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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 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.




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.



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





12 Sep 2017

Is your income portfolio ready to take off?

Yearning for yield

The hunt for yield is the one constant in an ever-changing investment world. Safe haven bonds were once the obvious answer, but they are still some way off being viable income generators, even if some yields have finally scraped themselves off the floor. The big bond yield break out is nowhere to be seen. Investors are being forced into credit or equities, where the rewards, and the risks, are greater.

Read our insights 

Why finding income doesn’t need to be taxing

Active equity income funds are plodding along, but fees are really high. Some star managers may be losing their allure. The same is true in fixed income. There’s little to differentiate managers, processes and performance, so there’s little reason to pay more for their services. Finding that one great manager could make all the difference, but why look for a needle in a haystack when you don’t have to? Choosing a lower cost option doesn’t mean compromising on performance. 

ETFs can give you systematic, dependable and diversified income in more markets than ever before – all for TERs from as low as 0.07%*. They also give you the control you need because they take emotion out of the equation. Nor will they be tempted by fads, fashions or the next big thing - you’ll always know what an ETF is doing with your money.

Read the latest performance research

Plan your route

So, whether you’re looking for more income today, new ways to protect your existing income or simply to diversify and get away from it all, we believe ETFs can help. Planning your route will take time, but our new tool could give you the information you need on your chosen asset class – whether that be its yield, the direction of travel of that yield, or its volatility. And because it does it in real time, you can check in as often as you want.

Begin your journey​

*Source:  Lyxor ETF, 8 September 2017.


The fund is managed by Lyxor Asset Management UK LLP. This document is issued in the UK by Lyxor Asset Management UK LLP (“Lyxor”) which is authorised and regulated by the Financial Services Authority.

This document constitutes a “Financial Promotion” as such term is defined in the Handbook of the Financial Services Authority (“FSA”). It is aimed solely at institutional investors who would be categorized as “professional clients” and “eligible counterparties”, each as defined in FSA Handbook. This document is not intended to be used by, and must not be shown to, any other category of investor.

We reasonably believe that the information contained herein from third party sources, as quoted, is accurate as at the date of publication. Although such information is from sources believed to be reliable, Lyxor makes no representation or warranty regarding the accuracy of any information contained herein.  The information and any opinions expressed herein may change at any time. This document may include internal portfolio construction guidelines. As guidelines the fund is not required to and may not always be within these limits. These guidelines are subject to change without prior notice and are provided for information purposes only. This document is of a commercial and not of a regulatory nature, though it is designed to comply with the regulatory obligations applicable to Lyxor and to the Fund.

This document is confidential and may not be reproduced, disclosed or disseminated to a third party (with the exception of investor’s external advisors on the condition that they themselves respect such confidentiality) without prior written consent from Lyxor.

The Fund is not suitable for every type of investor. Investors' capital is at risk. Investors should not deal in the Fund unless they understand its nature and the extent of their exposure to risk. The value of the Fund 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.

General selling restrictions: The Fund may be subject to restrictions either with regard to certain persons or in certain countries under national regulations applicable to such persons or in such countries generally. It is each investor’s responsibility to ascertain that it is authorised to invest in or otherwise subscribe for or transact in relation to the Fund. By entering into such investment, subscription or transaction (howsoever described), each investor is deemed to certify to Lyxor that it is duly authorised to do so.

Past performance is not a guide to future performance. Where yields have been quoted they are not guaranteed. Changes in rates of exchange may have an adverse effect on the value, price or income of an underlying instrument(s). Investments in higher yielding bonds and loans issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth.

This document may include forward looking statements which are based on current opinions, expectations and projections. Lyxor undertakes no obligation to update or revise any forward looking statements. Actual results could differ materially from those anticipated in the forward looking statements. Units in the Fund are not available in any jurisdiction in which the offer or sale would be prohibited; in particular the Fund may not be sold directly or indirectly in the US or to a US person. Subscriptions will only be received and units issued on the basis of the [Fund Prospectus].

Limitation of Liability:  Without prejudice to its legal or regulatory obligations, Lyxor may not be held responsible for any financial or other consequences that may arise from the Fund, and investors are responsible, prior to entering into any transaction with Lyxor, for making their own appraisal and, if they deem it necessary, to seek and obtain professional advice on the risks (including financial, legal and tax risks) and merits of the Fund. Lyxor recommends that investors consult their own independent professional advisors.

No offer to contract: This document does not constitute an offer from Lyxor to purchase or sell units in the Fund. Recipients of this document who intend to subscribe for units in the Fund are reminded that any such application may only be made on the basis of the information contained in the related [“Reference Document”, “Debt Issuance Programme Prospectus” and related “Final Terms”, “Private Placement Memorandum”or document of analogous effect and any amendments or supplements thereto (including the documents incorporated by reference therein), which may be different from the information contained in this document.

Tax:  Any tax statement included in this document is intended only as a general guide. The tax treatment of investments will depend on an investors particular circumstances. If investors are in any doubt as to their tax position, they must consult with an appropriate professional tax adviser. Any statement in relation to the UK tax treatment of the Fund is based on our understanding of the laws and HMRC practice in force as of the date of this document and is subject to any changes in law and the interpretation and application thereof, which changes could be made with retroactive effect.

Risk of volatility:   Until the maturity date of the Fund, the marked-to-market value of the Fund may be subject to significant volatility due to, inter alia, the evolution of the price of the underlying instrument(s) and of relevant interest rates. In certain circumstances, the marked-to-market value of the Fund may be substantially lower than the amount initially invested. As a result, investors are potentially exposed to total loss of their initial investment.

Risks relating to unfavourable market conditions: Fluctuations in the marked-to-market value of the Fund may require the investor to reduce or liquidate in whole or in part its investment in the Fund before its scheduled maturity, whether in order to comply with its contractual or regulatory obligations or for other reasons. As a consequence, the investor may have to liquidate their investment under unfavourable market conditions. This risk will be increased if the Fund includes leverage.

No capital or principal protection:  Where a product is not expressed to benefit from capital or principal protection, its redemption value may be lower than the amount initially invested. In a worst case scenario, investors could sustain the loss of their entire investment.

Counterparty Risk: The Fund is exposed to the risk of bankruptcy, or any other type of default of the counterparty related to any trading transaction entered into by the Fund which, in-line with UCITS regulations, cannot exceed 10% of the Fund’s total assets.

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