Welcome to SwitzerlandWelcome
Change Country
Please scroll down the disclaimer to enter the website
Please read the important information below before continuing to our website

Important information for qualified investors

By clicking on "Accept", you confirm that you have read, understood and agreed to the below terms of use.

Additionally, you confirm that you are a qualified investor within the meaning of Swiss collective investment schemes law with residence or domicile in Switzerland. Moreover, you acknowledge that certain funds referred to on this website may not be offered to investors in Switzerland who are not qualified investors within the meaning of Swiss collective investment schemes law.

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

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

Telephon number: 058 272 33 44  

e-mail address: info@lyxoretf.ch

******

Financial services providers and investment professionals

By accessing this website and the products, services, information and material contained or described herein, you acknowledge your agreement with and understanding of the following terms of use:

Access restricted to qualified investors

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).

The information on this website is exclusively directed at qualified investors with residence or domicile in Switzerland.

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.

The entire information which may be accessed through this website is protected by copyrights and other intellectual property rights of companies which are affiliated to Lyxor Asset Management  or of third parties. Under no circumstances should this information or any part thereof be copied, reproduced or redistributed without prior authorization.

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).

Privacy

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.

No warranty/No liability

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.

 I have read the terms set out above and confirm that I am a Professional Investor resident in Switzerland and wish to proceed

 

Accept

Please scroll down the disclaimer to enter the website
01 Oct 2018

US equity flows - the story behind the story


Continuing our series of blogs on US assets, this week we focus on the incredible inflows into US equity ETFs so far this year. If you missed the first blogs in the series, you’ll find everything you need housed in our new US Equity Spotlight- a detailed paper covering the outlook, active and passive fund performance, flows, index exploration and the ETFs that could be worth considering.

US equities have proven overwhelmingly popular with investors desperate for signs of economic growth. They’ve been the best performers in euro terms since the beginning of the year and their dominance in terms of ETF flows to August end is little short of astonishing. The trend continued throughout September.

Looking under the hood however, money hasn’t always gone to the best performing exposures. For instance, the NASDAQ 100, Russell 1000 Growth and Russell 2000 benchmarks all outperformed the more favoured S&P 500, so it can clearly pay to be selective. Let’s dig deeper.

 

The middling mainstream

Many investors tend to default to the S&P 500 for their passive US exposures. Indeed, of the record €11.2bn of YTD inflows into mainstream US indices, 83% went to the S&P. Not necessarily a bad outcome given the +12.8% it has returned over that period.

S&P 500 the clear winner 

Chart 1


But was it the best bet? Perhaps not, given that it didn’t perform nearly as well as some of the other tech or small cap-focused benchmarks. To date, there are few signs of the selectivity investors may need at this stage of the cycle.


Tech the talk of the town

Bolstered by strong balance sheets and general technological improvements, tech stocks have been the story of the year. The tech-heavy NASDAQ 100 has had a great run so far, returning 22.7% as at end of August. Savvy investors cottoned on to this, and it shows in the ETF flows. Though still dwarfed by the €9.3bn that went to the S&P 500, a respectable €1.4bn went to NASDAQ 100 ETFs, peaking in June and July with a combined €913m of inflows.


50% of US sector ETF flows went to tech

chart 2


A bit of style can go a long way

Another pocket of the market that’s fared well is US small caps. The Russell 2000 has returned 17.3% year to date. Again, while flows into US small and mid cap ETFs rebounded in June and July bringing the year to date total to €648m, most of the money missed the mark by defaulting to the S&P.

Small & mid caps gain traction

Chart 3


Dig deeper for greater gains

To be clear, the S&P 500 does a great job at offering simple US equity market exposure in a global equity portfolio. And depending on your investment period, it can certainly pay off. In 2016 for instance, the benchmark finished well ahead of US growth and tech stocks at a time when US economic growth was decelerating.  The benchmark benefited from its wide sector diversification with its most defensive sectors (utilities & telecoms) outperforming. And while small caps – helped by a huge lift in the wake of US elections – outperformed, they were more volatile than the S&P (~18% on average for the Russell 2000 in 2016 vs. ~13% for the S&P 500).

But one thing is certain -  if you want to go that one step further to make the very best of your US exposures, it may be time to think outside the box. Target the sectors most likely to benefit from US policy. Think of downside protection with minimum variance or quality stocks. Downsize to small caps if you feel they have more to offer. With hundreds of ETFs on the market to choose from, and the compelling case for going passive in the US, the possibilities are endless.

 

Why Lyxor for US equities?

If you still see the US as a land of opportunity, look no further. Our US equity range opens up 14 possible routes to travel, across mainstream and more specific indices from just 0.04%. And, because we’ve been managing ETFs in the region for over 17 years, and with €9bn in assets, we may just be the guide you need.

For the full picture on US equities, read our new US Equity Spotlight

Our US equities range

UCITS ETF Total Expense Ratio*
Lyxor S&P 500 0.15%
Lyxor Core Morningstar US  0.04%
Lyxor MSCI USA 0.25%
Lyxor Dow Jones Industrial Average 0.50%
Lyxor NASDAQ 100 0.30%
Lyxor Russell 2000 0.19%
Lyxor Russell 1000 Value 0.19%
Lyxor Russell 1000 Growth 0.19%
Lyxor FTSE USA Minimum Variance 0.20%
Lyxor US Quality Low Vol Dividend 0.19%
Lyxor FTSE USA Infrastructure 0.50%
Lyxor FTSE EPRA/NAREIT United States 0.40%
Lyxor S&P 500 Banks 0.20%
Lyxor MSCI USA ESG Trend Leaders 0.25%
   

 

Source for all data: Lyxor International Asset Management/Bloomberg, as at 31/08/2018. Data refers to European ETF market. All performance data is based on weekly performances, total return and in EUR. Past performance is not a reliable indicator of future returns.
*TER data correct as at 01/10/2018.

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).

Important information

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

Funds Sub-fund Domicile SIX Echange listing and licensed by FINMA
Collective Investment Scheme (FCP) Lyxor NASDAQ-100 UCITS ETF France No
Multi Units Luxembourg Lyxor Core Morningstar US (DR) UCITS - Dist Luxembourg No
Multi Units Luxembourg Lyxor S&P 500 Banks UCITS ETF - Acc Luxembourg No
Multi Units Luxembourg Lyxor S&P 500 UCITS ETF Luxembourg Yes
Multi Units France Lyxor MSCI USA UCITS ETF - Acc France Yes
Collective Investment Scheme (FCP) Lyxor Dow Jones Industrial Average UCITS ETF - Dist France Yes
Collective Investment Scheme (FCP) Lyxor Russell 2000 UCITS ETF - Acc France No
Multi Units France Lyxor Russell 1000 Value UCITS ETF - Acc France No
Multi Units France Lyxor Russell 1000 Growth UCITS ETF - Acc France No
Multi Units Luxembourg Lyxor FTSE USA Minimum Variance UCITS ETF - Acc Luxembourg No
Multi Units France Lyxor FTSE US Quality Low Vol Dividend (DR) UCITS ETF - Dist France No
Lyxor Index Fund Lyxor FTSE USA Infrastructure UCITS ETF - Dist Luxembourg No
Collective Investment Scheme (FCP) Lyxor FTSE EPRA/NAREIT United States UCITS ETF France Yes
Multi Units Luxembourg Lyxor MSCI EM ESG Trend Leaders UCITS ETF - Acc Luxembourg No



The funds that are specified as being listed on SIX Swiss Exchange / licensed by FINMA in the chart comprised in this document (Registered Funds) are collective investment schemes approved by the Swiss Financial Market Supervisory Authority FINMA (FINMA) as foreign collective investment schemes pursuant 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 to non-Qualified Investors as defined in the CISA. The above mentioned Exchange Trade Funds (ETFs) are listed on the SIX Swiss Exchange.

The funds that are not specified as being listed on SIX Swiss Exchange / licensed by FINMA in the chart comprised in this document (non-Registered Funds, and together with the Registered Funds, the Funds) are collective investment schemes not approved by the FINMA as foreign collective investment schemes pursuant to article 120 of the 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. 

Lyxor Research document: 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 Funds 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 Funds distributed in and from Switzerland, place of performance and jurisdiction is at the registered office of the Representative in Switzerland.


Connect with us on linkedin