ET Index Series Information Pack

Does the investment community hold the
key to tackling climate change?

ET UK 100
ET EUROPE 300
INFORMATION PACK

WHO WE ARE
ENVIRONMENTAL
INVESTMENT
ORGANISATION
An independent non-profit research organisation
promoting ecological investment systems

WHAT WE STAND FOR

ENVIRONMENTAL
TRACKING
ET Carbon Ranking
creating public pressure through the “spotlight effect”

ET Index Series
creating share price incentive through supply & demand pressure

ET Index Funds
promoting engagement strategies through index ownership

WHY WE DO IT
designed speciﬁcally to reduce
global corporate greenhouse gas emissions

info@eio.org.uk | www.eio.org.uk | www.ETindex.com

ENVIRONMENTAL
TRACKING
INDEX SERIES

Why this is not just another SRI Index

‣Designed to enable the investment community
to play a leading role in tackling climate
change

‣Creates share price incentive across global
markets for corporations to cut their GHG
emissions

‣Built on the publicly available ET Carbon
Rankings: encouraging disclosure & verification
of total GHG emissions

‣Based on transparent & clear methodology

‣Large cap, highly liquid global and regional
indexes selected purely by free-float market
capitalisation

‣Designed to reflect the risk/return profile of
equivalent mainstream indexes


3 CONTENTS

ET INDEX SERIES INTRODUCTION
4
CARBON RANKING METHODOLOGY
6
RE-WEIGHT METHODOLOGY
8
ET UK PERFORMANCE
9
ANALYSIS
10
ET EUROPE 300 PERFORMANCE
11
ANALYSIS
12
ET INDEX STRESS TEST
14
INDEX CALCULATION
16


ET INDEX SERIES 4
INTRODUCTION

Mainstream investment approach
The Environmental Tracking (ET) Index Series PRIMARY OBJECTIVE: RADICAL, GLOBAL
combines a mainstream index model with the
CORPORATE GHG EMISSIONS REDUCTION
objectives of ‘green’ and SRI funds; specifically
focusing on the urgent need to address climate
change. It is a unique response to a unique ENVIRONMENTAL TRACKING IS NOT
situation, creating a new Mainstream Green BASED ON CLAIMS OF MARKET
Benchmark: the ET Index Series. OUTPERFORMANCE
The ET Index system is based on the ET Carbon
Rankings, which employ a fully-transparent
e n v i ro n m e n t a l s c o r i n g m e t h o d , b a s e d o n
companies’ levels of disclosure, verification and
emissions intensity. The initial inclusion of
companies in the ET Carbon Rankings is based on
free-float market capitalisation, enabling the
subsequent ET Indexes to operate much the same THE SHIFT TO A LOW CARBON ECONOMY
as a traditional market capitalisation index. IS INEVITABLE
As each company in the ET Carbon Rankings is
AN ET INDEX OFFERS THE POSSIBILITY OF
scored relative to all the other constituents, each
company can then be re-weighted accordingly A MODERATE PERFORMANCE BENEFIT
within the ET Index. This is a fundamentally different OVER THE LONG TERM
concept from the ‘best in class’ approach usually
found in SRI indices, as it is not just the ‘greenest’
companies that are included, but all companies. As
the ET Carbon Rankings are updated annually,
dynamic pressure is exerted upon constituent
companies to improve their transparency and
emissions intensity, as they seek to improve their
position within the Rankings.
To see the current ET Carbon Rankings, please click
here.
National:
Live: The ET UK 100 Carbon Index
The ET Index Series
Regional:
Live: The ET Europe 300 Carbon Index
Coming soon: The ET North America 300 Carbon Index
Coming soon: The ET Asia-Pacific 300 Carbon Index
Coming soon: The ET BRIC 100 Carbon Index

Global:
Coming soon: The ET Global 1000 Carbon Index
Coming soon: The ET Global 800 Carbon Index


5 ET INDEX SERIES
INTRODUCTION

Same performance, different result
The indexes are designed to reflect the performance The resultant effect and stated aim of the ET Index
of their non weight-adjusted counterparts, with Series is to apply a dynamic pressure to the demand
minimal tracking error, whilst also, over time, for company shares within the index in relation to
allowing for gradual out-performance; which one their GHG emissions transparency and intensity.
would expect from companies ahead of the curve in This has the powerful potential to impact upon
terms of managing emissions and leading the field company share price, thus providing a dynamic
of disclosure. The scope of any potential deviation is market mechanism to incentivise emissions
minimised by employing an incremental re-weight reduction across the world’s largest listed
system of the constituents, with a maximum companies. It also has the advantage of
possible re-weight of +/-50%, relative to the sidestepping the inherent difficulties and limitations
constituents within the non weight-adjusted of an international governmental agreement on
counterpart index, which effectively act as its emissions reductions.
benchmark.
The Index Series provides an ideal platform from
The ET UK 100 Index is designed to represent the which to invest in an environmentally responsible
weight-adjusted performance of the largest 100 manner, whilst still diversifying interests across the
companies domiciled in the United Kingdom. world’s largest listed companies.
The ET Europe 300 Index is designed to represent THE STOCK MARKET REPRESENTS A HUGE
the weight-adjusted performance of the largest 300 RESERVOIR OF HITHERTO UNTAPPED FINANCIAL
companies domiciled in Europe.
FIREPOWER IN THE BATTLE AGAINST CLIMATE
The ET Index Series, in its national, regional and CHANGE. INVESTING IN A WAY WHICH OFFERS THE
global forms, enables investors to diversify their POTENTIAL TO MITIGATE THE EFFECTS OF CLIMATE
investments across a sufficiently broad range of CHANGE IS NOT ONLY A SENSIBLE LONG TERM
companies and geographies, such that even when INVESTMENT BUT A LOGICAL IMPERATIVE. THE
the re-weighting system is applied, investments rest ENVIRONMENTAL TRACKING SYSTEM PROVIDES
firmly within the confines of the inherent safety of THE FRAMEWORK. THE INVESTMENT COMMUNITY
index investing.
HOLDS THE KEY.
Yet with the ET UK 100 and ET Europe 300 Indexes,
investors are also advantaging those companies
who are ahead of the curve with regard to their GHG
emissions disclosure, verification and intensity
relative to all the other companies in the index;
simultaneously disadvantaging those at the other
end of the spectrum.

Speaking at the 2010 Investor Summit on Climate risk, Abby Cohen of Goldman
Sachs pointed out that their research indicates that in the 6 months prior to
January 2010, companies with good governance including on environmental
matters “have outperformed global market indices by 10 percentage points”


CARBON RANKING 6
METHODOLOGY
To view the complete ET Carbon Ranking Verification & Assurance
methodology in its entirety please click here.
Please see below for a summary of methodology. In order for a company to have its emissions figures
accepted as verified by the EIO methodology, a
Ranking company has to have its emissions data verified/
assured by an independent third party to a
Each company within an ET Index Series has its recognised standard, such as the ISO14064 for
weighting adjusted according to its position in the GHG emissions, AA1000 or ISAE3000.
ET Carbon Ranking.
IN ORDER FOR THE CARBON RANKING TO DO ITS
The ET Carbon Rankings categorise constituents in JOB, ITS FIRST OBJECTIVE MUST BE TO CREATE A
terms of disclosure and verification, placing them CLEAR INCENTIVE FOR UNIVERSAL DISCLOSURE
into one of four categories (listed below). Once AND VERIFICATION.
placed within these categories, the constituents are
ranked in terms of their greenhouse gas emissions
intensity.

Emissions intensity is calculated by GHG emissions
(currently Scope 1+2) as a proportion of turnover.

Companies are divided into 4 categories according
to their ‘publicly and freely available’ emissions
data:

1) Public, Complete, Verified
2) Public, Complete, Unverified
3) Public, Incomplete
4) No Public Data

It is only once companies have been placed in these
categories that they are ranked according to their
emissions intensity.

ET UK 100 & Europe 300 Carbon Ranking 2011 Analysis:
Proportion of companies disclosing & verified

ET UK 100 40% 34%

ET Europe 300 44% 30%

0% 50% 100%

Disclosed & Verified Disclosed & Unverified


7 CARBON RANKING
METHODOLOGY
Overcoming the lack of data Future developments
The most challenging hurdle for the successful While the ET Carbon Rankings are designed to be
implementation of the ET Index concept is dealing with based on companies’ GHG emissions across the
the current lack of reliable data across all GHG whole value chain, the EIO has taken the decision not
emissions Scopes. This is why the EIO employs an to factor Scope 3 data into its intensity calculations for
inference system to penalise companies failing to 2011. Instead it will display Scope 3 data in terms of
disclose data in the public domain, enabling numbers of Scope 3 categories disclosed in order to
companies to be placed in a ranking system. This is allow companies time to integrate the new GHG
not an estimate of the company’s emissions, rather a protocol Scope 3 Accounting and Reporting Standard.
means of benchmarking a non-disclosing company A timeline for the inclusion of Scope 3 into the Ranking
against the company with the highest reported system will be reviewed by the EIO following the
emissions intensity in the same sector. publication of the new Corporate Value Chain (Scope
3) Accounting and Reporting Standard by the GHG
Where two or more companies have the same intensity
Protocol.
score, once the levels of disclosure and verification
have been factored in, market size is used to
determine positioning, with smaller companies
advantaged. The logic being that the larger the
company the more resources it possesses to ensure
good disclosure of emissions.

Example of inference methodology

Orkla is the company with the highest emissions intensity disclosing complete data within the Capital
Goods sector.

Here, Tomkins and Saint-Gobain have been benchmarked against the highest disclosing company with
complete data from the Capital Goods sector. This means they have been given an inferred intensity of
293.76 tCO2e/$M turnover. This is not an approximation of their emissions but a means of making sure that
the highest disclosing company in the sector is not penalised for being honest enough to report a large
figure.

As both companies have the same inferred intensity figure, the company with the largest market
capitalisation is placed lower down the Ranking.


RE-WEIGHT 8
METHODOLOGY

EIO re-weight methodology
NORMAL INDEX
Position
Normal Index The EIO Methodology follows the 50% maximum
Company
weighting over-weight/under-weight logic, in order for the
1 Fuel & Power Plc 14% index construction to be sufficiently similar to a
2 Supermarket Chain Inc 13% conventional non weight-adjusted index; reflecting
3 Big Bank Plc 13% overall performance whilst simultaneously
4 Global Mining Plc 12% penalising those at the bottom and rewarding those
5 Global Transport Inc 10% at the top. As certain companies improve, further
6 The Book Company Plc 10% pressure is applied, annually, to those who do not.
7 Network Solutions Plc 8%
8 New Energy Co. Plc 8% Incentivising emissions reduction
9 LED Lighting Plc 7%
The logic behind the concept is that once a
10 Wind Solutions Plc 5%
sufficiently large pool of index investors begins to
utilise the Environmental Tracking method,
ET CARBON RANKING companies will experience a change in the demand
CO₂
Company
Disclosed? Verified? Emissions
Intensity
for their shares, culminating in positive/negative
Rank Y/N Y/N GHG/$M pressure on their share prices, incentivising
1 New Energy Co. Plc Y Y 1.2 emissions reductions and higher standards of
2 Wind Solutions Plc Y Y 2.4 disclosure.
3 Network Solutions Plc Y Y 10.9

4 The Book Company Plc Y N 5.9

5 LED Lighting Plc Y N 7.1

6 Supermarket Chain Inc Y N 19.8

7 Global Mining Plc Y N 296.4

8 Fuel & Power Plc Y N 546.3

9 Big Bank Plc N - 790.9

10 Global Transport Inc N - 800.5

ET INDEX
ET Index Normal Index ET index
Company CO₂ Rank ET re-weight %
Position weighting weighting
1 New Energy Co. Plc 8% 1 +50% 12.0%
2 The Book Company Plc 10% 4 +20% 12.0%
3 Supermarket Chain Inc 13% 6 -10% 11.7%
4 Network Solutions Plc 8% 3 +30% 10.4%
5 Fuel & Power Plc 14% 8 -30% 9.8%
6 Global Mining Plc 12% 7 -20% 9.6%
7 LED Lighting Plc 7% 5 +10% 7.7%
8 Wind Solutions Plc 5% 2 +40% 7.0%
9 Big Bank Plc 13% 9 -40% 5.4%
10 Global Transport Inc 10% 10 -50% 5.0%


9 ET UK 100
PERFORMANCE
The graph below demonstrates the performance of
the ET UK 100 against its benchmark, the
conventional non weight-adjusted counterpart for
the period March 31st 2009 to March 31st 2011. It
also offers a comparison with a recognised
equivalent market capitalisation index, the FTSE
100, rebased to 6000 as of 1st January 2011, the
starting date and starting value for the ET UK 100.
Data source: ECPIndices

7000

6000

5000

4000

3000
31 Mar 2009 30 Jun 2009 30 Sep 2009 31 Dec 2009 31 Mar 2010 30 Jun 2010 30 Sep 2010 31 Dec 2010 31 Mar 2011

CY 2Y 1Y YTD Volatility Tracking error

ET UK 100 GBP 54.34% 5.80% 0.40% 1.14%

ET ‘Conventional’ GBP 53.66% 4.89% 0.65% 1.14% 0.07%

FTSE 100 (rebased) GBP 50.50% 4.03% 0.49% 1.11% 0.10%

Notes on data:
The 2Y & 1Y ﬁgures go back from 31st March 2011. YTD is up until 1st June 2011. Tracking error and volatility represent the period
March 31st 2009 to March 31st 2011. Tracking error is expressed in relation to the ET UK 100 Index. Volatility is expressed daily.


ET UK 100 10
ANALYSIS

ET Conventional

30%

20%

10%

0%
Energy

Material

Industrial

Consumer Discretionary

Consumer Staples

Health Care

Financials

Information Technologies

Telecommunication Services

Utilities

ET UK 100 Market Capitalisation (billions)

Currency Total Mean Median Largest Smallest

USD 2,247.75 22.04 7.55 176.50 2.97

ET UK 100 Free-Float Market Capitalisation (billions)

Currency Total Mean Median Largest Smallest

USD 2,019.04 19.79 7.12 176.50 2.97

Market Cap. ﬁgures taken from date of constituent selection: 01.09.10


11 ET EUROPE 300
PERFORMANCE
The graph below demonstrates the performance of
the ET Europe 300 against its benchmark, the
conventional non weight-adjusted counterpart for
the period March 31st 2009 to March 31st 2011. It
also offers a comparison with a recognised
equivalent market capitalisation index, the
FTSEurofirst 300, rebased to 6000 as of 1st January
2011, the starting date and starting value for the ET
Europe 300. Data source: ECPIndices

7000

6000

5000

4000

3000
31 Mar 2009 30 Jun 2009 30 Sep 2009 31 Dec 2009 31 Mar 2010 30 Jun 2010 30 Sep 2010 31 Dec 2010 31 Mar 2011

CY 2Y 1Y YTD Volatility Tracking error

ET Europe 300 EUR 54.10% 3.90% -0.17% 1.20%

ET ‘Conventional’ EUR 56.45% 4.42% -0.13% 1.19% 0.03%

FTSEurofirst 300
EUR 53.32% 4.29% -0.11% 1.18% 0.10%
(rebased)

Notes on data:
The 2Y & 1Y figures go back from 31st March 2011. YTD is up until 1st June 2011. Tracking error and volatility represent the period
March 31st 2009 to March 31st 2011. Tracking error is expressed in relation to the ET Europe 300 Index. Volatility is expressed daily.


0%
5%
10%
15%
20%
Energy

Materials

Capital Goods

Commercial & Professional Services

USD

USD
Currency

Currency
Transportation

Automobiles & Components

Consumer Durables & Apparel

Consumer Services

Total

Total
Media

7,707.81

6,094.35
Retailing
ET

Food & Staples Retailing
ANALYSIS

Food Beverage & Tobacco

24.78

19.60
Mean

Mean
ET Europe 300 Market Capitalisation (billions)
Household & Personal Products
ET EUROPE 300 12

Health Care Equipment & Services

Pharmaceuticals Biotechnology & Life Sciences

Banks

8.94
13.25

ET Europe 300 Free-Float Market Capitalisation (billions)
Median

Median
Diversified Financials
Conventional

Insurance

Real Estate

Market Cap. ﬁgures taken from date of constituent selection: 01.09.10
Software & Services

192.92

192.92
Largest

Largest
Technology Hardware & Equipment

Semiconductor Equipment

Telecommunication Srvs

4.08

4.07
Utilities

Smallest

Smallest

13 ET EUROPE 300
ANALYSIS
The ET Europe 300 Index is comprised of the
largest 300 companies across the whole of Europe
by free-ﬂoat market capitalisation and regardless of
geographical location. As with the ET UK 100, the
graph on page 11 shows there is a tight correlation
between The ET Europe 300 and its conventional
counterpart over quarterly, one year and two year
periods and is a practical conﬁrmation of the
Environmental Tracking concept. As shown by the
33% accompanying tables and charts, geographical and
sector correlations also hold up well.

2%
1%
1%
1%
Country ET Index Conventional
2%
Index

4%
GB 32.66% 32.56%

FR 14.59% 15.14%
4% CH 12.95% 13.25%
15%
DE 11.98% 11.57%

5% ES 6.53% 5.81%

IT 5.18% 4.75%

7% SE 4.46% 4.47%

NL 4.20% 4.04%
13%
FI 1.55% 1.45%
12%
BE 1.30% 1.58%

GB DK 1.23% 1.47%
FR NO 1.13% 1.20%
CH
DE LU 0.75% 0.89%
ES
PT 0.43% 0.40%
IT
SE AT 0.25% 0.31%
NL
FI IE 0.23% 0.27%
BE
HU 0.19% 0.18%
DK
NO PL 0.19% 0.36%
ROE
GR 0.12% 0.18%

CZ 0.08% 0.14%


ET INDEX 14
STRESS TEST
The following worst-case stress test scenarios Past performance ﬁgures, which are shown in the
are shown to inform users of possible outcomes, backtesting section, do not in themselves answer
when considering the potential effects of the re- this question. Even if we could demonstrate a track
weight methodology within the indexes. Whilst record of ET indexes maintaining a tight correlation
there is a theoretically equal likelihood of a with their conventional counterpart over a 10 or
deviation being either positive or negative, the even 20 year period, this would not remove the
key issue is to identify the likely outer-perimeters possibility of a worst case scenario occurring.
of any deviation.

ET Index stress test: scenario 1

In this example equal-weighted 300 company index the overall performance is 15%, with half of
the companies in the index achieving a performance of 20% and the other half achieving 10%.

So what happens if all the companies that have been over-weighted by the ET Index happen to
be those that underperform and all the companies that have been under-weighted outperform?

And ﬁnally, how does this compare to the equivalent worst case scenario for an exclusionary
index, i.e an index that excludes one third of companies with the highest emissions?

130%
Conventional
ET
125%
Exclusionary
120%

115%

110%

105%

100%
December March June September December

Conventional ET Index Exclusionary Index

15.00% 13.75% 12.50%


15 ET INDEX
STRESS TEST

ET Indexes are designed to replicate the However, the parameters of deviation can never be
performance of their non-weight adjusted guaranteed. (Theoretically every underweighted
market capitalisation counterparts with minimal company could halve in value whilst every
tracking error. The stress test scenarios below overweighted company could quadruple!).
demonstrate the highly improbable statistical
patterns that would have to repeat themselves year
after year for the correlation to break down over
time.

ET Index stress test: scenario 2

In this example equal-weighted 300 company index the overall performance is 30%, with half of the
companies in the index achieving a performance of 40% and the other half achieving 20%.

As in scenario 1, all the companies that have been over-weighted by the ET Index have been
modelled to be those that underperform and all the companies that have been under-weighted
outperform.

Again, this is compared to the equivalent worst case scenario for an exclusionary index where one
third of the highest emitters have been omitted altogether.

130%
Conventional
ET
125%
Exclusionary
120%

115%

110%

105%

100%
December March June September December

Conventional ET Index Exclusionary Index

30.00% 27.50% 25.00%


INDEX 16
CALCULATION

The Index Series is the exclusive property of the To maintain and calculate the ET Index Series, the EIO has contracted
Environmental Investment Organisation Ltd (the with ECP International SA and/or ECPI S.r.l., and/or any of their
subsidiaries and affiliates, being noted that ECP International SA and ECPI
“EIO”) and will be calculated on a real-time basis by S.r.l., are entirely owned by ECPI Group S.p.A., a company organized and
ECP International S.A. and disseminated via existing under the laws of Italy, with registered office at Via Crocefisso, 8,
Bloomberg. 20122 Milan, Italy (together hereafter referred to as “ECPI”).“ECPI™” is a
trade mark of ECPI and has been licensed for use by the EIO in
conjunction with the ET index Series. ECPI shall have no liability for any
The indexes will be made available for commercial errors or omissions in calculating the Index.
use which will require a license agreement between The ET Index Series is not sponsored, endorsed, sold or promoted by
the EIO and any third party wishing to track the ECPI or its third party licensors. Neither ECPI nor its third party licensors
indexes. make any representation or warranty, express or implied, to the owners of
the ET Index Series or any member of the public regarding the advisability
of investing in any products generally or in the ET Index Series particularly
To register your interest in the ET Index Series, or the ability of the ET Index Series to track general stock market
please contact the EIO: performance. Neither ECPI nor its third party licensors are responsible for
or participated in the determination of the prices and amount of the ET
Index Series or the timing of the issuance or sale of the ET Index Series or
Sam Gill, Operational Director in the determination or calculation of the equation by which the ET Index
+44 208 801 0570 Series is to be converted into cash. ECPI has no obligation or liability in
+44 7983 240 336 connection with the administration, marketing or trading of the ET Index
Series.
Email: sam.gill@eio.org.uk
All opinions and information contained herein are obtained from sources
believed by ECPI to be accurate and reliable. While the opinions and
Sebastian Hoeg, New Business Director information contained in this document are based on public sources
+44 208 801 0570 believed to be reliable and in good faith, ECPI has not independently
verified the accuracy of such public sources. Because of the possibility of
+44 7523 650 540 human, technical or whatsoever kind of error however, such information is
Email: sebastian.hoeg@eio.org.uk provided “as is” without warranty of any kind and ECPI makes in particular
no representation or warranty, whether express or implicit, as to the
fairness, accuracy, timeliness, completeness, merchantability and/or
fitness of any opinions and information contained in this document.
© Environmental Investment Organisation (EIO) Ltd 2011 (‘EIO’). All rights Accordingly, neither ECPI nor any of its respective directors, managers,
reserved. “ET®" is a registered trade mark of the EIO. All rights in and to officers or employees shall be held liable for whatever reason (including
the ET Index Series vest in the EIO. without limitation liability in negligence) for any loss (including
consequential loss), expense, consequential, special, incidental, direct or
Every effort is made to ensure that all information given in this publication indirect or similar damage, whether or not advised of the possibility of
is accurate, but the EIO does not warrant that the ET Index Series Indices such damage, in connection with the fairness, accuracy, timeliness,
will be free from error or omission and does not accept any liability in completeness, merchantability and/or fitness of the information and
connection with the use of the ET Index Series for trading or otherwise. opinions contained in this document and/or arising from any use or
Any opinions, forecasts or estimates contained herein constitute a high- performance of this document or its contents or otherwise arising in
level information statement only valid as at the date of its release. There connection with this document.
can be no assurance that the evolution of the information contained herein Any opinions, forecasts or estimates contained herein constitute a high-
and/or any future events will be consistent with such opinions, forecasts level information statement only valid as at the date of its release. There
or estimates. Any information herein is at any time subject to change, can be no assurance that the evolution of the information contained herein
update or amendment subsequently to the date of this document, with no and/or any future events will be consistent with such opinions, forecasts
undertaking by the EIO to notify such change, update or amendment. or estimates. Any information herein is at any time subject to change,
No part of this publication may be reproduced or modified, in any form or update or amendment subsequently to the date of this document, with no
by any means, without the prior written permission of the EIO. undertaking by ECPI to notify such change, update or amendment.
The EIO is not engaging in financial advice subject to special authorization ECPI is not engaging in financial advice subject to special authorization
and thus do not provide formal financial advice in the area of investment and thus do not provide formal financial advice in the area of investment
nor perform any asset management activity. The EIO recommends to nor perform any asset management activity. ECPI Group Companies
potential investors wishing to be provided with formal financial advice in recommend to potential investors wishing to be provided with formal
this area of investment to contact a financial advisor duly authorized by the financial advice in this area of investment to contact a financial advisor
competent regulatory authority of its country. duly authorized by the competent regulatory authority of its country.


CONTACT US

Should you wish to contact the EIO for more information or to discuss the
opportunities available for tracking one or more of its indexes, then please
ﬁnd our contact details listed below.

T: +44 208 801 0570
E: info@eio.org.uk
www.eio.org.uk
www.ETindex.com

ET Index Series Information Pack

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