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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 www.lyxoretf.co.uk  

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If you are an investor in Sweden, please go to www.lyxoretf.se

If you are an investor in Finland, please go to www.lyxoretf.fi

 

 

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 Oct 2017

5 things to know about Japanese indices

 

Japan is very much on TOPIX

Japan, as we said here, is becoming an increasingly attractive investment destination. House prices are rising, consumption is picking up and earnings per share are growing faster than in any other major market. Japan still appears quite cheap, with discounts vs. world stocks higher than normal. Some of Shinzo Abe’s arrows finally appear to have hit at least some of their targets. He could be firing more soon. 

 

Index exploration​

Flows rebounded strongly in September, after outflows in August, but the rush to the land of the rising sun is not without its subtleties. The major indices come in various shapes and sizes, so it’s important you know why you’re really investing in Japan. What you think of its prospects matters an awful lot when it comes to choosing your index. 

 

How the flows look

How the flows look

*Source: Lyxor Cross Asset Research, as at 6 october  2017*Please note that eurozone yields are represented by 10yr bund in the yield segment

The figures relating to future performance are a forecast and are not a reliable indicator of future results.

 

Mapping it out: 5 things to know about Japanese indices: 

This simple guide below should help you find the right option:

  • 1- They derive their revenues from different places

The higher an index’s share of domestic revenue, the less sensitive it is to movements in the yen. SGQJ offers the greater domestic exposure, while the TOPIX offers exposure to the full Japanese economy, which matters if you think recovery will be broad-based or if you’re backing the yen to strengthen from here. More yen weakness would ordinarily point to the Nikkei 225, but you might miss out on the domestic recovery/reflation story. 

They derive their revenues from different places

Soucre: Factset, Bloomberg & SG Quantitative Research as at 30  September 2017

 

  • 2- They view sectors differently

SGQJ excludes financials entirely, while the other indices have exposures that reflect their domestic, or their export, focus. The differences aren’t always too great however.

2- They view sectors differently

Source: Factset, Bloomberg & SG Quantitative Research as at 30  September 2017

 

  • 3- They come in all shapes & sizes

The SGQJ does not use any size weighting in its methodology, leading to much more of a small-cap bias. As a result, it is also more growth-oriented than the market cap indices. Choosing a quality income play doesn’t have to mean limiting your participation in a recovery.

The JPX-Nikkei 400 index consists of companies expected to deliver shareholder value. Using measures such as efficient use of capital and good corporate governance, the Index aims to provide investors with high quality exposures. If you believe Japan’s corporate culture is changing as it should, this could be the index for you.

3- They come in all shapes & sizes

  1. Source:Factset, Bloomberg & SG Quantitative Research as at 30  September 2017

  2.  

  • 4- Some concentrate more than others

The TOPIX gives you the broadest exposure to Japan but its small-cap exposures do add some risk. The Nikkei 225 is by far the most top-heavy of the indices. Its pricing methodology and lower number of constituents make it more volatile than the others as well.

4- Some concentrate more than others

  1. Source: Factset, Bloomberg & SG Quantitative Research as at 30  September 2017

  2.  

  • 5- Managers find them hard to beat

Over 10 years, fewer than 1 in 5 managers have outperformed the TOPIX

Managers find them hard to beat

Source: Bloomberg, Morningstar 30  September 2017

 

Risk Warning

It is important for potential investors to evaluate the risks described below and in the fund prospectus which can be found on www.lyxoretf.com

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: Investors are exposed to risks resulting from the use of an OTC Swap with Societe Generale. In-line with UCITS guidelines, the exposure to Societe Generale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme. 

UNDERLYING RISK: The Underlying Index of a Lyxor ETF may be complex and volatile. 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 Societe Generale. 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, Societe Generale or other market-maker systems; or an abnormal trading situation or event.

This document is for the exclusive use of investors acting on their own account and categorized either as “eligible counterparties” or “professional clients” within the meaning of Markets in Financial Instruments Directive 2004/39/EC. It is not directed at retail clients. In Switzerland, it is directed exclusively at qualified investors. 

Some of the funds described in this communication are sub-funds of either Multi Units Luxembourg or Lyxor Index Fund, being both investment companies with Variable Capital (SICAV) incorporated under Luxembourg Law, listed on the official list of Undertakings for Collective Investment, and have been approved and authorised by the CSSF under Part I of the Luxembourg Law of 17th December 2010 (the “2010 Law”) on Undertakings for Collective Investment in accordance with provisions of the Directive 2009/65/EC (the “2009 Directive”) and subject to the supervision of the Commission de Surveillance du Secteur Financier (CSSF). Alternatively, some of the funds described in this document are either (i) French FCPs (fonds commun de placement) or (ii) sub-funds of Multi Units France a French SICAV, both the French FCPs and sub-funds of Multi Units France are incorporated under the French Law and approved by the French Autorité des marchés financiers. Each fund complies with the UCITS Directive (2009/65/CE), and has been approved by the French Autorité des marchés financiers. Société Générale and Lyxor AM recommend that investors read carefully the “risk factors” section of the product’s prospectus and Key Investor Information Document (KIID). The prospectus and the KIID are available in French on the website of the AMF(www.amf-france.org). The prospectus in English and the KIID in the relevant local language (for all the countries referred to, in this document as a country in which a public offer of the product is authorised) are available free of charge on lyxoretf. com or upon request to client-services-etf@ lyxor.com. The products are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on NYSE Euronext Paris, Deutsche Boerse (Xetra) and the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them.Updated composition of the product’s investment portfolio is available on www. lyxoretf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed. Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice.It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product. This document together with the prospectus and/or more generally any information or documents with respect to or in connection with the Fund does not constitute an offer for sale or solicitation of an offer for sale in any jurisdiction (i) in which such offer or solicitation is not authorized, (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation. In addition, 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. 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 Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.These funds include a risk of capital loss. The redemption value of this fund may be less than the amount initially invested. The value of this fund can go down as well as up and the return upon the investment will therefore necessarily be variable. In a worst case scenario, investors could sustain the loss of their entire investment. This document is confidential and may be neither communicated to any third party (with the exception of external advisors on the condition that they themselves respect this confidentiality undertaking) nor copied in whole or in part, without the prior written consent of Lyxor AM or Société Générale. The obtaining of the tax advantages or treatments defined in this document (as the case may be) depends on each investor’s particular tax status,the jurisdiction from which it invests as well as applicable laws. This tax treatment can be modified at any time. 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. Authorizations: Lyxor International Asset Management (Lyxor AM) is 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. 

 

Research disclaimer

This material reflects the views and opinions of the individual authors at this date and in no way the official position or advices of any kind of these authors or of Lyxor International Asset Management and thus does not engage the responsibility of Lyxor International Asset Management nor of any of its officers or employees. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.

 © 2016 LYXOR INTERNATIONAL ASSET MANAGEMENT ALL RIGHTS RESERVED

5 things to know about Japanese indices

 

Japan is very much on TOPIX

Japan, as we said here, is becoming an increasingly attractive investment destination. House prices are rising, consumption is picking up and earnings per share are growing faster than in any other major market. Japan still appears quite cheap, with discounts vs. world stocks higher than normal. Some of Shinzo Abe’s arrows finally appear to have hit at least some of their targets. He could be firing more soon. 

 

Index exploration​

Flows rebounded strongly in September, after outflows in August, but the rush to the land of the rising sun is not without its subtleties. The major indices come in various shapes and sizes, so it’s important you know why you’re really investing in Japan. What you think of its prospects matters an awful lot when it comes to choosing your index. 

 

How the flows look

*Source: Lyxor Cross Asset Research, as at 6 october  2017*Please note that eurozone yields are represented by 10yr bund in the yield segment

The figures relating to future performance are a forecast and are not a reliable indicator of future results.

Mapping it out: 5 things to know about Japanese indices: 

This simple guide below should help you find the right option:

  • 1- They derive their revenues from different places

 

The higher an index’s share of domestic revenue, the less sensitive it is to movements in the yen. SGQJ offers the greater domestic exposure, while the TOPIX offers exposure to the full Japanese economy, which matters if you think recovery will be broad-based or if you’re backing the yen to strengthen from here. More yen weakness would ordinarily point to the Nikkei 225, but you might miss out on the domestic recovery/reflation story. 

Factset, Bloomberg as at 10 October 2017

  • 2- They view sectors differently

SGQJ excludes financials entirely, while the other indices have exposures that reflect their domestic, or their export, focus. The differences aren’t always too great however.

Factset, Bloomberg as at 10 October 2017

  • 3- They come in all shapes & sizes

The SGQJ does not use any size weighting in its methodology, leading to much more of a small-cap bias. As a result, it is also more growth-oriented than the market cap indices. Choosing a quality income play doesn’t have to mean limiting your participation in a recovery.

The JPX-Nikkei 400 index consists of companies expected to deliver shareholder value. Using measures such as efficient use of capital and good corporate governance, the Index aims to provide investors with high quality exposures. If you believe Japan’s corporate culture is changing as it should, this could be the index for you.

  1. Factset, Bloomberg as at 10 October 2017

  • 4- Some concentrate more than others


The TOPIX gives you the broadest exposure to Japan but its small-cap exposures do add some risk. The Nikkei 225 is by far the most top-heavy of the indices. Its pricing methodology and lower number of constituents make it more volatile than the others as well.

  1. Quelle: Factset, Bloomberg & SG Quantitative Research. Stand vom 30. September 2017.

     

  • 5- Managers find them hard to beat

Over 10 years, fewer than 1 in 5 managers have outperformed the TOPIX

Quelle: Bloomberg, Morningstar. Stand vom 30. September 2017.​

Risk Warning

It is important for potential investors to evaluate the risks described below and in the fund prospectus which can be found on www.lyxoretf.ch

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: Investors are exposed to risks resulting from the use of an OTC Swap with Societe Generale. In-line with UCITS guidelines, the exposure to Societe Generale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme.

UNDERLYING RISK: The Underlying Index of a Lyxor ETF may be complex and volatile. 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 Societe Generale. 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, Societe Generale or other market-maker systems; or an abnormal trading situation or event.

Disclaimer

Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product.This email together with the prospectus and/or more generally any information or documents with respect to or in connection with the Fund does not constitute an offer for sale or solicitation of an offer for sale in any jurisdiction (i) in which such offer or solicitation is not authorized, (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation. In addition, 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. No U.S federal or state securities commission has reviewed or approved this email and more generally any documents with respect to or in connection with the fund. Any representation to the contrary is a criminal offence.This email is of a commercial nature and not of a regulatory nature. This email does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.This fund includes a risk of capital loss. The redemption value of this fund may be less than the amount initially invested. The value of this fund can go down as well as up and the return upon the investment will therefore necessarily be variable. In a worst case scenario, investors could sustain the loss of their entire investment.This material is of a commercial nature and not a regulatory nature. This email is confidential and may be neither communicated to any third party (with the exception of external advisors on the condition that they themselves respect this confidentiality undertaking) nor copied in whole or in part, without the prior written consent of Lyxor AM or Société Générale. The obtaining of the tax advantages or treatments defined in this email (as the case may be) depends on each investor’s particular tax status, the jurisdiction from which it invests as well as applicable laws. This tax treatment can be modified at any time. 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 email (as the case may be) cannot be used as a basis for subscriptions and/or redemptions.The market information displayed in this email is based on data at a given moment and may change from time to time.This email has been provided by Lyxor Asset Management that is solely responsible for its content.This email 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.This email 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).Any information in this email is given only as of the date of this email and is not updated as of any date thereafter.This email 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 email 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 exchange or regulated trading facility in Switzerland, 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 email are provided for information purposes only.This email 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 email 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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