open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
Weekl y Pulse 09 October 2026
Amundi ETF
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY
1. Source: Amundi, Bloomberg as at 0 9/ 9/10/ 0/2026. Past market trends are not a reliable indicator of future ones. Investment involves risks . For more information, please refer to the Risk section at the end of the report. 2. Flows data are based on weekly observation for US and EU domici led funds and ETFs between 02/10/ 0/2026 and 0 8/ 8/10/ 0/2026. source Amundi, Morningstar.
1 – ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
Swings in oil price, A rtificial Intelligence sentiment and positioning ahead of the quarterl y earnings season led to further volatlity ty
1 y
1 a cross asset classes. T he US dollar neared a three month high. Flows 2 were main ly directed into USD denominated and EM debt expos ure s . With in e qui ties , the focus was on World , US and EM equities . FLOWS INTO GOLD ETPS ON HOT WHEELS GOLD: STORING VALUE FOR UNCERTAIN TIMES 1
Gol d ETPs - Cumulative NNA per year
Source: Amundi, Bloomberg. Data as at 0 8/ 8/10/ 0/2026. Past performance is not a reliable indicator of future performance.
Gold demand: Central banks’ lead, investors follow : On top of structural demand from central banks, demand has broadened: European gold ETPs gathering over €10bn year - to - date and CFTC futures positions remaining well above their long - term average . Physical gold or gold miners? Pick your exposure : High gold price has offset rising production costs from gold miners. The market segment continues to trade at a discount to the yellow metal.
Related ind ices LBMA Gold Price Solactive Developed Markets Pure Gold Miners NTR FLOW TREND MONITOR: UCITS ETF MARKET EVENT CALENDAR ( 12/10 – 16/ 10/2026) 6)
UCITS ETFs c umulative net new assets (21 - day rolling window)
Source: Amundi, Bloomberg. Commodities includes flows into ETCs. Data as at 07/10 /2026 . Past market trends are not a reliable indicator of future ones. For illustrative purpose only, may change without prior notice.
US : Sep H o using data, Sep CPI , Sep Fed Beige Book, Sep PPI ex food & energy , Aug Total net T IC flows Europe : Euro a rea Aug industrial production, S ep (F) CPI China : Sep Money supply, Sep foreign direct investments, Sep trade balance ➔ The week ahead will be quieter on the data from, m, but the focus will remain sovereign debt tra rajecto tori ries and infla tio ion data. In the US, th e quarterly earnings season will kick off
Ross Finlayson (Head) ross.finlayson@amundi.com Olivier Genin (Deputy) olivier.genin@amundi.com Ida Troussieux ida.troussieux@amundi.com Michael Stewart michael.stewart@amundi.com Sofia Santarsiero sofia.santarserio@amundi.com Roxane Philibert roxane.philibert@amundi.com Théo Bolival theo.bolival@amundi.com
Amundi ETF Investment & Product Strategy Our latest Weekly Pulse Date
Cherry - picking across global sectors 02/10
Fine - tune your EUR Treasuries exposure 25/09 Confidence boost for European equities 18/09 On the edge of inflation 11/09 Navigating the US yield curve 04/09 Responsible investing in World equities 28/08
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
2022 2023 2024 2025 2026
EUR bn +189%
-10
0
10
20
30
40
50
Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26
EUR bn
Equities Fixed Income Commodities
Page 2
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
2 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
Gold: Storing value for uncertain times 1
Global markets have navigated a turbulent year so far, shaped by persistent inflation, an increasingly hawkish Federal Research and elevated geopolitical risk. While global equities have proved resilient, the macro backdrop remains challenging. Geopolitica l uncertainty remains high and more market turbulence could materialise into year- r- end.
In this context, portfolio diversification 3 with assets exhibiting a low correlation to others - such as gold - can help mitigate te overall volatility in a multi- i- asset allocation. It can enhance overall resilience 1 during time s of greater uncertainty. y. Gold demand: Central banks’ lead, investors follow
Beyond its role as a perceived safe - haven 1 , gold is increasingly used to diversify 2 away from US dollar assets. Central banks - especially in emerging economies - have shifted from being net sellers in the 1990s and early 2000s to consistent net buyers over the past decade. Total demand exceeded 1,000 tonnes over the past four years, up significantly from the 500t average over the preceding decade , with Poland and China among the largest buyers. Central banks reported a cumulative 1 7 0 t of net purchases up to end - August this year . In a recent survey from the World Gold Council, a record 45 % of the 73 central banks surveyed indicated they were looking to further increase their gold holdings over the next twelve months. Interest rate levels, inflation concerns, and the geopolitical context were listed as key factors for gold reserve management decisions. Beyond strategic holdings, gold’s resilience during times of crisis, portfolio diversification 2 , and inflation hedging were listed as key themes driving decision s to accumulate more gold over the coming year.
Meanwhile, traditional investors have also returned to gold. Global holdings of gold bullion - backed exchange - traded products have pick ed up since H2 last year . In Europe, gold ETPs gathered over € 10 bn since the beginning of the year with the bulk of the inflows concentrated in August and September, strongly outpacing the €5.6bn net new assets recorded in FY2025 . At the same time, net non - commercial positions, as reported by the CFTC, remain well above their long - term average (1 66,374) contracts on average since January 2007) with close to 220,000 futures contracts allocated to the precious metal. Greater geopolitical risks have created more uncertainty in the deteriorating global economic outlook . Gold serves as a useful tool for portfolio diversification 2 .
Central bank demand supported gold price a nd pushed investors back into the yellow metal Gold holdings in sovereign FX reserves (in tonnes) Gold price and total known ETF holdings of gold
Source: Bloomberg, Amundi, World gold council, IMF as at 08/10/2026 . Past market trends are not a reliable indicator of future ones. For illustrative purpose only, may change without prior notice.
1 . Investment involves risks. For more information, please refer to the Risk at the end of the report. 2 . Diversification does not guarantee a profit or protect against a loss.
25,000
27,000
29,000
31,000
33,000
35,000
37,000
39,000
Q1 2000 Q3 2001 Q1 2003 Q3 2004 Q1 2006 Q3 2007 Q1 2009 Q3 2010 Q1 2012 Q3 2013 Q1 2015 Q3 2016 Q1 2018 Q3 2019 Q1 2021 Q3 2022 Q1 2024 Q3 2025
tonnes
0.0
20.0
40.0
60.0
80.0
100.0
120.0
0
1,000
2,000
3,000
4,000
5,000
6,000
07 09 11 13 15 17 19 21 23 25
Gold price (US$/oz, LhS) Total Known ETF Holdings of Gold (RhS)
Page 3
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
3 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
Physical gold or gold miners? Pick your exposure
There are many ways to increase exposure to gold beyond holding the physical asset in the form of coins, bullion, or jewellery. Exposure can also be achieved using an ETC or ETF that manages the cost of storage and insurance , a route that attracted over EUR10.7 billion in net inflows across major gold vehicles in August and September 2026 alone, reflecting broad - based institutional re - engagement with the asset class across regions. Alternatively, direct exposure to gold mining companies, such as those tracked by the Solactive Developed Markets Pure Gold Miners Index 1 , generally rise and fall with the price of gold, but with amplified sensitivity.
H igh gold prices have allowed mining companies to expand their profit margin s, in spite of increase s in production cost (the All - in sustaining costs - AISC) which have risen by approximately 14 - 19% between 2023 and 2025. At the same time, m any gold producers have strengthened their balance sheets by reducing debt, building cash reserves, and improving operational efficiency in recent years. Net profit margins for the index constituents rose from 16.1% in FY2024, a year in which four index me mbers were loss - making, to 29.5% in FY2025, with consensus estimates pointing to a further expansion to 33.1% in FY2026. Additionally, at current AISC levels, a move in gold from USD4,000/oz to USD5,000/oz increases per - ounce cash margins by roughly 40 – 50%, translating into earnings growth that significantly amplifies the return of the metal itself.
Another way to measure gold miners' valuations is to assess the equity - implied gold price. To do so, we assess a production - weighted EV/EBITDA back - solve across the index's constituents, covering approximately 80% of production weight. The chart below show s that, at a 9x EV/EBITDA multiple , consistent with the long - run historical average for senior producers , the sector was pricing in only USD3,559/oz as of mid -J -July 2026, a 12.3% discount to the prevailing spot price of USD4,061/oz. At a 10x multiple, consistent with the upper end of the historical range, the implied price falls to USD3,367/oz, a 17.1% discount to spot. While the August rally has partially closed this gap, the sector continues to price in a discount to the current gold price of ~USD4,182/oz. Overall, the structural case for gold remains intact, in spite of rising real yield, a stronger dollar and persistent cost inflation. Both exposures can offer a compelling 2 combination of diversification 3 and improving fundamentals.
Related indices
Higher gold price fed into Gold miners’ m argin s Gold price vs. All - in - sustaining costs
Gold miners do not fully price in current gold price Gold Spot Price vs. Equity - Implied Gold Price
Past performance is not a reliable indicator of future performance. Source: Left chart - World Gold Council, as of 30/09/2026. Note that All - in Sustaining Cost is a non - GAAP metric, defined by the World Gold Council, that shows the total cost of maintaini ng current mining operations, including direct production costs, sustaining capital expenditure and administrative and environmental costs, expressed as of cost per ounce o f metal sold. Source: Right chart: Calculation based on Solactive DM Pure gold miners index constituents EV/EBITDA levels . For each constituent, we take the current enterprise value, divide by annual gold production, and solve for the gold price that makes EV/EBITDA equal to a target multiple. Weight ing these implied prices by each company's production output yields a single i ndex- x- level figure.
Index name Bloomberg ticker
Asset class
Amundi ETF replication LBMA Gold Price GOLDLNPM Commodities Physical Solactive Developed Markets Pure Gold Miners NTR SODPGMN Equities Full Source: Amundi
1. Index methodology available on www.solactive.com . 2 . Investment involves risks. For more information, please refer to the Risk at the end of the report. 3 . Diversification does not guarantee a profit or protect against a loss.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
All-in Sustaining Cost (US$/oz) Gold price (US$/oz)
3,900
4,400
4,900
5,400
4,000
4,500
5,000
5,500
6,000
6,500
7,000
Dec-25 Mar-26 Apr-26 Jun-26 Aug-26 Gold miners' equity implied gold price at 9x & 10x EV/EBITDA)
Gld t i )
Gold spot price (USD/oz, RhS)
Page 4
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
4 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
Summary of key exposures (focus of the week in bold)
Market theme
Related exposures
Equities Fixed income/ Commodities
Inflation / growth /
policy response
US equities
European equities/ Germany E urope banks E urope & Strategic autonomy
EM Asia
Global Healthcare/ Materials
Memory chips/ Data center
Inflation linked bonds
US Treasuries USD Floating Rate Notes
EUR govies - short duration EUR IG credit - short term EUR Floating Rate notes
Portfolio construction
Global equities – all country Global equities
Global equities - USA ad justed
Global equities – USA/ ex USA
Global Treasuries GDP adjusted Gold Broad commodities
Doc ID: 6006858
Page 5
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
5 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
Index disclaimers
Solactive Indices disclaimer
The Sub - Fund is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any expres s or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the In dex Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure tha t the Index is calculated correctly. Irrespective of its obligations towards the issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the Sub - Fund. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Sub - Fund constitutes a recommendation by Solactive AG to invest capital in the Sub - Fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the Sub - Fund. Solact ive AG will not be responsible for the consequences of reliance upon any opinion or statement contained herein or for any omission.
Page 6
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
6 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
Knowing your risk
It is important for potential investors to evaluate the risks described below and in the fund’s Key Investor Document (“KID”) and prospectus available on our website www.amundietf.com .
CAPITAL AT RISK
ETFs are tracking instruments. Their risk profile is similar to a direct investment in the underlying index. Investors’ capital is fully at risk and investors may not get back the amount originally invested.
UNDERLYING RISK
The underlying index of an ETF may be complex and volatile. For example, ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks .
REPLICATION RISK
The fund’s objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication . COUNTERPARTY RISK
Investors are exposed to risks resulting from the use of an OTC swap (over - the - counter) or securities lending with the respective counterparty( - ies). Counterparty( - ies) are credit institution(s) whose name(s) can be found on the fund’s website amundietf.co m. In line with the UCITS guidelines, the exposure to the counterparty cannot exceed 10% of the total assets of the fund.
CURRENCY RISK
An ETF may be exposed to currency risk if the ETF is denominated in a currency different to that of the underlying index securities it is tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.
LIQUIDITY RISK
There is a risk associated with the markets to which the ETF is exposed. The price and the value of investments are linked to the liquidity risk of the underlying index securities. Investments can go up or down. In addition, on the secondary market liquidi ty is provided by registered market makers on the respective stock exchange where the ETF is listed. On exchange, liquidity may be limited as a result of a suspension in the underlying market represented by the underlying index tracked by the ETF; a failur e in the systems of one of the relevant stock exchanges, or other market - maker systems; or an abnormal trading situation or event.
VOLATILITY RISK
The ETF is exposed to changes in the volatility patterns of the underlying index relevant markets. The ETF value can change rapidly and unpredictably, and potentially move in a large magnitude, up or down.
CONCENTRATION RISK
ETFs can select a large portion of their assets in a particular issuer, industry, stocks or type of bonds, country or region for their portfolio. Where selection rules are extensive, it can lead to a more concentrated portfolio where risk is spread over fe wer stocks. Where selection rules are extensive, it can lead to a more concentrated portfolio where risk is spread over fewer stocks. This can mean both higher volatility and a greater risk of loss.
CREDIT WORTHINESS
The investors are exposed to the creditworthiness of the Issuer.
Page 7
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
7 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
Important information This material is solely for the attention of professional and eligible counterparties, as defined in Directive MIF 2014/65/UE of the European Parliament acting solely and exclusively on their own account. It is not directed at retail clients. In Switzerlan d, it is solely for the attention of qualified investors within the meaning of Article 10 paragraph 3 a), b), c) and d) of the Federal Act on Collective Investment Scheme of June 23, 2006. This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any U.S. Person (as defined in the prospectus of the Funds or in the legal mentions section on www.amundi.com and www.amundietf.com. The Funds have not been registered in the United States under the Investment Company Act of 1940 and units/share s of the Funds are not registered in the United States under the Securities Act of 1933. This material reflects the views and opinions of the individual authors at this date and in no way the official position or advices of any kind of these authors or of Amundi Asset Management nor any of its subsidiaries and thus does not engage the responsi bility of Amundi Asset Management nor any of its subsidiaries nor of any of its officers or employees. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would b e illegal. It is explicitly stated that this document has not been prepared by reference to the regulatory requirements that seek to promote independent financial analysis. It does not constitute a personal recommendation or take into account the particula r investment objectives, financial situations, or needs of individual clients. Neither Amundi Asset Management nor any of its subsidiaries accept liability, whether direct or indirect, that may result from using any information contained in this document o r from any decision taken the basis of the information contained in this document. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, i ncluding tax advice. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research. This document is of a commercial nature. The funds described in this document (the “Funds”) may not be available to all investors and may not be registered for public distribution with the relevant authorities in all countries. It is each investor’s respon sibility to ascertain that they are authorised to subscribe, or invest into this product. Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. This is a promotional and non - contractual information which should not be regarded as an investment advice or an investment recommendation, a solicitation of an investment, an offer or a purchase, from Amundi Asset Management (“Amundi”) nor any of its subs idiaries. The Funds are Amundi UCITS ETFs and Amundi ETF designates the ETF business of Amundi. Amundi UCITS ETFs are passively - managed index - tracking funds. The Funds are French, Luxembourg open ended mutual investment funds respectively approved by the French Autorité des Marchés Financiers, the Luxembourg Commission de Surveillance du Secteur Fina ncier, and authorised for marketing of their units or shares in various European countries (the Marketing Countries) pursuant to the article 93 of the 2009/65/EC Directive. The Funds can be French Fonds Communs de Placement (FCPs) and also be sub funds of the following umbrella structures: - Amundi Index Solutions, Luxembourg SICAV, RCS B206810, located 5, allée Scheffer, L - 2520, managed by Amundi Luxembourg S.A. - Multi Units France, French SICAV, RCS 441 298 163, located 91 - 93, boulevard Pasteur, 75015 Paris, France managed by Amundi Asset Management located 91 93, boulevard Pasteur, 75015 Paris - Multi Units Luxembourg, RCS B115129, Luxembourg SICAV located 9, rue de Bitbourg, L - 1273 Luxembourg, managed by Amundi Luxembourg S.A. located 5, allée Scheffer, L - 2520 Luxembourg
Before any subscriptions, the potential investor must read the offering documents (KID and prospectus) of the Funds. The prospectus in French for French UCITS ETFs, and in English for Luxembourg UCITS ETFs, and the KID in the local languages of the Marketi ng Countries are available free of charge on www.amundi.com or www.amundietf.com. They are also available from the headquarters of Amundi Luxembourg S.A. (as the management company of Amundi Index Solutions and Multi Units Luxembourg), or the headquarters of Amundi Asset Management (as the management company of Amundi ETF French FCPs and Multi Units France). For more information related to the stocks exchanges where the ETF is listed please refer to the fund’s webpage on amundietf.com. Investment in a fund carries a substantial degree of risk (i.e. risks are detailed in the KID and prospectus). Past Performance does not predict future returns. Investment return and the principal value of an investment in funds or other investment product may go up or down and may result in the loss of the amount originally invested. All investors should seek professional advice prior to any investment decision, in order to determine the risks associated with the investment and its suitability. It is the investor’s responsibility to make sure his/her investment is in compliance with the applicable laws she/he depends on, and to check if this investment is matching his/her investment objective with his/her patrimonial situation (including tax aspe cts). Please note that the management companies of the Funds may de - notify arrangements made for marketing as regards units/shares of the Fund in a Member State of the EU or the UK in respect of which it has made a notification. A summary of information about investors’ rights and collective redress mechanisms can be found in English on the regulatory page at https://about.amundi.com/legal - documentation with respect to Amundi ETFs. This document was not reviewed, stamped or approved by any financial authority. This document is not intended for and no reliance can be placed on this document by persons falling outside of these categories in the below mentioned jurisdictions. In jurisdictions other than those specified below, this document is for the sole use of th e professional clients and intermediaries to whom it is addressed. It is not to be distributed to the public or to other third parties and the use of the information provided by anyone other than the addressee is not authorised. This material is based on sources that Amundi and/or any of her subsidiaries consider to be reliable at the time of publication. Data, opinions and analysis may be changed without notice. Amundi and/or any of her subsidiaries accept no liability whatsoever , whether direct or indirect, that may arise from the use of information contained in this material. Amundi and/or any of her subsidiaries can in no way be held responsible for any decision or investment made on the basis of information contained in this m aterial. Updated composition of the product’s investment portfolio is available on www.amundietf.com. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. I nvestors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Indices and the related trademarks used in this document are the intellectual property of index sponsors and/or its licensors. The indices are used under license from index sponsors. The Funds based on the indices are in no way sponsored, endorsed, sold or promoted by index sponsors and/or its licensors and neither index sponsors nor its licensors shall have any liability with respect thereto. The indices referred to herein (the “Index” or the “Indices”) are neither sponsored, approved or sold by Amundi nor any of its subsidiaries. Neither Amundi nor any of its subsidiaries shall assume any responsibility in this respect. In EEA Member States, the content of this document is approved by Amundi for use with Professional Clients (as defined in EU Directive 2004/39/EC) only and shall not be distributed to the public. Information reputed exact as of the date mentioned above. Reproduction prohibited without the written consent of Amundi.
Page 8
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
8 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
AMUNDI PHYSICAL GOLD ETC (the “ETC”) is a series of debt securities governed by Irish Law and issued by Amundi Physical Metals plc, a dedicated Irish vehicle (the “Issuer”). The Base Prospectus, and supplement to the Base Prospectus, of the ETC has been ap proved by the Central Bank of Ireland (the “Central Bank”), as competent authority under the Prospectus Directive. Pursuant to the Directive Prospective Regulation, the ETC is described in a Key Information Document (KID), final terms and Base Prospectus ( hereafter the Legal Documentation). The ETC KID must be made available to potential subscribers prior to subscription. The Legal Documentation can be obtained from Amundi on request. The distribution of this document and the offering or sale of the ETC Sec urities in certain jurisdictions may be restricted by law. For a description of certain restrictions on the distribution of this document, please refer to the Base Prospectus. The investors are exposed to the creditworthiness of the Issuer. In EEA Member States, the content of this document is approved by Amundi for use with Professional Clients (as defined in EU Directive 2004/39/EC) only and shall not be distributed to the public. Information reputed exact as of the date mentioned above. Reproduction prohibited without the written consent of Amundi.
FRANCE Some information may constitute a general investment recommendation as defined in the article 3. (35) of 596/2014/UE regulation. This material has not been produced with the aim at promoting the independency of financial analysis, and Amundi, as an investm ent services provider, has no restriction in negotiating any financial instruments described in this material before its issue. The prospectus in French for French UCITS ETFs, and in English for Luxembourg UCITS ETFs, and the KID in French are available free of charge on www.amundi.com or www.amundietf.com. They are also available from the headquarters of Amundi Luxembourg S.A. (as the management company of Amundi Index Solutions and Multi Units Luxembourg), or the headquarters of Amundi Asset Management (as the management company of French FCPs and Multi Units France). The prospectus in English and KID of the Amundi ETF are available on www.amundietf.com; and free of charge from the “centralisateur” of the Funds which in the case of Amundi Index Solutions SICAV, is CACEIS Bank SA, 1 - 3 place Valhubert, 75013 Paris, France . In the case of funds admitted to trading in France, trading is subject to a control mechanism to ensure that the price of the shares or units does not deviate significantly from a reference value set by the rules of the regulated market on which the ETF is traded, in particular through the implementation of a mechanism to halt trading in the event of excessive deviation from the reference value. The Market Maker ensures that the market price of the Funds units does not deviate more than the percentage indic ated in the prospectus of the Funds mentioned in this Document, and on the other hand from the net asset value of the UCITS, in order to comply with the reservation thresholds set by Euronext Paris SA.
DENMARK For Amundi Index Solutions: The regulatory documentation of the Funds registered for public marketing in Denmark are available free of charge, as printed copies, from Deloitte Tax & Consulting, established and having its registered office at 20 boulevard Ko Kockelscheuer, L- L- 1821 Luxembourg, which acts as a facilities agent, and at www.amundietf.com For Multi Units France and Multi Units Luxembourg: The regulatory documentation of the Funds registered for public marketing in Denmark are available at www.amundietf.com .
SPAIN The Funds are foreign undertakings for collective investment registered with the CNMV. Luxembourg Funds were approved for public distribution in Luxembourg by the Commission de Surveillance du Secteur Financier of Luxembourg, French Funds were approved by the French Autorité des Marchés Financiers and Irish Funds were approved by the Central Bank of Ireland. - Amundi ETF Funds which are Luxembourg SICAVs approved by the Commission de Surveillance du Secteur Financier are numbered: Amundi Index Solutions (1495), RCS B206810, located 5, allée Scheffer, L- L- 2520 Luxembourg; Multi Units Luxembourg (920), RCS B115129 located 9, rue de Bitbourg, L- L- 1273 Luxembourg. - French FCPs approved by the Autorités des Marchés Financiers - Amundi ETF Funds approved by the French Autorité des Marchés Financiers are numbered: Multi Units France (319). Multi Units France RCS 441 298 163, is a French SICAV, located, 91 - 93, boulevard Pasteur, 75015 Paris, France. Information and documents are available on www.amundi.com or www.amundietf.com. They are also available from the headquarters of Amundi Luxembourg S.A. (as the management company of Amundi Index Solutions and Multi Units Luxembourg), or the headquarters of Amundi Asset Management (as the management company of French FCPs and Multi Units France). Any investment in the Funds must be made through a registered Spanish distributor. Amundi Iberia SGIIC, SAU, is the main distributor of the Funds in Spain, registered with number 31 in the CNMV's SGIIC registry, with address at Pº de la Castellana 1, Madri d 28046, Spain. A list of all Spanish distributors may be obtained from the CNMV at www.cnmv.es. Units/shares may only be acquired on the basis of the most recent prospectus, key information document and further current documentation, which may be obtained from the CNMV. The legal documentation of the Funds is also available on the web page www.amundi.com or www.amundietf.com.
GERMANY The Funds are German, French, Luxembourg or Irish collective investment schemes respectively approved by the German Bundesanstalt für Finanzdienstleistungsaufsicht, the French Autorité des Marchés Financiers, the Luxembourg Commission de Surveillance du Se cteur Financier or the Central Bank of Ireland. For additional information on the Funds, a free prospectus may be requested from Amundi Deutschland GmbH, Arnulfstr. 124- 4- 126 80636 Munich, Germany (Tel. +49.89.99.226.0). The regulatory documents of the Funds registered for public distribution in Germany a re available free of charge on request, and as printed version, from Marcard, Stein & Co. AG, Ballindamm 36, 20095 Hamburg, Germany. UNITED KINGDOM Marketing Communication. For Professional Clients only. In the United Kingdom (the “UK”), this marketing communication is being issued by Amundi (UK) Limited (“Amundi UK”), 77 Coleman Street, London EC2R 5BJ, UK. Amundi UK is authorised and regulated by t he Financial Conduct Authority (“FCA”) and entered on the FCA’s Financial Services Register under number 114503. This may be checked at https://register.fca.org.uk/ and further information of its authorisation is available on request. This marketing communication is approved by Amundi UK only for use with Professional Clients (as defined in the FCA’s Handbook of Rules and Guidance, the “FCA Rules”)) and shall not be distributed to the public, relied on or acted upon by any other persons for any purposes whatsoever. Past performance is not a guarantee or indication of future results. Each fund and its relevant sub -f -fund(s) under its respective fund range that is referred to in this marketing communication (each, a “Fund”) is an unregulated collective investment scheme under the Financial Services and Markets Act 2000 (the “FSMA”). This marketing communication is addressed only to those persons in the UK who qualify as non - retail clients (Professional Clients or Eligible Counterparties) as set out in the FCA’s Handbook, Conduct of Business Sourcebook 4.12B - “Promotion of non mass market investments”, as amended from time to time, and thereby fall with an exemption from the restrictions in Section 238 FSMA. Potential investors in the UK should be aware that none of the protections afforded by the UK regulatory system will apply to an inves tment in a Fund and that compensation will not be available under the UK Financial Services Compensation Scheme. Indices and the related trademarks used in this marketing communication are the intellectual property of index sponsors and/or its licensors. T he indices are neither sponsored, approved or sold by Amundi. The Central Bank has notified the FCA of its approval of the Base Prospectus. Potential investors in the UK should be aware that none of the protections afforded by the UK regulatory system (as defined in the FCA Rules) will apply to an investment in the E TC and that compensation will not be available under the UK Financial Services Compensation Scheme.
Page 9
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
9 - ETF Investment & Product Strategy - Weekly Pulse - 09 October 2026 Amundi ETF
SWITZERLAND This document is for qualified investors (as defined in Swiss Federal Act on Collective Investment Schemes of 23 June 2006 as amended or supplemented) use only and shall not be offered to the public. For Amundi Index Solutions: The Representative and Paying Agent for Funds registered for public offering in Switzerland is for Amundi Index Solutions SICAV : Representative - CACEIS (Switzerland) SA and Paying Agent, CACEIS Bank, Nyon Branch both at 35 Rou te de Signy, Case postale 2259, CH - 1260 Nyon. Free copies of the prospectus, Key Information Document, annual and semi - annual reports, management regulations and other information are available at the representative’s address shown above. For Multi Units France and Multi Units Luxembourg: The Representative and the Paying Agent of the Fund(s) in Switzerland is Société Générale, Paris, Zurich Branch, Talacker 50, CH - 8001 Zurich. The prospectus or offering memorandum, the Key Information Docu ments, the management regulation, the articles of association and/or any other constitutional documents as well as the annual and semi - annual financial reports may be obtained free of charge from the Representative in Switzerland. The prospectus, the Key I nformation Documents, the articles of association and/or the annual reports may be obtained free of charge from the Representative in Switzerland.
KOREA This document is not intended as an offer or solicitation with respect to the purchase or sale of securities, including shares or units of funds. All views expressed and/or reference to companies cannot be construed as a recommendation by Amundi. Opinions and estimates may be changed without notice. To the extent permitted by applicable law, rules, codes and guidelines, Amundi, and her related entities accept no liability whatsoever whether direct or indirect that may arise from the use of information con tained in this document. This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. This document is prepared for information only and does not have a ny regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Any person considering an investment should seek independent advice on the suitability or otherwise of the p articular investment. Investors should not only base on this document alone to make investment decisions. Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bon d market or the economic trends of the markets are not indicative of future performance.
AUSTRALIA AND NEW ZEALAND Standard Disclaimer for use in Australia and New Zealand by Amundi in respect of promotional materials and even formal offer documentation This document and any accompanying documentation (“Documentation”) is provided in Australia and New Zealand by Amundi. Amundi is regulated by the French Autorité des Marchés Financiers (“AMF”) under French laws, which differ from Australian laws. Pursuant to instruments issued by the Australian Securities and Investments Commission, Amundi is exempt from the requirement to hold an Australian financial services licence under Australia's Corporations Act 2001 (Cth) in respect of their provision of financial s ervices in Australia. The material in the Documentation is intended only for use in Australia by wholesale clients within the meaning of Part 7.1 of Australia's Corporations Act 2001 (Cth) and in New Zealand by wholesale investors within the meaning of clause 3(2) of Schedule 1 of New Zealand's Financial Markets Conduct Act 2013 (NZ). The material in the Documentation is not intended to amount to investment, legal, tax or other advice or a recommendation to invest. To the extent that any of the material in the Documentation is financial product advice, it is general advice only and does not take into account the objectives, financial situation or needs of any person. Before acting on any of the material, a person should therefore conduct their own assessment of this material with regard to their own situation, and obtain such advice as t hey consider necessary or appropriate. Whilst every effort is made to ensure the information in this document is accurate, its accuracy, reliability and completeness are not guaranteed. This material may include forward - looking statements, which are not guarantees or predictions of future performance. Any forward - looking statements contained in this material involve known and unknown risks, uncertainties and assumptions and other importan t factors which may cause actual results to differ from those contained in this material. Forward - looking statements, by their very nature, are subject to uncertainty and contingencies many of which are outside the control of Amundi or the Amundi Group. Past performance is not a reliable indication of future performance. Amundi nor any member of entity, guarantees the performance of any product, the repayment of capital, or any specific rate of return. The Documentation is only available to persons receiving the Documentation in Australia and New Zealand. If a person has accessed the Documentation outside of Australia and New Zealand, they should inform themselves of any securities selling restrictions that may apply in their home country. Nothing in the Documentation constitutes an offer of securities or financial products unless the document is an offer document provided to you expressly for such purpose. The Documentation is not a disclosure document or a product disclosure document for the purposes of the Corporations Act 2001 (Cth) or the Financial Markets Conduct Act 2013 (NZ). The Documentation has not been and will not be lodged with the Australian Se curities and Investments Commission (ASIC) or the Registrar of Financial Service Providers and does not contain all the information that a prospectus or a product disclosure statement is required to contain.
AUSTRIA Amundi Index Solutions: The regulatory documentation of the Funds registered for public marketing in Austria are available free of charge, as printed copies, from Société Générale, Vienna Branch, Prinz Eugen Strasse 8, 10/5/Top 11, A- A- 1040 Vienna, Austria, which acts as a paying agent and tax representative, and at www.amundietf.com. For Multi Units France and Multi Units Luxembourg: The regulatory documentation of the Funds registered for public marketing in Austria are available free of charge, as printed copies, from: Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1, A- A- 1100 Vienna, Austria, which acts as a paying agent and tax representative, and at www.amundietf.de.
Page 10
MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS
Amundi ETF
10 - ETF Investment & Product Strategy - Weekly Pulse -
09 October 2026
SINGAPORE In Singapore, this document is provided solely for the use of distributors and financial advisors only and is not to be distributed to the retail public. This document contains information about certain sub - funds of Amundi Index Solutions SICAV which may be registered as recognised schemes in Singapore under the Securities and Futures Act (Cap. 289) of Singapore (“SFA”), or notified as restricted schemes under the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment S chemes) Regulations 2005. For the sub - funds or relevant unit/share classes notified as restricted schemes in Singapore, such sub -f -funds or relevant unit/share classes are not authorised or recognised by the Monetary Authority of Singapore ("MAS") and are no t allowed to be offered to the Singapore retail public. Accordingly, this document and the material contained within, may not be circulated or distributed, nor may the relevant units/shares be offered or sold, or be made the subject of an invitation for su bscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In other Asian jurisdictions, for use by licensed intermediaries only and not to be distributed to the public. The Singapore Representative for Funds registered for public offering in Singapore is Amundi Singapore Limited (Registration No. 198900774E), 80 Raffles Place, UOB Plaza 1, #23 - 01, Singapore 048624.
JAPAN In Japan, this document is issued by Amundi Japan Ltd. This document is not intended as an offer or solicitation with respect to the purchase or sale of securities, including shares or units of funds. All views expressed and/or reference to companies canno t be construed as a recommendation by Amundi. Opinions and estimates may be changed without notice. To the extent permitted by applicable law, rules, codes and guidelines, Amundi, and her related entities accept no liability whatsoever whether direct or in direct that may arise from the use of information contained in this document. This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. This document is prepared for information only and does not have a ny regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Any person considering an investment should seek independent advice on the suitability or otherwise of the p articular investment. Investors should not only base on this document alone to make investment decisions. Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets are not indicative of future performance.
HONG KONG This document is issued by Amundi Hong Kong Limited. This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. Any dissemination, reproduction, copy, modification or translation in whole or in part, with respect to any information provided herein is forbidden. This document is for professional investors only and not for retail investors. The fund(s) mentioned in this document are not authorized by Securities and Futures Commission in Hong Kong. Consequently, shares or units of such funds are not available to the general public in Hong Kong and must not be distributed in Hong Kong by way of of public offer, public advertisement or in any similar manner. This document has not been reviewed by any regulatory authority in Hong Kong and no regulatory authority in Hong Kong takes responsibility for the financial soundness of the funds or for the ac curacy of any statement made or opinion expressed in this document. Investors are advised to exercise caution in relation to the offer. Any investor who is in doubt about the contents of the document is strongly recommended to seek independent profession al advice. Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of futu re performance. The offering document(s) should be read for further details including the risk factors.
SWEDEN Some of the Funds have been passported into Sweden pursuant to the Swedish Securities Funds Act (as amended) (Sw. lag (2004:46) om värdepappersfonder), implementing the UCITS IV Directive and may accordingly be distributed to Swedish investors. The Key Info formation Document (“KID”) (in Swedish) and the prospectuses for the funds, as well as the annual and semi - annual reports are also available from the Swedish paying agent free of charge. The name and details of the Swedish paying agent are Skandinaviska Enskilda Banken AB (publ) through its entity Transaction Banking, SEB Merchant Banking, with its principal offices at Kungsträdgårdsgatan 8, SE - 106 40 Stockholm, Sweden.
Amundi Asset Management French “Société par Actions Simplifiée” - SAS with a share capital of €1 143 615 555 Portfolio management company approved by the French Financial Markets Authority (Autorité des Marchés Financiers) under no.GP 04000036 Head office: 91 - 93, boulevard Pasteur, 75015 Paris - France Postal address: 91, boulevard Pasteur, CS 21564, 75730 Paris Cedex 15 France Tel : +33 (0)1 76 33 30 30 Siren no. 437 574 452 RCS Paris
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "fa98cb64-599b-4040-a29e-a4e1c6f79c37",
"date_created": "2026-10-10T22:16:16.897000Z",
"date_modified": "2026-10-10T22:16:16.897000Z",
"file_hash": "e8ea1243a3ba30d00f6cc14e48d8d8d7f02f455ee9efe5d42435cb93daff4548",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 10,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 36,
"width": 201,
"x": 64,
"y": 16
},
"id": "123959f8-3b0d-4f13-82ab-72d88d79948a",
"page_number": 1,
"text": "Weekl"
},
{
"block_type": "box",
"box": {
"height": 37,
"width": 56,
"x": 271,
"y": 26
},
"id": "247c4b85-bf2c-4569-8738-0d70df08b6c8",
"page_number": 1,
"text": "y"
},
{
"block_type": "box",
"box": {
"height": 36,
"width": 171,
"x": 333,
"y": 16
},
"id": "4bbf6c6f-3546-47f6-b1d0-e6872f1b60f4",
"page_number": 1,
"text": "Pulse"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 133,
"x": 767,
"y": 21
},
"id": "24c297a4-c87f-4e30-b4d9-6a01141198a0",
"page_number": 1,
"text": "09 October 2026"
},
{
"block_type": "box",
"box": {
"height": 18,
"width": 196,
"x": 64,
"y": 73
},
"id": "9f41b08e-bb8b-4917-9090-9e91714be6fa",
"page_number": 1,
"text": "Amundi ETF"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 209,
"x": 66,
"y": 136
},
"id": "64ff748b-b53e-4644-afcf-08efb88022e8",
"page_number": 1,
"text": "MARKETING COMMUNICATION"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 4,
"x": 280,
"y": 140
},
"id": "d2efe319-b67d-44bb-8fb2-fdbc54add755",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 131,
"x": 289,
"y": 136
},
"id": "d6b116c4-6229-4370-b7a3-4d001799df14",
"page_number": 1,
"text": "FOR PROFESSIONAL"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 53,
"x": 425,
"y": 136
},
"id": "ce3d66a5-fa51-4a89-b009-3c516deae3a5",
"page_number": 1,
"text": "CLIENTS"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 225,
"x": 482,
"y": 136
},
"id": "7abbb0c5-071d-4a8f-ab81-740bae273070",
"page_number": 1,
"text": "AND QUALIFIED INVESTORS ONLY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 196,
"x": 70,
"y": 891
},
"id": "7354414d-abf8-4163-8d16-0308333e1ee3",
"page_number": 1,
"text": "1. Source: Amundi, Bloomberg as at"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 268,
"y": 892
},
"id": "52bbc098-19f5-4de9-973d-fc55d8f4c287",
"page_number": 1,
"text": "0"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 275,
"y": 892
},
"id": "1de8dc1b-346b-410b-923f-212d93bae136",
"page_number": 1,
"text": "9/"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 18,
"x": 282,
"y": 892
},
"id": "72211878-dffc-4931-bb68-5c01fddc3ec3",
"page_number": 1,
"text": "9/10/"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 369,
"x": 300,
"y": 891
},
"id": "6e39449b-d9ac-43f3-99cb-10301b5151a9",
"page_number": 1,
"text": "0/2026. Past market trends are not a reliable indicator of future ones."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 151,
"x": 672,
"y": 891
},
"id": "63858f30-9bca-4996-beea-aa40d366d5d9",
"page_number": 1,
"text": "Investment involves risks"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 823,
"y": 891
},
"id": "d7235246-d9bd-43b9-8122-2f744a7a9af5",
"page_number": 1,
"text": ". For more information,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 662,
"x": 70,
"y": 904
},
"id": "a0b90abc-fa0a-4dfe-97b9-def59953abbb",
"page_number": 1,
"text": "please refer to the Risk section at the end of the report. 2. Flows data are based on weekly observation for US and EU domici"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 151,
"x": 733,
"y": 904
},
"id": "37f638dd-c035-4077-8e43-89d3e8e50cfa",
"page_number": 1,
"text": "led funds and ETFs between"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 31,
"x": 887,
"y": 905
},
"id": "0a9d3aea-f945-422d-9dc0-a60da2c2246c",
"page_number": 1,
"text": "02/10/"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 32,
"x": 918,
"y": 905
},
"id": "8cda31fe-737c-4406-be89-0afa15aaa953",
"page_number": 1,
"text": "0/2026"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 21,
"x": 69,
"y": 917
},
"id": "474d773e-8807-40f6-8854-822e8d9bd067",
"page_number": 1,
"text": "and"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 93,
"y": 918
},
"id": "f11e70e3-fb29-49a5-b0af-e116f6eb11bb",
"page_number": 1,
"text": "0"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 100,
"y": 918
},
"id": "c897b0b3-c168-4aba-897a-ac91778c352f",
"page_number": 1,
"text": "8/"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 18,
"x": 107,
"y": 918
},
"id": "0dc0f27e-07de-4cdd-a19d-1b4d079ea0a2",
"page_number": 1,
"text": "8/10/"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 35,
"x": 124,
"y": 918
},
"id": "54ef2463-37fd-4d53-91cf-dcd6bf3478de",
"page_number": 1,
"text": "0/2026."
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 37,
"x": 162,
"y": 919
},
"id": "e32793de-8951-456c-84cd-a2c9a0e51323",
"page_number": 1,
"text": "source"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 47,
"x": 201,
"y": 917
},
"id": "b86b430a-2508-4469-bb03-1e72a677a156",
"page_number": 1,
"text": "Amundi,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 70,
"x": 253,
"y": 917
},
"id": "ab0508b4-a5fc-41e3-8c6c-085820d737e0",
"page_number": 1,
"text": "Morningstar."
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 5,
"x": 69,
"y": 955
},
"id": "b5fb68e3-3bdc-47d9-afcb-e11294323708",
"page_number": 1,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 6,
"x": 80,
"y": 958
},
"id": "e98d3203-f45c-4924-9839-a814bea5f8f6",
"page_number": 1,
"text": "\u2013"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 20,
"x": 91,
"y": 955
},
"id": "d814b1d1-3acb-468b-a543-14b0263f11d5",
"page_number": 1,
"text": "ETF"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 137,
"x": 116,
"y": 954
},
"id": "e619bad9-944c-40c2-bbd9-60db0e99f2b2",
"page_number": 1,
"text": "Investment \u0026 Product"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 52,
"x": 258,
"y": 955
},
"id": "6f7375d3-f576-40b8-bd62-bb2560cbf54d",
"page_number": 1,
"text": "Strategy"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 3,
"x": 314,
"y": 958
},
"id": "b3364b94-9001-48aa-bf8b-ce153c5a9b20",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 81,
"x": 322,
"y": 954
},
"id": "24e38e02-10e8-49d4-a370-ccfad27521b0",
"page_number": 1,
"text": "Weekly Pulse"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 3,
"x": 409,
"y": 958
},
"id": "6862be06-f0a5-43bf-92ca-081ad3ace169",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 103,
"x": 427,
"y": 954
},
"id": "046821af-d067-425b-94a4-687cadbbc4dd",
"page_number": 1,
"text": "09 October 2026"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 118,
"x": 831,
"y": 951
},
"id": "379bc96d-d1e2-42ee-88ef-3eec2c4ef601",
"page_number": 1,
"text": "Amundi ETF"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 155,
"x": 79,
"y": 172
},
"id": "74922cae-e24a-47f6-9107-c7cee75a7d75",
"page_number": 1,
"text": "Swings in oil price, A"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 50,
"x": 234,
"y": 172
},
"id": "03a1ab80-0d42-4e4e-b669-b2ba5c2b5995",
"page_number": 1,
"text": "rtificial"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 87,
"x": 290,
"y": 172
},
"id": "e0385a91-b620-47d7-a428-eda332ecaf9a",
"page_number": 1,
"text": "Intelligence"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 108,
"x": 383,
"y": 172
},
"id": "bd4b9e89-0e92-4f0a-955c-71f41490cc51",
"page_number": 1,
"text": "sentiment and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 81,
"x": 498,
"y": 172
},
"id": "af7fbe91-951f-41d1-8886-b8b9515bc665",
"page_number": 1,
"text": "positioning"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 160,
"x": 586,
"y": 172
},
"id": "5dd13b01-0f23-4f0b-8fa2-27107e105553",
"page_number": 1,
"text": "ahead of the quarterl"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 135,
"x": 746,
"y": 172
},
"id": "096f65ae-b1f3-457e-835f-40442e85dc69",
"page_number": 1,
"text": "y earnings season"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 20,
"x": 888,
"y": 172
},
"id": "cb560ca6-396a-42ec-b0a6-9dfd63a8b9b0",
"page_number": 1,
"text": "led"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 15,
"x": 915,
"y": 173
},
"id": "af351062-6431-4b13-a02e-6476c66351c9",
"page_number": 1,
"text": "to"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 109,
"x": 78,
"y": 187
},
"id": "c7dadfa7-79bd-4c38-af4a-5d4daea015e1",
"page_number": 1,
"text": "further volatlity"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 187,
"y": 190
},
"id": "9fef3ed2-a815-452f-b5b8-0d41b1fc7b81",
"page_number": 1,
"text": "ty\r\n1"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 3,
"x": 196,
"y": 187
},
"id": "06a1dd30-55bd-43a9-b79d-2e2157baae16",
"page_number": 1,
"text": "y\r\n1"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 202,
"y": 190
},
"id": "6899ea2d-0ac1-4f26-8a76-a41f86d47938",
"page_number": 1,
"text": "a"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 150,
"x": 211,
"y": 187
},
"id": "1066ae2d-b52c-4507-bb6b-68f20cb8cb01",
"page_number": 1,
"text": "cross asset classes. T"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 337,
"x": 362,
"y": 187
},
"id": "da6efe6d-8d64-4c8d-baac-5d57d9510938",
"page_number": 1,
"text": "he US dollar neared a three month high. Flows"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 5,
"x": 699,
"y": 187
},
"id": "777e55ab-6efc-434e-96ff-452d4cbb541c",
"page_number": 1,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 78,
"x": 707,
"y": 187
},
"id": "c6bf8cfc-f96f-45ae-bfd5-444e9eb16645",
"page_number": 1,
"text": "were main"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 12,
"x": 787,
"y": 187
},
"id": "d46efd84-6dda-4d4f-a0a6-42d29e62fa21",
"page_number": 1,
"text": "ly"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 93,
"x": 802,
"y": 187
},
"id": "05059e08-5131-421f-80f8-6516d13d0b90",
"page_number": 1,
"text": "directed into"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 29,
"x": 900,
"y": 188
},
"id": "fd7094e4-2c2b-4698-a5db-4538f0bc59f1",
"page_number": 1,
"text": "USD"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 98,
"x": 79,
"y": 203
},
"id": "44cf9235-aec8-4145-a451-ea6207a12c89",
"page_number": 1,
"text": "denominated"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 27,
"x": 182,
"y": 203
},
"id": "55e831a1-66ff-49ae-96c9-8a5b9b53d9c4",
"page_number": 1,
"text": "and"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 20,
"x": 215,
"y": 203
},
"id": "356bfe14-a0eb-44c2-8c77-d88f99d1a9fe",
"page_number": 1,
"text": "EM"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 33,
"x": 240,
"y": 203
},
"id": "07599c1b-4a3f-460a-8830-219c45ee6892",
"page_number": 1,
"text": "debt"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 43,
"x": 277,
"y": 205
},
"id": "30991b86-8e41-4850-8a8a-a6d0b3132e42",
"page_number": 1,
"text": "expos"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 24,
"x": 321,
"y": 205
},
"id": "2ee16c6f-fcef-458d-8cc2-739cc3dbbc67",
"page_number": 1,
"text": "ure"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 6,
"x": 346,
"y": 205
},
"id": "367def2a-5d56-438c-a0a6-a25659533a94",
"page_number": 1,
"text": "s"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 3,
"x": 353,
"y": 210
},
"id": "246ca38a-9ddd-4565-a147-e1bca714405d",
"page_number": 1,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 34,
"x": 360,
"y": 203
},
"id": "41f01262-1705-46a1-9430-6ce1c6ea27b9",
"page_number": 1,
"text": "With"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 396,
"y": 203
},
"id": "83e8bcc3-79d3-4c2b-ac3a-fc080c50493b",
"page_number": 1,
"text": "in e"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 22,
"x": 422,
"y": 203
},
"id": "f5b4b125-5449-4c51-97be-7389e9fcadeb",
"page_number": 1,
"text": "qui"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 26,
"x": 445,
"y": 203
},
"id": "ad78d93d-b562-450f-a9b6-20de3635b84c",
"page_number": 1,
"text": "ties"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 471,
"y": 210
},
"id": "1fe80e9c-b5fc-4620-9f56-e3418459214e",
"page_number": 1,
"text": ","
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 170,
"x": 478,
"y": 203
},
"id": "044cf5dc-a6ac-4b99-bb22-8a775aac2c33",
"page_number": 1,
"text": "the focus was on World"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 27,
"x": 649,
"y": 203
},
"id": "4599940e-e92c-4872-a1e6-3df352bb40d3",
"page_number": 1,
"text": ", US"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 116,
"x": 680,
"y": 203
},
"id": "e160fddc-38f5-4a7c-adf8-932f8e89824f",
"page_number": 1,
"text": "and EM equities"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 3,
"x": 796,
"y": 210
},
"id": "46ae3d94-52b1-422b-b15b-fb5fb40b0d9a",
"page_number": 1,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 347,
"x": 80,
"y": 228
},
"id": "2e850cd2-e259-4eb5-8c29-b64c700a5a26",
"page_number": 1,
"text": "FLOWS INTO GOLD ETPS ON HOT WHEELS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 399,
"x": 532,
"y": 228
},
"id": "f36a9670-9c98-4062-a045-1d0e535ebc21",
"page_number": 1,
"text": "GOLD: STORING VALUE FOR UNCERTAIN TIMES"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 3,
"x": 932,
"y": 228
},
"id": "afd339d0-bf28-4f9d-8bca-97267de9b188",
"page_number": 1,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 80,
"y": 249
},
"id": "921d8fa8-df71-4b4b-b29d-e794205c35c1",
"page_number": 1,
"text": "Gol"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 105,
"y": 249
},
"id": "0ffe9ea3-bf94-4ff5-8fa6-dd6af7820c50",
"page_number": 1,
"text": "d"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 40,
"x": 119,
"y": 249
},
"id": "7f743ebf-6276-4038-af30-c5a65d679b6e",
"page_number": 1,
"text": "ETPs"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 4,
"x": 165,
"y": 254
},
"id": "62b01c71-8c9a-44a6-a4e1-5afcb5eb15c2",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 153,
"x": 176,
"y": 249
},
"id": "3b00411c-30a3-481a-be0a-6e24e69272e2",
"page_number": 1,
"text": "Cumulative NNA per"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 34,
"x": 332,
"y": 251
},
"id": "4e03c18f-86e1-4028-be07-0f9a60534de6",
"page_number": 1,
"text": "year"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 217,
"x": 79,
"y": 455
},
"id": "bb2f3ae7-3383-4ae3-b80e-3c366f61e8dc",
"page_number": 1,
"text": "Source: Amundi, Bloomberg. Data as at"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 6,
"x": 299,
"y": 456
},
"id": "eb785783-d8d4-41bd-879e-9196e587fe1c",
"page_number": 1,
"text": "0"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 305,
"y": 456
},
"id": "d9ce2f8b-3f7b-41a9-8b4a-82f4d67e2eba",
"page_number": 1,
"text": "8/"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 18,
"x": 312,
"y": 456
},
"id": "4ffe4cce-1295-4386-b590-36c3044a01f1",
"page_number": 1,
"text": "8/10/"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 178,
"x": 329,
"y": 455
},
"id": "9c3e6a55-db96-492e-9566-e6a9775c4a99",
"page_number": 1,
"text": "0/2026. Past performance is not a"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 219,
"x": 79,
"y": 468
},
"id": "2afc4a73-5292-4f02-8fb3-bf1f18be8e14",
"page_number": 1,
"text": "reliable indicator of future performance."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 9,
"x": 539,
"y": 252
},
"id": "e946c600-76ea-463a-b165-2821694be48b",
"page_number": 1,
"text": "\uf075"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 368,
"x": 558,
"y": 250
},
"id": "5cdb30cf-aa04-4363-afd0-f8fde29f7650",
"page_number": 1,
"text": "Gold demand: Central banks\u2019 lead, investors"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 49,
"x": 558,
"y": 266
},
"id": "a35d7f31-eb32-406f-ad3f-e9e6c748aa1b",
"page_number": 1,
"text": "follow"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 3,
"x": 608,
"y": 269
},
"id": "3892557a-4f68-4c39-9e5a-afb69cdcd593",
"page_number": 1,
"text": ":"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 307,
"x": 619,
"y": 266
},
"id": "50a74a9a-4e66-4654-9989-008ad7d951fb",
"page_number": 1,
"text": "On top of structural demand from central"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 246,
"x": 559,
"y": 282
},
"id": "77db2a08-7ead-4263-ba85-b948b0757410",
"page_number": 1,
"text": "banks, demand has broadened:"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 112,
"x": 814,
"y": 282
},
"id": "b2ef88e9-1687-4f1b-b2ad-97d8fe41a2d8",
"page_number": 1,
"text": "European gold"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 268,
"x": 559,
"y": 298
},
"id": "cf8d815b-0c6b-47f0-a051-967fbb6535dc",
"page_number": 1,
"text": "ETPs gathering over \u20ac10bn year"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 4,
"x": 827,
"y": 304
},
"id": "458ad14d-67be-4d44-81f4-4b131106505d",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 15,
"x": 832,
"y": 300
},
"id": "a3ab5fee-1feb-48be-8cf7-10489775d43c",
"page_number": 1,
"text": "to"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 4,
"x": 848,
"y": 304
},
"id": "093eeeb9-90f0-4941-845e-70ca48c935ec",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 73,
"x": 853,
"y": 299
},
"id": "5c4c3412-eac9-4984-91a6-743989bdbbf6",
"page_number": 1,
"text": "date and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 368,
"x": 558,
"y": 315
},
"id": "4fee3a10-d5f5-4f52-9e2d-95a2a6ea3a9e",
"page_number": 1,
"text": "CFTC futures positions remaining well above"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 72,
"x": 558,
"y": 331
},
"id": "3428cf45-9c4a-4659-a252-cc1498f9dd02",
"page_number": 1,
"text": "their long"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 4,
"x": 631,
"y": 336
},
"id": "073a657b-3d87-4340-b99a-6f3b0fe99065",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 101,
"x": 636,
"y": 332
},
"id": "f8c7dcdf-0c7c-4a58-9415-39f261d2cf6a",
"page_number": 1,
"text": "term average"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 2,
"x": 739,
"y": 338
},
"id": "0e3b3975-5835-48e3-8e9b-43619e33574d",
"page_number": 1,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 9,
"x": 539,
"y": 356
},
"id": "a676520a-a982-4856-9e0a-9b1cf24b7873",
"page_number": 1,
"text": "\uf075"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 367,
"x": 559,
"y": 354
},
"id": "c52c0135-0fcb-4bc1-b6fa-7aaf0780133e",
"page_number": 1,
"text": "Physical gold or gold miners? Pick your"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 76,
"x": 558,
"y": 373
},
"id": "ec6a7888-b27c-4e32-9d32-4ff15529a977",
"page_number": 1,
"text": "exposure"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 3,
"x": 643,
"y": 373
},
"id": "f063c2f3-8bc8-431f-916c-0277722363f4",
"page_number": 1,
"text": ":"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 262,
"x": 663,
"y": 370
},
"id": "48a4c380-1fca-4bec-b274-e3b95da93fd2",
"page_number": 1,
"text": "High gold price has offset rising"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 367,
"x": 559,
"y": 387
},
"id": "7204b45b-0ee5-4a31-ba6e-10d6090f0210",
"page_number": 1,
"text": "production costs from gold miners. The market"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 368,
"x": 558,
"y": 403
},
"id": "de5ab918-fd23-4f31-b981-201c334710a0",
"page_number": 1,
"text": "segment continues to trade at a discount to the"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 103,
"x": 557,
"y": 419
},
"id": "fc76b6c8-745e-4cf9-9331-3e66eea5782b",
"page_number": 1,
"text": "yellow metal."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 77,
"x": 532,
"y": 442
},
"id": "14ee98e2-eb47-439d-a489-13b4121236e0",
"page_number": 1,
"text": "Related ind"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 612,
"y": 442
},
"id": "1d55154c-695f-499e-93e9-9ced54629a12",
"page_number": 1,
"text": "ices"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 106,
"x": 532,
"y": 460
},
"id": "c0b65acb-7e6c-46c7-bc40-f4caa547744c",
"page_number": 1,
"text": "LBMA Gold Price"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 333,
"x": 531,
"y": 475
},
"id": "88141fb6-a0c8-4637-8850-4245fca0313c",
"page_number": 1,
"text": "Solactive Developed Markets Pure Gold Miners NTR"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 395,
"x": 80,
"y": 495
},
"id": "e1bacdf7-2530-4edd-90ea-645abac7e19e",
"page_number": 1,
"text": "FLOW TREND MONITOR: UCITS ETF MARKET"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 161,
"x": 532,
"y": 495
},
"id": "618e15bf-3545-43fd-bbbb-439336c6f3aa",
"page_number": 1,
"text": "EVENT CALENDAR"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 6,
"x": 699,
"y": 495
},
"id": "47f2f06b-88c8-4b36-baa3-0cc6e773502c",
"page_number": 1,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 49,
"x": 706,
"y": 495
},
"id": "87db6a0e-d632-4fd9-aeea-051929f50fa8",
"page_number": 1,
"text": "12/10"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 8,
"x": 756,
"y": 501
},
"id": "beeb855b-561f-4627-ad3f-cd5204580573",
"page_number": 1,
"text": "\u2013"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 26,
"x": 772,
"y": 495
},
"id": "a5d60c65-35d6-4239-b0ba-92c36f283163",
"page_number": 1,
"text": "16/"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 65,
"x": 799,
"y": 495
},
"id": "1d8003d2-18b2-44ad-a68f-ac035bac3c3b",
"page_number": 1,
"text": "10/2026)"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 6,
"x": 862,
"y": 495
},
"id": "76ad9471-4c4d-49e1-bbda-f273ff9d6931",
"page_number": 1,
"text": "6)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 72,
"x": 79,
"y": 517
},
"id": "871aa293-6849-4a30-bfd8-823709d1219f",
"page_number": 1,
"text": "UCITS ETFs"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 6,
"x": 155,
"y": 519
},
"id": "f000829c-25fe-448c-a596-c9a665b4ebdc",
"page_number": 1,
"text": "c"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 188,
"x": 162,
"y": 517
},
"id": "1574b67f-c0bd-4d41-83be-ecb37b5bbd0a",
"page_number": 1,
"text": "umulative net new assets (21"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 4,
"x": 352,
"y": 522
},
"id": "403a12bf-9383-41c4-a4f5-bc380acf5861",
"page_number": 1,
"text": "-"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 130,
"x": 357,
"y": 517
},
"id": "15486ad6-7b44-4d0d-af38-54ea68952d3c",
"page_number": 1,
"text": "day rolling window)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 433,
"x": 79,
"y": 705
},
"id": "745db28f-b954-458b-ad72-edc00527d796",
"page_number": 1,
"text": "Source: Amundi, Bloomberg. Commodities includes flows into ETCs. Data"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 27,
"x": 79,
"y": 719
},
"id": "c8e671b0-346d-4d08-8a5e-f8992233df81",
"page_number": 1,
"text": "as at"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 34,
"x": 110,
"y": 718
},
"id": "a3021eab-0c24-4bc7-b460-76e61836d272",
"page_number": 1,
"text": "07/10"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 35,
"x": 145,
"y": 718
},
"id": "7740c151-6108-417a-8e5f-7e851c740585",
"page_number": 1,
"text": "/2026"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 1,
"x": 182,
"y": 724
},
"id": "47c59de8-c958-4ad5-a691-d7f7ed6e92f7",
"page_number": 1,
"text": "."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 24,
"x": 189,
"y": 718
},
"id": "8ae71d9b-e249-4fb1-8072-7447e54dd703",
"page_number": 1,
"text": "Past"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 295,
"x": 217,
"y": 718
},
"id": "88fd5751-3ec5-41c6-a679-7776c00d9b71",
"page_number": 1,
"text": "market trends are not a reliable indicator of future"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 394,
"x": 79,
"y": 731
},
"id": "00084958-0606-43fc-95d5-714e048ae1ea",
"page_number": 1,
"text": "ones. For illustrative purpose only, may change without prior notice."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 19,
"x": 535,
"y": 517
},
"id": "1169bc08-dc81-445f-8a63-a413cc6d5b69",
"page_number": 1,
"text": "US"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 2,
"x": 555,
"y": 519
},
"id": "fb6145f3-a4d0-4ef8-be97-fcacc28fd29d",
"page_number": 1,
"text": ":"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 42,
"x": 564,
"y": 517
},
"id": "0ccd90d4-7ada-4269-9469-93f9ef1131c4",
"page_number": 1,
"text": "Sep H"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 8,
"x": 609,
"y": 519
},
"id": "386c48b5-2838-47c8-aa40-4a23d662c545",
"page_number": 1,
"text": "o"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 38,
"x": 619,
"y": 517
},
"id": "0e0af8ff-f0b0-4d91-8267-c532e663b57b",
"page_number": 1,
"text": "using"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 99,
"x": 664,
"y": 517
},
"id": "1290ff40-e6e9-4f4b-8c31-fef917d62689",
"page_number": 1,
"text": "data, Sep CPI"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 764,
"y": 524
},
"id": "0b417e27-d619-4c0a-a3c9-a7df220265fb",
"page_number": 1,
"text": ","
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 153,
"x": 773,
"y": 517
},
"id": "a3e745da-f4a6-45aa-a975-2a503dd8758d",
"page_number": 1,
"text": "Sep Fed Beige Book,"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 187,
"x": 534,
"y": 533
},
"id": "42ed224d-f2df-480b-a6d1-758db7faca72",
"page_number": 1,
"text": "Sep PPI ex food \u0026 energy"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 77,
"x": 721,
"y": 533
},
"id": "dfccee88-c188-423a-9c78-4af17b69f9e4",
"page_number": 1,
"text": ", Aug Total"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 35,
"x": 805,
"y": 534
},
"id": "edd1eb6b-051a-4a8c-93ee-53fa41d155ec",
"page_number": 1,
"text": "net T"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 57,
"x": 841,
"y": 533
},
"id": "6fbca483-da00-4481-9c76-274396daa643",
"page_number": 1,
"text": "IC flows"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 52,
"x": 535,
"y": 553
},
"id": "f31a439b-8642-4a2c-a94a-6ec263a609b5",
"page_number": 1,
"text": "Europe"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 2,
"x": 588,
"y": 555
},
"id": "8ecb1b5a-9dc3-49b4-82a0-9bd6d6997109",
"page_number": 1,
"text": ":"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 46,
"x": 598,
"y": 553
},
"id": "e32c1daf-13d1-4d79-8da0-3d52a99e416a",
"page_number": 1,
"text": "Euro a"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 22,
"x": 647,
"y": 555
},
"id": "5b154aec-8a78-49e0-b515-e27792131385",
"page_number": 1,
"text": "rea"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 195,
"x": 675,
"y": 553
},
"id": "b0d59bc1-3253-4aa1-b4fd-d9802fda5e99",
"page_number": 1,
"text": "Aug industrial production,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 877,
"y": 553
},
"id": "8522803b-0ced-4235-b303-df29ceea9a5c",
"page_number": 1,
"text": "S"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 40,
"x": 886,
"y": 553
},
"id": "08f717f4-6472-4735-948a-d6e7d72c93de",
"page_number": 1,
"text": "ep (F)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 23,
"x": 535,
"y": 569
},
"id": "b1ed71c9-606d-4910-9a9c-bedbcd51b399",
"page_number": 1,
"text": "CPI"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 40,
"x": 535,
"y": 589
},
"id": "8f0868a5-4686-4ae0-a9f4-6a6e3c9ecead",
"page_number": 1,
"text": "China"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 2,
"x": 577,
"y": 591
},
"id": "9946ea30-9aab-4a1a-8642-c2561e6146c7",
"page_number": 1,
"text": ":"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 161,
"x": 596,
"y": 589
},
"id": "e636649a-eed0-4d15-90d6-6ced72666286",
"page_number": 1,
"text": "Sep Money supply,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 153,
"x": 773,
"y": 589
},
"id": "68abfa53-6ef5-4a49-8627-3e717fec602a",
"page_number": 1,
"text": "Sep foreign direct"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 230,
"x": 535,
"y": 605
},
"id": "d44d3101-ae4f-4be6-a828-709dd9e38a39",
"page_number": 1,
"text": "investments, Sep trade balance"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 15,
"x": 535,
"y": 625
},
"id": "6a6c136b-c621-4644-a62d-dc98c8b1d3b5",
"page_number": 1,
"text": "\u2794"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 157,
"x": 565,
"y": 625
},
"id": "9a4a9f59-af0c-40ca-b76f-19212d1ba579",
"page_number": 1,
"text": "The week ahead will be"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 169,
"x": 727,
"y": 625
},
"id": "b90dd745-4a9c-4257-b786-679f5b57a118",
"page_number": 1,
"text": "quieter on the data from,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 33,
"x": 895,
"y": 625
},
"id": "6c964a81-798a-42d6-bfbe-d687f3cd7261",
"page_number": 1,
"text": "m, but"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 144,
"x": 564,
"y": 641
},
"id": "4f10cee6-ba98-401b-af4b-27e482a5bff4",
"page_number": 1,
"text": "the focus will remain"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 101,
"x": 714,
"y": 641
},
"id": "4d33c370-7102-4c8b-820b-94a122870576",
"page_number": 1,
"text": "sovereign debt"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 11,
"x": 821,
"y": 642
},
"id": "b5127d90-8f00-4035-b6be-32fac6f78360",
"page_number": 1,
"text": "tra"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 31,
"x": 832,
"y": 641
},
"id": "851471bf-8791-4a0e-97a7-f188ced92af1",
"page_number": 1,
"text": "rajecto"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 15,
"x": 863,
"y": 643
},
"id": "94fab5cf-f5c5-4eb9-a55c-6a8c520e8e22",
"page_number": 1,
"text": "tori"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 51,
"x": 877,
"y": 641
},
"id": "5cda2aea-cf89-49d8-b88d-9affdb23a31a",
"page_number": 1,
"text": "ries and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 29,
"x": 564,
"y": 657
},
"id": "e048b1bc-5fd1-4205-9c01-e7c2533ef6df",
"page_number": 1,
"text": "infla"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 593,
"y": 657
},
"id": "8e64fbe5-d4d4-44c3-a931-ebe4c5e9f55b",
"page_number": 1,
"text": "tio"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 54,
"x": 601,
"y": 657
},
"id": "651c4143-3de2-4f64-90dc-5d4669295b7c",
"page_number": 1,
"text": "ion data."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 63,
"x": 660,
"y": 657
},
"id": "b1e05ba1-59d8-4898-b438-d7c7787b5592",
"page_number": 1,
"text": "In the US,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 12,
"x": 729,
"y": 657
},
"id": "5e953a30-cfaa-4b44-8d60-dac1bc037bcf",
"page_number": 1,
"text": "th"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 73,
"x": 742,
"y": 657
},
"id": "c42302aa-0ec7-4f43-a495-6e5f9b818c03",
"page_number": 1,
"text": "e quarterly"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 108,
"x": 818,
"y": 657
},
"id": "f6490ddf-e2d5-47bc-8475-5061eec92e0e",
...