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

By clicking on your client type to enter the website, you are confirming that you have read and understood the important information that is contained below, and you accept the terms of the Privacy and Cookies policy.

THIS WEBSITE IS AIMED AT PROFESSIONAL CLIENTS IN NORWAY

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.

The website is hosted by on Microsoft Azure servers.

This website is subject to French and Norwegian law.

 

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.

 

Tax

 

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 www.lyxoretf.dk. 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.

 

Cookies

This website uses cookies to make the website work or improve your user experience. Cookies are small text files that are saved on your computer or device, which are used for several purposes such as detecting preferences and improving site navigation. By continuing to use this website you consent for cookies to be used. For more details, including how to amend your preferences, please read our [Cookies Policy] link to privacy & cookie page.

By clicking on your client type to enter the website, you shall be deemed to have represented to us that you are not a U.S. person and that you are not located in the United States of America, its territories and possessions, and any State of the United States of America and that you are authorised to receive the information to and on this website.

August, 2015

 

 

 

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26 Jul 2019

Notice to the unit-holders of the FCP fund LYXOR NEW ENERGY UCITS ETF.

Dear Unit-holder,
According to our records you hold units in the FCP fund Lyxor NEW ENERGY UCITS ETF (hereinafter the “Absorbed Fund”).
In order to provide investors with an investment vehicle that offers a corporate governance structure, it was decided, at the request of Lyxor International Asset Management (hereinafter “LIAM”), to merge the Absorbed Fund into Lyxor NEW ENERGY UCITS ETF (hereinafter the “Absorbing Sub-fund”), which is a sub-fund of MULTI UNITS FRANCE (MUF), a French SICAV fund.
As a result of this merger through absorption the Absorbing Sub-fund will receive all of the Absorbed Fund’s assets.
When this merger is completed, the Absorbed Fund’s unit-holders will be shareholders of the MULTI UNITS FRANCE fund.
1. The merger
This merger through absorption will not modify the investment strategy nor the ISIN code for unit-holders in the Absorbed Fund.
The investment and benchmark replication methods of the Absorbed fund and the Absorbing Sub-fund are in effect identical, since the investment strategy for both is to achieve the highest possible correlation with the benchmark index’s performance by implementing a direct replication method, which means that the Absorbing Sub-fund may enter into one or more over-the-counter swap agreements to enable it to achieve its investment objective.
The tracking error objective between the Absorbed Fund’s performance and that of its Benchmark Index under normal market conditions is 0.3%. The tracking error objective between the Absorbing Sub-fund’s performance and that of its Benchmark Index under normal market conditions will be 0.3%.
All other characteristics of the Absorbed Fund and the Absorbing Sub-fund are also identical, including the investment policy and strategy, the typical investor profile, the risk profile, the frequency of net asset value calculation, trading days, the accounting currency, the requirements for submitting subscription and redemption orders, share/unit category characteristics, fees and expenses and the method used to determine the overall risk exposure.
This merger by absorption was approved by the French financial markets authority, l’Autorité des marchés financiers (AMF), on 3rd July 2019.
The Absorbed Fund is an undertaking for the collective investment in transferable securities (hereinafter “UCITS”) that is classified as a “Global equities” fund. It was approved by the AMF on 2 October 2007 and was established on 10 October 2011. LIAM is the Absorbed Fund’s management company and Société Générale is its depositary.
LYXOR INTERNATIONAL ASSET MANAGEMENT
Tours Société Générale - 17 cours Valmy
92987 Paris - La Défense Cedex - France
www.lyxor.com
Lyxor International Asset Management - a French simplified joint stock company (société par actions simplifiée or “SAS”) with issued capital of 1,059,696 euros - Registered in Nanterre under No.
419 223 375 - Head Office: Tour Société Générale, 17 cours Valmy, 92800 Puteaux
The Absorbing Sub-fund is a UCITS that was approved by the AMF on 3rd July 2019 and will be launched on the Merger Date, which is defined below. LIAM is the Absorbing Sub-fund’s delegated asset manager and Société Générale is its depositary.
Unless you decide otherwise, your units of the Absorbed Fund will be automatically merged into the Absorbing Sub-fund on 5 September 2019 (the “Merger Date”).
During a period of 30 calendar days after the date this letter is posted, primary market investors (i.e. who subscribe for and redeem shares directly with LIAM) may redeem their units from LIAM and/or the depository without having to pay a redemption fee, provided that they comply with the minimum redemption requirements specified in the prospectus of the Absorbed Fund.
As always, LIAM will of course charge no subscription or redemption fee on the purchase or sale of the Absorbed Fund’s units on any exchange where they are listed (i.e. in the secondary market).
Pour information : Please note that in order to ocomplete this merger through absorption as smoothly as possible, the subscription and redemption of the Absorbed Fund’s units on the primary market will be suspended on 30 August 2019 after 6.30 p.m (Paris time). However, it should be noted that the Absorbed Fund’s units may be purchased and sold on the secondary market up until the Merger Date.
Lastly, for operational reasons, subscriptions and redemptions of the Absorbing Sub-fund’s shares on the primary market will not be processed on the first business day after the Merger.
2. What will the merger change?
This merger by absorption will not modify the risk profile for unit-holders in the Absorbed Fund.
Will the risk-return profile be altered? NO
Will the risk-return profile be increased? NO
Will there be an increase in costs? NO
As indicated in section 1 above (“The merger”), the only impact the merger will have on unit/shareholders will be the fund’s conversion from a contract-based entity (the FCP fund) to a corporate entity (the SICAV fund).
The Absorbing Sub-fund will be eligible for French PEA equity savings plans.
You will find the merger procedure calendar in Schedule 1, information on the exchange of units in Schedule 2, and a comparison between the characteristics of the Absorbed Fund and the Absorbing Sub-fund in Schedule 3.
3. Key points for investors
LIAM informs investors that if an Absorbed Fund unit class is listed on an exchange, the corresponding Absorbing Sub-fund unit class is or will be listed on the same exchange.
Unlike an FCP, whose unit-holders enjoy none of the rights of shareholders, a SICAV open-ended investment company can issue shares in response to investor demand. Upon completion of this merger you will therefore become a shareholder of the MULTI UNITS FRANCE SICAV and will be entitled to express your opinion at annual and extraordinary shareholder meetings.
Investors should also note that the merger by absorption may affect their personal tax situation since the Absorbed Fund is an FCP common fund and was therefore formed under contract law (whereas the Absorbing Sub-fund is a SICAV open-ended investment company), and as a result of the merger itself. Investors are therefore invited to consult with their usual advisor as to the possible consequences the merger by absorption may have on their personal situation.
LIAM recommends that investors carefully read the "Risk Profile" section of the Absorbing Sub-fund's prospectus and the "Risk and Return Profile" section of its Key Information for Investors Document (KIID). The KIID and the prospectus are both available in French and free of charge at www.lyxoretf.com or from client-services-etf@lyxor.com.
LYXOR INTERNATIONAL ASSET MANAGEMENT
Tours Société Générale - 17 cours Valmy
92987 Paris - La Défense Cedex - France
www.lyxor.com
Lyxor International Asset Management - a French simplified joint stock company (société par actions simplifiée or “SAS”) with issued capital of 1,059,696 euros - Registered in Nanterre under No.
419 223 375 - Head Office: Tour Société Générale, 17 cours Valmy, 92800 Puteaux
The management company will provide unit-holders, upon request, with (i) additional information on the merger, (ii) a copy of the independent auditor’s report, (iii) a copy of the depository's report and (iv) a copy of the merger agreement.
Should you require any further information, we recommend that you contact your advisor.
• If you are not happy with the change in your fund, you may sell your investment free of charge.
• If you are satisfied with the change in your fund, you don't have to do anything.
• If you feel you need advice, you may consult with your advisor or distributor.
We thank you for your trust and loyalty.
Yours faithfully
The Chairman