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TARGET calendar: during the migration to the Euro, a so-called TARGET calendar was put in place. This indicates the closing days for financial markets in the Euro area. It has been agreed that the closure on any day in one or more countries in the Euro area does not necessarily mean the absence of transactions or settlements in Euros. The TARGET closing days are days where no transaction nor settlement in Euros can take place. All other days are settlement  days in the Euro area including during national holidays.The higher the volatility, the less the performance achieved has the chance of being reproduced in other periods. In statistical terms the volatility is a standard variance that measures the dispersion of the return around the average. It thus reflects the ups and downs, rather than the risk linked to the return of the UCITS; in particular as it takes into account the variances both up and down. However, it is the risk of loss that bothers the investor and not the propensity for gain.
This refers to the French central securities depositary for French securities, foreign securities listed on the Paris Bourse, Euro-issues and all other securities. SICOVAM no longer exists following the merger with Euroclear. (Refer to Euroclear)
This represents the maximum variance in the error margin (expressed as a percentage for the reference period) that can exist between the performance of the fund and that of the benchmark with which it is associated.

The higher the volatility, the less the performance achieved has the chance of being reproduced in other periods. In statistical terms the volatility is a standard variance that measures the dispersion of the return around the average. It thus reflects the ups and downs, rather than the risk linked to the return of the UCITS; in particular as it takes into account the variances both up and down. However, it is the risk of loss that bothers the investor and not the propensity for gain.
This refers to the French central securities depositary for French securities, foreign securities listed on the Paris Bourse, Euro-issues and all other securities. SICOVAM no longer exists following the merger with Euroclear. (Refer to Euroclear)
This represents the maximum variance in the error margin (expressed as a percentage for the reference period) that can exist between the performance of the fund and that of the benchmark with which it is associated.

Trackers (ETF): Trackers, or "Exchange Traded Funds (ETF)”, were created in the United States in 1993 following an initiative by fund managers. They are financial products that reproduce the performance of an index or a basket of shares. Unlike traditional index funds they are quoted continuously, which gives them the property of being traded on the stock market in the same way as equities.
As a result of market comparison of offer and demand in the market place, their prices reflect a fraction of the level of the underlying indices. Trackers enable investors to undertake targeted investments, in business sectors or various geographical regions, in a single transaction. The main objective of fund managers is therefore to reflect, in the best way possible, the performance of the index.
The first French ETFs were created in January 2001.

Tracking error : expression that describes the risk of deviation (in terms of both risk and performance) compared to an index benchmark.