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Please read the important information below before continuing to our website

Please read the important information below before continuing to our website.  

 

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

This website is published by Lyxor International Asset Management (LIAM), 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 (2011/31/EU) directives. LIAM 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.

 

A professional investor is a professional investor (professionele belegger) within the meaning of the Act on the Financial Supervision (Wet op het financieel toezicht) (AFS).

A 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.

 

Marketing Restrictions and Implications

 

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, 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

 

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 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 Societe Generale. 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, Societe Generale or other 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 – link to risk page] 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 LIAM consider reliable or comes from sources that LIAM consider reliable, LIAM have not verified such information. Lyxor 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] link to privacy & cookie page.

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 Lyxor International Asset Management (LIAM), 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 (2011/31/EU) directives. LIAM 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

 

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 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, 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

 

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 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 Societe Generale. 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, Societe Generale or other 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 – link to risk page] 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 LIAM consider reliable or comes from sources that LIAM consider reliable, LIAM have not verified such information. Lyxor 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] link to privacy & cookie page.

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. 

02 Feb 2021


Three surprising insights from our new ETF temperature tool

Last month we launched our new COtool, which allows you to see how more than 150 Lyxor ETFs align with the temperature goals of the Paris Agreement.

We’ve been delighted with all the positive feedback as we encourage the industry towards total transparency and honesty. We hope you continue using the tool to analyse the implied temperature rise of your investments. And remember: we show you Lyxor ETF temperatures, but they are based on underlying indices which are also being tracked by several other ETF issuers.

In any case, the COtool has been live for a little over a week – and today we are going to share some of the most interesting things we’ve learned so far.

Many European utilities are 1.5°C aligned

Utilities companies provide electricity, natural gas and water, among other amenity services. This sector is excluded from many ESG indices due its high carbon impact. Yet, in the COtool, the European utilities sector (as represented by the STOXX Europe 600 Utilities Index) is 1.5° aligned, with 65% of its AuM under the 1.5° threshold. 

1.5°C

Even the MSCI World Utilities index, comprised of over 50% US companies, has an implied temperature of 1.8°C – under the Paris Agreement’s 2° central scenario. Why?

Utilities are aligned because the sector is “under budget”. Our methodology assigns a carbon budget to utilities using the sectoral decarbonisation approach (SDA). SDA factors in the decarbonisation opportunities of a given sector – and while high carbon budgets are allocated to utility companies because they tend to be carbon-intensive, those budgets are decreasing year on year.  

In fact, most utility companies are aligned because the sector is more advanced than other industries in terms of its transition to a low-carbon economy. Even though much more needs to be done to decarbonise the sector, a significant number of emission-reducing projects have been launched over the last decade. Many utilities have also made firm commitments to a well below 2° scenario with the Science Based Targets initiative. 

Most indices are above 3°

Depending on your knowledge of the financial industry, this might not be a big surprise. But it’s worth highlighting that most indices are aligned with a ‘business as usual’ temperature outcome, above 3°. 

1.5°C

1.5°C

One option to reduce the temperature impact of a core portfolio building block, such as the S&P 500, would be to consider the S&P Paris-Aligned benchmark variant. The Lyxor S&P 500 Paris-Aligned Climate (EU PAB) (DR) ETF is compatible with the Paris Agreement’s most ambitious 1.5° warming scenario.

1.5°C

ESG indices can be ‘hot’

We’ve received several questions on why an ESG ETF can have a high temperature, or be ‘hotter’ than its parent index or comparable non-ESG ETF.

Taking the DAX 30 as an example: this index reflects a part of the German economy with high carbon intensity, due to the large share of coal in the German power sector and the high representation of power companies in this index.

However, the COtool shows that the DAX 30 is compatible with a 1.5°C temperature scenario, whereas the DAX 50 ESG benchmark is >3°C.  

1.5°C

1.5°C

The answer to this is that an index may have a very high carbon footprint today, and still be aligned with the Paris Agreement. The temperature reflects the fact that the index is on a pathway aligned with the Paris Agreement, not if it is carbon-intensive today.

In our example, the DAX 30 contains several big companies in the power sector. These companies are well known for having a lot of coal in their power mix. They are accountable for very high volumes of emissions, and therefore are excluded from ESG indices. But because they have taken strong commitments to reduce their emissions – even more ambitious than their expected SDA decarbonisation trajectory requires – they are 1.5°-aligned.  

Ultimately, the best way to understand this is by recognising that an ESG measure is fundamentally different from a temperature measure.

An ESG score evaluates an issuer on Environmental, Social and Governance aspects, while a temperature measure has a narrower focus on alignment against the goals of the Paris Agreement. A carbon-intensive company can still have a high rating on social and governance topics, which might compensate a low score on environmental side to give a strong ESG score.

If an ESG index methodology overweights issuers with high ESG scores, and if these are also unaligned with the Paris Agreement goals, it can lead to a high temperature, or a higher temperature than its parent index.

Some caveats

This is very much a moment-in-time snapshot. Temperatures can and will change in the coming months. There are a few reasons why that might be:

• Changes in the fund composition and weightings in the fund

• Variations of enterprise value among issuers in the fund (fluctuations of their market capitalisations, increase or decrease of their debt, available cash, etc.)

• Effective reduction of emissions of issuers in the fund

• Change in theoretical carbon budgets from updated climate scenarios

• Expansion of Trucost database with new data for issuers that were not covered until now


Note that a decrease of a fund temperature is not necessarily due to a real reduction of emissions of issuers in a fund. An increase is not necessarily due to higher emissions.

The COtool does not yet consider what are known as ’scope 3 emissions’. Scope 3 refers to indirect GHG emissions that are a consequence of the company’s activities, but which come from sources not owned or controlled by the company.

For some sectors such as automotive and oil & gas, scope 3 emissions represent a major part of the sector’s emissions and taking them into account to evaluate alignment in these sectors is necessary to get a true picture of their carbon intensity.

Unfortunately, there is incomplete reporting of scope 3 emissions by companies, it’s hard to model these emissions, and climate scenarios used for target-setting do not yet integrate scope 3 emissions in transition pathway forecasts.

To fulfil the COtool’s potential, we are working to integrate scope 3 emissions in our methodology in 2021 for automotive and oil & gas.

That’s all for this update. Send us any questions or comments you have on the tool and we’ll try to answer them in a future blog.

Discover our new COtool or explore our range of Climate-focused ETFs

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).

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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