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ANNUAL REPORT - 31/10/2025
SICAV of Amundi
Management company
AMUNDI ASSET MANAGEMENT
Delegated management accounting title
SOCIETE GENERALE
Custodian
SOCIETE GENERALE
Statutory auditor
DELOITTE & ASSOCIES
MULTI UNITS FRANCE
Page 2
MULTI UNITS FRANCE
2 Annual report - Year ended: 31/10/2025
Sicav features 4
Report on corporate governance 6
Composition of the Board of Directors at the close of the fiscal year 8
Presentation of the work of the Board of Directors 9
Resolutions 10
Commissioner certification auditors on the annual accounts 23
Accounting rules and methods 29
AMUNDI BEL 20 UCITS ETF 31
AMUNDI ITALY BTP DAILY (-2X) INVERSE UCITS ETF 84
AMUNDI FTSE ITALIA PMI PIR 2020 UCITS ETF 138
AMUNDI MDAX UCITS ETF 197
AMUNDI MSCI CHINA A UCITS ETF 248
AMUNDI MSCI WORLD EX EMU SRI CLIMATE PARIS ALIGNED UCITS ETF 307
AMUNDI DJ GLOBAL TITANS 50 UCITS ETF 374
AMUNDI SHORTDAX DAILY (-2X) INVERSE UCITS ETF 425
AMUNDI IBEX 35 DOBLE APALANCADO DIARIO (2X) UCITS ETF 476
AMUNDI IBEX 35 DOBLE INVERSO DIARIO (-2X) UCITS ETF 527
AMUNDI NASDAQ-100 DAILY (2X) LEVERAGED UCITS ETF 578
AMUNDI CAC 40 DAILY (2X) LEVERAGED UCITS ETF 631
AMUNDI CAC 40 DAILY (-2X) INVERSE UCITS ETF 682
AMUNDI CAC 40 DAILY (-1X) INVERSE UCITS ETF 734
AMUNDI EUR OVERNIGHT RETURN UCITS ETF 785
AMUNDI MSCI WATER UCITS ETF 853
AMUNDI EURO STOXX 50 DAILY (-2X) INVERSE UCITS ETF 921
AMUNDI EURO STOXX 50 DAILY (2X) LEVERAGED UCITS ETF 972
AMUNDI EURO STOXX 50 DAILY (-1X) INVERSE UCITS ETF 1023
AMUNDI FTSE MIB DAILY (-2X) INVERSE UCITS ETF 1074
Contents
Page 3
MULTI UNITS FRANCE
3 Annual report - Year ended: 31/10/2025
AMUNDI FTSE MIB DAILY (2X) LEVERAGED UCITS ETF 1125
AMUNDI FTSE MIB DAILY (-1X) INVERSE UCITS ETF 1176
AMUNDI GERMAN BUND DAILY (-2X) INVERSE UCITS ETF 1227
AMUNDI FTSE MIB UCITS ETF 1279
AMUNDI IBEX 35 UCITS ETF 1341
AMUNDI MSCI EUROPE UCITS ETF 1395
AMUNDI MSCI WORLD SWAP II UCITS ETF 1466
AMUNDI MSCI EMERGING MARKETS SWAP II UCITS ETF 1546
AMUNDI JAPAN TOPIX II UCITS ETF 1604
AMUNDI CAC 40 UCITS ETF 1711
AMUNDI EURO STOXX 50 II UCITS ETF 1780
AMUNDI PEA EURO COURT TERME EURO UCITS ETF 1855
AMUNDI MSCI GREECE UCITS ETF 1907
AMUNDI MSCI INDIA SWAP UCITS ETF 1959
AMUNDI MSCI NEW ENERGY UCITS ETF 2021
AMUNDI OPPORTUNITES DIVERSIFIES MONDE 2091
LYXOR GREEN BOND INDICIEL 2141
AMUNDI MSCI WORLD (2X) LEVERAGED UCITS ETF 2198
Page 4
MULTI UNITS FRANCE
4 Annual report - Year ended: 31/10/2025
Investment Company R.C.S. Nanterre 441 298 163 with Variable Capital
Registered office 91/93, boulevard Pasteur, 75015 Paris – France.
Asset management AMUNDI ASSET MANAGEMENT by delegation 91/93, boulevard Pasteur, 75015 Paris – France.
Institutions responsible for SOCIÉTÉ GÉNÉRALE centralizing subscription 32, rue du Champ de Tir - 44000 Nantes - France. and redemption orders
Custodian, conservator SOCIÉTÉ GÉNÉRALE and institution in charge 75886 Paris Cedex 18. of keeping stock records
Auditor DELOITTE et ASSOCIÉS 6, place de la Pyramide - 92908 Paris - La Défense Cedex.
MEMBERS OF THE EXECUTIVE AND SUPERVISORY BODIES
Board of directors Chairman and Managing Director: BALAFREJ Mehdi Directors: BERTHIER Grégory CAYTAN Luc RAULIN Yannic
INFORMATION ABOUT INVESTMENTS AND MANAGEMENT
Classification: The SICAV Multi Units France is a sub-fund SICAV.
Investment orientation: The SICAV Multi Units France is a SICAV with sub-funds. The objective of each sub-fund is defined in their information leaflet. Each of the sub-funds may be the subject of an application for admission to trading on any regulated stock market, in accordance with the regulations in force. The objective of the SICAV is to offer a set of sub-funds. As of October 31, 2025, the SICAV Multi Units France comprised 38 sub-funds: Subfund N°1 : AMUNDI BEL 20 UCITS ETF Subfund N°2 : AMUNDI ITALY BTP DAILY (-2X) INVERSE UCITS ETF Subfund N°3 : AMUNDI FTSE ITALIA PMI PIR 2020 UCITS ETF
Sicav features
Page 5
MULTI UNITS FRANCE
5 Annual report - Year ended: 31/10/2025
Subfund N°4 : AMUNDI MDAX UCITS ETF Subfund N°5 : AMUNDI MSCI CHINA A UCITS ETF Subfund N°6 : AMUNDI MSCI WORLD EX EMU SRI CLIMATE PARIS ALIGNED UCITS ETF Subfund N°7 : AMUNDI DJ GLOBAL TITANS 50 UCITS ETF Subfund N°8 : AMUNDI SHORTDAX DAILY (-2X) INVERSE UCITS ETF Subfund N°9 : AMUNDI IBEX 35 DOBLE APALANCADO DIARIO (2X) UCITS ETF Subfund N°10 : AMUNDI IBEX 35 DOBLE INVERSO DIARIO (-2X) UCITS ETF Subfund N°11 : AMUNDI NASDAQ-100 DAILY (2X) LEVERAGED UCITS ETF Subfund N°12 : AMUNDI CAC 40 DAILY (2X) LEVERAGED UCITS ETF Subfund N°13 : AMUNDI CAC 40 DAILY (-2X) INVERSE UCITS ETF Subfund N°14 : AMUNDI CAC 40 DAILY (-1X) INVERSE UCITS ETF Subfund N°15 : AMUNDI EUR OVERNIGHT RETURN UCITS ETF Subfund N°16 : AMUNDI MSCI WATER UCITS ETF Subfund N°17 : AMUNDI EURO STOXX 50 DAILY (-2X) INVERSE UCITS ETF Subfund N°18 : AMUNDI EURO STOXX 50 DAILY (2X) LEVERAGED UCITS ETF Subfund N°19 : AMUNDI EURO STOXX 50 DAILY (-1X) INVERSE UCITS ETF Subfund N°20 : AMUNDI FTSE MIB DAILY (-2X) INVERSE UCITS ETF Subfund N°21 : AMUNDI FTSE MIB DAILY (2X) LEVERAGED UCITS ETF Subfund N°22 : AMUNDI FTSE MIB DAILY (-1X) INVERSE UCITS ETF Subfund N°23 : AMUNDI GERMAN BUND DAILY (-2X) INVERSE UCITS ETF Subfund N°24 : AMUNDI FTSE MIB UCITS ETF Subfund N°25 : AMUNDI IBEX 35 UCITS ETF Subfund N°26 : AMUNDI MSCI EUROPE UCITS ETF Subfund N°27 : AMUNDI MSCI WORLD SWAP II UCITS ETF Subfund N°28 : AMUNDI MSCI EMERGING MARKETS SWAP II UCITS ETF Subfund N°29 : AMUNDI JAPAN TOPIX II UCITS ETF Subfund N°30 : AMUNDI CAC 40 UCITS ETF Subfund N°31 : AMUNDI EURO STOXX 50 II UCITS ETF Subfund N°32 : AMUNDI PEA EURO COURT TERME EURO UCITS ETF Subfund N°33 : AMUNDI MSCI GREECE UCITS ETF Subfund N°34 : AMUNDI MSCI INDIA SWAP UCITS ETF Subfund N°35 : AMUNDI MSCI NEW ENERGY UCITS ETF Subfund N°36 : AMUNDI OPPORTUNITES DIVERSIFIES MONDE Subfund N°37 : LYXOR GREEN BOND INDICIEL Subfund N°38 : AMUNDI MSCI WORLD (2X) LEVERAGED UCITS ETF
Exercise of shareholder rights: During the year, the company participated in the best interests of the Fund’s shareholders at the general meetings of the companies in the portfolio.
Commission: The transaction fees were collected by the depositary, Société Générale. No retrocession was made in favour of the management company, Amundi Asset Management.
Page 6
6 Annual report - Year ended: 31/10/2025
Mehdi BALAFREJ
(*) Mandate expired during this fiscal year
Grégory BERTHIER
Luc CAYTAN
(*) Mandate expired during this fiscal year
Yannic RAULIN
Society Function Represent
AMUNDI ETF ICAV Chairman of the Board of Directors
AMUNDI Index Solutions Chairman of the Board of Directors
MULTI UNITS France Chairman of the Board of Directors
MULTI UNITS France General manager
Society Function Represent
AMUNDI Index Solutions Administrator
LYXOR INDEX FUND Administrator
MULTI UNITS France Administrator
MULTI UNITS Luxembourg Administrator
PANGEA ICAV Administrator
Society Function Represent
AMUNDI Index Solutions Administrator
LYXOR INDEX FUND Chairman of the Board of Directors
MULTI UNITS France Administrator
MULTI UNITS Luxembourg Chairman of the Board of Directors
SIFTER FUND SICAV Chairman of the Board of Directors
SOLYS SICAV Chairman of the Board of Directors
Society Function Represent
AMUNDI FUNDS Chairman of the Board of Directors
MULTI UNITS FRANCE
Report on corporate governance
List of mandates and functions exercised by corporate officers
Page 7
MULTI UNITS FRANCE
7 Annual report - Year ended: 31/10/2025
(*) Mandate expired during this fiscal year
Agreements entered into, directly or through an intermediary, between, on the one hand, one of the corporate officers or one of the shareholders holding a fraction of the voting rights exceeding 10% of a company and, on the other hand, another company, the former of which directly or indirectly owns more than half the capital, with the exception of agreements relating to current transactions and concluded under normal conditions. No agreements have been concluded in previous financial years which would have continued to be implemented during the previous financial year. No agreements were concluded during the previous financial year.
Summary table of valid delegations granted by the General Shareholders’ Meeting in the event of a capital increase pursuant to Articles L.225-129-1 and L.225-129-2 of the French Commercial Code. Not applicable for SICAVs.
Procedures for exercising the General Management provided for in Article L.225-51-1 of the French Commercial Code. The Board of Directors has opted to combine the functions of Chairman of the Board of Directors and Chief Executive Officer.
Society Function Represent
FIRST EAGLE Administrator
MULTI UNITS France Administrator
Page 8
MULTI UNITS FRANCE
8 Annual report - Year ended: 31/10/2025
Composition of the Board of Directors at the close of the
fiscal year
Chairman of the Board, Chief Executive Officer Mr Mehdi BALAFREJ
Directors Mr Grégory BERTHIER Mr Luc CAYTAN Mrs Yannic RAULIN
Auditor DELOITTE & ASSOCIES represented by Mr Jean-Marc LECAT
Page 9
MULTI UNITS FRANCE
9 Annual report - Year ended: 31/10/2025
Presentation of the work of the Board of Directors
During the exercise: Your Board of Directors met three times, notably on the following points:
Board of Directors meeting of November 4, 2024 - Presentation and approval of the liquidation plan for the AMUNDI SMI DAILY (-2x) INVERSE UCITS ETF and AMUNDI US TREASURY 10Y DAILY (-2X) INVERSE UCITS ETF sub-funds.
Board of Directors Meeting of September 17, 2024 - Company administration – renewal of two director terms, - Evolution and development of the SICAV (11/01/2023 - 10/31/2024), - Market Risk Analysis, - Operational Risk Analysis, - Compliance Report and Cybersecurity Report, - Distribution Report, - Legal Report, - Approval of the financial statements for the year ended October 2024, - Preparation and convening of the Annual General Meeting - Allocation of remuneration to members of the Board of Directors. - Review and approval of the financial statements for the year ended June 28, 2024. - Convening of the Annual General Meeting
Board of Directors meeting of June 19, 2025 - Presentation of the project to create a new sub-fund: AMUNDI MSCI WORLD (2X) LEVERAGED UCITS ETF, - Proposed amendment to the bylaws: The Attractiveness Law, - Notice of Extraordinary General Meeting.
Since the close of the fiscal year:
Board of Directors meeting of January 16, 2026 - Company administration – renewal of the terms of office of the Chairman and CEO and one director; compensation of an independent director, - SICAV activity report November 1, 2024 - October 31, 2025, - Market and Operational Risk Analysis, - Cybersecurity Report, - Compliance Report, - Distribution Report, - Legal Report, - Approval of the financial statements for the fiscal year ended October 2025, - Preparation and convening of the Annual General Meeting - Allocation of compensation to members of the Board of Directors. - Review and approval of the financial statements for the fiscal year ended June 28, 2024. - Convening of the Annual General Meeting.
Page 10
MULTI UNITS FRANCE
10 Annual report - Year ended: 31/10/2025
DRAFT RESOLUTIONS
ORDINARY GENERAL MEETING OF 27 FEBRUARY 2026
FIRST RESOLUTION The General Meeting, having heard the reading of: • the management report on the activities of the SICAV during its financial year ending October 2025 and on the financial statements for that year, • and the Auditor's Report on the annual financial statements, Approves the financial statements and balance sheet for the year as presented, as well as the transactions reflected in these financial statements and summarized in these reports.
SECOND RESOLUTION The General Meeting, having heard the reading of the special report of the auditor on the agreements referred to in Article L225-38 of the Commercial Code, takes note of this report and approves its conclusions.
THIRD RESOLUTION (AMUNDI BEL 20 UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are allocated as follows: Regarding Net Income It resolves to allocate the distributable amounts as follows: - Retained Earnings: €3,113.75 - Distribution: €747,271.55 Based on this allocation, the total net dividend per share for the financial year is therefore set at €0.85, plus, where applicable, a tax credit in an amount determined on the date of payment of said interim dividends. The dividends related to Net Income distributed for the three preceding financial years were as follows (in Euros):
Regarding net capital gains realized, the remaining amount to be allocated for the financial year ending October 2025 is €12,873,619.04. The General Meeting resolves that the distributable amounts are allocated as follows: - Distribution: None - Retained earnings of net capital gains and losses: €12,873,619.04
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 1,34 1,34 -
31/10/2023 0,91 0,91 -
31/10/2024 0,58 0,58 -
Resolutions
Page 11
MULTI UNITS FRANCE
11 Annual report - Year ended: 31/10/2025
FOURTH RESOLUTION (AMUNDI ITALY BTP DAILY (-2X) INVERSE UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
FIFTH RESOLUTION (AMUNDI MSCI WORLD (2X) LEVERAGED UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
SIXTH RESOLUTION (AMUNDI FTSE ITALIA PMI PIR 2020 UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
SEVENTH RESOLUTION (AMUNDI MDAX UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for the sub fund are allocated as follows: Regarding Net Income: the distributable amount of €2,756,310.10 is allocated as follows: Distributed Share: - Distribution: €2,753,513.46 (i.e., a unit amount remaining to be paid after payment of interim dividends of €1.74). - Retained earnings for the year: €2,796.64 The dividends related to Net Income distributed for the three preceding financial years were as follows (in Euros):
Regarding net capital gains realized: the sum of €55,951,327.17 is allocated in full to the "Retained Earnings from Net Capital Gains and Losses" account. In accordance with regulations, the General Meeting acknowledges that no dividends related to net capital gains realized have been distributed for the three preceding financial years.
EIGHTH RESOLUTION (AMUNDI MSCI CHINA A UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains.
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 1,27 - 1,27
31/10/2023 - - -
31/10/2024 5,37 - 5,37
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MULTI UNITS FRANCE
12 Annual report - Year ended: 31/10/2025
In accordance with regulations, the General Meeting notes that no dividends related to net realized capital gains have been distributed for the three preceding financial years.
NINTH RESOLUTION (AMUNDI MSCI WORLD EX EMU SRI CLIMATE PARIS ALIGNED UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
TENTH RESOLUTION (AMUNDI DJ GLOBAL TITANS 50 UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are allocated as follows: - fully reinvested for the portion relating to net income - retained earnings for the portion relating to net realized capital gains. The dividends related to net income distributed for Dist shares for the three preceding financial years were as follows (in Euros):
Regarding net realized capital gains: the sum of €284,953,806.43 is allocated in full to the "Retained Net Capital Gains and Losses" account. In accordance with regulations, the General Meeting acknowledges that no dividends related to net realized capital gains were distributed for the three preceding financial years.
ELEVENTH RESOLUTION (LYXOR GREEN BOND INDICIEL) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years, as this is the first year of closure.
TWELFTH RESOLUTION (AMUNDI SHORTDAX DAILY (-2X) INVERSE UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
THIRTEENTH RESOLUTION (AMUNDI IBEX 35 DOBLE APALANCADO DIARIO (2X) UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for the sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains.
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 0,83 - 0,83
31/10/2023 - - -
31/10/2024 1,15 - 1,15
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MULTI UNITS FRANCE
13 Annual report - Year ended: 31/10/2025
In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
FOURTEENTH RESOLUTION (AMUNDI IBEX 35 DOBLE INVERSO DIARIO (-2X) UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
FIFTEENTH RESOLUTION (AMUNDI NASDAQ-100 DAILY (2X) LEVERAGED UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
SIXTEENTH RESOLUTION (AMUNDI CAC 40 DAILY (2X) LEVERAGED UCITS ETF) The General Meeting resolves that the amounts distributable for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
SEVENTEENTH RESOLUTION (AMUNDI CAC 40 DAILY (-2X) INVERSE UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
EIGHTEENTH RESOLUTION (AMUNDI CAC 40 DAILY (-1X) INVERSE UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
NINETEENTH RESOLUTION (AMUNDI CAC 40 UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for this sub fund are allocated as follows: Regarding Net Income, the sum of €120,601,516.32 is allocated as follows among the different share classes: - ACC SHARES: the sum of €16,833,914.17 is fully capitalized. - S-ACC SHARES: the sum of €7,222.30 is fully capitalized. - DIST SHARES, the sum of €103,430,647.10 is allocated as follows:
Page 14
MULTI UNITS FRANCE
14 Annual report - Year ended: 31/10/2025
- Distributed as much as €100,722,593.52, representing a dividend of €2.32 per share, - Allocated as much as €2,708,053.58 to the "Retained Earnings for the Year" account. The dividends related to net income distributed for the three preceding fiscal years were as follows (in Euros):
- J-EUR SHARES: The sum of €329,732.75 is distributed as follows: - Distributed: €322,224.00, representing a dividend of €196.00 per share. - Allocated: €7,508.75 Dividends related to net income distributed for the three preceding fiscal years were as follows (in Euros):
With respect to net capital gains realized, the sum of €743,263,425.94 is allocated as follows: • ACC SHARES: €7,985,428.56 is fully capitalized. • S-ACC SHARES: €3,466.58 is fully capitalized. • DIST SHARES: the total sum of €733,024,835.01 is fully allocated to the "Retained Earnings from Net Capital Gains and Losses" account. • J-EUR SHARES: €2,249,695.79 is fully allocated to the "Retained Earnings from Net Capital Gains and Losses" account. In accordance with regulations, the General Meeting acknowledges that no dividends related to net capital gains realized have been distributed for the three preceding financial years.
TWENTITH RESOLUTION (AMUNDI EUR OVERNIGHT RETURN UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends related to net realized capital gains have been distributed for the three preceding financial years.
TWENTY-FIRST RESOLUTION (AMUNDI EURO STOXX 50 DAILY (-2X) INVERSE UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 1,69 1,69 -
31/10/2023 2,10 2,10 -
31/10/2024 2,19 2,19 -
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 144,16 144,16 -
31/10/2023 178,70 178,70 -
31/10/2024 186,06 186,06 -
Page 15
MULTI UNITS FRANCE
15 Annual report - Year ended: 31/10/2025
TWENTY-SECOND RESOLUTION (AMUNDI EURO STOXX 50 Daily (2X) Leveraged UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
TWENTY-THIRD RESOLUTION (AMUNDI EURO STOXX 50 DAILY (-1X) INVERSE UCITS ETF) The General Meeting resolves that the amounts distributable for the financial year ending October 2025 for the sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
TWENTY-FOURTH RESOLUTION (AMUNDI FTSE MIB DAILY (-2X) INVERSE UCITS ETF) The General Meeting resolves that the amounts distributable for the financial year ending October 2025 for the sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
TWENTY-FIFTH RESOLUTION (AMUNDI FTSE MIB DAILY (2X) LEVERAGED UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for this sub fund are allocated as follows: Distributed Share: Regarding Net Income: the distributable amount of €700,493.21 is allocated as follows: - €631,047.60 is distributed, i.e., a unit amount of €0.09, - €69,445.61 is allocated to the "Retained Earnings for the Year" account. Regarding Net Capital Gains: the amount of €172,828,273.32 is allocated to the "Retained Net Capital Gains and Losses" account. The dividends related to the profit distributed for the three previous financial years were as follows (in Euros):
TWENTY-SIXTH RESOLUTION (AMUNDI FTSE MIB DAILY (-1X) INVERSE UCITS ETF) The General Meeting resolves that the amounts distributable for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
30/10/2022 0,19 - 0,19
31/10/2023
Page 16
MULTI UNITS FRANCE
16 Annual report - Year ended: 31/10/2025
TWENTY-SEVENTH RESOLUTION (AMUNDI GERMAN BUND DAILY (-2X) INVERSE UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
TWENTY-EIGHTH RESOLUTION (AMUNDI FTSE MIB UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are allocated as follows: Regarding Net Income, the amount of distributable amounts is €32,754,039.62. ACC Shares - Capitalized at €938,423.76 DIST Shares The sum of €31,815,615.86 is distributed as follows: - Distribution of €21,781,043.36, - The sum of €10,034,572.50 to the "Retained Earnings for the Year" account The shareholders' meeting decided that a dividend of €1.64 will be distributed, representing all the income distributed for the past fiscal year. The dividends related to the profit distributed for the three preceding fiscal years were as follows (in Euros):
With respect to net capital gains realized, the amount of €153,319,546.59 is allocated as follows: ACC Shares - the sum of €1,360,364.16 is capitalized. DIST Shares - the sum of €151,959,182.43 is allocated to the "Retained Earnings from Net Capital Gains and Losses" account. In accordance with regulations, the General Meeting acknowledges that no dividends related to net capital gains realized have been distributed for the three preceding financial years.
TWENTY-NINTH RESOLUTION (AMUNDI IBEX 35 UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for the sub fund are allocated as follows: Regarding Net Income, the sum of €23,909,243.98 is allocated as follows: ACC Shares: the sum of €4,508,280.24 is fully capitalized. DIST Shares: the sum of €19,400,963.74 is: - Distributed up to €5,946,426.60, representing a dividend of €2.55 per share remaining to be paid after payment of interim dividends. - The sum of €13,454,537.14 is allocated to the "Retained Earnings for the Year" account.
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 0,93 0,93 -
31/10/2023 1,12 1,12 -
31/10/2024 1,34 1,34 -
Page 17
MULTI UNITS FRANCE
17 Annual report - Year ended: 31/10/2025
Based on this allocation, to which is added the interim dividend paid for the fiscal year, the total net dividend per share is therefore set at €2.55, plus, where applicable, a tax credit in an amount determined on the date of payment of said interim dividends. The dividends related to the profit distributed for the three preceding fiscal years were as follows (in Euros):
Regarding net capital gains for the year, the amount of €50,096,556.28 is allocated as follows: ACC shares: €7,506,310.88 is capitalized. DIST shares: €42,590,245.40 is allocated to the "Retained Earnings from Undistributed Capital Gains and Losses" account. In accordance with regulations, the General Meeting acknowledges that no dividends related to net capital gains realized have been distributed for the three preceding financial years.
THIRTIETH RESOLUTION (AMUNDI MSCI WORLD SWAP II UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for the sub fund are allocated as follows: Net Income: the sum of €192,560,114.80 is allocated as follows: - ACC SHARES: the sum of €22,500.20 is fully capitalized, - MONTHLY HEDGED TO EUR – ACC SHARES: the sum of €219,075.79 is fully capitalized. - DIST SHARES: the sum of €174,124,761.88 is allocated as follows: - distributed in the amount of €103,669,506.96, i.e., a unit amount of €4.74. - €70,455,254.92 in the "Retained Earnings for the Year" account. The dividends related to net income distributed for DIST shares for the three preceding fiscal years were as follows (in Euros):
- MONTHLY HEDGED TO USD - DIST SHARES, the sum of €591,781.81 is allocated as follows: - distributed as €372,167.23, i.e., a unit amount of €3.27 or US$3.78. - allocated as €219,614.58 to the "Retained Earnings for the Year" account. The dividends related to net income distributed for Monthly Hedged to USD - DIST shares for the three preceding fiscal years were as follows (in Euros):
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 1,88 1,88 -
31/10/2023 3,14 3,14 -
31/10/2024 3,60 3,60 -
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/12/2022 3,78 - 3,78
31/10/2023 3,85 3,85
31/10/2024 5,75 5,75
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 2,54 - 3,78
31/10/2023 2,75 3,85
31/10/2024 3,79 3,79
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MULTI UNITS FRANCE
18 Annual report - Year ended: 31/10/2025
- MONTHLY HEDGED TO EUR - DIST SHARES, the sum of €17,401,881.20 is allocated as follows: - distributed as €10,675,753.44, i.e., a unit amount of €3.04. - allocated as €6,726,127.76 to the "Retained Earnings for the Year" account. The dividends distributed for Monthly Hedged to EUR - DIST shares for the three preceding fiscal years were as follows (in Euros):
- J Shares: The sum of €113.92 is fully capitalized. Regarding net capital gains realized, the sum of €2,345,490,693.03 is allocated as follows: - ACC Shares: The sum of -€380,302,916.44 is fully capitalized. - Monthly Hedged to EUR Shares: The sum of €288,129,212.64 is fully capitalized. - DIST Shares: The sum of €1,900,349,570.09 is allocated to the "Retained Earnings of Net Capital Gains and Losses" account. - Monthly Hedged to USD – DIST Shares: The sum of €41,916,630.02 is allocated to the "Retained Earnings of Net Capital Gains and Losses" account. - For shares monthly hedged to EUR – DIST, the sum of €495,368,145.32 is allocated to the "Retained Earnings from Net Realized Capital Gains and Losses" account. For shares J, the sum of €31,051.40 is fully capitalized. In accordance with regulations, the General Meeting acknowledges that no dividends related to net realized capital gains have been distributed for the three preceding financial years.
THIRTY-FIRST RESOLUTION (AMUNDI MSCI EUROPE UCITS ETF) The General Meeting notes that the distributable amounts for the financial year ended October 2025 for this sub-fund have been fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting acknowledges that no dividends related to net realized capital gains have been distributed for the three preceding financial years.
THIRTY-SECOND RESOLUTION (AMUNDI MSCI EMERGING MARKETS SWAP II UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
THIRTY-THIRD RESOLUTION (AMUNDI Japan TOPIX II UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for this sub fund are allocated as follows: Regarding Net Income, the total amount of JPY 1,336,976,107 is allocated among the share classes as follows: - DIST SHARES (JPY), the amount of JPY 208,033,706 is allocated as follows: - Allocated JPY 72,236,413 to the "Retained Earnings for the Year" account,
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 2,20 - 2,20
31/10/2023 2,34 - 2,34
31/10/2024 3,36 - 3,36
Page 19
MULTI UNITS FRANCE
19 Annual report - Year ended: 31/10/2025
- Distributed JPY 135,797,293 Based on this allocation, the total net dividend per share is therefore set at €233, plus, where applicable, a tax credit in an amount determined at the Date of payment of said interim dividends. The dividends related to the net income distributed for DIST shares (JPY) for the three preceding fiscal years were as follows (in JPY):
- Daily Hedged to EUR – DIST shares: The amount of 143,112,284 JPY is allocated as follows: - Allocation of 46,999,786 JPY to the "Retained Earnings for the Year" account, - Distribution of 96,112,498 JPY. Based on this allocation, the total net dividend per share is therefore set at 440.97 Euros, plus, where applicable, a tax credit in an amount determined on the date of payment of said interim dividends. The dividends related to net income distributed for Daily Hedged to EUR – DIST shares for the three preceding fiscal years were as follows (in JPY):
- For DIST (EUR) shares, the sum of 985,830,117 JPY is allocated as follows: - 380,568,003 JPY allocated to the "Retained Earnings for the Year" account, - 605,262,114 JPY distributed. Based on this allocation, the total net dividend per share is therefore set at 231.15 Euros, plus, where applicable, a tax credit in an amount determined on the date of payment of said interim dividends. The dividends related to net income distributed for DIST (EUR) shares for the three preceding fiscal years were as follows (in EUR):
With respect to net capital gains realized, the sum of JPY 57,975,842,613 is allocated as follows: - Dist (JPY) Shares: a total of JPY 12,310,522,178 is allocated in full to the "Retained Earnings from Net Capital Gains and Losses" account. - DIST (EUR) Shares: a total of JPY 39,043,608,908 is allocated in full to the "Retained Earnings from Net Capital Gains and Losses" account. - Daily Hedged to EUR Shares: a total of JPY 6,621,711,527 is allocated in full to the "Retained Earnings from Net Capital Gains and Losses" account.
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 352,00 - 352,00
31/10/2023 290,00 - 290,00
31/10/2024 197,00 - 197,00
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 335.76 - 335.76
31/10/2023 380,98 - 380,98
31/10/2024 535,33 - 535,33
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 348,54 348,54
31/10/2023 291,34 - 291,34
31/10/2024 193,36 - 193,36
Page 20
MULTI UNITS FRANCE
20 Annual report - Year ended: 31/10/2025
In accordance with regulations, the General Meeting acknowledges that no dividend has been distributed in respect of net capital gains realized during the three preceding fiscal years.
THIRTY-FOURTH RESOLUTION (AMUNDI EURO STOXX 50 II UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
THIRTY-FIFTH RESOLUTION (AMUNDI PEA EURO COURT TERME UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
THIRTY-SIXTH RESOLUTION (AMUNDI MSCI GREECE UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for this sub fund are allocated as follows: - fully reinvested for the portion relating to net income - retained earnings for the portion relating to net realized capital gains. The General Meeting acknowledges the interim dividend of €0.04 already paid. The dividends related to net income distributed for DIST shares for the three preceding financial years were as follows (in EUR):
As part of the net capital gains realized, the amount of 175,735,930.83 Euros is allocated to the account "Carryover of Capital Gains and Losses".
THIRTY-SEVENTH RESOLUTION (AMUNDI MSCI INDIA SWAP UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion relating to net income and for the portion relating to net realized capital gains. In accordance with regulations, the General Meeting notes that no dividends related to net realized capital gains have been distributed for the three preceding financial years.
THIRTY-EIGHTH RESOLUTION (AMUNDI MSCI NEW ENERGY UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are allocated as follows:
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 0,02 0,02
31/10/2023 0,03 - 0,03
31/10/2024 0,05 - 0,05
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MULTI UNITS FRANCE
21 Annual report - Year ended: 31/10/2025
Regarding Net Income: the sum of €16,091,746.51 is allocated as follows: - ACC SHARES: the sum of €185,876.73 is fully capitalized. - DIST SHARES, the sum of €15,905,869.78 is allocated as follows: - Distribution of €2,897,654.34, - Carryover of €13,008,215.44 to the "Retained Earnings for the Year" account. The General Meeting decided to distribute a dividend of €0.14, which will be paid shortly, representing the entirety of the income distributed for the past financial year. The dividends related to net income distributed for the three preceding financial years were as follows (in Euros):
Regarding net capital gains realized: the amount of €34,435,024.81 is allocated as follows: - ACC SHARES: the sum of -€6,588,074.02 is fully capitalized - DIST SHARES: the sum of €41,023,098.83 is allocated to the "Retained Net Capital Gains and Losses" account
THIRTY-NINTH RESOLUTION (AMUNDI MSCI WATER UCITS ETF) The General Meeting resolves that the distributable amounts for the financial year ended October 2025 for this sub fund are allocated as follows: Regarding Net Income: the sum of €25,790,597.97 is allocated as follows: - Acc Shares: the sum of €986,606.04 is fully capitalized. - DIST Shares: the sum of €24,803,991.93 is allocated as follows: - Distribution of the sum of €16,847,568.72. - The sum of €7,956,423.21 in the "Retained Earnings for the Year" account. The General Meeting decided to distribute a dividend of €0.72, which will be paid shortly, representing the entirety of the income distributed for the past financial year. The dividends related to net income distributed for the three preceding financial years were as follows (in Euros):
Regarding net capital gains realized: the amount of €443,606,226.02 is allocated as follows: - ACC SHARES: the sum of €3,919,443.55 is fully capitalized - DIST SHARES: the sum of €439,686,782.47 is allocated to the "Retained Net Capital Gains and Losses" account
FORTIETH RESOLUTION (AMUNDI OPPORTUNITIES DIVERSIFIES MONDE) The General Meeting resolves that the distributable amounts for the financial year ending October 2025 for this sub fund are fully reinvested, both for the portion attributable to net income and for the portion attributable to net realized capital gains.
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 0,09 - 0,09
31/10/2023 0,22 - 0,22
31/10/2024 0,19 - 0,19
Closing date Net dividend Amount eligible for the 40% allowance
Amount not eligible for the 40% allowance
31/10/2022 0.22 - 0.22
31/10/2023 0.51 - 0.51
31/10/2024 0.51 - 0.51
Page 22
MULTI UNITS FRANCE
22 Annual report - Year ended: 31/10/2025
In accordance with regulations, the General Meeting notes that no dividends have been distributed for the three preceding financial years.
FORTY-FIRST RESOLUTION The General Meeting decides to renew the mandate of Mr. Luc CAYTAN as director for a period of three years, i.e. until the ordinary general meeting which will decide on the accounts for the financial year ending October 2028.
FORTY-SECOND RESOLUTION The General Meeting decides to renew the mandate of Mr. BALAFREJ Mehdi as director for a period of three years, i.e. until the ordinary general meeting which will decide on the accounts for the financial year ending October 2028.
FORTY-THIRD RESOLUTION The general meeting sets the amount of remuneration allocated to the directors at €15,000, until further notice.
FORTY-FOURTH RESOLUTION The General Assembly grants full powers to the bearer of a copy or extract of the various documents submitted to this assembly and of the minutes thereof to make all filings required by law.
Page 23
MULTI UNITS FRANCE
23 Annual report - Year ended: 31/10/2025
Commissioner certification auditors on the annual
accounts
MULTI UNITS FRANCE Société d'Investissement à Capi tal Variable à compartiments
91-93, boulevard Pasteur 75015 PARIS
Statutory DXGLWRU¶VUHSRUWRQWKHILQDQFLDOVWDWHPHQWV
Year ended October 31, 2025
_______________________________
To the Annual General Meeting,
Opinion In compliance with the engagem ent entrusted to us by yo ur Board of Directors, we have audited the accompanying financial statements of the collective investment undertaking, MULTI UNITS FRANCE , set-up as an investment company with variable capital ( société G¶LQYHVWLVVHPHQWjFDS LWDOYDULDEOH , SICAV), for the year ended October 31, 2025. In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the SICAV as at October 31, 2025 and of the results of its operations for the year then ended in accordance with French accou nting principles. The audit opinion expressed above is consistent wi th our report to the Board of Directors of the SICAV. Basis of the Opinion on the financial statements
Audit Framework We conducted our audit in accordance with professional standar ds applicable in France. We believe that the audit evidence we have obta ined is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards ar e further described in the Statutory Auditor ¶ s Responsibilities for the Audit of the Financial Statements section of our report.
Page 24
MULTI UNITS FRANCE
24 Annual report - Year ended: 31/10/2025
Independence W e cond u cted o u r a u d i t en g a g e m ent i n co mpli ance wi t h i nde p endence re qui re m ent s o f t h e Frenc h Co mm erc i a l Code ( code de commerce ) and t h e Frenc h Code o f Et hi c s ( code de déontologie ) f or s tat u tor y a u d i tor s , f or t h e p er i od f ro m No v e m ber 1, 2 0 2 4 to t h e date o f o u r re p ort, and sp ec ifi ca lly w e d i d not p ro vi de an y p ro hi b i ted non - a u d i t s er vi ce s re f erred to i n Art i c l e 5 ( 1 ) o f Re gul at i on ( EU ) No . 53 7/ 2 0 1 4.
Key au di t m att e r s I n accordance wi t h t h e re qui re m ent s o f Art i c l e s L . 8 21 - 53 and R . 8 21 - 1 80 o f t h e Frenc h Co mm erc i a l Code ( code de commerce ) re l at i n g to t h e jus t ifi cat i on o f o u r a ss e ssm ent s , w e i n f or m y o u o f t h e k e y a u d i t m atter s re l at i n g to r isks o f m ater i a l miss tate m ent t h at, i n o u r p ro f e ssi ona l ju d gm ent, w ere o f m o s t sig n ifi cance i n t h e a u d i t o f t h e fi nanc i a l s tate m ent s o f t h e c u rrent p er i od, a s w e ll a s h o w w e addre ss ed t h o s e r isks.
T h e s e m atter s w ere addre ss ed i n t h e conte x t o f o u r a u d i t o f t h e fi nanc i a l s tate m ent s a s a wh o l e, and i n f or mi n g o u r o pi n i on t h ereon, and w e do not p ro vi de a s e p arate o pi n i on on sp ec ifi c i te ms o f t h e fi nanc i a l s tate m ent s.
Key audit matter Audit response to the risks
T h e m a i n r isks to whi c h t his S I CA V is e xp o s ed concern t h e fi nanc i a l i n s tr um ent s i n i t s p ort f o li o . An y error s i n record i n g or v a lui n g t h e s e fi nanc i a l i n s tr um ent s co ul d l ead to a PLVVWDWHPHQWLQFDOFXODWLQJWKH6,&$9¶VQHW a ss et v a lu e and i n t h e fi nanc i a l s tate m ent s.
W e t h ere f ore con si dered t h e e xis tence and v a lu at i on o f p ort f o li o fi nanc i a l i n s tr um ent s to be a k e y a u d i t m atter .
Key audit matters Audit response to the risks
V a l uat i o n o f fin a nci a l ins tru men t s tra ded o n a r eg u l at ed m ar ke t or eq u iv a len t
T h e v a lu at i on o f fi nanc i a l i n s tr um ent s traded on a re gul ated m ar k et or e quiv a l ent h e l d b y t h e S I CA V is not co mpl e x , a s i t is p r im ar ily ba s ed
Page 25
MULTI UNITS FRANCE
25 Annual report - Year ended: 31/10/2025
on lis ted p r i ce s p ro vi ded b y i nde p endent s o u rce s. Nonet h e l e ss , t h e a m o u nt s concerned are sig n ifi cant and co ul d be a s o u rce o f m ater i a l error i n t h e ca l c ul at i on o f t h e net a ss et v a lu e . W e t h ere f ore con si der t h e v a lu at i on o f t h e s e i n s tr um ent s to be a k e y a u d i t m atter . T h e v a lu e o f fi nanc i a l i n s tr um ent s traded on a re gul ated m ar k et or e quiv a l ent is recorded i n t h e ba l ance sh eet and i nc lu ded i n t h e deta il ed i n v entor y p re s ented i n t h e note s to t h e fi nanc i a l s tate m ent s. T h e v a lu at i on r ul e s f or t h e s e i n s tr um ent s are s et o u t i n t h e Acco u nt i n g p o li c i e s note to t h e fi nanc i a l s tate m ent s.
W e f a mili ar iz ed o u r s e lv e s wi t h t h e v a lu at i on r ul e s f or fi nanc i a l i n s tr um ent s traded on a re gul ated m ar k et and v er ifi ed t h e i r correct a ppli cat i on at t h e re p ort i n g date . W e co mp ared t h e v a lu at i on o f t h e fi nanc i a l i n s tr um ent s traded on a re gul ated m ar k et or e quiv a l ent h e l d b y t h e S I CA V fu nd at t h e re p ort i n g date wi t h ob s er v ab l e p r i ce s ba s ed on m ar k et data .
V a l uat i o n o f o ve r - t he-c ou n t e r fin a nci a l c o n tra c t s T h e S I CA V us e s o v er - t h e - co u nter sw a ps i n i t s i n v e s t m ent s trate gy. T h ere is no ob s er v ab l e v a lu e f or t h e s e i n s tr um ent s on a re gul ated m ar k et or e quiv a l ent . S w a ps are v a lu ed i nde p endent ly at t h e re p ort i n g date b y t h e m ana g e m ent co mp an y , whi c h co mp are s t h e s e v a lu e s wi t h p r i ce s p ro vi ded b y t h e fi nanc i a l i n s tr um ent co u nter p art y. T h e v a lu at i on o f o v er - t h e - co u nter sw a ps is t h ere f ore a k e y a u d i t m atter . T h e sw a p v a lu e is recorded i n t h e ba l ance sh eet i n t h e fi nanc i a l contract h ead i n g and i nc lu ded i n t h e deta il ed i n v entor y p re s ented i n t h e note s to t h e fi nanc i a l s tate m ent s. T h e co mmi t m ent corre sp ond i n g to t h e sw a p is recorded i n t h e o ff- ba l ance sh eet s tate m ent . T h e v a lu at i on r ul e s f or t h e s e i n s tr um ent s are s et o u t i n t h e Acco u nt i n g p o li c i e s note to t h e fi nanc i a l s tate m ent s.
W e f a mili ar iz ed o u r s e lv e s wi t h t h e contro l p roced u re s impl e m ented b y t h e m ana g e m ent co mp an y f or t h e v a lu at i on o f o v er - t h e - co u nter sw a ps. W e v er ifi ed t h e a ppli cat i on o f t his p roced u re, p art i c ul ar ly at t h e re p ort i n g date .
Key audit matters Audit response to the risks
Exis t ence o f fin a nci a l ins tru men t s C us tod y and acco u nt -k ee pi n g fu nct i on s f or p ort f o li o fi nanc i a l i n s tr um ent s are p er f or m ed b y WKH6,&$9¶VFXVWRGLDQ ZKLFKDWWHVWVWRWKHLU e xis tence at t h e re p ort i n g date .
W e v er ifi ed t h e e xis tence o f t h e p ort f o li o fi nanc i a l i n s tr um ent s b y contro lli n g t h e s tate m ent s p re p ared b y t h e S I CA V reconc ili n g t h e fi nanc i a l i n s tr um ent s h e l d at t h e re p ort i n g date wi t h t h e i n s tr um ent s i dent ifi ed b y t h e
Page 26
MULTI UNITS FRANCE
26 Annual report - Year ended: 31/10/2025
T h ere is nonet h e l e ss a r isk t h at t h e record i n g o f WKHVHLQVWUXPHQWVLQWKH6,&$9¶VDFFRXQWLQJ boo ks and record s is i ncorrect or i nco mpl ete . T h e e xis tence o f t h e s e i n s tr um ent s is a k e y a u d i t m atter a s t h e a m o u nt s i n v o lv ed are sig n ifi cant and co ul d be a s o u rce o f m ater i a l error .
c us tod i an i n acco u nt s o p ened i n t h e 6,&$9¶VQDPH An y sig n ifi cant d iff erence s w ere e x a mi ned, wh ere a pp ro p r i ate ba s ed on tran s act i on not i ce s or contract s.
S pecific ve r ific at i o ns
W e h a v e a ls o p er f or m ed, i n accordance wi t h p ro f e ssi ona l s tandard s a ppli cab l e i n France, t h e sp ec ifi c v er ifi cat i on s re qui red b y Frenc h l a w and re gul at i on s. Inf or m at i o n given in t he m a n a gemen t r ep ort a nd in t he ot he r d o c u men t s a dd r essed to sh ar eh o lde r s wi t h r espec t to t he fin a nci a l p o si t i o n a nd t he fin a nci a l s tat emen t s W e h a v e no co mm ent s to m a k e on t h e f a i r p re s entat i on and con sis tenc y wi t h t h e fi nanc i a l s tate m ent s o f t h e i n f or m at i on giv en i n t h e m ana g e m ent re p ort and i n t h e doc um ent s wi t h re sp ect to t h e fi nanc i a l p o si t i on and t h e fi nanc i a l s tate m ent s p ro vi ded to sh are h o l der s.
R ep ort o n c or p orat e g o ve r n a nce W e atte s t t h at t h e re p ort on cor p orate g o v ernance conta i n s t h e i n f or m at i on re qui red b y Art i c l e s L . 225 - 3 7- 4 o f t h e Frenc h Co mm erc i a l Code ( code de commerce ).
O t he r Leg a l a nd R eg u l ator y Ve r ific at i o ns or Inf or m at i o n
A pp o in t men t o f t he Statutor y Au di tor s W e w ere a pp o i nted s tat u tor y a u d i tor o f MULT I UN I TS FRANCE, a UC I TS s et -up a s an i n v e s t m ent co mp an y wi t h v ar i ab l e ca pi ta l ( VRFLpWpG¶LQYHVWLVVHPHQWjFDSLWDOYDULDEOH , S I CA V) , b y t h e B oard o f Di rector s on October 23, 2 0 13 . A s o f October 31, 2 0 25, o u r fi r m w a s i n t h e 2 nd y ear o f tota l u n i nterr up ted en g a g e m ent, t h at is t h e 12 t h y ear si nce t h e s ec u r i t i e s o f t h e fu nd w ere ad mi tted to trad i n g on a re gul ated m ar k et .
R esp o nsibili t ies o f m a n a gemen t f or t he fin a nci a l s tat emen t s
Mana g e m ent is re sp on si b l e f or t h e p re p arat i on and f a i r p re s entat i on o f t h e fi nanc i a l s tate m ent s i n accordance wi t h Frenc h acco u nt i n g p r i nc ipl e s , and f or su c h i nterna l contro l a s m ana g e m ent deter mi ne s is nece ss ar y to enab l e t h e p re p arat i on o f fi nanc i a l s tate m ent s t h at are f ree f ro m m ater i a l miss tate m ent, wh et h er d u e to f ra u d or error . I n p re p ar i n g t h e s tate m ent s , m ana g e m ent is re sp on si b l e f or a ss e ssi n g t h e S I CA V's ab ili t y to cont i n u e a s a g o i n g concern, d is c l o si n g , a s a ppli cab l e, m atter s re l ated to g o i n g concern and usi n g t h e g o i n g concern ba sis o f acco u nt i n g u n l e ss i t is e xp ected to liqui date t h e S I CA V or to cea s e o p erat i on s. Mana g e m ent is re sp on si b l e f or m on i tor i n g t h e fi nanc i a l re p ort i n g p roce ss and t h e e ff ect iv ene ss o f i nterna l contro l and r isk m ana g e m ent sys te ms and i nterna l a u d i t, re g ard i n g t h e acco u nt i n g and fi nanc i a l re p ort i n g p roced u re s.
Page 27
MULTI UNITS FRANCE
27 Annual report - Year ended: 31/10/2025
T h e fi nanc i a l s tate m ent s w ere a pp ro v ed b y t h e B oard o f Di rector s.
6 WDWXWRU \$ XG L WRU¶V 5 HVSRQV LELOL W L HV IRU WKH $ XG L W RI WKH )L QDQF L D O6 WDWHPHQWV O u r ro l e is to issu e a re p ort on t h e fi nanc i a l s tate m ent s. O u r ob j ect iv e is to obta i n rea s onab l e a ssu rance abo u t wh et h er t h e fi nanc i a l s tate m ent s a s a wh o l e are f ree f ro m m ater i a l miss tate m ent . Rea s onab l e a ssu rance is a high l e v e l o f a ssu rance, b u t is not a gu arantee t h at an a u d i t cond u cted i n accordance wi t h p ro f e ssi ona l s tandard s will a lw a ys detect a m ater i a l miss tate m ent wh en i t e xis t s. M iss tate m ent s can ar is e f ro m f ra u d or error and are con si dered m ater i a l if , i nd ivi d u a lly or i n t h e a gg re g ate, t h e y co ul d rea s onab ly be e xp ected to i n flu ence t h e econo mi c dec isi on s o f us er s ta k en on t h e ba sis o f t h e s e fi nanc i a l s tate m ent s. A s sp ec ifi ed i n Art i c l e L .8 21 - 55 o f t h e Frenc h Co mm erc i a l Code ( code de commerce ) , o u r s tat u tor y a u d i t doe s not i nc lu de a ssu rance on t h e vi ab ili t y o f t h e S I CA V or t h e qu a li t y o f m ana g e m ent o f i t s a ff a i r s.
A s p art o f an a u d i t cond u cted i n accordance wi t h p ro f e ssi ona l s tandard s a ppli cab l e i n France, t h e s tat u tor y a u d i tor e x erc is e s p ro f e ssi ona l ju d gm ent t h ro ugh o u t t h e a u d i t and fu rt h er m ore :
x I dent ifi e s and a ss e ss e s t h e r isks o f m ater i a l miss tate m ent o f t h e fi nanc i a l s tate m ent s , wh et h er d u e to f ra u d or error, de sig n s and p er f or ms a u d i t p roced u re s re sp on siv e to t h o s e r isks , and obta i n s a u d i t e vi dence con si dered to be suffi c i ent and a pp ro p r i ate to p ro vi de a ba sis f or his o pi n i on . T h e r isk o f not detect i n g a m ater i a l miss tate m ent re sul t i n g f ro m f ra u d is high er t h an f or one re sul t i n g f ro m error, a s f ra u d m a y i n v o lv e co llusi on, f or g er y , i ntent i ona l o missi on s , mis re p re s entat i on s , or t h e o v err i de o f i nterna l contro l;
x Obta i n s an u nder s tand i n g o f i nterna l contro l re l e v ant to t h e a u d i t i n order to de sig n a u d i t p roced u re s t h at are a pp ro p r i ate i n t h e c i rc ums tance s , b u t not f or t h e pu r p o s e o f e xp re ssi n g an o pi n i on on t h e e ff ect iv ene ss o f t h e i nterna l contro l;
x E v a lu ate s t h e a pp ro p r i atene ss o f acco u nt i n g p o li c i e s us ed and t h e rea s onab l ene ss o f acco u nt i n g e s t im ate s and re l ated d is c l o su re s m ade b y m ana g e m ent i n t h e fi nanc i a l s tate m ent s;
x $VVHVVHVWKHDSSURSULDWHQHVVRIP DQDJHPHQW¶VXVHRIWKHJRLQJF RQFHUQEDVLVRI acco u nt i n g and, ba s ed on t h e a u d i t e vi dence obta i ned, wh et h er a m ater i a l u ncerta i nt y e xis t s re l ated to e v ent s or cond i t i on s t h at m a y ca s t sig n ifi cant do u bt on WKH6,&$9¶VDELOLW y to cont i n u e a s a g o i n g concern . T his a ss e ssm ent is ba s ed on t h e a u d i t e vi dence obta i ned up to t h e date o f his a u d i t re p ort . H o w e v er, fu t u re e v ent s or cond i t i on s m a y ca us e t h e S I CA V to cea s e to cont i n u e a s a g o i n g concern . If t h e s tat u tor y a u d i tor conc lu de s t h at a m ater i a l u ncerta i nt y e xis t s , t h ere is a re qui re m ent to dra w attent i on i n t h e a u d i t re p ort to t h e re l ated d is c l o su re s i n t h e fi nanc i a l s tate m ent s or, if su c h d is c l o su re s are not p ro vi ded or i nade qu ate, to m od ify t h e o pi n i on e xp re ss ed t h ere i n ;
Page 28
MULTI UNITS FRANCE
28 Annual report - Year ended: 31/10/2025
x E v a lu ate s t h e o v era ll p re s entat i on o f t h e fi nanc i a l s tate m ent s and a ss e ss e s wh et h er t h e s e s tate m ent s re p re s ent t h e u nder lyi n g tran s act i on s and e v ent s i n a m anner t h at ac hi e v e s f a i r p re s entat i on .
P ar is La Déf en s e, Febr u ar y 2 8 , 2 0 25
T h e Stat u tor y A u d i tor D e l o i tte & A ss oc iés
St éph ane Co ll a s J ean - Marc Lecat
Page 29
MULTI UNITS FRANCE
29 Annual report - Year ended: 31/10/2025
The annual accounts shall be presented in the form provided for in ANC Regulation No 2020-07 as amended by ANC Regulation 2022-03.
Accounting rules and methods applied during the financial year The general principles of accounting apply: - fair presentation, comparability, business continuity, - regularity, sincerity, - caution, - consistency of methods from one exercise to the next. The method of accounting used to record fixedincome proceeds is that of received interest. Inflows and disposals of securities are recorded excluding charges. The duration of the exercise is 12 months.
The income statement presented only includes active sub-funds at the closing date. Sub-funds denominated in GBP have been converted into Euros at the exchange rate in effect on October 31, 2025 (WMC Reuters). Sub-funds denominated in USD have been converted into Euros at the exchange rate in effect on October 31, 2025 (WMC Reuters). Sub-funds denominated in CHF have been converted into Euros at the exchange rate in effect on October 31, 2025 (WMC Reuters). Sub-funds denominated in JPY have been converted into Euros at the exchange rate in effect on October 31, 2025 (WMC Reuters). As of October 31, 2025, the Sicav Multi Units France comprised 38 sub-funds: Subfund N°1 : AMUNDI BEL 20 UCITS ETF Subfund N°2 : AMUNDI ITALY BTP DAILY (-2X) INVERSE UCITS ETF Subfund N°3 : AMUNDI FTSE ITALIA PMI PIR 2020 UCITS ETF Subfund N°4 : AMUNDI MDAX UCITS ETF Subfund N°5 : AMUNDI MSCI CHINA A UCITS ETF Subfund N°6 : AMUNDI MSCI WORLD EX EMU SRI CLIMATE PARIS ALIGNED UCITS ETF Subfund N°7 : AMUNDI DJ GLOBAL TITANS 50 UCITS ETF Subfund N°8 : AMUNDI SHORTDAX DAILY (-2X) INVERSE UCITS ETF Subfund N°9 : AMUNDI IBEX 35 DOBLE APALANCADO DIARIO (2X) UCITS ETF Subfund N°10 : AMUNDI IBEX 35 DOBLE INVERSO DIARIO (-2X) UCITS ETF Subfund N°11 : AMUNDI NASDAQ-100 DAILY (2X) LEVERAGED UCITS ETF Subfund N°12 : AMUNDI CAC 40 DAILY (2X) LEVERAGED UCITS ETF Subfund N°13 : AMUNDI CAC 40 DAILY (-2X) INVERSE UCITS ETF Subfund N°14 : AMUNDI CAC 40 DAILY (-1X) INVERSE UCITS ETF Subfund N°15 : AMUNDI EUR OVERNIGHT RETURN UCITS ETF Subfund N°16 : AMUNDI MSCI WATER UCITS ETF Subfund N°17 : AMUNDI EURO STOXX 50 DAILY (-2X) INVERSE UCITS ETF Subfund N°18 : AMUNDI EURO STOXX 50 DAILY (2X) LEVERAGED UCITS ETF Subfund N°19 : AMUNDI EURO STOXX 50 DAILY (-1X) INVERSE UCITS ETF Subfund N°20 : AMUNDI FTSE MIB DAILY (-2X) INVERSE UCITS ETF
Accounting rules and methods
Page 30
MULTI UNITS FRANCE
30 Annual report - Year ended: 31/10/2025
Subfund N°21 : AMUNDI FTSE MIB DAILY (2X) LEVERAGED UCITS ETF Subfund N°22 : AMUNDI FTSE MIB DAILY (-1X) INVERSE UCITS ETF Subfund N°23 : AMUNDI GERMAN BUND DAILY (-2X) INVERSE UCITS ETF Subfund N°24 : AMUNDI FTSE MIB UCITS ETF Subfund N°25 : AMUNDI IBEX 35 UCITS ETF Subfund N°26 : AMUNDI MSCI EUROPE UCITS ETF Subfund N°27 : AMUNDI MSCI WORLD SWAP II UCITS ETF Subfund N°28 : AMUNDI MSCI EMERGING MARKETS SWAP II UCITS ETF Subfund N°29 : AMUNDI JAPAN TOPIX II UCITS ETF Subfund N°30 : AMUNDI CAC 40 UCITS ETF Subfund N°31 : AMUNDI EURO STOXX 50 II UCITS ETF Subfund N°32 : AMUNDI PEA EURO COURT TERME EURO UCITS ETF Subfund N°33 : AMUNDI MSCI GREECE UCITS ETF Subfund N°34 : AMUNDI MSCI INDIA SWAP UCITS ETF Subfund N°35 : AMUNDI MSCI NEW ENERGY UCITS ETF Subfund N°36 : AMUNDI OPPORTUNITES DIVERSIFIES MONDE Subfund N°37 : LYXOR GREEN BOND INDICIEL Subfund N°38 : AMUNDI MSCI WORLD (2X) LEVERAGED UCITS ETF
- Reminder of investment direction and management policy (*)
- Accounting rules and methods (*)
- Additional information (*)
- Changes over the year: - None.
- Changes to be made: - None.
(*) Please refer to the information about each subfund.
Page 31
ANNUAL REPORT - 31/10/2025
Subfund of the Sicav Multi Units France
Management company
AMUNDI ASSET MANAGEMENT
Delegated management accounting title
SOCIETE GENERALE
Custodian
SOCIETE GENERALE
Statutory auditor
DELOITTE & ASSOCIES
AMUNDI BEL 20 UCITS ETF
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AMUNDI BEL 20 UCITS ETF
32 Annual report - Year ended: 31/10/2025
None.
Subfund life on the year under review
Page 33
33 Annual report - Year ended: 31/10/2025
The fund's management objective is to replicate the positive or negative performance of the BEL 20 Net Return index while minimizing the tracking error between the fund's performance and that of the BEL 20 Net Return index (net dividends reinvested). The ex post tracking error objective is to be less than 0.50%.
From october 2024 to october 2025, the performance of the is 18,08%. That of the benchmark of 18,90%
Dist share with a tracking error of 0,42%.
The performance achieved over the period does not prejudge the future results of the UCI.
Main movements in the portfolio during the year
Dist share
Securities
Movements (“Accounting currency”)
Acquisitions Transfers
ARGEN-X N V 3 316 399,82 2 504 312,86
UCB SA 3 094 544,67 1 937 660,83
KBC GROUPE 2 709 314,41 1 764 241,82
ANHEUSER BUSCH INBEV SA/NV 2 956 685,37 1 475 803,66
AGEAS NV 1 988 397,62 738 762,97
GROUPE BRUXELLES LAMBERT 1 302 415,79 487 020,47
SYENSQO SA 1 251 136,40 371 035,71
ACKERMANS V.HAAREN 1 099 666,81 311 748,42
ELIA TRANSMISSION BELGIUM NV 1 081 281,70 227 498,70
WARAHOUSES DE PAUW NV 919 997,33 296 288,46
AMUNDI BEL 20 UCITS ETF
Management report
Page 34
AMUNDI BEL 20 UCITS ETF
34 Annual report - Year ended: 31/10/2025
Transparency of securities financing transactions and the reuse of financial instruments under the SFTR regulation (in the UCI’s accounting currency)
% of assets that can be lent
Securities Lending
1.1. Amount of securities and commodities loaned as a proportion of total loanable assets defined as excluding cash and cash equivalents
1. General informations
% of assets under management - - - -
Absolute value - - - -
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
1.2. Amount of assets engaged in each type of securities financing transaction and total return swaps expressed in absolute value (in the currency of the mutual fund) and in proportion of the assets under management of the organization
2.1. The top ten issuers of guarantees for all types of securities financing transactions and global return swaps (breakdown of collateral and commodity volumes by issuer names)
2. Concentration data
Amount 1 Denomination
Amount 2 Denomination
Amount 3 Denomination
Amount 4 Denomination
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
2.2. The top ten counterparties for each type of securities financing and total return transactions separately (name of counterparty and gross volume of outstanding trades)
Amount - - - -
1 Denomination - - - -
Amount - - - -
2 Denomination - - - -
30,38
30,31
19 561 464,01
9 684 752,52
ING GROUP
9 193 415,99
LLOYDS BANKING GROUP
1 612 380,90
DEUTSCHE BANK
697 593,98
IBERDROLA
16 713 853,87
SOCIETE GENERALE
1 476 386,73
NATIXIS
Page 35
AMUNDI BEL 20 UCITS ETF
35 Annual report - Year ended: 31/10/2025
Amount - - - -
3 Denomination - - - -
Amount - - - -
4 Denomination - - - -
3.1. Type and quality of guarantees Amundi Asset Management undertakes to accept only securities of a high credit quality and to increase the value of its collater al by applying valuation discounts to securities loaned to it. This process is regularly reviewed and updated.
3. Aggregate transaction data for each type of securities financing transaction and aggregate return swap separately broken down by the following categories
Open - - - -
1 to 3 months - - - - -
More than 1 year - - - - -
3 months to 1 year - - - - -
1 week to 1 month - - - - -
1 day to 1 week - - - - -
Less than 1 day - - - - -
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
3.2. Guarantee period
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
3.3. Currency of the guarantee
Amount - - - -
1 Currency - - - -
Amount - - - -
2 Currency - - - -
744 945,19
BNP PARIBAS
626 278,22
CREDIT AGRICOLE
21 988 197,39
12 794 781,40
EUR
9 193 415,99
GBP
Page 36
AMUNDI BEL 20 UCITS ETF
36 Annual report - Year ended: 31/10/2025
Open - - - -
1 to 3 months - - - -
More than 1 year - - - -
3 months to 1 year - - - -
1 week to 1 month - - - -
1 day to 1 week - - - -
Less than 1 day - - - -
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
3.4. Maturity of Securities Financing Transactions and Global Return Swap Agreements
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
3.5. Country where the counterparties are established
Amount - - - -
1 Country - - - -
Bilateral - - - -
Central counterparty - - - - -
Tri-parts - - - - -
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
3.6. Regulation and compensation
“The regulations governing UCITS forbid the reuse of collateral securities. Cash collateral received is: - reinvested in short-term money market funds (as defined by ESMA in its ‘Guidelines on ETFs and other UCITS issues’); - placed on deposit; - reinvested in high-quality long-term government bonds; - reinvested in high-quality short-term government bonds; or - used for the purpose of reverse repurchase transactions. The maximum proportion of received collateral that may be reused is 0% in the case of securities and 100% in the case of cash. The effective usage amounts to 0% for collateral securities and 100% for cash collateral.
4. Data on the reuse of guarantees (collateral)
42 166,36
14 780 622,25
2 984 434,58
-
1 207 107,59
443 969,25
103 163,98
19 561 464,01
FRANCE
19 561 464,01
Page 37
AMUNDI BEL 20 UCITS ETF
37 Annual report - Year ended: 31/10/2025
Number of custodians
5. Retention of Guarantees Received by the Mutual Fund in Securities Financing Transactions and Global Return Swaps
Amount 1 Denomination
Amundi Asset Management undertakes to do business with a limited number of depositaries, selected to ensure the adequate custody of securities received and cash.
6. Retention of Guarantees Provided by the Mutual Fund in SFT Transactions and Global Return Swaps
Securities lending and repurchase agreements: The UCITS will be able to use efficient portfolio management techniques in accordance with the provisions of Article R214-18 of the Monetary and Financial Code and in particular reverse transactions in financial securities. - Maximum proportion of assets under management eligible for SFTs: up to 25% of the assets of the UCITS. - Expected share of assets under management eligible for SFTs: 10% of the assets of the UCITS. The total revenues generated by efficient portfolio management techniques shall be shared between the relevant compartment and the security lending agent. Each compartment receives 65% while the agent receives 35% of this income. All direct and indirect operational costs related to these operations are borne by the agent and have therefore been excluded from the financial management and administrative costs external to the management company.
UCI (absolute value) - - - -
Reverse repos TRS
Repurchase agreements
Securities borrowing
Securities Lending
7.1. Revenues
7. Revenue and cost data for each type of securities financing transaction and total return swap
1
21 988 197,39
CACEIS
86 324,33
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AMUNDI BEL 20 UCITS ETF
38 Annual report - Year ended: 31/10/2025
Group funds Details of the financial instruments held by the Fund which are issued by the Fund Manager or its associates will be found in the Auditor’s Report for the latest financial period (enclosed herein) under the following headings: - 3. Further details - 3.9.3. Group financial instruments held in the portfolio in the annual financial statements for the year ended, attached below.
Calculation of overall risk
• Method for calculating the amount committed Futures are recognised at their market value as off-balance sheet commitments, at the settlement price. Options are converted into their underlying equivalent. OTC interest rate swaps are valued on the basis of the nominal value, plus or minus the corresponding estimation difference.
SFDR Regulations and Taxonomy: Article 6 Given the focus of the investments in which they invest, the Managers of funds that are not classified as covered by Article 8 or Article 9 of Regulation (EU) 2019/2088 on sustainability ‐ related disclosures in the financial services sector (known as the “Disclosure Regulation”), have not incorporated the consideration of environmentally sustainable economic activities into the fund's investment process. It should therefore be noted that the investments underlying this financial product do not take account of the European Union’s criteria for environmentally-sustainable economic activities. Throughout the reporting period, the fund took into consideration Indicator 14 contained in the Principal Adverse Impacts* (as defined by said Regulation (EU) 2019/2088) via Amundi’s minimum standards and exclusion policy on controversial weapons, which excludes issuers involved in the manufacture, sale, or storage of, or services related to, anti-personnel mines and cluster bombs banned by the Ottawa Treaty and the Oslo Accords, as well as issuers involved in the production, sale, or storage of chemical, biological, and depleted uranium weapons, in accordance with Amundi’s global responsible investment policy.
*In French, “Principales Incidences Négatives”
Specific information
Page 39
AMUNDI BEL 20 UCITS ETF
39 Annual report - Year ended: 31/10/2025
Broker and counterparty selection procedure Our Asset Manager and its “Trading” subsidiary attach great importance to the selection of our transaction service providers, both in terms of brokers and counterparties. Its selection methods are as follows: - Brokers are selected by geographical area, then by business line. Counterparties are selected by sector. - Brokers and counterparties are given a quarterly internal rating. The divisions of our company involved in the rating process are directly concerned by the services provided by brokers and counterparties. Our company's "Trading" subsidiary organises and determines this rating on the basis of scores given by each team manager concerned according to the following criteria: For teams of portfolio managers, financial analysts, and strategists: - General business relationship, understanding of needs, relevance of contacts, - Quality of market and opportunity advice, following of this advice, - Quality of research and publications, - Investment universes covered, on-site meetings with companies and their management teams. For trader teams: - Quality of staff, market knowledge, and information about companies, confidentiality, - Price quote, - Quality of execution, and - Quality of transaction processing, connectivity, technical expertise, and responsiveness. Our company's 'Compliance' and 'Middle Office' divisions have veto power. Accreditation of a new transaction service provider (broker or counterparty) The “Trading” subsidiary is responsible for researching a provider’s accreditation and obtaining approval from the Risk and Compliance divisions. Once the transaction service provider (broker or counterparty) has been approved, it is rated during the following quarter. Oversight committees for transaction service providers (brokers and counterparties) These oversight committees meet every quarter, under the aegis of the Head of the “Trading” subsidiary. Their objectives are as follows: - Approve the services provided during the period under review and the new providers selected for the following quarter, - Decide which service providers will belong to a group that will be entrusted with a certain number of transactions, - Define prospects for business. With this in mind, the oversight committees review statistics and ratings assigned to each service provider and make the resulting decisions.
Brokerage Fee Report A brokerage fee report is made available to unitholders, and can be consulted online at: www.amundi.com.
Act on Energy and Climate (Article 29 of Act No. 2019-1147) and Compliance by the OPC with Environmental, Social and Governance Quality Objectives (ESG) criteria Amundi produces an ESG analysis that generates an ESG rating for over 20,000 companies worldwide 1 on a scale ranging from “A” (for issuers with the best ESG practices) to “G” (for the worst ESG practices). The ESG score obtained measures an issuer’s ESG performance: ability to anticipate and manage sustainability risks along with the potential negative impact of its activities on sustainability factors. This analysis is complemented by a policy of active commitment among issuers, in particular on major challenges regarding sustainable development within their sectors.
Regulatory information
Page 40
AMUNDI BEL 20 UCITS ETF
40 Annual report - Year ended: 31/10/2025
As part of its fiduciary responsibility, Amundi has set minimum standards and exclusion policies for critical sustainability issues 2 . The Minimum Standards and Exclusion Policy apply to actively-managed portfolios and passive ESG portfolios, and are always in compliance with applicable laws and regulations. For passive management, the exclusion policy is applied differently between ESG and non-ESG products 3 : - For passive ESG funds: All ESG ETFs and ESG index funds apply Amundi’s Minimum Standards and Exclusion Policy, - For passive non-ESG funds: The fiduciary duty consists in replicating an index as faithfully as possible. Limited flexibility is thus afforded to the portfolio manager, who is required to comply with the contractual objectives such that the passive management is entirely in line with the requested benchmark index. Since Amundi’s index funds/ETFs replicate standard (non-ESG) benchmarks, they do not apply systematic exclusions beyond those imposed by the regulations. Normative exclusions related to international conventions: - anti-personnel mines and cluster munitions 4 , - chemical and biological weapons 5 - violation of the principles of the United Nations Global Compact66 Issuers that seriously and repeatedly violate one or more of the ten principles of the United Nations Global Compact without taking credible corrective action Sectoral exclusions: - nuclear weapons, - depleted uranium weapons, - thermal coal 7 , - unconventional hydrocarbons (exploration and production representing more than 30% of turnover) 8 , - tobacco (whole tobacco products generating more than 5% of a company’s turnover). Concerning the sectoral exclusion policies: • Thermal coal Since 2016, Amundi has implemented a special sectoral policy leading to the exclusion of certain companies and issuers. Amundi has strengthened its coal exclusion policy (rules and thresholds) every year since 2016, as its phase out (between 2030 and 2040) is essential to achieve the decarbonisation of our economies. These commitments stem from the Crédit Agricole Group’s climate strategy. Amundi excludes: - Mining, utilities, and transport infrastructure companies that develop thermal coal projects, have an authorisation and are in the construction phase, Companies whose thermal coal projects are at earlier development stages, including those that have been announced or proposed, or that have been pre-authorised, are monitored on a yearly basis. With respect to mining, Amundi excludes: – Companies that generate more than 20% of their income from thermal coal mining, – Companies that extract 70 million tonnes or more of thermal coal annually. For companies deemed too exposed to be able to exit from thermal coal at an appropriate pace, Amundi excludes: - All companies that generate more than 50% of their turnover from the extraction of thermal coal and the production of electricity from thermal coal, - All companies that generate between 20% and 50% of their turnover from thermal coal-based electricity generation and thermal coal extraction, and have an insufficient transition track 9 . • Unconventional hydrocarbons Investing in companies that are highly exposed to fossil fuels entails increasing social, environmental, and economic risks. Unconventional oil and gas exploration and production are exposed to acute climatic risks. This policy applies to all active management strategies and all passive ESG strategies on which Amundi practices discretionary management. Amundi excludes:
Page 41
AMUNDI BEL 20 UCITS ETF
41 Annual report - Year ended: 31/10/2025
- Companies whose activity related to the exploration and production of unconventional hydrocarbons represents more than 30% of turnover. • Tobacco Amundi penalises issuers exposed to the tobacco value chain by limiting their ESG rating, and has implemented an exclusion policy for cigarette-producing companies. This policy affects the entire tobacco sector, including suppliers, cigarette manufacturers, and retailers. It is applicable to all active management strategies and all passive ESG strategies on which Amundi practices discretionary management. The ESG rating of the tobacco sector is capped at E (on a scale from A to G). This policy applies to companies involved in tobacco manufacturing, supply, and distribution activities (threshold: turnover greater than 10%). Amundi excludes: - Companies that manufacture whole tobacco products (threshold: turnover greater than 5%), including cigarette manufacturers, as no product can be considered free from child labour. This policy applies to all active management strategies and all passive ESG strategies on which Amundi practices discretionary management. • Nuclear weapons Amundi restricts investments in companies exposed to nuclear weapons and in particular those involved in the production of key components or components dedicated to nuclear weapons. Amundi excludes: - Issuers involved in the production, sale, and stockpiling of nuclear weapons from States that have not ratified the Treaty on the Non-Proliferation of Nuclear Weapons or from signatory States of the Treaty on the Non-Proliferation of Nuclear Weapons that are not members of NATO, - Issuers involved in the production of nuclear warheads and/or entire nuclear missiles, or components that have been significantly developed and/or modified for exclusive use in nuclear weapons, - Issuers that generate more than 5% of their turnover from the production or sale of nuclear weapons (excluding dual-use components and launch platforms). • Depleted uranium weapons Although there is no international treaty banning or restricting them, depleted uranium weapons are deemed to cause the release of toxic chemical and radioactive particles, representing a long-term environmental and human health hazard. Amundi therefore excludes issuers that generate significant revenue (i.e. more than 5% of their total revenue) from the production or sale of depleted uranium weapons. This policy applies to all active management strategies and all passive ESG strategies over which Amundi has full discretion. For more information on how environmental issues (in particular those related to climate change) and corporate and governance (ESG) issues are taken into account in its investment policy, Amundi provides investors with the “Application of Article 29” report available on (Legal Documentation section).
1 Sources: Amundi, December 2024 2 For more information, please see Amundi’s responsible investment policy, available at www.amundi.fr 3 For a comprehensive view of the scope of Amundi’s exclusion policy, please see the tables presented in the annex, page 35 of Amundi’s Responsible Investment Policy 4 Ottawa (12/03/1997) and Oslo (12/03/2008) Conventions. 5 Convention on the Prohibition of the Development, Production and Stockpiling of Bacteriological (Biological) and Toxin Weapons and on their Destruction - 26/03/1972 6 Issuers that seriously and repeatedly violate one or more of the ten principles of the United Nations Global Compact without taking credible corrective action 7 Developers, mining, companies deemed too exposed to be able to exit from thermal coal at the expected pace 8 Oil sands, shale oil, shale gas 9 Amundi conducts an analysis to assess the quality of the phase-out plan.
Page 42
AMUNDI BEL 20 UCITS ETF
42 Annual report - Year ended: 31/10/2025
Remuneration policy 1. Remuneration policy and practices of the AIFM/Management company The remuneration policy implemented by Amundi Asset Management is compliant with the rules in terms of remuneration specified in the Directive 2011/61/UE of the European Parliament and of the Council of June 8th 2011 on Alternative Investment Fund Managers (the “AIFM Directive”), and in the Directive 2014/91/UE of July 23rd 2014 on undertakings for collective investment in transferable securities (the “UCITS V Directive”). These rules, about remuneration policies and practices, have for objective to promote sound and effective risk management of fund managers and the funds they manage. Moreover, the remuneration policy is compliant with Regulation (EU) 2019/2088 (“SFDR”), integrating sustainability risk and ESG criteria in Amundi control framework, with responsibilities spread between the first level of controls performed by the Investment teams and second level of controls performed by the Risk teams, that can verify the compliance with ESG objectives and constraints of a fund at all time. This policy is incorporated within the framework of the remuneration policy of Amundi reviewed each year by its Remuneration Committee. The latter checked the application of the remuneration policy in relation to the 2023 fiscal year, its compliance with the AIFM/UCITS Directives’ principles and approved the policy applicable for the 2024 exercise at its meeting held on February 1st 2024. In 2024, the implementation of the Amundi remuneration policy was subject to an internal, central and independent audit, driven by the Amundi Internal Audit. 1.1 Amounts of remuneration paid by the Management companies to its employees During fiscal year 2024, the total amount of compensation (including fixed, deferred and non-deferred variable compensation) paid by Amundi Asset Management to its employees (1 988 beneficiaries 1 ) is EUR 214 708 329. This amount is split as follows: • Total amount of fixed remuneration paid by Amundi Asset Management in 2024: EUR 150 552 656, which represents 70% of the total amount of compensation paid by Amundi Asset Management to its staff, were in the form of fixed remuneration. • Total amount of variable compensation deferred (including performance shares) and non-deferred paid by Amundi Asset Management in 2024: EUR 64 155 672, which represents 30% of the total amount of compensation paid by Amundi Asset Management to its staff, were in this form. The entire staff is eligible for variable compensation. Additionally, no amount corresponding to a return on investment in shares of carried interests was paid with respect to fiscal year 2024. Of the total amount of remuneration (fixed and variable compensation deferred and non-deferred) paid during the fiscal year, EUR 23 746 888 were paid to the ‘executives and senior managers’ of Amundi Asset Management (50 beneficiaries), and EUR 17 290 937 were paid to the ‘senior investment managers’ whose professional activities have a material impact on Amundi Asset Management’s risk profile (59 beneficiaries).
1 Number of permanent and fixed-term employees paid during the year, whether or not they were still present on 31/12/2024
1.2 Alignment of remuneration policy and practices with risk profile of the AIFs/UCITS The Amundi Group has adopted and implemented remuneration policy and practices compliant with the latest norms, rules, and guidelines issued from the regulatory authorities for its management companies (AIFM/UCITS). The Amundi Group has also identified all of its ‘Identified Staff’, that include all the employees of the Amundi Group having a decision authority on the UCITS/AIFM management companies or the UCITS/AIFs managed and consequently likely to have a significant impact on the performance or the risk profile. The variable remuneration awarded to the Amundi Group staff takes into account the performance of the employee, its business unit and the Amundi Group as a whole, and is based on quantitative and qualitative criteria as well as the respect of sound risk management rules. The criteria taken into account for performance assessment and remuneration award depends on the nature of the employee’s functions: 1. Management and selection of AIFs/UCITS functions Quantitative criteria: - IR/Sharpe over 1, 3, 5 years
Page 43
AMUNDI BEL 20 UCITS ETF
43 Annual report - Year ended: 31/10/2025
- Gross/absolute/relative performance of the investment strategies (based on GIPS composites) over 1, 3, 5 years, outlook mainly focused on 1 year, adjusted with long-term figures (3,5 years) - Performance risk adjusted based on IR/Sharpe over 1, 3, 5 years - Competitive positioning through Morningstar rankings - Net inflows / Successful requests for proposals, mandates - Performance fees generation - ESG rating of the funds according to different providers when applicable (Morningstar, CDP… - Respect of ESG beat the benchmark, ESG exclusion policies and climate transition index Qualitative criteria: - Compliance with risk policy, compliance and legal rules - Quality of management - Innovation/product development - Collaboration/Sharing of best practices - Commercial engagement – including the ESG component of commercial effort and flows ESG o Compliance with ESG policy and participation to the ESG and net-zero offering o Integration of ESG into investment processes o Capacity to promote and project ESG knowledge internally and externally o Extent of proposition and innovation in the ESG space o Demonstrates capacity to manage well the combination of risk return and ESG (the risk and ESG adjusted return) 2. Sales and marketing functions Quantitative criteria: - Net inflows, notably on ESG and impact denominated products - Revenues - Gross Inflows - Client base development and retention; product mix - Number of commercial activities per year, notably prospection activities - Number of clients approached on their net zero strategy Qualitative criteria: - Compliance with risk policy, compliance and legal rules - Joint consideration of Amundi’s interests and of client’s interests - Securing/developing the business - Client satisfaction - Quality of management - Cross-functional approach and sharing of best practices - Entrepreneurial spirit - Capacity to explain and promote ESG policies and capabilities as well as solutions of the firm 3. Control and support functions For control and support functions, performance assessment and remuneration award are independent from the performance of the business they oversee. Common criteria taken into account are: - Mainly criteria related to the meeting of objectives linked to their functions (risk management, quality of controls, completion of projects, tools and systems improvement etc.) - When financial criteria are used, these are mainly related to management/ optimization of expenses.
Page 44
AMUNDI BEL 20 UCITS ETF
44 Annual report - Year ended: 31/10/2025
The above-mentioned performance criteria, and specifically those applicable to Identified staff in charge of the management of AIFs/UCITS, comply with the applicable regulation as well as to the AIF’s/UCITS investment policy. These internal rules of Amundi Group contribute to a sound and effective risk management. Furthermore, Amundi Group has adopted and implemented, for its entire staff, measures aiming to align remuneration with long-term performance and risks in order to avoid conflicts of interest. In this respect, notably: - The deferral policy has been adapted to comply with the AIFM and UCITS V Directives’ requirements. - The deferred portion of variable compensation for identified staff members is awarded at 100% in instruments indexed on the performance of a representative basket of AIFs and/or UCITS funds. - The actual payment of the deferred portion is linked to the financial situation of Amundi Group, to the continued employment within the group and to a sound and effective risk management over the vesting period.
Page 45
AMUNDI BEL 20 UCITS ETF
45 Annual report - Year ended: 31/10/2025
Effective portfolio management techniques and derivative
financial instruments
a) Exposure obtained through effective management techniques of the portfolio and derivative financial instruments
b) Identity of the counterparty(ies) to the effective portfolio management techniques and derivative financial instruments
Effective management techniques
BNP PARIBAS
CREDIT AGRICOLE
NATIXIS
SOCIETE GENERALE
-
-
-
-
-
-
(*) Except listed derivatives.
• Exposure obtained through effective management techniques: 19 561 464,01
- Securities lending: 19 561 464,01
- Securities borrowing: - Reverse repurchase transactions: -
- Repurchase transactions: -
• Exposure of underlyings reached through derivative financial instruments: 162 640,00
- Currency forwards: - Futures: 162 640,00
- Options : - Swaps : -
Derivative financial instruments (*)
SOCIETE GENERALE
-
-
-
-
-
-
-
-
-
Page 46
AMUNDI BEL 20 UCITS ETF
46 Annual report - Year ended: 31/10/2025
c) Financial guarantees received by the UCITS in order to reduce the counterparty risk
Types of instruments Amount in portfolio currency
Effective management techniques
- Term deposits - Securities 21 188 143,39
- Bonds - UCITS - Cash (**) 800 054,00
Total 21 988 197,39
(**) The Cash account also includes cash amounts resulting from repurchase agreements.
d) Income and operating expenses related to effective management techniques
Income and operating expenses Amount in portfolio currency
- Income (***) 86 324,33
- Other income -
Total income 86 324,33
(***) Income received on securities lending and reverse repurchase transactions.
Financial derivative instruments
- Term deposits - Securities - Bonds - UCITS - Cash (**) -
Total -
- Direct operating costs - Indirect operating costs - Other costs -
Total costs -
Page 47
AMUNDI BEL 20 UCITS ETF
47 Annual report - Year ended: 31/10/2025
Annual accounts
Page 48
48 Annual report - Year ended: 31/10/2025
AMUNDI BEL 20 UCITS ETF
(1) Other assets are assets other than eligible assets as defined by the regulation or the statutes of the open-ended investment fu fund that are necessary for their operation.
31/10/2025 31/10/2024
Currency EUR EUR
Net fixed assets - Financial instruments
Shares and similar instruments (A) (1) 66 007 423,16 38 613 584,45
Traded on a regulated or equivalent market 66 007 423,16 38 613 584,45
Not traded on a regulated or equivalent market - Convertible bonds (B) (1) - Traded on a regulated or equivalent market - Not traded on a regulated or equivalent market - Bonds and similar instruments (C) (1) - Traded on a regulated or equivalent market - Not traded on a regulated or equivalent market - Debt securities (D) - Traded on a regulated or equivalent market - Not traded on a regulated or equivalent market - Units of UCIs and investment funds (E) - UCITS - AIFs and their equivalents in other EU Member States - Other UCIs and investment funds - Deposits (F) - Derivative financial instruments (G) 4 927,40 3 712,50
Temporary securities transactions (H) 19 561 464,01 10 363 401,68
Claims representing securities received on loan - Receivables on securities given in collateral - Claims representing securities lent 19 561 464,01 10 363 401,68 Borrowed financial securities - Securities given on loan - Other temporary transactions - Loans (I) - Other eligible assets (J) - Subtotal eligible assets I = (A + B + C + D + E + F + G + H + I + J) 85 573 814,57 48 980 698,63
Claims and active adjustment accounts 19 452,74 31 320,20
Financial accounts 967 419,73 5 668 915,92
Subtotal assets other than eligible assets II 986 872,47 5 700 236,12
Total Assets I + II 86 560 687,04 54 680 934,75
Balance sheet Assets
Page 49
49 Annual report - Year ended: 31/10/2025
AMUNDI BEL 20 UCITS ETF
Balance sheet Liabilities
31/10/2025 31/10/2024
Currency EUR EUR
Shareholders equity:
Capital 44 710 142,31 27 832 721,64
Net income carried forward 149 402,99 111 749,39
Net realized capital gains/losses carried forward 9 796 782,14 6 184 534,96
Net income for the year 9 880 124,02 9 472 007,41
Shareholders equity I 64 536 451,46 43 601 013,40
Funding liabilities II (1) - Equity and funding liabilities (I+II) (1) 64 536 451,46 43 601 013,40
Eligible liabilities:
Financial instruments (A) 21 188 143,39 5 577 058,15
Short sale transactions on financial transactions - Temporary securities transactions 21 188 143,39 5 577 058,15 Forward financial instruments (B) 5 687,40 6 097,50
Borrowings - Other eligible liabilities (C) - Subtotal eligible liabilities III = A + B + C 21 193 830,79 5 583 155,65
Other liabilities:
Liabilities and adjustment accounts 829 612,61 5 494 491,52
Bank loans 792,18 2 274,18
Subtotal other liabilities IV 830 404,79 5 496 765,70
Total Liabilities: I + II + III + IV 86 560 687,04 54 680 934,75
(1) This entry is optional and only applies to FSOs. Funding liabilities are liabilities issued by the FSO other than shares or un its.
Page 50
AMUNDI BEL 20 UCITS ETF
50 Annual report - Year ended: 31/10/2025
31/10/2025 31/10/2024
Currency EUR EUR
Net financial income
Income from financial transactions
Income from equities 589 224,89 367 873,00 Income from bonds - Income from debt securities - Income from units of UCIs (1) - Income from forward financial instruments - Income from temporary securities transactions 86 324,33 264 893,30 Income from loans and receivables - Income from other eligible assets and liabilities - Other financial income 4 493,46 8 724,97
Subtotal Expenses on financial transactions 680 042,68 641 491,27
Expenses on financial operations Expenses on financial operations - Expenses on forward financial instruments - Expenses from temporary securities transactions - Expenses from borrowings - Expenses from other eligible assets and liabilities - Expenses on funding liabilities - Other financial expenses -279,81 6 000,14 Subtotal expenses from financial operations -279,81 6 000,14
Net financial income (A) 679 762,87 647 491,41
Other income:
Reimbursement of management fees to the benefit of the UCIs - Payments as collateral for capital or performance - Other income - Other expenses:
Management fees of the management company -236 213,48 -216 125,46 Audit fees, study fees for private equity funds - Taxes and levies - Other expenses - Subtotal other income and other expenses (B) -236 213,48 -216 125,46
Subtotal net income before regularization C = A + B 443 549,39 431 365,95
Adjustment of net income for the financial year (D) 157 432,92 -21 987,65
Net income I = C + D 600 982,31 409 378,30
Income statement
(1) In accordance with tax transparency principles, the revenues from UCIs units have been restated based on the underlying income .
Page 51
AMUNDI BEL 20 UCITS ETF
51 Annual report - Year ended: 31/10/2025
31/10/2025 31/10/2024
Currency EUR EUR
Net realized gains and losses before regularization:
Realized gains and losses 2 474 991,10 1 739 605,74
External transaction costs and disposal fees 4 160,81 -205 016,70
Research expenses - Proportional share of realized gains returned to insurers - Insurance proceeds received - Payments received as collateral for capital or performance - Subtotal net realized gains and losses before regularizations E 2 479 151,91 1 534 589,04
Regularizations of net realized gains and losses F 597 684,99 24 435,06
Net realized gains and losses II = E + F 3 076 836,90 1 559 024,10
Net unrealized gains and losses before regularization:
Changes in unrealized gains and losses including exchange differences on eligible assets 5 173 712,57 8 511 244,00
Exchange differences on financial accounts in foreign currencies -0,02 -
Payments receivable as collateral for capital or performance - -
Proportional share of unrealized gains to be returned to insurers - -
Subtotal net unrealized gains and losses before regularizations G 5 173 712,55 8 511 244,00
Regularizations of net unrealized gains and losses H 1 028 592,26 -1 007 638,99
Net unrealized gains and losses III = G + H 6 202 304,81 7 503 605,01
Interim dividends:
Interim dividends of net income for the year J - Interim dividends of net realized gains and losses for the year K - -
Total interim dividends for the year IV = J + K - Income tax V - Net result I + II + III - IV - V 9 880 124,02 9 472 007,41
Income statement (continued)
Page 52
AMUNDI BEL 20 UCITS ETF
52 Annual report - Year ended: 31/10/2025
Appendice
Page 53
AMUNDI BEL 20 UCITS ETF
53 Annual report - Year ended: 31/10/2025
Management strategy and profile
Investment objective: The Sub-Fund is a passively managed index-tracking UCITS. The management objective of the Sub-Fund is to replicate, in both directions, changes in the Bel 20 NR TM index (the "Benchmark Index"), denominated in Euros, while minimising as much as possible the tracking error (the "Tracking Error") between the performance of the Sub-Fund and the performance of its Benchmark Index. The expected maximum ex-post tracking error under normal market conditions is 1%.
Page 54
AMUNDI BEL 20 UCITS ETF
54 Annual report - Year ended: 31/10/2025
Table of results and other characteristic elements of the
fund over the last 5 periods
Expressed in EUR 31/10/2025 31/10/2024 31/10/2023 31/10/2022 29/10/2021
Net assets 64 536 451,46 43 601 013,40 40 108 459,84 41 431 809,33 52 502 505,28
Expressed in EUR 31/10/2025 31/10/2024 31/10/2023 31/10/2022 29/10/2021
Dist share
FR0000021842
- -
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"text": "AMUNDI BEL 20 UCITS ETF 31"
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"text": "AMUNDI ITALY BTP DAILY (-2X) INVERSE UCITS ETF 84"
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"text": "AMUNDI FTSE ITALIA PMI PIR 2020 UCITS ETF 138"
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"text": "AMUNDI MDAX UCITS ETF 197"
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"text": "Annual report - Year ended: 31/10/2025"
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"text": "AMUNDI FTSE MIB DAILY (-1X) INVERSE UCITS ETF 1176"
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"text": "BALAFREJ Mehdi"
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"text": "Directors:"
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"text": "BERTHIER Gr\u00e9gory"
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"text": "CAYTAN Luc"
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"text": "INFORMATION ABOUT INVESTMENTS AND MANAGEMENT"
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"text": "Classification:"
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"text": "The SICAV Multi Units France is a sub-fund SICAV."
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"text": "The SICAV Multi Units France is a SICAV with sub-funds. The objective of each sub-fund is defined in their information"
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"text": "leaflet. Each of the sub-funds may be the subject of an application for admission to trading on any regulated stock"
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"text": "market, in accordance with the regulations in force."
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"text": "As of October 31, 2025, the SICAV Multi Units France comprised 38 sub-funds:"
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"text": "Subfund N\u00b01 : AMUNDI BEL 20 UCITS ETF"
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"text": "Subfund N\u00b02 : AMUNDI ITALY BTP DAILY (-2X) INVERSE UCITS ETF"
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"text": "Sicav features"
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"text": "Annual report - Year ended: 31/10/2025"
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"text": "Subfund N\u00b04 : AMUNDI MDAX UCITS ETF"
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{
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},
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"text": "Subfund N\u00b05 : AMUNDI MSCI CHINA A UCITS ETF"
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"text": "Subfund N\u00b06 : AMUNDI MSCI WORLD EX EMU SRI CLIMATE PARIS ALIGNED UCITS ETF"
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"text": "Subfund N\u00b07 : AMUNDI DJ GLOBAL TITANS 50 UCITS ETF"
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"text": "Subfund N\u00b08 : AMUNDI SHORTDAX DAILY (-2X) INVERSE UCITS ETF"
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"text": "Subfund N\u00b09 : AMUNDI IBEX 35 DOBLE APALANCADO DIARIO (2X) UCITS ETF"
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{
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"text": "Subfund N\u00b010 : AMUNDI IBEX 35 DOBLE INVERSO DIARIO (-2X) UCITS ETF"
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"text": "Subfund N\u00b011 : AMUNDI NASDAQ-100 DAILY (2X) LEVERAGED UCITS ETF"
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"text": "Subfund N\u00b012 : AMUNDI CAC 40 DAILY (2X) LEVERAGED UCITS ETF"
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},
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"text": "Subfund N\u00b013 : AMUNDI CAC 40 DAILY (-2X) INVERSE UCITS ETF"
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"text": "Subfund N\u00b015 : AMUNDI EUR OVERNIGHT RETURN UCITS ETF"
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"text": "Subfund N\u00b016 : AMUNDI MSCI WATER UCITS ETF"
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"text": "Subfund N\u00b017 : AMUNDI EURO STOXX 50 DAILY (-2X) INVERSE UCITS ETF"
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"text": "Subfund N\u00b018 : AMUNDI EURO STOXX 50 DAILY (2X) LEVERAGED UCITS ETF"
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"text": "Subfund N\u00b019 : AMUNDI EURO STOXX 50 DAILY (-1X) INVERSE UCITS ETF"
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"text": "Subfund N\u00b020 : AMUNDI FTSE MIB DAILY (-2X) INVERSE UCITS ETF"
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"text": "Subfund N\u00b021 : AMUNDI FTSE MIB DAILY (2X) LEVERAGED UCITS ETF"
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"text": "Subfund N\u00b022 : AMUNDI FTSE MIB DAILY (-1X) INVERSE UCITS ETF"
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"text": "Subfund N\u00b023 : AMUNDI GERMAN BUND DAILY (-2X) INVERSE UCITS ETF"
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"text": "Subfund N\u00b024 : AMUNDI FTSE MIB UCITS ETF"
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"text": "Subfund N\u00b025 : AMUNDI IBEX 35 UCITS ETF"
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"text": "Subfund N\u00b026 : AMUNDI MSCI EUROPE UCITS ETF"
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"text": "Subfund N\u00b027 : AMUNDI MSCI WORLD SWAP II UCITS ETF"
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"text": "Subfund N\u00b028 : AMUNDI MSCI EMERGING MARKETS SWAP II UCITS ETF"
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"text": "Subfund N\u00b029 : AMUNDI JAPAN TOPIX II UCITS ETF"
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"text": "the companies in the portfolio."
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