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Glossary

1-YEAR ANALYSIS

Expense Ratio: The Expense Ratio includes ETF costs known ex-ante, i.e. administration and management fees (on an annual basis). However it does not includes additional transaction costs nor swap fees (when the ETF replication methodology is synthetic).

Index Annualized Performance: The official index (tracked by the ETF) annualized performance, compounded over the given period and annualized over 365 calendar days.

ETF Annualized Performance: The ETF annualized performance based on the official Net Asset Value (NAV), compounded over the given period and annualized over 365 calendar days.

Tracking Difference: The difference between the ETF annualized performance based on the official Net Asset Value (NAV) and the official replicated index annualized performance, over the given period.

Worst 1-Year Cumulative Return Difference: This provides a statistic on a one year long investment. It corresponds to the lowest (i.e. worst) cumulative return difference recorded between the ETF and its corresponding tracked index over a period of 365 consecutive calendar days, within the given period.

Best 1-Year Cumulative Return Difference: This provides a statistic on a one year long investment. It corresponds to the highest (i.e. best) cumulative return difference recorded between the ETF and its corresponding tracked index over a period of 365 consecutive calendar days, within the given period.

Daily Analysis

Expense Ratio: cf. previous section

Tracking Error: This indicator of relative risk corresponds to the annualized volatility of the daily return difference between the ETF and its corresponding tracked index over the given period. The volatility is annualized using a 260 days basis (daily volatility multiplied by the square root of 260).

Average Daily Return Difference: The average of the daily return difference between the ETF and its corresponding tracked index over the given period.

Worst Daily Return Difference: The lowest daily return difference between the ETF and its corresponding tracked index over the given period.

Execution Depth

Market Capitalization: The Market Capitalization calculated at the end of the given period: it is equal to the total number of available ETF shares multiplied by the official ETF NAV at the last date of the given period.

One-Year Variation Of Market Capitalization: The difference between the Market Capitalization calculated at the last date of the given period and the Market Capitalization calculated one year before.

One-Month Variation Of Market Capitalization: The difference between the Market Capitalization calculated at the last date of the given period and the Market Capitalization calculated one month before.

One-Year ADV: The Average Daily Volume (ADV), i.e. average daily number of traded shares, over the last year, on the six following European market places: London Stock Exchange, NYSE Euronext Paris, NYSE Euronext Amsterdam, Deutsche Börse, SIX Swiss Exchange, Borsa Italiana.

One-Month ADV: The Average Daily Volume (ADV), i.e. average daily number of traded shares, over the last month, on the six following European market places: London Stock Exchange, NYSE Euronext Paris, NYSE Euronext Amsterdam, Deutsche Börse, SIX Swiss Exchange, Borsa Italiana.