f-4150-b2bb-64fc7fa1a6a3","block_type":"box","text":"article 93 of the 2009/65/EC Directive.","page_number":7,"box":{"x":81,"y":684,"width":186,"height":6}},{"id":"0344a955-bd13-4342-8459-ded57b83db2a","block_type":"box","text":"The Funds can be French Fonds Communs de Placement (FCPs) and also be sub","page_number":7,"box":{"x":81,"y":695,"width":409,"height":8}},{"id":"5250febd-2ac1-43c2-b1c6-68b9d956efd1","block_type":"box","text":"funds of the following umbrella structures:","page_number":7,"box":{"x":81,"y":707,"width":213,"height":8}},{"id":"40fb7864-e234-44a7-b7dc-243265dfd96a","block_type":"box","text":"-","page_number":7,"box":{"x":81,"y":722,"width":3,"height":0}},{"id":"f01b04e2-10b6-4d19-b027-07ab9c78cfb5","block_type":"box","text":"Amundi Index Solutions, Luxembourg SICAV, RCS B206810, located 5, allée","page_number":7,"box":{"x":89,"y":718,"width":404,"height":8}},{"id":"bea524c6-34cd-4391-95b7-f2711dd4c53d","block_type":"box","text":"Scheffer, L","page_number":7,"box":{"x":81,"y":729,"width":52,"height":8}},{"id":"547131e7-9673-4400-80bf-781b68b2290a","block_type":"box","text":"-","page_number":7,"box":{"x":133,"y":733,"width":3,"height":1}},{"id":"e97f2e54-b5c4-48cf-b25b-e7094e9aad6b","block_type":"box","text":"2520, managed by Amundi Luxembourg S.A.","page_number":7,"box":{"x":137,"y":729,"width":225,"height":9}},{"id":"e0e50e8a-719f-4ebb-9e42-2cc7287fe3b4","block_type":"box","text":"-","page_number":7,"box":{"x":81,"y":744,"width":3,"height":1}},{"id":"85a49929-f059-4725-900a-d68c2c4d6490","block_type":"box","text":"Multi Units France, French SICAV, RCS 441 298 163, located 91","page_number":7,"box":{"x":90,"y":741,"width":326,"height":7}},{"id":"a75c78e8-d53b-47ef-9f1d-8cf98137a1bd","block_type":"box","text":"-","page_number":7,"box":{"x":419,"y":744,"width":3,"height":1}},{"id":"960233be-f764-4cfc-99aa-0011bae1e5bd","block_type":"box","text":"93, boulevard","page_number":7,"box":{"x":423,"y":741,"width":70,"height":7}},{"id":"5ada33f1-444f-4da8-99ea-5402f55c356d","block_type":"box","text":"Pasteur, 75015 Paris, France managed by Amundi Asset Management located 91","page_number":7,"box":{"x":82,"y":752,"width":406,"height":8}},{"id":"f9de70c0-d21c-4f4a-8dfe-50cd69b2cbd6","block_type":"box","text":"-","page_number":7,"box":{"x":491,"y":756,"width":3,"height":0}},{"id":"889675ed-1af0-43e5-bb63-f26a3faf925b","block_type":"box","text":"93, boulevard Pasteur, 75015 Paris","page_number":7,"box":{"x":81,"y":763,"width":173,"height":8}},{"id":"bcf7525c-78c3-4644-97bb-7446c3ae2a70","block_type":"box","text":"-","page_number":7,"box":{"x":81,"y":778,"width":3,"height":1}},{"id":"599823cd-86c2-4fd2-a815-b9f0654c1e63","block_type":"box","text":"Multi Units Luxembourg, RCS B115129, Luxembourg SICAV located 9, rue de","page_number":7,"box":{"x":89,"y":775,"width":404,"height":8}},{"id":"2b969180-b4fd-49d3-9764-af3d37b6581b","block_type":"box","text":"Bitbourg, L","page_number":7,"box":{"x":82,"y":786,"width":55,"height":8}},{"id":"ebdb76ca-46f5-43fd-b9f9-f065a6e790ef","block_type":"box","text":"-","page_number":7,"box":{"x":137,"y":790,"width":3,"height":0}},{"id":"66d46864-fb2a-4f71-ae63-5bd827beb4fe","block_type":"box","text":"1273 Luxembourg, managed by Amundi Luxembourg S.A. located 5,","page_number":7,"box":{"x":141,"y":786,"width":352,"height":8}},{"id":"8bcbb23a-ec61-4c4d-b0b1-86e833ae27f8","block_type":"box","text":"allée Scheffer, L","page_number":7,"box":{"x":81,"y":797,"width":78,"height":8}},{"id":"bfd803a2-0f13-4fb4-be05-eb95ba633e43","block_type":"box","text":"-","page_number":7,"box":{"x":159,"y":801,"width":3,"height":1}},{"id":"85666338-9d8e-45ad-ab2a-2b12a7a72320","block_type":"box","text":"2520 Luxembourg","page_number":7,"box":{"x":163,"y":797,"width":92,"height":9}},{"id":"6204c78e-143b-4452-8b53-6d3ca986d753","block_type":"box","text":"Before any","page_number":7,"box":{"x":520,"y":72,"width":57,"height":9}},{"id":"f00894b6-0a9a-4e35-9ece-7643e7c26a5f","block_type":"box","text":"subscriptions","page_number":7,"box":{"x":583,"y":72,"width":67,"height":9}},{"id":"3ac3d203-2d81-4d1b-827b-1a993895f07a","block_type":"box","text":", the potential investor must read the offering","page_number":7,"box":{"x":651,"y":72,"width":250,"height":9}},{"id":"e20bb4a8-29fb-44cf-a46e-0d223b2323b5","block_type":"box","text":"documents (KID and prospectus) of the Funds. The prospectus in French for","page_number":7,"box":{"x":520,"y":84,"width":382,"height":8}},{"id":"9db3fbdc-bf45-4786-a5f2-616644d9172b","block_type":"box","text":"French UCITS ETFs, and in English for Luxembourg UCITS ETFs, and the KID","page_number":7,"box":{"x":520,"y":95,"width":382,"height":8}},{"id":"f31d8af3-ad9f-466f-9f11-24395d29fde6","block_type":"box","text":"in the local languages of the Marketing Countries are availab","page_number":7,"box":{"x":520,"y":106,"width":301,"height":9}},{"id":"0b6374bd-8281-4121-b514-7d41f8f9108a","block_type":"box","text":"le free of charge","page_number":7,"box":{"x":822,"y":106,"width":80,"height":9}},{"id":"a93185c3-ceca-4329-aca0-c8e5ed295ee3","block_type":"box","text":"on www.amundi.com or www.amundietf.com. They are also available from","page_number":7,"box":{"x":520,"y":118,"width":381,"height":8}},{"id":"1d17cf8f-81f0-4c29-894c-16519fdf696b","block_type":"box","text":"the headquarters of Amundi Luxembourg S.A. (as the management","page_number":7,"box":{"x":519,"y":129,"width":383,"height":8}},{"id":"810109b3-c043-4082-ae0c-6d65c993d28b","block_type":"box","text":"company of Amundi Index Solutions and Multi Units Luxembourg), or the","page_number":7,"box":{"x":520,"y":140,"width":381,"height":9}},{"id":"9a8f4a7c-f494-42c9-8d8c-70683a358140","block_type":"box","text":"headquarters of Amundi Asset Manageme","page_number":7,"box":{"x":520,"y":152,"width":214,"height":8}},{"id":"ddc4ebda-9c0c-43f0-8034-21b5de50cf45","block_type":"box","text":"nt (as the management company","page_number":7,"box":{"x":735,"y":152,"width":167,"height":8}},{"id":"3dd20fa2-6322-446d-9424-b52ea4367904","block_type":"box","text":"of Amundi ETF French FCPs and Multi Units France). For more information","page_number":7,"box":{"x":520,"y":163,"width":381,"height":8}},{"id":"f111bb64-446f-4360-a374-e8269189da1f","block_type":"box","text":"related to the stocks exchanges where the ETF is","page_number":7,"box":{"x":520,"y":174,"width":252,"height":9}},{"id":"b267cdb5-3701-4e6e-b379-e2ad19a29277","block_type":"box","text":"listed please refer to the","page_number":7,"box":{"x":777,"y":174,"width":125,"height":9}},{"id":"9a88eea5-4b60-462d-837b-a52b59bc9154","block_type":"box","text":"fund’s webpage on amundietf.com.","page_number":7,"box":{"x":519,"y":186,"width":178,"height":8}},{"id":"623aad65-b2dd-4d8c-9ae3-10eb68d8ec1f","block_type":"box","text":"Investment in a fund carries a substantial degree of risk (i.e. risks are detailed","page_number":7,"box":{"x":520,"y":197,"width":381,"height":8}},{"id":"d1f24fb4-9b34-4fcc-a57f-ff0c088e429b","block_type":"box","text":"in the KID and prospectus). Past Performance does not predict future","page_number":7,"box":{"x":520,"y":208,"width":381,"height":9}},{"id":"9d253b9c-f2ac-4aee-808c-32f1239ea92f","block_type":"box","text":"returns. Investment return and the principal value of an investment in funds","page_number":7,"box":{"x":520,"y":220,"width":382,"height":8}},{"id":"0ab94ed6-7a87-4994-bb8a-4b6a525dd8d1","block_type":"box","text":"or other investment product","page_number":7,"box":{"x":520,"y":231,"width":144,"height":8}},{"id":"af6d0751-4cb1-410f-a6d5-260477d3ea57","block_type":"box","text":"may go up or down and may result in the loss","page_number":7,"box":{"x":668,"y":231,"width":234,"height":8}},{"id":"0f748f12-0205-40c1-9adc-09bebac0ea73","block_type":"box","text":"of the amount originally invested. All investors should seek professional","page_number":7,"box":{"x":520,"y":242,"width":381,"height":9}},{"id":"abe2bd35-e417-4f13-83d3-fb01faf2b81d","block_type":"box","text":"advice prior to any investment decision, in order to","page_number":7,"box":{"x":520,"y":254,"width":274,"height":8}},{"id":"fd13166b-598c-4691-bcb1-5393656c8683","block_type":"box","text":"determine the risks","page_number":7,"box":{"x":800,"y":254,"width":102,"height":6}},{"id":"5d93b11a-2769-4382-8e4b-c031d5fecc97","block_type":"box","text":"associated with the investment and its suitability.","page_number":7,"box":{"x":520,"y":265,"width":244,"height":8}},{"id":"0c5b1317-2d32-4b88-ae7c-b3f2e6fb6ea7","block_type":"box","text":"It is the investor’s responsibility to make sure his/her investment is in","page_number":7,"box":{"x":520,"y":276,"width":381,"height":9}},{"id":"42b93a2e-2ac6-4965-80fc-2c78854a99e4","block_type":"box","text":"compliance with the applicable laws she/he depends on, and to check if this","page_number":7,"box":{"x":520,"y":288,"width":382,"height":8}},{"id":"b88e7b24-b9a6-43c6-a682-73fd45125e02","block_type":"box","text":"investment is matching his/her investment objective with his/her patrimonial","page_number":7,"box":{"x":520,"y":299,"width":381,"height":8}},{"id":"bf2d8c49-f111-44fc-af0b-7f1556471962","block_type":"box","text":"situation (including tax aspe","page_number":7,"box":{"x":520,"y":310,"width":139,"height":8}},{"id":"9711804a-9db1-40a5-8b46-8128f30c78a3","block_type":"box","text":"cts).","page_number":7,"box":{"x":660,"y":311,"width":19,"height":7}},{"id":"9f87a26d-9a22-47e0-83be-4402e2699b2e","block_type":"box","text":"Please note that the management companies of the Funds may de","page_number":7,"box":{"x":520,"y":322,"width":349,"height":8}},{"id":"f6be2880-c91f-4b1d-949e-badc68f46e1c","block_type":"box","text":"-","page_number":7,"box":{"x":870,"y":325,"width":3,"height":1}},{"id":"bc16195d-733c-4b8b-946f-174efcd8b7d8","block_type":"box","text":"notify","page_number":7,"box":{"x":874,"y":322,"width":28,"height":8}},{"id":"d0633a37-6aa5-4418-9d90-9f4108c6fc0e","block_type":"box","text":"arrangements made for marketing as regards units/shares of the Fund in a","page_number":7,"box":{"x":520,"y":333,"width":381,"height":8}},{"id":"97db01bb-e997-4628-90f8-a94b92b453e3","block_type":"box","text":"Member State of the EU or the","page_number":7,"box":{"x":520,"y":344,"width":170,"height":7}},{"id":"7082941e-4a58-46e9-ba6e-f28be2cece8e","block_type":"box","text":"UK in respect of which it has made a","page_number":7,"box":{"x":697,"y":344,"width":204,"height":9}},{"id":"c906fa7c-6e05-4cdc-9e30-30bebf47c51c","block_type":"box","text":"notification.","page_number":7,"box":{"x":520,"y":356,"width":58,"height":6}},{"id":"26c491ae-7d15-40f0-a22c-4ab608207565","block_type":"box","text":"A summary of information about investors’ rights and collective redress","page_number":7,"box":{"x":519,"y":367,"width":382,"height":8}},{"id":"c3c6486d-66a5-4082-9c90-2e0fab088590","block_type":"box","text":"mechanisms can be found in English on the regulatory page at","page_number":7,"box":{"x":520,"y":378,"width":382,"height":9}},{"id":"3b3e56c2-ef50-4919-ac68-7870c77ac69d","block_type":"box","text":"https://about.amundi.com/legal","page_number":7,"box":{"x":520,"y":390,"width":160,"height":8}},{"id":"51f58d2d-f735-4975-825d-151c6fbb4b8d","block_type":"box","text":"-","page_number":7,"box":{"x":681,"y":393,"width":2,"height":1}},{"id":"e62a8eb0-ec28-45eb-adc4-6085a2c8de33","block_type":"box","text":"documentation with respect to Amundi","page_number":7,"box":{"x":684,"y":390,"width":217,"height":8}},{"id":"b4b0276c-e85e-402a-8311-9f64b1569b3a","block_type":"box","text":"ETFs.","page_number":7,"box":{"x":520,"y":401,"width":24,"height":6}},{"id":"0fa91545-b9ae-4cb2-a0cc-79ab6fa1c3d8","block_type":"box","text":"This document was not reviewed, stamped or approved by any financial","page_number":7,"box":{"x":519,"y":412,"width":382,"height":8}},{"id":"a728d57c-712d-4606-bae9-eabd394d4bf7","block_type":"box","text":"authority.","page_number":7,"box":{"x":520,"y":424,"width":47,"height":8}},{"id":"272985ca-e62e-4aa9-b291-5276f56c2d23","block_type":"box","text":"This document is not intended for and no reliance can be placed on this","page_number":7,"box":{"x":519,"y":435,"width":382,"height":8}},{"id":"efe434af-be9b-4348-a1ee-95724cafa053","block_type":"box","text":"document by persons falling outside of these categories in the below","page_number":7,"box":{"x":520,"y":446,"width":382,"height":8}},{"id":"49532546-6e51-495c-928b-f394a94eab6f","block_type":"box","text":"mentioned","page_number":7,"box":{"x":520,"y":458,"width":54,"height":6}},{"id":"6dcf6f8b-7359-48d7-b5c5-52888852e3ef","block_type":"box","text":"jurisdictions. In jurisdictions other than those specified below, this","page_number":7,"box":{"x":576,"y":457,"width":326,"height":9}},{"id":"cadd98af-138a-4ef3-b970-5fb6b9e29ebf","block_type":"box","text":"document is for the sole use of the professional clients and intermediaries to","page_number":7,"box":{"x":520,"y":469,"width":382,"height":8}},{"id":"33b7c04d-3c39-419e-9787-0d1854c1065e","block_type":"box","text":"whom it is addressed. It is not to be distributed to the public or to other third","page_number":7,"box":{"x":519,"y":480,"width":382,"height":8}},{"id":"f3dbf96a-717a-4605-bc2b-794bf44da7c2","block_type":"box","text":"parties and the use of","page_number":7,"box":{"x":520,"y":491,"width":114,"height":9}},{"id":"f2febc99-3a84-411b-9154-6e9ad3202cb5","block_type":"box","text":"the information provided by anyone other than the","page_number":7,"box":{"x":637,"y":491,"width":265,"height":9}},{"id":"10ae4811-7478-4230-a087-db17c4f4c89c","block_type":"box","text":"addressee is not authorised.","page_number":7,"box":{"x":520,"y":503,"width":141,"height":6}},{"id":"97e25506-5e89-4ddc-8d52-b7c6c34b2dda","block_type":"box","text":"This material is based on sources that Amundi and/or any of her subsidiaries","page_number":7,"box":{"x":519,"y":514,"width":383,"height":8}},{"id":"6d5e3e25-5c6d-4018-896b-21472e744b3b","block_type":"box","text":"consider to be reliable at the time of publication. Data, opinions and analysis","page_number":7,"box":{"x":520,"y":525,"width":382,"height":9}},{"id":"562ac554-a072-433f-aa14-6e96790bf688","block_type":"box","text":"may be changed without notice. Amundi and/or any of her subsidiaries","page_number":7,"box":{"x":520,"y":537,"width":381,"height":8}},{"id":"9e19c1c8-4c94-4f4a-baec-ed76553fc903","block_type":"box","text":"accept no liability whatsoever","page_number":7,"box":{"x":520,"y":548,"width":146,"height":8}},{"id":"e9014e84-1523-4a01-a80e-3e2492ba069e","block_type":"box","text":", whether direct or indirect, that may arise from","page_number":7,"box":{"x":666,"y":548,"width":235,"height":8}},{"id":"013fb261-b623-4449-9f13-c22b4008eafd","block_type":"box","text":"the use of information contained in this material. Amundi and/or any of her","page_number":7,"box":{"x":519,"y":559,"width":383,"height":9}},{"id":"ddd7efdf-16d0-4c0e-8ced-87dbabc33287","block_type":"box","text":"subsidiaries can in no way be held responsible for any decision or investment","page_number":7,"box":{"x":520,"y":571,"width":382,"height":8}},{"id":"3fe82900-fa3c-4aad-967e-5f23d0ddfeb0","block_type":"box","text":"made on the basis of","page_number":7,"box":{"x":520,"y":582,"width":105,"height":6}},{"id":"6f150814-0eaf-4b41-bc45-f32b5bab3de1","block_type":"box","text":"information contained in this material.","page_number":7,"box":{"x":628,"y":582,"width":191,"height":6}},{"id":"037f7d6c-dec7-42bf-8af1-0e36971ab464","block_type":"box","text":"Updated composition of the product’s investment portfolio is available on","page_number":7,"box":{"x":520,"y":593,"width":381,"height":9}},{"id":"2b8713d4-402c-4c71-af03-0a0d032dab20","block_type":"box","text":"www.amundietf.com. Units of a specific UCITS ETF managed by an asset","page_number":7,"box":{"x":519,"y":605,"width":383,"height":8}},{"id":"b35ad51f-3c6e-48b7-93d8-e5d292b8058e","block_type":"box","text":"manager and purchased on the secondary market cannot usually be sold","page_number":7,"box":{"x":520,"y":616,"width":381,"height":8}},{"id":"b092e3d2-7d53-45d1-8d41-1f4c0efb1e2f","block_type":"box","text":"directly back to the asset manager itself. I","page_number":7,"box":{"x":520,"y":627,"width":205,"height":9}},{"id":"03b1c963-5841-4504-9b5e-5d2bed5b98f5","block_type":"box","text":"nvestors must buy and sell units on","page_number":7,"box":{"x":726,"y":627,"width":175,"height":9}},{"id":"86ecaed7-2b53-45ef-a686-f204269f34b9","block_type":"box","text":"a secondary market with the assistance of an intermediary (e.g. a","page_number":7,"box":{"x":520,"y":639,"width":381,"height":8}},{"id":"a9291ce7-aa01-4e19-af09-891169eee261","block_type":"box","text":"stockbroker) and may incur fees for doing so. In addition, investors may pay","page_number":7,"box":{"x":520,"y":650,"width":382,"height":8}},{"id":"79481a5e-cbb6-492c-8735-322a723aa5a7","block_type":"box","text":"more than the current net asset value when buying units and may receive","page_number":7,"box":{"x":520,"y":661,"width":381,"height":9}},{"id":"acb0fffd-da91-44c6-be05-6630ca4b7c60","block_type":"box","text":"less","page_number":7,"box":{"x":520,"y":673,"width":18,"height":6}},{"id":"aced7681-4596-4109-8ad8-aca31f85df98","block_type":"box","text":"than the current net asset value when selling them.","page_number":7,"box":{"x":541,"y":673,"width":257,"height":8}},{"id":"9422d133-8362-448a-91a3-e44287fb088e","block_type":"box","text":"Indices and the related trademarks used in this document are the intellectual","page_number":7,"box":{"x":520,"y":684,"width":381,"height":6}},{"id":"8fc66bd4-2d2f-4807-8eb7-378c88dcef5d","block_type":"box","text":"property of index sponsors and/or its licensors. The indices are used under","page_number":7,"box":{"x":520,"y":695,"width":382,"height":9}},{"id":"3e4b30b1-0f90-4a26-9086-57bb292c0535","block_type":"box","text":"license from index sponsors. The Funds based on the indices are in no way","page_number":7,"box":{"x":520,"y":707,"width":382,"height":8}},{"id":"f016f3f0-2fe9-4d93-ac4d-9d036b0afebb","block_type":"box","text":"sponsored, endorsed, sold or","page_number":7,"box":{"x":520,"y":718,"width":159,"height":8}},{"id":"e3f9382e-5174-4704-92d5-4168cd344aff","block_type":"box","text":"promoted by index sponsors and/or its","page_number":7,"box":{"x":686,"y":718,"width":216,"height":8}},{"id":"67885c22-31e8-4d83-933a-bb6f67bbca40","block_type":"box","text":"licensors and neither index sponsors nor its licensors shall have any liability","page_number":7,"box":{"x":520,"y":729,"width":382,"height":9}},{"id":"6217787a-f0e7-4676-a264-d7c26c2a1fdd","block_type":"box","text":"with respect thereto. The indices referred to herein (the “Index” or the","page_number":7,"box":{"x":519,"y":740,"width":382,"height":9}},{"id":"25276141-fb4d-45e7-93cf-705f04e786b0","block_type":"box","text":"“Indices”) are neither sponsored, approved or sold by Amundi nor any of its","page_number":7,"box":{"x":519,"y":752,"width":383,"height":8}},{"id":"57b59e60-8153-4e11-bac1-66dbb0951ffb","block_type":"box","text":"subsidiaries. Neither Amun","page_number":7,"box":{"x":520,"y":763,"width":139,"height":7}},{"id":"6acdbf3f-1b2f-4069-8274-6087d9ea656e","block_type":"box","text":"di nor any of its subsidiaries shall assume any","page_number":7,"box":{"x":660,"y":763,"width":242,"height":9}},{"id":"6eb17c7b-c4af-4d56-8451-fdb7c8886cf3","block_type":"box","text":"responsibility in this respect.","page_number":7,"box":{"x":520,"y":775,"width":141,"height":8}},{"id":"775defee-82a2-4784-a452-95689df4f8a0","block_type":"box","text":"In EEA Member States, the content of this document is approved by Amundi","page_number":7,"box":{"x":520,"y":786,"width":381,"height":8}},{"id":"b0e2b3a7-638f-49f1-9498-cdeac8f3084e","block_type":"box","text":"for use with Professional Clients (as defined in EU Directive 2004/39/EC) only","page_number":7,"box":{"x":519,"y":797,"width":383,"height":9}},{"id":"d052a0f1-5600-4848-bb06-f9a8c04d4b63","block_type":"box","text":"and shall not be distributed to the public.","page_number":7,"box":{"x":520,"y":809,"width":204,"height":8}},{"id":"e444e9f2-eef7-43f1-9c1e-6aab38cb999d","block_type":"box","text":"Information reputed exact as of the date mentioned above.","page_number":7,"box":{"x":520,"y":820,"width":298,"height":8}},{"id":"ceb24978-b535-4d09-b177-849b82e329a3","block_type":"box","text":"Reproduction prohibited without the written consent of Amundi.","page_number":7,"box":{"x":520,"y":831,"width":323,"height":9}},{"id":"8351a5a9-69ab-4b0d-9dda-611ed4cc320e","block_type":"box","text":"MARKETING COMMUNICATION","page_number":8,"box":{"x":85,"y":11,"width":213,"height":8}},{"id":"deaf3c66-482e-4158-924a-20497b87b2a2","block_type":"box","text":"-","page_number":8,"box":{"x":303,"y":15,"width":4,"height":1}},{"id":"7575e095-57a6-4ff8-bfa7-4c32fd0987dd","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":8,"box":{"x":312,"y":11,"width":390,"height":9}},{"id":"bd9f2d51-41aa-46bc-b8bc-c0fe75e93e72","block_type":"box","text":"8","page_number":8,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"f54c103f-a753-4096-ad66-ea99044f26da","block_type":"box","text":"-","page_number":8,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"f23eeaaa-b1a0-4b81-92b2-7c1a7ce16233","block_type":"box","text":"ETF","page_number":8,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"a46f86c4-57a1-4cad-85ae-3f658ac30ba6","block_type":"box","text":"Investment","page_number":8,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"5ff87b25-41f7-4e7b-977d-c669ad02f55b","block_type":"box","text":"& Product","page_number":8,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"b854e158-1280-49a9-b1a1-97e0b327f833","block_type":"box","text":"Strategy","page_number":8,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"1f0c5653-0ceb-4849-a985-c395f8a4e43b","block_type":"box","text":"-","page_number":8,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"1dd14c38-a4b3-4246-8c3b-3dbc969b3aff","block_type":"box","text":"Weekly Pulse","page_number":8,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"995ebf15-6f10-4f56-8724-ca2861876e58","block_type":"box","text":"-","page_number":8,"box":{"x":418,"y":960,"width":4,"height":0}},{"id":"71db8c24-6251-4f4e-8faf-dd0bddc6ee1d","block_type":"box","text":"23 October 2026","page_number":8,"box":{"x":433,"y":954,"width":103,"height":8}},{"id":"b1dde42d-34a8-4110-97ca-42bd009f5348","block_type":"box","text":"Amundi ETF","page_number":8,"box":{"x":795,"y":953,"width":118,"height":10}},{"id":"5daa766e-0a86-4734-b855-a8dac83fb35e","block_type":"box","text":"FRANCE","page_number":8,"box":{"x":70,"y":69,"width":43,"height":6}},{"id":"54ccde08-6058-4e59-b529-6f601421b246","block_type":"box","text":"Some information may constitute a general investment recommendation as defined","page_number":8,"box":{"x":69,"y":80,"width":405,"height":8}},{"id":"20ba27ed-6948-456b-9ab6-7edadc3c4f55","block_type":"box","text":"in the article 3. (35) of 596/2014/UE regulation. This material has not been produced","page_number":8,"box":{"x":69,"y":91,"width":404,"height":9}},{"id":"81619dca-88f6-4543-9e83-919c010792a6","block_type":"box","text":"with the aim","page_number":8,"box":{"x":69,"y":103,"width":59,"height":6}},{"id":"db07ae66-e162-4932-a26c-8deb0055dfb5","block_type":"box","text":"at promoting the independency of financial analysis, and Amundi, as an","page_number":8,"box":{"x":132,"y":103,"width":342,"height":8}},{"id":"4b477d60-763c-477b-9ba4-5b25da68da8f","block_type":"box","text":"investment services provider, has no restriction in negotiating any financial instruments","page_number":8,"box":{"x":69,"y":114,"width":405,"height":8}},{"id":"f23838e0-ca27-492d-93c1-89bea521384a","block_type":"box","text":"described in this material before its issue.","page_number":8,"box":{"x":69,"y":125,"width":192,"height":7}},{"id":"6d3bb4c2-ba4d-4f60-bd42-c709ddedf0a2","block_type":"box","text":"The prospectus in French for French UCITS ETFs, and in English for Luxembourg UCITS","page_number":8,"box":{"x":69,"y":137,"width":405,"height":8}},{"id":"7b766808-b79d-41a9-a1f4-31cfcbd8e122","block_type":"box","text":"ETFs, and the KID in French are available free of charge on www.amundi.com or","page_number":8,"box":{"x":70,"y":148,"width":404,"height":8}},{"id":"7c10e41d-11ca-4353-9bb3-dc0180f18deb","block_type":"box","text":"www.amundietf.com. They are also available from the headquarters of Amundi","page_number":8,"box":{"x":69,"y":159,"width":405,"height":9}},{"id":"a6344851-915b-4752-ad78-21906f2b8d4b","block_type":"box","text":"Luxembourg S.A. (as","page_number":8,"box":{"x":70,"y":171,"width":96,"height":8}},{"id":"b25c62ea-cdf7-4f70-96fc-ab90146b2a56","block_type":"box","text":"the management company of Amundi Index Solutions and Multi","page_number":8,"box":{"x":168,"y":171,"width":306,"height":8}},{"id":"3a06be3d-0d84-4742-97da-4bc783e92956","block_type":"box","text":"Units Luxembourg), or the headquarters of Amundi Asset Management (as the","page_number":8,"box":{"x":69,"y":182,"width":405,"height":8}},{"id":"daf97cea-f4f5-460a-a5fb-36eba19d43f5","block_type":"box","text":"management company of French FCPs and Multi Units France).","page_number":8,"box":{"x":69,"y":193,"width":298,"height":9}},{"id":"4e8b9dda-64cf-4681-ae0e-6373a75e7c87","block_type":"box","text":"The prospectus in English and KID of the Amundi ETF are available on","page_number":8,"box":{"x":69,"y":205,"width":405,"height":8}},{"id":"e1992352-cc5c-4838-8781-d682f19752d6","block_type":"box","text":"www.amundietf.com; and free of charge from the “centralisateur” of the Funds which","page_number":8,"box":{"x":69,"y":216,"width":405,"height":8}},{"id":"4f1de27e-31f5-474e-84d7-90ffc94d9353","block_type":"box","text":"in the case of Amundi Index Solutions SICAV, is CACEIS Bank SA, 1","page_number":8,"box":{"x":69,"y":227,"width":314,"height":8}},{"id":"58d0015b-e4b0-4e50-9da3-c6c4cfbc54fa","block_type":"box","text":"-","page_number":8,"box":{"x":386,"y":231,"width":2,"height":1}},{"id":"fdfc6239-dbfb-4782-bbef-a344a3b4ed04","block_type":"box","text":"3 place Valhubert,","page_number":8,"box":{"x":389,"y":227,"width":85,"height":9}},{"id":"1bb163b1-2161-482b-ab2d-221e8e1930ca","block_type":"box","text":"75013 Paris, France","page_number":8,"box":{"x":69,"y":239,"width":91,"height":7}},{"id":"c396abdc-399c-4cce-be77-90bb9cd5e93c","block_type":"box","text":".","page_number":8,"box":{"x":161,"y":244,"width":1,"height":1}},{"id":"b537b328-09e3-4ebe-90fe-fa20c85ba599","block_type":"box","text":"In the case of funds admitted to trading in France, trading is subject to a control","page_number":8,"box":{"x":69,"y":250,"width":404,"height":8}},{"id":"68530598-7bc9-412b-abcd-acd17063ebc1","block_type":"box","text":"mechanism to ensure that the price of the shares or units does not deviate significantly","page_number":8,"box":{"x":69,"y":261,"width":406,"height":9}},{"id":"de4c0cb8-4493-4f0e-8269-6e03a73e5586","block_type":"box","text":"from a reference value set by the rules of the regulated market on which the ETF is","page_number":8,"box":{"x":69,"y":273,"width":405,"height":8}},{"id":"3cb024cd-1dd0-4745-9e9c-25166d817366","block_type":"box","text":"traded, in particular through the implementation of a mechanism to halt trading in the","page_number":8,"box":{"x":69,"y":284,"width":405,"height":8}},{"id":"73646aa0-b470-4e95-a90b-30ce9415a65d","block_type":"box","text":"event of excessive deviation from the reference value. The Market Maker ensures that","page_number":8,"box":{"x":69,"y":295,"width":405,"height":7}},{"id":"de0037d5-0480-4b9d-b098-d946447fbfb4","block_type":"box","text":"the market price of the Funds units does not deviate more than the percentage","page_number":8,"box":{"x":69,"y":307,"width":405,"height":8}},{"id":"e21e8855-d66c-40d4-90e0-dbcbae2196f6","block_type":"box","text":"indic","page_number":8,"box":{"x":69,"y":318,"width":22,"height":6}},{"id":"e4ddba6f-79d7-4b04-b2f0-755fb50da8ad","block_type":"box","text":"ated in the prospectus of the Funds mentioned in this Document, and on the other","page_number":8,"box":{"x":91,"y":318,"width":383,"height":8}},{"id":"c47336e0-d529-469f-9bc3-5c4c6074ef9b","block_type":"box","text":"hand from the net asset value of the UCITS, in order to comply with the reservation","page_number":8,"box":{"x":69,"y":329,"width":405,"height":9}},{"id":"cbba9334-7ac0-45f4-b01f-eb9d9edd7f9a","block_type":"box","text":"thresholds set by Euronext Paris SA.","page_number":8,"box":{"x":69,"y":341,"width":168,"height":8}},{"id":"cf9b36b9-3b2e-41bd-9345-48303302108c","block_type":"box","text":"DENMARK","page_number":8,"box":{"x":70,"y":365,"width":58,"height":6}},{"id":"e9205ddc-f8d0-48a5-ad6a-44a8b2e704cf","block_type":"box","text":"For Amundi Index Solutions: The regulatory documentation of the Funds registered for","page_number":8,"box":{"x":70,"y":376,"width":404,"height":9}},{"id":"97da50a4-be5d-4931-b94b-ad3f5c750a13","block_type":"box","text":"public marketing in Denmark are available free of charge, as printed copies, from","page_number":8,"box":{"x":69,"y":388,"width":404,"height":8}},{"id":"b1cff326-8580-42ed-9987-733f89f46246","block_type":"box","text":"Deloitte Tax & Consulting, established and having its registered office at 20 boulevard","page_number":8,"box":{"x":70,"y":399,"width":404,"height":8}},{"id":"f558ecb9-3116-47b1-871c-5ca1bc24061e","block_type":"box","text":"Ko","page_number":8,"box":{"x":70,"y":411,"width":6,"height":5}},{"id":"d3d5393d-0dde-4994-9c72-7a3a990848b3","block_type":"box","text":"Kockelscheuer, L-","page_number":8,"box":{"x":76,"y":410,"width":78,"height":8}},{"id":"efee8593-a3b5-4942-bcee-74f0813dffc6","block_type":"box","text":"L-","page_number":8,"box":{"x":154,"y":414,"width":2,"height":1}},{"id":"a7fc6570-5c54-4f85-986f-841badfd9947","block_type":"box","text":"1821 Luxembourg, which acts as a facilities agent, and at","page_number":8,"box":{"x":157,"y":410,"width":318,"height":8}},{"id":"3ce381c7-b950-48ce-b6d5-988bd4bca6a1","block_type":"box","text":"www.amundietf.com","page_number":8,"box":{"x":69,"y":422,"width":100,"height":6}},{"id":"4125b6e1-00d6-4d6f-8556-8e62b8df5b5c","block_type":"box","text":"For Multi Units France and Multi Units Luxembourg: The regulatory documentation of","page_number":8,"box":{"x":70,"y":433,"width":405,"height":8}},{"id":"89197503-d371-4b5f-b5e7-4740c0a5b250","block_type":"box","text":"the Funds registered for public marketing in Denmark are available at","page_number":8,"box":{"x":69,"y":444,"width":405,"height":9}},{"id":"064342e6-d826-4342-adcd-b9766da5f4d4","block_type":"box","text":"www.amundietf.com","page_number":8,"box":{"x":69,"y":455,"width":100,"height":7}},{"id":"fd71fd37-fa91-40be-a48a-6c3d5e26d0fb","block_type":"box","text":".","page_number":8,"box":{"x":170,"y":461,"width":2,"height":1}},{"id":"181a699f-2a40-46f6-b91e-ab43e76b86f0","block_type":"box","text":"UNITED KINGDOM","page_number":8,"box":{"x":70,"y":479,"width":102,"height":6}},{"id":"1e4c4d77-a0fc-4044-9360-fdbc110532c9","block_type":"box","text":"Marketing Communication. For Professional Clients only. In the United Kingdom (the","page_number":8,"box":{"x":70,"y":490,"width":415,"height":9}},{"id":"1bf82f1c-db70-42f2-949a-426292aaba2c","block_type":"box","text":"“UK”), this marketing communication is being issued by Amundi (UK) Limited (“Amundi","page_number":8,"box":{"x":69,"y":502,"width":416,"height":8}},{"id":"fbd0ccf9-dc0b-417f-8488-57389e061045","block_type":"box","text":"UK”), 77 Coleman Street, London EC2R 5BJ, UK. Amundi UK is authorised and regulated","page_number":8,"box":{"x":69,"y":513,"width":416,"height":8}},{"id":"bd40c444-a806-454e-bc03-d402c389cb76","block_type":"box","text":"by t","page_number":8,"box":{"x":69,"y":524,"width":19,"height":9}},{"id":"659651f9-3db8-4c07-9aae-ee2d739aa21e","block_type":"box","text":"he Financial Conduct Authority (“FCA”) and entered on the FCA’s Financial Services","page_number":8,"box":{"x":88,"y":524,"width":397,"height":9}},{"id":"f0fa5976-75de-434a-981d-227227e94db0","block_type":"box","text":"Register under number 114503. This may be checked at","page_number":8,"box":{"x":70,"y":536,"width":269,"height":8}},{"id":"e25586ee-8426-4e12-91c9-6d7aa58ba4e3","block_type":"box","text":"https://register.fca.org.uk/","page_number":8,"box":{"x":342,"y":536,"width":123,"height":8}},{"id":"6b18fbf3-d3f6-47fa-8470-4ce0f62faad3","block_type":"box","text":"and","page_number":8,"box":{"x":467,"y":536,"width":18,"height":6}},{"id":"5066e96e-6650-4366-bec1-5c04edbbea72","block_type":"box","text":"further information of its authorisation is available on request. This marketing","page_number":8,"box":{"x":69,"y":547,"width":416,"height":8}},{"id":"634d7042-720b-46b8-9c59-4ef4508385ee","block_type":"box","text":"communication is approved by Amundi UK only for use with Professional Clients (as","page_number":8,"box":{"x":69,"y":558,"width":416,"height":9}},{"id":"53b74abb-57e2-43af-b7ee-d0c0d6538a5b","block_type":"box","text":"defined in the FCA’s Handbook of Rules and Guidance, the “FCA Rules”)) and shall not be","page_number":8,"box":{"x":69,"y":569,"width":416,"height":8}},{"id":"7ece8da3-3997-4000-a964-09be37d29bdc","block_type":"box","text":"distributed to the public, relied on or acted upon by any other persons for any purposes","page_number":8,"box":{"x":69,"y":581,"width":417,"height":8}},{"id":"5d9d0b01-63e9-486f-bcd1-bf3c5a8b1a6a","block_type":"box","text":"whatsoever.","page_number":8,"box":{"x":69,"y":592,"width":58,"height":7}},{"id":"e19a962e-baa8-4540-8835-26c12b5b76ef","block_type":"box","text":"Past performance is not a guarantee or indication of future results.","page_number":8,"box":{"x":132,"y":592,"width":312,"height":8}},{"id":"73add8a6-ef67-46c2-ac19-118226766d3c","block_type":"box","text":"Each fund and its relevant sub","page_number":8,"box":{"x":70,"y":604,"width":143,"height":6}},{"id":"57c7201b-7b28-4287-90f3-e46167bc1261","block_type":"box","text":"-f","page_number":8,"box":{"x":213,"y":607,"width":3,"height":1}},{"id":"3e706817-521f-468a-8309-d4e941829376","block_type":"box","text":"-fund(s) under its respective fund range that is referred","page_number":8,"box":{"x":216,"y":604,"width":258,"height":8}},{"id":"d70cf6fd-4154-4976-909b-8170d0f6aca5","block_type":"box","text":"to in this marketing communication (each, a “Fund”) is an unregulated collective","page_number":8,"box":{"x":69,"y":615,"width":405,"height":8}},{"id":"0ee27ae8-fd08-4262-9df8-131ac5e806fa","block_type":"box","text":"investment scheme under the Financial Services and Markets Act 2000 (the “FSMA”).","page_number":8,"box":{"x":69,"y":626,"width":405,"height":8}},{"id":"c277a18e-7c5b-45f1-b8a6-604699ed0356","block_type":"box","text":"This","page_number":8,"box":{"x":69,"y":638,"width":19,"height":6}},{"id":"9ccf5049-ba8f-48ed-b176-ea9c9e34755f","block_type":"box","text":"marketing communication is addressed only to those persons in the UK who","page_number":8,"box":{"x":93,"y":638,"width":381,"height":8}},{"id":"71b95aaf-c94e-4359-a9e9-bc926db9ab17","block_type":"box","text":"qualify as non","page_number":8,"box":{"x":69,"y":649,"width":65,"height":8}},{"id":"9c98761f-e610-4976-a5bf-3e0d1d85f257","block_type":"box","text":"-","page_number":8,"box":{"x":135,"y":653,"width":3,"height":0}},{"id":"37d08d33-c550-4063-bfc0-e78a62697a88","block_type":"box","text":"retail clients (Professional Clients or Eligible Counterparties) as set out in","page_number":8,"box":{"x":139,"y":649,"width":335,"height":8}},{"id":"8409f421-5423-45fa-bd14-beac251294f7","block_type":"box","text":"the FCA’s Handbook, Conduct of Business Sourcebook 4.12B","page_number":8,"box":{"x":69,"y":660,"width":283,"height":8}},{"id":"8f96ec76-af20-4703-874a-f99e4ca94957","block_type":"box","text":"-","page_number":8,"box":{"x":354,"y":664,"width":3,"height":1}},{"id":"9b449f8c-3bd4-48f9-91b3-285502ccdedc","block_type":"box","text":"“Promotion of non","page_number":8,"box":{"x":359,"y":660,"width":86,"height":7}},{"id":"b53717e0-07c8-4d5b-ab4c-66458be88c03","block_type":"box","text":"-","page_number":8,"box":{"x":446,"y":664,"width":3,"height":1}},{"id":"ce6e9cdd-7f80-47b7-903e-7a2288bcd6a6","block_type":"box","text":"mass","page_number":8,"box":{"x":449,"y":662,"width":25,"height":5}},{"id":"c6571622-c45a-42e7-941e-9da20e8ac3a4","block_type":"box","text":"market","page_number":8,"box":{"x":69,"y":671,"width":35,"height":7}},{"id":"f72a7147-7ca4-49b9-be7c-ab17bdc1ab85","block_type":"box","text":"investments”, as amended from time to time, and thereby fall with an","page_number":8,"box":{"x":110,"y":671,"width":364,"height":9}},{"id":"5d685607-5c67-4aee-bc67-771dda5da3e3","block_type":"box","text":"exemption from the restrictions in Section 238 FSMA. Potential investors in the UK","page_number":8,"box":{"x":69,"y":683,"width":406,"height":8}},{"id":"ad3308f1-bd98-4cfe-b600-393d18a482b3","block_type":"box","text":"should be aware that none of the protections afforded by the UK regulatory system will","page_number":8,"box":{"x":69,"y":694,"width":405,"height":8}},{"id":"e57d8cfb-1b54-4243-b89e-448aead4b0d2","block_type":"box","text":"apply to an inves","page_number":8,"box":{"x":69,"y":706,"width":78,"height":8}},{"id":"677ee72d-19f0-4cf5-b0dc-667cbef902f5","block_type":"box","text":"tment in a Fund and that compensation will not be available under the","page_number":8,"box":{"x":147,"y":706,"width":327,"height":8}},{"id":"cc56a3c2-36a4-4aa5-b5e7-77f5f37f141a","block_type":"box","text":"UK Financial Services Compensation Scheme. Indices and the related trademarks used","page_number":8,"box":{"x":69,"y":717,"width":405,"height":8}},{"id":"b6c442e2-10e0-473d-8775-a7df0f07253f","block_type":"box","text":"in this marketing communication are the intellectual property of index sponsors and/or","page_number":8,"box":{"x":69,"y":728,"width":405,"height":8}},{"id":"26360d14-a818-481f-ac90-258c953b77ea","block_type":"box","text":"its licensors. The indices are neither sponsored, approved or sold by Amundi.","page_number":8,"box":{"x":69,"y":739,"width":360,"height":9}},{"id":"1d19c580-4137-440c-bb05-b283eb5dcf48","block_type":"box","text":"The Central Bank has notified the FCA of its approval of the Base Prospectus. Potential","page_number":8,"box":{"x":69,"y":751,"width":416,"height":8}},{"id":"a44ad77b-0b68-4fef-b2e4-ec1d1edc7ddd","block_type":"box","text":"investors in the UK should be aware that none of the protections afforded by the UK","page_number":8,"box":{"x":69,"y":762,"width":417,"height":8}},{"id":"de8c0cb8-37c1-4cc5-a943-4e42eacf5e28","block_type":"box","text":"regulatory system (as defined in the FCA Rules) will apply to an investment in the ET","page_number":8,"box":{"x":69,"y":773,"width":383,"height":9}},{"id":"83a7d906-ce07-4f08-97bc-e739c5a805e7","block_type":"box","text":"ETC and","page_number":8,"box":{"x":452,"y":773,"width":33,"height":7}},{"id":"cd347d9f-357f-464e-b9b4-e6ae435251fe","block_type":"box","text":"that compensation will not be available under the UK Financial Services Compensation","page_number":8,"box":{"x":69,"y":785,"width":416,"height":8}},{"id":"78202df8-836a-4365-8613-b5d4db6d5ec5","block_type":"box","text":"Scheme.","page_number":8,"box":{"x":69,"y":796,"width":40,"height":6}},{"id":"3dd09fc0-2f95-4214-ae02-276b13709b25","block_type":"box","text":"SPAIN","page_number":8,"box":{"x":498,"y":69,"width":34,"height":6}},{"id":"44cc1fc0-c3be-4ee6-bd65-efdd216f80ce","block_type":"box","text":"The Funds are foreign undertakings for collective investment registered with the","page_number":8,"box":{"x":497,"y":80,"width":396,"height":8}},{"id":"8da9c508-a10e-4099-b55d-adc04eb9e22a","block_type":"box","text":"CNMV. Luxembourg Funds were approved for public distribution in Luxembourg by","page_number":8,"box":{"x":498,"y":91,"width":395,"height":9}},{"id":"5b584fa7-ece7-450a-819c-86537a11021a","block_type":"box","text":"the Commission de Surveillance du Secteur Financier of Luxembourg, French Funds","page_number":8,"box":{"x":497,"y":103,"width":396,"height":8}},{"id":"dc59e84a-3ed4-4c16-8b06-670d5938aab3","block_type":"box","text":"were approved by","page_number":8,"box":{"x":497,"y":114,"width":88,"height":8}},{"id":"019bd49c-30e4-4c99-9fdc-e4122d8a7e85","block_type":"box","text":"the French Autorité des Marchés Financiers and Irish Funds were","page_number":8,"box":{"x":586,"y":114,"width":307,"height":6}},{"id":"6c7395ec-f1ca-49e2-8dcf-237b0015fe60","block_type":"box","text":"approved by the Central Bank of Ireland.","page_number":8,"box":{"x":498,"y":125,"width":190,"height":9}},{"id":"fccec2b6-5af5-46cd-b21c-10eb5e1f1e70","block_type":"box","text":"-","page_number":8,"box":{"x":498,"y":141,"width":3,"height":0}},{"id":"968c6463-8226-4658-8f7e-776550e4ef64","block_type":"box","text":"Amundi ETF Funds which are Luxembourg SICAVs approved by the Commission de","page_number":8,"box":{"x":502,"y":137,"width":391,"height":8}},{"id":"93dfb629-137b-4cb8-91fb-7d6b165c541e","block_type":"box","text":"Surveillance du Secteur Financier are numbered: Amundi Index Solutions (1495), RCS","page_number":8,"box":{"x":498,"y":148,"width":395,"height":8}},{"id":"e7cf73d1-0f1c-4e57-a4ac-0ec923a1dca9","block_type":"box","text":"B206810, located 5, allée Scheffer, L-","page_number":8,"box":{"x":498,"y":159,"width":176,"height":8}},{"id":"41b5ae4d-8492-45b0-832c-d1fcf3fdf4f4","block_type":"box","text":"L-","page_number":8,"box":{"x":674,"y":163,"width":3,"height":1}},{"id":"ef57f58a-086d-42d5-a73d-faaba9ba3439","block_type":"box","text":"2520 Luxembourg; Multi Units Luxembourg","page_number":8,"box":{"x":677,"y":159,"width":215,"height":9}},{"id":"c42d37d2-85d6-4cee-a935-7877ca2a9d56","block_type":"box","text":"(920), RCS B115129","page_number":8,"box":{"x":498,"y":171,"width":90,"height":7}},{"id":"905d7346-db0f-4c88-b9d2-1a6b4a3a44ca","block_type":"box","text":"located 9, rue de Bitbourg, L-","page_number":8,"box":{"x":591,"y":171,"width":132,"height":8}},{"id":"a58bdb3f-dd92-46d3-bc8c-817a04c2046a","block_type":"box","text":"L-","page_number":8,"box":{"x":723,"y":175,"width":2,"height":0}},{"id":"de0b72cf-7d23-4a13-a9f5-1aa71cac11b3","block_type":"box","text":"1273 Luxembourg.","page_number":8,"box":{"x":726,"y":171,"width":90,"height":8}},{"id":"c99e4f4d-3f33-40d4-85e1-b911c7e07598","block_type":"box","text":"-","page_number":8,"box":{"x":498,"y":186,"width":3,"height":0}},{"id":"c2d3e0b1-7391-415a-be4e-08de2a5a7221","block_type":"box","text":"French FCPs approved by the Autorités des Marchés Financiers","page_number":8,"box":{"x":504,"y":182,"width":295,"height":8}},{"id":"b05aa752-bf25-4169-b2be-f91f7168b42f","block_type":"box","text":"-","page_number":8,"box":{"x":498,"y":197,"width":3,"height":1}},{"id":"055439bc-1197-43d3-9abf-47bf2ccee93c","block_type":"box","text":"Amundi ETF Funds approved by the French Autorité des Marchés Financiers are","page_number":8,"box":{"x":504,"y":193,"width":389,"height":9}},{"id":"645d6588-f30e-40ee-877a-c9a7424e829c","block_type":"box","text":"numbered: Multi Units France (319). Multi Units France RCS 441 298 163, is a French","page_number":8,"box":{"x":498,"y":205,"width":394,"height":7}},{"id":"a8e17923-b506-46ca-9d00-074a6e7fde32","block_type":"box","text":"SICAV, located, 91","page_number":8,"box":{"x":498,"y":216,"width":81,"height":7}},{"id":"0d328026-683f-4a6d-9d2c-525bf10b7ed0","block_type":"box","text":"-","page_number":8,"box":{"x":582,"y":220,"width":2,"height":0}},{"id":"0f0e3fd2-a806-43f7-94a1-160f03c48cf0","block_type":"box","text":"93, boulevard Pasteur, 75015 Paris, France.","page_number":8,"box":{"x":585,"y":216,"width":200,"height":7}},{"id":"00da1a86-653c-4b9f-9d53-6c85a9d71cf5","block_type":"box","text":"Information and documents are available on www.amundi.com or","page_number":8,"box":{"x":498,"y":227,"width":395,"height":7}},{"id":"04a588e3-4a89-474a-8c92-e7970fc986eb","block_type":"box","text":"www.amundietf.com. They are also available from the headquarters of Amundi","page_number":8,"box":{"x":497,"y":239,"width":395,"height":8}},{"id":"4d95bf6c-fce6-4e1f-a7f8-b4deaedb2a8f","block_type":"box","text":"Luxembourg S.A. (as the management company of Amundi Index Solutions and","page_number":8,"box":{"x":498,"y":250,"width":394,"height":8}},{"id":"07ce990b-eab9-41eb-9671-613522acbe64","block_type":"box","text":"Multi Units Luxembourg), or the headquarters of","page_number":8,"box":{"x":498,"y":261,"width":228,"height":9}},{"id":"c452b15c-3de2-4c18-b50f-fb1ad48d8a06","block_type":"box","text":"Amundi Asset Management (as the","page_number":8,"box":{"x":727,"y":261,"width":166,"height":9}},{"id":"55a39af4-7f3e-4be4-aecf-fae881abb56f","block_type":"box","text":"management company of French FCPs and Multi Units France).","page_number":8,"box":{"x":498,"y":273,"width":298,"height":8}},{"id":"de15666f-525d-42e4-815c-31286652a39c","block_type":"box","text":"Any investment in the Funds must be made through a registered Spanish distributor.","page_number":8,"box":{"x":497,"y":284,"width":395,"height":8}},{"id":"f1585a4a-20dc-43db-85aa-b3f357ffc425","block_type":"box","text":"Amundi Iberia SGIIC, SAU, is the main distributor of the Funds in Spain, registered","page_number":8,"box":{"x":497,"y":295,"width":395,"height":9}},{"id":"efecc136-101d-4b2b-9517-92f1ed0ae4c3","block_type":"box","text":"with number 31 in the CNMV's SGIIC registry, with address at Pº de la Castellana 1,","page_number":8,"box":{"x":497,"y":307,"width":395,"height":8}},{"id":"99f13d5c-9a71-476e-8b8b-64581c5d6f89","block_type":"box","text":"Madri","page_number":8,"box":{"x":498,"y":318,"width":28,"height":6}},{"id":"77e255f8-cc2b-4f80-a435-737d7ecfd286","block_type":"box","text":"d 28046, Spain. A list of all Spanish distributors may be obtained from the CNMV","page_number":8,"box":{"x":526,"y":318,"width":367,"height":8}},{"id":"e8fd4c02-d692-4a6b-8c6b-bd721d4ec12d","block_type":"box","text":"at www.cnmv.es. Units/shares may only be acquired on the basis of","page_number":8,"box":{"x":498,"y":329,"width":319,"height":9}},{"id":"c94d0f90-6192-4af8-b46b-87875cd123d6","block_type":"box","text":"the most recent","page_number":8,"box":{"x":818,"y":329,"width":75,"height":7}},{"id":"e6cab81a-75ae-4974-b8bf-759e1942894b","block_type":"box","text":"prospectus, key information document and further current documentation, which","page_number":8,"box":{"x":498,"y":341,"width":394,"height":8}},{"id":"926143ec-b666-40aa-b7db-4b78126c8970","block_type":"box","text":"may be obtained from the CNMV.","page_number":8,"box":{"x":498,"y":352,"width":159,"height":8}},{"id":"ea7ea05f-c4a8-4a2f-b9e8-7de344957ab1","block_type":"box","text":"The legal documentation of the Funds is also available on the web page","page_number":8,"box":{"x":497,"y":363,"width":396,"height":9}},{"id":"09ede30a-24a6-42f2-b273-55ee99fd5368","block_type":"box","text":"www.amundi.com or www.amundietf.com.","page_number":8,"box":{"x":497,"y":375,"width":207,"height":6}},{"id":"e2058b83-1bb8-4e63-b9ef-e97b0a7ae8f5","block_type":"box","text":"GERMANY","page_number":8,"box":{"x":498,"y":398,"width":58,"height":6}},{"id":"4ed17324-e7fe-4b72-9276-ea0e3f7dfac4","block_type":"box","text":"The Funds are German, French, Luxembourg or Irish collective investment","page_number":8,"box":{"x":497,"y":410,"width":396,"height":9}},{"id":"0b706216-47e9-4dba-a285-9443a0742088","block_type":"box","text":"schemes respectively approved by the German Bundesanstalt für","page_number":8,"box":{"x":498,"y":422,"width":395,"height":9}},{"id":"1b95277e-a96f-4cdd-b30b-fb8521d40c8e","block_type":"box","text":"Finanzdienstleistungsaufsicht, the French Autorité des Marchés Financiers, the","page_number":8,"box":{"x":498,"y":434,"width":395,"height":9}},{"id":"d2b7e6d0-1e94-4bc2-a198-5b9d234b508e","block_type":"box","text":"Luxembourg Commission de Surveillance du Se","page_number":8,"box":{"x":498,"y":446,"width":246,"height":9}},{"id":"4b224ae5-3dd1-4e8e-8298-5ff494ead107","block_type":"box","text":"cteur Financier or the Central","page_number":8,"box":{"x":744,"y":446,"width":148,"height":7}},{"id":"36e0cfcc-ee9d-4f9f-b92c-f2176c942ada","block_type":"box","text":"Bank of Ireland.","page_number":8,"box":{"x":498,"y":458,"width":80,"height":7}},{"id":"311b078a-fffa-402f-a82e-5cf4989b3971","block_type":"box","text":"For additional information on the Funds, a free prospectus may be requested","page_number":8,"box":{"x":498,"y":470,"width":394,"height":9}},{"id":"307d7380-730d-45b8-a7a8-c8d2045f1c08","block_type":"box","text":"from Amundi Deutschland GmbH, Arnulfstr. 124-","page_number":8,"box":{"x":497,"y":482,"width":246,"height":8}},{"id":"1f350235-f348-44ea-babf-c9738214b087","block_type":"box","text":"4-","page_number":8,"box":{"x":743,"y":487,"width":3,"height":0}},{"id":"398a22cd-28bd-478b-8f2f-7537b8bdec4c","block_type":"box","text":"126 80636 Munich, Germany","page_number":8,"box":{"x":747,"y":482,"width":146,"height":9}},{"id":"1fd04fb7-be1d-4e43-927d-2552b46e7062","block_type":"box","text":"(Tel. +49.89.99.226.0). The regulatory documents of the Funds registered for","page_number":8,"box":{"x":498,"y":495,"width":395,"height":9}},{"id":"48a1b1ea-49c3-499c-950d-97236b70f266","block_type":"box","text":"public distribution in Germany a","page_number":8,"box":{"x":498,"y":507,"width":164,"height":9}},{"id":"7903207b-523c-4d06-9c89-10098589c797","block_type":"box","text":"re available free of charge on request, and as","page_number":8,"box":{"x":663,"y":507,"width":230,"height":9}},{"id":"31d3b090-8f91-46a6-a3a4-784766b1bd15","block_type":"box","text":"printed version, from Marcard, Stein & Co. AG, Ballindamm 36, 20095","page_number":8,"box":{"x":498,"y":519,"width":395,"height":9}},{"id":"bcca6e13-8cd1-4566-9864-18929bba8099","block_type":"box","text":"Hamburg, Germany.","page_number":8,"box":{"x":498,"y":531,"width":106,"height":9}},{"id":"53326327-6468-4d1d-bd48-222188b2c6a3","block_type":"box","text":"MARKETING COMMUNICATION","page_number":9,"box":{"x":85,"y":11,"width":213,"height":8}},{"id":"d77b1647-2602-45c5-bbd6-667c19b53545","block_type":"box","text":"-","page_number":9,"box":{"x":303,"y":15,"width":4,"height":1}},{"id":"abf03aeb-df81-4e38-bf50-4e0844849bd7","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":9,"box":{"x":312,"y":11,"width":390,"height":9}},{"id":"e8857285-bc2c-4ca9-85bc-6c140aee7e2a","block_type":"box","text":"9","page_number":9,"box":{"x":81,"y":956,"width":7,"height":7}},{"id":"b980b340-6044-4fce-a0eb-ea0c2fa87dd1","block_type":"box","text":"-","page_number":9,"box":{"x":92,"y":960,"width":4,"height":1}},{"id":"456f0bd8-7892-4139-924a-b1ffb04c387d","block_type":"box","text":"ETF","page_number":9,"box":{"x":101,"y":956,"width":20,"height":7}},{"id":"b812dd5e-e6af-41f8-9f49-bf257d45752e","block_type":"box","text":"Investment","page_number":9,"box":{"x":125,"y":956,"width":72,"height":7}},{"id":"96a97d1e-098f-44b8-a944-2ee7d6d7ea97","block_type":"box","text":"& Product","page_number":9,"box":{"x":201,"y":956,"width":62,"height":7}},{"id":"aad1cb3e-2574-494a-94b3-2f376d9fcc86","block_type":"box","text":"Strategy","page_number":9,"box":{"x":268,"y":956,"width":52,"height":9}},{"id":"3e947629-0bff-4e12-a02a-9c4071b137b7","block_type":"box","text":"-","page_number":9,"box":{"x":324,"y":960,"width":3,"height":1}},{"id":"d126a58d-6813-4d6f-89f3-1f9805b817a1","block_type":"box","text":"Weekly Pulse","page_number":9,"box":{"x":331,"y":956,"width":82,"height":9}},{"id":"3a14781c-fbe3-488d-97d1-70a1fbcd01d2","block_type":"box","text":"-","page_number":9,"box":{"x":418,"y":960,"width":4,"height":0}},{"id":"fcbd9824-485f-4c7c-9a5f-a2440139d154","block_type":"box","text":"23 October 2026","page_number":9,"box":{"x":433,"y":954,"width":103,"height":8}},{"id":"230ceb4d-c076-4057-8cab-f65bbaba79a2","block_type":"box","text":"Amundi ETF","page_number":9,"box":{"x":795,"y":953,"width":118,"height":10}},{"id":"904009e3-e16f-4bab-8d65-582ca65bcdc1","block_type":"box","text":"SWITZERLAND","page_number":9,"box":{"x":69,"y":69,"width":80,"height":6}},{"id":"6d8fead0-9030-498f-8867-b9fed38c236a","block_type":"box","text":"This document is for qualified investors (as defined in Swiss Federal Act on Collective","page_number":9,"box":{"x":69,"y":80,"width":409,"height":8}},{"id":"9741512e-be26-4ec2-9e3d-f6c863a4e8cb","block_type":"box","text":"Investment Schemes of 23 June 2006 as amended or supplemented) use only and","page_number":9,"box":{"x":69,"y":91,"width":408,"height":9}},{"id":"4f999e81-f4bc-4966-9203-1848dd9a6f48","block_type":"box","text":"shall not be offered to the public.","page_number":9,"box":{"x":69,"y":103,"width":159,"height":8}},{"id":"d448e242-3935-4a23-a519-2b4d50090a50","block_type":"box","text":"For Amundi Index Solutions: The Representative and Paying Agent for Funds","page_number":9,"box":{"x":70,"y":114,"width":408,"height":8}},{"id":"67b70887-c8fb-4fcd-8a00-fb427f5c8e00","block_type":"box","text":"registered for public offering in Switzerland is for Amundi Index Solutions SICAV :","page_number":9,"box":{"x":69,"y":125,"width":409,"height":9}},{"id":"a878d147-80a6-4e7e-b918-790ff501c513","block_type":"box","text":"Representative","page_number":9,"box":{"x":70,"y":137,"width":72,"height":8}},{"id":"a75e2848-0607-48b1-8e00-5a613c160f7a","block_type":"box","text":"-","page_number":9,"box":{"x":147,"y":141,"width":3,"height":0}},{"id":"558811f1-567b-4467-8891-3328a318a91c","block_type":"box","text":"CACEIS (Switzerland) SA and Paying Agent, CACEIS Bank, Nyon","page_number":9,"box":{"x":156,"y":137,"width":321,"height":8}},{"id":"2c802c40-53d1-42ce-81cd-a2aa8fcfeae2","block_type":"box","text":"Branch both at 35 Route de Signy, Case postale 2259, CH","page_number":9,"box":{"x":70,"y":148,"width":277,"height":8}},{"id":"7b972d46-a0d6-46fd-b245-70ffbaf03a03","block_type":"box","text":"-","page_number":9,"box":{"x":348,"y":152,"width":3,"height":1}},{"id":"3ce50600-2f0d-454d-ae68-84da0734c02a","block_type":"box","text":"1260 Nyon. Free copies of","page_number":9,"box":{"x":352,"y":148,"width":127,"height":8}},{"id":"9801c793-a175-46f0-8ce2-ba9a81041ddd","block_type":"box","text":"the prospectus, Key Information Document, annual and semi","page_number":9,"box":{"x":69,"y":159,"width":327,"height":9}},{"id":"81bb7b99-5065-4466-966b-ad8d3a0b2a3f","block_type":"box","text":"-","page_number":9,"box":{"x":397,"y":163,"width":2,"height":1}},{"id":"6883bce7-5991-41dd-87a8-a3486b57a0e4","block_type":"box","text":"annual reports,","page_number":9,"box":{"x":400,"y":159,"width":78,"height":9}},{"id":"9b8d303d-4e57-4029-905f-12592647c106","block_type":"box","text":"management regulations","page_number":9,"box":{"x":69,"y":171,"width":125,"height":8}},{"id":"ec8d8cd7-124a-4d85-8a3e-d43246fc8bf9","block_type":"box","text":"and other information are available at the representative’s","page_number":9,"box":{"x":197,"y":171,"width":281,"height":8}},{"id":"94d958e4-67bb-4e8e-845d-a9fb65292e0e","block_type":"box","text":"address shown above.","page_number":9,"box":{"x":69,"y":182,"width":109,"height":6}},{"id":"f3ba93f3-2a74-4afb-ac76-0bd2ead07f35","block_type":"box","text":"For Multi Units France and Multi Units Luxembourg: The Representative and the","page_number":9,"box":{"x":70,"y":193,"width":408,"height":9}},{"id":"51139a0a-ed8a-49c0-ac47-bd7fda5696e2","block_type":"box","text":"Paying Agent of the Fund(s) in Switzerland is Société Générale, Paris, Zurich Branch,","page_number":9,"box":{"x":70,"y":205,"width":407,"height":8}},{"id":"ee3cacc9-1b5a-48c1-833f-edd081221772","block_type":"box","text":"Talacker 50, CH","page_number":9,"box":{"x":69,"y":216,"width":78,"height":7}},{"id":"b311a50d-3365-4142-b49c-5e6bd908d53f","block_type":"box","text":"-","page_number":9,"box":{"x":148,"y":220,"width":3,"height":0}},{"id":"ee7a0f84-e57b-4874-ab03-0cd4b243bd09","block_type":"box","text":"8001 Zurich. The prospectus or offering memorandum, the Key","page_number":9,"box":{"x":152,"y":216,"width":326,"height":8}},{"id":"5582ed6d-88db-45db-974a-b3602b3a7cfb","block_type":"box","text":"Information Docu","page_number":9,"box":{"x":69,"y":227,"width":89,"height":7}},{"id":"e93db3f8-2606-492c-b739-64d995d6db8f","block_type":"box","text":"ments, the management regulation, the articles of association","page_number":9,"box":{"x":160,"y":227,"width":317,"height":9}},{"id":"30242175-09fc-4cd2-8341-f8881189b537","block_type":"box","text":"and/or any other constitutional documents as well as the annual and semi","page_number":9,"box":{"x":69,"y":239,"width":371,"height":8}},{"id":"c4ebcfff-5337-48d3-aefc-fe001020e6f6","block_type":"box","text":"-","page_number":9,"box":{"x":441,"y":242,"width":3,"height":1}},{"id":"55ec8a8a-a170-4113-9bee-a18b71f5683b","block_type":"box","text":"annual","page_number":9,"box":{"x":444,"y":239,"width":34,"height":6}},{"id":"7f2045f3-c018-44bb-bbfe-225ebbf57e12","block_type":"box","text":"financial reports may be obtained free of charge from the Representative in","page_number":9,"box":{"x":69,"y":250,"width":408,"height":8}},{"id":"203020d4-ce52-48b6-88d4-086250c637a9","block_type":"box","text":"Switzerland. The prospectus, the Key I","page_number":9,"box":{"x":69,"y":261,"width":206,"height":9}},{"id":"f54e85c4-9efb-4ee8-9717-590d14168cc8","block_type":"box","text":"nformation Documents, the articles of","page_number":9,"box":{"x":276,"y":261,"width":203,"height":8}},{"id":"3b623a7f-a9d0-4576-897e-ae7436da01b0","block_type":"box","text":"association and/or the annual reports may be obtained free of charge from the","page_number":9,"box":{"x":69,"y":273,"width":409,"height":8}},{"id":"d054e240-2ac5-40b6-b544-ac24ce0ff2c2","block_type":"box","text":"Representative in Switzerland.","page_number":9,"box":{"x":70,"y":284,"width":145,"height":8}},{"id":"925e861f-4f01-41e8-bc5b-ca8719be411b","block_type":"box","text":"KOREA","page_number":9,"box":{"x":70,"y":308,"width":38,"height":7}},{"id":"d897edaf-3ca3-47f0-a562-486c5085a59e","block_type":"box","text":"This document is not intended as an offer or solicitation with respect to the purchase","page_number":9,"box":{"x":69,"y":320,"width":409,"height":8}},{"id":"8ddc8d42-8036-4df6-b0c8-7e6f1ed2283d","block_type":"box","text":"or sale of securities, including shares or units of funds. All views expressed and/or","page_number":9,"box":{"x":69,"y":331,"width":409,"height":8}},{"id":"d687b366-78cf-47a2-a301-0e5c4d56dae3","block_type":"box","text":"reference to companies cannot be construed as a recommendation by Amundi.","page_number":9,"box":{"x":69,"y":342,"width":409,"height":9}},{"id":"2ca8ae54-490d-4f73-983f-255f1be77925","block_type":"box","text":"Opinions","page_number":9,"box":{"x":69,"y":354,"width":44,"height":8}},{"id":"61332dcb-52c9-4f5d-80d1-b35c1ba1fa35","block_type":"box","text":"and estimates may be changed without notice. To the extent permitted by","page_number":9,"box":{"x":116,"y":354,"width":362,"height":8}},{"id":"b82b3ef0-d4c7-4254-b445-5c2ff3a98a35","block_type":"box","text":"applicable law, rules, codes and guidelines, Amundi, and her related entities accept","page_number":9,"box":{"x":69,"y":365,"width":409,"height":8}},{"id":"5e45c6b3-3e4d-44b9-8643-018386fe3d8a","block_type":"box","text":"no liability whatsoever whether direct or indirect that may arise from the use of","page_number":9,"box":{"x":69,"y":376,"width":410,"height":9}},{"id":"ec548401-2484-4ac9-a453-3546c202b6d6","block_type":"box","text":"information con","page_number":9,"box":{"x":69,"y":388,"width":78,"height":6}},{"id":"78b914a3-6fb0-4d64-866e-510247ec2f41","block_type":"box","text":"tained in this document.","page_number":9,"box":{"x":147,"y":388,"width":118,"height":6}},{"id":"9e77339b-6e65-415c-9dd4-1e1fce2d62a6","block_type":"box","text":"This document is for distribution solely to persons permitted to receive it and to","page_number":9,"box":{"x":69,"y":399,"width":409,"height":8}},{"id":"e54b175c-4728-4452-b5cc-f082ff3ad2a1","block_type":"box","text":"persons in jurisdictions who may receive it without breaching applicable legal or","page_number":9,"box":{"x":69,"y":410,"width":409,"height":8}},{"id":"17c8ebb8-493c-4d0b-ada5-43843433e1d7","block_type":"box","text":"regulatory requirements. This document is prepared for information only and does","page_number":9,"box":{"x":69,"y":422,"width":409,"height":8}},{"id":"737af7d8-bb92-4e16-9d1d-e677b54b1432","block_type":"box","text":"not have a","page_number":9,"box":{"x":69,"y":433,"width":51,"height":6}},{"id":"1cfe6b66-d84e-4de3-880a-1946b6e571cf","block_type":"box","text":"ny regard to the specific investment objectives, financial situation and the","page_number":9,"box":{"x":121,"y":433,"width":357,"height":8}},{"id":"5b66c6b1-972f-49bf-a9e0-52a0ce70538c","block_type":"box","text":"particular needs","page_number":9,"box":{"x":69,"y":444,"width":79,"height":9}},{"id":"b61d252a-8d4d-4845-a2aa-deb9131f7571","block_type":"box","text":"of any specific person who may receive this document. Any person","page_number":9,"box":{"x":151,"y":444,"width":326,"height":9}},{"id":"d86aa149-99fa-42ae-b8a2-540019758f13","block_type":"box","text":"considering an investment should seek independent advice on the suitability or","page_number":9,"box":{"x":69,"y":456,"width":409,"height":8}},{"id":"50b2d192-01b4-4a64-b434-0afaf755a6d7","block_type":"box","text":"otherwise of the particular investment. Investors should not only base on this","page_number":9,"box":{"x":69,"y":467,"width":409,"height":8}},{"id":"ce7c97ca-c3b6-40d4-b90d-c2f455b9882d","block_type":"box","text":"document alone to make investme","page_number":9,"box":{"x":69,"y":478,"width":175,"height":7}},{"id":"3bffaa79-aad6-46db-811e-45ed3ee103e2","block_type":"box","text":"nt decisions. Investment involves risk. The past","page_number":9,"box":{"x":245,"y":478,"width":233,"height":8}},{"id":"c4269e66-746e-4455-baa1-e015e33be8ab","block_type":"box","text":"performance information of the market, manager and investments and any","page_number":9,"box":{"x":69,"y":490,"width":409,"height":8}},{"id":"6ab7ba19-b19e-448f-a3fe-78c0af3bd39f","block_type":"box","text":"forecasts on the economy, stock market, bond market or the economic trends of the","page_number":9,"box":{"x":69,"y":501,"width":409,"height":8}},{"id":"c0e9b29d-55ed-455d-a41e-633713bf14e2","block_type":"box","text":"markets are not indicative of future performance.","page_number":9,"box":{"x":69,"y":512,"width":240,"height":8}},{"id":"4f5e21a4-93a6-4ba8-8e2e-3de1279b8c1d","block_type":"box","text":"AUSTRALIA AND NEW ZEALAND","page_number":9,"box":{"x":497,"y":69,"width":176,"height":6}},{"id":"a69cb354-dde3-451a-91f3-2073ff74622a","block_type":"box","text":"Standard Disclaimer for use in Australia and New Zealand by Amundi in respect of","page_number":9,"box":{"x":498,"y":80,"width":407,"height":8}},{"id":"5d0d4822-07e6-4c6f-9d98-8a378b377814","block_type":"box","text":"promotional materials and even formal offer documentation","page_number":9,"box":{"x":498,"y":91,"width":286,"height":9}},{"id":"5c4314ba-ce1c-4356-b0a1-c9f3b190b716","block_type":"box","text":"This document and any accompanying documentation (“Documentation”) is provided","page_number":9,"box":{"x":497,"y":103,"width":407,"height":8}},{"id":"2c4ba14b-f7d5-469e-afc2-2542e2a74c34","block_type":"box","text":"in Australia and New Zealand by Amundi. Amundi is regulated by the French Autorité","page_number":9,"box":{"x":498,"y":114,"width":406,"height":8}},{"id":"7b16690b-76b6-4914-bd91-d9bbe6edb619","block_type":"box","text":"des Marchés Financiers (“AMF”) under French laws, which differ from Australian laws.","page_number":9,"box":{"x":498,"y":125,"width":406,"height":8}},{"id":"3412ef32-67f2-474e-851f-d9a832ff4b09","block_type":"box","text":"Pursuant","page_number":9,"box":{"x":498,"y":137,"width":44,"height":6}},{"id":"fb45634c-82f8-489e-9ab8-980bbce1f241","block_type":"box","text":"to instruments issued by the Australian Securities and Investments","page_number":9,"box":{"x":549,"y":137,"width":355,"height":8}},{"id":"669b7d13-16c1-47d9-bdd0-bfeafb4b6f28","block_type":"box","text":"Commission, Amundi is exempt from the requirement to hold an Australian financial","page_number":9,"box":{"x":498,"y":148,"width":406,"height":8}},{"id":"727b5ec1-65a6-4072-9d2c-1ac46736e2e9","block_type":"box","text":"services licence under Australia's Corporations Act 2001 (Cth) in respect of their","page_number":9,"box":{"x":498,"y":159,"width":406,"height":9}},{"id":"a4890ae3-c760-4351-b28a-7a33a6edb495","block_type":"box","text":"provision of financial s","page_number":9,"box":{"x":498,"y":171,"width":103,"height":8}},{"id":"7828e6a3-6bc8-4acf-86fa-b9cac0389a35","block_type":"box","text":"ervices in Australia.","page_number":9,"box":{"x":602,"y":171,"width":88,"height":6}},{"id":"a7b6baae-4cf7-4f17-b9f9-5395fd4cca10","block_type":"box","text":"The material in the Documentation is intended only for use in Australia by wholesale","page_number":9,"box":{"x":497,"y":182,"width":407,"height":8}},{"id":"ac52ce55-20b7-430f-8179-c5031af2498a","block_type":"box","text":"clients within the meaning of Part 7.1 of Australia's Corporations Act 2001 (Cth) and in","page_number":9,"box":{"x":498,"y":193,"width":406,"height":9}},{"id":"d40455e2-2ab2-44bd-a2b7-8c6b393b8480","block_type":"box","text":"New Zealand by wholesale investors within the meaning of clause 3(2) of Schedule 1","page_number":9,"box":{"x":498,"y":205,"width":393,"height":8}},{"id":"c925c8eb-a383-4bd0-a36d-4869f2d45f36","block_type":"box","text":"of","page_number":9,"box":{"x":895,"y":205,"width":10,"height":6}},{"id":"f3b2118b-0a86-4cd8-951c-685712064ac0","block_type":"box","text":"New Zealand's Financial Markets Conduct Act 2013 (NZ).","page_number":9,"box":{"x":498,"y":216,"width":262,"height":8}},{"id":"7efac65d-605b-4427-a2a7-c58cd520da51","block_type":"box","text":"The material in the Documentation is not intended to amount to investment, legal, tax","page_number":9,"box":{"x":497,"y":227,"width":408,"height":9}},{"id":"e9283e87-9982-4b87-b425-e4fecb1b0857","block_type":"box","text":"or other advice or a recommendation to invest. To the extent that any of the material in","page_number":9,"box":{"x":498,"y":239,"width":406,"height":8}},{"id":"91bf4452-5706-48cc-bcfb-a427e9a2cbe6","block_type":"box","text":"the Documentation is financial product advice, it is general advice only and does","page_number":9,"box":{"x":497,"y":250,"width":388,"height":8}},{"id":"058aec63-7fb7-405c-8778-ced828116fb3","block_type":"box","text":"not","page_number":9,"box":{"x":889,"y":251,"width":16,"height":5}},{"id":"28a0f712-dae9-448a-8258-cbf04fa8a992","block_type":"box","text":"take into account the objectives, financial situation or needs of any person. Before acting","page_number":9,"box":{"x":497,"y":261,"width":407,"height":9}},{"id":"193b8ca7-c32c-4726-9779-c950cff39d38","block_type":"box","text":"on any of the material, a person should therefore conduct their own assessment of this","page_number":9,"box":{"x":498,"y":273,"width":406,"height":8}},{"id":"422e16cf-4c9a-4f1a-8e86-6a0cf26cbd88","block_type":"box","text":"material with regard to their own situation, and","page_number":9,"box":{"x":498,"y":284,"width":230,"height":8}},{"id":"ed58fd3d-a05e-47ea-95aa-c980da0d3360","block_type":"box","text":"obtain such advice as they consider","page_number":9,"box":{"x":732,"y":284,"width":172,"height":8}},{"id":"a0cba752-149b-4555-b4d8-1964b64c175a","block_type":"box","text":"necessary or appropriate. Whilst every effort is made to ensure the information in this","page_number":9,"box":{"x":498,"y":295,"width":406,"height":9}},{"id":"2b2a77a5-e73c-484a-a2f3-a8abd15393aa","block_type":"box","text":"document is accurate, its accuracy, reliability and completeness are not guaranteed.","page_number":9,"box":{"x":498,"y":307,"width":392,"height":8}},{"id":"20d34ae0-e6b2-4cbb-9094-c2bfab2bc33b","block_type":"box","text":"This material may include forward","page_number":9,"box":{"x":497,"y":318,"width":166,"height":8}},{"id":"31faaf38-fde8-4fc2-a0a3-6aaeef6da9f9","block_type":"box","text":"-","page_number":9,"box":{"x":664,"y":322,"width":3,"height":0}},{"id":"3b7773ed-4b9c-41e6-80cd-672eef8341e0","block_type":"box","text":"looking statements, which are not guarantees or","page_number":9,"box":{"x":668,"y":318,"width":237,"height":8}},{"id":"c1c1b57e-11f1-41c3-848a-e81c71f90c79","block_type":"box","text":"predictions of future performance. Any forward","page_number":9,"box":{"x":498,"y":329,"width":228,"height":9}},{"id":"f57def1e-c02d-4f2c-aa8a-f6d5f168cd91","block_type":"box","text":"-","page_number":9,"box":{"x":727,"y":333,"width":3,"height":1}},{"id":"e6eef87d-02cf-4e76-82da-5384b90bc63b","block_type":"box","text":"looking statements contained in this","page_number":9,"box":{"x":730,"y":329,"width":174,"height":9}},{"id":"3a85134b-0232-436c-a2e0-4f64c84ce3f7","block_type":"box","text":"material involve known and unknown risks, uncertainties and assumptions and other","page_number":9,"box":{"x":498,"y":341,"width":407,"height":8}},{"id":"54970d02-e30d-473f-b91f-ba073ffcc6d0","block_type":"box","text":"importan","page_number":9,"box":{"x":498,"y":352,"width":44,"height":8}},{"id":"e5094c58-7581-48cc-99f4-64153eaea808","block_type":"box","text":"t factors which may cause actual results to differ from those contained in this","page_number":9,"box":{"x":542,"y":352,"width":362,"height":8}},{"id":"67daed1e-7913-4830-8356-5b1cf55e8bfd","block_type":"box","text":"material. Forward","page_number":9,"box":{"x":498,"y":363,"width":84,"height":7}},{"id":"4d8f799d-3dc1-4a56-a00a-291f76b9ac2b","block_type":"box","text":"-","page_number":9,"box":{"x":583,"y":367,"width":2,"height":1}},{"id":"6ab7791e-6c49-4f40-9799-56a332cf2b31","block_type":"box","text":"looking statements, by their very nature, are subject to uncertainty","page_number":9,"box":{"x":586,"y":363,"width":319,"height":9}},{"id":"f5d6c375-e0b0-4618-b07a-1f185ab0f3b5","block_type":"box","text":"and contingencies many of which are outside the control of Amundi or the Amundi","page_number":9,"box":{"x":498,"y":375,"width":406,"height":8}},{"id":"525c2547-fc28-40e1-b163-1c82a6115b34","block_type":"box","text":"Group.","page_number":9,"box":{"x":498,"y":386,"width":32,"height":8}},{"id":"5d58deb3-aa9b-4eda-9cab-d07d8d183859","block_type":"box","text":"Past performance is not a reliable indication of future performance. Amundi nor any","page_number":9,"box":{"x":498,"y":397,"width":407,"height":9}},{"id":"2f3c1049-5c80-482a-9644-c3c521b389af","block_type":"box","text":"member of entity, guarantees the performance of any product, the repayment of","page_number":9,"box":{"x":498,"y":409,"width":407,"height":8}},{"id":"4551556a-eb0b-4a26-87c1-4b83250a0b9b","block_type":"box","text":"capital, or any specific rate of return.","page_number":9,"box":{"x":498,"y":420,"width":168,"height":8}},{"id":"e347e560-7862-4af8-a2eb-621ecf16b9ef","block_type":"box","text":"The Documentation is only available to persons receiving the Documentation in","page_number":9,"box":{"x":497,"y":431,"width":407,"height":9}},{"id":"6971491c-06f0-4550-84a4-ff58dbfebf1b","block_type":"box","text":"Australia and New Zealand. If a person has accessed the Documentation outside of","page_number":9,"box":{"x":497,"y":442,"width":408,"height":9}},{"id":"43880f01-c9d6-43a2-8520-e29caddee2ca","block_type":"box","text":"Australia and New Zealand, they should inform themselves of any securities selling","page_number":9,"box":{"x":497,"y":454,"width":407,"height":8}},{"id":"c61599f4-f295-469d-93c4-497d75c3df01","block_type":"box","text":"restrictions","page_number":9,"box":{"x":498,"y":465,"width":52,"height":7}},{"id":"c54121ae-b3e0-446c-ab45-54890288c422","block_type":"box","text":"that may apply in their home country. Nothing in the Documentation","page_number":9,"box":{"x":554,"y":465,"width":350,"height":8}},{"id":"6f48c008-58e1-471e-9d50-79a650d19b20","block_type":"box","text":"constitutes an offer of securities or financial products unless the document is an offer","page_number":9,"box":{"x":498,"y":477,"width":407,"height":8}},{"id":"20263290-7fdc-4aa2-a7df-eb2d89c7c2ab","block_type":"box","text":"document provided to you expressly for such purpose.","page_number":9,"box":{"x":498,"y":488,"width":257,"height":8}},{"id":"c0e14a56-89e8-4bc9-9ed6-954b1acff518","block_type":"box","text":"The Documentation is not a disclosure document or a product disclosure document for","page_number":9,"box":{"x":497,"y":499,"width":408,"height":9}},{"id":"498c9c2d-1307-44f0-b2c1-496fae0dfa2a","block_type":"box","text":"the purposes of the Corporations Act 2001 (Cth) or the Financial Markets Conduct Act","page_number":9,"box":{"x":497,"y":510,"width":408,"height":9}},{"id":"f1b4bc7f-a2dc-4208-9198-4c723550aad8","block_type":"box","text":"2013 (NZ). The Documentation has not been and will not be lodged with the Australian","page_number":9,"box":{"x":498,"y":522,"width":406,"height":8}},{"id":"852f7056-6203-4d51-84ad-13c6cc7b0671","block_type":"box","text":"Se","page_number":9,"box":{"x":498,"y":533,"width":11,"height":7}},{"id":"ead5e3d8-9185-451b-a015-848b0b50afe5","block_type":"box","text":"curities and Investments Commission (ASIC) or the Registrar of Financial Service","page_number":9,"box":{"x":509,"y":533,"width":395,"height":8}},{"id":"06fe3294-149d-4872-bfe4-ff8b0e94bdf4","block_type":"box","text":"Providers and does not contain all the information that a prospectus or a product","page_number":9,"box":{"x":498,"y":544,"width":406,"height":9}},{"id":"18accd12-696c-4566-8576-96885b7ca345","block_type":"box","text":"disclosure statement is required to contain.","page_number":9,"box":{"x":498,"y":556,"width":202,"height":8}},{"id":"bb927d05-6c3c-4ba2-a21c-1a606740f98a","block_type":"box","text":"AUSTRIA","page_number":9,"box":{"x":497,"y":580,"width":50,"height":6}},{"id":"9ecf5fd4-676a-4fad-8d26-7d5df223cf32","block_type":"box","text":"Amundi Index Solutions: The regulatory documentation of the Funds registered for","page_number":9,"box":{"x":497,"y":591,"width":408,"height":9}},{"id":"fb4e96b2-f3fd-42a1-95f3-ecfe4fb145ac","block_type":"box","text":"public marketing in Austria are available free of charge, as printed copies, from Société","page_number":9,"box":{"x":498,"y":603,"width":406,"height":8}},{"id":"c563d2dc-09af-4d79-a1a1-eaeb9991f7a7","block_type":"box","text":"Générale, Vienna Branch, Prinz Eugen Strasse 8, 10/5/Top 11, A-","page_number":9,"box":{"x":498,"y":614,"width":304,"height":8}},{"id":"785d1ad2-b938-4701-97b0-416e1129a19b","block_type":"box","text":"A-","page_number":9,"box":{"x":801,"y":618,"width":3,"height":1}},{"id":"464661e7-ea66-4f29-a898-bd83ad4d2425","block_type":"box","text":"1040 Vienna, Austria,","page_number":9,"box":{"x":805,"y":614,"width":99,"height":8}},{"id":"61470f56-15df-4672-98fe-1ce746421927","block_type":"box","text":"which acts as a paying agent and tax representative, and at www.amundietf.com.","page_number":9,"box":{"x":497,"y":625,"width":383,"height":9}},{"id":"6e22b0c6-7a2c-4a73-82bd-91fd64ad10d4","block_type":"box","text":"For Multi Units France and Multi Units Luxembourg: The regulatory documentation of","page_number":9,"box":{"x":498,"y":637,"width":407,"height":8}},{"id":"758aeee7-d2d5-4d48-9937-62f415b02b1f","block_type":"box","text":"the Funds registered for public marketing in Austria are available free of charge, as","page_number":9,"box":{"x":497,"y":648,"width":407,"height":8}},{"id":"0e5703d6-8758-43c5-9c33-d782245651be","block_type":"box","text":"printed copies, from: Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1,","page_number":9,"box":{"x":498,"y":659,"width":406,"height":9}},{"id":"3b4725f9-95d5-4da3-a6f1-5525081e1b02","block_type":"box","text":"A-","page_number":9,"box":{"x":497,"y":671,"width":8,"height":6}},{"id":"40943f3a-ae5c-4cdd-9bf9-3eecbaedc821","block_type":"box","text":"A-","page_number":9,"box":{"x":504,"y":674,"width":3,"height":1}},{"id":"85356463-230c-499b-b00b-fe79b859cb48","block_type":"box","text":"1100 Vienna, Austria, which acts as a paying agent and tax representative, and at","page_number":9,"box":{"x":508,"y":671,"width":396,"height":8}},{"id":"811feec7-1750-4315-9005-94a4b13a53b9","block_type":"box","text":"www.amundietf.de.","page_number":9,"box":{"x":497,"y":682,"width":94,"height":6}},{"id":"8e69c2e3-2a34-4d77-bf11-6009bdcd0204","block_type":"box","text":"MARKETING COMMUNICATION","page_number":10,"box":{"x":85,"y":11,"width":213,"height":8}},{"id":"9c0a050e-4cc1-414b-8c0d-14580a983a8b","block_type":"box","text":"-","page_number":10,"box":{"x":303,"y":15,"width":4,"height":1}},{"id":"ffdc6801-95d2-4b2e-81f8-b2e258f80315","block_type":"box","text":"FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS","page_number":10,"box":{"x":312,"y":11,"width":390,"height":9}},{"id":"5e16aeca-a3ff-4ddc-9936-795a4be14361","block_type":"box","text":"Amundi ETF","page_number":10,"box":{"x":795,"y":953,"width":118,"height":10}},{"id":"7340af71-6ee6-4ccc-91d3-ed33167dea2d","block_type":"box","text":"10","page_number":10,"box":{"x":81,"y":942,"width":14,"height":7}},{"id":"c4f77c98-4747-4d30-860d-fa951fd6b4e5","block_type":"box","text":"-","page_number":10,"box":{"x":100,"y":945,"width":3,"height":1}},{"id":"31b41f56-14d5-41db-9799-72c835e9ad2c","block_type":"box","text":"ETF","page_number":10,"box":{"x":108,"y":942,"width":21,"height":6}},{"id":"9c27df89-4870-49f3-8317-4e89f2db14e1","block_type":"box","text":"Investment","page_number":10,"box":{"x":133,"y":942,"width":71,"height":7}},{"id":"dc5e1f1e-6e26-47b1-9e1e-b87337f63801","block_type":"box","text":"& Product","page_number":10,"box":{"x":209,"y":941,"width":62,"height":8}},{"id":"d4389549-17a6-460d-96ab-2a466939bbcb","block_type":"box","text":"Strategy","page_number":10,"box":{"x":275,"y":942,"width":53,"height":9}},{"id":"7b2bfa92-7b5c-43c2-bcb3-e05f7095a99c","block_type":"box","text":"-","page_number":10,"box":{"x":332,"y":946,"width":3,"height":0}},{"id":"eb333bf7-51b9-4158-8976-c714c6837cd0","block_type":"box","text":"Weekly Pulse","page_number":10,"box":{"x":339,"y":941,"width":82,"height":10}},{"id":"e65e52c7-4f2f-45e4-8ea4-66545b331eea","block_type":"box","text":"-","page_number":10,"box":{"x":81,"y":959,"width":4,"height":1}},{"id":"f933bdfd-b4ee-4c2c-a4a6-00e4f10d2dfe","block_type":"box","text":"23 October 2026","page_number":10,"box":{"x":433,"y":941,"width":103,"height":8}},{"id":"34cb3623-7cd4-48df-9bee-00e8d414437a","block_type":"box","text":"SINGAPORE","page_number":10,"box":{"x":69,"y":69,"width":67,"height":6}},{"id":"872b89b9-465c-48d4-a213-dd35e7ca3924","block_type":"box","text":"In Singapore, this document is provided solely for the use of distributors and financial","page_number":10,"box":{"x":69,"y":80,"width":408,"height":8}},{"id":"bf55251a-5d37-442b-a911-6bd854b172d0","block_type":"box","text":"advisors only and is not to be distributed to the retail public. This document contains","page_number":10,"box":{"x":69,"y":91,"width":409,"height":9}},{"id":"de9a2cfc-2013-4655-85ec-09ecb5f6511d","block_type":"box","text":"information about certain sub","page_number":10,"box":{"x":69,"y":103,"width":145,"height":6}},{"id":"aaf5909a-96da-4ad0-8bbf-a4ec9f516033","block_type":"box","text":"-","page_number":10,"box":{"x":215,"y":107,"width":3,"height":0}},{"id":"3379d5db-a5bd-4a39-9586-c2faa678b1b8","block_type":"box","text":"funds of Amundi Index Solutions SICAV which may","page_number":10,"box":{"x":218,"y":103,"width":246,"height":8}},{"id":"b9d784a3-4196-45bc-9564-ea54d9ea8d2f","block_type":"box","text":"be","page_number":10,"box":{"x":466,"y":103,"width":12,"height":6}},{"id":"ed6e6741-5091-47fa-8e08-73cbed390581","block_type":"box","text":"registered as recognised schemes in Singapore under the Securities and Futures Act","page_number":10,"box":{"x":69,"y":114,"width":409,"height":8}},{"id":"dbb7096b-0e6d-4225-b16a-a031de333db9","block_type":"box","text":"(Cap. 289) of Singapore (“SFA”), or","page_number":10,"box":{"x":69,"y":125,"width":171,"height":9}},{"id":"4955a50c-bfbe-4388-b0fe-978cab0b854f","block_type":"box","text":"notified as restricted schemes under the Sixth","page_number":10,"box":{"x":245,"y":125,"width":233,"height":7}},{"id":"4509bba2-d8c1-4a93-a081-3c77cc01a0b7","block_type":"box","text":"Schedule to the Securities and Futures (Offers of Investments) (Collective Investment","page_number":10,"box":{"x":69,"y":137,"width":409,"height":7}},{"id":"b111b2d4-e6c8-49db-8c65-24e1502db253","block_type":"box","text":"Schemes) Regulations 2005. For the sub","page_number":10,"box":{"x":69,"y":148,"width":194,"height":8}},{"id":"709e41bb-624a-4e2f-aae8-0f07b22a967d","block_type":"box","text":"-","page_number":10,"box":{"x":263,"y":152,"width":3,"height":1}},{"id":"2b3e9aa7-9d3c-4aac-98aa-d46899ff1ff3","block_type":"box","text":"funds or relevant unit/share classes notified","page_number":10,"box":{"x":266,"y":148,"width":211,"height":7}},{"id":"8ebf803d-ae6e-48a9-844a-7bf7f46124eb","block_type":"box","text":"as restricted schemes in Singapore, s","page_number":10,"box":{"x":69,"y":159,"width":178,"height":9}},{"id":"ff08ec63-eba0-447a-befe-b923df98f92d","block_type":"box","text":"uch sub","page_number":10,"box":{"x":248,"y":159,"width":37,"height":7}},{"id":"aca2173a-5e70-4a55-96dc-fdbed8eb1758","block_type":"box","text":"-f","page_number":10,"box":{"x":286,"y":163,"width":2,"height":1}},{"id":"0b875e17-88c8-4404-80bd-7d89daefed89","block_type":"box","text":"-funds or relevant unit/share classes are","page_number":10,"box":{"x":288,"y":159,"width":190,"height":7}},{"id":"f6dc1eff-8af3-4d6c-bd80-e412ac43dc85","block_type":"box","text":"not authorised or recognised by the Monetary Authority of Singapore (\"MAS\") and","page_number":10,"box":{"x":69,"y":171,"width":408,"height":8}},{"id":"8d906211-4f99-475a-8be9-30aacfef68da","block_type":"box","text":"are not allowed to be offered to the Singapore retail public. Accordingly, this","page_number":10,"box":{"x":69,"y":182,"width":409,"height":8}},{"id":"ce69fb17-0eb8-4cd8-8762-21e8d03a21b2","block_type":"box","text":"document and the material contained within, may","page_number":10,"box":{"x":69,"y":193,"width":250,"height":9}},{"id":"20bf5cf9-c363-4cbd-a0eb-3465ad0aa0a8","block_type":"box","text":"not be circulated or distributed,","page_number":10,"box":{"x":323,"y":193,"width":155,"height":8}},{"id":"6a20e1a8-324b-4f73-a35b-9872a1c88766","block_type":"box","text":"nor may the relevant units/shares be offered or sold, or be made the subject of an","page_number":10,"box":{"x":69,"y":205,"width":408,"height":8}},{"id":"65c4df1b-1d29-4f26-94a1-1344dfaa805c","block_type":"box","text":"invitation for subscription or purchase, whether directly or indirectly, to persons in","page_number":10,"box":{"x":69,"y":216,"width":409,"height":8}},{"id":"0a581a7f-7d83-4526-983b-7512ef540ea9","block_type":"box","text":"Singapore other than (i) to an institutional invest","page_number":10,"box":{"x":69,"y":227,"width":231,"height":9}},{"id":"79698175-faa4-4f51-b853-cb6cc9edebec","block_type":"box","text":"or under Section 304 of the SFA, (ii) to","page_number":10,"box":{"x":301,"y":227,"width":177,"height":8}},{"id":"54ee3cb1-f06d-40f2-91ce-eeeed21b7d73","block_type":"box","text":"a relevant person pursuant to Section 305(1), or any person pursuant to Section","page_number":10,"box":{"x":69,"y":239,"width":408,"height":8}},{"id":"56594bfa-6589-4522-9c43-a59ec0f1aa62","block_type":"box","text":"305(2), and in accordance with the conditions specified in Section 305 of the SFA, or","page_number":10,"box":{"x":69,"y":250,"width":409,"height":8}},{"id":"527242ef-dd55-40d0-8cfd-795950c9e9a9","block_type":"box","text":"(iii) otherwise pursuant to, and in accordance wi","page_number":10,"box":{"x":69,"y":261,"width":249,"height":9}},{"id":"0413fc7b-15cb-4889-941f-4b06fed495e2","block_type":"box","text":"th the conditions of, any other","page_number":10,"box":{"x":319,"y":261,"width":159,"height":9}},{"id":"15f8c2cf-400d-414a-98c7-290fa9ee9586","block_type":"box","text":"applicable provision of the SFA. In other Asian jurisdictions, for use by licensed","page_number":10,"box":{"x":69,"y":273,"width":408,"height":8}},{"id":"6ec8b244-0df9-40a8-b7de-90645062b03d","block_type":"box","text":"intermediaries only and not to be distributed to the public.","page_number":10,"box":{"x":69,"y":284,"width":282,"height":8}},{"id":"6d080d00-683d-4260-ac10-9f6f6d279e35","block_type":"box","text":"The Singapore Representative for Funds registered for public offering in Singapore is","page_number":10,"box":{"x":69,"y":295,"width":409,"height":9}},{"id":"1b4e603e-094e-42b8-8c46-74d89ef1acb4","block_type":"box","text":"Amundi Singapore Limited (Registration No. 198900774E), 80 Raffles Place, UOB","page_number":10,"box":{"x":68,"y":307,"width":410,"height":8}},{"id":"973690e6-a2d1-45b1-84a5-962dbe5f24bc","block_type":"box","text":"Plaza 1, #23","page_number":10,"box":{"x":70,"y":318,"width":56,"height":7}},{"id":"4377a51a-3297-4f02-9c46-41b63f7f7cd2","block_type":"box","text":"-","page_number":10,"box":{"x":127,"y":322,"width":3,"height":0}},{"id":"68b107d2-80de-4058-8671-118ab5c1dd07","block_type":"box","text":"01, Singapore 048624.","page_number":10,"box":{"x":130,"y":318,"width":108,"height":8}},{"id":"a7759e3b-0b10-43e7-9d2b-1a8f2b7a0f62","block_type":"box","text":"JAPAN","page_number":10,"box":{"x":68,"y":341,"width":36,"height":8}},{"id":"65037bc5-17b2-48c2-bed7-4d6ba3095f18","block_type":"box","text":"In Japan, this document is issued by Amundi Japan Ltd. This document is not intended","page_number":10,"box":{"x":69,"y":353,"width":408,"height":8}},{"id":"5d9cb919-395f-4d54-807f-fa81fdd615a9","block_type":"box","text":"as an offer or solicitation with respect to the purchase or sale of securities, including","page_number":10,"box":{"x":69,"y":364,"width":408,"height":8}},{"id":"fc612026-ad7d-495a-a856-149a90167b3d","block_type":"box","text":"shares or units of funds. All views expressed and/or reference to companies canno","page_number":10,"box":{"x":69,"y":375,"width":405,"height":9}},{"id":"5e47c6d4-4a03-4c6c-a25d-6820931e2970","block_type":"box","text":"t","page_number":10,"box":{"x":474,"y":376,"width":4,"height":6}},{"id":"d7424c54-8bb9-4a80-9099-eaef9cfc92be","block_type":"box","text":"be construed as a recommendation by Amundi. Opinions and estimates may be","page_number":10,"box":{"x":69,"y":387,"width":409,"height":8}},{"id":"025d9676-a980-4269-a696-6b252b9bdf6a","block_type":"box","text":"changed without notice. To the extent permitted by applicable law, rules, codes and","page_number":10,"box":{"x":69,"y":398,"width":408,"height":8}},{"id":"96cad06c-a3a8-4564-b059-7f7105c1dab0","block_type":"box","text":"guidelines, Amundi, and her related entities accept no liability whatsoever whether","page_number":10,"box":{"x":69,"y":409,"width":409,"height":9}},{"id":"9bcce4ec-aa64-4846-b8a4-0330a4efcc29","block_type":"box","text":"direct or in","page_number":10,"box":{"x":69,"y":421,"width":57,"height":6}},{"id":"4d35f755-6d11-4b85-b8ec-e32b82d73159","block_type":"box","text":"direct that may arise from the use of information contained in this","page_number":10,"box":{"x":127,"y":421,"width":351,"height":8}},{"id":"ef5d2c3a-e23f-4ca3-a517-b6b9e3cd90e4","block_type":"box","text":"document.","page_number":10,"box":{"x":69,"y":432,"width":53,"height":7}},{"id":"07499075-85fa-4b0a-9769-747dee398d94","block_type":"box","text":"This document is for distribution solely to persons permitted to receive it and to","page_number":10,"box":{"x":69,"y":443,"width":409,"height":9}},{"id":"85e9649f-3923-4c54-9ce6-9ed5b01dae04","block_type":"box","text":"persons in jurisdictions who may receive it without breaching applicable legal or","page_number":10,"box":{"x":69,"y":455,"width":409,"height":8}},{"id":"f15e116e-c359-4a94-8e42-5f58fadc38ec","block_type":"box","text":"regulatory requirements. This document is prepared for information only and does","page_number":10,"box":{"x":69,"y":466,"width":409,"height":8}},{"id":"ddd7199f-4bf4-429a-a212-bd2d1a17e697","block_type":"box","text":"not have a","page_number":10,"box":{"x":69,"y":477,"width":51,"height":7}},{"id":"674cd25d-b76e-4baa-b3f8-8d351ffd13ee","block_type":"box","text":"ny regard to the specific investment objectives, financial situation and the","page_number":10,"box":{"x":121,"y":477,"width":357,"height":9}},{"id":"b28a990a-aff4-482c-adc6-609e8baeaa26","block_type":"box","text":"particular needs","page_number":10,"box":{"x":69,"y":489,"width":79,"height":8}},{"id":"81773d4f-e4c7-4a22-af6d-cce3656d5ac3","block_type":"box","text":"of any specific person who may receive this document. Any person","page_number":10,"box":{"x":151,"y":489,"width":326,"height":8}},{"id":"44009158-1abc-4981-bf9e-18db19228a7e","block_type":"box","text":"considering an investment should seek independent advice on the suitability or","page_number":10,"box":{"x":69,"y":500,"width":409,"height":8}},{"id":"a004e4d2-9b73-4935-803c-b31683006d9f","block_type":"box","text":"otherwise of the particular investment. Investors should not only base on this","page_number":10,"box":{"x":69,"y":511,"width":409,"height":9}},{"id":"1ac39724-bdb9-4d93-9b9f-c963e6195c76","block_type":"box","text":"document alone to make investmen","page_number":10,"box":{"x":69,"y":523,"width":181,"height":6}},{"id":"4609da1d-d1cc-42b7-b7c3-e2cb7083a54c","block_type":"box","text":"t decisions. Investment involves risk. The past","page_number":10,"box":{"x":251,"y":523,"width":227,"height":8}},{"id":"46ea8919-a7c9-4fcc-b451-68ebe19de18d","block_type":"box","text":"performance information of the market, manager and investments and any","page_number":10,"box":{"x":69,"y":534,"width":409,"height":8}},{"id":"9445751d-a656-4287-a819-98f9118cbd4f","block_type":"box","text":"forecasts on the economy, stock market, bond market or the economic trends of the","page_number":10,"box":{"x":69,"y":545,"width":409,"height":9}},{"id":"38b60e7f-6db5-45c3-9e51-7030fca78db3","block_type":"box","text":"markets are not indicative of future performance.","page_number":10,"box":{"x":69,"y":557,"width":240,"height":8}},{"id":"2a29481b-877d-4950-9875-3a16d07161b6","block_type":"box","text":"HONG KONG","page_number":10,"box":{"x":498,"y":69,"width":72,"height":6}},{"id":"61b72d48-b725-419e-a45e-bc0acd48d31a","block_type":"box","text":"This document is issued by Amundi Hong Kong Limited.","page_number":10,"box":{"x":497,"y":80,"width":264,"height":8}},{"id":"bb3e92fe-c503-4037-acff-0b1a77a50d29","block_type":"box","text":"This document is for distribution solely to persons permitted to receive it and to persons","page_number":10,"box":{"x":497,"y":91,"width":407,"height":9}},{"id":"73fc9a75-ec00-4f44-a444-ac902e5f5178","block_type":"box","text":"in jurisdictions who may receive it without breaching applicable legal or regulatory","page_number":10,"box":{"x":498,"y":103,"width":407,"height":8}},{"id":"b665cd66-b93c-4d7a-b7f1-beaaa52b7af3","block_type":"box","text":"requirements. Any dissemination, reproduction, copy, modification or translation","page_number":10,"box":{"x":498,"y":114,"width":393,"height":8}},{"id":"ad7ea39f-77cc-483d-a544-52fda5299440","block_type":"box","text":"in","page_number":10,"box":{"x":896,"y":114,"width":8,"height":6}},{"id":"90b00611-f0ca-4f54-82ca-bc7ef1c0dc41","block_type":"box","text":"whole or in part, with respect to any information provided herein is forbidden. This","page_number":10,"box":{"x":497,"y":125,"width":407,"height":9}},{"id":"09082017-955e-4094-bcd4-b17ecd48219e","block_type":"box","text":"document is for professional investors only and not for retail investors.","page_number":10,"box":{"x":498,"y":137,"width":329,"height":8}},{"id":"2fe84ad3-afe8-4e87-ae39-d45eafa878c8","block_type":"box","text":"The fund(s) mentioned in this document are not authorized by Securities and Futures","page_number":10,"box":{"x":497,"y":148,"width":407,"height":8}},{"id":"4a769384-952e-4b4a-8cd8-f9ff659b8d37","block_type":"box","text":"Commission in Hong Kong. Consequently, shares or units of such funds are not","page_number":10,"box":{"x":498,"y":159,"width":407,"height":9}},{"id":"0676ec5d-c11e-45d1-81d8-d85c54528491","block_type":"box","text":"available to the general public","page_number":10,"box":{"x":498,"y":171,"width":139,"height":8}},{"id":"ef098f57-f66e-4858-b334-d530c79ed588","block_type":"box","text":"in Hong Kong and must not be distributed in Hong Kong","page_number":10,"box":{"x":640,"y":171,"width":264,"height":8}},{"id":"1a9fe6b7-638b-49e1-8c00-876c8b389810","block_type":"box","text":"by way of public offer, public advertisement or in any similar manner. This document","page_number":10,"box":{"x":498,"y":182,"width":407,"height":8}},{"id":"e9367ddc-dc5f-441d-bffc-2764f8c8ee38","block_type":"box","text":"has not been reviewed by any regulatory authority in Hong Kong and no regulatory","page_number":10,"box":{"x":498,"y":193,"width":407,"height":9}},{"id":"b7a82a0a-d65b-4b1a-be67-917a8209d3e4","block_type":"box","text":"authority in Hong Kong takes respon","page_number":10,"box":{"x":498,"y":205,"width":175,"height":8}},{"id":"7d4044ef-442b-44ac-a8a8-ca15d4868dfc","block_type":"box","text":"sibility for the financial soundness of the funds or","page_number":10,"box":{"x":673,"y":205,"width":232,"height":8}},{"id":"d5726e9d-3d1b-409d-8d77-86e1b1d12ec0","block_type":"box","text":"for the accuracy of any statement made or opinion expressed in this document.","page_number":10,"box":{"x":497,"y":216,"width":407,"height":8}},{"id":"f22bb33c-e8d5-4f6f-a020-dec1572afbbd","block_type":"box","text":"Investors are advised to exercise caution in relation to the offer. Any investor who is in","page_number":10,"box":{"x":498,"y":227,"width":406,"height":9}},{"id":"77f18ca3-8f57-4b6c-904e-8d8c8d906204","block_type":"box","text":"doubt about the contents of the","page_number":10,"box":{"x":498,"y":239,"width":170,"height":6}},{"id":"eb99ce4a-f454-4357-9c9e-afff06ff25dd","block_type":"box","text":"document is strongly recommended to seek","page_number":10,"box":{"x":675,"y":239,"width":230,"height":8}},{"id":"3cf5cd19-8b10-49b0-8c44-4070bfa933c6","block_type":"box","text":"independent professional advice.","page_number":10,"box":{"x":498,"y":250,"width":156,"height":8}},{"id":"29a32793-ab14-4783-a50c-53fa0480ccb6","block_type":"box","text":"Investment involves risk. The past performance information of the market, manager","page_number":10,"box":{"x":498,"y":261,"width":407,"height":9}},{"id":"4945bdd6-ca95-4b92-bd7c-1632938a522e","block_type":"box","text":"and investments and any forecasts on the economy, stock market, bond market or the","page_number":10,"box":{"x":498,"y":273,"width":406,"height":8}},{"id":"e69daec8-266d-411e-9dba-3dfefac07074","block_type":"box","text":"economic trends of the markets which are targeted by the fund(s) are not indicative of","page_number":10,"box":{"x":498,"y":284,"width":407,"height":8}},{"id":"92286dd9-0133-4dfb-b766-757cbad607b3","block_type":"box","text":"futu","page_number":10,"box":{"x":497,"y":295,"width":20,"height":7}},{"id":"1f3e039b-ca8b-4fab-9053-f71f390aa4b9","block_type":"box","text":"re performance. The offering document(s) should be read for further details","page_number":10,"box":{"x":518,"y":295,"width":386,"height":9}},{"id":"7c069905-062d-4d43-8ab3-6587a5ebd9f9","block_type":"box","text":"including the risk factors.","page_number":10,"box":{"x":498,"y":307,"width":116,"height":8}},{"id":"f5fabeff-4f16-40e7-a74a-dc04f5682d1f","block_type":"box","text":"SWEDEN","page_number":10,"box":{"x":498,"y":330,"width":47,"height":6}},{"id":"c1bd647a-78a8-47f7-9e85-5d6e61a80324","block_type":"box","text":"Some of the Funds have been passported into Sweden pursuant to the Swedish","page_number":10,"box":{"x":498,"y":341,"width":406,"height":9}},{"id":"82c347bd-2b78-4174-9188-23640cc13ba3","block_type":"box","text":"Securities Funds Act (as amended) (Sw. lag (2004:46) om värdepappersfonder),","page_number":10,"box":{"x":498,"y":353,"width":406,"height":8}},{"id":"b5dce6da-7ff9-4c16-b78f-8b115cef7401","block_type":"box","text":"implementing the UCITS IV Directive and may accordingly be distributed to Swedish","page_number":10,"box":{"x":498,"y":364,"width":406,"height":8}},{"id":"f6ba32a7-b179-44bf-8b3c-6796e2994a49","block_type":"box","text":"investors. The Key Info","page_number":10,"box":{"x":498,"y":375,"width":100,"height":9}},{"id":"fa99d90c-566a-4853-9b33-b9cbab20e78b","block_type":"box","text":"formation Document (“KID”) (in Swedish) and the prospectuses for","page_number":10,"box":{"x":598,"y":375,"width":307,"height":9}},{"id":"4e1a17ea-cf51-49e4-96d9-981074b28b01","block_type":"box","text":"the funds, as well as the annual and semi","page_number":10,"box":{"x":497,"y":387,"width":202,"height":7}},{"id":"aaefcc85-1a1d-4e6c-a0e4-e5d57202ef6a","block_type":"box","text":"-","page_number":10,"box":{"x":699,"y":391,"width":3,"height":0}},{"id":"fb9b1476-72c7-41c5-a4d1-d5dfb8280d3d","block_type":"box","text":"annual reports are also available from the","page_number":10,"box":{"x":702,"y":387,"width":202,"height":8}},{"id":"e0f5a3d6-deda-430c-a2de-8f3a8670f4dc","block_type":"box","text":"Swedish paying agent free of charge.","page_number":10,"box":{"x":498,"y":398,"width":174,"height":8}},{"id":"f4e5fa2c-f238-413c-8e31-d73d31ea9f45","block_type":"box","text":"The name and details of the Swedish paying agent are Skandinaviska Enskilda Banken","page_number":10,"box":{"x":497,"y":409,"width":407,"height":9}},{"id":"6fd14bc7-2f73-4fa6-a6a6-8db56245a663","block_type":"box","text":"AB (publ) through its entity Transaction Banking, SEB Merchant Banking, with its","page_number":10,"box":{"x":497,"y":421,"width":407,"height":8}},{"id":"994aefad-1fdc-4f7a-848c-2619ec6cd3a8","block_type":"box","text":"principal offices at Kungsträdgårdsgatan 8, SE","page_number":10,"box":{"x":498,"y":432,"width":215,"height":8}},{"id":"a929c34d-44c0-446b-8cec-a933d9855485","block_type":"box","text":"-","page_number":10,"box":{"x":713,"y":436,"width":3,"height":1}},{"id":"54be214f-5a92-4c20-a10b-96bab5f9c089","block_type":"box","text":"106 40 Stockholm, Sweden.","page_number":10,"box":{"x":717,"y":432,"width":129,"height":7}},{"id":"7d0bed64-7b73-409a-9428-5d7bd6b925fa","block_type":"box","text":"Amundi Asset Management","page_number":10,"box":{"x":497,"y":455,"width":168,"height":9}},{"id":"3c155b1c-8e73-4436-9a3a-2477c5e905df","block_type":"box","text":"French “Société par Actions Simplifiée”","page_number":10,"box":{"x":499,"y":468,"width":210,"height":9}},{"id":"e928bea5-d72a-4955-b19f-5c44559578e8","block_type":"box","text":"-","page_number":10,"box":{"x":712,"y":472,"width":3,"height":1}},{"id":"80eed045-98c6-46a8-a193-e12f691261b7","block_type":"box","text":"SAS with a share capital of €1 143","page_number":10,"box":{"x":719,"y":468,"width":185,"height":9}},{"id":"4eafbc75-de07-43ca-8c3e-28758eb7526f","block_type":"box","text":"615 555","page_number":10,"box":{"x":498,"y":481,"width":43,"height":7}},{"id":"e0e0ad6a-3c9b-4e95-9bc9-383bfca2c69a","block_type":"box","text":"Portfolio management company approved by the French Financial","page_number":10,"box":{"x":499,"y":494,"width":405,"height":9}},{"id":"f246d3b7-4a7b-4382-98fd-b1a9744ec180","block_type":"box","text":"Markets Authority (Autorité des Marchés Financiers) under no.GP","page_number":10,"box":{"x":499,"y":507,"width":405,"height":9}},{"id":"7428a6d5-7d8c-41bd-9711-fca02d582ea5","block_type":"box","text":"04000036","page_number":10,"box":{"x":498,"y":520,"width":54,"height":7}},{"id":"788bb884-09b8-415f-825a-3e9d56bb2d50","block_type":"box","text":"Head office:","page_number":10,"box":{"x":499,"y":533,"width":64,"height":7}},{"id":"8b11263d-c4bd-46a7-a5c8-568667514c30","block_type":"box","text":"91","page_number":10,"box":{"x":566,"y":533,"width":11,"height":7}},{"id":"76a3f896-c5fc-4d98-8c69-1e5b98e7b83a","block_type":"box","text":"-","page_number":10,"box":{"x":579,"y":537,"width":4,"height":1}},{"id":"520a40cf-27d5-4415-8455-0f0b5ef56ad7","block_type":"box","text":"93, boulevard Pasteur, 75015 Paris","page_number":10,"box":{"x":583,"y":533,"width":190,"height":8}},{"id":"f25ef8f6-2701-4f0a-97d0-be7c5ec7c9e9","block_type":"box","text":"-","page_number":10,"box":{"x":776,"y":537,"width":3,"height":1}},{"id":"6a4a53f1-0091-4caa-b225-1d73bf0ef40d","block_type":"box","text":"France","page_number":10,"box":{"x":783,"y":533,"width":36,"height":7}},{"id":"4cbc2936-b6e5-4cb6-9df6-883ac2a14275","block_type":"box","text":"Postal address: 91, boulevard Pasteur, CS 21564, 75730 Paris Cedex 15","page_number":10,"box":{"x":499,"y":546,"width":398,"height":8}},{"id":"0ce346cf-4164-431f-90b0-5f337fe7222e","block_type":"box","text":"-","page_number":10,"box":{"x":901,"y":550,"width":3,"height":1}},{"id":"bcf25874-ab40-4ab6-b452-a1cb76c37c82","block_type":"box","text":"France","page_number":10,"box":{"x":499,"y":559,"width":36,"height":7}},{"id":"d2ba509f-7a79-4529-b2f2-5cccc2536bed","block_type":"box","text":"Tel : +33 (0)1 76 33 30 30","page_number":10,"box":{"x":497,"y":572,"width":133,"height":8}},{"id":"b9cac83e-d1d4-4c5b-b0a9-c7b5182ab4be","block_type":"box","text":"Siren no. 437 574 452 RCS Paris","page_number":10,"box":{"x":498,"y":585,"width":171,"height":7}}],"unit":"per_mille","page_width":595,"page_height":841,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":10}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"93f1985f-47b3-4637-8cf7-cbaac9ba4683"},"user_id":1000002,"date_created":"2026-10-26T21:11:08.321000Z","date_modified":"2026-10-26T21:11:08.321000Z","private":false}