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Please read the important information below before continuing to our website.  

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This website is published by Lyxor International Asset Management (LIAM), a French asset management company approved by the AMF (17 place de la Bourse 75082 Paris Cedex 02) under the UCITS (2009/65/EC) and AIFM (2011/31/EU) directives.

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A professional client is a client that is either a per se professional client or an elective professional client (Note article 4 (1) 12 of Mifid )

Marketing Restrictions and Implications


Lyxor UCITS compliant Exchange Traded Funds (Lyxor UCITS ETFs) referred to on this website are open ended mutual investment funds (i) established under the French law and approved by the Autorité des Marchés Financiers (the French Financial Markets Authority), or (ii) established under the Luxembourg law and approved by the Commission de Surveillance du Secteur Financier (the Luxembourg Financial Supervisory Committee). Most, , of the protections provided by the Danish regulatory system generally and for funds authorised in Denmark do not apply to these exchange traded funds (ETFs).


This website is exclusively intended for persons who are not "US persons", as such term is defined in Regulation S or the US Securities Act 1933, as amended, and who are not physically present in the US. This website does not constitute an offer or an invitation to purchase any securities in the United States or in any other jurisdiction in which such offer or invitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. Potential users of this website are requested to inform themselves about and to observe any such restrictions.


Index Replication Process


Lyxor UCITS ETFs follow both physical and synthetic index replication process.


However, most Lyxor UCITS ETFs follow synthetic replication process. This consists of entering into a derivative transaction (a ‘Performance Swap’, as defined below) with a counterparty that provides complete and effective exposure to its benchmark index. Lyxor has adopted this methodology in order to minimise tracking error, optimise transaction costs and reduce operational risks.


A Performance Swap is a contractual agreement which is negotiated over-the-counter (OTC) between two parties: the Lyxor UCITS ETF and its counterparty. From a risk perspective, each Performance Swap ranks equally with other senior unsecured obligations of the counterparty, such as common bonds (i.e., same rights to payments). In the Performance Swap, the counterparty of the Lyxor UCITS ETF commits to pay the Lyxor UCITS ETF a variable return based on a pre-determined benchmark index, instead of a fixed stream of income (as in bonds). At the same time, the counterparty will receive from the Lyxor UCITS ETF the performance and any related revenues generated by the basket's assets (excluding the value of the Performance Swap) held by the Lyxor UCITS ETF. Information provided on individual ETFs includes data on the basket relating to the ETF and the percentage value of the basket represented by each asset. The information is relevant to the closing values on the date given. 


Investment Risks


The Lyxor UCITS ETFs described on this website are not suitable for everyone. Investors' capital is at risk. Investors should not deal in this product unless they understand, having obtained independent professional advice where necessary, its nature, terms and conditions, and the extent of their exposure to risk. The value of the product can go down as well as up and can be subject to volatility due to factors such as price changes in the underlying instrument and interest rates. If a fund is quoted in a different currency to the index, currency risks exist.


Prior to any investment in any Lyxor UCITS ETF, you should make your own appraisal of the risks from a financial, legal and tax perspective, without relying exclusively on the information provided by us. We recommend that you consult your own independent professional advisors (including legal, tax, financial or accounting advisors, as appropriate).


Specific Risks


·         Capital at Risk. ETFs are tracking instruments: Their risk profile is similar to a direct investment in the Benchmark Index. Investors’ capital is fully at risk and investors may not get back the amount originally invested. Investments are not covered by the provisions of the Financial Services Compensation Scheme (“FSCS”), or any similar scheme.

·         Counterparty Risk. Investors may be exposed to risks resulting from the use of an OTC Swap with Societe Generale. Physical ETFs may have Counterparty Risk resulting from the use of a Securities Lending Programme.

·         Currency Risk. ETFs may be exposed to currency risk if the ETF or Benchmark Index holdings are denominated in a currency different to that of the Benchmark Index they are tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.

·         Replication Risk. ETFs are designed to replicate the performance of the Benchmark Index. Unexpected events relating to the constituents of the Benchmark Index may impact the Index provider’s ability to calculate the Benchmark Index, which may affect the ETF’s ability to replicate the Benchmark Index efficiently. This may create Tracking Error in the ETF.

·         Underlying Risk. The Benchmark Index of a Lyxor ETF may be complex and volatile. When investing in commodities, the Benchmark Index is calculated with reference to commodity futures contracts which can expose investors to risks related to the cost of carry and transportation. ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks.

·         Liquidity Risk. On-exchange liquidity may be limited as a result of a suspension in the underlying market represented by the Benchmark Index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, Societe Generale or other Market Maker systems; or an abnormal trading situation or event. 


The securities can be neither offered in nor transferred to the United States.




Any statement in relation to tax, where made, is generic and non-exhaustive and is based on our understanding of the laws and practice in force as of the date of this document and is subject to any changes in law and practice and the interpretation and application thereof, which changes could be made with retroactive effect. Any such statement must not be construed as tax advice and must not be relied upon. The tax treatment of investments will, inter alia, depend on an individual’s circumstances. Investors must consult with an appropriate professional tax adviser to ascertain for themselves the taxation consequences of acquiring, holding and/or disposing of any investments mentioned on this website. 

Further information on the risk factors are available in the [Risk Warning – link to risk page] section of the website.


Any fund prospectus and supplements are available at Information given about the past performance of the funds is no guarantee of future performance. No investment decision should be taken without reading the fund prospectus and any fund supplement of the fund concerned.


Although the content of the website is based upon information that LIAM consider reliable or comes from sources that LIAM consider reliable, LIAM have not verified such information. Lyxor make no representation or warranty as to the accuracy, completeness or adequacy of any information.  Any reproduction, disclosure or dissemination of the materials available on the website is prohibited.



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August, 2015




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campain cover

2017: Press on, but watch your step

After a year of so many surprises, what’s next?

Key questions abound: Can Trump deliver his policy agenda? How "hard" will Brexit actually be? Can Europe’s leaders push back the wave of populism? Will active managers stage a comeback? Growth may be on the up, but it’s likely to be a bumpy ride.

How the key events could pan out


Prepare for the fiscal push

Synchronised, and supersized, fiscal expansion could hold the key to global growth. Trump’s inauguration could sound the charge. His first 100 days will be fascinating. A great reflation could be under way. A great rotation from bonds into equities already is. Questions include how much upside is left, where to look for the next layer of opportunity and whether apprentice policymakers can keep their promises.


Don’t bank on (all) bonds

2017 could be the year the government bond bubble finally bursts. The key factor will be developed world governments and their switch to fiscal, rather than monetary, policy. Reflation, faster Fed hikes and ECB progress towards the QE exit door will gatecrash the government bond party. High valuations mean investment-grade credit may also be asked to step outside. Consider inflation hedges, floating rate notes and short duration bonds as reflation kicks in and rates start rising. Use shorts to protect against, or exploit, losses.


Ride the political wave

As an investor, 2017 could test your mettle. Trump’s inauguration, Brexit and a wave of European elections are imminent. The political climate could change dramatically, and with it the eurozone as we know it. Elections in France are the major flashpoint. Heads could roll. Prepare for more surprises by pursuing strategies that limit your sensitivity to market moves. Minimum Variance indices could help. Use currency hedges wisely


Go further for yield

So many potential game-changers could complicate the hunt for yield. Keep your powder dry early on. Opportunities should appear as the Trump effect kicks in. Closer to home, Draghi and his doves should help carry European investors over the electoral minefield. In EMs, improving fundamentals and better valuations should gradually re-assert themselves, especially if China strengthens and reflation really kicks in. Look to hard currency debt and stay liquid. Away from bonds, most companies are still growing or maintaining their dividends. We expect that to continue.


Tackle the trump effect on EMs

EMs could soon be confronted by protectionism, dollar strength and faster fed hikes. Yet a US-led reflation could prove positive, especially if deals limiting oil supply hold and base metals prices pick-up. Be selective. Look to the countries leading the reform charge. Parts of Asia, like India and the ASEAN bloc, could be well placed. Or look to countries less reliant on the US for funding or trade, but still well exposed to a commodity rally, like parts of Eastern Europe.

What’s next?

Q3 2017 & beyond

More key central bank meetings
Further rate hikes
Yet more crucial elections in Europe
Leadership transition in China

Why Lyxor ?

  • 15 years of experience

    And the 3rd largest and longest standing European ETF provider ¹

  • Most efficient ETFs ²

    For 6 out of 10 core portfolio exposures in 2016

  • World’s largest ETFs ³

    On the MSCI Europe, CAC40, FTSE 100, IBEX35 and FTSE MIB and others

¹ Source : Lyxor International Asset Management. Data as of December 30, 2016: Total AUM of 51bn euros
² Source : Lyxor International Asset Management. Data according to the efficiency indicator created by the Lyxor 's research department in 2013 and examining the three components of performance : tracking error, liquidity and spread purchase / sale .
³ For assets under management. Lyxor International Asset Management, data on December 30, 2016
Far reaching

Far reaching