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ET Index Series Information Pack

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A full document explaining the advantages of the ET Index Series, designed specifically for investment professionals

A full document explaining the advantages of the ET Index Series, designed specifically for investment professionals


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  • 1. Does the investment community hold thekey to tackling climate change?ET UK 100ET EUROPE 300INFORMATION PACK
  • 2. WHO WE ARE ENVIRONMENTAL INVESTMENT ORGANISATION An independent non-profit research organisation promoting ecological investment systemsWHAT WE STAND FORENVIRONMENTALTRACKINGET Carbon Rankingcreating public pressure through the “spotlight effect”ET Index Seriescreating share price incentive through supply & demand pressureET Index Fundspromoting engagement strategies through index ownership WHY WE DO IT designed specifically to reduce global corporate greenhouse gas emissions info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 3. ENVIRONMENTAL TRACKING INDEX SERIES Why this is not just another SRI Index‣Designed to enable the investment community to play a leading role in tackling climate change‣Creates share price incentive across global markets for corporations to cut their GHG emissions‣Built on the publicly available ET Carbon Rankings: encouraging disclosure & verification of total GHG emissions‣Based on transparent & clear methodology‣Large cap, highly liquid global and regional indexes selected purely by free-float market capitalisation‣Designed to reflect the risk/return profile of equivalent mainstream indexes info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 4. 3 CONTENTS ET INDEX SERIES INTRODUCTION 4CARBON RANKING METHODOLOGY 6 RE-WEIGHT METHODOLOGY 8 ET UK PERFORMANCE 9 ANALYSIS 10 ET EUROPE 300 PERFORMANCE 11 ANALYSIS 12 ET INDEX STRESS TEST 14 INDEX CALCULATION 16 info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 5. ET INDEX SERIES 4 INTRODUCTIONMainstream investment approachThe Environmental Tracking (ET) Index Series PRIMARY OBJECTIVE: RADICAL, GLOBALcombines a mainstream index model with the CORPORATE GHG EMISSIONS REDUCTIONobjectives of ‘green’ and SRI funds; specificallyfocusing on the urgent need to address climatechange. It is a unique response to a unique ENVIRONMENTAL TRACKING IS NOTsituation, creating a new Mainstream Green BASED ON CLAIMS OF MARKETBenchmark: the ET Index Series. OUTPERFORMANCEThe ET Index system is based on the ET CarbonRankings, which employ a fully-transparente n v i ro n m e n t a l s c o r i n g m e t h o d , b a s e d o ncompanies’ levels of disclosure, verification andemissions intensity. The initial inclusion ofcompanies in the ET Carbon Rankings is based onfree-float market capitalisation, enabling thesubsequent ET Indexes to operate much the same THE SHIFT TO A LOW CARBON ECONOMYas a traditional market capitalisation index. IS INEVITABLEAs each company in the ET Carbon Rankings is AN ET INDEX OFFERS THE POSSIBILITY OFscored relative to all the other constituents, eachcompany can then be re-weighted accordingly A MODERATE PERFORMANCE BENEFITwithin the ET Index. This is a fundamentally different OVER THE LONG TERMconcept from the ‘best in class’ approach usuallyfound in SRI indices, as it is not just the ‘greenest’companies that are included, but all companies. Asthe ET Carbon Rankings are updated annually,dynamic pressure is exerted upon constituentcompanies to improve their transparency andemissions intensity, as they seek to improve theirposition within the Rankings.To see the current ET Carbon Rankings, please clickhere. National: Live: The ET UK 100 Carbon IndexThe ET Index Series Regional: Live: The ET Europe 300 Carbon Index Coming soon: The ET North America 300 Carbon Index Coming soon: The ET Asia-Pacific 300 Carbon Index Coming soon: The ET BRIC 100 Carbon Index Global: Coming soon: The ET Global 1000 Carbon Index Coming soon: The ET Global 800 Carbon Index info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 6. 5 ET INDEX SERIES INTRODUCTIONSame performance, different resultThe indexes are designed to reflect the performance The resultant effect and stated aim of the ET Indexof their non weight-adjusted counterparts, with Series is to apply a dynamic pressure to the demandminimal tracking error, whilst also, over time, for company shares within the index in relation toallowing for gradual out-performance; which one their GHG emissions transparency and intensity.would expect from companies ahead of the curve in This has the powerful potential to impact uponterms of managing emissions and leading the field company share price, thus providing a dynamicof disclosure. The scope of any potential deviation is market mechanism to incentivise emissionsminimised by employing an incremental re-weight reduction across the world’s largest listedsystem of the constituents, with a maximum companies. It also has the advantage ofpossible re-weight of +/-50%, relative to the sidestepping the inherent difficulties and limitationsconstituents within the non weight-adjusted of an international governmental agreement oncounterpart index, which effectively act as its emissions reductions.benchmark. The Index Series provides an ideal platform fromThe ET UK 100 Index is designed to represent the which to invest in an environmentally responsibleweight-adjusted performance of the largest 100 manner, whilst still diversifying interests across thecompanies domiciled in the United Kingdom. world’s largest listed companies.The ET Europe 300 Index is designed to represent THE STOCK MARKET REPRESENTS A HUGEthe weight-adjusted performance of the largest 300 RESERVOIR OF HITHERTO UNTAPPED FINANCIALcompanies domiciled in Europe. FIREPOWER IN THE BATTLE AGAINST CLIMATEThe ET Index Series, in its national, regional and CHANGE. INVESTING IN A WAY WHICH OFFERS THEglobal forms, enables investors to diversify their POTENTIAL TO MITIGATE THE EFFECTS OF CLIMATEinvestments across a sufficiently broad range of CHANGE IS NOT ONLY A SENSIBLE LONG TERMcompanies and geographies, such that even when INVESTMENT BUT A LOGICAL IMPERATIVE. THEthe re-weighting system is applied, investments rest ENVIRONMENTAL TRACKING SYSTEM PROVIDESfirmly within the confines of the inherent safety of THE FRAMEWORK. THE INVESTMENT COMMUNITYindex investing. HOLDS THE KEY.Yet with the ET UK 100 and ET Europe 300 Indexes,investors are also advantaging those companieswho are ahead of the curve with regard to their GHGemissions disclosure, verification and intensityrelative to all the other companies in the index;simultaneously disadvantaging those at the otherend of the spectrum. Speaking at the 2010 Investor Summit on Climate risk, Abby Cohen of Goldman Sachs pointed out that their research indicates that in the 6 months prior to January 2010, companies with good governance including on environmental matters “have outperformed global market indices by 10 percentage points” info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 7. CARBON RANKING 6 METHODOLOGYTo view the complete ET Carbon Ranking Verification & Assurancemethodology in its entirety please click here.Please see below for a summary of methodology. In order for a company to have its emissions figures accepted as verified by the EIO methodology, aRanking company has to have its emissions data verified/ assured by an independent third party to aEach company within an ET Index Series has its recognised standard, such as the ISO14064 forweighting adjusted according to its position in the GHG emissions, AA1000 or ISAE3000.ET Carbon Ranking. IN ORDER FOR THE CARBON RANKING TO DO ITSThe ET Carbon Rankings categorise constituents in JOB, ITS FIRST OBJECTIVE MUST BE TO CREATE Aterms of disclosure and verification, placing them CLEAR INCENTIVE FOR UNIVERSAL DISCLOSUREinto one of four categories (listed below). Once AND VERIFICATION.placed within these categories, the constituents areranked in terms of their greenhouse gas emissionsintensity.Emissions intensity is calculated by GHG emissions(currently Scope 1+2) as a proportion of turnover.Companies are divided into 4 categories accordingto their ‘publicly and freely available’ emissionsdata:1) Public, Complete, Verified2) Public, Complete, Unverified3) Public, Incomplete4) No Public DataIt is only once companies have been placed in thesecategories that they are ranked according to theiremissions intensity. ET UK 100 & Europe 300 Carbon Ranking 2011 Analysis: Proportion of companies disclosing & verified ET UK 100 40% 34% ET Europe 300 44% 30% 0% 50% 100% Disclosed & Verified Disclosed & Unverified info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 8. 7 CARBON RANKING METHODOLOGYOvercoming the lack of data Future developmentsThe most challenging hurdle for the successful While the ET Carbon Rankings are designed to beimplementation of the ET Index concept is dealing with based on companies’ GHG emissions across thethe current lack of reliable data across all GHG whole value chain, the EIO has taken the decision notemissions Scopes. This is why the EIO employs an to factor Scope 3 data into its intensity calculations forinference system to penalise companies failing to 2011. Instead it will display Scope 3 data in terms ofdisclose data in the public domain, enabling numbers of Scope 3 categories disclosed in order tocompanies to be placed in a ranking system. This is allow companies time to integrate the new GHGnot an estimate of the company’s emissions, rather a protocol Scope 3 Accounting and Reporting Standard.means of benchmarking a non-disclosing company A timeline for the inclusion of Scope 3 into the Rankingagainst the company with the highest reported system will be reviewed by the EIO following theemissions intensity in the same sector. publication of the new Corporate Value Chain (Scope 3) Accounting and Reporting Standard by the GHGWhere two or more companies have the same intensity Protocol.score, once the levels of disclosure and verificationhave been factored in, market size is used todetermine positioning, with smaller companiesadvantaged. The logic being that the larger thecompany the more resources it possesses to ensuregood disclosure of emissions.Example of inference methodology Orkla is the company with the highest emissions intensity disclosing complete data within the Capital Goods sector. Here, Tomkins and Saint-Gobain have been benchmarked against the highest disclosing company with complete data from the Capital Goods sector. This means they have been given an inferred intensity of 293.76 tCO2e/$M turnover. This is not an approximation of their emissions but a means of making sure that the highest disclosing company in the sector is not penalised for being honest enough to report a large figure. As both companies have the same inferred intensity figure, the company with the largest market capitalisation is placed lower down the Ranking. info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 9. RE-WEIGHT 8 METHODOLOGY EIO re-weight methodologyNORMAL INDEXPosition Normal Index The EIO Methodology follows the 50% maximum Company weighting over-weight/under-weight logic, in order for the 1 Fuel & Power Plc 14% index construction to be sufficiently similar to a 2 Supermarket Chain Inc 13% conventional non weight-adjusted index; reflecting 3 Big Bank Plc 13% overall performance whilst simultaneously 4 Global Mining Plc 12% penalising those at the bottom and rewarding those 5 Global Transport Inc 10% at the top.   As certain companies improve, further 6 The Book Company Plc 10% pressure is applied, annually, to those who do not.   7 Network Solutions Plc 8% 8 New Energy Co. Plc 8% Incentivising emissions reduction 9 LED Lighting Plc 7% The logic behind the concept is that once a 10 Wind Solutions Plc 5% sufficiently large pool of index investors begins to utilise the Environmental Tracking method, ET CARBON RANKING companies will experience a change in the demand CO₂ Company Disclosed? Verified? Emissions Intensity for their shares, culminating in positive/negative Rank Y/N Y/N GHG/$M pressure on their share prices, incentivising  1 New Energy Co. Plc Y Y 1.2 emissions reductions and higher standards of 2 Wind Solutions Plc Y Y 2.4 disclosure. 3 Network Solutions Plc Y Y 10.9 4 The Book Company Plc Y N 5.9 5 LED Lighting Plc Y N 7.1 6 Supermarket Chain Inc Y N 19.8 7 Global Mining Plc Y N 296.4 8 Fuel & Power Plc Y N 546.3 9 Big Bank Plc N - 790.9 10 Global Transport Inc N - 800.5 ET INDEX ET Index Normal Index ET index Company CO₂ Rank ET re-weight % Position weighting weighting 1 New Energy Co. Plc 8% 1 +50% 12.0% 2 The Book Company Plc 10% 4 +20% 12.0% 3 Supermarket Chain Inc 13% 6 -10% 11.7% 4 Network Solutions Plc 8% 3 +30% 10.4% 5 Fuel & Power Plc 14% 8 -30% 9.8% 6 Global Mining Plc 12% 7 -20% 9.6% 7 LED Lighting Plc 7% 5 +10% 7.7% 8 Wind Solutions Plc 5% 2 +40% 7.0% 9 Big Bank Plc 13% 9 -40% 5.4% 10 Global Transport Inc 10% 10 -50% 5.0% info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 10. 9 ET UK 100 PERFORMANCEThe graph below demonstrates the performance ofthe ET UK 100 against its benchmark, theconventional non weight-adjusted counterpart forthe period March 31st 2009 to March 31st 2011. Italso offers a comparison with a recognisedequivalent market capitalisation index, the FTSE100, rebased to 6000 as of 1st January 2011, thestarting date and starting value for the ET UK 100. Data source: ECPIndices70006000500040003000 31 Mar 2009 30 Jun 2009 30 Sep 2009 31 Dec 2009 31 Mar 2010 30 Jun 2010 30 Sep 2010 31 Dec 2010 31 Mar 2011 CY 2Y 1Y YTD Volatility Tracking error ET UK 100 GBP 54.34% 5.80% 0.40% 1.14% ET ‘Conventional’ GBP 53.66% 4.89% 0.65% 1.14% 0.07% FTSE 100 (rebased) GBP 50.50% 4.03% 0.49% 1.11% 0.10% Notes on data: The 2Y & 1Y figures go back from 31st March 2011. YTD is up until 1st June 2011. Tracking error and volatility represent the period March 31st 2009 to March 31st 2011. Tracking error is expressed in relation to the ET UK 100 Index. Volatility is expressed daily. info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 11. ET UK 100 10 ANALYSIS ET Conventional 30% 20% 10% 0% Energy Material Industrial Consumer Discretionary Consumer Staples Health Care Financials Information Technologies Telecommunication Services UtilitiesET UK 100 Market Capitalisation (billions) Currency Total Mean Median Largest Smallest USD 2,247.75 22.04 7.55 176.50 2.97ET UK 100 Free-Float Market Capitalisation (billions) Currency Total Mean Median Largest Smallest USD 2,019.04 19.79 7.12 176.50 2.97 Market Cap. figures taken from date of constituent selection: 01.09.10 info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 12. 11 ET EUROPE 300 PERFORMANCEThe graph below demonstrates the performance ofthe ET Europe 300 against its benchmark, theconventional non weight-adjusted counterpart forthe period March 31st 2009 to March 31st 2011. Italso offers a comparison with a recognisedequivalent market capitalisation index, theFTSEurofirst 300, rebased to 6000 as of 1st January2011, the starting date and starting value for the ETEurope 300. Data source: ECPIndices70006000500040003000 31 Mar 2009 30 Jun 2009 30 Sep 2009 31 Dec 2009 31 Mar 2010 30 Jun 2010 30 Sep 2010 31 Dec 2010 31 Mar 2011 CY 2Y 1Y YTD Volatility Tracking error ET Europe 300 EUR 54.10% 3.90% -0.17% 1.20% ET ‘Conventional’ EUR 56.45% 4.42% -0.13% 1.19% 0.03% FTSEurofirst 300 EUR 53.32% 4.29% -0.11% 1.18% 0.10% (rebased) Notes on data: The 2Y & 1Y figures go back from 31st March 2011. YTD is up until 1st June 2011. Tracking error and volatility represent the period March 31st 2009 to March 31st 2011. Tracking error is expressed in relation to the ET Europe 300 Index. Volatility is expressed daily. info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 13. 0% 5% 10% 15% 20% Energy Materials Capital Goods Commercial & Professional Services USD USD Currency Currency Transportation Automobiles & Components  Consumer Durables & Apparel Consumer Services Total Total Media 7,707.81 6,094.35 Retailing ET Food & Staples Retailing ANALYSIS Food Beverage & Tobacco 24.78 19.60 Mean Mean ET Europe 300 Market Capitalisation (billions) Household & Personal Products ET EUROPE 300 12 Health Care Equipment & Services Pharmaceuticals Biotechnology & Life Sciences Banks 8.94 13.25 ET Europe 300 Free-Float Market Capitalisation (billions) Median Median Diversified Financials Conventional Insurance Real Estateinfo@eio.org.uk | www.eio.org.uk | www.ETindex.com Market Cap. figures taken from date of constituent selection: 01.09.10 Software & Services 192.92 192.92 Largest Largest Technology Hardware & Equipment Semiconductor Equipment Telecommunication Srvs 4.08 4.07 Utilities Smallest Smallest
  • 14. 13 ET EUROPE 300 ANALYSIS The ET Europe 300 Index is comprised of the largest 300 companies across the whole of Europe by free-float market capitalisation and regardless of geographical location. As with the ET UK 100, the graph on page 11 shows there is a tight correlation between The ET Europe 300 and its conventional counterpart over quarterly, one year and two year periods and is a practical confirmation of the Environmental Tracking concept. As shown by the 33% accompanying tables and charts, geographical and sector correlations also hold up well. 2% 1% 1% 1% Country ET Index Conventional 2% Index4% GB 32.66% 32.56% FR 14.59% 15.14%4% CH 12.95% 13.25% 15% DE 11.98% 11.57% 5% ES 6.53% 5.81% IT 5.18% 4.75% 7% SE 4.46% 4.47% NL 4.20% 4.04% 13% FI 1.55% 1.45% 12% BE 1.30% 1.58% GB DK 1.23% 1.47% FR NO 1.13% 1.20% CH DE LU 0.75% 0.89% ES PT 0.43% 0.40% IT SE AT 0.25% 0.31% NL FI IE 0.23% 0.27% BE HU 0.19% 0.18% DK NO PL 0.19% 0.36% ROE GR 0.12% 0.18% CZ 0.08% 0.14% info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 15. ET INDEX 14 STRESS TESTThe following worst-case stress test scenarios Past performance figures, which are shown in theare shown to inform users of possible outcomes, backtesting section, do not in themselves answerwhen considering the potential effects of the re- this question. Even if we could demonstrate a trackweight methodology within the indexes. Whilst record of ET indexes maintaining a tight correlationthere is a theoretically equal likelihood of a with their conventional counterpart over a 10 ordeviation being either positive or negative, the even 20 year period, this would not remove thekey issue is to identify the likely outer-perimeters possibility of a worst case scenario occurring.of any deviation.ET Index stress test: scenario 1In this example equal-weighted 300 company index the overall performance is 15%, with half ofthe companies in the index achieving a performance of 20% and the other half achieving 10%.So what happens if all the companies that have been over-weighted by the ET Index happen tobe those that underperform and all the companies that have been under-weighted outperform?And finally, how does this compare to the equivalent worst case scenario for an exclusionaryindex, i.e an index that excludes one third of companies with the highest emissions?130% Conventional ET125% Exclusionary120%115%110%105%100% December March June September December Conventional ET Index Exclusionary Index 15.00% 13.75% 12.50% info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 16. 15 ET INDEX STRESS TESTET Indexes are designed to replicate the However, the parameters of deviation can never beperformance of their non-weight adjusted guaranteed. (Theoretically every underweightedmarket capitalisation counterparts with minimal company could halve in value whilst everytracking error. The stress test scenarios below overweighted company could quadruple!).demonstrate the highly improbable statisticalpatterns that would have to repeat themselves yearafter year for the correlation to break down overtime.ET Index stress test: scenario 2In this example equal-weighted 300 company index the overall performance is 30%, with half of thecompanies in the index achieving a performance of 40% and the other half achieving 20%.As in scenario 1, all the companies that have been over-weighted by the ET Index have beenmodelled to be those that underperform and all the companies that have been under-weightedoutperform.Again, this is compared to the equivalent worst case scenario for an exclusionary index where onethird of the highest emitters have been omitted altogether.130% Conventional ET125% Exclusionary120%115%110%105%100% December March June September December Conventional ET Index Exclusionary Index 30.00% 27.50% 25.00% info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 17. INDEX 16 CALCULATIONThe Index Series is the exclusive property of the To maintain and calculate the ET Index Series, the EIO has contractedEnvironmental Investment Organisation Ltd (the with ECP International SA and/or ECPI S.r.l., and/or any of their subsidiaries and affiliates, being noted that ECP International SA and ECPI“EIO”) and will be calculated on a real-time basis by S.r.l., are entirely owned by ECPI Group S.p.A., a company organized andECP International S.A. and disseminated via existing under the laws of Italy, with registered office at Via Crocefisso, 8,Bloomberg. 20122 Milan, Italy (together hereafter referred to as “ECPI”).“ECPI™” is a trade mark of ECPI and has been licensed for use by the EIO in conjunction with the ET index Series. ECPI shall have no liability for anyThe indexes will be made available for commercial errors or omissions in calculating the Index.use which will require a license agreement between The ET Index Series is not sponsored, endorsed, sold or promoted bythe EIO and any third party wishing to track the ECPI or its third party licensors. Neither ECPI nor its third party licensorsindexes. make any representation or warranty, express or implied, to the owners of the ET Index Series or any member of the public regarding the advisability of investing in any products generally or in the ET Index Series particularlyTo register your interest in the ET Index Series, or the ability of the ET Index Series to track general stock marketplease contact the EIO: performance. Neither ECPI nor its third party licensors are responsible for or participated in the determination of the prices and amount of the ET Index Series or the timing of the issuance or sale of the ET Index Series orSam Gill, Operational Director in the determination or calculation of the equation by which the ET Index+44 208 801 0570 Series is to be converted into cash. ECPI has no obligation or liability in+44 7983 240 336 connection with the administration, marketing or trading of the ET Index Series.Email: sam.gill@eio.org.uk All opinions and information contained herein are obtained from sources believed by ECPI to be accurate and reliable. While the opinions andSebastian Hoeg, New Business Director information contained in this document are based on public sources+44 208 801 0570 believed to be reliable and in good faith, ECPI has not independently verified the accuracy of such public sources. Because of the possibility of+44 7523 650 540 human, technical or whatsoever kind of error however, such information isEmail: sebastian.hoeg@eio.org.uk provided “as is” without warranty of any kind and ECPI makes in particular no representation or warranty, whether express or implicit, as to the fairness, accuracy, timeliness, completeness, merchantability and/or fitness of any opinions and information contained in this document.© Environmental Investment Organisation (EIO) Ltd 2011 (‘EIO’). All rights Accordingly, neither ECPI nor any of its respective directors, managers,reserved. “ET®" is a registered trade mark of the EIO. All rights in and to officers or employees shall be held liable for whatever reason (includingthe ET Index Series vest in the EIO. without limitation liability in negligence) for any loss (including consequential loss), expense, consequential, special, incidental, direct orEvery effort is made to ensure that all information given in this publication indirect or similar damage, whether or not advised of the possibility ofis accurate, but the EIO does not warrant that the ET Index Series Indices such damage, in connection with the fairness, accuracy, timeliness,will be free from error or omission and does not accept any liability in completeness, merchantability and/or fitness of the information andconnection with the use of the ET Index Series for trading or otherwise. opinions contained in this document and/or arising from any use orAny opinions, forecasts or estimates contained herein constitute a high- performance of this document or its contents or otherwise arising inlevel information statement only valid as at the date of its release. There connection with this document.can be no assurance that the evolution of the information contained herein Any opinions, forecasts or estimates contained herein constitute a high-and/or any future events will be consistent with such opinions, forecasts level information statement only valid as at the date of its release. Thereor estimates. Any information herein is at any time subject to change, can be no assurance that the evolution of the information contained hereinupdate or amendment subsequently to the date of this document, with no and/or any future events will be consistent with such opinions, forecastsundertaking by the EIO to notify such change, update or amendment. or estimates. Any information herein is at any time subject to change,No part of this publication may be reproduced or modified, in any form or update or amendment subsequently to the date of this document, with noby any means, without the prior written permission of the EIO. undertaking by ECPI to notify such change, update or amendment.The EIO is not engaging in financial advice subject to special authorization ECPI is not engaging in financial advice subject to special authorizationand thus do not provide formal financial advice in the area of investment and thus do not provide formal financial advice in the area of investmentnor perform any asset management activity. The EIO recommends to nor perform any asset management activity. ECPI Group Companiespotential investors wishing to be provided with formal financial advice in recommend to potential investors wishing to be provided with formalthis area of investment to contact a financial advisor duly authorized by the financial advice in this area of investment to contact a financial advisorcompetent regulatory authority of its country. duly authorized by the competent regulatory authority of its country. info@eio.org.uk | www.eio.org.uk | www.ETindex.com
  • 18. CONTACT USShould you wish to contact the EIO for more information or to discuss theopportunities available for tracking one or more of its indexes, then please find our contact details listed below. T: +44 208 801 0570 E: info@eio.org.uk www.eio.org.uk www.ETindex.com