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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.

The website is hosted by on Microsoft Azure servers[BD(1] .

This website is subject to French and Danish law.
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.
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.
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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One Step Ahead

A podcast by Lyxor ETF

Technological innovation and the need to live more sustainably are profoundly reshaping how we travel, work and play. In this podcast, business leaders and industry disruptors break down how they're adapting to these trends, preparing for what's next, and helping to build a brighter future for our planet. Using real life case studies, our goal is to help you understand the impact of disruption and keep your portfolios One Step Ahead of change.

Listen on Spotify Listen on Apple Spotify Listen on Google Podcast Listen on STITCHER

Latest Episode

Racing to Net Zero, with Iberdrola

In this episode of One Step Ahead, we focus on the role energy producers can and should play in the race to “Net Zero” emissions. The key date is 2050, enshrined in the Paris Agreement, which commits nearly 200 countries to contain global warming at a maximum of 1.5°C above pre-industrial levels. One company well on its way in the low carbon transition is Spanish electric utility Iberdrola. Isabel Sánchez Herrero, Head of Investor Relations at Iberdrola, explains why the company is already 20 years ahead of the curve, and reveals its plans to help secure our planet’s future. From increased investments in renewables, to smart grid development, to the exciting potential of green hydrogen, the opportunity set for companies and investors willing to make a difference looks promising.

This episode was presented by Libby Potter.

Learn more

Powering the future of mobility, with Verkor and EIT InnoEnergy

In this episode of One Step Ahead, we take a deep dive on a key component of the future mobility value chain – electric batteries. With close to a quarter of global carbon emissions coming from the transport sector, phasing out internal combustion engines (ICE) in favour of electric vehicles (EV) will be essential in the race to Net Zero. Benoit Lemaignan, Co-founder & CEO of French battery maker Verkor, and Diego Pavia, CEO of EIT InnoEnergy, an EU-backed investor in sustainable energy projects, talk us through the challenges and opportunities in electrifying transport. They explain why a rapid scaling up of battery production is needed to meet the growing demand for EVs, how battery recycling contributes to the circular economy, and why the new mobility business segment could be up to seven times bigger over the next decade.

This episode was presented by Libby Potter.

Learn more

Giving genes the silent treatment, with Dicerna Pharmaceuticals

In this episode of One Step Ahead, Douglas Fambrough, Ph.D., President and CEO at Dicerna Pharmaceuticals, talks us through “RNA interference,” an innovative technique that can target and silence certain disease-causing genes. From kidney-related disease to neurological disorders – and potentially even alcohol use disorder – he asserts that gene-based medicines have the potential to be a safe and effective approach to treating disease. According to Dr. Fambrough, we’re at the early stages of a “big bang” for gene-based medicine, and RNAi is just one of many disruptive technologies set to change the future of healthcare.

This episode was presented by Libby Potter.

This episode contains forward-looking statements and actual results may be materially different; see “Risk Factors” under Dicerna’s latest SEC filings.

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Accelerating digital manufacturing, with Protolabs

In this episode of One Step Ahead, we spoke to Robert Bodor, President and CEO at Protolabs, and Bjoern Klaas, Vice President and Managing Director EMEA at Protolabs Europe. As a leader in digital manufacturing, Protolabs plays a key part in the Fourth Industrial Revolution, or “Industry 4.0”. Our guests explain how digitally powered manufacturing is accelerating lead times and life cycles across industries, how Artificial Intelligence and machine learning can help, and how the Covid-19 pandemic impacted the sector. They also explain why 3D printing – or additive manufacturing – can lead to more sustainable and climate-friendly product designs.

This episode was presented by Libby Potter.

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Minding the gender gap, with L’Oréal and Equileap

In this episode of One Step Ahead, we spoke to Margaret Johnston-Clarke, Global Chief Diversity Equity Inclusion Officer at L’Oréal, a recognised leader for gender equality, and Diana van Maasdijk, CEO and Co-Founder at Equileap, a data provider and research organisation dedicated to gender equality. They shared their thoughts on where we stand today on gender equality, and how a lot more still needs to be done to close the gender gap. They also highlight the growing evidence of gender-diverse workforces having a positive impact on corporate bottom lines.

This episode was presented by Libby Potter.

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Banking on a greener future, with Danske Bank and Climate Bonds Initiative

In our inaugural episode of One Step Ahead, we spoke to Samu Slotte, Global Head of Sustainable Finance at Danske Bank, and Sean Kidney, CEO and Co-Founder of Climate Bonds Initiative. They gave their honest take on the urgent need to tackle the climate emergency, and the crucial role investors must play to enact change. Samu also gave concrete examples of green projects financed by Danske Bank’s green bonds, ranging from green buildings to renewable energy.

This episode was presented by Libby Potter.

Learn more

Welcome to One Step Ahead by Lyxor ETF

Welcome to One Step Ahead, presented by Libby Potter. Technological innovation and the need to live more sustainably are profoundly reshaping how we travel, work and play. In this podcast, business leaders and industry disruptors break down how they’re adapting to these trends, preparing for what’s next, and helping to build a brighter future for our planet. Our goal is to help you future-proof your portfolios in this world of constant change.

Where To Find One Step Ahead

You can listen to all the episodes below or subscribe and download them from your favourite platforms including:

Listen on Spotify Listen on Apple Spotify Listen on Google Podcast Listen on STITCHER

This podcast is for informational purposes only, and should not be taken as investment advice and/or an offer to buy financial products. Lyxor International Asset Management, holding the brand Lyxor ETF, does not in any way endorse or promote any companies or securities mentioned in this show. The opinions expressed at the time of recording do not necessarily reflect the views of Lyxor ETF or its parent company, Amundi Group, and may vary from time to time.