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This website is published by Amundi Asset Management (Amundi), 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 (2011/61/EU) directives.

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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 or Amundi UCITS compliant Exchange Traded Funds (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

UCITS ETFs follow both physical and synthetic index replication process.
However, most 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. Amundi 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 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  UCITS ETF commits to pay the 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 UCITS ETF the performance and any related revenues generated by the basket's assets (excluding the value of the Performance Swap) held by the 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
Ther 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 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. Invetors may be exposed to risks resulting from the use of an OTC Swap with any counterparty. 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 UCITS 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, 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 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 Amundi consider reliable or comes from sources that Amundi consider reliable, Amundi have not verified such information. Amundi 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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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 Aug 2020

How can new European benchmarks help investors fight climate change

How can the new Paris-Aligned benchmarks contribute to the fight against climate change?

Adopted in 2015, the landmark Paris Agreement’s objective was to limit global warming to well below 2°C and pursue efforts to limit to 1.5°C above pre-industrial levels. The objective sets out a 50% reduction in greenhouse gas emissions by 2030, in order to reach ‘net zero’ by 2050. 

In 2019, the European Commission set out proposals for two crucial benchmarks to help investors support the goals of the Paris Agreement. The EU Climate Transition Benchmarks (CTB) are designed to help investors decarbonise their portfolios and transition to a low-carbon economy. The EU Paris-Aligned Benchmarks (PAB), meanwhile, aim for higher reductions in emissions intensity in line with the long-term objectives of the Paris Agreement. While both benchmarks target an equal carbon footprint level by 2050, they differ in their carbon intensity reduction. CTB indices must have immediately a 30% carbon intensity reduction, while PAB must have a 50% reduction. Furthermore, the latter exclude companies heavily involved in certain activities such as oil, coal and natural gas exploration, while CTB benchmarks can still include the energy sector.


What are the specific benefits of harnessing this innovation in a passive investment approach?

The climate issue represents an emergency for which we must act quickly by rapidly shifting trillions in favour of investments countering climate change. Thanks to significant work in ESG data development, indices and ETFs allow all kinds of investor to immediately implement this change, and today they are among the most advanced players in this field. To shift capital faster, it is necessary to share scalable solutions with the largest possible number of investors. We believe index-tracking ETFs represent the ideal vehicle to reach this goal.

Paris-Aligned and Climate Transition indices can reflect all sorts of climate policies and make them accessible to investors at a low cost through ETFs. Thanks to the improvement in data quality and increasingly robust carbon disclosure frameworks adopted by thousands of companies around the world, indices today can be built to reflect specific decarbonisation and temperature pathways, and facilitate investment in a transparent, low-cost and rules-based way – which are vital considerations for investors looking to generate sustainable performance through time.

Passive vehicles are extremely transparent. We share our proprietary methodology for ESG and carbon footprint analysis publicly, allowing investors to monitor and measure their portfolios’ carbon footprint. ETFs and index funds also invest in publicly-listed assets rather than private ones, which means higher liquidity, giving investors the means to mobilise larger amounts of capital.


How does Lyxor’s “ecosystem” of ETFs help in the fight against climate change?

Lyxor has been pioneering socially responsible investing for more than a decade, and in 2020, it became the world’s first ETF provider to launch an ecosystem of ETFs specifically designed to counter climate change, with a range of equity ETFs meeting the requirements of both the Paris-Aligned and the Climate Transition Benchmarks. 

This ecosystem launched in March 2020 with a suite of ETFs that track MSCI’s Climate Change indices, which take into consideration the main objectives of the European Union's regulations on CTB investment benchmarks as part of the EU “Action Plan on Financing Sustainable Growth”.

This was expanded in July with the S&P Paris-Aligned Climate ETF range, that focuses on large and mid-cap stocks within global, US, European, and Eurozone equity markets. These ETFs are designed to meet and exceed the EU PAB minimum requirements and will be adjusted according to the final characteristics set out in the EU delegated acts later this year if appropriate.

Alongside the world’s first Green Bond ETF launched in 2017, which recently crossed the USD 400 million milestone, Lyxor now offers an unparalleled range of low cost climate solutions designed to help investors transition to a greener, low carbon future.