BNPP AM launches first circular economy ETF

May 21, 2019

BNP Paribas Asset Management (‘BNPP AM’) announces the launch of the first circular economy ETF[1], BNP Paribas Easy ECPI Circular Economy Leaders UCITS ETF.  This tracker replicates the ECPI Circular Economy Leaders Equity index and offers investors exposure to the performance of 50 international large caps selected for their active participation in a business model based on the circularity of goods, materials and raw materials.

The circular economy business model targets the sustainable production of goods and services.  The idea is to fully rethink the choice and use of materials, while limiting consumption and unproductive use of resources such as raw materials, water and energy and producing less waste.  This contrasts with the ‘linear economy’ production and consumption model, consisting of extraction, production, consumption and disposal. Increased regulation, consumer awareness and scarcity of materials are significant developments that are pushing companies to search for new solutions and to adopt circular economy principles.

The circular economy is one of BNPP AM’s core priorities within sustainable investment, also including energy transition, environmental protection, equality, and inclusive growth.

Robert-Alexandre Poujade, ESG2 analyst in BNPP AM’s Sustainability Centre, comments:

“Greater awareness of the environmental impacts of their business models, along with new regulation to preserve natural resources, is pushing companies to adopt alternative development strategies while moving towards a more virtuous model.  Our analysts study companies’ ability to make these changes, and engage in dialogue with them to encourage them to adopt more sustainable models.”

Isabelle Bourcier, Head of Quantitative & Index Management at BNPP AM, comments:

“BNPP AM is one of the three largest suppliers of ESG ETFs in Europe3; this is a key theme of our strategy and adds value for our clients.  As the first asset manager to launch a low-carbon ETF, more than 10 years ago, we now aim to expand our BNP Paribas Easy range to ESG indices and to innovate in these largely unexplored areas.  The launch of this circular economy theme ETF is an integral part of this ambition.”

BNP Paribas Easy ECPI Circular Economy Leaders UCITS ETF (‘the fund’) will begin trading continuously on 23 May 2019 on Euronext Paris.  It replicates the ECPI Circular Economy Leaders Equity index (Bloomberg code: GALPHCEN), whose methodology is based mainly on environmental, social and governance (ESG) criteria at global companies.  Companies are selected for their degree of participation in the circular economy and classified according to several categories, including circular design, material recovery, extending product lifecycles, sharing platforms and the offering of products as services (including the cloud, leasing and exchange of goods).  The index selects a final list of 50 companies with the largest market caps, while ensuring continued diversification in sectors deemed eligible by analysts at ECPI, an independent Italian provider of indices that has offered a wide range of ESG indices for more than 20 years.  This index excludes companies involved in weapons and tobacco, in particular.

Characteristics of BNP Paribas Easy ECPI Circular Economy Leaders UCITS ETF

ETF name

ISIN code

Distribution policy


Annual current fees*

ETF currency


BNP Paribas Easy ECPI Circular Economy Leaders UCITS ETF








                * Source: BNP Paribas Asset Management, as at 21 May 2019)

Management company: BNP Paribas Asset Management Luxembourg

SRRI risk scale: 1 (lowest risk) to 7 (highest risk). SRRI: Synthetic risk-reward indicator. The greater the risk, the longer the recommended investment horizon.

BNP Paribas Easy is a SICAV governed by Luxembourg law that complies with Directive 2009/65/CE. Fund investments are subject to market fluctuations and to the risks inherent in investing in securities.  The value of investments and the income they generate may fall as well as rise and it is possible that investors will not recover their initial outlay, the fund described being subject to risk of capital loss.  For a more complete description of risks, please refer to the fund prospectus and KIID, which are available free of charge on our website (  Past performance is not a reliable indicator of future performance.

  1. ETF: Exchange Traded Fund
  2. ESG: Environment, Social and Governance
  3. Source: Morningstar, as at December 2018

BNP Paribas Asset Management is the asset management arm of BNP Paribas, one of the world’s foremost financial institutions, and offers high value-added solutions to individual savers, companies, and institutional investors.  It has a broad range of skills in four investment divisions: Equities, Fixed Income, Private Debt & Real Assets and Multi-Asset, Quantitative & Solutions (MAQS).  Sustainability is at the heart of BNP Paribas Asset Management’s strategy and investment decision-making process, making an active contribution to energy transition, environmental protection and the promotion of equality and inclusive growth.  Its aim is to achieve long-term sustainable investment returns for its clients.  BNP Paribas Asset Management has assets under management of EUR 421 billion* (as at 31 March 2019), with more than 530 investment professionals and almost 500 client servicing specialists, serving individual, corporate and institutional clients in 69 countries.

* EUR 565 billion of assets under management and advisory as of 31 March 2019

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As at May 2019.