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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.


11 May 2018

How ESG Trend Leaders make a difference

Spices, silks and Chinese porcelain are what most people associate the Dutch East India Company with, but it was also the first company to be targeted by activist shareholders back in the 1600s*. In the four centuries since, shareholders have become much more active and powerful. According to the World Economic Forum, more than 750 companies were targeted by activists in 2016.

Passive investing has also grown over time and some passive funds are now among the biggest shareholders of many public companies. This has led to concerns they may be “silent” when it comes to tackling firms to improve corporate governance and account for ESG factors.

One reason for this is the perception that passive managers lack the power their active counterparts have to offload stocks of companies with poor governance or ESG records. In theory, these companies could still attract investments from passive funds, simply by virtue of their inclusion in a benchmark.  At Lyxor, we may be passive, but we’re not powerless.


Leaders, not followers

Our ESG investment platform is founded on two pillars. The first – unique to Lyxor - is made up of four thematic funds designed for investors seeking to make a tangible and specific impact. The second is made up of four newly-launched ESG Trend Leaders, built in partnership with MSCI.

We chose MSCI because their expertise in ESG data gathering and scoring is second to none. They’ve been collecting, cleaning and standardising data on ESG policies, programmes and performance for over 40 years. Using over 1,000 data points from a wide range of public sources, their dedicated ESG team covers approximately 6,400 companies, giving each their own rating.


A step further

Using this data, MSCI built broad SRI indices capable of isolating the best-in-class stocks. This approach gives bigger index weightings to companies with the highest scores. Our Trend Leaders go one better by identifying companies with the right ESG profile and then taking into account how that rating changes over time. Those companies striving to improve their ratings are awarded higher scores, meaning they are more likely to be assigned bigger weights.

We know investors are concerned about the kinds of companies they hold in their portfolio, so these indices automatically exclude companies involved in activities with a high potential for negative social and/or environmental impact, including Alcohol, Tobacco, Gambling, Nuclear power and weapons manufacturers. 

The way the indices are composed means we are effectively making positive and active stock picks, which should motivate companies under consideration to improve their ESG ratings and attract investment. The portfolios do differ from their parent indices as the World Trend Leaders example below shows, albeit the top 10 holdings still include familiar names like Microsoft and Facebook. They are also much more diverse than their conventional MSCI SRI counterparts, with each of the indices holding at least twice the stocks (as at end February 2018).

 And this form of passive activism works – MSCI data shows rewarding ESG momentum can improve company performance more than the threat of exclusion or just tilting weightings towards those companies with the best score.


How they look – sector exposure for World Trend Leaders vs. MSCI World

chart 1 - how they look

Data as at 30/03/2018. Source: Lyxor International Asset Management, MSCI, Bloomberg

These Trend Leaders enable investors to switch their core allocations in World, Emerging, US or European equities to equivalent allocations with a much better ESG rating in order to have a broadly positive impact on the world around them – all the while achieving similar returns. And they do it all for as little as 0.20% TER. It’s not so much why shouldn’t you make the switch, why wouldn’t you?





What they’ve achieved – similar returns

trend leaders

Data as at 30/03/2018. Source: Lyxor International Asset Management, MSCI, Bloomberg


Be the difference 

Our own form of activism doesn’t stop there. We are committed to promoting sound governance. We started voting actively in 2015 and now work in tandem with Institutional Shareholder Services, one of the world’s largest proxy organisations, to make our voice heard more often than we otherwise could. They provide customised recommendations on how we should vote, based on our voting policy, but the final decision always rests with us.

We have no intention of being the silent shareholder. We can and will be louder than our active counterparts when it comes to influencing management to act in the best interests of shareholders, society and the environment in the years to come.


Why choose Lyxor for ESG?

We are committed to ESG investing and the difference it could make, which is why we’ve been a signatory of the UN’s Principles for Responsible Investment (PRI) since December 2014. We believe in taking action, which is why we vote as frequently as we do and why we work with a third party to ensure our voice will be heard even more. We have the products to match our intentions – including being the only provider in Europe offering ETFs on four of the UN’s Sustainable Development Goals**. Finally, we set standards by transparently publishing the estimated carbon footprint of all our equity ETFs on our website.

All data & opinion: MSCI & Lyxor International Asset Management as at 10 May 2018 unless otherwise stated. Past performance is no guide to future returns. * Wall Street Journal, December 2015 ** Gender Equality, Glean Water and Sanitation, Affordable and Clean Energy, and Climate Action.

Risk Warning


All views and opinions: Lyxor & SG Cross Asset & ETF Research teams as at 3 May 2018 unless otherwise stated. Past performance is no guide to future returns.

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. 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

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.

Lyxor International Asset Management (LIAM), 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 (2009/65/EU) and the AIFM Directive (2011/31/EU). LIAM is represented 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. 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

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.

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