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

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If you are not a qualified investor within the meaning of Swiss collective investment schemes law with residence or domicile in Switzerland please contact :

Amundi Suisse SA, Rue De-Candolle 6, 1205 Genève, Switzerland.

Or the Swiss representative for our ETFs: Société Générale , Zurich Branch, Talacker 50, Box 1928, CH-8021 Zurich, Suisse.

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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.

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This website is published by Lyxor International Asset Management (« LIAM »).

Société par actions simplifiée (simplified private limited company) with a capital stock of 72 059 696 euros

Nanterre Trade Register N° 419 223 375

APE Number: 6630Z

Registered Office: 91-93, boulevard Pasteur, 75015 Paris, France

VAT No: FR 504 19223375

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@lyxor.com).

 

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LIAM 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). LIAM 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.

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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.

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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).

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.

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 International 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 International 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 International 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 International 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.

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11 Mar 2019

Follow the ESG Leaders

Our ESG range, and our ESG practices, are growing all the time, with the Lyxor MSCI Europe ESG Leaders ETF just the latest addition. We spoke to François Millet, the man at the forefront of this change, to find out why.

Getting a grip on governance

When governance goes bad, portfolios can suffer. One of the most infamous recent examples concerns the charismatic Carlos Ghosn – former Chairman and CEO of the Renault-Nissan-Mitsubishi consortium – and his arrest for possible financial misconduct in November last year. Corporate governance and the dangers of leaving too much power unchecked in too few hands have been in the spotlight ever since. It is possible to get a greater grip on governance, but how?

Partnering up

The answer – if you don’t have the time or expertise to carry out due diligence on each and every one of the hundreds of stocks you may hold in your portfolios – is to ally yourself with someone that does. That’s why we chose to partner with index provider and ESG research specialist, MSCI, for our ESG ETFs.

MSCI has over 40 years of experience in collecting, cleaning and standardising ESG data. When building their ‘best-in-class’ ESG Leaders index series, MSCI’s goal was to include companies with the highest ESG rating in each sector and ensure a 50% sector representation vs. the broad parent index.

Their Trend Leaders benchmarks require that same high ESG score, and that same strong market representation, but they also take the score’s trend into account. If a company has improved its score, there’s a greater likelihood of it being selected in the index and vice versa.

  

Why it’s worth going the extra mile

In contrast, conventional SRI ETFs tend to only focus on the top 25% of companies left in each sector. They come with additional risks because of their lesser diversification, diminished market representation and intra-sectorial biases.

For example, in MSCI’s USA SRI index, 50% of the IT sector weighting is represented by one stock, Microsoft. Taking the “top 25” approach also leads to a greater bias towards large-caps. That may not always be the worst of ideas, but the Leaders series give you a more rounded or blended exposure.

And it’s worth thinking about what you’re actually trying to achieve with your money. Are you happy just to go with what’s already best-in-class, or are you wanting to support those companies making the most sizeable, positive changes to the way they do business and how they affect the world around them? Rewarding momentum could, in the long run, prove even more influential and even more valuable.

On values vs. integration

One of the key differences between the SRI indices and the Leaders series is on the use of screens. The SRI indices actively avoid companies that are inconsistent with specific ESG values, most obviously those with a high negative social or environmental impact. They could be described as a choice based on personal or organisational values.

However, the Leaders series integrate more ESG data, and more material ESG data, in the investment process. It’s a methodology designed to significantly improve the ESG profile of a portfolio and manage risks associated with controversial businesses and practices without altering market representation.

That said, the Leaders indices do incorporate an element of exclusion, notably of companies involved in serious ESG related controversies or those involved in certain business activities such as alcohol, gambling, tobacco and weaponry.

Awareness is all 

That 50% coverage of the parent index, in our view, gives you an exposure that’s more in line with the original benchmark. The tracking error is lower too. Several of these products have also shown they can outperform their market-cap equivalents, notably in Europe*. In our view, the Leaders and Trend Leaders approaches make for better proxies for the original parent exposure than the pure SRI equivalent – meaning you can have a positive, socially aware impact on the world around you without dramatically altering the structure of your portfolio.  No other provider currently offers you exposure to all of these indices.  

We won’t go gently

We all have a duty of care to the world around us. In investment terms, that means delivering the best ESG funds we can and reporting on the effects our funds have on the world around them in the most transparent way. But there’s more to it than that.

Embedding the need to do good in every facet of our working lives and the lives of others is one of our core missions. That’s why, unlike most other passive managers, we engage directly with companies to induce them to improve their sustainability practices.

We also look use the voting rights given to us as large shareholders to influence companies. In 2018, we voted on more than 2,600 resolutions and €14bn+ of equity positions. We cast negative votes in 22% of resolutions and voted “against” at least once in 77% of the general meetings we have attended. Most of those votes have involved executive pay as well as board composition, remuneration and issues of transparency. We plan to become even more activist still**.

Passive managers don’t have to be silent; far from it. We can be as loud as active managers – if not more so – when it comes to keeping watch over companies and influencing management to act in the best interests of shareholders, society and the environment.

Our voting record explained

*Source: Lyxor International Asset Management, MSCI, Bloomberg, Data as at 28/02/2019. Past performance is not a reliable indicator of future performance. **Source: Lyxor International Asset Management as of 31 December 2018. Included €19.6bn of Assets under Advisory.


Risk Warning​

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).

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

Multi Units Luxembourg- Lyxor MSCI Europe ESG Leaders (DR) UCITS ETF , domiciled in Luxembourg,is a collective investment schemenot approved by the Swiss Financial Market Supervisory Authority FINMA (FINMA) as (a) foreign collective investment schemepursuant to article 120 of the Swiss Collective Investment Schemes Act of 23 June 2006 (as amended from time to time, CISA) for distribution in Switzerland. Accordingly, the non-Registered Funds may be offered in Switzerland exclusively to Qualified Investors as defined in the CISA and its implementing ordinance. 

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).

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.

The Representative and the Paying Agent of the Fund(s) in Switzerland is Société Générale, Paris, Zurich Branch, Talacker 50, 8001 Zurich.

The prospectus or offering memorandum, the key investor information documents, the management regulation, the articles of association and/or any other constitutional documents as well as the annual and semi-annual financial reports may be obtained free of charge from the Representative in Switzerland.

In respect to the units/shares of the Fund(s) distributed in and from Switzerland, place of performance and jurisdiction is at the registered office of the Representative in Switzerland.

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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