Change Country
Welcome to LuxembourgWelcome
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  

If you are an investor in the Netherlands, please go to  

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  

If you are an investor in Belgium, please go to  

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

If you are an investor in Luxembourg, please go to

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.


17 Jul 2017

Bank on banks


Nearing normal: How sectors could react to higher bond yields

We’re very positive on eurozone equities right now, but a backdrop of rising yields, rising inflation and an end to ultra-accommodative ECB policy means every call comes with a lot more riding on it. Knowing how a particular sector is likely to react could make all the difference. 

If you’re only going to read one table this week; make it this one.

Sector sensitivity at a glance

Sector P/E P/B Dividend Yield Sensitivity %Domestic Revenue
Automobiles and Parts 9.22 1.22 3.11 ++ 48.41%
Banks 36.56 0.9 4 ++ 71.82%
Basic Resources 20.07 1.4 2.45 + 35.67%
Chemicals 20.1 2.44 2.5 -- 39.34%
Construction and Materials 21.56 2 2.5 + 58.45%
Financial Services 11.8 1.75 3.16 ++ 40.13%
Food & Beverage 28.9 3.43 2.6 -- 36.29%
Health Care 28.3 3.8 2.88 -- 28.42%
Industrial Goods and Services 28.19 3.5 2.37 -- 47.58%
Insurance 13.61 1.18 4.47 ++ 65.15%
Media 42.75 3.25 3.25 -- 56.41%
Oil and Gas 32.44 1.12 5.64 + 44.80%
Personal and Household Goods 23.18 4.74 2.57 -- 35.56%
Retail 23.14 2.5 3.54 - 80.69%
Technology 41.31 3.11 1.5 - 36.61%
Telecommunications 50.53 1.63 4.7 - 72.57%
Travel and Leisure 20.67 2.75 3.24 -- 62.50%
Utilities 63.12 1.56 5.85 -- 87.89%

Source: SG Equity research, Factset, Bloomberg. * Sensitivity to bond yield ( a proxy for rising inflation) - measured by taking the average between 2 and 10yr correlation to 10yr US treasury and bund yield

Bank on banks 

  • Rising bond yields will push investors to switch from growth stocks to value stocks, like financials and consumer discretionary, as the former generally carry much longer duration.
  • Banks come out strongest, and remain a pure cheap way to play eurozone reflation; Automobiles and Parts and Insurers also appear attractive. Banks ultimately offer a robust hedge against a steepening yield curve as well as rising inflation expectations. 
  • Defensive sectors like Health Care and Consumer Staples (Food and Beverages, Personal and Household Goods) have, unsurprisingly, been used as bond proxies in recent years. They are now expensive, and they exhibit a negative correlation to bond yields.



All data: SG Cross Asset Research, Equity Strategy, Factset, June 2017.

The figures relating to past performances refer to past periods and are not a reliable indicator for future results. This also applies to historical market data.

This communication is for professional clients only. This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets In Financial Instruments Directive 2004/39/EC.

This document is of a commercial nature and not of a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor International Asset Management or any of their respective affiliates or subsidiaries to purchase or sell the product referred to herein.

We recommend to investors who wish to obtain further information on their tax status that they seek assistance from their tax advisor. The attention of the investor is drawn to the fact that the net asset value stated in this document (as the case may be) cannot be used as a basis for subscriptions and/or redemptions. The market information displayed in this document is based on data at a given moment and may change from time to time. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. This also applies to historical market data. The potential return may be reduced by the effect of commissions, fees, taxes or other charges borne by the investor.

Lyxor International Asset Management (Lyxor ETF), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive and the AIFM Directive (2011/31/EU). Lyxor ETF is represented in the UK by Lyxor Asset Management UK LLP, which is authorised and regulated by the Financial Conduct Authority in the UK under Registration Number 435658. 

Connect with us on linkedin