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

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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.

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August, 2015




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24 May 2019

SG Quality Income: an attractive yield that stands the test of time

The stock markets rose strongly over the first few months of the year, but they’ve been struggling in recent weeks due to a resurgence of the trade war between the US and China. Meanwhile, bond yields are still painfully low. One option for investors to navigate this tricky environment could be to allocate to a quality income equity strategy. 

Difficult conditions for investors seeking income

Global economic conditions have been slowly improving since the start of the year and bond yields have sunk even further, with those of European sovereigns now at rock-bottom levels.  How might multi-asset investors react in these circumstances? They have the choice to switch out of bonds into suitable equities or sit tight. Investors believe that economic conditions aren’t going to improve, and that central banks will make ever-more desperate attempts to drive yields lower, they may decide to carry on holding bonds.

We’re in an environment of low interest rates and low corporate bond yields, and that means there are few safe havens for income seekers. One idea for investors wary of making seismic changes to their asset allocation could be to switch from low-quality bonds into high-quality equities – a change that puts balance sheet strength ahead of anything else.

Why might this be an attractive choice? Taken at face value, the potential income available from high yield bonds looks like it should exceed dividends. But high yield bond indices are made up of the lowest-quality companies in the market, and there’s no guarantee they’ll be able to meet their obligations. These bonds therefore have the potential for a lot more risk with little upside.

 SG Quality Income index: providing an attractive yield that stands the test of time

One option for investors looking to allocate to high-income equities could be the SG Quality Income index. It’s an equity index that seeks to provide a dependable, high-quality dividend stream.  Unlike the MSCI World High Dividend index, which tends to outperform the broad global markets on a total return basis but struggles in return-only terms, the SG Quality Income index focuses on corporates that can pay and grow their dividend and aims to maintain its dividend payments regardless of the market backdrop.

By sticking to the same careful, repeatable process, the SG Quality Income index has been able to avoid more than 80% of the major dividend cuts that have taken place since the global financial crisis in 2007. 

Comparison of realised yields for high- and low-quality companies since 1989


Source: SG Cross Asset Research/Equity Quant, FTSE, Factset. Data as at 30/04/2019. Past performance is not a reliable indicator of future performance. 

In constructing the index, we assess each stock based on three criteria:

  • the quality of its business
  • the strength of its balance sheet
  • the level and sustainability of its dividend yield.

See our handy guide for more information

Chart 2

*Yield thresholds may be relaxed to ensure the index contains a minimum number of stocks. Detailed index methodology available on request.

Some important benefits

The high-quality companies that the SG Quality Income index invests in represent an opportunity to access a less volatile area of the equity market. The nature of these businesses is such that their earnings are predictable rather than cyclical, and this means many investors view them as unfashionable. This can result in these kinds of stocks often becoming undervalued.  An extra benefit is that they represent a useful hedge against rising inflation. That’s because the dividends they pay tend to rise in line with prices, unlike fixed-rate securities.

Making money by not losing money

The main reason for the SG Quality Income index’s outperformance of the broad markets over the long term is the protection from drawdowns it offers in falling markets. For example, during the market stress in Q4 2018 the index outperformed the MSCI World by more than 6 percentage points. Its volatility (10.6%) was also significantly lower than that of the MSCI World (16.6%) over the last quarter of last year. As we can see in the following table, high-quality stocks have historically been much less volatile and experienced much lower drawdowns than low-quality stocks. 

Buying better quality companies provide your risk control

(performance by Merton quintiles)

              chart 3

Data based on FTSE World Developed stocks, covers the period from 01/01/1990 to 31/12/2018. Past performance is not a reliable indicator of future performance. Source: SG Cross Asset Research/Equity Quant, FTSE, Factset. 

An attractive option for any kind of investor

If an absolute return investor or multi-asset investor is looking for yield, equity income stocks could look a lot more enticing than sovereign or corporate bonds, which are currently providing historically low yields and offer no protection against inflation.

It’s true that equity income strategies tend to underperform the broad markets when they’re experiencing the kind of irrational exuberance that’s driven them so much higher in recent years. But quality income strategies that value balance sheet strength above all else might be a better option should the markets take another turn for the worse.

And that’s exactly what seems to have been in the minds of European investors this year. European equity income ETFs have received net inflows every month so far in 2019, while broad European equity ETFs have experienced outflows every month.  It seems that now might indeed be a good time to allocate to this kind of strategy.

Net new assets of income generation and broad European equity ETFs in the European ETF market in 2019 (EUR million)

                 Chart 4

Source: Lyxor International Asset Management, Bloomberg, data as at 30 April 2019

 Why choose Lyxor for quality income?

Our quality income indices target only the most robust and stable businesses in the developed world.  We provide indices covering the global stock markets and a strategy specific to Europe. 

   why income

Relevant products

Risk Warning​

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 2014/65/EU. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on, and upon request to

Except for the United-Kingdom, where this communication is issued in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658, this communication is issued by Lyxor International Asset Management (LIAM), a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2014/91/EU) and AIFM (2011/61/EU) Directives. Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudentiel et de résolution (the French Prudential Control Authority).

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Updated composition of the product’s investment portfolio is available on In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed.

Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product. This document is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

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