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									For information purpose only - Only the French version of this prospectus is binding




                                  LYXOR ETF MSCI EMU SMALL CAP
                       Mutual fund governed by the Monetary and Financial Code (Book II Title I Chapter IV)

                                 Represented by LYXOR INTERNATIONAL ASSET MANAGEMENT

                    Public limited company with executive board and control board, with capital of €1,008,000
                          Management company approved by the Commission des Opérations de Bourse
                                           on 12 June 1998 under the number GC 98-09
                     the head office of which is in the Société Générale Tower, 17 cours Valmy, 92800 Puteaux
                                                      Nanterre RTC 419 223 375


                                                      PROSPECTUS
    RELEASE TO THE PUBLIC AT THE TIME OF THE LISTING ON THE EURONEXT PARIS SA EUROLIST OF A
         MAXIMUM OF ONE HUNDRED FIFTY MILLION UNITS OF LYXOR ETF MSCI EMU SMALL CAP
              The legal notification was published in the Bulletin des Annonces Légales Obligatoires on 13 April 2005




                                          Approval of the Financial Markets Authority

In application of articles L 412-1 and L 621-8 of the Monetary and Financial Code, the Financial Markets Authority has provided the
present prospectus with approval N° 05231 dated 8 April 2005, in compliance with the provisions of articles 211-1 to 211-42 of the
FMA General Regulations. This prospectus has been drafted by its issuer and it incurs the liability of its signatories. The approval
implies no endorsement of the timeliness of the operation nor authentication of the presented accounting and financial elements.
It was granted after an examination of the relevance and consistency of the information given for the purposes of the operation
proposed to investors .

The Financial Markets Authority draws the public’s attention to the fact that:

-   Nothing guarantees that the management objective of LYXOR ETF MSCI EMU SMALL CAP, as mentioned in the complete
    prospectus of LYXOR ETF MSCI EMU SMALL CAP approved by the Financial Markets Authority on 11 March 2005, will be
    reached.

-   The realisation of the management objective of LYXOR ETF MSCI EMU SMALL CAP implies a very large recourse to financial
    instruments that are negotiated on regulated or over-the-counter markets, likely to result in a counterparty risk and a market
    risk.

-   The price of one unit of LYXOR ETF MSCI EMU SMALL CAP negotiated on the Euronext Paris SA Eurolist may not be reflected by
    the net asset value of this same unit.

-   Orders that cannot be carried out within the Reservation Thresholds set by Euronext Paris SA in article 4.1.2.3 of its
    Instruction entitled “Negotiation manual on the Euronext cash markets” published on 13 December 2004 will be placed in
    reserved status, as stipulated in article 4.1.2.3 of that same Instruction, until such a time as the supply and demand allow
    them to be carried out at an authorised price.

-   In case of discontinuation of the listing or of the calculation of the MSCI EMU Small Cap Index TM or in case of unavailability to
    Euronext Paris SA of the price of the MSCI EMU Small Cap IndexTM or should it prove impossible for Euronext Paris SA to obtain
    the daily net asset value of LYXOR ETF MSCI EMU SMALL CAP or to calculate and publish the approximate net asset value of
    LYXOR ETF MSCI EMU SMALL CAP, it may prove impossible to list the units of LYXOR ETF MSCI EMU SMALL CAP.

-   Pursuant to the coordination contracts signed between Euronext Paris SA and the “Market Maker” financial establishments
    mentioned in 2.1.8, the parties can at their discretion modify the said contracts, notably regarding the number of “Market
    Makers”, the disappearance of the current “Market Makers” and the maximum overall spreads between the purchase price and
    the sale price, possibly resulting in a loss of liquidity.




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For information purpose only - Only the French version of this prospectus is binding



This prospectus includes:

• The complete prospectus of LYXOR ETF MSCI EMU SMALL CAP as approved by the Financial Markets
Authority on 11 March 2005 (attached in Appendix I);

• The bylaws of LYXOR ETF MSCI EMU SMALL CAP as approved by the Financial Markets Authority on 11
March 2005 (attached in Appendix II).

Copies of this prospectus are available at the head office of LYXOR INTERNATIONAL ASSET MANAGEMENT,
Société Générale Tower, 17 cours Valmy, 92800 Puteaux Nanterre RTC 419 223 375.
This prospectus can also be downloaded from the Internet site http://www.lyxoretf.com and from the
Internet site of the Financial Markets Authority, http://www.amf-france.org.




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TABLE OF CONTENTS

                                                                                       Page
Chapter I       PEOPLE RESPONSIBLE FOR THE                   PROSPECTUS   AND             6
                VERIFICATION OF THE ACCOUNTS

1.1             PERSON RESPONSIBLE FOR THE PROSPECTUS                                       6
1.2             ATTESTATION OF THE PERSON RESPONSIBLE FOR THE PROSPECTUS                    6
1.3             ATTESTATION OF THE INTRODUCER                                               6
1.4             PEOPLE RESPONSIBLE FOR VERIFYING THE ACCOUNTS                               6
1.5             ATTESTATION OF THE PEOPLE RESPONSIBLE FOR VERIFYING THE                     7
                ACCOUNTS
1.6             INFORMATION POLICY                                                          8

Chapter II      LISTING OF THE SHARES OF LYXOR ETF MSCI EMU SMALL CAP                       9
                ON THE EURONEXT PARIS SA EUROLIST

2.1             INFORMATION RELATIVE TO THE LISTING OF THE UNITS OF LYXOR                   9
                ETF MSCI EMU SMALL CAP ON THE EURONEXT PARIS SA EUROLIST
2.1.1           Securities for which the listing for negotiation is requested               9
2.1.2           Date of listing for negotiations                                            9
2.1.3           Listing description on the Euronext Paris SA Eurolist                       9
2.1.4           Form of the units                                                           9
2.1.5           Securities made available to the market                                     9
2.1.6           Servicing of the securities and centralisation of the market                9
2.1.7           “Introducer” financial establishment                                       10
2.1.8           “Market Maker” financial institutions                                      10
2.1.9           Charges relative to the listing for negotiation                            10
2.1.10          Purpose of the listing for negotiation                                     10

2.2             GENERAL INFORMATION ON THE SHARES FOR WHICH LISTING IS                     11
                REQUESTED
2.2.1.          Preferential subscription right                                            11
2.2.2           Rights attached to the units                                               11
2.2.3           Negotiability of the units                                                 11
2.2.4           Registration in the account - delivery of the units                        12
2.2.5           Fiscal regimen of the units                                                12

2.3             PLACE OF LISTING                                                           17
2.3.1           Listing of the units for negotiation                                       17
2.3.2           Listing of the units on other regulated markets                            17

2.4             COMPETENT TRIBUNALS IN CASE OF DISPUTE                                     17

Chapter III     INFORMATION OF A GENERAL NATURE REGARDING LYXOR                            18
                ETF MSCI EMU SMALL CAP

3.1             INFORMATION REGARDING LYXOR ETF MSCI EMU SMALL CAP                         18
3.1.1           Corporate name                                                             18
3.1.2.          Head office                                                                18
3.1.3.          Establishment date and duration of LYXOR ETF MSCI EMU SMALL                18
                CAP
3.1.4           Legal form – Existence of legal controllers                                18
3.1.5           Management objective of LYXOR ETF MSCI EMU SMALL CAP                       18
3.1.6.          Registre of Trade and Commerce                                             18
3.1.7.          Indication of the locations where the documents and information            19
                relative to LYXOR ETF MSCI EMU SMALL CAP can be consulted
3.1.8.          Corporate financial year                                                   19
3.1.9           Allocation and distribution of the earnings                                19
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3.2             INFORMATION OF A GENERAL NATURE REGARDING THE UNITS OF                     19
                LYXOR ETF MSCI EMU SMALL CAP

3.3             CURRENT DISTRIBUTION OF THE UNITS OF LYXOR ETF MSCI EMU                    19
                SMALL CAP

3.4             ISSUER’S SECURITIES MARKET                                                 19

Chapter IV      INFORMATION REGARDING THE ACTIVITY OF LYXOR ETF                            20
                MSCI EMU SMALL CAP

4. 1            THE ACTORS OF THE LYXOR ETF MSCI EMU SMALL CAP MF                          20

4. 2            MISCELLANEOUS COMMITMENTS                                                  20

4. 3            SIGNIFICANT DISPUTES IN PROGRESS                                           20

4. 4            DESCRIPTION OF THE MSCI EMU VALUE SMALL CAP™                               20
4.4.1           General Information                                                        20
4.4.2           Composition of the index                                                   22
4.4.3           Index calculation                                                          29
4.4.3.1         Calculation of the bare index                                              29
4.4.3.2         Calculation of the profitability indices                                   30
4.4.4.          Revision of the index                                                      30
4.4.5           Change of index

4.5             INDEX REPLICATION METHOD                                                   31

4.6             ORIGINAL NET ASSET VALUE                                                   34

4.7             APPROXIMATE NET ASSET VALUE                                                34

4.8             INTERNAL CONTROL PROCEDURES                                                42
4.8.1           Control of the custodian                                                   42
4.8.2           Internal control of Lyxor International Asset Management                   42

4.9             INTERVENTION OF THE MARKET MAKERS                                          44
                                                                                           46
Chapter V       INTERMEDIATE FINANCIAL SITUATION OF LYXOR ETF MSCI
                EMU SMALL CAP

5.1             BALANCE SHEET OF LYXOR ETF MSCI EMU SMALL CAP CLOSED ON                    46
                04. APRIL 2005

5.2             OFF-BALANCE SHEET OF LYXOR ETF MSCI EMU SMALL CAP CLOSED                   48
                ON 04. APRIL 2005

5.3             INCOME STATEMENT OF LYXOR ETF MSCI EMU SMALL CAP CLOSED                    49
                ON 04. APRIL 2005

5.4             LYXOR ETF MSCI EMU SMALL CAP APPENDIX CLOSED ON 04. APRIL                  50
                2005

5.5             FEES OF THE AUDITORS AND OF THE MEMBERS OF THEIR NETWORK                   56
                COVERED BY LYXOR ETF MSCI EMU SMALL CAP



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5.6             AUDITOR’S REPORT ON THE INTERMEDIATE SITUATION ON 04.                      57
                APRIL 2005

Chapter VI      ADMINISTRATION, MANAGEMENT AND               SURVEILLANCE                  58
                BODIES OF LYXOR ETF MSCI EMU SMALL CAP

6.1             COMPOSITION OF THE EXECUTIVE BOARD ON 6 APRIL 2005                         58

6.2             COMPOSITION OF THE SUPERVISORY BOARD ON 6 APRIL 2005                       58

Chapter VII     INFORMATION REGARDING THE RECENT EVOLUTION AND                             60
                FUTURE PROSPECTS OF LYXOR ETF MSCI EMU SMALL CAP

APPENDIX I      COMPLETE PROSPECTUS OF LYXOR ETF MSCI EMU SMALL CAP                        61

APPENDIX II     ARTICLES OF ASSOCIATION OF LYXOR ETF MSCI EMU SMALL                        63
                CAP




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                                                CHAPTER I

                             PEOPLE RESPONSIBLE FOR THE PROSPECTUS
                                AND FOR VERIFYING THE ACCOUNTS


1.1 PERSON RESPONSIBLE FOR THE PROSPECTUS

Eric Personne, Managing Director of LYXOR INTERNATIONAL ASSET MANAGEMENT, management
company and legal representative of the LYXOR ETF MSCI EMU SMALL CAP mutual fund.


1.2 ATTESTATION OF THE PERSON RESPONSIBLE FOR THE PROSPECTUS

“To the best of our knowledge, the data in the present prospectus are in line with reality, they include all
information needed for investors to make their own judgment of the LYXOR ETF MSCI EMU SMALL CAP
mutual fund, and regarding the rights attached to the available securities: they include no omission such
that could alter the scope of the said information.”

Paris, 8 April 2005



                                          Eric PERSONNE
                 Managing Director of LYXOR INTERNATIONAL ASSET MANAGEMENT,
           management company and legal representative of LYXOR ETF MSCI EMU SMALL CAP


1.3 ATTESTATION OF THE INTRODUCER

Introducer:
SOCIETE GENERALE, 29 boulevard Haussmann, 75009 Paris represented by Mr. Bernard DESFORGES.

“To the best of our knowledge, the information contained in the present prospectus is in line with reality
and includes no omission such that could alter the scope of the said information.”

Paris, 8 April 2005



                                            Bernard DESFORGES
                      Director of Sales and Structuring for equity derivative products
                                             SOCIETE GENERALE


1.4 PEOPLE RESPONSIBLE FOR VERIFYING THE ACCOUNTS OF LYXOR ETF MSCI EMU SMALL CAP

Auditors:
PricewaterhouseCoopers Audit, 32 rue Guersant, 75017 Paris represented by Mr. Jacques LEVI.

Date of the first term: 11 March 2005.
Duration (6 financial years): term expiring at the end of the closing of the accounts of the financial year
ending on 30 September 2010.




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1.5 ATTESTATION OF THE PEOPLE RESPONSIBLE FOR VERIFYING THE ACCOUNTS OF LYXOR ETF
MSCI EMU SMALL CAP

“In our capacity as auditors of the accounts of the LYXOR ETF MSCI EMU SMALL CAP (“the Fund”) and in
application of article 211-5-2 of the FMA General Regulations, we carried out, in compliance with the
professional standards applicable in France, a verification of the information relating to the financial
situation and historical accounts given in the present prospectus, established at the time of the listing of
the Fund’s units on the Euronext Paris SA Eurolist.

This prospectus was prepared under the responsibility of Eric PERSONNE, Managing Director of LYXOR
INTERNATIONAL ASSET MANAGEMENT, management company and legal representative of the Fund. It is
our duty to issue an opinion regarding the sincerity of the information that it contains, relative to the
financial situation and accounts.

In compliance with the professional standards applicable in France, our examination included an
assessment of the sincerity of the information relating to the financial situation and accounts, and
verifying their concordance with the accounts that have been the subject of a report. It also involved
reading the other information contained in the prospectus, in order to identify, if any, the significant
inconsistencies with the information regarding the financial situation and accounts, as well as pointing
out any clearly incorrect information that we might have identified on the basis of our general
knowledge of the Fund as acquired within the framework of our mission. This prospectus does not
contain isolated forecast data resulting from a structured preparation process.

The intermediate accounts established under the responsibility of the Fund’s management company and
covering the period from 1 April 2005 to 4 April 2005 have been audited by us according to the
professional standards applicable in France. Our report concludes no reservations or observations.

On the basis of these examinations, we have no observations to make regarding the sincerity of
information related to the financial situation and accounts, as presented in this prospectus established
at the time of the planned operation.”


Paris, 8 April 2005



                                               The Auditor
                                      PricewaterhouseCoopers Audit
                                               Jacques LEVI




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1.6 INFORMATION POLICY

Person responsible for the information:
      Name: Eric PERSONNE, Managing Director of LYXOR INTERNATIONAL ASSET MANAGEMENT,

Address:
LYXOR INTERNATIONAL ASSET MANAGEMENT
Tour Société Générale - Tour Alicante – 8th floor
17 cours Valmy
92800 Puteaux
Tel: 00.33.1.42.14.10.62
Fax: 00.33.1.42.13.48.93




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                                               CHAPTER II

                    LISTING OF THE UNITS OF LYXOR ETF MSCI EMU SMALL CAP
                             ON THE EURONEXT PARIS SA EUROLIST


2.1 INFORMATION RELATIVE TO THE LISTING OF THE UNITS OF LYXOR ETF MSCI EMU SMALL
CAP ON THE EURONEXT PARIS SA EUROLIST

2.1.1 Securities for which the listing for negotiation is requested

On the 8 April, there existed 7000 ordinary units, all entirely subscribed and paid up.

Each new unit of the LYXOR ETF MSCI EMU SMALL CAP subscribed in compliance with the provisions of
the complete prospectus approved by the Financial Markets Authority will be automatically admitted for
negotiation up to a maximum number of 150 million units.


2.1.2 Date of listing for negotiations

It is planned that the listing for negotiation of the units will occur on the Euronext Paris SA Eurolist on
13 April 2005.


2.1.3 Listing description on the Euronext Paris SA Eurolist

LYXOR ETF MSCI EMU SMALL CAP.


2.1.4 Form of the units

The units of LYXOR ETF MSCI EMU SMALL CAP will be registered or bearer at the choice of the subscriber.
They will be the subject of an application for admission to the Euroclear France S.A. operations and will
be listed in the account as of 4 April 2005 under the ISIN code FR0010168773.


2.1.5 Securities made available to the market

On 13 April 2005, a number of 7000 units of LYXOR ETF MSCI EMU SMALL CAP will be made available to
the market at a price per unit in euros corresponding with the closing value of the MSCI EMU Small Cap™
index on 12 April 2005 (1 index point is therefore equivalent to €1).


2.1.6 Servicing of the securities and centralisation of the market

The market’s centralisation will be provided by:
LYXOR INTERNATIONAL ASSET MANAGEMENT – 17 cours Valmy, 92800 Puteaux.

And the servicing of the securities by:
SOCIETE GENERALE – 29 boulevard Haussmann, 75009 Paris.




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2.1.7 “Introducer” financial establishment

SOCIETE GENERALE – 29 boulevard Haussmann, 75009 Paris.


2.1.8 “Market Maker” financial institutions

On 13 April, the “Market Maker” financial establishments are the following:

SG Securities (Paris) SA (Société Générale group), Société Générale Tower - 17 Cours Valmy, 92987 Paris-
La Défense, FRANCE.

Merrill Lynch Capital Markets SA – 112 avenue Kléber – 75016 Paris.

The “Market Maker” financial establishments have undertaken by contract relative to Euronext Paris SA
to respect, for LYXOR ETF MSCI EMU SMALL CAP:
- maximum overall spreads of 1% and 1.2 % between the sale price and purchase price in the centralised
order book for one unit of LYXOR ETF MSCI EMU SMALL CAP. For example, for a spread of 1%, for a
                                                                                130 − 128.71
purchase price of 130 Euros, the sale price will be a maximum of 128.71 Euros (              = 1% );
                                                                                   128.71
- minimum security quantities of 2000 (associated with the 1% spread) and 3000 (associated with the 1.2
% spread) for purchase and sale.
The contract can subsequently be modified by agreement between the parties, notably regarding the
number of “Market Makers”, the disappearance of the current “Market Makers” and the spreads between
the sale price and purchase price. The bearers will be informed of the changes relative to the “Market
Makers” and to the applicable spreads by means of a notification in a daily economic and financial
newspaper distributed throughout France.

The maximum overall listing difference currently in place on the Euronext Paris SA Eurolist is 3% for
LYXOR ETF MSCI EMU SMALL CAP (i.e. 1.50% above or below the approximate net asset value for indices
other than international or overall - article 4.1.2.3 of the Negotiation Manual on Euronext Securities
Markets). For example, for an approximate net asset value of one unit of LYXOR ETF MSCI EMU SMALL CAP
equal to €130, no listing can occur above the upper listing threshold of €131.95 (130 × 101.50%) or
below the lower listing threshold of €128.05 (130 × 98.50 %). Any modification of this difference in the
overall listing will be brought to the attention of the market by decision and notification and by
dissemination on the Internet.


2.1.9 Charges relative to the listing for negotiation

The amount of the fees, legal and administrative expenses, and financial communication expenses and
the amount of the overall remuneration for the financial intermediaries are included in the LYXOR ETF
MSCI EMU SMALL CAP management fees, which amount to 0.40% (tax included) of the net assets posted to
the LYXOR ETF MSCI EMU SMALL CAP earnings account.


2.1.10 Purpose of the listing for negotiation

To provide any investor with an opportunity to follow the evolution of the MSCI EMU Small Cap™ index,
without having to directly hold the shares comprising the MSCI EMU Small Cap™ index, via the purchase
of units of LYXOR ETF MSCI EMU SMALL CAP, the management objective of which is to follow the
evolution of the MSCI EMU Small Cap™ index, while benefiting from the advantages resulting from the
listing of the units, namely simplicity of the purchase or sale orders for units, very great liquidity of the
units and low costs for the purchase or sale of units.

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For information purpose only - Only the French version of this prospectus is binding


2.2 GENERAL INFORMATION ON THE UNITS FOR WHICH LISTING IS REQUESTED

2.2.1 Preferential subscription right

Not applicable.


2.2.2 Rights attached to the units

The LYXOR ETF MSCI EMU SMALL C AP is a collective ownership of securities. The rights of the co-owners
are expressed in units, with each unit corresponding with an equal fraction of the fund’s assets. Each
unit holder has a co-ownership right to the assets of the fund in proportion with the number of units
held.

The units will be subject to all of the provisions of the complete LYXOR ETF MSCI EMU SMALL CAP
prospectus (attached in Appendix I) and of the bylaws of LYXOR ETF MSCI EMU SMALL CAP (attached in
Appendix II) as approved by the Financial Markets Authority on 11 March 2005.

The units are of the same category.


2.2.3 Negotiability of the units


Listed on the Euronext Paris SA Eurolist, the units of LYXOR ETF MSCI EMU SMALL CAP will be listed in a
particular listing group, the operating rules of which will be defined in the instructions published by
Euronext Paris SA as shown below:
- Instruction N4-01 “Negotiation Manual for Euronext Equity Markets »
- Appendix to instruction N°4-01 “Negotiation Manual for Euronext Equity Markets”
- Instruction N3-03 “Listing of Index-based Mutual Funds”


With reference to Decree N° 89-624 of 6 September 1989 as modified (article 1), whereby the shares or
units of undertakings for the collective investment of transferable securities can be listed for quotation
provided that the use of funds have established a mechanism that prevents the stock market price of the
shares or units from diverging significantly from their net asset value, with the following operational
rules, determined by Euronext Paris SA, applying to the listing of the units of LYXOR ETF MSCI EMU
SMALL CAP:
- reservation thresholds are set by applying a variation percentage of 1.50% to either side of the
    approximate net asset value of LYXOR ETF MSCI EMU SMALL CAP, calculated by Euronext Paris SA,
    and updated in an estimated manner during the session according to the changes to the MSCI EMU
    Small Cap™ index;
- negotiation is suspended in case of the calculation of the approximate net asset value, and thus the
    updating of the above thresholds, becomes impossible, i.e. in the following cases:
        - discontinuation of the listing or calculation of the MSCI EMU Small Cap™ index;
        - unavailability for Euronext Paris SA of the price of the MSCI EMU Small Cap™ index;
        - impossibility for Euronext Paris SA to obtain the daily net asset value of LYXOR ETF MSCI EMU
        SMALL CAP.

Similarly, the “Market Maker” financial establishments mentioned in 2.1.8 above will ensure that the
stock market price of the LYXOR ETF MSCI EMU SMALL CAP units do not vary by more than 1.50% from
the approximate net asset value of LYXOR ETF MSCI EMU SMALL CAP, in order to respect the reservation
thresholds set by Euronext Paris SA.



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2.2.4 Registration in the account - delivery of the units

The units can be bearer or registered units, at the choice of the subscriber.
They will be the subject of an application for admission to the Euroclear France S.A. operations and will
be listed in the account as of 4 April 2005 under the ISIN code FR0010168773.

The rights of the unit holders will be represented by a registration, in their name, with the LYXOR ETF
MSCI EMU SMALL CAP management company for registered securities and with the intermediary of their
choice for bearer securities.


2.2.5 Fiscal regimen of the units

The attention of investors is drawn to the fact that this information is only a summary of the currently
applicable fiscal regimen and that, on the one hand, this fiscal regimen is subject to change and, on the
other hand, their particular situation must be studied with their usual adviser.

In the current state of French legislation, the following fiscal regimen is applicable:

2.2.5.1 French residents

2.2.5.1.1 Natural person bearers

(a) Distributions

The revenues collected by the fund and distributed to the bearers retain their original natures
(dividends, bond earnings, interest on receivables or deposits, etc.) and are taxable in the hands of the
bearers according to their nature.

Thus, in particular:
• Sums distributed that are of the nature of share dividends (“share coupon”) and corresponding with
earnings distributed by companies subject to corporate tax or an equivalent tax and which have their
head office in France, in another State of the European Community or in a State or territory having
signed, with France, a convention in order to avoid double taxation and resulting from a proper decision
of the competent bodies, are entitled to:
- an exemption of 50%1(half-basis) of the distributed earnings, with no limitation to its amount2;
- the annual exemption applicable to earnings from French equities. The exemption is currently €1220
for people who are single, widowed, divorced or married and taxed separately, and €2440 for couples
subject to joint taxation. This exemption is applicable after taking into account the above-mentioned
50% exemption;
- a tax credit equal to 50% of the distributed earnings, before application of the above-mentioned 50%
exemption and of the general exemption, with an annual ceiling of €115 for people who are single,
divorced or widowed, and €230 for couples subject to joint taxation.

After the possible application of the 50% exemption (half-basis) on the distributed earnings, the share
coupon distributed by the fund is taken into account for the determination of the taxpayer’s overall
earnings in the category of transferable capital and is subject to:
 - after the general exemption (i.e. €1220 or €2440), the progressive income tax schedule,


1
  The distributions made by the fund will not result in an entitlement to the 50% exemption. The fund can nevertheless transfer to its
unit holders the benefit of the exemption in an amount equal to the earnings creating this right (whether earnings collected directly by
the fund or through another fund), provided that it creates a specific coupon
2
  Earnings distributed as of 1 January 2009 lined by companies that do not have their head office in a State of the European Union will
only entail entitlement to the 50% exemption if the tax convention signed with France includes an administrative assistance clause in
order to combat fraud and tax evasion
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- the generalized social contribution of 8.2% (deductible from the taxable income up to 5.8%) (article
1600-0 C, 1600-0 E and 154 (part five) II of the General Tax Code (“GTC”)),

- the social collection of 2% (article 1600-0 F of the GTC),

- the autonomy solidarity contribution of 0.30% in addition to the social collection of 2%;

- the 0.5% collection for the reimbursement of the social debt (articles 1600-0 G to 1600-0 M of the GTC).

The tax credit will be applicable to the income tax and any possible access will be reimbursable.




Share coupons corresponding with dividends from foreign equities can be subject to a withholding at
the source, in the State that is the source of the dividends. The foreign withholding at the source can, as
relevant, be reduced (even eliminated) by the convention between the source State of the dividends and
France (on the level of the fund itself or, failing that, on the level of the bearers, at their own initiative).

Under certain conditions and within certain limits, unit holders can possibly benefit from conventional
tax credits relating to earnings collected by the fund and redistributed (article 199 (3) A of the GTC).

Share coupons corresponding with dividends from foreign equities, possibly reduced by the
withholding at the source and increased by conventional tax credits possibly transferred to the bearer,
are subject, after possible application of the 50% exemption (half basis), to the progressive income tax
schedule, to the generalized social contribution of 8.2%, to the 0.5% contribution for the reimbursement
of the social debt, to the social collection of 2% and to the autonomy solidarity contribution of 0.30% .

Within certain limits, the tax credit transferred to the bearer is applied against the income tax.

• Distributed sums that have the nature of earnings from fixed revenue investments can possibly, and
optionally, benefit from a collection to discharge the income tax. The rate of the discharging collection
depends on the nature of the securities. It is 16%, plus the generalized social contribution, the
contribution to the reimbursement of the social debt, the social collection and the autonomy solidarity
contribution (i.e. an overall rate of 27%), for bond earnings.

In the absence of the discharging collection option, or should the option be impossible for the
discharging collection (notably if the debtor is residing or established outside of France or in case of
indexing of the investment), the bond coupon, less, as relevant, for coupons of foreign origin, the foreign
withholding at the source, is subject to the progressive income tax schedule, to the generalized social
contribution, to the contribution to the reimbursement of the social debt, to the social collection of 2%
and to the autonomy solidarity contribution of 0.30%.

The foreign withholding at the source can be reduced, or even eliminated, as relevant, in application of
international tax conventions.

(b) Capital gains

• Capital gains realised by the fund as part of its management will possibly be subject to taxation in
their source State. As relevant, this taxation may be eliminated in application of international tax
conventions.

In principle, these capital gains are not taxable either on the level of the fund or on that of the unit
bearers until the time of their realisation, provided that no natural person bearer of units holds, directly
or indirectly, more than 10% of the fund’s units (article 150-0 A, III-2 of the GTC).
                                                                                                            13
For information purpose only - Only the French version of this prospectus is binding


These capital gains, as well as all earnings not distributed by the fund, increase the net asset value of the
fund’s units.

• Capital gains resulting from the redemption or purchase of units by the bearer as part of the
management of his/her private estate are taxable if the annual amount of the sales of securities carried
out during the year exceeds, per fiscal household, a threshold of €15,000 (article 150-OA II 4 of the GTC).
They are taxable at an overall rate of 27%, i.e.:

- 16 % (article 200 A-2 of the GTC) for the income tax,

- 8.2 % for the generalized social contribution (articles 1600-OC and 1600 OE of the GTC),

- 2 % for the social collection (article 1600-OF b of the GTC),

- the autonomy solidarity contribution of 0.30% in addition to the social collection of 2%;

- 0.5 % for the contribution to the reimbursement of the social debt (articles 1600-OG to 1600-OM of the
GTC).

Capital losses suffered during the course of year at the time of the redemption or purchase of units by
the bearer as part of the management of his/her private estate can only be charged against capital gains
of a similar nature generated during the current year or the next 10 years. Of a similar nature are the
capital gains or losses relating to all securities and social rights mentioned in article 150-0 of the GTC
and to, notably, profits generated on the futures markets for financial instruments or commodities, on
the markets of negotiable options, profits derived from option coupons, profits derived from the sale or
redemption of the units of a mutual fund active on futures markets or its dissolution.

(c) Special regimens

Under certain conditions, the units can be subscribed as part of a Stock Savings Plan (“SSP”), as provided
for in law n°92-666 of 16 July 1992.

Under certain circumstances, the earnings collected and generated capital gains are then exempted from
income tax (but not from the generalized social contribution, the contribution to the reimbursement of
the social debt, the social collection of 2% and the autonomy solidarity contribution).

The following table summarizes the various taxes applicable on 1 January 2005, according to the SSP
closing date:

Lifespan of the SSP           Social         ASC           G.S.C.     C.R.S.D.       I.C.          Total
                            collection

Under 2 years                  2.0 %                       8.2 %       0.5 %       22.5 %        33.5 % (1)
                                            0.30%
Between 2 and 5 years          2.0 %        0.30%          8.2 %       0.5 %       16.0 %        27.0 % (1)

Greater than 5 years           2.0 %        0.30%          8.2 %       0.5 %        0.0 %         11.0 %

Greater than 8 years         2.0 % (2)      0.30%         8.2 % (5)   0.5 % (5)     0.0 %         11.0 %

(1) On all of the earnings in case of exceeding of the threshold for the sale of securities which is
currently set at €15,000, except when the closing is subsequent to the death of the plan’s holder, to the
attachment to another fiscal household of a disabled holder of a SSP or the foreign transfer of the
holder’s residence, or also in case of assignment of these sums to the creation or purchase of a company
within three months.

                                                                                                           14
For information purpose only - Only the French version of this prospectus is binding



(2) On a fraction of the amount of the annuity determined according to the beneficiary’s age, if the plan
is resolved by the payment of a life annuity.

2.2.5.1.2 Legal person bearers subject to corporate income tax

(a) Assessment difference

The fund’s units are assessed according to their net asset value at the closing of each financial year. The
net amount of the assessment differences is used for determining the results subject to corporate
income tax under ordinary law conditions (article 209-0 A of the GTC):

(1)      the earnings realised by companies generating a net of tax sales figure of under €7,630,000, the
entirely paid-up capital of which is 75% held by natural persons or companies which themselves meet
the conditions relative to the sales figure and holding of the capital, are subject to corporate income tax
at the reduced rate of 15% on a fraction of their profits, with a ceiling of €38,120, and to the ordinary law
rate for the part of the profits exceeding the ceiling, which currently stands at 33.33%, plus the
additional contribution equal to 1.5% for financial years ending in 2005 (this contribution is
discontinued for financial years closed as of 1 January 2006).

(2)     the earnings realised by legal persons subject to corporate income tax who do not meet the
above-mentioned conditions relative to the sales figure and holding of the capital are subject to
corporate income tax at the ordinary law rate, which currently stands at 33.33%, plus the additional
contribution equal to 1.5% for financial years ending 2005 (this contribution is discontinued for
financial years closed as of 1 January 2006), as well as to a social contribution of 3.3% based on the
amount of the corporate income tax, less an exemption of €763,000.

However, article 209-0 A is not applicable when (i) the actual value of the asset is at least 90%
represented in a constant manner by shares, investment certificates and cooperative investment
certificates issued by companies having their head offices in the European Community and which are
subject to corporate income tax under ordinary law conditions or are subject to a comparable tax and (ii)
these securities are remunerated by means of distributions drawn from the profits.

(b) Distributions



The earnings distributed by the fund, less, as relevant, for foreign earnings, the withholding at the
source collected in the source State of the earnings, are subject to corporate income tax under the
ordinary law conditions (cf. (a) above), irrespective of their nature.

The foreign withholding at the source can, as relevant, be reduced or even eliminated by the convention
between the source State of the dividends and France (on the level of the fund itself or, failing that, on
the level of the bearers, at their own initiative).

Under certain conditions and within certain limits, unit holders can possibly benefit from conventional
tax credits relating to earnings collected by the fund and redistributed.



(c) Capital gains

Taxable capital gains resulting from the redemption or purchase of fund units are determined on the
basis of the acquisition or subscription price for the units, corrected by the amount of the net asset
value differences that were included in the taxable result in application of article 209-0 A of the GTC.
The acquisition or subscription price for the units is increased by the positive differences and
                                                                                                     15
For information purpose only - Only the French version of this prospectus is binding


decreased by the negative differences.
As determined, the capital gains are subject to corporate income tax under the ordinary law conditions
(cf. (a) above).



2.2.5.2 Non-residents of France

(a) Distributions

The revenues collected by the fund and distributed to the bearers retain their original natures
(dividends, bond earnings, interest on receivables or deposits, etc.) and can, as relevant, be subject to a
withholding at the source according to their nature.

As such, sums distributed and having the nature of dividends on French equities (the “share coupon”)
are, in principle, subject to a withholding at the source of 25% when the fiscal residence or head office of
the beneficiaries is outside of France. However, this withholding at the source can be reduced or
eliminated in application of international tax conventions.

Distributed sums having the nature of earnings from fixed revenue investments (“bond coupon”) of
French origin are subject to a mandatory collection, the rate of which depends on the nature of the
securities and which can be reduced, or even eliminated, in application of internal French law and
international tax conventions.

In principle, earnings from foreign sources distributed by the fund to non-resident bearers are not
subject to any withholding at the source in France.

Revenues from foreign sources collected by the fund and distributed to non-resident bearers may
possibly be subject to a withholding at the source by the State that is the source of the revenues. This
withholding at the source can be reduced, or even eliminated, as relevant, in application of international
tax conventions.

On the distributed sums (and, as relevant, and in the absence of an actual distribution), bearers who are
not French residents will be subject to the provisions of the applicable taxation legislation of their state
of residence, subject to the application of the international tax conventions.
(b) Capital gains

The taxation indicated in article 150-0 A II 4 of the GTC does not apply to capital gains realised by
persons who do not reside in France on a fiscal basis and who have not held, directly or indirectly, more
than 25% of the units at any time in the five years that preceded the redemption or sale of their units
(article 244 b C of the GTC).

Bearers who are not French residents will be subject to the provisions of the taxation legislation
applicable in their countries of residence, subject, as relevant, to the application of the international tax
conventions.




2.3 PLACE OF LISTING

2.3.1 Listing of the units

The units will be the subject of a request for listing for negotiation on the Euronext Paris SA Eurolist as
of 13 April 2005 (ISIN code: FR0010168773).

                                                                                                         16
For information purpose only - Only the French version of this prospectus is binding



2.3.2 Listing on other regulated markets

The units of LYXOR ETF MSCI EMU SMALL CAP will also be the subject of an application for listing for
negotiation on the MTF segment of the Milan stock exchange (Borsa Italiana SpA) and may subsequently
be the subject of an application request for listing on other regulated markets.


2.4 COMPETENT TRIBUNALS IN CASE OF DISPUTE

The competent tribunals in case of dispute are those with jurisdiction over the head office of Lyxor
International Asset Management when the latter is the defendant (i.e. the Nanterre Commercial Court or
High Court) and are appointed on the basis of the nature of the disputes, unless indicated otherwise in
the New Code of Civil Procedure.




                                                                                                   17
For information purpose only - Only the French version of this prospectus is binding


                                              CHAPTER III

                               INFORMATION OF A GENERAL NATURE
                            REGARDING LYXOR ETF MSCI EMU SMALL CAP


3.1 INFORMATION REGARDING LYXOR ETF MSCI EMU SMALL CAP

3.1.1 Corporate Name

LYXOR ETF MSCI EMU SMALL CAP.


3.1.2 Head office

LYXOR ETF MSCI EMU SMALL CAP is legally represented relative to third parties by its management
company, Lyxor International Asset Management, the head office of which is in the Société Générale
Tower, 17 cours Valmy, 92800 Puteaux, FRANCE.


3.1.3 Establishment date and duration of LYXOR ETF MSCI EMU SMALL CAP

LYXOR ETF MSCI EMU SMALL CAP was approved by the Financial Markets Authority on 11 March 2005.
The duration of LYXOR ETF MSCI EMU SMALL CAP is for 99 years as of its approval date by the FMA,
except in the cases of early dissolution or extension as indicated in the articles of association (attached
in Appendix II).


3.1.4 Legal Form - Existence of legal controllers

Mutual fund governed by the Monetary and Financial Code (Book II Title I Chapter IV) and its various
application texts.

The auditor of LYXOR ETF MSCI EMU SMALL CAP is: PricewaterhouseCoopers Audit, 32 rue Guersant,
75017 Paris represented by Mr. Jacques LEVI.


3.1.5 Management objective of LYXOR ETF MSCI EMU SMALL CAP


The management objective of LYXOR ETF MSCI EMU SMALL CAP is to reproduce the evolution of the MSCI
EMU Small Cap™ index while insofar as possible minimizing the tracking error between the fund’s
performances and those of the MSCI EMU Small Cap™ index.
The tracking error objective, calculated over a period of 52 weeks, is less than 1%.
Should the tracking error nevertheless be higher than 1%, the objective is still to remain below 5% of the
volatility of the MSCI EMU Small Cap™ index.

The reference indicator of the MF is the MSCI EMU Small Cap™ index, net dividends reinvested.


3.1.6 Register of Trade and Commerce

Not applicable.


3.1.7 Indication of the locations where the documents and information relative to LYXOR ETF
                                                                                                       18
For information purpose only - Only the French version of this prospectus is binding


MSCI EMU SMALL CAP can be consulted

Head office of LYXOR INTERNATIONAL ASSET MANAGEMENT, Société Générale Tower, 17 cours Valmy,
92800 Puteaux, FRANCE.


3.1.8 Companies Financial Year

Closing date: last Paris Market day in January.
First financial year from 1 April 2005 to 31 January 2006.


3.1.9 Allocation and Distribution of the earnings

Refer to the section “Allocation of the Earnings” from the complete prospectus (attached in Appendix I)
and to article 9 of the articles of association (attached in Appendix II).


3.2 INFORMATION OF A GENERAL NATURE REGARDING THE UNITS OF LYXOR ETF MSCI EMU
SMALL CAP

Refer to articles 1, 2 and 3 of the articles of association (attached in Appendix II).


3.3 CURRENT DISTRIBUTION OF THE UNITS OF LYXOR ETF MSCI EMU SMALL CAP

On 8 April 2005, the number of subscribed units of LYXOR ETF MSCI EMU SMALL CAP stood at 7000 units,
distributed as follows:

-   6999 unit: Société Générale;
-   1 unit: SG Option Europe.


3.4 ISSUER’S SECURITIES MARKET

As on 8 April 2005, no unit of LYXOR ETF MSCI EMU SMALL CAP has been the subject of a listing for
negotiation on one or more regulated markets.




                                                                                                     19
For information purpose only - Only the French version of this prospectus is binding


                                         CHAPTER IV
                            INFORMATION REGARDING THE ACTIVITY
                           OF THE LYXOR ETF MSCI EMU SMALL CAP MF


4.1 THE ACTORS OF THE LYXOR ETF MSCI EMU SMALL CAP MF

LYXOR ETF MSCI EMU SMALL CAP is a mutual fund governed by the Monetary and Financial Code (Book II
Title I Chapter IV). The fund was created on 1 April 2005 and approved by the Financial Markets
Authority on 11 March 2005. It is represented by Lyxor International Asset Management, a management
company approved by the COB on 12 June 1998 under the number GC 98-09.
Lyxor International Asset Management is a 99.9% subsidiary of Lyxor Asset Management, itself a 99.9%
subsidiary of Société Générale. Société Générale has been rated Aa2 by the Moody’s rating agency and
AA- by Standard & Poor’s.
Lyxor International Asset Management specialises in three business lines: index-based management,
structured management and structured alternative management. To this end, it employs the group’s
expertise and financial innovation. Lyxor International Asset Management has experienced sustained
growth since its creation and, with Lyxor Asset Management, it manages 1228 funds representing an
outstanding of €46.9 billion on 28 February 2005. The company employs approximately 160 people.

The Société Générale is one of the leading financial services groups in the euro zone. With 92,000 people
worldwide, its activities focus on three major business lines:
- Retail networks & Financial services which have more than 16 million customers in France and
   worldwide.
-   Asset management & Services for Investors, in which the Group is one of the main banks in the euro
    zone with €1,115 billion euros in conservation and €315 billion under management at the end of
    December 2004.
-  Financing & investment bank. SG CIB has been durably ranked amongst the European and worldwide
   leaders in the capital market in euros, derivative products and structured financing.
The Société Générale is one of the four main international sustainable development indices.

The purpose of LYXOR ETF MSCI EMU SMALL CAP is to reproduce, as faithfully as possible, the MSCI EMU
Small Cap™ stock market index. In a simple and practical manner, it allows any subscriber, just by
holding LYXOR ETF MSCI EMU SMALL CAP units, to benefit from the most faithful possible reproduction
of the performance of the MSCI EMU Small Cap™ stock market index.


4.2 MISCELLANEOUS COMMITMENTS

On its behalf, Lyxor International Asset Management has signed a brand licence contract with Morgan
Stanley Capital International.

The MF’s accounting management is provided by Euro-NAV.


4.3 SIGNIFICANT DISPUTES IN PROGRESS

Lyxor International Asset Management has no disputes in progress.

4.4 DESCRIPTION OF THE MSCI EMU VALUE SMALL CAP™

4.4.1 GENERAL INFORMATION ON THE MSCI EMU SMALL CAP™ INDEX

The MSCI EMU Small Cap™ index in an equity index calculated and published by MSCI.

                                                                                                     20
For information purpose only - Only the French version of this prospectus is binding


Created in 1969, MSCI, Morgan Stanley Capital International, is now the leader in the domain of the
construction and calculation of international stock market indices on equities, bonds and hedge funds.

An independent company of which the majority shareholder is Morgan Stanley and the minority
shareholder is The Capital Group Companies Inc., a Californian asset management company, each day
MSCI calculates some 10,000 standard indices.

With more than $3,000 billion of assets under management benchmarked to its indices worldwide, MSCI
is a leading actor on the international finance market.

The MSCI EMU Small Cap™ index is a subset of the MSCI EMU Standard™ equity index.
These two indices are “EMU” indices. This means that they only consider securities in the Euro zone.
The MSCI EMU Small Cap™ index has the basic characteristics of the MSCI “Small Cap” indices, i.e.:

a) universe of securities having a stock market capitalisation between 200 and 1,500 million dollars;
b) Adjustment of the securities in the index on the basis of the free-float
c) sector-based classification according to the GICS (Global Industry Classification Standard)
   classification.

The objective of the MSCI Standards indices is a 85% coverage of the stock market capitalisation,
adjusted to the free-float in each country and each group of industries.

a) Universe of securities included in the index

The index construction process begins on the country scale, with the identification of the universe of
eligible securities. Each security is assigned to the country in which it is registered. MSCI can then make
exceptions for securities that have as their main listing or that have as their priority business centre an
area other than the registration country.
All of the listed securities are classified according to the GICS sector-based classification; MSCI then
defines the eligible securities that satisfy criteria regarding their size, free-float and liquidity, and
selects from amongst them those comprising the Small Cap indices with the objective in mind of
representing 40% of the stock market capitalisation, and each country and each group of industries.
The securities eligible for inclusion have a capitalisation of between 200 and 1,500 million dollars.

b) Adjustment of the securities in the index on the basis of the free-float

MSCI calculates an equity’s free-float by taking into account the number of shares issued and in
circulation, less the holdings considered to be strategic and the share of the company’s capital that is
closed to non-resident investors, if any. As an example, shares excluded from the free-float are those
held by governments, companies, shareholders with control of the company and their families, company
directors and shares subject to restrictions for foreign investors.

MSCI adjusts the weighting of the securities included in the indices by means of the free-float, using an
adjustment factor known as the “Inclusion Factor”. This Inclusion Factor is equal to the estimate of the
free-float of the equity in question, rounded to the highest 5% in most cases.


c) Sector-based classification according to the GICS (Global Industry Classification Standard)
classification.

The GICS sector-based classification (Global Industry Classification Standard) consists of 10 sectors, 24
industry groups, 64 industries and 139 sub-industries. The four classification levels are the following:




                                                                                                       21
For information purpose only - Only the French version of this prospectus is binding




                 10 sectors

          24 Industry groups

               64 industries

            139 sub-industries



Each company is assigned to a single sub-industry that corresponds with its main activity. As such, a
company belongs to a single sector, a single group of industries and a single industry, in compliance
with the GICS sector-based classification.

The classification of the companies follows a strict methodology:

-    a company is classified in the sub-industry of which the definition corresponds with the activity that
    generates at least 60% of its sales figure;
-    a company having 2 or more activities, neither of which accounts for more than 60% of its sales
    figure on its own, is classified in the sub-industry corresponding with the activity that generates the
    majority of its sales figure and profits;
-    should the above criteria not be met, additional analyses of a more qualitative nature are carried out.


4.4.2 COMPOSITION OF THE INDEX

Selection of securities in the MSCI EMU Small Cap™ index

The MSCI EMU Small Cap™ is an equity index that represents the most liquid securities in the euro zone,
having a capitalisation of between USD 200 million and 1.5 billions. (The employed Euro/Dollar
exchange rate is provided by the supplier of financial information flows, WM/Reuters. The rate is
determined at 5:00 p.m., Paris time). The objective of the MSCI EMU Small Cap™ index is to represent,
within the universe of securities having the required capitalisation, 40% of the total market value of each
Industry Group, in each country of the euro zone.

The MSCI methodology implies a variable number of constituents.


Composition

On 6 April 2005, the level of the MSCI EMU Small Cap™ index at the closing was 135.34 euros.
Its capitalisation stands at 114,377.86 million euros.
On 6 April, its composition was the following:

          Value                  Country      Place of listing        Industry           Weight in %
         NEOPOST                 FRANCE         Euronext Paris      Office electronics      1.75%
         UMICORE                 BELGIUM       Euronext Brussels       Aluminum             1.75%
        IHC CALAND             NETHERLANDS    Euronext Amsterdam    Oil & Gas Drilling      1.50%
                                                                       Commodity
           K&S                   GERMANY           Frankfurt                                1.32%
                                                                        Chemicals
                                                                         Industrial
           DCC                   IRELAND            Dublin                                  1.26%
                                                                     conglomerates
                                                                    Pharmaceutical
    STADA ARZNEIMITTEL           GERMANY           Frankfurt                                1.13%
                                                                         products
                                                                    Spare parts and
     NOKIAN RENKAAT              FINLAND           Helsinki                                 1.11%
                                                                        automobile
                                                                                                        22
For information purpose only - Only the French version of this prospectus is binding


                                                                equipment
                                                              Construction &
      WARTSILA B           FINLAND           Helsinki       Farm Machinery &       1.09%
                                                               Heavy Trucks
        KESKO B            FINLAND           Helsinki           Drug Retail        1.03%
                                                                Real Estate
 INMOBILIARIA COLONIAL      SPAIN            Madrid                                0.98%
                                                            Investment Trusts
         SCOR              FRANCE         Euronext Paris    Insurance Brokers      0.98%
                                                             Construction and
  BILFINGER + BERGER      GERMANY           Frankfurt                              0.92%
                                                                engineering
        JAZZTEL             SPAIN            Madrid         Alternative Carriers   0.86%
  P&O NEDLLOYD (KON.)    NETHERLANDS   Euronext Amsterdam   Maritime transport     0.88%
                                                               Commercial
      BUHRMANN           NETHERLANDS   Euronext Amsterdam                          0.85%
                                                                  Printing
    AMER-YHTYMAE A         FINLAND           Helsinki       Leisure Products       0.85%
                                                               Products for
        UPONOR             FINLAND           Helsinki                              0.85%
                                                             building industry
          OCE            NETHERLANDS   Euronext Amsterdam   Office electronics     0.82%
   DOUGLAS HOLDING        GERMANY           Frankfurt           Apparel Retail     0.83%
                                                                   Electrical
       BEKAERT             BELGIUM      Euronext Brussels      Components &        0.83%
                                                                  Equipment
                                                                 Real Estate
    VASTNED RETAIL       NETHERLANDS   Euronext Amsterdam                          0.81%
                                                             Investment Trusts
                                                               IT Consulting &
      GETRONICS          NETHERLANDS   Euronext Amsterdam                          0.79%
                                                               Other Services
                                                                Construction &
      VALLOUREC            FRANCE         Euronext Paris    Farm Machinery &       0.81%
                                                                Heavy Trucks
      FUGRO CERT         NETHERLANDS   Euronext Amsterdam     Oil & Gas Drilling   0.79%
                                                                     Mobile
       MOBILCOM           GERMANY           Frankfurt       telecommunication      0.77%
                                                                    services
       M-REAL B            FINLAND           Helsinki           Wood industry      0.78%
                                                                   Industrial
        CIR ORD             ITALY             Milan                                0.84%
                                                                conglomerates
                                                              Pharmaceutical
   ORION-YHTYMAE B         FINLAND           Helsinki                              0.78%
                                                                   products
     RAUTARUUKKI           FINLAND           Helsinki              Aluminum        0.74%
                                                                   Hotel and
         ELIOR             FRANCE         Euronext Paris                           0.73%
                                                                  restaurants
        IFI PRIV            ITALY             Milan         Consumer Finance       0.73%
                                                                 Health Care
    OMEGA PHARMA           BELGIUM      Euronext Brussels                          0.77%
                                                                  Equipment
  BOEHLER-UDDEHOLM         AUSTRIA           Vienna                Aluminum        0.72%
                                                                 Services for
         ACEA               ITALY             Milan                                0.77%
                                                                 communities
                                                                 Real Estate
      BENI STABILI          ITALY             Milan                                0.75%
                                                             Investment Trusts
 DAVIDE CAMPARI-MILANO      ITALY             Milan                 Brewers        0.71%
                                                                   Industrial
  AALBERTS INDUSTRIES    NETHERLANDS   Euronext Amsterdam                          0.69%
                                                                conglomerates
                                                                   Hotel and
      NH HOTELES            SPAIN            Madrid                                0.69%
                                                                  restaurants
                                                                   Industrial
  RHEINMETALL STAMM       GERMANY           Frankfurt                              0.66%
                                                                conglomerates
                                                                   Industrial
  RHEINMETALL VORZUG      GERMANY           Frankfurt                              0.66%
                                                                conglomerates
                                                                   Electronic
        BARCO              BELGIUM      Euronext Brussels         Equipment        0.66%
                                                                Manufacturers
ACKERMANS & VAN HAAREN     BELGIUM      Euronext Brussels   Consumer Finance       0.65%
   GROUPE BOURBON          FRANCE         Euronext Paris        Drug Retail        0.70%
                                                                Real Estate
     IVG IMMOBILIEN       GERMANY           Frankfurt                              0.64%
                                                            Investment Trusts
 ALTRAN TECHNOLOGIES       FRANCE         Euronext Paris      IT Consulting &      0.64%
                                                                                           23
For information purpose only - Only the French version of this prospectus is binding


                                                                Other Services
                                                                 Agricultural
   NUTRECO HOLDING         NETHERLANDS   Euronext Amsterdam                          0.62%
                                                                  Products
    REMY COINTREAU           FRANCE        Euronext Paris         Brewers            0.65%
                                                                 Health Care
      UNITED DRUG            IRELAND           Dublin                                0.62%
                                                                 Distributors
    BNB BANQUE NATL
                             BELGIUM      Euronext Brussels   Consumer Finance       0.61%
       BELGIQUE
         FYFFES              IRELAND           Dublin             Drug Retail        0.60%
                                                              Asset Management
      AWD HOLDING           GERMANY           Frankfurt                              0.57%
                                                               & Custody Banks
                                                                  Commodity
  TESSENDERLO CHEMIE         BELGIUM      Euronext Brussels                          0.61%
                                                                  Chemicals
ASSICURAZIONI MILANO ORD      ITALY            Milan          Insurance Brokers      0.61%
                                                                 Real Estate
         SILIC               FRANCE        Euronext Paris                            0.60%
                                                              Investment Trusts
   JURYS DOYLE HOTEL                                               Hotel and
                             IRELAND           Dublin                                0.60%
         GROUP                                                    restaurants
                                                                 Real Estate
       COFINIMMO             BELGIUM      Euronext Brussels                          0.58%
                                                              Investment Trusts
  BOSS (HUGO) VORZUG        GERMANY           Frankfurt             Textiles         0.56%
 LANE G.MARZOTTO ORD          ITALY            Milan               Textiles          0.57%
                                                                   Electrical
        NEXANS               FRANCE        Euronext Paris       Components &         0.56%
                                                                  Equipment
                                                                 Construction
   ITALMOBILIARE RNC          ITALY             Milan                                0.56%
                                                                   materials
    GRUPO CATALANA
                              SPAIN            Madrid         Insurance Brokers      0.55%
      OCCIDENTE
                                                                 Industrial
        FIMALAC              FRANCE        Euronext Paris                            0.54%
                                                               conglomerates
                                                                Commercial
        TECHEM              GERMANY           Frankfurt                              0.57%
                                                                  Printing
     STOCKMANN B             FINLAND          Helsinki        Department stores      0.54%
  AUTOSTRADA TORINO-
                              ITALY            Milan           Airport Services      0.53%
        MILANO
                                                                  Real Estate
 CA IMMOBILIEN ANLAGEN       AUSTRIA           Vienna                                0.54%
                                                              Investment Trusts
 BANCA POPOLARE INTRA         ITALY             Milan          Diversified Banks     0.54%
                                                                Integrated Oil &
        ERG SPA               ITALY            Milan                                 0.62%
                                                                      Gas
        EQUANT               FRANCE        Euronext Paris     Alternative Carriers   0.53%
                                                                  Commodity
        RHODIA               FRANCE        Euronext Paris                            0.52%
                                                                   Chemicals
                                                                 Construction &
        ANDRITZ              AUSTRIA           Vienna         Farm Machinery &       0.54%
                                                                 Heavy Trucks
                                                                 Software and
      FREENET.DE            GERMANY           Frankfurt                              0.52%
                                                               Internet services
       GERMANOS              GREECE            Athens            Apparel Retail      0.50%
      AAREAL BANK           GERMANY           Frankfurt       Diversified Banks      0.49%
    POHJOLA GROUP            FINLAND          Helsinki        Insurance Brokers      0.51%
      SALZGITTER            GERMANY           Frankfurt           Aluminum           0.49%
 GENERALE GEOPHYSIQUE        FRANCE        Euronext Paris      Oil & Gas Drilling    0.49%
      OKO BANK A             FINLAND          Helsinki        Diversified Banks      0.50%
                                                                 Health Care
      OPG GROEP A          NETHERLANDS   Euronext Amsterdam                          0.49%
                                                                 Distributors
    FLUGHAFEN WIEN           AUSTRIA           Vienna          Airport Services      0.49%
                                                               Integrated Oil &
       EURONAV               BELGIUM      Euronext Brussels                          0.48%
                                                                     Gas
                                                                   Electrical
      SGL CARBON            GERMANY           Frankfurt         Components &         0.47%
                                                                  Equipment
          CMB                BELGIUM      Euronext Brussels   Maritime transport     0.46%
                                                                  Electronic
         EPCOS              GERMANY           Frankfurt                              0.44%
                                                                  Equipment
                                                                                             24
For information purpose only - Only the French version of this prospectus is binding


                                                               Manufacturers
                                                             Conditionnements
 MAYR-MELNHOF KARTON        AUSTRIA           Vienna           en verre ou en       0.45%
                                                                    métal
       D’IETEREN            BELGIUM      Euronext Brussels      Wholesalers         0.45%
                                                               Semiconductor
   ASM INTERNATIONAL      NETHERLANDS   Euronext Amsterdam                          0.43%
                                                                 Equipment
       GEMPLUS              FRANCE        Euronext Paris        IT hardware         0.47%
                                                               Construction &
        KRONES             GERMANY           Frankfurt       Farm Machinery &       0.42%
                                                               Heavy Trucks
                                                               Construction &
         IWKA              GERMANY           Frankfurt       Farm Machinery &       0.43%
                                                               Heavy Trucks
                                                              Construction and
        IMTECH            NETHERLANDS   Euronext Amsterdam                          0.44%
                                                                engineering
                                                                 Agricultural
   GREENCORE GROUP          IRELAND           Dublin                                0.43%
                                                                  Products
                                                                 Application
       SOFTWARE            GERMANY           Frankfurt                              0.42%
                                                                  Software
                                                                Commercial
   LASSILA & TIKANOJA       FINLAND          Helsinki                               0.42%
                                                                  Printing
                                                                Real Estate
   BAIL INV. FONCIERE       FRANCE        Euronext Paris                            0.42%
                                                             Investment Trusts
BANCA POPOLARE ETRURIA       ITALY             Milan         Diversified Banks      0.41%
                                                               Construction &
SINGULUS TECHNOLOGIES      GERMANY           Frankfurt       Farm Machinery &       0.39%
                                                               Heavy Trucks
 VERSATEL TELECOM INTL
                          NETHERLANDS   Euronext Amsterdam   Alternative Carriers   0.39%
          NV
                                                                  Electrical
   CARBONE LORRAINE         FRANCE        Euronext Paris       Components &         0.36%
                                                                 Equipment
 JERONIMO MARTINS SGPS     PORTUGAL       Euronext Lisbon       Drug Retail         0.41%
                                                                  Hotel and
  CLUB MEDITERRANEE         FRANCE        Euronext Paris                            0.40%
                                                                 restaurants
                                                                  Industrial
      COFIDE ORD             ITALY             Milan                                0.38%
                                                               conglomerates
                                                                Real Estate
  URBIS (INMOBILIARIA)       SPAIN            Madrid                                0.40%
                                                             Investment Trusts
 SR TELEPERFORMANCE         FRANCE        Euronext Paris         Advertising        0.39%
                                                               Construction &
    KCI KONECRANES          FINLAND          Helsinki        Farm Machinery &       0.38%
                                                               Heavy Trucks
                                                                Health Care
 RHOEN-KLINIKUM STAMM      GERMANY           Frankfurt                              0.37%
                                                                Distributors
                                                              Pharmaceutical
      RECORDATI              ITALY             Milan                                0.40%
                                                                  products
 GUYENNE ET GASCOGNE        FRANCE        Euronext Paris        Drug Retail         0.36%
                                                                Health Care
RHOEN-KLINIKUM VORZUG      GERMANY           Frankfurt                              0.37%
                                                                Distributors
                                                                Commercial
      PROSEGUR               SPAIN            Madrid                                0.37%
                                                                   Printing
                                                                  Hotel and
    BETANDWIN.COM           AUSTRIA           Vienna                                0.38%
                                                                 restaurants
NORDDEUTSCHE AFFINERIE     GERMANY           Frankfurt            Aluminum          0.35%
                                                                Real Estate
 VASTNED OFFICES/IND’L.   NETHERLANDS   Euronext Amsterdam                          0.37%
                                                             Investment Trusts
       FINNLINES            FINLAND          Helsinki        Transport maritime     0.38%
      VOPAK (KON.)        NETHERLANDS   Euronext Amsterdam    Airport Services      0.36%
                                                                Health Care
         SORIN               ITALY             Milan                                0.35%
                                                                 Equipment
  HELLENIC EXCHANGES        GREECE            Athens         Consumer Finance       0.36%
                                                                Agricultural
        GLANBIA             IRELAND           Dublin                                0.34%
                                                                  Products
         TODS                ITALY             Milan              Textiles          0.34%
        URALITA              SPAIN            Madrid            Products for        0.34%
                                                                                            25
For information purpose only - Only the French version of this prospectus is binding


                                                            building industry
                                                                 Hotel and
 HYATT REGENCY HOTEL       GREECE            Athens                             0.34%
                                                                restaurants
                                                             Construction and
   TECHNICAL OLYMPIC       GREECE            Athens                             0.34%
                                                                engineering
                                                              Pharmaceutical
      FAES FARMA            SPAIN            Madrid                             0.33%
                                                                 products
                                                                Health Care
  GENERALE DE SANTE        FRANCE         Euronext Paris                        0.35%
                                                                Distributors
                                                             Construction and
    AMSTELLAND MDC       NETHERLANDS   Euronext Amsterdam                       0.33%
                                                                engineering
                                                               Construction &
       VOSSLOH            GERMANY           Frankfurt       Farm Machinery &    0.34%
                                                               Heavy Trucks
                                                                Agricultural
       VISCOFAN             SPAIN            Madrid                             0.34%
                                                                 Products
                                                              IT Consulting &
    GROUPE STERIA          FRANCE         Euronext Paris                        0.32%
                                                              Other Services
                                                             Construction and
 OBRASCON HUARTE LAIN       SPAIN            Madrid                             0.31%
                                                                engineering
                                                               Construction &
 PFEIFFER VACUUM TECH     GERMANY           Frankfurt       Farm Machinery &    0.32%
                                                               Heavy Trucks
       TRIGANO             FRANCE         Euronext Paris     Leisure Products   0.31%
        ALITALIA            ITALY             Milan         Airline companies   0.33%
  SPIR COMMUNICATION       FRANCE         Euronext Paris       Advertising      0.30%
       FIELMANN           GERMANY           Frankfurt         Apparel Retail    0.30%
                                                            Telecommunicatio
   INTRACOM COMMON         GREECE            Athens                             0.29%
                                                               n equipment
       TUBACEX              SPAIN            Madrid             Aluminum        0.29%
   ALMA MEDIA CORP II      FINLAND           Helsinki          Advertising      0.29%
                                                               Real Estate
       LOCINDUS            FRANCE         Euronext Paris                        0.29%
                                                            Investment Trusts
       CORTEFIEL            SPAIN            Madrid           Apparel Retail    0.29%
       CRUCELL           NETHERLANDS   Euronext Amsterdam    Biotechnology      0.31%
      FOLLI-FOLLIE         GREECE            Athens             Textiles        0.28%
                                                               Application
 UBISOFT ENTERTAINMENT     FRANCE         Euronext Paris                        0.28%
                                                                Software
         IPSOS             FRANCE         Euronext Paris       Advertising      0.27%
    TEN CATE (KON.)      NETHERLANDS   Euronext Amsterdam        Textiles       0.28%
     INNOGENETICS          BELGIUM      Euronext Brussels     Biotechnology     0.28%
                                                             Semiconductor
       S.O.I.T.E.C.        FRANCE         Euronext Paris                        0.26%
                                                                Equipment
                                                             IT Consulting &
        ORDINA           NETHERLANDS   Euronext Amsterdam                       0.27%
                                                             Other Services
       CAMAIEU             FRANCE         Euronext Paris      Apparel Retail    0.26%
                                                                Consumer
       RATIONAL           GERMANY           Frankfurt                           0.28%
                                                                Electronics
                                                                Hotel and
          SNAI              ITALY             Milan                             0.29%
                                                               restaurants
  EUROTUNNEL (PARIS)       FRANCE         Euronext Paris     Airport Services   0.27%
                                                             IT Consulting &
         ALTEN             FRANCE         Euronext Paris                        0.26%
                                                             Other Services
                                                               Health Care
       MEDIDEP             FRANCE         Euronext Paris                        0.25%
                                                               Distributors
                                                               Construction
       CEMENTIR             ITALY             Milan                             0.25%
                                                                 materials
    MIQUEL Y COSTAS         SPAIN            Madrid           Wood industry     0.24%
                                                               Commercial
     BACOU DALLOZ          FRANCE         Euronext Paris                        0.24%
                                                                 Printing
                                                               Agricultural
    RAISIO GROUP V         FINLAND           Helsinki                           0.24%
                                                                 Products
      AEM TORINO            ITALY             Milan             Electricity     0.24%
 CALTAGIRONE EDITORE        ITALY             Milan            Advertising      0.23%
       INGENICO            FRANCE         Euronext Paris        Electronic      0.23%
                                                                                        26
For information purpose only - Only the French version of this prospectus is binding


                                                                 Equipment
                                                               Manufacturers
                                                             Telecommunicatio
ELCOTEQ NETWORK CORP A      FINLAND          Helsinki                              0.23%
                                                                n equipment
                                                                 Consumer
  MCINERNEY HOLDINGS        IRELAND           Dublin                               0.23%
                                                                 Electronics
      GEMINA ORD             ITALY             Milan         Consumer Finance      0.23%
                                                                Commercial
        SOLVUS              BELGIUM      Euronext Brussels                         0.22%
                                                                   Printing
                                                                Products for
    PERMASTEELISA            ITALY             Milan                               0.23%
                                                              building industry
                                                                Commercial
DIS DEUTSCHER IND SERV.    GERMANY           Frankfurt                             0.22%
                                                                   Printing
         RUBIS              FRANCE        Euronext Paris             Gas           0.22%
         AMGA                ITALY             Milan                Gas            0.23%
                                                                Real Estate
        SPONDA              FINLAND          Helsinki                              0.22%
                                                             Investment Trusts
                                                              Construction and
    IMPREGILO ORD            ITALY             Milan                               0.22%
                                                                engineering
                                                              Spare parts and
         BERU              GERMANY           Frankfurt          automobile         0.22%
                                                                 equipment
                                                               Glass or metal
        VIDRALA              SPAIN            Madrid                               0.21%
                                                                 packaging
   EMPRESARIAL ENCE
                             SPAIN            Madrid           Wood industry       0.20%
       (GRUPO)
                                                               Semiconductor
        MELEXIS             BELGIUM      Euronext Brussels                         0.20%
                                                                 Equipment
                                                                Commercial
      BWT STAMM             AUSTRIA           Vienna                               0.20%
                                                                   Printing
   RODRIGUEZ GROUP          FRANCE        Euronext Paris      Leisure Products     0.20%
                                                                  Hotel and
     EURO DISNEY            FRANCE        Euronext Paris                           0.18%
                                                                 restaurants
                                                                 Agricultural
      BONDUELLE             FRANCE        Euronext Paris                           0.19%
                                                                  Products
    WEGENER CERT          NETHERLANDS   Euronext Amsterdam       Advertising       0.19%
                                                               Semiconductor
        AIXTRON            GERMANY           Frankfurt                             0.17%
                                                                 Equipment
                                                                Construction
  DYCKERHOFF VORZUG        GERMANY           Frankfurt                             0.19%
                                                                  materials
                                                             Asset Management
VAN DER MOOLEN HOLDING    NETHERLANDS   Euronext Amsterdam                         0.18%
                                                              & Custody Banks
  WCM BETEILIGUNGS &
                           GERMANY           Frankfurt       Consumer Finance      0.18%
       GRUND
    BARON DE LEY             SPAIN            Madrid              Brewers          0.18%
 IRISH CONTINENTAL UNIT     IRELAND           Dublin         Maritime transport    0.18%
  MYTILINEOS HOLDINGS       GREECE            Athens             Aluminum          0.17%
     ESCADA STAMM          GERMANY           Frankfurt           Textiles          0.17%
                                                              Pharmaceutical
        BOIRON              FRANCE        Euronext Paris                           0.17%
                                                                 products
      EUROPISTAS
                             SPAIN            Madrid          Airport Services     0.17%
    CONCESIONARIA
 EYDAP ATHENS WASUPP.       GREECE            Athens                Water          0.16%
                                                               Integrated Oil &
        EXMAR               BELGIUM      Euronext Brussels                         0.16%
                                                                     Gas
                                                                 Real Estate
   BABIS VOVOS INT’L        GREECE            Athens                               0.16%
                                                              Investment Trusts
                                                                  Electronic
       VAISALA A            FINLAND          Helsinki             Equipment        0.16%
                                                                Manufacturers
                                                               Spare parts and
        BREMBO               ITALY             Milan              automobile       0.16%
                                                                  equipment
    ATTICA HOLDINGS         GREECE            Athens          Maritime transport   0.16%
                                                                    Mobile
    SONAECOM SGPS          PORTUGAL       Euronext Lisbon    telecommunication     0.16%
                                                                   services

                                                                                           27
For information purpose only - Only the French version of this prospectus is binding


                                                               IT Consulting &
   GFI INFORMATIQUE         FRANCE        Euronext Paris                             0.16%
                                                               Other Services
      VAN DE VELDE          BELGIUM      Euronext Brussels         Textiles          0.15%
                                                                 Commodity
    PLASTIC OMNIUM          FRANCE        Euronext Paris                             0.15%
                                                                  Chemicals
                                                                 Agricultural
    HK-RUOKATALO A          FINLAND          Helsinki                                0.14%
                                                                   Products
                                                                 Application
   INFOGRAMES ENTMT         FRANCE        Euronext Paris                             0.14%
                                                                   Software
                                                                 Commercial
    ASSYSTEM BRIME          FRANCE        Euronext Paris                             0.14%
                                                                   Printing
 ROULARTA MEDIA GROUP       BELGIUM      Euronext Brussels       Advertising         0.14%
         LAURUS           NETHERLANDS   Euronext Amsterdam       Drug Retail         0.16%
     IMPRESA SGPS          PORTUGAL       Euronext Lisbon         Advertising        0.14%
                                                             Telecommunicatio
          SIRTI              ITALY             Milan                                 0.13%
                                                                 n equipment
                                                              Carrier, air freight
NORBERT DENTRESSANGLE       FRANCE        Euronext Paris                             0.14%
                                                                 and logistics
                                                                Retail sales by
       BEATE UHSE          GERMANY           Frankfurt                               0.13%
                                                                   catalogue
                                                                 Services for
   SECHILIENNE SIDEC        FRANCE        Euronext Paris                             0.13%
                                                                 communities
 ETAM DEVELOPPEMENT         FRANCE        Euronext Paris        Apparel Retail       0.13%
                                                                   Industrial
     INDUS HOLDING         GERMANY           Frankfurt                               0.13%
                                                                conglomerates
                                                             Asset Management
UNION FINANC. DE FRANCE     FRANCE        Euronext Paris                             0.13%
                                                              & Custody Banks
     CDB WEB TECH                                            Asset Management
                             ITALY             Milan                                 0.13%
     INVESTMENTS                                              & Custody Banks
                                                                 Products for
VILLEROY & BOCH VORZUG     GERMANY           Frankfurt                               0.13%
                                                              building industry
   ERGO PREVIDENZA           ITALY             Milan         Insurance Brokers       0.12%
                                                               IT Consulting &
    DELTA SINGULAR          GREECE            Athens                                 0.13%
                                                               Other Services
                                                              Construction and
    TEIXEIRA DUARTE        PORTUGAL       Euronext Lisbon                            0.12%
                                                                 engineering
                                                               IT Consulting &
        DATAMAT              ITALY             Milan                                 0.12%
                                                               Other Services
                                                             Telecommunicatio
         BALDA             GERMANY           Frankfurt                               0.12%
                                                                 n equipment
                                                                 Commercial
  EUROFINS SCIENTIFIC       FRANCE        Euronext Paris                             0.12%
                                                                    Printing
                                                             Asset Management
      MELIORBANCA            ITALY             Milan                                 0.12%
                                                              & Custody Banks
                                                                Construction &
           LISI             FRANCE        Euronext Paris     Farm Machinery &        0.12%
                                                                Heavy Trucks
                                                             Asset Management
      BOURSORAMA            FRANCE        Euronext Paris                             0.12%
                                                              & Custody Banks
   GERRY WEBER INT’ L      GERMANY           Frankfurt              Textiles         0.12%
                                                                Construction &
          KYRO              FINLAND          Helsinki        Farm Machinery &        0.12%
                                                                Heavy Trucks
                                                                 Health Care
          IASO              GREECE            Athens                                 0.12%
                                                                  Distributors
                                                             Conditionnements
   MAILLIS MICHAEL J. B     GREECE            Athens            en verre ou en       0.11%
                                                                     métal
                                                                   Hotel and
  QUICK RESTAURANTS         BELGIUM      Euronext Brussels                           0.12%
                                                                  restaurants
                                                               Pharmaceutical
    VIRBAC (SOCIETE)        FRANCE        Euronext Paris                             0.11%
                                                                   products
                                                                  Application
     UNIT 4 AGRESSO       NETHERLANDS   Euronext Amsterdam                           0.12%
                                                                   Software
      GRUPPO COIN            ITALY             Milan            Apparel Retail       0.11%
                                                              Spare parts and
       MONTUPET             FRANCE        Euronext Paris          automobile         0.11%
                                                                  equipment

                                                                                             28
For information purpose only - Only the French version of this prospectus is binding


                                                                                    Construction &
   PINGUELY-HAULOTTE                   FRANCE                  Euronext Paris    Farm Machinery &     0.10%
                                                                                    Heavy Trucks
                                                                                     Commercial
        FIERA MILANO                    ITALY                      Milan                              0.11%
                                                                                       Printing
      EGNATIA BANK                     GREECE                     Athens          Diversified Banks   0.11%
                                                                                  Construction and
  AKTOR CONSTRUCTION                   GREECE                     Athens                              0.11%
                                                                                     engineering
                                                                                 Asset Management
         DAB BANK                      GERMANY                   Frankfurt                            0.09%
                                                                                  & Custody Banks
  ALUMINIUM OF GREECE                  GREECE                     Athens              Aluminum        0.10%
                                                                                      Electronic
   SAES GETTERS RNC                     ITALY                      Milan              Equipment       0.09%
                                                                                    Manufacturers
                                                                                     Application
         COMPTEL                       FINLAND                    Helsinki                            0.09%
                                                                                       Software
                                                                                     Health Care
          AUDIKA                       FRANCE                  Euronext Paris                         0.09%
                                                                                      Equipment
                                                                                   IT Consulting &
   ECONOCOM GROUP                      BELGIUM               Euronext Brussels                        0.08%
                                                                                   Other Services
                                                                                     Commercial
PENAUILLE POLYSERVICES                 FRANCE                  Euronext Paris                         0.08%
                                                                                       Printing
  SIDENOR STEEL PROD &
                                       GREECE                     Athens             Aluminum         0.08%
           MAN
 WATERFORD WEDGWOOD                                                                  Consumer
                                       IRELAND                    Dublin                              0.08%
           UNIT                                                                      Electronics
      ZAPF CREATION                    GERMANY                   Frankfurt        Leisure Products    0.07%
                                                                                  Construction and
   MICHANIKI COMMON                    GREECE                     Athens                              0.07%
                                                                                    engineering
 LAMBRAKIS PRESS ORG.                  GREECE                     Athens             Advertising      0.07%
ELVAL ALUMINUM PROCESS                 GREECE                     Athens            Aluminum          0.07%
                                                                                    Agricultural
 CHIPITA INTERNATIONAL                 GREECE                     Athens                              0.07%
                                                                                     Products
   FG EUROPE COMMON                    GREECE                     Athens           Apparel Retail     0.07%



Investors will find additional information and the index methodology on the MSCI web site
www.msci.com, by calling the MSCI customer services on 01 53 77 70 17 or by writing to the following e-
mail address: msciclientfeedback@msci.com


4.4.3 INDEX CALCULATION

4.4.3.1 CALCULATION OF THE BARE INDEX

The MSCI EMU Small Cap™ index is an index that is weighted by the stock market capitalization.
The official calculation formula for the levels of the MSC indices is described below. The index level on
date t is equal to the level index on t-1 multiplied by the variation in the stock market capitalization
between t-1 and t, with this being, as relevant, adjusted to account for any possible securities operation:


                          n

                         ∑ Price(i)
                         i =1
                                         t   ∗ Number of Shares(i) t −1 * FIF ∗ ADJ(i) t
Index t = Index t −1 ∗           n

                                ∑ Price(i)
                                i =1
                                                t −1   ∗ Number of Shares(i) t −1 * FIF
where

t = calculation date
Price(i) t = closing price of security i on the date t
Number of Shares (i) t = number of securities using the index on date t
                                                                                                              29
For information purpose only - Only the French version of this prospectus is binding


FIF = representative inclusion factor of the free-float (between 0 and 1)
ADJt = Price of the security before the effective date of the security operation
        Theoretical price after the effective date of the security operation

MSCI uses a price adjustment factor (“adjustment factor”, ADJt) to account for possible security
operations impacting the constituents - for example, at the time of a capital increase or share division -
and to correct their impact.

Share prices

The official MSCI are indices that are continuously calculated from 9 a.m. to 5:30 p.m. (Paris time) for
which MSCI calculates a closing price using the official closing prices from the stock markets in which
the constituent securities are listed.

Publication

The MSCI EMU Small Cap™ index is also calculated in real-time on each Market day.

The MSCI EMU Small Cap ™ index is available in real-time via Reuters and Bloomberg.

Via Reuters:   .MSCIEM000S
Via Bloomberg: MXEM000S

The closing price of the MSCI EMU Small Cap™ index is available on the MSCI Internet site: www.msci.com
and on the Internet site www.masterunit.com.

4.4.3.2. CALCULATION OF THE PROFITABILITY INDICES
The profitability indices are calculated at the closing of the markets.
Two profitability measurements are calculated: the net profitability index and the overall profitability
index. The net (respectively, overall) profitability index takes into account the re-investment of net (or
overall, i.e. tax credits) dividends.


4.4.4 REVISIONS OF THE INDEX

The MSCI EMU Small Cap™ index is reviewed twice each year, at the end of May and November.
During each review, the objective of the index’s continuity and of minimising useless changes remains
in effect.
The half-yearly reviews of the indices are intended to reflect the changes that impact the stock market
capitalisation of the constituents (number of securities, free-float) and their sector-based classification.
The main changes in the structure of a company’s capital can be implemented in real-time (merger-
acquisition, large issuing of rights or IPOs…).
The index revision rules are published by MSCI and available on the MSCI Internet site: www.msci.com


4.4.5 CHANGE OF INDEX

The management company reserves the right, with the approval of the Financial Markets Authority, and
provided that it feels that this is in the interests of holders of units of the LYXOR ETF MSCI EMU SMALL
CAP fund, to replace the MSCI EMU Small Cap™ index with another index:
- if the MSCI EMU Small Cap™ index ceases to exist;
- if a new index replacing the MSCI EMU Small Cap™ index should appear, based on after an opinion from
at least one independent expert;
- if, in the opinion of the management company, a new index leading to a better valuation of the
investment of the bearers of units of the LYXOR ETF MSCI EMU SMALL CAP should appear; objective
financial criteria, namely greater liquidity, reduced expenses and a more efficient secondary market will
                                                                                                     30
For information purpose only - Only the French version of this prospectus is binding


serve as the basis for this decision;
- should it become difficult to invest in the securities comprising the MSCI EMU Small Cap™ index, or
should a part of the securities comprising the MSCI EMU Small Cap™ offer limited liquidity, after the
opinion of an independent expert;
- if MSCI increases its licensing fees to a level that is considered to be too high by the management
company, after the opinion of an independent expert;
- if, in the opinion of the management company, the quality (including the precision and availability of
the data) of the MSCI EMU Small Cap™ index should prove to be deteriorated, after the opinion of an
independent expert;
- if the instruments and techniques used to ensure good management of the portfolio as necessary for
the implementation of the LYXOR ETF MSCI EMU SMALL CAP investment policy are not available, after the
opinion of an independent expert.

The management company has the right to change the name LYXOR ETF MSCI EMU SMALL CAP in case of
a change of Index. Any change of index, change of name of LYXOR ETF MSCI EMU SMALL CAP or
modification made to this prospectus must beforehand be approved by the of the Financial Markets
Authority and will be the subject of a publication in a economic and financial daily newspaper
distributed in France.



4.5 INDEX REPLICATION METHOD

In order to reproduce the performance of the MSCI EMU Small Cap™ index, LYXOR ETF MSCI EMU SMALL CAP
can hold shares comprising the index in the proportion of the basket of the MSCI EMU Small Cap™ index. Alternatively
and principally, it can also have recourse to all financial instruments, whether futures or not, allowing it to reproduce the
performance of the MSCI EMU Small Cap™ index:
- “equity linked swaps”: these are future financial instruments negotiated over-the-counter, and used to
exchange performances of shares or baskets of shares comprising, as relevant, indices, and/or revenues.
For example, LYXOR ETF MSCI EMU SMALL CAP can sign an equity linked swap whereby it will exchange the
revenues and performances of the shares held directly by the fund versus the revenues and performances of a basket of
shares that precisely replicate the MSCI EMU Small Cap™ index. In compliance with the applicable regulations,
these equity linked swaps (i) will be signed with establishments having the capacity of custodians for
undertakings for the collective investment of transferable securities or a lending institution with its
head office in an OECD member country, (ii) will always be the subject of an assessment at the market
price, (iii) cannot be binding on the assets of LYXOR ETF MSCI EMU SMALL CAP more than once, which
means that the market value of these equity-linked swaps will never be negative for the fund in an
amount greater than its assets and (iv) can be revoked at any time at the request of the management
company;
- debt instruments (notably bonds, negotiable debt instruments or “Euro Medium Term Notes”), negotiated or not on a
regulated market, that include indexing clauses that reproduce the performance of the MSCI EMU Small Cap™ index.
In compliance with the applicable regulations, securities not negotiated on a regulated market will never
represent more than 10% of the assets of LYXOR ETF MSCI EMU SMALL CAP.
As the objective of LYXOR ETF MSCI EMU SMALL CAP is to replicate the performance of the MSCI EMU
Small Cap™ as closely as possible on a day-to-day basis, the financial manager of LYXOR ETF MSCI EMU
SMALL CAP will refrain from any strategy intended to obtain, at the cost of a certain risk of non-
replication of MSCI EMU Small Cap™ index, a performance better than that of MSCI EMU Small Cap™.

Moreover, LYXOR ETF MSCI EMU SMALL CAP will at all times respect the asset constraints that allow it to
be purchased as part of a Securities Savings Plan (SSP). In particular, in case of contribution in kind of
MSCI EMU Small Cap™ baskets of shares, the fund will forthwith, insofar as necessary, carry out new
adjustments of its assets in order to constantly respect the fiscal constraints indicated above. The
financial instruments described above allow the dissociation between the composition of the assets of LYXOR ETF
MSCI EMU SMALL CAP, which alone are taken into account for the application of the fund’s eligibility criteria for
SSP, and its management objective, i.e. the closest possible replication of the MSCI EMU Small Cap™. This is a
common practice of management companies active in the Paris marketplace.
                                                                                                                        31
For information purpose only - Only the French version of this prospectus is binding


More precisely, on 29 March 2005, the SSP eligibility constraints (which can be subject to subsequent
modifications) imply that the assets of LYXOR ETF MSCI EMU SMALL CAP are at all times a minimum of
75% securities and rights which are themselves SSP-eligible, i.e. the shares of companies having their
head offices in France or in another European Union State, and which are subject to corporate income tax
or an equivalent tax under ordinary law conditions.

To uncouple the composition of the fund’s assets and its management objective, the fund will notably
have to use the financial instruments mentioned above. In this regard, there is no difficulty in finding
the necessary counterparties or issuers, notably within the Société Générale Group. The characteristics
of the financial instruments will notably depend on the portfolio of shares held by the fund. The choice
of the equity portfolio and of the financial instruments will be made such as to replicate, as closely and
as economically as possible, the performances of the MSCI EMU Small Cap™ index.


RISK FACTORS

Investors must be aware of the following risks. Moreover, as the following developments do not
constitute an exhaustive list of all risk factors linked to the acquisition of LYXOR ETF MSCI EMU SMALL
CAP units, the investor is invited to formulate his/her own opinion as to the timeliness of the envisaged
investment and to contact his/her usual advisers before any acquisition of LYXOR ETF MSCI EMU SMALL
CAP units.

Nothing guarantees that the management objective of LYXOR ETF MSCI EMU SMALL CAP, as mentioned in
the complete prospectus of LYXOR ETF MSCI EMU SMALL CAP approved by the Financial Markets
Authority on 11 March 2005, will be reached. Indeed, no asset or financial instrument will allow an
automatic and continuous replication of the MSCI EMU Small Cap™ index. Changes involving the assets
of the MF and any re-weighting of the MSCI EMU Small cap™ index can result in miscellaneous
transaction or friction costs. Moreover, the total yield resulting from the investments in the securities
comprising the MSCI EMU Small Cap™ index will be decreased by certain costs and expenditures which
are not included in the determination of the MSCI EMU Small cap™ index. Similarly, LYXOR ETF MSCI EMU
SMALL CAP will not be able to perfectly reproduce the performance of the MSCI EMU Small Cap™ index
notably because of the temporary unavailability of certain securities comprising the MSCI EMU Small
Cap™ index or due to exceptional circumstances that might result in distortions in the weighting of the
MSCI EMU Small Cap™ index. Moreover, in case of temporary suspension or interruption of the listing of
the securities comprising the MSCI EMU Small cap™ index or in case of market malfunctions, it may
prove impossible to re-balance the LYXOR ETF MSCI EMU SMALL CAP securities portfolio.

It may be impossible to calculate the net asset value and therefore the adjustment of LYXOR ETF MSCI
EMU SMALL CAP:
- in case of the closing of certain stock exchanges (as indicated in the complete prospectus, attached in
Appendix I);
- in case of force majeure (for example, notably, in case of natural catastrophes or terrorist threats),
making it impossible to sell or assess the LYXOR ETF MSCI EMU SMALL CAP assets or which would make
such an operation contrary to the interests of the bearers;
- during any breakdown, outside of the control of the management company, involving the
communication equipment normally used to determine the price or value of the LYXOR ETF MSCI EMU
SMALL CAP assets;
- if, despite the efforts made by the management company to always act in the interests of the bearers
and for any reason independent of the management company, it should prove impossible to quickly and
precisely calculate the value of any LYXOR ETF MSCI EMU SMALL CAP asset.
In such situations, subscriptions or redemptions in kind or in cash of the units of LYXOR ETF MSCI EMU
SMALL CAP will not be possible.

The value of the LYXOR ETF MSCI EMU SMALL CAP units and revenues could increase or decrease
according to the value of the securities in which LYXOR ETF MSCI EMU SMALL CAP invests.

                                                                                                      32
For information purpose only - Only the French version of this prospectus is binding


Lyxor International Asset Management has a brand licence granted by the company MSCI for a duration
of 5 years. Nothing guarantees that Lyxor International Asset Management will obtain the renewal of this
licence upon the expiry of the above-mentioned term. In case of non-renewal of this licence, Lyxor
International Asset Management will inform the bearers of units of LYXOR ETF MSCI EMU SMALL CAP, by
means of a publication in a economic and financial daily newspaper generally distributed in France, of
this non-renewal as well as of the possible consequences that such a non-renewal could have on the
units of LYXOR ETF MSCI EMU SMALL CAP that they hold.

Should the MSCI EMU Small Cap™ index cease to exist, the managers of LYXOR ETF MSCI EMU SMALL CAP
reserve the right, (i) if they feel that no other index could be used to replace the MSCI EMU Small Cap™
index, (ii) in the case where approval of the Financial Markets Authority is not obtained for the
replacement of the MSCI EMU Small Cap™ index by another index, or (iii) if they feel that the economic
interests of the bearers of the LYXOR ETF MSCI EMU SMALL CAP units is not preserved if the MSCI EMU
Small Cap™ index were to be replaced with another index, to carry out the liquidation of LYXOR ETF MSCI
EMU SMALL CAP and to pay, whenever possible, the net asset value of the LYXOR ETF MSCI EMU SMALL
CAP fund’s unit.

The distribution of this prospectus and the offer or purchase of LYXOR ETF MSCI EMU SMALL CAP units
can be subject to restrictions in certain countries. This prospectus constitutes neither an offer nor
canvassing on the initiative of any person, in all countries in which this offer or canvassing would be
illegal, or in which the person making this offer or carrying out this canvassing does not meet the
conditions required for this purpose or targeting any person relative to whom it would be illegal to
formulate this offer or whom it would be illegal to canvas.




                                                                                                    33
For information purpose only - Only the French version of this prospectus is binding


LYXOR ETF MSCI EMU SMALL CAP (the “Fund”) is in no way sponsored, endorsed, sold or promoted by
Morgan Stanley Capital International Inc. (“MSCI”), nor by any MSCI subsidiary, nor by any of the entities
involved in the preparation of the MSCI indices. The MSCI indices are the exclusive property of MSCI and
the MSCI indices are brands belonging to MSCI or its subsidiaries and have been the subject of a licence
granted, for certain requirements, to Lyxor International Asset Management. Neither MSCI, nor any MSCI
subsidiary, nor any of the entities involved in the preparation and calculation of the MSCI indices makes
any declaration or issues any express or implicit guarantee relative to holders of the fund’s units or
more generally to the public, with regard to the timeliness of a transaction involving mutual fund units
in general or the Fund’s units in particular, or regarding the ability of any MSCI index to replicate the
performance of the overall equity market. MSCI or its subsidiaries are the owners of certain names,
registered trademarks and of the MSCI that are determined, composed and calculated by MSCI without
discussion with Lyxor International Asset Management or the Fund. Neither MSCI, nor any MSCI
subsidiary, nor any of the entities involved in the preparation of the MSCI indices, is required to take
into account the requirements of Lyxor International Asset Management or of the holders of the Fund’s
units when determining, composing or calculating the MSCI indices. Neither MSCI, nor any MSCI
subsidiary, nor any of the entities involved in the preparation of the MSCI indices makes any decision
regarding the launch date, the price, the quantity of the Fund’s units, or even the determination and
calculation of the formula used to establish the Fund’s net asset value. Neither MSCI, nor any MSCI
subsidiary, nor any of the entities involved in the preparation of the MSCI indices, assumes any liability
or obligation regarding the administration, management or marketing of the Fund.

THOUGH MSCI OBTAINS INFORMATION FOR INTEGRATION OR USE IN THE CALCULATION OF THE
INDICES FROM SOURCES THAT MSCI CONSIDERS TO BE RELIABLE, NEITHER MSCI NOR ANY OTHER PARTY
INVOLVED IN THE CREATION OR CALCULATION OF THE MSCI INDICES GUARANTEES THE EXACTNESS
AND/OR EXHAUSTIVE NATURE OF THE INDICES OR OF ANY INCLUDED DATA.NEITHER MSCI NOR ANY
OTHER PARTY INVOLVED IN THE CREATION OF A CALCULATION FOR THE MSCI INDICES GIVES ANY
EXPRESS OR IMPLICIT GUARANTEE REGARDING THE RESULTS THAT MAY BE OBTAINED BY THE HOLDER
OF A MSCI LICENCE, THE CUSTOMERS OF THE SAID LICENSEE AS WELL AS THE COUNTERPARTS,
SHAREHOLDERS IN THE FUND OR ANY OTHER PERSON OR ENTITY, BASED ON THE USAGE OF THE INDICES
OR OF ANY DATA INCLUDED WITH REGARD TO THE RIGHTS GRANTED BY LICENCE OR FOR ANY OTHER
USAGE. NI MSCI NI AUCUNE AUTRE PARTIE NE DONNE DE GARANTIES EXPRESSES OU IMPLICITES ET MSCI
REJETTE TOUTES GARANTIES SUR LA VALEUR COMMERCIALE OU SUR L’ADEQUATION POUR UNE
UTILISATION SPECIFIQUE DES INDICES OU DES DONNEES INCLUSES. NOTWITHSTANDING THE ABOVE,
UNDER NO CIRCUMSTANCES CAN THE LIABILITY OF MSCI OR OF ANY OTHER PARTY BE SOUGHT WITH
REGARD TO ANY DAMAGES, WHETHER DIRECT, INDIRECT OR OTHER (INCLUDING THE LOSS OF
EARNINGS), EVEN IN CASE OF KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES.




4.6. ORIGINAL NET ASSET VALUE
EUR 133.28 per unit (i.e. the value in euros of the MSCI EMU Small Cap™ index on 31 March 2005).


4.7 APPROXIMATE NET ASSET VALUE

Each market day in Paris, during listing hours, Euronext Paris SA will calculate and publish the
approximate net asset value of LYXOR ETF MSCI EMU SMALL CAP.
For the calculation of the approximate net asset value of LYXOR ETF MSCI EMU SMALL CAP, Euronext
Paris SA will use the level of the MSCI EMU Small Cap™ index, calculated throughout the listing session in
Paris, of which the ISIN code is QS0010999298, and available solely for informational purposes on
Reuters under the code “.VLMMS”.




                                                                                                      34
For information purpose only - Only the French version of this prospectus is binding



     t
                      MSCItj
VLI j = VL j − 1 ×
                     MSCI j − 2

VLI j t : approximate net asset value at moment t
VL j − 2 : reference net asset value of one LYXOR ETF MSCI EMU SMALL CAP unit

MSCI tj : level of the MSCI EMU Small Cap™ index at moment t
MSCI j − 2 : reference level of the MSCI EMU Small Cap™ index
D: Paris market day


Lyxor International Asset Management will provide Euronext Paris SA with all financial and accounting
data needed for the calculation by Euronext Paris SA of the approximate net asset value of LYXOR ETF
MSCI EMU SMALL CAP and notably, as the reference net asset value, the net asset value of the LYXOR ETF
MSCI EMU SMALL CAP unit on the previous market day, associated with a reference level of the MSCI EMU
Small Cap™ index equal to the closing price of the index two market days before.
This reference net asset value and this index reference level can serve as the basis for the calculations
made by Euronext Paris SA to establish the approximate net asset value of LYXOR ETF MSCI EMU SMALL
CAP, which is updated in real-time.

The net asset value of one unit of LYXOR ETF MSCI EMU SMALL CAP on day d is calculated and published
on day d on the basis of the closing price of the MSCI EMU Small Cap™ index on d-1.

Each market day in Paris, the management company (or its agent EURO-NAV), will calculate the net asset
value of the LYXOR ETF MSCI EMU SMALL CAP unit and the market value of the basket of shares
comprising the MSCI EMU Small Cap™ index received (or delivered) by LYXOR ETF MSCI EMU SMALL CAP,
in Euros, versus 100,000 units.
The net asset value of the LYXOR ETF MSCI EMU SMALL CAP unit, calculated by the management company
(or its agent Euro-NAV), will be disseminated for informational purposes at around 11 a.m. (Paris time)
on Reuters (page MASTERSFR).
The net asset value of the LYXOR ETF MSCI EMU SMALL CAP unit calculated one market day in Paris by
the management company will be published that same market day at around noon (Paris time) on
Reuters and on the Internet site www.masterunit.com. This net asset value will also be published in the
financial press and on the Euronext Internet site.

Based on the previous two values, the management company will calculate the adjustment. This
adjustment will be calculated in Euros, each market day in Paris, on the basis of the previous market
day’s closing prices of the domestic markets for each share comprising the MSCI EMU Small cap™ index,
for 100,000 units of LYXOR ETF MSCI EMU SMALL CAP, and will result in the difference between (i) the net
asset value of the LYXOR ETF MSCI EMU SMALL CAP units and (ii) the previous day’s closing price of the
shares to be delivered or received by LYXOR ETF MSCI EMU SMALL CAP.

Example of the adjustment’s calculation for 6 April 2005:

Net asset value: 134.59 Euros.

The adjustment’s value is equal to 5379.16 Euros = 100 000 x 134.59 – 13,453,620.8445


         Name of the share             Perfect        Closing price (in euro)     Value (in Euros)
                                       basket
               ANDRITZ                    999                   72.48                  72407.52
           BETANDWIN.COM                  650                   79.00                   51350

                                                                                                     35
For information purpose only - Only the French version of this prospectus is binding


       BOEHLER-UDDEHOLM              911                 107.00                 97477
           BWT STAMM                 1055                25.50                 26902.5
      CA IMMOBILIEN ANLAGEN          3575                20.40                  72930
         FLUGHAFEN WIEN              1242                53.50                  66447
      MAYR-MELNHOF KARTON            496                 122.00                 60512
    ACKERMANS & VAN HAAREN           2774                31.80                 88213.2
             BARCO                   1401                62.60                 87702.6
            BEKAERT                  1697                64.70                109795.9
    BNB BANQUE NATL BELGIQUE          23                3460.00                 79580
              CMB                    2070                29.90                  61893
           COFINIMMO                 621                 124.00                 77004
            D’IETEREN                327                 189.00                 61803
        ECONOCOM GROUP               1677                 6.60                 11068.2
            EURONAV                  2485                26.29                65330.65
             EXMAR                   434                 49.80                 21613.2
          INNOGENETICS               2664                13.85                 36896.4
            MELEXIS                  2965                 9.27                27485.55
         OMEGA PHARMA                2496                41.40                103334.4
       QUICK RESTAURANTS             1028                15.25                  15677
     ROULARTA MEDIA GROUP            352                 55.00                  19360
             SOLVUS                  1913                15.85                30321.05
      TESSENDERLO CHEMIE             2414                33.71                81375.94
            UMICORE                  2859                80.80                231007.2
          VAN DE VELDE               144                 139.90                20145.6
          AAREAL BANK                2529                26.40                 66765.6
            AIXTRON                  8111                 2.97                24089.67
          AWD HOLDING                2243                34.76                77966.68
             BALDA                   2196                 7.74                16997.04
           BEATE UHSE                1959                 9.25                18120.75
              BERU                   414                 70.83                29323.62
       BILFINGER + BERGER            3256                37.80                123076.8
       BOSS (HUGO) VORZUG            3269                23.36                76363.84
            DAB BANK                 2224                 5.80                 12899.2
     DIS DEUTSCHER IND SERV.         937                 32.00                  29984
        DOUGLAS HOLDING              3929                28.74                112919.46
      DYCKERHOFF VORZUG              974                 26.79                26093.46
             EPCOS                   5795                10.49                60789.55
         ESCADA STAMM                1264                17.71                22385.44
            FIELMANN                 745                 54.00                  40230
           FREENET.DE                3330                20.77                 69164.1
       GERRY WEBER INT’ L            1525                10.50                 16012.5
         INDUS HOLDING               745                 23.79                17723.55
         IVG IMMOBILIEN              6863                12.50                 85787.5
              IWKA                   2990                19.10                  57109
              K&S                    4023                44.06                177253.38
            KRONES                   623                 92.72                57764.56
           MOBILCOM                  5830                17.78                103657.4
     NORDDEUTSCHE AFFINERIE          2964                15.86                47009.04
      PFEIFFER VACUUM TECH           1040                40.11                 41714.4
            RATIONAL                 403                 87.00                  35061
       RHEINMETALL STAMM             2129                41.89                89183.81
                                                                                          36
For information purpose only - Only the French version of this prospectus is binding


      RHEINMETALL VORZUG             2129                41.90                 89205.1
      RHOEN-KLINIKUM STAMM           1022                49.85                 50946.7
     RHOEN-KLINIKUM VORZUG           1022                48.63                49699.86
           SALZGITTER                4061                16.44                66762.84
          SGL CARBON                 6276                 9.96                62508.96
     SINGULUS TECHNOLOGIES           4392                11.85                 52045.2
           SOFTWARE                  2237                25.17                56305.29
       STADA ARZNEIMITTEL            6317                24.24                153124.08
             TECHEM                  2190                35.55                 77854.5
     VILLEROY & BOCH VORZUG          1578                11.00                  17358
            VOSSLOH                  1126                40.76                45895.76
    WCM BETEILIGUNGS & GRUND        25632                 0.97                24863.04
         ZAPF CREATION               946                 10.35                 9791.1
          BARON DE LEY               640                 37.75                  24160
           CORTEFIEL                 2776                13.91                38614.16
    EMPRESARIAL ENCE (GRUPO)         1205                23.09                27823.45
    EUROPISTAS CONCESIONARIA         4180                 5.45                  22781
           FAES FARMA                2926                15.34                44884.84
   GRUPO CATALANA OCCIDENTE          1419                52.10                 73929.9
      INMOBILIARIA COLONIAL          3645                36.50                133042.5
             JAZZTEL                84214                 1.54                129689.56
        MIQUEL Y COSTAS              927                 36.00                  33372
           NH HOTELES                9193                 9.94                91378.42
      OBRASCON HUARTE LAIN           4768                 9.00                  42912
           PROSEGUR                  2920                16.70                  48764
            TUBACEX                 15735                 2.40                  37764
             URALITA                10516                 4.36                45849.76
       URBIS (INMOBILIARIA)          4529                11.80                 53442.2
             VIDRALA                 1832                15.60                 28579.2
            VISCOFAN                 5778                 7.70                 44490.6
       ALMA MEDIA CORP II            3056                13.01                39758.56
        AMER-YHTYMAE A               8451                13.39                113158.89
            COMPTEL                  5700                 2.14                  12198
    ELCOTEQ NETWORK CORP A           2117                15.00                  31755
            FINNLINES                3546                14.14                50140.44
         HK-RUOKATALO A              2235                 8.85                19779.75
        KCI KONECRANES               1608                31.98                51423.84
            KESKO B                  7037                19.60                137925.2
              KYRO                   3755                 4.29                16108.95
       LASSILA & TIKANOJA            3821                14.90                 56932.9
            M-REAL B                22445                 4.52                101451.4
        NOKIAN RENKAAT               1187                126.40               150036.8
           OKO BANK A                5392                12.33                66483.36
        ORION-YHTYMAE B              8557                11.98                102512.86
         POHJOLA GROUP               7213                 9.43                68018.59
         RAISIO GROUP V             15450                 2.11                 32599.5
          RAUTARUUKKI                9860                10.00                  98600
             SPONDA                  4197                 7.13                29924.61
          STOCKMANN B                2884                25.11                72417.24
            UPONOR                   7082                16.22                114870.04
            VAISALA A                1081                19.92                21533.52
                                                                                          37
For information purpose only - Only the French version of this prospectus is binding


           WARTSILA B                6937                21.13                146578.81
              ALTEN                  1805                19.15                34565.75
      ALTRAN TECHNOLOGIES           10156                 8.38                85107.28
        ASSYSTEM BRIME               1047                18.49                19359.03
             AUDIKA                  186                 64.65                 12024.9
         BACOU DALLOZ                450                 71.90                  32355
        BAIL INV. FONCIERE           1668                33.50                  55878
             BOIRON                  994                 23.00                  22862
           BONDUELLE                 378                 70.50                  26649
          BOURSORAMA                 2423                 6.69                16209.87
            CAMAIEU                  394                 91.95                 36228.3
       CARBONE LORRAINE              1215                39.50                 47992.5
       CLUB MEDITERRANEE             1374                39.00                  53586
              ELIOR                 10184                 9.74                99192.16
             EQUANT                 16690                 4.27                 71266.3
      ETAM DEVELOPPEMENT             769                 22.80                 17533.2
          EURO DISNEY               207543                0.13                26980.59
       EUROFINS SCIENTIFIC           805                 20.45                16462.25
       EUROTUNNEL (PARIS)           150640                0.23                 34647.2
             FIMALAC                 2012                36.86                74162.32
            GEMPLUS                 32533                 1.88                61162.04
       GENERALE DE SANTE             3001                15.39                46185.39
     GENERALE GEOPHYSIQUE            967                 69.45                67158.15
        GFI INFORMATIQUE             4085                 5.02                 20506.7
        GROUPE BOURBON               1893                49.00                  92757
         GROUPE STERIA               1487                29.43                43762.41
      GUYENNE ET GASCOGNE            560                 88.20                  49392
       INFOGRAMES ENTMT             13015                 1.40                  18221
            INGENICO                 2466                12.75                 31441.5
              IPSOS                  458                 82.10                 37601.8
                LISI                 292                 56.45                 16483.4
            LOCINDUS                 771                 50.65                39051.15
            MEDIDEP                  1308                26.11                34151.88
           MONTUPET                  741                 19.95                14782.95
            NEOPOST                  3413                69.15                236008.95
             NEXANS                  2330                32.18                 74979.4
    NORBERT DENTRESSANGLE            404                 46.40                 18745.6
     PENAUILLE POLYSERVICES          1114                 9.25                 10304.5
       PINGUELY-HAULOTTE             1818                 8.01                14562.18
         PLASTIC OMNIUM              442                 45.33                20035.86
        REMY COINTREAU               2649                33.25                88079.25
             RHODIA                 48270                 1.44                 69508.8
        RODRIGUEZ GROUP              591                 45.96                27162.36
              RUBIS                  688                 42.57                29288.16
            S.O.I.T.E.C.             4638                 7.60                 35248.8
              SCOR                  82402                 1.63                134315.26
        SECHILIENNE SIDEC             64                 272.30                17427.2
               SILIC                 1119                72.35                80959.65
       SPIR COMMUNICATION            258                 154.50                 39861
      SR TELEPERFORMANCE             2298                23.00                  52854
            TRIGANO                  602                 68.65                 41327.3
                                                                                          38
For information purpose only - Only the French version of this prospectus is binding


     UBISOFT ENTERTAINMENT           1255                30.09                 37762.95
     UNION FINANC. DE FRANCE         468                 36.80                 17222.4
           VALLOUREC                 641                 165.00                105765
         VIRBAC (SOCIETE)            464                 33.00                  15312
      AKTOR CONSTRUCTION             4797                 2.99                 14343.03
      ALUMINIUM OF GREECE            1021                12.68                 12946.28
         ATTICA HOLDINGS             7396                 2.93                 21670.28
        BABIS VOVOS INT’L            1605                13.62                 21860.1
      CHIPITA INTERNATIONAL          3706                 2.43                 9005.58
         DELTA SINGULAR              6577                 2.66                 17494.82
          EGNATIA BANK               5556                 2.66                 14778.96
     ELVAL ALUMINUM PROCESS          5138                 1.89                 9710.82
      EYDAP ATHENS WASUPP.           3780                 5.92                 22377.6
       FG EUROPE COMMON              2832                 3.18                 9005.76
           FOLLI-FOLLIE              1754                21.72                 38096.88
           GERMANOS                  2845                24.00                  68280
       HELLENIC EXCHANGES            5467                 8.80                 48109.6
      HYATT REGENCY HOTEL            4969                 9.26                 46012.94
              IASO                   5049                 3.20                 16156.8
        INTRACOM COMMON             10062                 3.84                 38638.08
      LAMBRAKIS PRESS ORG.           3118                 2.91                 9073.38
       MAILLIS MICHAEL J. B          3867                 4.10                 15854.7
        MICHANIKI COMMON             5148                 1.81                 9317.88
      MYTILINEOS HOLDINGS            2876                 7.98                 22950.48
    SIDENOR STEEL PROD & MAN         3955                 2.72                 10757.6
       TECHNICAL OLYMPIC             9407                 4.98                 46846.86
               DCC                   9400                18.00                 169200
             FYFFES                 36924                 2.22                 81971.28
             GLANBIA                17313                 2.70                 46745.1
       GREENCORE GROUP              18158                 3.18                 57742.44
      IRISH CONTINENTAL UNIT         2449                 9.80                 24000.2
    JURYS DOYLE HOTEL GROUP          6707                12.05                 80819.35
      MCINERNEY HOLDINGS             3501                 8.90                 31158.9
          UNITED DRUG               24209                 3.43                 83036.87
   WATERFORD WEDGWOOD UNIT          251676                0.04                10822.068
              ACEA                  11340                 8.95                 101493
           AEM TORINO               16499                 1.99                 32833.01
             ALITALIA               183342                0.24                44552.106
              AMGA                  18531                 1.63                30224.061
    ASSICURAZIONI MILANO ORD        17727                 4.57                80923.755
    AUTOSTRADA TORINO-MILANO         4165                17.44                 72637.6
     BANCA POPOLARE ETRURIA          3039                18.39                 55887.21
      BANCA POPOLARE INTRA           5622                12.98                 72973.56
           BENI STABILI             130895                0.77                100789.15
             BREMBO                  3305                 6.60                21796.475
      CALTAGIRONE EDITORE            4437                 7.23                 32079.51
    CDB WEB TECH INVESTMENTS         5963                 2.88                17143.625
            CEMENTIR                 7531                 4.46                 33588.26
             CIR ORD                50201                 2.26                113203.255
           COFIDE ORD               55317                 0.94                51887.346
            DATAMAT                  1806                 9.21                 16633.26
                                                                                           39
For information purpose only - Only the French version of this prospectus is binding


      DAVIDE CAMPARI-MILANO             1718                   55.50                    95349
             ERG SPA                    6700                   11.90                    79730
         ERGO PREVIDENZA                3194                   5.23                   16704.62
           FIERA MILANO                 1381                   10.63                  14680.03
           GEMINA ORD                   25877                  1.20                   30923.015
           GRUPPO COIN                  6279                   2.39                   15006.81
              IFI PRIV                  8633                   11.41                  98502.53
          IMPREGILO ORD                 68383                  0.43                   29199.541
        ITALMOBILIARE RNC               1933                   39.16                  75696.28
       LANE G.MARZOTTO ORD              4725                   15.96                    75411
           MELIORBANCA                  5582                   2.92                   16271.53
          PERMASTEELISA                 2286                   13.80                   31546.8
            RECORDATI                   2383                   21.79                  51925.57
        SAES GETTERS RNC                 882                   14.00                    12348
               SIRTI                    9193                   1.98                   18156.175
               SNAI                     3250                   11.43                   37147.5
              SORIN                     18853                  2.48                  46802.5725
               TODS                     1252                   36.90                   46198.8
       AALBERTS INDUSTRIES              2291                   40.94                  93793.54
         AMSTELLAND MDC                 5350                   8.35                    44672.5
        ASM INTERNATIONAL               4665                   12.43                  57985.95
            BUHRMANN                    14710                  7.74                   113855.4
             CRUCELL                    3696                   11.53                  42614.88
           FUGRO CERT                   1446                   73.15                  105774.9
            GETRONICS                   60261                  1.78                   107264.58
            IHC CALAND                  3772                   52.00                   196144
              IMTECH                    2227                   26.25                  58458.75
             LAURUS                     6112                   3.11                   19008.32
         NUTRECO HOLDING                3264                   26.50                    86496
               OCE                      9293                   11.89                  110493.77
           OPG GROEP A                  1337                   49.50                   66181.5
              ORDINA                    3461                   10.20                   35302.2
       P&O NEDLLOYD (KON.)              2644                   43.68                  115489.92
          TEN CATE (KON.)                545                   68.20                    37169
          UNIT 4 AGRESSO                1179                   13.10                   15444.9
     VAN DER MOOLEN HOLDING             4546                   5.35                    24321.1
      VASTNED OFFICES/IND’L.            2280                   21.49                   48997.2
          VASTNED RETAIL                1981                   55.15                  109252.15
     VERSATEL TELECOM INTL NV           30648                  1.74                   53327.52
           VOPAK (KON.)                 2526                   18.90                   47741.4
          WEGENER CERT                  2623                   10.10                   26492.3
          IMPRESA SGPS                  3478                   5.43                   18885.54
      JERONIMO MARTINS SGPS             4467                   12.08                  53961.36
         SONAECOM SGPS                  5354                   3.93                   21041.22
         TEIXEIRA DUARTE                14909                  1.13                   16847.17


All of this data will be published on the Internet site set up by the management company:
http://www.masterunit.com.

The adjustment’s value will notably be increased by the dividends paid relative to the shares comprising
the MSCI EMU Small Cap™ index, which are added to the assets of LYXOR ETF MSCI EMU SMALL CAP but

                                                                                                    40
For information purpose only - Only the French version of this prospectus is binding


are not taken into account in the calculation of the MSCI EMU Small Cap™ index. In order to reduce the
impact of the above-mentioned dividends in the adjustment’s value, LYXOR ETF MSCI EMU SMALL CAP
can pay to the unit holders, once each year, a single dividend such that its net asset value will remain as
close as possible to the value of the MSCI EMU Small Cap™ index.

Also, the adjustment’s value will be decreased by the LYXOR ETF MSCI EMU SMALL CAP management fees,
amounting to 0.4% (tax included) of the net assets of LYXOR ETF MSCI EMU SMALL CAP.

Finally, the adjustment will include any other difference between the net asset value of LYXOR ETF MSCI
EMU SMALL CAP and the value of the MSCI EMU Small Cap™ basket, linked to low positive or negative
differences in the replication with the MSCI EMU Small Cap™ index.


The stock market price of LYXOR ETF MSCI EMU SMALL CAP is, at any time, automatically compared with
the approximate net asset value of the LYXOR ETF MSCI EMU SMALL CAP. The Euronext Paris SA
transaction system forbids any transaction at a price +/- 1.50 % of the approximate net asset value. This
system ensures compliance with the regulatory provisions indicated in 2.2.2. of the present prospectus.

The activity of LYXOR ETF MSCI EMU SMALL CAP will be organised around a market known as “primary”
and a market known as “secondary”. These two markets exist in parallel and are at all times maintained
by market makers.

The “primary” market is the one through which the new units of LYXOR ETF MSCI EMU SMALL CAP are
created and/or reimbursed against cash and/or contributions in kind of shares comprising the MSCI
EMU Small Cap™ index. Anyone can have access to this market, for payment of a maximum commission
as defined in the complete prospectus (attached in Appendix I). In practice, the market known as
“primary” will be extensively used by the market makers: they will be able to directly subscribe LYXOR
ETF MSCI EMU SMALL CAP units from the management company as required to regulate the liquidity of
the secondary market, or ask for the reimbursement of these units at the time of sales on the secondary
market. The market makers will thus be able to ensure the liquidity of the secondary market, as they are
themselves assured of normally unlimited liquidity on the primary market.
On the first listing day, the market makers will be the financial institutions listed in 2.1.8 above.
The market makers will co-ordinate the secondary market on the Euronext Paris SA Eurolist, serving as
counterparty for the market. Their intervention will serve to ensure the liquidity of the LYXOR ETF MSCI
EMU SMALL CAP units.

Moreover, the market makers will use their arbitrage between the primary and secondary markets to
ensure that the stock market price of LYXOR ETF MSCI EMU SMALL CAP does not deviate significantly
from its net asset value.
For individuals and other institutions, it will generally be less expensive to acquire LYXOR ETF MSCI EMU
SMALL CAP units directly on the stock exchange by placing an order with their usual financial
intermediary, rather than to subscribe units from the management company.
The market makers have entered into a contractual commitment relative to Euronext Paris SA to respect
maximum overall spreads of 1% and 1.2 % between the between the sale and purchase prices in the
centralised order book for one LYXOR ETF MSCI EMU SMALL CAP unit. These spreads can be modified at a
later time with the agreement of the parties.

Each market day in Paris, the amount of the basket of shares and of the adjustment for which can be
subscribed and/or redeemed 100,000 units of LYXOR ETF MSCI EMU SMALL CAP will be communicated to
the primary market’s participants. These data will be officially published on the Internet site
www.masterunit.com at around 11 a.m. (Paris time), with 2 days of delay relative to their calculation
date. The publication of these data on Reuters will take place with 10 days of delay relative to their
calculation date.

In case of modification to the rules for determining the net asset value and/or the approximate net asset
value (methodology, calculation agent, …), Lyxor International Asset Management will inform the unit
                                                                                                       41
For information purpose only - Only the French version of this prospectus is binding


bearers by means of a publication on its Internet site www.masterunit.com. As long as the units are
listed on Euronext Paris SA, information for the bearers will be published as quickly as possible in a
generally distributed economic and financial newspaper in France.


4.8 INTERNAL CONTROL PROCEDURES

Several levels of control exist for the LYXOR ETF MSCI EMU SMALL CAP MF.


4.8.1 CONTROL OF THE CUSTODIAN

In compliance with the regulations applicable to UCITS, Société Générale, in its capacity as custodian,
ensures the legality of the decisions taken by the LYXOR ETF MSCI EMU SMALL CAP MF’s management
company. The custodian control mission notably relates to:

     •   the legality of the investment decisions
     •   compliance with the regulatory ratios

Lyxor International Asset Management (hereinafter LIAM) makes available to the custodian all of the
elements necessary for the performance of these controls.


4.8.2 LYXOR INTERNATIONAL ASSET MANAGEMENT INTERNAL CONTROL

The LIAM control procedures are organised on two levels:

•    A first level control or permanent surveillance under the responsibility of the Executive Committee
     members, each of which is responsible for a team, primarily intended to ensure the reliability of the
     fund management data, which entails carrying out a follow-up of the transactions, of the
     reconciliations between management systems and the accounting inventories, and validating the net
     asset values in compliance with the prudential rules;

•    A second level control entrusted to the Internal Controller under the responsibility of the Executive
     Board Chairman, which is notably intended to ensure the proper application of the first level control
     procedures.

The internal control rules are based on the following principles:

•    clearly defined responsibilities that authorise a strong separation of the tasks and independence of
     the decision, execution and recording functions

•    strengthening of the processing and clearances procedures

•    adaptation of the clearance rules, of the management standards and of the risk limits

•    greater formalization of the audit trails thanks to the development of information systems that
     reconstruct the chronology of the operations and the valuation provisions (parameters, override).

The internal control rules are the following:

i)       Internal rules on which are based the verification of the market operations

The rules underpinning the internal control are, on the one hand, as established by the Société Générale
bylaws, the ethical rules applicable to agents in sensitive positions relative to market operations and the
LIAM ethics rules, and on the other hand, those defined by the internal organisation, as presented below.
                                                                                                       42
For information purpose only - Only the French version of this prospectus is binding



ii)       Internal control organisation

The internal control procedures are organised around the flows that govern the activity of LIAM. As
such, ethical and compliance verifications are carried out at each step of the circuit, from the decision-
making through to the operation’s final recording.


iii)      Verification of the legality of the market operations

In compliance with the LIAM ethics regulations, the operators authorised to be active in the markets on
behalf of third parties must submit to a certain number of professional rules.

The verification of the compliance with these rules is based on the following two principles:

•      each verification is in response to an established procedure, with any identified anomaly being the
       subject of a written report, submitted in an e-mail message,

•      in real-time, the LIAM management is informed of any possible malfunction in order to analyse, as
       quickly as possible, the problem’s source and to take the measures needed for its regularization.


iv)       Verification of the conformity of transmitted orders

This involves verifying the consistency between the orders transmitted by the managers and their
recording by the financial intermediary. It is performed by the managers initiating orders or by their
assistants, by comparing copies of the orders centralised by the management company’s operational
control service (daybook) with the summary reports printed out during the day D or at night on D+1 by
the financial intermediary.

Moreover, this synopsis document can serve, for the first and second level controllers, as a basis for the
verification of the conformity of the orders placed by the manager on behalf of a UCITS with the
management objectives indicated in the corresponding prospectus.


v)        Verification of the conformity of orders placed or not

This entails verifying the consistency between the characteristics of the orders placed and the
conditions of their realisation, or not, on the market. Each day, using the reports drafted by the financial
intermediary, the first and second level controllers carry out:
• report of orders placed,
• report of orders carried out.


vi)       Control of the conformity of the operation notice drafted by the custodian

The operation notices are sent directly to EURO-NAV by the custodian.

However, LIAM, receiving a copy of these notices, verifies the conformity between these operation
reports and the orders placed on the stock market or with the counterparty, as well as of the legality of
the applied rate conditions. This verification is performed each day by the management company’s first
and second level controllers, by comparison of the operation notices with the transaction records of the
managers, on the one hand, and the rates of the actors involved (financial intermediaries, custodian), on
the other hand. This verification is now automated.


                                                                                                        43
For information purpose only - Only the French version of this prospectus is binding


vii)      Verification of the relevance of the net asset value established by Euro-NAV

A pre-net asset value of the UCITS is calculated by the management company using its own management
software programs. These programs, populated by the dynamically linked Reuter flows, make it possible
to approximate the level of the net asset value while taking into account changes in the market and
recorded transactions, and to verify the consistency with the reports provided by Euro-NAV. This
verification is a preliminary to the validation by LIAM of the calculations made by the administrative and
accounting service provider.
Cf. also independent valuation procedure of the over-the-counter instruments


viii)     Verification on the consistency of the services provided by the various external responders

The separation of tasks between the financial management, the preservation, verification of the
custodian and the centre for the calculation of the net asset value allow for the valuation and control
team to compare the information on the basis of different sources, which promotes:

•      a verification of the validity of the transmitted and recorded information (subscriptions-
       redemptions, operation notices, operations on securities, securities accounts and cash, valued
       inventories...),

•      the quick detection of malfunctions and their origins.

These cross-checks are formalized in the securities and cash reconciliation reports drafted by Euro-NAV
according to a defined periodicity, which are made available to the management company, for the
custodian’s verification and, of course, to the auditors of the UCITS.

Should an anomaly be identified during these conformity verifications, the managers or internal
controller refer it to the LIAM Executive Board. As relevant, the “Control of the subsidiaries, Verifications
and globalisation” service and the Société Générale General Inspection will be notified.


ix)       Audit committee

LIAM has no audit committee or audit service of its own. On the other hand, as a subsidiary of the Société
Générale, it is integrated in all of the group’s internal control mechanisms. As such, it is subject to the
surveillance of the General Inspection, which can carry out one-off verifications as well as in-depth
procedural reviews. “


4.9 INTERVENTION OF THE MARKET MAKERS

Pursuant to the conditions for listing for negotiations on the Eurolist market, Société Générale and
Merrill Lynch (the “Market Makers”) undertake to ensure the behaviour of the LYXOR ETF MSCI EMU
SMALL CAP MF units as of their listing on the Eurolist market.

In particular, the Market Makers undertake to carry out co-ordination operations by means of a
permanent presence on the market, which is firstly translated by the positioning of a buyer/seller range.

The obligations of the Market Makers of the LYXOR ETF MSCI EMU SMALL CAP MF will be suspended if the
MSCI EMU Small Cap Index™ is not available.

The obligations of the Market Makers will be suspended in case of difficulties on the stock market, such
as a generalized discrepancy involving the prices, or of a disturbance that makes the normal
management of the market’s co-ordination impossible.

                                                                                                         44
For information purpose only - Only the French version of this prospectus is binding


The Market Makers listed in article 2.1.8 of the present prospectus will ensure that the stock market
price does not deviate by more than 1.5% from the approximate net asset value.




                                                                                                 45
For information purpose only - Only the French version of this prospectus is binding



                                                   CHAPTER V

            INTERMEDIATE FINANCIAL SITUATION OF LYXOR ETF MSCI EMU SMALL CAP


The LYXOR ETF MSCI EMU SMALL CAP accounts are established in compliance with the accounting rules
dictated by the applicable regulations, and notably the chart of accounts of UCITS defined by decree of
the Minister of the Economy on 6 May 1993.

5.1 BALANCE SHEET OF LYXOR ETF MSCI EMU SMALL CAP CLOSED ON 04. APRIL 2005

BALANCE SHEET

ASSETS                                                                                    4 April 2005
                                                                                              IN EUROS

NET FIXED ASSETS

SECURITIES-PORTFOLIO BUYER                                                                   887 458.03

• BONDS, SHARES AND SIMILAR SECURITIES NEGOTIATED ON THE STOCK MARKET:                       887 458.03

- Bonds and similar securities                                                                        –
- Shares and similar securities                                                              887 458.03

• NEGOTIABLE DEBT INSTRUMENTS                                                                           –

• UCITS SECURITIES                                                                                      –

• SHARES OF SPECIAL-PURPOSE VEHICLES                                                                    –

• TEMPORARY ACQUISITIONS AND SALES OF SECURITIES:

- Securities borrowed                                                                                   –
- Receivables representing securities received as annuity                                             –
- Securities acquired with redemption right                                                           –
- Receivables representing loaned securities                                                          –
- Securities given as annuity                                                                         –
- Other                                                                                               –

• OTHER SECURITIES                                                                                      –

DEBTOR OPERATORS AND OTHER RECEIVABLES                                                        50 086.97

CASH                                                                                         886 934.86

TOTAL ASSETS                                                                              1 824 479.86




                                                                                                   46
For information purpose only - Only the French version of this prospectus is binding


BALANCE SHEET

LIABILITIES                                                                        4 April 2005
                                                                                         IN EUROS

SHAREHOLDERS’ EQUITY

• CAPITAL                                                                              937 545.00

• RETAINED EARNINGS                                                                               –

• REGULARISATION OF RETAINED EARNINGS                                                             –

• RESULT:

- To capitalise                                                                                –
- To allocate                                                                                  –
- To distribute                                                                                –
                                                                                ________________
TOTAL SHAREHOLDERS’ EQUITY (amount representing the net assets)                        937 545.00

SECURITIES PORTFOLIO - SELLER

• TEMPORARY DISPOSALS OF SECURITIES:

- Debts representing borrowed securities                                                        –
- Debts representing securities given as annuities                                              –
- Other                                                                                         –

• DISPOSAL OPERATIONS ON SECURITIES                                                               –

• OTHER SECURITIES                                                                                –

CREDITOR OPERATORS AND OTHER DEBTS                                                     886 934.86

FINANCIAL DEBTS                                                                                   –

TOTAL LIABILITIES                                                                 1 824 479.86




                                                                                             47
For information purpose only - Only the French version of this prospectus is binding


5.2 OFF-BALANCE SHEET OF LYXOR ETF MSCI EMU SMALL CAP CLOSED ON 04. APRIL 2005

OFF-BALANCE SHEET                                                                  4 April 2005
                                                                                         IN EUROS

COMMITMENTS ON SECURITIES SOLD WITH RIGHT OF REDEMPTION                                           –

COMMITMENTS ON ORGANISED FIRM FUTURES MARKETS

• OPERATION DIRECTION                                                                             –

• MARKET                                                                                          –

• PRODUCT                                                                                         –

COMMITMENTS ON ORGANISED CONDITIONAL FUTURES MARKETS

• OPERATION DIRECTION                                                                             –

• MARKET                                                                                          –

• PRODUCT                                                                                         –

OVER-THE-COUNTER COMMITMENTS

• FOREIGN EXCHANGE OPERATIONS:

- Variable rates against fixed rates                                                            –
- Fixed rates against variable rates                                                            –
- Variable rates against variable rates                                                         –

• OTHER EXCHANGE OPERATIONS:

- Performance exchange swaps                                                           983 046.97

• OTHER OVER-THE-COUNTER OPERATIONS:

- Nature                                                                                        –
- Operation direction                                                                           –

OTHER COMMITMENTS                                                                                 –

TOTAL                                                                                  983 046.97




                                                                                             48
For information purpose only - Only the French version of this prospectus is binding


5.3 INCOME STATEMENT OF LYXOR ETF MSCI EMU SMALL CAP CLOSED ON 04. APRIL 2005

INCOME STATEMENT (interest collected option)                                       4 April 2005
                                                                                       IN EUROS

OUTSTANDING REVENUES ON FINANCIAL OPERATIONS

• REVENUES ON BONDS AND SIMILAR SECURITIES                                                       –

• REVENUES ON EQUITIES AND SIMILAR SECURITIES                                                    –

• LOTS AND REIMBURSEMENT PREMIUMS                                                                –

• REVENUES ON TEMPORARY ACQUISITIONS AND DISPOSALS OF SECURITIES                                 –

• REVENUES ON NEGOTIABLE DEBT INSTRUMENTS                                                        –

• REVENUES ON EXCHANGE RATE OPERATIONS                                                           –

• REVENUES ON FUNDS ON DEPOSIT                                                                   –

• OTHER FINANCIAL REVENUES                                                                     –
                                                                                ________________
TOTAL (I)                                                                                     –

OUTSTANDING EXPENSES ON FINANCIAL OPERATIONS

• CHARGES ON TEMPORARY ACQUISITIONS AND DISPOSALS OF SECURITIES                                  –

• CHARGES ON EXCHANGE RATE OPERATIONS                                                            –

• CHARGES ON LOANS                                                                               –

• OTHER FINANCIAL EXPENSES                                                                     –
                                                                                ________________
TOTAL (II)                                                                                    –

EARNINGS ON FINANCIAL OPERATIONS (I - II)                                                     –

OTHER EARNINGS (III)                                                                             –

MANAGEMENT FEES (IV)                                                                             –

DEPRECIATION CHARGES (V)                                                                       –
                                                                                ________________
FINANCIAL YEAR NET EARNINGS (art. 30) (I – II + III – IV – V)                                 –

ADJUSTMENT OF FINANCIAL YEAR’S EARNINGS (VI)                                                     –

ADVANCES PAID (VII)                                                                              –

RESULT (I – II + III – IV – V + or – VI – VII)                                                –

- To capitalise                                                                                  –
- To allocate                                                                                    –
- To distribute                                                                                  –




                                                                                            49
For information purpose only - Only the French version of this prospectus is binding


5.4 LYXOR ETF MSCI EMU SMALL CAP APPENDIX CLOSED ON 04. APRIL 2005

I. ACCOUNTING RULES AND METHODS

The UCITS complies with the accounting rules stipulated in the applicable regulations, notably regarding
the chart of accounts of UCITS.

a. Valuation method of the balance sheet items and firm and conditional futures operations
The bonds and equities, European and foreign, are valued at the opening price.
Negotiable debt instruments having a lifespan upon acquisition of less than 3 months are valued at the
purchase negotiation rates. An amortization of the write-down or parity rate premium is performed in a
linear manner over the lifespan of the NDI. Negotiable debt instruments having a lifespan of more than 3
months are valued using the market rate, except those that are covered by swaps.
Operations on futures markets are valued at the clearing price and the conditional operations according
to the support security.
Performance exchange swaps are valued according to the contractual provisions.
Operations on temporary acquisitions and disposals of securities are valued at the market rate, in
compliance with the contractual provisions.

b. Valuation method for off-balance sheet commitments
Off-balance sheet operations are valued at the market value.
The market value for firm futures contracts is equal to the price in Euros multiplied by the number of
contracts.
The market value for conditional operations is equal to the translation into the equivalent underlying
security.
The commitment for performance exchange swamps is presented as the sum of their nominals and their
values.

c. Posting method of the negotiation fees
The posting method of the negotiation fees is as inclusive fees.

d. Posting method of the earnings from fixed revenue securities.
The adopted method is that of collected coupons.

e. Calculation method for the fixed and variable management fees
1. Fixed: 0.40% maximum (tax included) of the net assets posted to the MF’s earnings account.
2. Variables: None.

f. Distribution policy
The management company reserves the right to capitalise and/or distribute all or part of the revenues.

g. Accounting currency
The accounting of the UCITS is carried out in Euros.




                                                                                                    50
For information purpose only - Only the French version of this prospectus is binding


II. EVOLUTION OF THE NET ASSETS OVER THE PERIOD

                                                                                   4 April 2005
                                                                                        IN EUROS

NET ASSETS AT THE START OF THE FINANCIAL YEAR                                                     –

SUBSCRIPTIONS (including the subscription commissions acquired by the UCITS)           932 960.00

REDEMPTIONS (less the redemption commissions acquired by the UCITS)                               –

CAPITAL GAINS ON SECURITIES                                                                       –

CAPITAL LOSSES ON SECURITIES                                                                      –

CAPITAL GAINS ON FIRM AND CONDITIONAL FUTURES MARKETS                                             –
(rates, currencies, shares)

CAPITAL LOSSES ON FIRM AND CONDITIONAL FUTURES MARKETS                                 -46 025.14
(rates, currencies, shares)

NEGOTIATION FEES                                                                                  –

EXCHANGE DIFFERENCES                                                                              –

VARIATIONS OF THE ESTIMATE DIFFERENCES OF SECURITIES AND FINANCIAL ACCOUNTS:              523.17

- For the period (including accrued coupons)                                              523.17
- From the previous financial year (including accrued coupons)                                 –

VARIATIONS OF THE ESTIMATE DIFFERENCES OF OPEN POSITIONS
ON FIRM AND CONDITIONAL FUTURES MARKETS (rates, currencies, shares):                    50 086.97

- For the period                                                                        50 086.97
- For the previous financial year                                                               –

PREVIOUS FINANCIAL YEAR DISTRIBUTION                                                              –

NET EARNINGS OF THE FINANCIAL YEAR BEFORE ADJUSTMENT ACCOUNT                                      –

ADVANCE(S) PAID DURING THE PERIOD                                                                 –

OTHER ELEMENTS                                                                                    –

NET ASSETS AT END OF PERIOD                                                            937 545.00




                                                                                             51
For information purpose only - Only the French version of this prospectus is binding


III. ADDITIONAL INFORMATION

1. Number and value of the securities

Number of subscriptions made during the period                                                                            7 000

Amount of the subscriptions made during the period                                                                  932 960.00
(Including the subscription commission acquired by the UCITS)

Number of redemptions made during the period                                                                                0.00

Amount of the redemptions made during the period                                                                            0.00
(less the redemption commission acquired by the UCITS)


2. Subscription and redemption commissions

Amount of the subscription and/or redemption commissions collected during the period                                        0.00

Amount of the subscription and/or redemption commissions retroceded to third parties                                        0.00

Amount of the subscription and/or redemption commissions acquired by the UCITS                                              0.00


3. Management fees

Distribution of the management fees:

Provision for management fees                                                                                               0.00
Total amount of management fees                                                                                             0.00

The actual rate of the applied management fees for the period was 0 % (tax included) of the net assets3.

Amount of the variable management fees                                                                                      0.00




3
 The actual rate of the applied management fees will be increased to a maximum of 0.4% (tax included) of the net assets posted to
the MF's earnings account as of the listing of the units for negotiation on the Euronext Paris SA Eurolist.
                                                                                                                            52
For information purpose only - Only the French version of this prospectus is binding


IV. SIMPLIFIED BREAKDOWN OF THE NET ASSETS

                                                                  Rounded percentage of the net assets on
SECURITIES GROUP                                                                             4 April 2005

SHARES AND SIMILAR SECURITIES                                                                     94.66 %

BONDS AND SIMILAR SECURITIES

TREASURY BONDS
OTHER NDI

TOTAL NDI

UCITS SECURITIES

SHARES OF SPECIAL-PURPOSE VEHICLES

OTHER SECURITIES

TEMPORARY ACQUISITIONS AND SALES OF SECURITIES:         - For purchase
                                                  - For sale

DISPOSAL OPERATIONS ON SECURITIES

DEBTOR OPERATORS AND OTHER RECEIVABLES                                                             5.34 %
CREDITOR OPERATORS AND OTHER DEBTS                                                               -94.60 %
CASH                                                                                              94.60 %

OTHER

TOTAL NET ASSETS (in thousands of Euros)                                                             937




                                                                                                     53
For information purpose only - Only the French version of this prospectus is binding


                                    EQUIVALENT INVENTORY

 Security code       Description    Quantity   Unit cost price   Price on   Overall cost price Stock market value
                                                                 4/4/2005
FR0000120172       CARREFOUR          869          40.84          41.27        35 489.96          35 863.63
FR0000120271      TOTAL FINA ELF      197         180.70         181.30        35 597.90          35 716.10
FR0000120321         L OREAL          576          61.55          60.85        35 452.80          35 049.60
FR0000120529           SUEZ          1713          20.70          20.70        35 459.10          35 459.10
FR0000120537         LAFARGE          475          74.65          75.20        35 458.75          35 720.00
FR0000120578      SANOFI-AVENTIS      546          65.05          65.45        35 517.30          35 735.70
FR0000121014          L.V.M.H.        616          57.60          57.45        35 481.60          35 389.20
FR0000121485      PINAULT-PR RED      432          82.20          82.70        35 510.40          35 726.40
FR0000121972     SCHNEIDER ELECTR     584          60.80          60.50        35 507.20          35 332.00
FR0000124141       VIVENDI ENVIR     1296          27.37          27.71        35 471.52          35 912.16
FR0000130007         ALCATEL         3788           9.36          9.38         35 455.68          35 531.44
FR0000133308     FRANCE TELECOM      1531          23.17          23.18        35 473.27          35 488.58


    TOTAL            FRENCH                                                    425 875.48         426 923.91
                   EQUITIES



NL0000301109      ABN AMRO HLD       1844          19.23          19.14        35 460.12          35 294.16
NL0000301760        AEGON NV         3406          10.41          10.30        35 456.46          35 081.80
NL0000331817        AHOLD KON.       5514           6.43          6.36         35 455.02          35 069.04
NL0000009132       AKZO NOBEL        1004          35.32          35.75        35 461.28          35 893.00
DE0007614406         E.ON AG          534          66.40          66.75        35 457.60          35 644.50
IT0003128367           ENEL          4804           7.38          7.40         35 453.52          35 564.01
IT0003132476            ENI          1764          20.10          20.31        35 456.40          35 826.84
BE0003801181      FORTIS FOR.AS      1611          22.02          21.90        35 474.22          35 280.90
IT0000062072       GENERALI ASS      1428          24.84          24.97        35 471.52          35 657.16
NL0000303600        ING GROEP        1518          23.36          23.15        35 460.48          35 141.70
NL0000009470       ROYAL DUTCH        767          46.27          46.12        35 489.09          35 374.04
DE0007236101        SIEMENS N         579          61.33          61.25        35 510.07          35 463.75
IT0000064854        UNICREDITO       7792           4.55          4.52         35 453.60          35 243.22


    TOTAL            EUROPEAN                                                  461 059.38         460 534.12
                   EQUITIES

   TOTAL             SHARES                                                    886 934.86         887 458.03
   TOTAL            PORTFOLIO                                                  886 934.86         887 458.03




                                                                                                              54
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V. COMMITMENT RATIO ON DERIVATIVES MARKETS (in % of the net assets): 5.34 %.

                                       Rounded percentage of the net assets to the securities Group
Operations on the futures markets (including swaps)                                           5.34 %




VI. RISK EXPOSURE TABLE: RATES, EQUITIES AND EXCHANGE

Table of exposure to equities risk (in Euros)

SHARES AND SIMILAR                           Balance sheet               Off-balance sheet
FRENCH SECURITIES                                 426 923.91
                                                                         50 086.97
FOREIGN SECURITIES                                460 534.12

TOTAL SHARES AND SIMILAR                          887 458.03             50 086.97




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5.5 FEES OF THE AUDITORS AND OF THE MEMBERS OF THEIR NETWORK COVERED BY LYXOR ETF
MSCI EMU SMALL CAP

Financial years covered: Period from 1 April 2005 to 4 April 2005

PricewaterhouseCoopers Audit                               Amount (in Euros)            Percentage
                                                                 N       N-1             N     N-1

AUDIT

- Auditing, certification,
examination of the individual and consolidated accounts             0       N/A         0%       N/A

- Other accessory missions and other audit missions:
Examen of the prospectus relative to the IPO of the MF               0      N/A         0%       N/A
                                                              __________________   __________________
SUB-TOTAL                                                            0      N/A         0%       N/A

OTHER SERVICES, AS RELEVANT

- Legal, fiscal, social                                              0      N/A         0%       N/A
- Information technologies                                           0      N/A         0%       N/A
- Internal audit                                                     0      N/A         0%       N/A
- Other (to indicate if > 10% of the audit fees)                     0      N/A         0%       N/A
                                                              __________________   __________________
SUB-TOTAL                                                            0      N/A         0%       N/A

TOTAL                                                               0       N/A         0%       N/A




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5.6 AUDITOR’S REPORT ON THE INTERMEDIATE SITUATION ON 04.04.05

Period from 1 April 2005 to 4 April 2005

LYXOR ETF MSCI EMU SMALL CAP
Mutual Fund
Governed by the Monetary and Financial Code

Management company
LYXOR INTERNATIONAL ASSET MANAGEMENT
17, cours Valmy
92800 Puteaux


Ladies, Gentlemen,

Subsequent to the request made to us and in view of our capacity as auditor for the LYXOR ETF MSCI EMU
SMALL CAP mutual fund, we performed an audit of the Fund’s intermediate situation covering the period
from 1 April 2005 to 4 April 2005, as attached to the present report.

This intermediate situation report was drafted under the responsibility of the management company. On
the basis of our audit, it is our duty to express an opinion regarding this situation.

We carried out our audit according to the professional standards applicable in France, which require the
performance of diligences that will provide reasonable assurance that the intermediate situation does
not contain significant anomalies. An audit entails an examination, by sampling, of the probative
elements that back up the data contained in this report. As this is a Mutual Fund, it does not cover the
databases provided by independent third parties for the preparation of the risk exposure tables and of
the off-balance sheet report included in the intermediate situation. An audit also involves assessing the
accounting principles used and the significant estimates used for the establishment of the intermediate
report, as well as assessing its overall presentation. We feel that our verifications provide a reasonable
basis for the opinion expressed below.

We certify that the intermediate situation, established in compliance with the accounting principles
generally accepted in France, is in order and genuine, and gives a faithful image of the financial situation
and property of the fund at the end of this period.


Paris, 8 April 2005



                                               The Auditor
                                      PricewaterhouseCoopers Audit
                                               Jacques LEVI




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                                              CHAPTER VI

                 ADMINISTRATION, MANAGEMENT AND SURVEILLANCE BODIES
              OF THE LEGAL REPRESENTATIVE OF LYXOR ETF MSCI EMU SMALL CAP


Having the legal nature of a mutual fund, LYXOR ETF MSCI EMU SMALL CAP does not have a legal
personality but is legally represented relative to third parties by its management company,

Lyxor International Asset Management is a limited liability company with executive board and
supervisory board, with capital of 53,357.16 Euros, the head office of which is in the Société Générale
Tower, 17 cours Valmy, 92800 Puteaux, registered with the Nanterre RTC under the number 419 223 375.

Lyxor International Asset Management is a management company approved by the Financial Markets
Authority on 12 June 1998 under the number GC 98-09.

6.1 COMPOSITION OF THE EXECUTIVE BOARD ON 06.04.05

Chairman of the Executive Board:               Alain DUBOIS

Other members:         Eric PERSONNE, Managing Director
                       Marc SALVAT, Director of operations

Lyxor International Asset Management is managed by an Executive Board that performs its duties under
the control of a Supervisory Board.
The Executive Board members are appointed for a duration of six years, and can always be re-elected.
They can be dismissed by the General Meeting of the Shareholders, and by the Supervisory Board.

The Executive Board has the broadest powers relative to third parties in order to act in all circumstances
in the name of Lyxor International Asset Management within the limits of the corporate purpose and
subject to the powers attributed by law to the Supervisory Board and to the Meetings of the
shareholders.


6.2 COMPOSITION OF THE SUPERVISORY BOARD ON 06. APRIL 2005

Chairman:              Christophe MIANNE

Deputy chairman:       Luc FRANCOIS

Other Members:         Sofiane HAJ-TAIEB

                       Jean-Pierre LE SAGE

                       Pierre-Yves DEMOURES

                       Pierre MINA

                       Lyxor Asset Management, represented by Bernard DESFORGES.

The Supervisory Board members, natural or legal persons, are appointed by the Ordinary General
Meeting of the shareholders.
No member of the Supervisory Board can be a member of the Executive Board.
The term of office of the Supervisory Board members is six years, and they can be re-elected. They can
be dismissed at any time by the Annual Ordinary Meeting of the shareholders.
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The Supervisory Board exercises permanent control over the Executive Board’s management of Lyxor
International Asset Management.
It appoints the members of the Executive Board, as well as the Chairman and Managing Directors; it
proposes their dismissal to the General Meeting of the shareholders and sets their remuneration.
At any time of the year, it carries out the verifications and controls that it considers timely and can be
provided with the documents that it considers useful in order to carry out its mission.
It provides the annual Ordinary General Meeting of the shareholders with its observations on the
Executive Board’s report, and on the financial year’s accounts.




                                                                                                      59
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                                              CHAPTER VII

                      INFORMATION REGARDING THE RECENT EVOLUTION
                   AND FUTURE PROSPECTS OF LYXOR ETF MSCI EMU SMALL CAP


By definition, LYXOR ETF MSCI EMU SMALL CAP will reflect the evolution of the MSCI EMU Small Cap™ index.
The evolution of its outstandings will reflect the public’s interest in this index and, more generally, for
the worldwide equities market.

Moreover, the evolution of LYXOR ETF MSCI EMU SMALL CAP will reflect the public’s more general
interest in so-called index-based management. LYXOR ETF MSCI EMU SMALL CAP is an index-based
management tool that is indexed to the MSCI EMU Small Cap™. It should simultaneously stimulate
index-based management and benefit from its development. It should also become a management
instrument that is widely used by professionals, both for purposes of medium/long term retention and
for purposes of short-term arbitrage, or even for momentary usage of unused liquidities.

We therefore expect that, after acceptance by the market, the outstandings of LYXOR ETF MSCI EMU
SMALL CAP should increase significantly. These forecasts are based on an analysis of the development of
“Exchange Traded Funds” of “Trackers” on the other side of the Atlantic, in recent years. Both
professional investors and individuals have demonstrated a growing interest in this type of financial
instrument.




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                                         APPENDIX I

                 COMPLETE PROSPECTUS OF LYXOR ETF MSCI EMU SMALL CAP
                                    APPENDIX II




                                                                                       61
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LYXOR ETF MSCI EMU SMALL CAP


COMPLETE PROSPECTUS




                                                                                       Page 0
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CONTENTS

LYXOR ETF MSCI EMU SMALL CAP ...................................................... 1

 PROSPECTUS ....................................................................................................1
     Approval of the Financial Markets Authority ...................................................................................................................................... 1
   APPENDIX I .............................................................................................................................. 5
   APPENDIX II ............................................................................................................................. 5
     CHAPTER III............................................................................................................................................................................ 18
     REGARDING LYXOR ETF MSCI EMU SMALL CAP ......................................................................................................... 18

LYXOR ETF MSCI EMU SMALL CAP IS A MUTUAL FUND GOVERNED BY THE MONETARY AND
FINANCIAL CODE (BOOK II TITLE I CHAPTER IV). THE FUND WAS CREATED ON 1 APRIL 2005 AND
APPROVED BY THE FINANCIAL MARKETS AUTHORITY ON 11 MARCH 2005. IT IS REPRESENTED BY
LYXOR INTERNATIONAL ASSET MANAGEMENT, A MANAGEMENT COMPANY APPROVED BY THE COB
ON 12 JUNE 1998 UNDER THE NUMBER GC 98-09.                                                    ...................................................... 20
     INTERMEDIATE FINANCIAL SITUATION OF LYXOR ETF MSCI EMU SMALL CAP ................................................. 46
     OF THE LEGAL REPRESENTATIVE OF LYXOR ETF MSCI EMU SMALL CAP ............................................................ 58


SIMPLIFIED PROSPECTUS.................................................................... 3
 STATUTORY PART .............................................................................................3
   BRIEF PRESENTATION ....................................................................................................... 3
   INFORMATION REGARDING THE INVESTMENTS AND MANAGEMENT ................... 3
     CLASSIFICATION ......................................................................................................................................................................... 3
     MANAGEMENT OBJECTIVE ......................................................................................................................................................... 3
     REFERENCE INDICATOR ............................................................................................................................................................. 3
     INVESTMENT STRATEGY ............................................................................................................................................................ 3
     RISK PROFILE ............................................................................................................................................................................... 4
     SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE ................................................................................................ 4

   INFORMATION REGARDING FEES, COMMISSIONS AND TAXATION ........................ 4
     FEES AND COMMISSIONS ........................................................................................................................................................... 4
     SUBSCRIPTION AND REDEMPTION COMMISSIONS ............................................................................................................................. 4
     OPERATING AND MANAGEMENT FEES .............................................................................................................................................. 4
     COMMISSIONS IN KIND ................................................................................................................................................................... 5
     FISCAL REGIMEN ......................................................................................................................................................................... 5

   INFORMATION OF A COMMERCIAL NATURE................................................................ 5
     SUBSCRIPTION AND REDEMPTION CONDITIONS ..................................................................................................................... 5
     FINANCIAL YEAR CLOSING DATE .............................................................................................................................................. 5
     ALLOCATION OF THE RESULTS ................................................................................................................................................. 5
     NET ASSET VALUE CALCULATION DATE AND PERIODICITY .................................................................................................... 5
     PLACE AND PROVISIONS FOR THE PUBLICATION OR COMMUNICATION OF THE NET ASSET VALUE .................................. 5
     UNIT LISTING CURRENCY ........................................................................................................................................................... 6
     CREATION DATE ......................................................................................................................................................................... 6
     ORIGINAL NET ASSET VALUE ..................................................................................................................................................... 6

   ADDITIONAL INFORMATION ............................................................................................ 6
 STATISTICAL PART ............................................................................................7

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DETAILED NOTE ................................................................................. 8
   DETAILED CHARACTERISTICS ......................................................................................... 8
     FORM OF THE UCITS .................................................................................................................................................................. 8
     ACTORS ....................................................................................................................................................................................... 8

   OPERATING AND MANAGEMENT PROVISIONS ............................................................ 9
     GENERAL CHARACTERISTICS ..................................................................................................................................................... 9
     SPECIAL PROVISIONS .................................................................................................................................................................. 9
     MANAGEMENT OBJECTIVE ......................................................................................................................................................... 9
     REFERENCE INDICATOR ............................................................................................................................................................. 9

   INFORMATION OF A COMMERCIAL NATURE.............................................................. 12
   INVESTMENT RULES ......................................................................................................... 13
   RULES FOR THE ASSESSMENT AND POSTING OF THE ASSETS ............................... 13

ARTICLES OF ASSOCIATION................................................................ 1




                                                                                                                                                                                           Page 2
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    LYXOR ETF MSCI EMU                                                                             SIMPLIFIED PROSPECTUS
                                                                                                MF COMPLIANT WITH EUROPEAN STANDARDS
    SMALL CAP
                                                      STATUTORY PART

BRIEF PRESENTATION

ISIN CODE                                                                    MANAGEMENT COMPANY
FR0010168773.                                                                LYXOR INTERNATIONAL ASSET MANAGEMENT.


NAME                                                                         CUSTODIAN BANK
LYXOR ETF MSCI EMU SMALL CAP.                                                SOCIETE GENERALE.


LEGAL FORM                                                                   AUDITORS
MF operating under French law.                                               PRICEWATERHOUSECOOPERS AUDIT.


COMPARTMENTS / FEEDER FUND                                                   OTHER REPRESENTATIVES
No.                                                                          EURO-NAV provides the accounting management for the MF.

.




INFORMATION REGARDING THE INVESTMENTS AND MANAGEMENT
CLASSIFICATION

Shares from Countries of the European Community.

The MF is an index fund.

MANAGEMENT OBJECTIVE

The MF’s management objective is to reproduce the evolution of MSCI EMU Small Cap™ index while insofar as possible minimizing the
tracking error between the performances of the MF and those of the MSCI EMU Small Cap™ index.
The tracking error objective, calculated over a period of 52 weeks, is less than 1%.
Should the tracking error nevertheless be higher than 1%, the objective is still to remain below 5% of the volatility of the MSCI EMU Small Cap™
index.

REFERENCE INDICATOR

The reference indicator is the MSCI EMU Small Cap™ index, net dividends reinvested.
The MSCI EMU Small Cap™ index is a share index calculated and published by the supplier of international indices MSCI.
The MSCI EMU Small Cap™ is an equity index that represents the most liquid securities in the euro zone, having a capitalisation of between
USD 200 million and 1.5 billions. The objective of the MSCI EMU Small Cap™ index is to represent, within the universe of securities having the
required capitalisation, 40% of the total market value of each “Industry Group”, in each member state of the euro zone.
The “Industry Groups” are defined by the sector classification according to the GICS (Global Industry Classification Standard) classification.
After having selected the securities comprising the index, their market value undergoes a free-float adjustment within the index.

The MSCI methodology and its calculation method entail a variable number of companies comprising the index.

The complete construction methodology for the MSCI EMU Small Cap™ index is available on the MSCI Internet site: www.msci.com.

The monitored performance is that of the index closing prices.

INVESTMENT STRATEGY

In order to find the greatest possible correlation with the performance of the MSCI EMU Small Cap™ index, the MF will purchase a basket of
shares in countries of the European Community and, for up to 10% of its assets, an over-the-counter negotiated forward exchange contract for
shares and indices that transform the exposure to the shares listed as assets of the MF into an exposure to the MSCI EMU Small Cap™ index.

The MF will at all times invest more than 80% in shares from countries of the European Community.

The shares held as assets by the MF will notably be shares that make up the MSCI EMU Small Cap™ index, as well as other European shares,

                                                                                                                                         Page 3
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from all economic sectors, listed on all markets.
The shares held as assets by the MF will be chosen in order to limit the costs linked to the replication of the index and in order to obtain a
development of the basket of shares close to that of the MSCI EMU Small Cap™ index.

As part of the management of the basket of shares, the MF benefits from the exceptional ratios of the index-based UCITS: it can use up to 20%
of its assets to acquire shares from a single issuing entity. This 20% limit can be increased to 35% for a single issuing entity.

RISK PROFILE

Your money will primarily be invested in financial instruments selected by the management company. These instruments will fluctuate in
keeping with the markets.

Through the MF, the bearer is primarily exposed to the following 2 risks:
-   100% of the market risks linked to changes to the MSCI EMU Small Cap™ index. The bearer is therefore exposed to the variations
    (upward or downward) of the MSCI EMU Small Cap™ index, which is an index consisting of a sampling of companies representing the
    most liquid securities within the euro zone, having a capitalisation of between USD 200 million and 1.5 billion. In no way is this selection
    a garantee regarding the performances of the chosen securities. As such, the performances of these securities can be negative;
-   the risk of a loss of the invested capital; since the initially invested capital is not guaranteed, the performance of the MSCI EMU Small
    Cap™ index can be negative.

Also, through the MF, the bearer is exposed to the risk that the MF’s management objective may only be partially reached and to a
counterparty risk resulting from the use of forward financial instruments obtained through a lending institution. More details regarding these
risks can be found in the detailed note.


SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE

The MF is open to any subscriber.
An investor subscribing to this MF wishes to obtain an exposure to the euro zone small capitalisataion equity markets.
The amount that it is reasonable to invest in this MF depends on your personal situation. To determine this amount, you must take into
account your personal wealth and/or estate, your cash requirements at the present and for five years, but also your desire to take risks or, on
the contrary, to prefer a cautious investment. It is also recommended that you sufficiently diversify your investments so as not to be exposed
solely to the risks of this MF.
Each investor is therefore requested to study his/her particular situation with his/her usual estate management adviser.
The recommended minimum investment period is greater than 3 years.



INFORMATION REGARDING FEES, COMMISSIONS AND TAXATION
FEES AND COMMISSIONS

SUBSCRIPTION AND REDEMPTION COMMISSIONS
The subscription and redemption commissions are added to the subscription price paid by the investor or deducted from the reimbursement
price. The commissions paid to the MF serve to compensate for the fees borne by the MF for investing or disinvesting the entrusted assets. Any
remaining commissions go to the management company, the marketer, etc.
 Fees borne by the investor,
 collected at the time of subscriptions and                      Base                                    Schedule rate
 redemptions
                                                                                  maximum between (I) €20,000 by subscription request and (ii)
 Subscription commission not collected by the MF            Net asset value
                                                                                  2% of the net asset value per unit multiplied by the number of
                                                           × number of units
                                                                                    subscribed units that can be retroceded to third parties.

 Subscription commission collected by the MF                Net asset value
                                                                                                              None
                                                           × number of units
                                                                                    maximum between (I) €20,000 per redemption request and
 Redemption commission not collected by the MF              Net asset value
                                                                                  (ii) 2% of the net asset value by unit multiplied by the number
                                                           × number of units
                                                                                      of units redeemed that can be retroceded to third parties

 Redemption commission collected by the MF                  Net asset value
                                                                                                              None
                                                           × number of units


OPERATING AND MANAGEMENT FEES
These fees include all of the fees invoiced directly to the MF, except for transaction fees. Transaction fees include the intermediation fees
(brokerage, stock market taxes, etc.) and the movement commission, if any, which can notably be collected by the custodian and the
management company. The following can be added to the operating and management fees:
- surplus performance commissions. These are paid to the management company when the MF has exceeded its objectives. They are therefore
invoiced to the MF;
- movement commissions invoiced to the MF;
- a share of the earnings from operations involving the temporary acquisition and sale of securities.
For more details regarding the fees actually invoiced to the MF, refer to the Statistics Part of the simplified prospectus.




                                                                                                                                             Page 4
For information purpose only - Only the French version of this prospectus is binding


                  Fees invoiced to the MF                           Base               Schedule rate

  Operating and management fees, tax included       (1)                                0.40 % per year
                                                                  Net assets
                                                                                          maximum

  Surplus performance commission                                  Net assets                None

  Service providers collecting movement                      Collection from each
  commissions:                                                                              None
                                                                  transaction
(1)
      including all fees excluding transaction fees, surplus performance fees and fees linked to investments in UCITS or investment funds.


No movement commission will be collected on the MF.


COMMISSIONS IN KIND
Lyxor International Asset Management receives no commissions in kind, neither for itself nor for third parties.


FISCAL REGIMEN

The MF can be part of a PEA (stock savings plan). The MF can serve as the support for a life insurance contract labelled in account units.

According to your fiscal regimen, possible capital gains and earnings linked to the holding of MF units may be subject to taxation. We
recommend that you seek information in this regard from your MF marketer.



INFORMATION OF A COMMERCIAL NATURE
SUBSCRIPTION AND REDEMPTION CONDITIONS

Subscription/redemption requests involving MF units will be centralised by the Société Générale Securities and Stock Market Department,
between 10 a.m. and 5 p.m. (Paris time), each Market Day. Subscription/redemption requests submitted after 5 p.m. (Paris time) on a Market
Day will be handled as requests received between 10 a.m. and 5 p.m. (Paris time) on the next Market Day.
(i) Subscriptions / redemptions can be made by contributions of shares comprising the MSCI EMU Small Cap™ index, provided that this
involves an exact and whole multiple of 100,000 MF units.
These requests, centralised by the Société Générale Securities and Stock Market Department between 10 a.m. and 5 p.m. (Paris time) on a
Market Day will be executed on the basis of the conditions determined by Lyxor International Asset Management at 5 p.m. (Paris time) on that
same Market Day, i.e.:
(1) the numbers of each share comprising the MSCI EMU Small Cap™ index corresponding with 100,000 times the MSCI EMU Small Cap™ index
in euros that the subscriber or MF must deliver (rounded to the next lower unit), and, where appropriate,
(2) an amount in cash paid or received by the MF (the “Adjustment”) for a subscription/redemption request involving exactly a whole multiple
of 100,000 units of the MF. This Adjustment, positive or negative, will be equal to the difference between the net asset value of the MF units
on that day and the value of the shares to be delivered on that same day.
The numbers of each share comprising the MSCI EMU Small Cap™ index mentioned in (1) above as well as the Adjustment mentioned in (2)
above will be the subject of a publication on Reuters and on the Internet site www.masterunit.Com.
For all subscriptions carried out by contribution of securities, the management company reserves the right to refuse the proposed securities
and, to this end, it has an interval of 7 days as of their deposit in which to indicate its decision.
(ii) Subscriptions / redemptions made exclusively in cash.
Subscriptions/ redemptions made exclusively in cash will be carried out on the basis of the net asset value on the next Market Day.
(iii) Settlement / delivery provisions for the subscriptions / redemptions.
The settlement / delivery of the subscriptions / redemptions will be carried out at the latest five Market Days after the reception date of the
subscription / redemption requests.

FINANCIAL YEAR CLOSING DATE

Last Market Day in January.
First closing: 31.01.06.

ALLOCATION OF THE RESULTS

The management company reserves the right to capitalise and/or distribute all or part of the revenues each year. Posting according to the
collected coupons method.

NET ASSET VALUE CALCULATION DATE AND PERIODICITY

The net asset value will be calculated each day, except on public holidays according to the French Labour Code and to the closing calendar of
the Paris Bourse and of the markets in which the securities comprising the MSCI EMU Small Cap™ index are listed.
Moreover, on net asset value publication days, an instantaneous net asset value in euros will be calculated and published by Euronext Paris
SA.


PLACE AND PROVISIONS FOR THE PUBLICATION OR COMMUNICATION OF THE NET ASSET VALUE

                                                                                                                                             Page 5
For information purpose only - Only the French version of this prospectus is binding


At the head office of LYXOR INTERNATIONAL ASSET MANAGEMENT, 17, Cours Valmy - 92800 Puteaux - FRANCE.

The distribution of this simplified prospectus, and the offer or purchase of MF units can be subject to restrictions in certain countries. This
simplified prospectus constitutes neither an offer nor canvassing on the initiative of any person, in all countries in which this offer or
canvassing would be illegal, or in which the person making this offer or carrying out this canvassing does not meet the conditions required for
this purpose or targeting any person relative to whom it would be illegal to formulate this offer or whom it would be illegal to canvas. The MF
units have not been and will not be offered or sold in that United States, on behalf of our benefiting any citizen or resident of the United
States.
No person other than those people mentioned in this simplified prospectus is authorised to provide information regarding the MF.
The potential subscribers to MF units must obtain information on the legal demands applicable to this subscription request, and obtain
information on the exchange control regulations and fiscal regimen respectively applicable in their country of citizenship or residency, or in
which their residence is located.

UNIT LISTING CURRENCY

Euros.

CREATION DATE

This MF was approved by the Autorité des Marchés Financiers (Financial Markets Authority) on 11 March 2005. It was created on 1 April 2005.

ORIGINAL NET ASSET VALUE

EUR 133.28 per unit (i.e. the value in euros of the MSCI EMU Small Cap™ index on 31 March 2005).



ADDITIONAL INFORMATION
The MF complete prospectus and the latest annual and periodic documents are sent within one week of the bearer’s written request,
submitted to:
LYXOR INTERNATIONAL ASSET MANAGEMENT
17, cours Valmy - 92800 Puteaux - FRANCE.
e-mail: contact@lyxor.com
Requests for information can also be submitted via the Internet site www.lyxor.fr.
The AMF site (www.amf-france.org) contains additional information on the list of regulatory documents and all of the provisions relative to the
protection of investors.
The present simplified prospectus must be provided to subscribers prior to subscription.




                                                                                                                                        Page 6
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                                   STATISTICAL PART



PERFORMANCES OF THE MF ON […]




PRESENTATION OF THE FEES INVOICED TO THE MF IN THE LAST FINANCIAL
YEAR THAT ENDED ON […]




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 LYXOR ETF MSCI EMU                                                                                                 DETAILED NOTE
                                                                                              MF COMPLIANT WITH EUROPEAN STANDARDS
 SMALL CAP
DETAILED CHARACTERISTICS
FORM OF THE UCITS

NAME
LYXOR ETF MSCI EMU SMALL CAP.

LEGAL FORM AND MEMBER STATE IN WHICH THE UCITS WAS CREATED
Fonds Commun de Placement (mutual fund - MF) operating under French law and created in France.

CREATION DATE AND PLANNED EXISTENCE DURATION
This MF was approved by the Autorité des Marchés Financiers (Financial Markets Authority) on 11 March 2005. It was created on 1 April 2005
for a duration of 99 years.

SYNOPSIS OF THE MANAGEMENT OFFER
                                                                                                                                      Minimum
Original Net Asset                                                       Distribution                  Issuing     Subscribers in
                      Compartments           ISIN code                                                                               subscription
      Value                                                              of revenues                  currency       question
                                                                                                                                       amount
                                                             The management company reserves                       The MF is open
 EUR 133.28           No                  FR0010168773       the right to capitalise and/or           EUR          to any           None
                                                             distribute all or part of the revenues                subscriber.

INDICATION OF THE LOCATION WHERE ONE CAN OBTAIN THE LATEST ANNUAL REPORT AND THE LATEST PERIODIC REPORT
The latest annual and periodic documents are sent within one week of the bearer’s written request, submitted to:
LYXOR INTERNATIONAL ASSET MANAGEMENT.
17, cours Valmy - 92800 Puteaux – FRANCE.
e-mail: contact@lyxor.com.
Requests for information can also be submitted via the Internet site www.lyxor.fr.

ACTORS

MANAGEMENT COMPANY
LYXOR INTERNATIONAL ASSET MANAGEMENT.
Public limited company with executive board and control board.
Head office: 17, cours Valmy - 92800 Puteaux – FRANCE.
Mailing address: Société Générale Tower – A08 - 17, Cours Valmy - 92987 Paris-La Défense Cedex – FRANCE

CUSTODIAN BANK, REGISTRAR AND ESTABLISHMENT IN CHARGE OF HOLDING THE REGISTERS OF THE UNITS AND OF THE
CENTRALISATION OF THE SUBSCRIPTION AND REDEMPTION ORDERS
SOCIETE GENERALE.
Lending institution created on 8 May 1864 by authorisation decree signed by Napoleon III.
Head office: 29, bd Haussmann - 75009 Paris – FRANCE.
Mailing address: 50, bd Haussmann - 75431 Paris Cedex 09 – FRANCE.

AUDITORS
PRICEWATERHOUSECOOPERS AUDIT.
Public limited company.
Head office: 32, rue Guersant - 75017 Paris – FRANCE.
Signatory: Jacques LEVI.

REPRESENTATIVES
LYXOR INTERNATIONAL ASSET MANAGEMENT will on its own provide the financial and administrative management of the MF without
delegation to third parties, except for the accounting management, which will be delegated to:
EURO-NAV
Immeuble Colline Sud - 10, passage de l’Arche - 92081 Paris-La Défense Cedex – FRANCE




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OPERATING AND MANAGEMENT PROVISIONS
GENERAL CHARACTERISTICS

CHARACTERISTICS OF THE UNITS
The units are listed in a register, in the names of the establishments holding the accounts of the subscribers on behalf of the latter. This
register is held by the Société Générale Securities and Stock Market Department.
Each unit holder has a co-ownership right to the net assets of the MF in proportion with the number of units held.
The units do not include voting rights, as decisions are taken by the management company.
The units are bearer units. The units will not be divided.

CLOSING DATE
Last Market Day in January.
First closing: 31. January 2006.

INFORMATION ON THE FISCAL REGIMEN
Eligible as part of a PEA (stock savings plan).

The attention of investors is drawn to the fact that the following information is only a general summary of the fiscal regimen applicable to
investment in a French MF in view of the current state of French legislation. Investors are therefore requested to study their personal
situations with their usual tax advisers.

1. On the level of the MF
In France, the co-ownership quality of mutual funds automatically places them outside of the field of application of corporate tax; by nature,
they therefore benefit from a certain degree of transparency. As such, the earnings collected and generated by the MF through its
management are not taxable on its level.
Abroad (in the investment countries of the MF), generated capital gains on the disposal of foreign securities and the revenues from foreign
sources collected by the MF through its management can, where appropriate, be subject to taxation (generally in the form of a withholding at
the source). In certain limited cases, the foreign taxation can be reduced or wiped out in the presence of tax conventions that may be
applicable.

2. On the level of the bearers of MF units
2.1 French resident bearers
Capital gains or losses generated by the MF, revenues distributed by the MF and capital gains or losses recorded by the bearer are subject to
the applicable taxation.
Investors are requested to study their personal situations with their usual tax advisers.
2.2 Bearers residing outside of France
Subject to applicable tax conventions, earnings distributed by the MF can, where appropriate, be subject to a collection or withholding at the
source in France.
Pursuant to article 244 bis C of the General Tax Code, capital gains on the redemption / disposal of MF units are not taxable in France.
Bearers residing outside of France will be subject to the provisions of the tax legislation applicable in their country of residence.

SPECIAL PROVISIONS

CLASSIFICATION
Shares from Countries of the European Community.

The MF is an index fund.

MANAGEMENT OBJECTIVE
The MF’s management objective is to reproduce the evolution of MSCI EMU Small Cap™ index while insofar as possible minimizing the
tracking error between the performances of the MF and those of the MSCI EMU Small Cap™ index.
The tracking error objective, calculated over a period of 52 weeks, is less than 1%.
Should the tracking error nevertheless be higher than 1%, the objective is still to remain below 5% of the volatility of the MSCI EMU Small Cap™
index.

REFERENCE INDICATOR

The reference indicator is the MSCI EMU Small Cap™ index, net dividends reinvested.
The MSCI EMU Small Cap™ index is a share index calculated and published by the supplier of international indices MSCI.
The MSCI EMU Small Cap™ is an equity index that represents the most liquid securities in the euro zone, having a capitalisation of between
USD 200 million and 1.5 billions. The objective of the MSCI EMU Small Cap™ index is to represent, within the universe of securities having the
required capitalisation, 40% of the total market value of each “Industry Group”, in each member state of the euro zone.
The “Industry Groups” are defined by the sector classification according to the GICS (Global Industry Classification Standard) classification.
After having selected the securities comprising the index, their market value undergoes a free-float adjustment within the index.

The MSCI methodology and its calculation method entail a variable number of companies comprising the index.

The complete construction methodology for the MSCI EMU Small Cap™ index is available on the MSCI Internet site: www.msci.com.

The monitored performance is that of the index closing prices.

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INVESTMENT STRATEGY


1. Strategy employed
In order to find the greatest possible correlation with the performance of the MSCI EMU Small Cap™ index, the MF will purchase a basket of
shares in countries of the European Community and, for up to 10% of its assets, an over-the-counter negotiated forward exchange contract for
shares and indices that transform the exposure to the shares listed as assets of the MF into an exposure to the MSCI EMU Small Cap™ index.

The MF will at all times invest more than 80% in shares from countries of the European Community.

The shares held as assets by the MF will notably be shares that make up the MSCI EMU Small Cap™ index, as well as other European shares,
from all economic sectors, listed on all markets.
The shares held as assets by the MF will be chosen in order to limit the costs linked to the replication of the index and in order to obtain a
development of the basket of shares close to that of the MSCI EMU Small Cap™ index.

As part of the management of the basket of shares, the MF benefits from the exceptional ratios of the index-based UCITS: it can use up to 20%
of its assets to acquire shares from a single issuing entity. This 20% limit can be increased to 35% for a single issuing entity.

In the present case, the manager primarily intends to use the following assets:

2. Balance sheet assets (excluding integrated derivatives)
The MF will follow the investment rules indicated by the European directive n° 85/611/EEC dated 20 December 1985 (modified).
The MF manages, in compliance with the ratios contained in the regulation, shares from European Community countries (from all economic
sectors, listed on all markets), for up to 100% of the net assets.
As part of a future optimisation of the MF management, the manager reserves the right to use other instruments within the limits of the
regulations, in order to meet the management objective, for example:
- UCITS compliant with European directive 85/611/EEC (modified) in the limit of 10% of the net assets;
- UCITS operating under French law that are non-compliant with European directive 85/611/EC (modified) in the limit of the regulations,
   authorised by the AMF or benefiting from a lightened procedure.

3. Off-balance sheet assets (derivative instruments)
Up to the limit of 10% of its net assets, the MF will have recourse to equity-linked swaps negotiated over-the-counter, exchanging the value of
the shares held as assets by the MF (or of any other financial instrument held as assets by the MF, where appropriate) against the value of the
MSCI EMU Small Cap™ index.
As part of a future optimisation of the MF management, the manager reserves the right to use other instruments within the limits of the
regulations, such as to reach the management objective, for example including forward financial instruments other than equity-linked swaps.

4. Securities with integrated derivatives
None.

As part of a future optimisation of the MF management, the manager reserves the right to use other instruments within the limits of the
regulations, in order to meet the management objective, for example including debt securities with integrated derivatives.

5. Deposits
Up to a maximum of 20% of its net assets, the MF can have recourse to deposits with lending institutions in order to optimize its cash
management.

6. Emprunts d’espèces
Up to a maximum of 10% of its net assets, the MF can turn to borrowing, notably in order to optimize the management of its available funds.

7. Temporary acquisitions and disposals of shares
None.

As part of a future optimisation of the MF management, the manager reserves the right to use other instruments within the limits of the
regulations, in order to meet the management objective, for example:
- repurchase agreements in exchange for cash, governed by articles L.432-12 and subsequent of the Monetary and Financial Code, up to a
   limit of 100% of the net assets;
- repurchase agreements in exchange for cash, governed by articles L.432-12 and subsequent of the Monetary and Financial Code, up to a
   limit of 10% of the net assets;
- share loans / borrowing, up to a limit of 10% the net assets.
Possible temporary acquisition or disposal operations involving shares, as well as the lending and borrowing of shares will be carried out
under market conditions and the possible earnings will entirely remain the property of the MF.

RISK PROFILE
Your money will primarily be invested in financial instruments selected by the management company. These instruments will fluctuate in
keeping with the markets.

Through the MF, the bearer is primarily exposed to the following risks:
1. 100% of the market risks linked to changes to the MSCI EMU Small Cap™ index. The bearer is therefore exposed to the variations (upward
or downward) of the MSCI EMU Small Cap™ index, which is an index consisting of a sampling of companies representing the most liquid
securities within the euro zone, having a capitalisation of between USD 200 million and 1.5 billion. In no way is this selection a garantee
regarding the performances of the chosen securities. As such, the performances of these securities can be negative;
The MF therefore has a high risk profile.
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2. Risk that the MF’s management objective might only be partially reached.
Nothing guarantees that the MF’s management objective will be reached. Indeed, no asset or financial instrument will allow an automatic and
continuous replication of the MSCI EMU Small Cap™ index: any re-weighting of the MSCI EMU Small Cap™ index can result in miscellaneous
transaction or friction costs. Similarly, the MF will not be able to perfectly reproduce the performance of the MSCI EMU Small Cap™ index
notably because of the temporary unavailability of certain securities comprising the index or due to exceptional circumstances that might
result in distortions in the weighting of the index. Also, in case of temporary suspension or interruption of the listing of the securities
comprising the MF index.
3. Risk of the loss of the invested capital; since the initially invested capital is not guaranteed, the performance of the MSCI EMU Small Cap™
index can be negative.
4. Counterparty risks: the MF will be exposed to the counterparty risk resulting from the use of forward financial instruments obtained
through a lending institution. The MF is therefore exposed to the risk that this lending institution might be unable to honour its commitments
relative to these instruments. The counterparty risk resulting from the use of forward financial instruments is limited at all times to 10% of the
MF’s net assets by counterparty.

CHANGE OF INDEX
The management company reserves the right, with the approval of the Financial Markets Authority, and provided that it feels that this is in the
interests of holders of units of the LYXOR ETF MSCI EMU SMALL CAP fund, to replace the MSCI EMU Small Cap™ index with another index:
- if the MSCI EMU Small Cap™ index ceases to exist;
- if a new index replacing the MSCI EMU Small Cap™ index should appear, based on after an opinion from at least one independent expert;
- if, in the opinion of the management company, a new index leading to a better valuation of the investment of the bearers of units of the
LYXOR ETF MSCI EMU SMALL CAP should appear; objective financial criteria, namely greater liquidity, reduced expenses and a more efficient
secondary market will serve as the basis for this decision;
- should it become difficult to invest in the securities comprising the MSCI EMU Small Cap™ index, or should a part of the securities
comprising the MSCI EMU Small Cap™ offer limited liquidity, after the opinion of an independent expert;
- if MSCI increases its licensing fees to a level that is considered to be too high by the management company, after the opinion of an
independent expert;
- if, in the opinion of the management company, the quality (including the precision and availability of the data) of the MSCI EMU Small Cap™
index should prove to be deteriorated, after the opinion of an independent expert;
- if the instruments and techniques used to ensure good management of the portfolio or to hedge against the exchange risks as necessary for
the implementation of the LYXOR ETF MSCI EMU SMALL CAP investment policy are not available, after the opinion of an independent expert.

The management company has the right to change the name LYXOR ETF MSCI EMU SMALL CAP in case of a change of Index. Any change of
index, change of name of LYXOR ETF MSCI EMU SMALL CAP or modification made to this prospecting must beforehand be approved by the
Commission des Opérations de Bourse and will be the subject of a publication in a daily newspaper distributed in France.

SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE
The MF is open to any subscriber.
An investor subscribing to this MF wishes to obtain an exposure to the euro zone small capitalisataion equity markets.
The amount that it is reasonable to invest in this MF depends on your personal situation. To determine this amount, you must take into
account your personal wealth and/or estate, your cash requirements at the present and for five years, but also your desire to take risks or, on
the contrary, to prefer a cautious investment. It is also recommended that you sufficiently diversify your investments so as not to be exposed
solely to the risks of this MF.
Each investor is therefore requested to study his/her particular situation with his/her usual estate management adviser.
The recommended minimum investment period is greater than 3 years.

PROVISIONS FOR THE DETERMINATION AND ALLOCATION OF EARNINGS
The management company reserves the right to capitalise and/or distribute all or part of the revenues. Posting according to the collected
coupons method.

DISTRIBUTION FREQUENCY
In case of distribution, the frequency will be annual.

CHARACTERISTICS OF THE UNITS
Subscriptions are made in whole or mounts or numbers of units.
Redemptions are therefore made in whole numbers of units.

SUBSCRIPTION AND REDEMPTION PROVISIONS
Subscription/redemption requests involving MF units will be centralised by the Société Générale Securities and Stock Market Department,
between 10 a.m. and 5 p.m. (Paris time), each Market Day. Subscription/redemption requests submitted after 5 p.m. (Paris time) on a Market
Day will be handled as requests received between 10 a.m. and 5 p.m. (Paris time) on the next Market Day.
(i) Subscriptions / redemptions can be made by contributions of shares comprising the MSCI EMU Small Cap™ index, provided that this
involves an exact and whole multiple of 100,000 MF units.
These requests, centralised by the Société Générale Securities and Stock Market Department between 10 a.m. and 5 p.m. (Paris time) on a
Market Day will be executed on the basis of the conditions determined by Lyxor International Asset Management at 5 p.m. (Paris time) on that
same Market Day, i.e.:
(1) the numbers of each share comprising the MSCI EMU Small Cap™ index corresponding with 100,000 times the MSCI EMU Small Cap™ index
in euros that the subscriber or MF must deliver (rounded to the next lower unit), and, where appropriate,
(2) an amount in cash paid or received by the MF (the “Adjustment”) for a subscription/redemption request involving exactly a whole multiple
of 100,000 units of the MF. This Adjustment, positive or negative, will be equal to the difference between the net asset value of the MF units
on that day and the value of the shares to be delivered on that same day.


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For information purpose only - Only the French version of this prospectus is binding


The numbers of each share comprising the MSCI EMU Small Cap™ index mentioned in (1) above as well as the Adjustment mentioned in (2)
above will be the subject of a publication on Reuters and on the Internet site www.masterunit.Com.
For all subscriptions carried out by contribution of securities, the management company reserves the right to refuse the proposed securities
and, to this end, it has an interval of 7 days as of their deposit in which to indicate its decision.
(ii) Subscriptions / redemptions made exclusively in cash.
Subscriptions/ redemptions made exclusively in cash will be carried out on the basis of the net asset value on the next Market Day.
(iii) Settlement / delivery provisions for the subscriptions / redemptions.
The settlement / delivery of the subscriptions / redemptions will be carried out at the latest five Market Days after the reception date of the
subscription / redemption requests.

FEES AND COMMISSIONS
Subscription and redemption commissions
The subscription and redemption commissions are added to the subscription price paid by the investor or deducted from the reimbursement
price. The commissions paid to the MF serve to compensate for the fees borne by the MF for investing or disinvesting the entrusted assets. Any
remaining commissions go to the management company, the marketer, etc.
  Fees borne by the investor,
  collected at the time of subscriptions and                        Base                                    Schedule rate
  redemptions
                                                                                    maximum between (I) €20,000 by subscription request and (ii)
  Subscription commission not collected by the MF              Net asset value
                                                                                    2% of the net asset value per unit multiplied by the number of
                                                              × number of units
                                                                                      subscribed units that can be retroceded to third parties.

  Subscription commission collected by the MF                  Net asset value
                                                                                                                 None
                                                              × number of units
                                                                                       maximum between (I) €20,000 per redemption request and
  Redemption commission not collected by the MF                Net asset value
                                                                                     (ii) 2% of the net asset value by unit multiplied by the number
                                                              × number of units
                                                                                         of units redeemed that can be retroceded to third parties

  Redemption commission collected by the MF                    Net asset value
                                                                                                                 None
                                                              × number of units


Operating and management fees
These fees include all of the fees invoiced directly to the MF, except for transaction fees. Transaction fees include the intermediation fees
(brokerage, stock market taxes, etc.) and the movement commission, if any, which can notably be collected by the custodian and the
management company. The following can be added to the operating and management fees:
- surplus performance commissions. These are paid to the management company when the MF has exceeded its objectives. They are therefore
invoiced to the MF;
- movement commissions invoiced to the MF;
- a share of the earnings from operations involving the temporary acquisition and sale of securities.
For more details regarding the fees actually invoiced to the MF, refer to the Statistics Part of the simplified prospectus.



                  Fees invoiced to the MF                           Base               Schedule rate

  Operating and management fees, tax included       (1)                                0.40 % per year
                                                                  Net assets
                                                                                          maximum

  Surplus performance commission                                  Net assets                None

  Service providers collecting movement                      Collection from each
  commissions:                                                                              None
                                                                  transaction
(1)
      including all fees excluding transaction fees, surplus performance fees and fees linked to investments in UCITS or investment funds.

No movement commission will be collected on the MF.

Commissions in kind
Lyxor International Asset Management receives no commissions in kind, neither for itself nor for third parties.




INFORMATION OF A COMMERCIAL NATURE
The units of the MF are accepted for operations at Euroclear France S.A.
The subscriptions and redemptions orders are sent via the financial intermediaries (members of Euroclear France S.A.) of investors, and are
received and centralised at the Société Générale Securities and Stock Market Department.

The MF units will be the subject of an admission for negotiation on the Eurolist of Euronext Parity SA and on the MTF segment of “Borsa
Italiana”.
The MF management company undertakes that the share price of the MF units will not deviate more than 1.50% from the instantaneous net
asset value.
Market Day means any day during which the Paris Bourse is open and operating smoothly.




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INVESTMENT RULES
The MF will respect the applicable regulatory ratios and can notably refer to the provisions contained in articles 4, 4-1, 4-8, 4-9 and 13 of
decree 89-623 of 6 September 1989 (modified).
The MF can use up to 20% of its assets for the instruments mentioned in a), b) and d) of 2° of article 1 of decree 89-623, from a single issuing
entity. This 20% limit can be increased to 35% for a single issuing entity.



RULES FOR THE ASSESSMENT AND POSTING OF THE ASSETS
A. ASSESSMENT RULES
The MF’s assets are assessed in compliance with the applicable laws and regulations, and more particularly with regulation n°2003-02 of the
Comité de la Réglementation Comptable dated 2 October 2003 relative to the chart of accounts of the UCITS (1st part).
Financial instruments negotiated on a regulated market are assessed at the closing price of the day before the calculation of the net asset
value. When these financial instruments are negotiated on several regulated markets at the same time, the adopted closing price is the one
identified on the regulated market in which they are primarily negotiated.
However, in the absence of significant transactions on a regulated market, the following financial instruments are assessed according to the
following special methods:
negotiable debt securities (“NDS”) having a residual life upon acquisition that is less than or equal to 3 months are assessed with a straight-
line extension over the residual life span of the difference between the acquisition value and the redemption value. The management company
nevertheless reserves the possibility of assessing these securities at the actual value in case of particular sensitivity to market risks (rates,...).
The chosen rate is that of the equivalent security issues allocated to the risk margin related to the issuer;
the NDS, of which the residual lifespan acquisition is greater than 3 months but of which the residual lifespan on the net asset value closing
date is equal to or less than 3 months, are assessed by distributing, over the residual lifespan, the difference between the last adopted current
value and the reimbursement value. The management company nevertheless reserves the possibility of assessing these securities at the actual
value in case of particular sensitivity to market risks (rates,...). The chosen rate is that of the equivalent security issues allocated to the risk
margin related to the issuer;
the NDS of which the residual lifespan on the closing date of the net asset value is greater than 3 months are assessed at their current value.
The chosen rate is that of the equivalent security issues allocated to the risk margin related to the issuer.
Firm forward financial instruments negotiated on organised markets are assessed at the clearing price on the eve of the calculation day of the
net asset value. Conditional forward financial instruments negotiated on organised markets are assessed at their market value as determined
on the eve of the calculation day of the net asset value. Over-the-counter firm or conditional forward financial instruments are assessed at the
price given by the financial instrument’s counterparty. The management company independently carries out a verification of this assessment.
Deposits are assessed at their normal value, plus the attached accrued interest.
Share purchase warrants, cash certificates, promissory notes and [mortgage notes] are assessed, under the responsibility of the management
company, at their probable negotiation value.
Temporary acquisitions and disposals of securities are assessed at the market price.
Units and shares of undertakings for collective investment in transferable securities operating under French law are assessed at the last net
asset value known on the calculation date of the MF’s net asset value.
Units and shares of investment funds operating under foreign law are assessed at the last unit net asset value known on the calculation date
of the MF’s net asset value.
Financial instruments negotiated on a regulated market for which the price could not be identified or for which the price has been corrected
are assessed at their probable negotiation value, under the responsibility of the management company.
The exchange rates used for the assessment of financial instruments labelled in a currency other than the MF reference currency are the
exchange rates disseminated by the European Central Bank on the eve of the closing date of the MF’s net asset value.

B. POSTING METHOD OF THE NEGOTIATION FEES
The adopted method is that of included fees.

C. POSTING METHOD OF THE EARNINGS FROM FIXED REVENUE SECURITIES.
The adopted method is that of collected coupons.

D. DISTRIBUTION POLICY
The management company reserves the right to capitalise and/or distribute all or part of the revenues.

E. ACCOUNTING CURRENCY
The MF’s accounting is held in euros.



LYXOR ETF MSCI EMU SMALL CAP (the “Fund”) is in no way sponsored, endorsed, sold or promoted by Morgan Stanley Capital International
Inc. (“MSCI”), nor by any MSCI subsidiary, nor by any of the entities involved in the preparation of the MSCI indices. The MSCI indices are the
exclusive property of MSCI and the MSCI indices are brands belonging to MSCI or its subsidiaries and have been the subject of a licence
granted, for certain requirements, to Lyxor Asset Management. Neither MSCI, nor any MSCI subsidiary, nor any of the entities involved in the
preparation and calculation of the MSCI indices makes any declaration or issues any express or implicit guarantee relative to holders of the
fund’s units or more generally to the public, with regard to the timeliness of a transaction involving mutual fund units in general or the Fund’s
units in particular, or regarding the ability of any MSCI index to replicate the performance of the overall equity market. MSCI or its subsidiaries
are the owners of certain names, registered trademarks and of the MSCI that are determined, composed and calculated by MSCI without
discussion with Lyxor International Asset Management or the Fund. Neither MSCI, nor any MSCI subsidiary, nor any of the entities involved in
the preparation of the MSCI indices, is required to take into account the requirements of Lyxor International Asset Management or of the
holders of the Fund’s units when determining, composing or calculating the MSCI indices. Neither MSCI, nor any MSCI subsidiary, nor any of
the entities involved in the preparation of the MSCI indices makes any decision regarding the launch date, the price, the quantity of the Fund’s
                                                                                                                                           Page 13
For information purpose only - Only the French version of this prospectus is binding


units, or even the determination and calculation of the formula used to establish the Fund’s net asset value. Neither MSCI, nor any MSCI
subsidiary, nor any of the entities involved in the preparation of the MSCI indices, assumes any liability or obligation regarding the
administration, management or marketing of the Fund.
THOUGH MSCI OBTAINS INFORMATION FOR INTEGRATION OR USE IN THE CALCULATION OF THE INDICES FROM SOURCES THAT MSCI
CONSIDERS TO BE RELIABLE, NEITHER MSCI NOR ANY OTHER PARTY INVOLVED IN THE CREATION OR CALCULATION OF THE MSCI INDICES
GUARANTEES THE EXACTNESS AND/OR EXHAUSTIVE NATURE OF THE INDICES OR OF ANY INCLUDED DATA.NEITHER MSCI NOR ANY OTHER
PARTY INVOLVED IN THE CREATION OF A CALCULATION FOR THE MSCI INDICES GIVES ANY EXPRESS OR IMPLICIT GUARANTEE REGARDING THE
RESULTS THAT MAY BE OBTAINED BY THE HOLDER OF A MSCI LICENCE, THE CUSTOMERS OF THE SAID LICENSEE AS WELL AS THE
COUNTERPARTS, SHAREHOLDERS IN THE FUND OR ANY OTHER PERSON OR ENTITY, BASED ON THE USAGE OF THE INDICES OR OF ANY DATA
INCLUDED WITH REGARD TO THE RIGHTS GRANTED BY LICENCE OR FOR ANY OTHER USAGE. NEITHER MSCI NOR
ANY OTHER PARTY GIVES EXPRESS OR IMPLICIT GUARANTEES AND MSCI REJECTS ALL GUARANTEES REGARDING THE COMMERCIAL VALUE OR
ADEQUACY FOR SPECIFIC USAGE OF THE INDICES OR INCLUDED DATA. NOTWITHSTANDING THE ABOVE, UNDER NO CIRCUMSTANCES CAN THE
LIABILITY OF MSCI OR OF ANY OTHER PARTY BE SOUGHT WITH REGARD TO ANY DAMAGES, WHETHER DIRECT, INDIRECT OR OTHER
(INCLUDING THE LOSS OF EARNINGS), EVEN IN CASE OF KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES.




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                                         APPENDIX I I

                             LYXOR ETF MSCI EMU SMALL CAP MF

                                 ARTICLES OF ASSOCIATION




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 LYXOR ETF MSCI EMU                                                                              ARTICLES OF ASSOCIATION
                                                                                                   MF COMPLIANT WITH EUROPEAN STANDARDS

 SMALL CAP
                                                                     TITLE 1

                                                               ASSETS AND UNITS

Article 1 - Co-ownership units

The rights of the co-owners are expressed in units, with each unit corresponding with an equal fraction of the MF’s assets. Each unit holder
has a co-ownership right to the assets of the MF in proportion with the number of units held.
The duration of the MF begins with its approval date by the Financial Markets Authority, for a duration of 99 years, except in the cases of early
dissolution or extension as indicated in the present articles of association.
The MF reserves the right to group or divide the units.
The units can be divided, if so decided by the management company, into 100 thousandths known as unit fractions.
The provisions of the articles governing the issue and redemption of units are applicable to the units, the value of which will always be
proportional with that of the share that they represent. All other provisions of the articles relative to the shares apply to the units without the
need to stipulate this, unless indicated otherwise.
Finally, the executive board of the management company can, at its discretion, carry out a division of the units by the creation of new units
that are allocated to the bearers in exchange for the old units.

Article 2 - Minimum amount of the assets

The minimum amount of the assets that the MF must gather at the time of its establishment is €400,000.
No redemption of the units will be possible if the MF’s assets fall below €300,000; in this case, and only should the assets once again exceed
this amount in the meantime, the management company can take the necessary steps to see to the merger or dissolution of the MF within 30
days.

Article 3 - Issue and redemption of units

The units are issued at any time at the request of the bearers on the basis of their net asset value plus, where appropriate, the subscription
commissions.
Subscriptions and redemptions are carried out under conditions and according to the provisions defined in the simplified prospectus and the
detailed memorandum of the complete prospectus.
The mutual fund units can be the subject of a listing according to the applicable regulations.
Subscriptions must be entirely paid up on the net asset value calculation date. They can be paid up in cash and/or by contribution of
securities. The management company reserves the right to refuse the proposed securities and, to this end, it has an interval of 7 days as of
their deposit in which to indicate its decision. If accepted, the contributed securities are assessed according to the rules stipulated in Article 4
and this option is carried out on the basis of the first net asset value after acceptance of the securities in question.
Redemptions are carried out only in cash, except in case of liquidation of the MF, in which case the bearers of units have given their
agreement to be reimbursed in securities. They are paid by the custodian within a maximum of five days of the day to of the unit’s evaluation.
However, if, in the event of exceptional circumstances, reimbursement would require the prior realisation of the assets comprising the MF,
this interval could be extended, but shall not exceed 30 days.
Except in case of inheritance or inter-vivos estate distribution, the disposal or transfer of units between bearers, or from bearers to a third
party, is equivalent to a redemption followed by a subscription; if this involves a third-party, the amount of the disposal or transfer must,
where appropriate, be completed by the beneficiary in order to attain at least that of the minimum subscription required by the simplified
prospectus and the complete prospectus.
In application of article L. 214-30 of the Monetary and Financial Code, the redemption by the MF of its units, or the issuing of new units, can
be temporarily suspended by the management company, when required by exceptional circumstances and if so required in the interests of the
bearers.
Should the MF’s net assets be below the amount stipulated by the regulations, no redemption of units can be carried out.

Article 4 - Calculation of the net asset value

The calculation of the net asset value of the units is performed at using the assessment rules contained in the complete prospectus’ detailed
memorandum.



                                                                     TITLE 2

                                                                 MF OPERATION

Article 5 - The management company: LYXOR INTERNATIONAL ASSET MANAGEMENT


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For information purpose only - Only the French version of this prospectus is binding


The MF’s management is provided by the management company in compliance with the orientation defined for the MF.
In all circumstances, the management company acts on behalf of the unit holders and can only exercise the voting rights attached to the
securities included in the MF.

Article 5b - Operating rules

The eligible instruments and deposits held as assets by the MF, and the investment rules, are described in the complete prospectus’ detailed
memorandum.

Article 6 - The custodian: SOCIETE GENERALE

The custodian looks after the preservation of the assets included in the MF, and it examines the management company’s orders regarding
purchases and sales of securities as well as those relative to the exercising of subscription and assignment rights attached to the securities
included in the MF. It looks after all collections and payments.
The custodian must ensure the legality of the decisions taken by the management company. It must, as relevant, take all protective measures
that it considers appropriate. In case of dispute with the management company, it informs the Financial Markets Authority.

Article 7 - The auditor

An auditor is designated for six financial years, with the agreement of the Financial Markets Authority, by the management company’s
executive board.
It performs the diligences and verifications stipulated by the law and notably certifies, whenever necessary, the sincerity and legality of the
accounts and indications of an accounting nature contained in the management report.
It can be renewed for the performance of its duties.
It informs the Financial Markets Authority, as such as the MF’s management company, of irregularities and inaccuracies that it identifies while
carrying out its mission.
Assessments of the assets and the determination of exchange parities during transformation, merger or demerger operations are carried out
with the auditor’s verification.
He assesses any contribution in kind and, under his responsibility, drafts a report regarding its assessment and remuneration.
He certifies the exactness of the composition of the assets and of the other elements before publication.
The auditor’s fees are set by common agreement between the latter and the management company’s executive board, on the basis of the
work programme that outlines the estimated necessary diligences.
In case of liquidation, he assesses the amount of the assets and prepares a report on the conditions of this liquidation.
He certifies the situations serving as the basis for the distribution of advances.
His fees are included in the management fees.

Article 8 - The accounts and the management report

At the closing of each financial year, the management company drafts synopsis documents and a report on the MF’s management during the
past financial year.
The inventory is certified by the custodian and all of the above documents are checked by the auditor.
The management company makes these documents available to the bearers of units within four months of the closing of the financial year
and informs them of the amount of earnings to which they are entitled: these documents are either sent by mail if expressly requested by the
bearers of units, or made available to them in the premises of the management company or the custodian.


                                                                     TITLE 3

                                          PROVISIONS FOR THE ALLOCATION OF THE EARNINGS

Article 9

The net income of the financial year is equal to the amount of the interest, annuity installments, dividends, bonuses and [prizes], director’s
fees and all earnings relative to the securities comprising the MF’s portfolio, plus the result of the momentarily available sums and less the
management fees and borrowing charges.
The sums for distribution are equal to the financial year’s net income plus the carryforward and plus/less the balance of the earnings
adjustment accounts related to the closed financial year.
Each year, the management company decides on the allocation of the earnings. During the financial year, the management company can
decide to distribute one or more advances, up to the limit of the net earnings posted as of the decision’s data.


                                                                     TITLE 4

                                           MERGER - DEMERGER - DISSOLUTION - LIQUIDATION


Article 10 - Merger - Demerger
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For information purpose only - Only the French version of this prospectus is binding



The management company can either contribute, in a whole or in part, assets included in the MF to another UCITS that it manages, or divide
the MF into two or more other mutual funds for which it will provide management.

These merger or demerger operations can only be carried out one month after the bearers have been notified of them. They can result in the
delivery of a new attestation of the number of units held by each bearer.

Article 11 - Dissolution - Extension

- If, for 30 days, the MF’s assets were to remain below the amount stipulated in Article 2 above, the management company would inform the
Financial Markets Authority of this and, in the absence of a merger with another mutual fund, carry out the dissolution of the MF.
- The management company can carry out the early dissolution of the MF; it informs the bearers of units of its decision and, from that date,
subscription or redemption requests are no longer accepted.
- The management company can also carry out the dissolution of the MF in case of a redemption request for all of the units or the termination
of the custodian’s functions, when no other custodian has been designated, or upon the expiry of the MF’s duration, if it has not been
extended.
The management company informs the Financial Markets Authority by mail of the chosen dissolution date and procedure. It then provides the
Financial Markets Authority with the auditor’s report.
The MF’s extension can be decided by the management company, in agreement with the custodian. This decision must be taken at least 3
months before the expiry of the MF’s planned duration and declared to the bearers of units and to the Financial Markets Authority.

Article 12 - Liquidation

In case of dissolution, the custodian or the management company is assigned to carry out the liquidation operations. To this end, they are
granted the broadest powers in order to realise the assets, pay possible creditors and distribute the available balance amongst the bearers of
units, either in cash or in securities.
The auditor and the custodian continue to carry out their duties until the end of the liquidation operations.


                                                                    TITLE 5

                                                                    DISPUTE

Article 13 - Specialty - Address for Service

Disputes relative to the MF that might arise during its operation or at the time of its liquidation, either between bearers of




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