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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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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 )

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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).


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 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




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16 Oct 2017

Q4 2017 Outlook: The fairytale continues

At the start of last quarter we considered whether the fairytale of strong performance from equity and bond markets alike could continue. Well... it has so far. But what can we expect for Q4?

Will they all live happily ever after? 

There’s no doubt economic growth has been a plus point this year, with 2017 Bloomberg consensus estimates for the US and eurozone revised up to over 2% and to 1.5% for Japan. Yet low inflation is proving a much trickier problem to remedy across the developed world. 

In all likelihood, central banks will only normalise their monetary policies gradually over the coming months, so there should be no rapid removal of the support they’ve been providing the financial markets. Risk assets are expensive, but as long as economic growth maintains its pace a major correction looks unlikely. And that’s good news for investors.

But where exactly do the best opportunities lie over the coming months?

No bond bonanza

With wage and core inflation expected to pick up in the US over the medium term, the Fed looks likely to stay the course when it comes to normalising its monetary policy. It’s ready to start shrinking its balance sheet in October and a rate hike is pencilled in for December, so we’re slightly underweight treasuries. And with the ECB set to taper slowly throughout 2018 we’re also slightly underweight bunds.

Hop into high yield

European high yield credit remains an interesting option for the less risk-averse bond investor, although historically tight spreads do sound a note of caution. We’re overweight high yield as fundamentals look supportive and we see little chance of a reversal over the next few months.

Full steam ahead for eurozone equities

The relatively poor performance of eurozone equities last quarter was puzzling, but probably due to profit-taking after a period of double-digit gains. The asset class is still trading at a considerable discount to US equities and, with reflation in full swing, we expect foreign and domestic investors to pile back into eurozone equities this quarter, resulting in renewed rises. We’d advocate being selective though; some areas should do better than others. 

Choosing the best areas within the eurozone

Banks continue to heal and should benefit from reflation, while the construction sector looks interesting not only because it’s cheap, but because it should benefit from a pick-up in real estate and infrastructure investment.  Conditions look ripe for households to increase their spending beyond their basic needs, so we still prefer discretionary to staples.

At the country level, we’re big fans of “Macronomics”, hence our slight preference for French rather than German stocks. And, after their long-term underperformance, we also like Greek equities as we believe the eurozone is determined to find a solution to the country’s debt problems.

A selective approach to US equities

The S&P 500 has hit record highs, so there’s no denying US equity valuations are looking even more stretched than they were last quarter. What’s more, they’re vulnerable to the Fed’s balance sheet reduction. And yet fundamentals remain impressive and some risks have passed – for now at least it looks less likely the Trump presidency will fail. The debt ceiling has been raised, and there’s plenty of time to pass tax reform.

With these conflicting drivers, we’re neutral on US equities. But delving deeper we favour some areas of the market over others: for instance, we prefer large-caps over their smaller peers and domestic-focused stocks. We’re bullish on banks over the long term, but low inflation could prove a headwind in Q4.

Overweight Japanese equities for the long run

With the economy on the mend, the Bank of Japan has no reason to alter its accommodative stance. This, combined with foreign investment at low levels, has led us to upgrade our long-term stance towards Japanese equities to positive.

We can’t however recommend a headlong rush into Japan just yet, so it’s more of a tactical play for now. EPS growth is slightly slower than we’d like and the North Korean nuclear threat remains a worry. Yet, periods of renewed yen weakness could offer interesting windows for outperformance.

Go easy on emerging equities

Emerging equities posted some solid gains last quarter, but their performance could soften if Treasury yields rise – as we expect. We’re neutral on the asset class for now. South Korea (which has so far proven resilient to the threat from the North) is our preferred market.

Cautious on commodities

It’s an intricate picture for the price of oil. Risks include a possible increase in supply and a potential US dollar rebound. However, robust global growth should keep demand high while OPEC producers are unlikely to let prices fall far below USD 50 / barrel. Our expectation is for Brent to continue to trade within the USD 47–55 / barrel range, so we’re neutrally positioned.

Since we recommended buying copper last quarter its price has risen by 25%, making it look a lot less attractive for Q4. We’ve downgraded our stance to neutral. Gold also performed well last quarter, but we’re struggling to see catalysts for it to rise much further. We’re keeping it at neutral for hedging purposes. 



*Lyxor CAR,  October 2017.

Our key calls

Our key calls

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, Ocober  2017. Opinions expressed are as at 12 October 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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