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.


10 Dec 2018

What’s going to move markets in 2019

Unbelievably, yet another year has flown by. And what an eventful year it’s been – quite possibly one of the toughest for financial markets in half a century. There’s a lot to look forward to (or worry about) in 2019 so we wanted to share our Cross Asset Research team’s views on their five biggest themes including the future for Europe, the emerging markets and the ageing US cycle, before party season really kicks in. That’s it from us for this year. Thanks for reading and all the best for 2019.​

1 – Europe’s differences will deepen

European assets are pricing in very little economic growth, but sentiment could easily reverse should political risks recede. Eurozone equities have been trading at around 12.2 x 12-months forward PE - 15% below their 30-yr average and around 25% lower than US valuations.  Until now though, the catalysts have been catatonic.

However, progress towards an orderly Brexit, a resolution to the rupture with Rome, an easing of trade tensions and signs of a recovery in growth could spur a re-rating. You may need to act fast - potential rate hikes in Q3 could sap the rally’s energy and push the cost of debt and the EUR higher.

We favour stability at this stage, so we’re calling the CAC over the DAX (“gilets jaunes” nothwithstanding) although the latter could be in demand should trade tensions fade. Switzerland, once again, may offer a bit of haven.  Periphery country balance sheets look weak and more exposed to any softening of growth. Certainty on the Brexit outcome can’t be a bad thing, but sterling will bounce, to the detriment of exporters.

We’ll be shifting our sector allocations into late-cycle corporates gradually, especially those capable of delivering robust earnings during cyclical slowdowns – which tend to be found in Healthcare, Oil & Gas, Financials and Basic Industries.

As for bonds? We’ll be watching out for a possible change in the Italian government’s stance and a potentially sharp narrowing of BTP-bund spreads. Holding peripheral debt could still make sense, provided you can hold your nerve.  Euro bonds will be vulnerable prior to any policy tightening, but the ECB is likely to err on the side of caution and deliver just one, minimal (10bps) hike by September 2019. Oil price recovery and firmer economic momentum should push inflation expectations higher.  

2 – EM equities should enjoy some respite

After a largely lacklustre 2018, sentiment on the emerging markets should improve in 2019. Trade, as ever, remains the talking point. Any easing of tension – something G20 leaders at least nodded to in Buenos Aires in late November - could support any equity rebound. Don’t, however, wait too long. Tighter liquidity conditions will weigh on returns in the longer term.  

Some selectivity won’t go amiss. Take China - escalating trade tensions, a weaker yuan and deleveraging have all weighed heavily on stocks in recent months. A crackdown on shadow banking – a crucial source of funding for the private sector – also looms large. GDP growth should slow to around 6% over the next 12 months.

Seen differently though, that sell-off is quite possibly excessive given domestic consumption is 62% of growth. And that growth is twice as fast as the US (the world’s largest economy) and three times faster than the rest of the developed world. And the Chinese government retains plenty of ammunition to underpin growth in 2019. The upside potential is huge, provided the Chinese model shifts toward sustainable growth – which assumes firmer consumption, higher capex and greater financial access.

Elsewhere, a lesser dependence on exports and improving domestic conditions, have insulated India from the ongoing trade conflicts. Earnings growth is also back above long-term averages and some profit normalisation is expected for financials. The next five years could be well about growth and corporate re-leveraging, a dual push that may help improve company return on equity ratios and ultimately, share price performance. 

3 –  The end of the US cycle is approaching, but no imminent threat of recession

The US economy finally looks set to slow in 2019 after a buoyant year in 2018. President Trump’s fiscal stimulus has probably done enough to avert the threat of recession until early 2021, but cyclical concerns are likely to become a major market driver in H2. GDP growth may already be on a downward trend by then.

Tight labour, rising wage costs and the difficulty of passing these costs on to consumers should narrow margins and disincentivise investment and hiring. There’s limited potential for capital gains in a world of stretched valuations and tighter liquidity conditions.

US small caps would clearly be hindered by gridlock on the Hill. They would also suffer should the dollar weaken or the cost of debt rise. We expect broad, larger-cap indices to be more resilient. Growth stocks could struggle however given new tax regimes and regulations. 

Indices like the S&P 500 should stay strong in the first part of the year but with the end of the cycle hoving into view, higher downside pressure is inevitable in H2. Risk reducers may well provide some comfort.

4 – H1 will be the time to hedge against higher rates and inflation

We expect to feel the pressures of higher inflation in H1. Trade tariffs, high capacity utilisation rates, and higher labour cost pressures in developed markets will fuel the fire, as will some form of recovery in oil prices. Higher tariffs may push inflation expectations higher right through to the summer. Ultimately, inflation breakevens have room to price more uncertainty in inflation via higher term premia, particularly coming from any spill-over into the setting of domestic prices. Inflation-linked assets should outperform nominal bonds, at least over the first half of the year.

Downside risks are more prevalent in H2 however.  Inflation expectations would be vulnerable to a worsening of financial conditions (notably wider credit spreads and weaker equities), especially in an environment of slowing growth. As late cycle assets, commodities can act as a hedge against higher inflation and downside pressures on the USD. 

5 – Global equities will face more volatility, and more downside pressure

The upside in global equities looks limited overall. Most financial assets’ valuations are stretched with the exception of Treasuries, inflation markets and some emerging market assets. Meanwhile, a more concerted central bank push towards monetary policy normalisation will also put a cap on global liquidity just when debt has never been higher. Fiscal policy uncertainty will linger, but may become less stressful once there is clarity from Europe. In the US, the likelihood of another fiscal boost looks much lower now that Trump’s hands have been tied.

We’ll be keeping an eye on growth rates, and trying to exploit and react to the different speeds on display. After several stimulus-fuelled years of plenty, we expect US economic activity to slow in the second part of the year but a modest easing of growth also looks possible Europe with Italy on the verge of recession. The expensive US dollar will eventually weaken against other major currencies should the Fed bring its tightening cycle to an end.  

As a result, we expect US assets to become more volatile as we progress through the year, most obviously in H2. Euro area equities should benefit from a combination of economic relief and better visibility on Italy’s policymaking, but any concern about growth and corporate earnings  may cap upside potential. Risk reducers may prove useful, while value may prove to be the best equity hedge against rising rates.

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

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.

Connect with us on linkedin