Title: Report Publisher URL Source: https://api.fundinfo.com/document/f990d5fc8fa56ced1a376fe0e3516f60_347222/MR_GB_en_IE000QDFFK00_YES_2026-04-30.pdf?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581 Published Time: Thu, 07 May 2026 08:36:20 GMT Number of Pages: 7 Markdown Content: * 1st NAV date: 16/11/2022 Source(s): BNPP Asset Management - GICS as at 30/04/2026 For more information about BNPP Asset Management, visit bnpparibas-am.com BNP PARIBAS EASY II Nasdaq 100 UCITS ETF USD Factsheet: 30/04/2026 MULTI-ASSET Marketing communication Past performance is not a reliable indicator of future results. # Key Figures (USD) * Fund Cumulative Performance (%) YTD 1Y 3Y 10Y Launch +8.85 +40.87 +110.35 - +138.74 Current NAV Acc. 23.8741 Fund Annualized Performance (%) 3 Y. 5 Y. 10 Y. Launch +28.04 - - +28.64 Assets Under Management (M) USD 2 419.81 # Performance & Risk # Performance Evolution (USD) Portfolio* (110.35%) Benchmark (111.51%) 30/04/26 30/10/25 30/04/25 30/10/24 30/04/24 30/10/23 28/04/23 75 100 125 150 175 200 225 Data is rebased to 100 by BNPP AM on the graph start date Cumulative performance calculations are net of fees, based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus (or Swiss fund contract) for more information. # Risk Analysis 1Y 3Y 5Y Launch Portfolio Volatilit y* (%) 16.09 16.83 - 18.06 Benchmar k Volatilit y (%) 16.09 16.84 - 18.07 Relative Ris k/Trac king Error (%) 0.02 0.05 - 0.04 Sharpe Ratio 2.26 1.35 - 1.29 Information Ratio 7.45 -1.45 - -1.73 All definitions of risks indicators are available in the section 'Glossary' below # Benchmark Since: 03/02/2025 100% NASDA Q-100 Notional Net Total Return Inde x The fund is an index fund (passively managed), and its investment policy consists of creating a portfolio that seeks to replicate the benchmark as closely as possible. # Fund Key Metrics Port. Bench. Number of Holdings 101 101 Turnover: Rolling 1Y (%) 23 - Active Share (%) 0 - # Fund Profile ES G R ating ES G R elative Rating CO2 Relative rating % of AUM covered by ESG absolute rating: Portfolio = 100.0% Benchmark = 100.0% (not meaningful for coverage below 50%) % of AUM covered by CO2 intensity indicator: Portfolio = 100.0% Benchmark = 100.0% (not meaningful for coverage below 50%) For more information about the methodology, please read the section 'ESG Metrics Definition' below # Trading Information Exchange Currenc y Tic ker XETRA USD ANAU GY Borsa Italiana S.P.A. EUR ANAU IM SIX S WI SS USD ANAU S W BOL SA INS DE VALO RES MXN ANAUN MU XETRA EUR ANA V GY # Fund Manager Charles LE WAND OW SKI Alain LE STI R - Co-Manager 1 / 7 * 1st NAV date: 16/11/2022 Source(s): BNPP Asset Management - GICS as at 30/04/2026 For more information about BNPP Asset Management, visit bnpparibas-am.com Performance & Risk (Continued) # Rolling Performance (% ) 1M 3M 6M YTD 3Y 5Y 30/04/25 30/04/26 30/04/24 30/04/25 30/04/23 30/04/24 30/04/22 30/04/23 30/04/21 30/04/22 Launch Portfolio * 15.64 7.55 6.39 8.85 110.35 - 40.87 12.78 32.39 - - 138.74 Benchmar k 15.65 7.55 6.40 8.87 111.51 - 40.93 13.04 32.77 - - 140.32 Excess Return -0.01 -0.01 -0.01 -0.02 -1.16 - -0.06 -0.25 -0.38 - - -1.58 # Annual Calendar Performance (% ) 2025 2024 2023 2022 2021 2020 201 9 2018 201 7 2016 Portfolio * 20.72 25.53 54.67 - - - - - - - Benchmar k 20.78 25.88 55.13 - - - - - - - Excess Return -0.06 -0.35 -0.46 - - - - - - - Past performance is not a reliable indicator of future results. Performance calculations are net of fees, based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus for more information. # Portfolio Analysis # To p 10 Holdings Equit y Weighting (%) Sector Geograph y Portfolio Benchmar k Relative NVI DIA Corp 8.54 8.55 -0.01 Information Technology North America Alphabet Inc 7.60 7.61 -0.01 Communication Services North America Apple Inc 7.02 7.02 0.00 Information Technology North America Microsoft Corp 5.33 5.34 -0.01 Information Technology North America Ama zon.com Inc 5.01 5.01 0.00 Consumer Discretionary North America Broadcom Inc 3.48 3.49 0.00 Information Technology North America Tesla Inc 3.35 3.36 -0.01 Consumer Discretionary North America Meta Platforms Inc 3.17 3.18 -0.01 Communication Services North America Walmart Inc 3.13 3.14 0.00 Consumer Staples North America Micron Technology Inc 2.83 2.83 -0.01 Information Technology North America Total (%) 49.46 49.52 Any securities or other financial instruments shown are for illustrative purposes only at the date of this report and and may no longer be in the portfolio later. This should not be considered as a recommendation to purchase or sell any security or other financial instrument. 2 / 7 Source(s): BNPP Asset Management - GICS as at 30/04/2026 For more information about BNPP Asset Management, visit bnpparibas-am.com Portfolio Analysis (Continued) # To p 5 Over weight (%) Port. Bench. Relative T-Mobile US Inc 1.05 1.05 0.01 Marvell Technology Inc 0.70 0.70 0.00 Fortinet Inc 0.31 0.30 0.00 QUA LCOMM I nc 0.94 0.93 0.00 Honey well International Inc 0.67 0.66 0.00 # To p 5 Under weight (%) Port. Bench. Relative Alphabet Inc 7.60 7.61 -0.01 Tesla Inc 3.35 3.36 -0.01 Mercado Libre Inc 0.43 0.44 -0.01 Microsoft Corp 5.33 5.34 -0.01 Meta Platforms Inc 3.17 3.18 -0.01 # Sector Breakdo wn (%) Portfolio Benchmar k Information Technology 53.74 53.74 Communication Services 15.09 15.10 Consumer Discretionary 12.21 12.23 Consumer Staples 7.67 7.67 Health Care 4.19 4.18 Industrials 3.73 3.72 Utilities 1.40 1.39 Materials 1.12 1.13 Energy 0.62 0.62 Financials 0.22 0.22 Cash 0.00 0.00 # Active E xp osure by Sector (%) -0.1 0.0 0.1 # Geogra phical Breakdo wn (%) Portfolio Benchmar k North America 97.66 97.66 Europe 1.91 1.90 Emerging Markets 0.43 0.44 Cash 0.00 0.00 # Active E xp osure by Geogra phy (%) -0.1 0.0 0.1 # MarketCa p Breakdo wn (USD - %) > 10bn To 25bn 25bn To 100bn 100bn To 250bn More Than 250bn > 0 > 20 > 40 > 60 > 80 > Port. 0.72 13.59 18.78 66.92 > Bench. 0.50 15.25 20.79 63.47 3 / 7 Source(s): BNPP Asset Management - GICS as at 30/04/2026 > For more information about BNPP Asset Management, visit bnpparibas-am.com # Additional Information # Administration Legal form IC AV UCITS Compliant Yes AIF Compliant No Legal countr y Ireland 1st NAV date 16/11/2022 Fund currenc y USD Shareclass currenc y USD Valuation Daily Share t ype Accumulation ISIN code IE000 QDFFK 00 Transaction costs 0.03% Ongoing charges 0.14% Financial management fees 0.04% Management compan y BNP PAR IBAS ASSET MANA GEMENT EUR OPE SAS Delegation of account administration STATE STREET FUND SER VIC ES (IRE LAND) LIMI TED Custodian State Street Custodial Services (Ireland) Limited Guarantor .Not Applicable iNAV https://deutsche-boerse.com/ Replication t ype Physical > The actual costs can be found in the annual reports and are deducted each time the net asset value is calculated. The value of the investment is reduced by these costs. As disclosed in the most recent Annual Report, the ongoing charges calculation e xcludes performance fees, but includes management and applied services fees. The effective Applied Service Fee is accrued at each calculation of the Net Asset Value and included in the ongoing charges of each Share Class. > The investment will be reduced by the payment of the above mentioned fees. # Fund Obj ectives The investment ob jective of the fund is to seek to provide investors with the performance of the NASDA Q-100 Index (the "I ndex "), less the fees and expenses of the fund, while aiming to minimise the tracking error in bet ween the fund 's Net Asset Value and the Index. # Investment Hori zon The risk and the re ward of the product may vary depending on the expected holding period. We recommend holding this product at least for 5 years. # Risk Indicator The information sho wn belo w is from the KI D PR II PS. # 1 2 3 4 5 6 7 Lo wer ris k Higher ris k The risk indicator assumes you keep the product for 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less. The summary risk indicator is a guide to the level of risk of this product compared to other products. It sho ws ho w likely it is that the product will lose money because of movements in the markets or because weare not able to pay you. We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level. The risk category associated to this product was determined based on past observations, it is not guaranteed and can evolve in the future. Be a ware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate bet ween the t wo currencies. This risk is not considered in the indicator sho wn above. For further information, please refer to the prospectus. # Su bscri ption Redem ption The investor can buy or sell shares of the fund on a daily basis, as further defined in the prospectus. Only Authorised participants can deal directly with the fund. # How to Invest Before ma king an investment, investors should read the relevant Prospectus and the Key Investor Information Document (particularl y for U K investors) / Key Information Document / scheme documents, which provide full product details including investment charges and ris ks. These documents are available in English or in your national language (if available) at a xa-im.com. The information contained herein is not a substitute for those documents or for professional external advice. Retail Investors Retail investors should contact their Financial intermediary. # ES G Metrics Definition Our approach to ES G measurement seeks to combine qualitative and quantitative techni ques. The tree rating sho wn in this report is a simple pictorial representation of the overall ES G rating of the fund ’sportfolio. A fund which has 1 tree has a poor ES G rating, whereas a fund with 5 trees has a high ES G rating. For more information on our 4 / 7 Source(s): BNPP Asset Management - GICS as at 30/04/2026 > For more information about BNPP Asset Management, visit bnpparibas-am.com # Additional Information (Continued) ES G standards, approach and methodology please visit: Putting ES G to work | AXA IM C ore (axa-im.com). ES G relative rating is calculated as the difference bet ween the ES G absolute rating of the portfolio and the ES G absolute rating of benchmark. If ES G Relative rating is positive (negative), this means that the portfolio has a higher (lo wer) ES G absolute rating than the benchmark. CO 2 relative intensity is calculated as the difference bet ween the intensity of the fund (expressed in t CO 2/ M€ Revenues) and the one of benchmark. If CO 2 Relative intensity is green, it means that the intensity of portfolio is lo wer than that of the benchmark. If CO 2 Relative intensity orange, it means that the intensity of the portfolio is higher than that the benchmark. If CO 2 Relative intensity is yello w, it means that intensity of the portfolio is similar than that of the benchmark. ES G indicators are for informational purposes only. The portfolio does not present any regulatory or contractual ob jectives on ES G indicators. # Disclaimers Not for distribution or dissemination to US investors This marketing communication does not constitute on the part of BNPP Asset Management a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. The information contained herein is intended solely for the entity and/or person(s) to which it has been delivered, unless other wise allo wed under applicable agreements. The tax treatment associated with holding, buying or disposing of shares or units in a fund depends on the status or tax treatment of each investor and may be sub ject to change. Potential investors are strongly encouraged to seek the advice of their o wn tax adviser. Due to its simplification, this document is partial and opinions, estimates and forecasts herein are sub jective and sub ject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of kno wledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability to wards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. This material does not contain sufficient information to support an investment decision. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Commissions and costs have an adverse effect on the performance of the fund. The Fund ’s characteristics do not protect the investors from the potential effect of inflation over time. The investments and/or any potential income generated during the period will not be ad justed by the rate of inflation over the same period. Thus, the return on the fund ad justed from the rate of inflation could be negative. Conse quently, the inflation might undermine the performance and/or the value of your investment. The Fund referenced herein has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person unless the securities are registered under the Act, or an exemption from the registration re quirements of the Act is available. A US Person is defined as (a) any individual who is a citi zen or resident of the United States for federal income tax purposes ; (b) a corporation, partnership or other entity created or organi zed under the la ws of or existing in the United States ; (c) an estate or trust the income of which is sub ject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business. In the United States, this material may be distributed only to a person who is a “distributor, ” or who is not a “U.S. person, ” as defined by Regulation S under the U.S. Securities Act of 1933 (as amended). The fund or sub fund is a part of the Irish-domiciled BNP PAR IBAS EAS Y II IC AV - its registered address is 33 Sir John Rogerson 's Quay, Dublin 2, Ireland and it is registered with the Central Bank of Ireland under number C469468. The sub-fund(s) is a collective asset-management vehicle under the European U CI TS directive. It is managed by BNPP Asset Management Europe, a company incorporated under the la ws of France, having its registered office at 1 Boulevard Haussmann, 75009 Paris, France and its postal address at Tour Majunga - La D éfense 9 - 6, place de la Pyramide - 92800 Puteaux, registered with the Paris Trade and Companies Register under number 319 378 832, and a Portfolio Management Company, holder of A MF approval no. GP 96002, issued on 19 April 1996. UCI TS ET F’ s units / shares purchased on the secondary market cannot usually be sold directly back to U CI TS ET F. Investors must buy and sell units / shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. Inaddition, investors may pay more than the current net asset value when buying units / shares and may receive less than the current net asset value when selling them. For the purposes of presenting the breakdo wn by country, sector, principal exposures and active strategies, e quities and similar instruments relating to a single company (ADRs, GDRs, RSPs, rights, etc.) are grouped in order to form a single exposure for the said company. The geographical breakdo wn is based on the country classification as published by the index provider (or the main index provider in case of a composite benchmark). The second available source is the Country ISO from Bloomberg (or Ultimate Country of risk for Emerging fund). Annual turnover rate : Sum the last 12 monthly results to obtain the turnover rate over 1 rolling year, calculated according to the follo wing formula: (abs(purchase) + abs(sale) - abs(subscription - redemption) ) / (2* average AU M). Purchase and sale exclude derivatives, short term instruments and some corporate actions. Subscription and redemption are netted on a monthly basis, impact of inflo ws and outflo ws can result in negative turnover which does not 5 / 7 Source(s): BNPP Asset Management - GICS as at 30/04/2026 > For more information about BNPP Asset Management, visit bnpparibas-am.com # Additional Information (Continued) reflect portfolio turnover, therefore annual turnover has a floor of 0. Securities or other financial instruments sho wn are for illustrative purposes only at the date of this report and may no longer be in the portfolio later. This does not constitute investment research or financial analysis relating to transactions in financial instruments, nor does it constitute an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personali zed recommendation to buy or sell securities or other financial instruments. For more information on sustainability-related aspects please visit https:// www .axa-im.com/ what-sfdr Depending on the recipient ’s respective jurisdiction or region, the follo wing additional disclosures ma y appl y: For Chilean Investors: This private offer avails itself of the General Regulation No. 336 of the Superintendence of Securities and Insurances (currently the Financial Markets Commission). This offer relates to securities not registered with the Securities Registry or the Registry of Foreign Securities of the Financial Markets Commission, and therefore such securities are not sub ject to oversight by the latter ; Being unregistered securities, there is no obligation on the issuer to provide public information in Chile regarding such securities ; and these securities may not be sub ject to a public offer until they are registered in the corresponding Securities Registry. Para inversionistas chilenos: ESTA OF ERTA PR IV ADA SE A COG E A L RE GL AMENT O G ENERA L Nº 336 DE LA SUPER INTENDEN CI A DE VALO RES Y SE GUR OS (A CTUA LM ENTE COMI SIÓ N DE MER CAD OS FI NAN CI ER OS). ESTA OF ERTA SE RE FI ERE A VALO RES N O I NS CRITOSEN E L RE GI STR O DE VALO RES O EN E L RE GI STR O DE VALO RES EXTRAN JER OS QUE LL EVA LA COMI SIÓ N DE MER CAD OS FI NAN CI ER OS, POR LO Q UE TA LES VALO RES N O EST ÁN SU JET OS A LA FI SCALIZ ACIÓ N DE ÉSTA ; POR TRATARSE DE VALO RES N O I NS CRITOSNO EX ISTE LA OBLIG ACIÓ N P OR PARTE DE L EMI SOR DE ENTRE GAR EN CHIL E INFO RMACIÓ N P ÚBLIC A RESPE CTO A LO S VALO RES S OBRE LO S QUE SE RE FI ERE ESTA OF ERTA ; EST OS VALO RES N O PODR ÁN SER OBJET O DE OF ERTA P ÚBLIC A MI ENTRAS N O SEAN INS CRITOS EN E L RE GI STR O DE VALO RES CO RRESP OND IENTE. For Peruvian Investors: BNPP Asset Management is not licensed and it is not legally re quired to be licensed by the Peruvian Securities Regulator (Superintendencia del Mercado de Valores - S MV ) for these activities. Conse quently, the Peruvian Securities Regulator does not exercise any kind of supervision regarding this fund, strategy and/or service ; and, the information furnished to the investors and the rest of the services rendered by BNPP Asset Management are sub ject to its exclusive responsibility. In Peru, this document is only for the exclusive use of persons or entities qualifying as "I nvesionistas Institucionales " under Peruvian Law. This document is not for public distribution. BNPP Asset Management no tiene y no est á legalmente obligada a tener una autori zaci ón por parte de la Superintendencia del Mercado de Valores para estas actividades. En consecuencia, la Superintendencia del Mercado de Valores no e jerce ning ún tipo de supervisi ón sobre el fondo, la estrategia, y/o los servicios ; y la informaci ón proporcionada a los inversionistas y los dem ás servicios que les presta son de exclusiva responsabilidad de BNPP Asset Management. En el Per ú, este documento es para el uso exclusivo de personas o entidades que califi quen como "I nversionistas Institucionales " ba jo las leyes peruanas. Este documento no es para distribuci ón al p úblico. For Urugua yan Investors: The sale of the shares/units qualifies as a private placement pursuant to section 2 of Uruguayan la w 18,627. The shares/units must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan la ws and regulations. The shares/units are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay. The shares/units correspond to investment funds that are not investment funds regulated by Uruguayan la w 16,774 dated September 27, 1996, as amended. For Singapore Investors: This document is issued by AXA Investment Managers Asia (Singapore) Ltd. ( “AXA IM Asia ”) (Registration No. 199001714 W) for the use of Institutional Investors and/or Accredited Investors only as defined in Section 4A of the Securities and Futures Act ( Cap. 289) (sub ject to the Fund being registered under the Restricted Schemes), and must not be relied upon by retail investors. Circulation must be restricted accordingly. As an exempt financial adviser under the Financial Advisers Act ( “F AA ”), AXA IM Asia is exempted from complying with certain business conduct rules (including but not limited to Sections 25, 27 and 36 of the FAA) when providing financial advisory services to Accredited Investors. For Hong Kong investors: The authorisation of any fund by the Securities and Futures Commission in Hong Kong ( "SFC" ) does not imply official approval or recommendation. S FC authori zation of a fund is not a recommendation or endorsement of a fund nor does it guarantee the commercial merits of a fund or its performance. It does not mean the fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Where any of the Funds is not authori zed by the S FC , the information contained herein in connection with such unauthori zed Fund is solely for the use of professional investors in Hong Kong. Materials exempted from authori zation by the S FC have not been revie wed by the S FC . For Tai wan investors: The offer, distribution, sale or re-sale of fund units/shares in Tai wan re quires approval from and/or registration with Tai wanese regulatory authorities. To the extent that any units/shares of the Funds are not so licensed or registered, such units/shares are made available in Tai wan on a private placement basis only to banks, bills houses, trust enterprises, financial holding companies and other qualified entities or institutions (collectively, "Q ualified Institutions ")and other entities and individuals meeting specific criteria ( "O ther Qualified Investors ") pursuant to the private placement provisions of the Rules Governing Offshore Funds. No other offer or sale of such units/shares in Tai wan is permitted. Tai wanese purchasers of such units/shares may not sell or other wise dispose of their holdings except by redemption, transfer to a Qualified Institution or Other Qualified Investor, transfer by operation of la w or other means approved by the Tai wan Financial Supervisory Commission. For investors located in the European Union : Please note that the management company reserves the right, at any time, to no longer market the product(s) mentioned in this communication in the European Union by filing a notification to its supervision authority, in accordance with European passport rules. In the event of dissatisfaction with BNPP Asset Management products or services, you have the right to make a complaint, either with the marketer or directly with the management company (more information on BNPP Asset Management complaints policy is available in English: https:// www .bnpparibas-am.com/en/complaint-management-policy/ ). If you reside in one of the European Union countries, you also have the 6 / 7 Source(s): BNPP Asset Management - GICS as at 30/04/2026 > For more information about BNPP Asset Management, visit bnpparibas-am.com # Additional Information (Continued) right to take legal or extra-judicial action at any time. The European online dispute resolution platform allo ws you to submit a complaint form (available at: https://ec.europa.eu/consumers/odr/main/index.cfm ?event =main. home.choose Language) and provides you with information on available means of redress (available at: https://ec.europa.eu/consumers/odr/main/ ?event =main.adr.sho w2). Summary of investor rights in English is available on BNPP Asset Management website https:// www .bnpparibas-am.com/en-gb. Translations into other languages are available on local BNPP Asset Management entities ' w ebsites. # Disclaimers from e xternal financial data service # providers GICS The Global Industry Classification Standard ( "GIC S") is the exclusive property and a service mark of MSCI I nc. ( "M SCI" ) and Standard & Poor 's, a division of The McGra w-Hill Companies, Inc. ( "S&P") and is licensed for use by BNPP Asset Management Europe. Neither MSCI ,S&P nor any third party involved in making or compiling the GIC Smakes any express or implied warranties or representations and shall have no liability whatsoever with respect to GIC S or the results to be obtained by the use thereof. Nasda q® , Nasda q-100 Index ®, NDX ®, Nasda q-100 ®, are registered trademarks of Nasda q, Inc. ( which with its affiliates is referred to as the “C orporations ”) and are licensed for use by AXA Investment Managers Paris. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE C OR POR ATI ONS MA KENO W ARR ANTIES AND BEA R NO LIABILITY WIT H R ESPECT T O THEPRO DUCT(S). # Glossary Volatility (%): is an indicative measure of degree of variation of an asset ’s price changes over time. Relative Risk/Tracking Error (%): measures, in standard deviation, the fluctuation of returns of a portfolio relative to the fluctuation of returns of a reference index. The tracking error can be vie wed as an indicator of ho w actively a fund is managed. The lo wer the number the closer the fund ’s historic performance has follo wed its benchmark. Sharpe ratio: is the measure of the risk-ad justed excess return over risk free rate of a financial portfolio and is used to compare the excess return of an investment to its risk. The higher the Sharpe ratio the better the return compared to the risk taken. Information Ratio ( IR): is a measurement of portfolio returns above the returns of a benchmark to the volatility of those excess returns. The IRis used to compare excess return over a benchmark to excess risk over a benchmark. E.g : A manager who outperforms a benchmark by 2% p.a. will have a higher IR than a manager with the same outperformance who has taken more risk. 7 / 7