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.


08 Jul 2019

Time to rethink investing in China


Chanchal Samadder, Head of Equities at Lyxor ETF, explains why China merits a standalone allocation in investors’ portfolios.

 A country as big as the United States, arguably as important on the world stage, with the second-largest stock market globally. Yet one whose average allocation among European ETF investors is just 1%.1

It could only be China.

There are historic reasons why China’s enormous market has been under-owned in Europe, including limited market access for foreign investors, a lack of data transparency and poor reflection in global benchmark indices.     

But that’s all changing. China is liberalising its market and opening up to foreign investors, while more and more Chinese companies now operate internationally, providing goods and services across the globe. Today China is the largest economy in the world when measured by GDP at Purchasing Power Parity (PPP), and by 2030 will be the largest in nominal GDP terms.2 China’s equity market is already the second largest in the world by market capitalisation and share of global profits, and the largest when measured by the number of listed companies. This is evidence that China is a large, mature and resilient market which is too important to be diluted with other emerging markets.

GDP based on PPP* as share of world (%)3

US China PPP chart

To reflect China’s growing importance and interest for investors, MSCI and FTSE Russell, two index providers, have been adding mainland China equities into their benchmark indices. A third, S&P Dow Jones Indices, will start doing the same in September 2019.

As China’s global role expands and the biggest indices change their weightings, we believe that it’s time for European investors to rethink their approach to this Asian superpower.

Welcoming China’s liberalisation

The changes to benchmark EM indices mean that many more European investors will soon find their money invested in Chinese companies, such as tech giants Baidu, Alibaba and Tencent (known as the ‘BATs’: the equivalent of the USA’s ‘FAANGs’ of Facebook, Apple, Amazon, Netflix and Google).

For investors, it’s good news when an economy opens up after market liberalisation. It means that Chinese companies can benefit from international capital flows, and that global investors can benefit from the success of those companies. China’s tech companies are real digital disruptors, for example, and many investors want to be part of this.

However, while index providers catch up with China’s increasing importance, a question arises: is our approach to China all wrong? Should such a major global player be treated as part of the ‘emerging markets’ at all?

As markets change, our approach must change too

‘Emerging markets’ was coined as a term in 1981, when the world looked very different. Even then, it grouped together a range of heterogeneous countries which shared certain broad characteristics, such as being in the process of market reform.

Today, EM indices still mix very different countries, from economic powerhouses like China to others with very different sizes and drivers of return, such as South Africa, Thailand and Mexico.

As markets have evolved, investors’ approaches to them must evolve too. In our view, it makes sense to think of major economies such as China as separate allocations, rather than bundling them together with other ‘emerging markets’.

Think of China as a standalone allocation

As a provider of ETFs, we believe in their power to help express investment views in a clean and simple way.

Our latest EM ETF aims to provide extra choice for investors grappling with the China question: it takes the universe of emerging markets and removes China entirely, following our principle that the country should now be considered as a standalone investment.

MSCI EM ex China vs. MSCI EM – country breakdown4

MSCI EM ex China vs. MSCI EM – country breakdown

An investor can use this ETF to gain a broad exposure to the world’s most dynamic developing countries, and still have the freedom to make an independent allocation to the Chinese powerhouse. This offers the flexibility to dial China exposure up or down in a simple way, without having to buy or sell other EMs at the same time. It can also be used by an investor taking the opposite view on China, wanting to specifically avoid Chinese stocks while still achieving exposure to other EMs.

We’re proud to be the first to bring this exposure to the European ETF market, as we believe it will become an important benchmark for EM investors. Whatever your view on China and emerging markets, for 2019 and beyond, it might make sense to rethink how you invest in the Asian superpower.

Find out more about the Lyxor MSCI Emerging Markets Ex China UCITS ETF

1Lyxor International Asset Management, Bloomberg. Data as at 28/03/2019. Data refers to European UCITS ETF market.
2Source: IMF, World Economic Outlook, October 2018.
3Source: IMF, World Economic Outlook, October 2018. Data period from 1980 to 2023, of which 2019 to 2023 data is forecast. *PPP=Purchasing Power Parity.
4Source: MSCI, as at 31/05/2019.

Risk Warning​

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 2014/65/EU. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on, and upon request to

Except for the United-Kingdom, where this communication is issued in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658, this communication 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 (2014/91/EU) 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).

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on 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 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 is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not 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.

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

Connect with us on linkedin