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Please read the important information below before continuing to our website

The Lyxor ETFs on this website may be restricted for certain individuals or in certain countries pursuant to the national regulations applicable to those individuals or countries. It is therefore your responsibility to ensure that you are authorised to invest in the Lyxor ETFs on this website. 


If you are an investor in the United Kingdom, please go to  

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If you are an investor in Italy, please go to  

If you are an investor in Spain, please go to  

If you are an investor in Austria, please go to  

If you are an investor in Germany, please go to   

If you are an investor in Singapore, please go to  

If you are an investor in Switzerland, please go to  

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If you are an investor in Poland, please go to 

If you are an investor in Norway, please go to

If you are an investor in Denmark, please go to

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If you are an investor in Sweden, please go to

If you are an investor in Finland, please go to



The Lyxor ETFs on this website are undertakings for collective investment in transferable securities (UCITS) (i) domiciled in France and approved by the Autorité des Marchés Financiers (AMF) or, (ii) domiciled in Luxembourg, approved by the Commission de Surveillance du Secteur Financier (CSSF) and authorised to market their units or shares in the French Republic in accordance with the notification procedure under Article 93 of Directive 2009/65/EC. Investors should note that the prospectuses of certain Lyxor ETFs under Luxembourg law that have been notified in accordance with this procedure are only available on the website in English. A French translation of these prospectuses can be obtained upon request by sending a letter to Lyxor International Asset Management (“Lyxor”) – 17 Cours Valmy, 92987 Paris La Défense, France.


The information on this website is not intended for persons or entities that are resident, located or registered in jurisdictions that are not authorised to distribute Lyxor ETFs. As a result, the information on this website does not constitute an offer or solicitation to buy or sell units or shares in these ETFs by anyone in any jurisdiction:


(a)   in which such an offer or solicitation is unauthorised;

(b)   in which Lyxor is not qualified to make such an offer or solicitation; or 

(c)   in which it is unlawful to make such an offer or solicitation.


In particular, the Lyxor ETFs on this website are not and will not be registered under the United States Securities Act of 1933, as amended. As such, they may not be offered or sold within the United States of America, except in specific cases where transactions are exempt from registration under the Securities Act. The ETFs listed on this website may not be sold to US citizens or transferred to the United States by any other means, unless this transaction is not subject to any specific registration under US law. 


Any person from a jurisdiction to which the above-mentioned restrictions apply should inform themselves of and observe these restrictions.


This website is intended for commercial purposes and is not regulatory in nature. Although the information provided has been drawn up on the basis of sources considered to be reliable, there is no guarantee that it is accurate, complete or relevant. Some of the information on this website is provided on the basis of market data collected at a specific time and may therefore vary over time. Lyxor advises investors to read the risk factors section of the prospectus and the key investor information document carefully. These documents can be found on the website.


The net asset value (“NAV”) of Lyxor ETFs may at any time be subject to considerable price fluctuations, which in some cases may lead to the loss of all of the capital invested. Investors should note that some ETFs may be sensitive to fluctuations in the exchange rate between their reference currency and that of the underlying index, as well as of the components of the underlying index.


Before investing in a Lyxor ETF, you should carry out your own risk analysis of the product from a legal, tax and accounting perspective, rather than basing your decision solely on the information provided. If necessary, you should consult your own advisers or any other qualified professional. 


Subject to compliance with the legal obligations by which they are bound, Lyxor or any entity within the same group shall not be held liable for any financial or other consequences of an investment in the product. 



By clicking on institutional or individual above, I confirm that I have read and understood the information provided herein, and that I am resident or registered in Luxembourg.


24 Sep 2018

Alpha/Beta Allocator: Equities

Why pay more for less?

The industry

AUM & flows



“The data is clear – passive is now the default choice”

Marlène Hassine Konqui,Head of ETF Research

AUM & flows

The active managers

Performance vs. benchmarks

Europe is one of the best regional destinations for alpha seekers...

AUM & flows

...but very few managers beat the conventional broad benchmarks in the US whether over the short,or long, term.*



10 year average

Hit: when YTD results are >50% or >10yr figure

Miss: when YTD results are <33% or <10yr figure


The costs

How active & passive compare

The typical active equity fund is c.4x more expensive than the typical ETF – why pay more for less?

Why Lyxor for US equities?

14 routes

into US equities

14+ routes

Lowest cost

core US equity exposures in Europe


Best performing:

S&P 500 ETF 

Most efficient




Source: Lyxor International Asset Management.Performance Data over 5 years as at 23/04/2018. All other statements, including costs refer to European ETF market and were correct as at 5 July 2018. Past performance is no guide to future returns.

*Source: Morningstar and Bloomberg data from 31/12/2007 to 29/06/2018. 10 yr data as at 31/12/2017 50% and 33% represent the best and worst results after we divided the universe we cover into 3 sub-groups. Between those limits, “hits” and “misses” are set comparing the current quarter’s result vs. the long-term averages.Performance data calculated to end August 2018 vs. top 5 ETFs on this index.
Past performance is no guide to future returns.

lyxor etf logo

Conflicts of interest

This research contains the views, opinions andrecommendations of Lyxor International Asset Management(“LIAM”) Cross Asset and ETF research analysts and/orstrategists. To the extent that this research contains tradeideas based on macro views of economic market conditionsor relative value, it may differ from the fundamental CrossAsset and ETF Research opinions and recommendationscontained in Cross Asset and ETF Research sector orcompany research reports and from the views and opinionsof other departments of LIAM and its affiliates. LyxorCross Asset and ETF research analysts and/or strategistsroutinely consult with LIAM sales and portfolio management

personnel regarding market information including, but notlimited to, pricing, spread levels and trading activity ofETFs tracking equity, fixed income and commodity indices.Trading desks may trade, or have traded, as principal onthe basis of the research analyst(s) views and reports. Lyxorhas mandatory research policies and procedures that arereasonably designed to (i) ensure that purported facts inresearch reports are based on reliable information and (ii)to prevent improper selective or tiered dissemination ofresearch reports. In addition, research analysts receivecompensation based, in part, on the quality and accuracyof their analysis, client feedback, competitive factors andLIAM’s total revenues including revenues from managementfees and investment advisory fees and distribution fees.

It is important for potential investors to evaluate the general risks described below and in the fund prospectus on our website

Capital at risk

ETFs are tracking instruments: Their risk profile is similar to a direct investment in the Underlying index. Investors’ capital is fully at risk and investors may not get back the amount originally invested.

Replication risk

The fund objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication.

Counterparty risk

With synthetic ETFs, investors are exposed to risks resulting from the use of an OTC swap with Société Générale. In-line with UCITS guidelines, the exposure to Société Générale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk if they use a securities lending programme.

Concentration risk

Smart Beta ETFs select stocks or bonds for their portfolio from the original benchmark index. Where selection rules are extensive, it can lead to a more

concentrated portfolio where risk is spread over fewer stocks than the original benchmark.

Underlying risk

The Underlying index of a Lyxor ETF may be complex and volatile. For example, when investing in commodities, the Underlying index is calculated with reference to commodity futures contracts exposing the investor to a liquidity risk linked to costs such as 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.

Currency risk

ETFs may be exposed to currency risk if the ETF is denominated in a currency different to that of the Underlying index they are tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.

Liquidity risk

Liquidity is provided by registered market-makers on the respective stock exchange where the ETF is listed, including Société Générale. On exchange, liquidity may be limited as a result of a suspension in the underlying market represented by the Underlying index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, or other market-maker systems; or an abnormal trading situation or event.

This communication is exclusively directed and availableto Institutional Investors as defined by the 2004/39/ECDirective on markets in financial instruments acting for theirown account and categorised as eligible counterparties orprofessional clients. This communication is not directed atretail clients. 

This document 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 (2009/65/EC) 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).


 Some of the funds described in this brochure are investmentcompanies with Variable Capital (SICAV) incorporated underLuxembourg Law, listed on the official list of Undertakingsfor Collective Investment, authorised under Part I of theLuxembourg Law of 17th December 2010 (the “2010 Law”)on Undertakings for Collective Investment in accordancewith provisions of the Directive 2009/65/EC (the “2009Directive”) and subject to the supervision of the Commissionde Surveillance du Secteur Financier (CSSF). 

These funds are sub-funds of either Multi Units Luxembourgor Lyxor Index Fund and have been approved by the CSSF.Alternatively, some of the funds described in this documentare sub-funds of Multi Units France a French SICAVincorporated under the French Law and approved by theFrench Autorité des marchés financiers. Each fund complieswith the UCITS Directive (2009/65/CE), and has beenapproved by the French Autorité des marchés financiers.Société Générale and Lyxor AM recommend that investorsread carefully the “risk factors” section of the product’sprospectus and Key Investor Information Document (KIID).The prospectus and the KIID are available in French on thewebsite of the AMF ( The prospectusin English and the KIID in the relevant local language (forall the countries referred to, in this document as a countryin which a public offer of the product is authorised) areavailable free of charge on or upon request

 The products are the object of market-making contracts, thepurpose of which is to ensure the liquidity of the productson NYSE Euronext Paris, Deutsche Boerse (Xetra) andthe London Stock Exchange, assuming normal marketconditions and normally functioning computer systems.Units of a specific UCITS ETF managed by an assetmanager and purchased on the secondary market cannotusually be sold directly back to the asset manager itself.Investors must buy and sell units on a secondary marketwith the assistance of an intermediary (e.g. a stockbroker)and may incur fees for doing so. In addition, investors maypay more than the current net asset value when buying unitsand may receive less than the current net asset value whenselling them. 

Updated composition of the product’s investment portfoliois available on www. In addition, the indicativenet asset value is published on the Reuters and Bloombergpages of the product, and might also be mentioned onthe websites of the stock exchanges where the productis listed. Prior to investing in the product, investors shouldseek independent financial, tax, accounting and legal

advice. It is each investor’s responsibility to ascertain thatit is authorised to subscribe, or invest into this product.This document together with the prospectus and/or moregenerally any information or documents with respect to orin connection with the Fund does not constitute an offerfor sale or solicitation of an offer for sale in any jurisdiction(i) in which such offer or solicitation is not authorized, (ii) inwhich the person making such offer or solicitation is notqualified to do so, or (iii) to any person to whom it is unlawfulto make such offer or solicitation. In addition, the sharesare not registered under the U.S Securities Act of 1933 andmay not be directly or indirectly offered or sold in the UnitedStates (including its territories or possessions) or to or forthe benefit of a U.S Person (being a “United State Person”within the meaning of Regulation S under the SecuritiesAct of 1933 of the United States, as amended, and/or anyperson not included in the definition of “Non-United StatesPerson” within the meaning of Section 4.7 (a) (1) (iv) of therules of the U.S. Commodity Futures Trading Commission).No U.S federal or state securities commission has reviewedor approved this document and more generally anydocuments with respect to or in connection with the fund.Any representationto the contrary is a criminal offence.

 This document is of a commercial nature and not of aregulatory nature. This document does not constitutean offer, or an invitation to make an offer, from SociétéGénérale, Lyxor Asset Management (together with itsaffiliates, Lyxor AM) or any of their respective subsidiaries topurchase or sell the product referred to herein. 

These funds include a risk of capital loss. The redemptionvalue of this fund may be less than the amount initiallyinvested. The value of this fund can go down as well as upand the return upon the investment will therefore necessarilybe variable. In a worst case scenario, investors couldsustain the loss of their entire investment.

 This document is confidential and may be neithercommunicated to any third party (with the exception ofexternal advisors on the condition that they themselvesrespect this confidentiality undertaking) nor copied in wholeor in part, without the prior written consent of Lyxor AMor Société Générale. The obtaining of the tax advantagesor treatments defined in this document (as the case maybe) depends on each investor’s particular tax status, thejurisdiction from which it invests as well as applicablelaws. This tax treatment can be modified at any time.We recommend to investors who wish to obtain furtherinformation on their tax status that they seek assistancefrom their tax advisor. The attention of the investor is drawnto the fact that the net asset value stated in this document(as the case may be) cannot be used as a basis forsubscriptions and/or redemptions. The market informationdisplayed in this document is based on data at a givenmoment and may change from time to time.

 Authorizations: Lyxor International Asset Management(Lyxor AM) is a French management company authorized bythe Autorité des marchés financiers and placed under theregulations of the UCITS (2009/65/EC) and AIFM (2011/61/EU) Directives. Société Générale is a French credit institution(bank) authorised by the Autorité de contrôle prudentiel etde résolution (the French Prudential Control Authority.

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