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Roland Fischer - Société Générale Paris, Zurich Branch, Talacker 50, P.O. Box 1928, CH-8021 Zurich, Switzerland.

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The information on this website is exclusively directed at qualified investors within the meaning of the Federal Act of Collective Investment Schemes (CISA) and its implementing ordinance as well as according to the most recent interpretation of the Swiss Financial Market Supervisory Authority (FINMA).

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The following are considered qualified investors

Qualified investor: definition

Qualified investors within the meaning of Article 10 of the Swiss Federal Collective Investment Schemes Act of 23 June 2006 (“CISA”) and the Collective Investment Schemes Ordinance of 22 November 2006 (“CISO”) are essentially the following:

1.regulated financial intermediaries such as banks, securities traders, fund management companies and asset managers of collective investment schemes as well as central banks;

2.regulated insurance institutions;

3.public entities and retirement benefits institutions with professional treasury operations;

4.companies with professional treasury operations;

5.investors who have concluded a written discretionary management agreement with a regulated financial intermediary as defined in section 1 unless they have declared in writing that they do not wish to be deemed as qualified investors;

6.investors who have concluded a written discretionary management agreement with an independent asset manager, provided they have not notified in writing that they do not wish to be deemed as qualified investors and provided (i) the independent asset manager in its capacity as financial intermediary is governed by Article 2 para 3 (e) of the Anti-Money Laundering Act of 10 October 1997 (“AMLA”), (ii) the independent asset manager is governed by the code of conduct issued by a specific industry body, such code of conduct being recognized as the minimum standard by the Financial Market Supervisory Authority (FINMA), and (iii) the discretionary management agreement complies with the standards of a specific industry body, such standards being recognized as the minimum standard by FINMA;

7.high-net-worth individuals who have confirmed in writing to a financial intermediary pursuant to section 1, or to an independent asset manager that meets the requirements described in section 6, that they wish to be considered as qualified investors (“opting-in”) and that they (a) have the knowledge required to understand the risks of the investments based on their individual education and professional experience or based on comparable experience in the financial sector and hold assets of at least CHF 500,000 (b) hold assets of at least CHF 5 million;

8.independent asset managers who fulfill the requirements described in section 6, and confirm that they will use the information on this website that refers to investment funds not approved by FINMA exclusively for clients that are regarded as qualified investors.

Information on this website

This website is published by Lyxor Asset Management (Lyxor AM)

Société par actions simplifiée (simplified private limited company) with a capital stock of 161 106 300 euros as of November 5th, 2013

Nanterre Trade Register N° 418 862 215              

APE Number: 652E

Registered Office: Tours Société Générale, 17 cours Valmy, 92800 Puteaux

VAT No: FR 604 1886 2215

Responsibale person for the publication is: Lionel PAQUIN, CEO

Editing director: Nathalie BOSCHAT, Global Head Lyxor Communication (Tel.: +33 1 42 14 83 21; E-Mail: nathalie.Boschat@sgcib.com).

 

This website is hosted on the own servers of Société Générale.

This website is governed by French law.

Professional regulations

Lyxor AM is a French investment management company authorized by the Autorité des marchés financiers under the UCITS Directive (2009/65/CE) and the AIFM Directive (2011/31/UE). Lyxor AM is represented in the United Kingdom by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK (FCA reference number 435658). Lyxor AM is a registered Commodity Pool Operator and a Commodity Trading Advisor under the U.S. Commodity Futures and Trade Commission. Lyxor AM is also a member of the National Futures Association.

The information on this website has been prepared for information purposes only and does neither constitute an advertisement or recommendation nor an offer or solicitation to purchase or sell investment instruments, to effect any transaction or to enter into any legal relations.

Although reasonable care has been taken to ensure that the information on this website is accurate, correct and complete, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness of the content of this website. Any information on this website may be subject to change or update without notice. Unless otherwise stated, the numbers/figures on this website are unaudited. Prices shown may not reflect the prices at which units/shares may be purchased or sold at any given time.

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This website may contain hypertext links to websites or pages created and maintained by third parties which are not affiliated to Lyxor Asset Management. Activating such hypertext links may cause you to leave this website. Such addresses or hypertext links are provided solely for your convenience and information. Neither Lyxor Asset Management nor any other affiliate controls or reviews any of these websites and pages linked with or connected to this website and, accordingly, does not accept any liability for their contents, the offered products or services or any other offers. Using links from this website to any website not owned by companies which are affiliated to Lyxor Asset Management. is at your own risk. If you wish to create a hypertext link to this website from your site, you must request prior authorization from Lyxor Asset Management.

Fund documents/Legal information

Purchase orders for shares of our funds can be accepted on basis of the current legal documents only. The fund and share class specific Key Investor Information Documents (KIID), Prospectuses, Articles and Trust deeds as well as Annual and Semi-annual Reports of the funds referred to on this website may be obtained free of charge from

Swiss Representative:  Société Générale Paris, Zurich Branch, Talacker 50, P.O. Box 1928, CH-8021 Zurich, Switzerland.

Sales restrictions

The information on this website is exclusively intended for qualified investors with residence or domicile in Switzerland. The information on the financial products referred to in this website is expressly not directed to any person in or from any jurisdiction where the publication or availability of such products is prohibited (on grounds of residence, domicile, nationality or otherwise). Accordingly, the information contained herein does not constitute an act of distribution, an offer to sell or the solicitation of an offer to buy any securities to any person or entity in any jurisdiction in which such distribution or offer may not be lawfully made or access to such information is not permitted. Persons subject to local restrictions of this type must refrain from accessing this website. Investors should take advice from their own independent advisors before making an investment decision and should be aware of local laws governing investments. Without limiting the generality of the foregoing, the information in this website is not directed and not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons (being in particular nationals or residents of the United States of America or partnerships or corporations organized under the laws of the United States of America or any state, territory or possession thereof).

Not all of the funds accessible on this website are registered for distribution in or from Switzerland to non-qualified investors. The Swiss Financial Market Supervisory Authority (FINMA) publishes a list of foreign collective investment schemes which are registered for distribution in or from Switzerland on their website. Société Générale Paris, Zurich Branch, Talacker 50, P.O. Box 1928, CH-8021 Zurich, Switzerland., is the representative and paying agent in Switzerland of the funds which are registered for distribution in or from Switzerland and for non-registered funds that are distributed exclusively to qualified investors.

Past performance

Past performance is not a guarantee or a reliable guide to the future. Market and exchange rate movements may cause the capital value of investments, and the income from them, to go down as well as up and the investor may not get back the amount originally invested. Investments in emerging markets may result in higher risks and volatility due to political and economic instability and less developed markets and systems.

Subscriptions for investment in any fund mentioned on the website may only be made on the basis of the relevant prospectus, the simplified prospectus and the Key Investor Information Document ("KIID"), respectively, and the most recent annual financial statements (or semi-annual financial statements if published thereafter).

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We may collect information about you when you use this website, e.g. by sending cookies to your computer or if you provide us with certain information about yourself to register to access and use certain portions of this website. We use such information about you to verify your identity and eligibility to receive certain products or services, to provide information to you about products and services that we believe may be of interest to you, to record your interest in products and services that we offer, and to respond to your requests for information. We do not use for other purposes or disclose to any third party any personal information, except with your consent or as otherwise permitted or required by law. We maintain physical, electronic and procedural safeguards to guard your personal information and request from our employees to fully adhere to privacy standards, policies and the applicable laws. Please note that data that is transported over the Internet may be accessible to anybody. Your data may be lost during transmission or may be accessed by unauthorized parties. Neither Lyxor Asset Management  nor any other affiliate accepts any liability for direct or indirect losses as regards the security of your data during its transfer via Internet. Please use other means of communication if you think this is necessary or prudent for security reasons.

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The contents of this website are based upon sources of information believed to be reliable. Neither Lyxor Asset Management  nor any other affiliate makes warranty that access to the site will be uninterrupted or error-free, that defects will be corrected, or that viruses or other harmful components will not be transmitted in connection with your use of the website. Lyxor Asset Management  and their affiliates hereby expressly disclaim, to the fullest extent permitted by applicable law and/or regulation, all warranties, express, statutory or implied, regarding the website and any results to be obtained from the use of the website and its contents, including but not limited to all warranties of merchantability, non-infringement, fitness for a particular purpose or use and all warranties arising from course of performance, course of dealing and/or usage of trade or their equivalents under the applicable laws and/or regulations of any jurisdiction. Neither Lyxor Asset Management , nor any other affiliate warrants or guarantees the accuracy, timeliness, suitability, completeness, or availability of this website or the information or results obtained from use of it.

Under no circumstances and under no theory of any applicable law and/or regulation shall Lyxor Asset Management  or any other affiliate, their officers, directors or employees be liable to anyone for any damages arising in tort, contract, strict liability or otherwise from access to or use of the website or inability to access, regardless of whether they are direct, indirect, special, incidental, or consequential damages of any character, including damages for trading losses or lost profits, or for any claim or demand by any third party.

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13 Oct 2020

For Marketing Purposes

FOR QUALIFIED INVESTORS ONLY– This document is reserved and must be given in Switzerland exclusively to Qualified Investors as defined by the Swiss Collective Investment Scheme Act of 23 June 2006 (as amended from time to time, CISA).

Climate investing: if not now, when? If not you, who?

For all the environmental, social and governance (ESG) challenges companies face today, there is one which unites them all – a challenge dwarfing all others in its urgency.

‘E’ for the environment. ‘E’ for the elephant in the room. ‘E’ for the emergency we all now face – the failure of our fossil-fuel civilisation to address climate change.

The urgent threat of global warming demands a revolution in our energy systems. We are already late – but not too late. As asset managers and investors, we still have the power to change the world by helping to shift trillions of dollars towards climate-friendly investments. History may judge us harshly if we don’t.

Thankfully, help is at hand in the form of climate-aligned benchmarks, and the innovative new ETFs which use them.

Accepting the challenge

By providing for the limiting of global warming to “well below 2°C above pre-industrial levels” and to “pursue efforts to limit the increase in temperatures to 1.5°C”, the 2015 Paris Agreement committed 195 countries to radical and meaningful change in their emissions and climate policies.

Achieving this will be challenging, but we can all be difference makers. When it comes to CO2 emissions, the devil is in the detail. How can you tell if your portfolio is on the right track?

Setting new standards

Thanks to the work done by organisations such as the CDP (formerly the Carbon Disclosure Project), the Taskforce for Climate-Related Financial Disclosure (TCFD) and the Science-Based Targets (SBT) initiative, there is now a transparent framework for calculating, forecasting and disclosing data on companies' carbon emissions.

SBTs make the link between individual companies’ projected CO2 emissions and a projected average increase in temperature. Linking an investment portfolio to a specific temperature figure is an extremely simple measure for investors big and small to grasp.

Sadly, the figures don’t make for pleasant reading as they stand. Most major equity benchmarks currently imply temperature rises of around 4°C or more, which could be disastrous.1

Benchmark Regulation: the missing link

The EU is in the process of updating its benchmark regulations, forcing index creators to disclose whether major existing benchmarks are aligned with the Paris Agreement’s warming scenario.

It’s also endorsing the creation of Climate Transition Benchmarks (CTB) and Paris-Aligned Benchmarks (PAB). These benchmarks will make it much simpler to create investment instruments which comply with the Agreement and start financing the transition to a world in which the average rise in temperature is limited to 1.5°C above preindustrial levels.

We believe these CTB and PAB labels will soon become as commonplace as organic labels for food products, and they’ll serve a similar purpose – an at-a-glance way of ensuring something is being done properly or is “clean”. The indirect effect will be to stigmatise “dirty” indices – practically all the major benchmarks still used by institutional investors.

The EU’s new benchmark regulations could bring about a genuine revolution – and lead to a world in which equity flows and company valuations are dependent on companies’ carbon footprints.

A virtuous circle

Publishing the temperature scenarios of the major benchmarks will affect almost everybody. Institutions and big-name brands, fund and wealth managers, private banks and advisory networks, could all become associated with a certain temperature scenario and a de facto position on climate change by clients, prospects and even the media. We could see a race to the bottom of the thermometer.

Amid such scrutiny, we’d expect institutions to start migrating their investments towards CTBs or PABs. Meanwhile, if the valuation of a company is being dictated by its carbon footprint, we’d expect its shareholders to pressure its management team to hasten their energy transition.

Thus, a virtuous circle is born, fuelled by forward-looking regulation and the court of public opinion.

ESG flows chart

For illustrative purposes only.

The trade of the decade

Today’s equity markets are pricing in an unrealistically and unsustainably low cost for energy and electricity because they are not taking the “real cost” of CO2 emissions into account. Nor are they factoring in the trillions of dollars needed to transform the world’s energy mix.

Some estimates currently suggest we must keep 80% of known fossil-fuel reserves underground or risk heating our planet far past the red lines drawn by scientists and governments.2

The equity markets however are still pricing some of those reserves in to oil producers’ stock prices. This could be the biggest hidden risk in your portfolios today, and it’s a risk you can’t hedge.

“Decarbonising” portfolios is not possible without reducing exposure to a potential fossil-fuel rebound. For us, that’s a portfolio risk worth taking. Accepting the challenge offers real potential for forward-thinkers with an eye on the bigger picture. We believe it will be the trade of the next decade, and beyond.

Of course, adjusting portfolios to such a degree is challenging. It will take years for such expertise to be widely shared – years we don’t have. Step forward the world’s indexing giants and their new indices.

Indices, and ETFs, are the highway to transition

We believe a quantitative, rules-based approach is the best way to employ the enormous (and ever growing) quantity of climate data now available. The world’s leading index companies, S&P and MSCI, have been building their climate expertise through corporate acquisitions, and are now sharing it in climate indices eligible for the EU’s CTB and PAB labels.

Of course, just building these indices isn’t enough to win the war. Investors must actually use them. Shifting money en masse to these indices is what will help us turn the tide.

‘Investment influencers’ and early adopters can play a key role here. It would only take a few sizeable, active and engaged asset owners to seed certain indices and ETFs, and thereby prompt many others without the time and resource to build their own climate-friendly portfolios to follow.

ESG flows chart

For illustrative purposes only.

Once in a lifetime

We are on the cusp of a paradigm shift for listed markets of a scale comparable to the rise of the digital age. The sweeping changes to benchmark regulations could be the catalyst for a cleaner, greener future.

This is a once-in-a-lifetime opportunity for ETF providers to be champions of change and put the power in people’s hands at the click of a button.

Everyone can play a part in this revolution, from the world’s biggest asset owners to the individual investor planning for retirement in the comfort of his or her armchair. Just think: one person clicking that button and moving their savings into climate-action funds is far more impactful than that same person quitting flying or using public transport or becoming a vegan.3 What happens if millions of us do it?

Never think it’s too late. Never believe your contribution is too small. Never say never. We all have the power to change the world.

Explore our range of Climate Transition ETFs, designed to align with the Paris Agreement’s most ambitious goal – to limit global warming to 1.5°C

1Source: EU Technical Expert Group (TEG) on Sustainable Finance Interim Report on Climate Benchmarks, June 2019.
2Source: Bill McKibben, author and and leader of environmental group 350.org, https://350.org/why-we-need-to-keep-80-percent-of-fossil-fuels-in-the-ground/
3Source: https://nordeainvestmagasinet.dk/sites/default/files/inline-files/Regnestykke-baggrund.pdf

Important informations

This document has been provided by Lyxor International Asset Management that is solely responsible for its content. 

This document is not to be deemed distribution of funds in Switzerland according to the Swiss collective investment schemes act of 23 June 2006 (as amended from time to time, CISA) or any other applicable Swiss laws or regulations.

The shares are not registered under the U.S Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States (including its territories or possessions) or to or for the benefit of a U.S Person (being a “United State Person” within the meaning of Regulation S under the Securities Act of 1933 of the United States, as amended, and/or any person not included in the definition of “Non-United States Person” within the meaning of Section 4.7 (a) (1) (iv) of the rules of the U.S. Commodity Futures Trading Commission.). No U.S federal or state securities commission has reviewed or approved this document and more generally any documents with respect to or in connection with the fund. Any representation to the contrary is a criminal offence. 

Past performance is no indication of current or future performance. The performance data do not take into account of the commissions and costs incurred on the issue and redemption of units.

Financial intermediaries (including particularly, representatives of private banks or independent asset managers, Intermediaries) are hereby reminded on the strict regulatory requirements applicable under the CISA to any distribution of foreign collective investment schemes in Switzerland. It is each Intermediary’s sole responsibility to ensure that (i) all these requirements are put in place prior to any Intermediary distributing any of the Funds presented in this document and (ii) that otherwise, it does not take any action that could constitute distribution of collective investment schemes in Switzerland as defined in article 3 CISA and related regulation.

Any information in this document is given only as of the date of this document and is not updated as of any date thereafter. 

This document is for information purposes only and does not constitute an offer, an invitation to make an offer, a solicitation or recommendation to invest in collective investment schemes.  This document is not a prospectus as per article 652a or 1156 of the Swiss Code of Obligations, a listing prospectus according to the listing rules of the SIX Swiss Exchange or any other trading venue as defined by the Swiss Financial Market Infrastructure Act of 19 June 2015 (as amended from time to time, FMIA), a simplified prospectus, a key investor information document or a prospectus as defined in the CISA.
An investment in collective investment schemes involves significant risks that are described in each prospectus or offering memorandum. Each potential investor should read the entire prospectus or offering memorandum and should carefully consider the risk warnings and disclosures before making an investment decision. 

Any benchmarks/indices cited in this document are provided for information purposes only.

This document is not the result of a financial analysis and therefore is not subject to the “Directive on the Independence of Financial Research” of the Swiss Bankers Association. 

This document does not contain personalized recommendations or advice and is not intended to substitute any professional advice on investments in financial products. 

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