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Important information for professional investors:
To enter the website, please confirm that you have read and understood the important information that is contained below by clicking "I Accept" at the bottom of this page.

THIS WEBSITE IS AIMED AT PROFESSIONAL INVESTORS IN THE NETHERLANDS

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

This website is published by Amundi Asset Management (Amundi), a French asset management company approved by the Autorité des Marchés Financiers (the French Financial Markets Authority) (AMF) (17 place de la Bourse 75082 Paris Cedex 02) under the UCITS (2009/65/EC) and AIFM (2011/61/EU) directives. Amundi is registered in the Netherlands in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a manager (beheerder) of a UCITS.

The website is hosted on Microsoft Azure servers.

This website is subject to French and Dutch law.
 
professional investor is a professional investor (professionele belegger) within the meaning of the Act on the Financial Supervision (Wet op het financieel toezicht) (AFS).

professional investor within the meaning of the AFS is one of the following:

  • a bank
  • a collective investment scheme (UCITS or AIF) and a management company of such scheme
  • a pension fund and management company of such fund
  • an investment firm
  • a national or regional governments, public bodies, central bank, international or supranational financial organisation or other type of international organisation
  • a market maker
  • a local: party trading only for its own account or providing quotes for trades in derivatives
  • an insurance company
  • a financial institution
  • commodity and commodity derivatives dealers
  • institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions
  • large undertakings meeting two of the following size requirements on a company basis (a) balance sheet total of EUR 20,000,000, (b) net turnover of EUR 40,000,000 and (c) own funds of € 2,000,000 
  • Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can be classified as a professional investor within the meaning of the AFS then you should seek independent advice.

Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can be classified as a professional investor within the meaning of the AFS then you should seek independent advice.


Marketing Restrictions and Implications
 
Lyxor and 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, if not all, of the protections provided by the Dutch regulatory system generally and for funds authorised in the Netherlands do not apply to these exchange traded funds (ETFs). In particular, investors should note that holdings in this product will not be covered by the provisions of the UK Financial Services Compensation Scheme, the Dutch Investor Compensation Scheme (beleggerscompensatiestelsel) or by any similar scheme.
 
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
 
The 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 UK Financial Services Compensation Scheme, the Dutch Investor Compensation Scheme (beleggerscompensatiestelsel) or by 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 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.
 
Tax
 
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 www.lyxoretf.nl. 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.
 
Cookies
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 Privacy and Cookies Policy
By clicking "I Confirm" to the Terms of this website and accessing the information on 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.
 
 
 
I CONFIRM THAT I HAVE READ AND UNDERSTOOD THE IMPORTANT INFORMATION THAT IS CONTAINED ABOVE, CONFIRM THAT I AM A PROFESSIONAL INVESTOR AND ACCEPT THE TERMS OF THE PRIVACY AND COOKIES POLICY. 

 
Important information for private investors:


To enter the website, please confirm that you have read and understood the important information that is contained below by clicking "I Accept" at the bottom of this page.
This website is published by Amundi Asset Management (Amundi), a French asset management company approved by the Autorité des Marchés Financiers (the French Financial Markets Authority) (AMF) (17 place de la Bourse 75082 Paris Cedex 02) under the UCITS (2009/65/EC) and AIFM (2011/61/EU) directives. Amundi is registered in the Netherlands in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a manager (beheerder) of a UCITS.
The website is hosted on Microsoft Azure servers.
This website is subject to French and Dutch law.
 
The Act on the Financial Supervision (Wet op het financieel toezicht) (AFS).
The AFS is one of the following:

  • a bank
  • a collective investment scheme (UCITS or AIF) and a management company of such scheme
  • a pension fund and management company of such fund
  • an investment firm
  • a national or regional governments, public bodies, central bank, international or supranational financial organisation or other type of international organisation
  • a market maker
  • a local: party trading only for its own account or providing quotes for trades in derivatives
  • an insurance company
  • a financial institution
  • commodity and commodity derivatives dealers
  • institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions
  • large undertakings meeting two of the following size requirements on a company basis (a) balance sheet total of EUR 20,000,000, (b) net turnover of EUR 40,000,000 and (c) own funds of € 2,000,000 


Marketing Restrictions and Implications
 

 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, if not all, of the protections provided by the Dutch regulatory system generally and for funds authorised in the Netherlands do not apply to these exchange traded funds (ETFs). In particular, investors should note that holdings in this product will not be covered by the provisions of the UK Financial Services Compensation Scheme, the Dutch Investor Compensation Scheme (beleggerscompensatiestelsel) or by any similar scheme.
 
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
 
The 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 UK Financial Services Compensation Scheme, the Dutch Investor Compensation Scheme (beleggerscompensatiestelsel) or by 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 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.
 
Tax
 
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 www.lyxoretf.nl. 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.
 
Cookies

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 Privacy and Cookies Policy.
By clicking "I Confirm" to the Terms of this website and accessing the information on 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.
 
 
 
I CONFIRM THAT I HAVE READ AND UNDERSTOOD THE IMPORTANT INFORMATION THAT IS CONTAINED ABOVE, CONFIRM THAT I  ACCEPT THE TERMS OF THE PRIVACY AND COOKIES POLICY. 
 
 

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29 Jun 2021

Tackling ‘greenwashing’: why green bonds could be the solution.

Thanks to campaign groups and the media, today we are more aware than ever about the concept of ‘greenwashing’. Whether it’s a ‘vegan friendly’ product tested on animals, a paper straw which can’t be recycled, or a company turning its logo green without changing its business – it’s a tawdry byproduct of the consumer drive towards more sustainable living.

Greenwashing is a potentially worrying trend, because it encourages us to believe that we are part of a problem’s solution, even though we may actually be making it worse. Scale that up over millions of people, and the cumulative effect could be disastrous.

While greenwashing claims are especially rife in consumer goods (think fast fashion, food and drink), as investors increasingly turn towards ESG and climate investing, similar questions are being raised about the true ‘greenness’ of certain investment products.

It’s important to tackle these questions. After all, investors have huge power to support or penalise companies whose standards slip, or who promise more than they deliver. By assessing an investment’s green credentials, investors can gain the confidence to support it, or understand that there are more suitable ways to deploy their capital. 

How to avoid greenwashing

If you have been following our blogs, you’ll already know that Lyxor is a big fan of green bonds – fixed income securities whose proceeds fund eco-friendly projects. We launched the world’s first green bond ETF in 2017 and we’re very happy to see the market boom in recent years. You can read more about our flagship ETF’s impact in the 2020 report we published recently.

To be eligible for inclusion in our ETF, a green bond must be approved by Climate Bonds Initiative (CBI), a not-for-profit dedicated to promoting investments for a low carbon and climate-resilient economy. In their latest report co-sponsored by Lyxor ETF, CBI looked at what’s called post issuance reporting – a review of green bond issuance which asks the question “did the issuer do what they said they would do?”

The report has some interesting results and sheds light on whether greenwashing is an issue for green bond investors. 

Why post-issuance reporting is important for investors

The CBI report looks at two main aspects of post issuance reporting for green bonds: ‘use of proceeds’, meaning how the bond’s proceeds were deployed, and ‘impact’, meaning the tangible effects achieved.

“Post-issuance UoP [use of proceeds] reporting is a core component of the Green Bond Principles (GBP) and the Green Loan Principles (GLP), and it is also recommended that issuers report on the environmental impacts achieved,” says the CBI. “Post-issuance disclosure provides transparency, ensures accountability and underpins the credibility of green bonds and loans. As the market has grown, so has investor interest in UoP and impact reporting to inform decision-making processes, analysis and investor reporting.”

If you’re interested in this topic, we encourage to go and read the full report. The CBI’s overarching aim was to be as comprehensive as possible to support the evolution of sustainable investing, so there’s plenty to dig into. Below we’ll share a few highlights that we think are worth noting.​

Three lessons from the green bond market review

From its study of green bonds issued from Nov 2017 to March 2019 included in the Climate Bonds Green Bond Database (694 bonds from 408 issuers representing $212bn), three main takeaways emerged: 

  • Post-issuance reporting is widespread in green bonds

The first interesting finding from the CBI’s research is that post-issuance reporting is already in a strong position. 77% of issuers, representing 88% of the amount issued by market value, provided use-of-proceeds reporting.

  • Greenwashing is very rare

Second, there is little evidence of any greenwashing among the green bond issuers assessed by the CBI. By its estimates, almost all non-reporting issuers at the time of research have now reported at least use of proceeds. 

  • Impact reporting is becoming more common

The third point to note is that reporting of ‘impact’ is becoming increasingly common. However, it’s more complex than UoP reporting and according to the CBI, it is highly unstandardised, with a wide breadth of metrics used to measure and report it. 

beyond the attention

Case studies: examples of good reporting 

So, who is doing post-issuance reporting well? Below are two examples of companies that the CBI rates as excellent at post-issuance reporting for green bonds. Both can be found in the Lyxor Green Bond (DR) UCITS ETF.

Use-of-proceeds reporting – Swire Properties (Hong Kong)

Swire Properties

Impact reporting – Société du Grand Paris

Societe du grand Paris

Looking to the future

One of the takeaways of the CBI report is that despite a rich landscape for post-issuance reporting today, it remains fragmented and there could still be room for improvement. In particular, in order to improve the availability, quality and consistency of reporting, a common reporting framework should be developed, and ideally a centralised reporting platform for better harmonisation of data.

Encouragingly, efforts have already been made (e.g. Green Assets Wallet, Nasdaq Sustainable Bond Network, LGX DataHub, IDB Green Bond Transparency Platform), some of which CBI is actively supporting.

The next evolution could be a more centralised, comprehensive and global reporting platform. The EU Green Bond Standard, which already requires UoP and impact reporting, could help deliver such a solution.

climate bond initiative

Watch the takeaways in CBI’s video


Source for all data: Climate Bonds Initiative, Post-issuance reporting in the green bond market, 2021.

 

Final thought 

The day is coming when a company’s fortunes will depend on the size of its carbon footprint, the global warming scenario it implies and its willingness to address broader societal issues, just as much as ordinary financial metrics. The best investment decisions keep this bigger picture in mind.

Our SFDR 9 compliant Lyxor Green Bond (DR) UCITS ETF offers a simple way for investors to take direct climate action in their fixed income portfolios. You can also learn about the impact our flagship Green Bond ETF had in our 2020 impact report.

Learn more about Green Bond ETFs

This article is for informative purposes only, and should not be taken as investment advice. Lyxor ETF does not in any way endorse or promote any companies mentioned in this article. Capital at risk. Please read our Risk Warning below.

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 www.lyxoretf.com, and upon request to client-services-etf@lyxor.com.

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). Lyxor International Asset Management (LIAM) is registered in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a manager (beheerder) of a UCITS. 

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 www.lyxoretf.com. 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 www.lyxoretf.com/compliance.

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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