Please read the important information below before
continuing to our website.
Investing involves risk,
including possible loss of principal. An investor should carefully consider
investment objectives, risks, charges and expenses before investing.
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THIS WEBSITE IS AIMED AT
PROFESSIONAL CLIENTS IN SWEDEN
This website is published by Lyxor International
Asset Management (LIAM), a French asset management company approved by the AMF
(17 place de la Bourse 75082 Paris Cedex 02) under the UCITS (2009/65/EC) and
AIFM (2011/31/EU) directives.
The website is
hosted by on
Microsoft Azure servers.
This website is
subject to French and Swedish law, as applicable.
A professional client is a client that is either a per se professional
client or an elective professional client (Note article 4 (1) 12 of Mifid )
A professional client
is one of the following:
– an entity required to be
authorised or regulated to operate in the financial markets. The following list
includes all authorised entities carrying out the characteristic activities of
the entities mentioned, whether authorised by an EEA State or a third country
and whether or not authorised by reference to a directive:
- a credit institution
- an investment firm
- any other authorised or regulated
- an insurance company
- a collective investment scheme or the
management company of such a scheme
- a pension fund or the management company
of a pension fund
- a commodity or commodity derivatives
- a local
- any other institutional investor
– in relation to MiFID or
equivalent third country business, a large undertaking, meeting two of the
following size requirements on a company basis:
- balance sheet total of EUR 20,000,000
- net turnover of EUR 40,000,000
- own funds of EUR 2,000,000
– in relation to business
that is neither MiFID or equivalent third country business, a large undertaking
meeting either of the following conditions:
- a body corporate (including a limited
liability partnership) which has (or any of whose holding companies or
subsidiaries has) called up share capital of at least £10 million (or its
equivalent in any other currency at the relevant time)
- a large undertaking that meets (or any
of whose holding companies or subsidiaries meets) two of the following
tests: (i) a balance sheet total of EUR 12,500,000; (ii) a net turnover of
EUR 25,000,000; (iii) an average number of employees during the year of
- a national or regional government, a
public body that manages public debt, a central bank, an international or
supranational institution (such as the World Bank, the IMF, the ECP, the
EIB) or another similar international organisation.
- another institutional investor whose
main activity is to invest in financial instruments (in relation to the
firm's MiFID or equivalent third country business) or designated
investments (in relation to the firm's other business). This includes
entities dedicated to the securitisation of assets or other financing
The above definition is
only an extract and is not exhaustive. For further details please refer to the
Glossary section of the FSA Handbook: http://fsahandbook.info/FSA/html/handbook/Glossary/P
Lyxor and Lyxor ETF are names used by Lyxor Asset Management UK LLP to
promote the products of Lyxor International Asset Management. Although
information contained herein is from sources believed to be reliable, Lyxor
Asset Management UK LLP makes no representation or warranty regarding the
accuracy of any information. Any reproduction, disclosure or dissemination of
these materials is prohibited.
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 Swedish
regulatory system generally and for funds authorised in Sweden 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 Financial
Services Compensation Scheme, or by any similar scheme in France.
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.
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.
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,
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 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
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
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.
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.se. 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.
No information published on
the LIAM Website constitutes a solicitation, an offer, or a recommendation to
buy or sell any investment instruments, to effect any transactions, or to
conclude any legal act of any kind whatsoever.
To the fullest extent and
only restricted by mandatory law, in no event shall LIAM or any of its
directors, employees or agents have any liability whatsoever to any person for
any direct or indirect loss, liability, cost, claim, expense or damage of any
kind, whether in contract or in tort, including negligence, or otherwise,
arising out of or related to the use of all or part of these web pages
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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.
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ABOVE AND ACCEPT THE TERMS OF THE PRIVACY AND COOKIES POLICY.