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The UCITS ETFs listed on this website are funds under both Amundi ETF and Lyxor ETF denomination.

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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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).


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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 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 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, 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.


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August, 2015




We have a new home

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17 Aug 2017

Q3 2017 Outlook: Should you believe in fairytales?


Once upon a time in the West...  

So, where to begin? Macron’s march, May’s misery, Corbyn’s calamitous maths or Trump’s travails? Nothing is certain it seems in politics these days. Yet continued central bank support means bond and equity markets alike have largely taken it in their stride. Can the fairytale continue?


Hidden by headlines

About the only thing that isn’t overheating in the US right now is the economy. Sub-2.5% GDP growth allows the Fed to tighten “only” moderately, which is a burden for the dollar and a trigger for risk-taking elsewhere. And it comes at a time when economic growth in the euro area and Japan is accelerating and China’s policies remain supportive ahead of a potential leadership reshuffle at the all-important 19th Party Congress in the autumn. It all points to equities over bonds. 

The expected pre-summer acceleration of the US economy should also boost commodity prices. Closer to home, some Brexit pain is all but guaranteed. Consumer confidence could be dented and UK assets, especially sterling, could come under renewed pressure.


O ye of little faith

Some of the optimism over Trump’s spending plans has evaporated, rather like the detail, as overly positive soft data finally became decent hard data. Despite his seemingly daily struggles with Congress, we expect parts of his economic agenda to make it through, notably proposed tax cuts for individuals and businesses. Tax cuts are vote winners, so looming 2018 mid-terms will force the issue. There are other “wins” on the horizon as well, including the Treasury’s bold bank de-regulation plan, and revised health care legislation.  

Whether long-term success is likely is another question. Trump’s turbulent apprenticeship on the Hill is a strong incentive to diversify into regions where structural reforms have been implemented and are bearing fruit: the eurozone, Japan and, to some degree, those emerging markets which are seeing a recovery in their balance of payments.


Events to watch out for in H2 and beyond


Events to watch out for in H2 and beyond

*Lyxor CAR, July 2017.

Confident on commodities

The stronger global growth pulse could steel commodity prices, and finally tip the supply/demand balance in their favour. Should assets be less influenced by the dollar story and more by fundamentals, commodities - especially energy and industrial metals - stand to benefit from stronger economic growth in both developed and emerging markets.

OPEC attempts to curtail oil supply and therefore lift prices have to date been hampered by US shale production, but rig count should decline in H2 as weaker prices erode profitability. Wait for the right entry point. Copper prices, which have also been held back by oversupply, should climb as production capacity becomes more constrained.


Emerging into the light

The key external drivers for emerging markets – a tame Fed, a soft dollar and China – should linger for a while yet. Meanwhile, external vulnerabilities have receded, and growth prospects have improved. Be selective however, momentum is strong and valuations are already rich. Local monetary policies aren’t quite as supportive as they were. 


Advocating Asia

We still like Asia: valuations are not so stretched, earnings are recovering and liquidity conditions are supportive. We are however concerned about China’s financial stability, especially with the spectre of shadow banking rearing its ugly head again. Instead, we favour markets like Korea, where recovering earnings and fresh political leadership are set to revive the rally. Taiwan too is supported by better earnings prospects, foreign inflows and a turning in the electronics cycle. 

India also appeals, but lacklustre earnings growth could impede performance in the short term. In Japan, we favour small-caps because of their greater sensitivity to domestic economic improvements and their lesser sensitivity to movements in the yen.


Lift off in Europe...

Data seems to have turned in the eurozone. No longer is the region numbed by persistent pessimism; these days, investors are being wooed by rampant recovery. Growth is taking off, labour markets are mending and the credit cycle is expanding. All risk assets look attractive at this point, most obviously the sectors most closely linked to the recovery. We favour construction, consumer discretionary and banks. 

A caveat: inflation is still dormant. Regardless, the ECB can’t sit on its hands enjoying the sunny glow forever. Winter is coming – probably in the shape of €40bn per month fewer purchases throughout the first half 2018. Rate hikes look more distant. We’re idling in neutral on government bonds for now. Longer-term, we’re not confident on their outlook, but many have called the end of the bond bubble before us and we’re still waiting. Such is life.

...left out in the UK

Brexit negotiations are under way, and it’s already clear the path will be anything but smooth. We think people are being unduly complacent about the risks to growth. In our view, GDP growth will slow from 1.6% this year to 0.8% next. Inflation meanwhile should progress from 2.6% to 2.9% by year end 2018. This rise, and the acute uncertainty accompanying the Brexit talks, will hit consumption and weigh on activity. Although sterling has depreciated a lot already, we’re not sure the floor is in sight yet. 


Our key calls

United States

Commodities EM Japan

Eurozone UK


  • sU/W US Treasuries
  • Neutral S&P with defensive themes
  • O/W Growth vs. value O/W Minimum Variance
  • O/W Domestic vs. Global
  • U/W Small vs. Global
  • O/W HealthCare products & services
  • Neutral US High-yield for now. Lt negative
  • USD ST upside potential
  • Brent to end up in a $47-55 range
  • Tactical Buy Copper
  • Long Korea, Taiwan & India vs. China
  • Neutral EM debt: Prefer Argentina, Colombia, Indonesia
  • Neutral JP debt
  • Japan equities: prefer Topix small to Topix 100

  • Neutral on EMU Govies, turning negative
  • sO/W French OAT vs, German Bund
  • O/W Euro equity
  • sO/W Construction
  • sO/W Discretionary vs. Staples
  • Tactical Long Greece. LT sO/W defence
  • sO/W Banks
  • Neutral+ EU High-yield
  • Neutral GBP & Gilts
  • sO/W UK breakeven
  • sU/W UK FTSE 250
  • sO/W Ireland

  • sO/W Gold as a possible hedge

Key: U/W = underweight, O/W = overweight, s= soft, ST = short-term, LT = long-term

Source: Lyxor CAR, July 2017


All data sourced by: Lyxor & SG Cross Asset Research teams, July 2017. Opinions expressed are as at July 2017. 

This communication is for professional clients only.

This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets In Financial Instruments Directive 2004/39/EC.

This document is of a commercial nature and not of a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor International Asset Management or any of their respective affiliates or subsidiaries to purchase or sell the product referred to herein.

We recommend to investors who wish to obtain further information on their tax status that they seek assistance from their tax advisor. The attention of the investor is drawn to the fact that the net asset value stated in this document (as the case may be) cannot be used as a basis for subscriptions and/or redemptions. The market information displayed in this document is based on data at a given moment and may change from time to time. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. This also applies to historical market data. The potential return may be reduced by the effect of commissions, fees, taxes or other charges borne by the investor.

Lyxor International Asset Management (Lyxor ETF), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive and the AIFM Directive (2011/31/EU). Lyxor ETF is represented in the UK by Lyxor Asset Management UK LLP, which is authorised and regulated by the Financial Conduct Authority in the UK under Registration Number 435658.

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