We include a bond ETF in our Watchlist (AM3A) – 23/08/17

We include in our watchlist the ETF Amundi AM3A, which replicates the FTSE MTS Highest-Rated Government Index, which consists of securities issued by the governments of euro area member states (at least 5 issuers) with at least two Ratings equivalent to 'AAA' (at S & P, Moody's and Fitch). It is therefore a very defensive ETF by nature. The expenses of this ETF are 0.14% and the AUM of approximately 40M €.

• This ETF is particularly attractive in the context of equity market correction, as is currently the case in Europe. The current context (rise in the euro, US domestic problems and geopolitical risks) is rather favorable to this theme, while signs of inflation are currently very low in Europe and the US. • From a technical point of view, the weekly chart is about to validate a bullish signal with the crossover of the current 13x26 EMA and the crossing by the MACD of the zero line. On the monthly chart, the monthly candlestick of August is so far positive and likely to reactivate the uptrend , as prices are back above moving averages.

AM3A : monthly data

AM3A : weekly data