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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. 


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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.


22 Jun 2017

Leading the way in liquidity


There are plenty of reasons behind our rise as Europe’s second-biggest ETF provider. Among them is the excellent liquidity we provide.


What is liquidity?

For us, it’s about helping investors trade quickly in or out of a position with minimal impact on its pricing. Three things matter most:


  • The tightness of the bid-offer spread – the difference in the price at which you can buy and sell a position.

  • The market’s depth – the size of a trade you can make at a particular spread. It’s no good if a trade becomes much more expensive when you buy or sell a lot more shares.

  • Resilience – the consistency of the previous two elements, particularly when markets are stressed. Liquidity shouldn’t disappear at the first sign of trouble.

A history of success

Our ETFs trade with some of the tightest spreads on the market – whatever the size of the transaction. And you can trade several million euros in most of our ETFs at a much lower cost than buying the equivalent basket of underlying securities.

We’ve also shown we can navigate periods of stress. For example, during the flash-crash of 24 August 2015 some S&P 500 ETFs were trading 35–40% below the index. But our ETF was never further than 1.7% away.

All of this is down to the way we’ve implemented a robust and efficient primary market over time, in turn, feeding a highly liquid secondary market for ETFs.



Putting our clients in pole position

Individual stock prices are essentially a function of supply and demand. That doesn’t work for ETFs as they have to faithfully replicate the price of the indices they track rather than the demand for them. If the FTSE 100 is falling, but there’s strong demand for our FTSE 100 ETF, we can’t allow it to rise in price. 


ETFs are open-ended funds, meaning new shares can be created whenever they’re needed or existing shares redeemed if there’s too much supply. This happens in the primary market, and is carried out by highly regulated financial institutions called Authorised Participants (APs).

We work with a large number of APs – 45 – and have been developing our relationships with them for the last 16 years. They are very diverse in company structure, geographical location and client base, meaning investors have plenty of choice in executing their trades. The competition between APs with each other for trades also helps push prices down for our clients.

Our set-up was designed with liquidity in mind. It’s flexible in terms of the sizes that can be created or redeemed, the fees we charge and the times APs can place an order. All the APs we’ve selected are committed and reliable, and we monitor their prices to ensure they fairly reflect the value of the underlying exposure. 

Together, these factors have made our primary market operation more efficient than those of many other providers.


Punching above our weight

Investors can also trade existing ETF shares among themselves in the secondary market. This occurs on stock exchanges and the over-the-counter (OTC) market. Around 60–80% of ETF flows are traded OTC in Europe, because it has generally been easier for investors to source large pools of liquidity there

Investors can trade our ETFs throughout the day on 13 of the world’s major exchanges, making it easier to move in or out when needed. We have one of the strongest networks of liquidity providers in Europe, with 23 firms registered as market makers for our ETFs on one or more European exchanges.

The upshot is we’re punching above our weight. Last year, we managed around 10% of all assets in European ETFs, but had 18% of the market’s liquidity. Nearly one in every five euros traded in ETFs on a European exchange was with us. 


A virtuous circle

Over the years we’ve developed more relationships, with more market makers, than most ETF providers. This creates competition, and leads to tighter bid-ask spreads. This prompts more demand for our ETFs from investors and higher on-exchange turnover. That then attracts more market makers, who are keen to be involved with such heavily traded ETFs. 


virtuous circle

This is no accident; it’s the result of many years of hard work. We’ve increased our AUM, developed a far-reaching range of ETFs, established strong relationships with numerous market makers and reached dedicated agreements with them to make sure our ETFs stay highly liquid. 

​The end result? When you choose Lyxor ETFs you’ll be able to trade in volume, when needed and with stable returns relative to risk.



Source: All data, Lyxor Capital Markets 15/06/2017

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