FIFTEEN
YEARS OF ETF
INVESTING
LYXOR ETF
A PIONEER FROM THE START
FOR PROFESSIONAL CLIENTS ONLY
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.
LYXOR EXCH AN G E T R AD ED F UND S
15 YEARS OF ETFS WITH LYXOR
With the launch of our CAC 40 ETF in Paris in 2001, Lyxor became the first
European provider of ETFs, and only the second provider to launch in Europe
since the market began.
Fifteen years later the European ETF market is worth €452bn, there are 51 different issuers and over 1500
ETFs listed on 24 exchanges2. The market has grown by an average of 24% per year for the last 3 years,
and in 2015 alone €72bn of new money was collected, which was 61% more than 20141.
The remarkable growth of the ETF industry is symbolic of a changing investor. In an environment where
costs and transparency matter more than ever before, ETFs are providing increasingly efficient access to
practically every corner of the financial markets.
THE GROWTH IN ETFS SINCE 20012
5,000
4,000
ETF Assets (US$bn)
#ETFs
3,000
2,000
1,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2) Source: ETFGI. Data as at December 2015.
A RECORD YEAR FOR LYXOR ETF IN 20151
In a record beating year, Lyxor collected an all
time high of €8.9bn in new assets in 20153,
cementing our position as Europe’s 3rd largest
ETF provider by AUM with €48.3bn, and
increasing our total market share to 10.7%1.
Furthermore, we retained our number two
ranking for liquidity with one in every five Euros
traded in ETFs being in a Lyxor fund’3.
European Equity
Fixed Income
Smart Beta Equity
European Equity Sectors
At €5.9bn, the bulk of these inflows were in
European equity exposures where we have the
most diverse range of ETFs and €24bn in assets1.
Our strength in Fixed Income and Smart Beta saw
us attract significant flows in these areas.
Commodities
US Equity
Emerging Market Equity
-2
0
2
4
6
1) Source: Lyxor International Asset Management. Data as at December, 2015.
3) Source: Lyxor International Asset Management. Data observed from January, 2015 to December 2015.
1
LY X O R E X CHA NGE T R A D E D F U N DS
15 YEARS OF ETFS WITH LYXOR
15 YEARS OF INNOVATION
What has always set us apart is our pioneering spirit and our confidence to do things differently. We
have never accepted the status quo, but have continuously pushed for newer, better ways to access the
markets. Ours is a more sophisticated approach, which is grounded on the simple idea of delivering the
best possible result for our investors.
Today with 240 products spanning all asset classes, geographies, sectors and types, our investors enjoy
the freedom to choose precisely where they want to invest. But it’s more than just the choice; it is our
absolute commitment to tracking efficiency, and our relentless focus on quality that tells investors they can
trust us wherever they want to invest, and whatever their investment goals.
SIMPLE, CORE INDICES
TACTICAL EXPOSURES
ENHANCED STRATEGIES
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Essentials
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THE GROWTH OF LYXOR ETF
„„ FIRST LISTING ON BORSA ITALIANA (30/09)
•• LYXOR EURO STOXX 50 (DR) UCITS ETF
„„ FIRST LISTING ON NYSE EURONEXT BRUSSELS (02/10)
•• LYXOR UCITS ETF BEL 20 TR
„„ FIRST LISTING ON DEUTSCHE BOERSE (XETRA) (29/11)
•• LYXOR EURO STOXX 50 (DR) UCITS ETF
„„ FIRST LISTING ON SIX SWISS EXCHANGE (15/09)
•• LYXOR EURO STOXX 50 (DR) UCITS ETF
„„ FIRST COMMODITY (10/01)
•• LYXOR COMMODITIES THOMSON REUTERS/ CORE
COMMODITY CRB TR UCITS ETF
„„ LAUNCH OF LYXOR UCITS ETF IBEX35 (DR) – (19/01)
„„ LAUNCH OF LYXOR UCITS ETF MSCI WORLD – (26/04)
„„ FIRST EUROPEAN EQUITY SECTORS (18/08)
„„ FIRST LISTING ON BOLSA DE MADRID (03/10)
•• LYXOR UCITS ETF IBEX35 (DR)
„„ FIRST SMART BETA (25/10)
•• LYXOR UCITS ETF STOXX EUROPE SELECT
DIVIDEND 30
2001
2002
2003
2004
2005
2006
2007
2009
„„ FIRST CORPORATE BOND ETF (02/04)
•• LYXOR EURO CORPORATE BOND UCITS ETF
2011
„„ FIRST PHYSICAL ETF
2012
2013
„„ LAUNCH OF THE FIRST ETF RESEARCH ACADEMY
„„ LYXOR REACHES 40% PHYSICAL ETF ASSETS
„„ FIRST EQUITY SINGLE COUNTRY EUROPEAN ETF (22/01)
•• LYXOR UCITS ETF CAC 40 (DR)
„„ FIRST EQUITY EUROPEAN EXPOSURE (19/02)
•• LYXOR EURO STOXX 50 (DR) UCITS ETF
„„ LAUNCH OF LYXOR UCITS ETF FTSE MIB – (04/11)
„„ FIRST FIXED INCOME & FIRST GOVIES (09/12)
•• LYXOR UCITS ETF EUROMTS ALL-MATURITY
INVESTMENT GRADE (DR)
„„ FIRST EQUITY SINGLE COUNTRY EMERGING MARKET
& FIRST EQUITY ASIAN (21/07)
•• LYXOR CHINA ENTERPRISE (HSCEI) UCITS ETF
„„ FIRST JAPAN LAUNCH (10/11)
•• LYXOR UCITS ETF JAPAN (TOPIX)
„„ FIRST LATIN AMERICA LAUNCH, BRAZIL (24/01)
•• LYXOR BRAZIL (IBOVESPA) UCITS ETF
„„ FIRST EQUITY EMERGING MARKETS (18/04)
•• LYXOR MSCI EMERGING MARKETS UCITS ETF
„„ FIRST INTRODUCTION IN LSE(15/05)
•• LYXOR UCITS ETF FTSE ALL SHARE
„„ LAUNCH OF THE ETF QUALITY CHARTER
„„ ETF EFFICIENCY INDICATOR
„„ FIRST INTRODUCTION IN BATS CHI-X (25/11)
•• LYXOR EURO STOXX 50 (DR) UCITS ETF
2015
2016
Source: Lyxor International Asset Management.
2
„„ LYXOR 15TH ANNIVERSARY
LYXOR EXCH AN G E T R AD ED F UND S
15 YEARS OF ETFS WITH LYXOR
15 YEARS OF PERFORMANCE
Since 2001 when we launched our first ETF, our aim has always been the same; to create highly efficient
funds that track precisely, and trade efficiently in all market conditions. This is our goal for all 240 of our funds,
regardless of asset class, region or investment strategy.
This means that no matter how far off the beaten track you go, or how sophisticated the investment strategy
you choose, you know that our funds are designed to perform.
“Achieving the highest levels of efficiency across a range as diverse as
ours demands flexibility. There is simply no single replication method that
works best in every case. We aim to take the best of both worlds, and use
each method where it works best for investors.”
Arnaud Llinas
Global Head of ETF & Indexing
A PRAGMATIC APPROACH
We have an extensive range of 240 ETFs, which spans all asset classes, regions, sectors and investment
styles. We decided back in 2012 to be pragmatic about replication, to recognise the strength of each
method, and to deploy them where they work best for investors.
We have developed a clear framework over how we operate the range, with simple exposures delivered
with Physical Replication, and more complex or niche exposures using Synthetic Replication where it offers
greater efficiency. Currently 40% of our assets are in Physical ETFs but by the end of 2016 we will operate
a truly balanced model with 50% of assets under each form of replication1.
OUR PHILOSOPHY
Our choice of replication is driven by:
• The specifics of the underlying market
• The ability of the portfolio manager to deliver the most
efficient tracking
• The best interest of our clients
THE EVOLUTION OF OUR SET UP
2012
Physical
<2%
Synthetic
98%
Oct-2015
End of 2015
Physical
25%
Physical
Synthetic
60%
Synthetic
75%
40%
End of 20161
Synthetic Physical
48%
52%
BREAKDOWN OF LYXOR ETF ASSETS
1) Source: Lyxor International Asset Management. Based on current fund valuations as of February, 2016.
3
LY X O R E X CHA NGE T R A D E D F U N DS
15 YEARS OF ETFS WITH LYXOR
15 YEARS OF QUALITY CONTROL
Our aim from the start has been to create ETFs of the highest calibre that can be trusted in any market
conditions, and for any market opportunity. In 2011 we introduced our ETF Quality Charter to ensure that
every one of our 240 funds meets the same exacting standards for tracking precision, product liquidity, risk
management and transparency.
The standards imposed by the Lyxor ETF Quality Charter go above and beyond the requirements of both the
European UCITS IV Directive and the ESMA Guidelines published in July 2012. What this all means is that
you can buy a Lyxor ETF in confidence, knowing that it will perform as you expect it to, trade efficiently and
keep your money as safe as possible.
CONTROLLING YOUR RISK
FUND ASSETS
• Fund assets are held in a
segregated account
• Strict criteria governing
eligible securities:
–– UCITS rules of
diversification
–– In line with index holdings
–– Geographic and sector rules
–– Blue Chip equities/
Issuances from major
developed countries
–– Minimum liquidity & market
capitalisation for equities
–– Minimum size and Credit
Rating standards for bonds
COUNTERPARTY RISK
• Daily management of
Counterparty risk
• Daily 0% risk target
• No securities lending in
synthetic ETFs
• Maximum 25% of fund
assets lent in physical ETF
• Fully collateralised
structure for securities
lending in physical ETFs
TRANSPARENCY
• Daily publication of
information on the website
–– Counterparty risk
–– Fund performance
–– Fund holdings
• Supported by core ETF
literature
–– KIIDS
–– Factsheets
–– Prospectus
–– Brochures/Guides
15 YEARS OF LIQUID TRADING
MORE
MARKET
MAKERS
TIGHTER
BID/ASK
SPREADS
VIRTUOUS
CIRCLE
HIGHER ONEXCHANGE
TURNOVER
MORE
ORDERS
Lyxor is the second most liquid ETF provider in
Europe, which means our ETFs are some of the most
frequently traded in the market1. This is the reward
that comes from being in the market from the start.
It took time to build the infrastructure and reach the
critical size needed for true liquidity. Today we have
one of the broadest networks of market makers
(20) and Authorised Participants (45), and some of
the largest funds in Europe, which is why 20% of all
Europe’s reported ETF trading is with Lyxor*.
The importance of liquidity cannot be over stated. It
is what tells investors they can trade with confidence,
knowing that they will be able to buy or sell when
they need to. It can also make a big difference to
your trading costs as more liquid funds attract more
market makers, and more market makers means
more competition for pricing.
1) Source Lyxor International Asset Management. Data observed between January 2015 and December 2015.
4
LYXOR EXCH AN G E T R AD ED F UND S
15 YEARS OF ETFS WITH LYXOR
15 YEARS OF ACHIEVEMENT
Lyxor ETF was the first European ETF provider to launch in Europe in 2001. We have since built a reputation
for constant technological innovation and outstanding quality standards. The last 15 years has seen ETFs
expand across all corners of the financial markets. Lyxor has been one of the great pioneers here, always
searching for newer, better ways to access the markets.
WIDEST RANGE
LARGEST BY AUM
#1 for Developed Market Equity ETFs
#2 for European Equity ETFs
#1 for European Equity ETFs
#2 for Sector ETFs
#1 for US Equity ETFs
#2 for China Equity ETFs
#1 for Sector ETFs
#3 for Single Country Developed Market Equity ETFs
#1 for Single Country Developed Market
#3 for Smart Beta
#2 for Single Country Emerging Market
#3 for Emerging Markets
#2 for Commodities
#3 for Developed Markets
#2 for Emerging Markets
#3 for Single Country Developed Market
#2 for China Equity ETFs
#4 for Physical ETFs
LARGEST OF THEIR KIND BY AUM
EUROPE
SECTORS
#1 LYXOR UCITS ETF CAC 40 (DR)
#1 LYXOR UCITS ETF STOXX EUROPE 600 BANKS
#1 LYXOR UCITS ETF FTSE MIB
#1 LYXOR UCITS ETF WORLD HEALTH CARE
#1 LYXOR UCITS ETF IBEX35
#1 LYXOR DAILY LEVDAX UCITS ETF
#1 LYXOR UCITS ETF STOXX EUROPE 600
INDUSTRIAL GOODS & SERVICES
#1 LYXOR UCITS ETF FTSE MIB DAILY LEVERAGED
#1 LYXOR UCITS ETF WORLD UTILITIES
#1 LYXOR UCITS ETF DAILY LEVERAGE CAC 40
#1 LYXOR UCITS ETF WORLD CONSUMER STAPLES
#1 LYXOR UCITS ETF FTSE MIB DAILY DOUBLE SHORT
#1 LYXOR UCITS ETF WORLD INDUSTRIALS
#1 LYXOR EURO STOXX 50 (DR) UCITS ETF
#1 LYXOR MSCI WORLD ENERGY TR UCITS ETF
#1 LYXOR UCITS ETF EURO STOXX 50 DAILY LEVERAGE
#1 LYXOR UCITS ETF STOXX EUROPE 600 TECHNOLOGY
#2 LYXOR UCITS ETF EURO STOXX 50 DAILY SHORT
#1 LYXOR UCITS ETF WORLD CONSUMER
DISCRETIONARY
#2 LYXOR UCITS ETF MSCI EMU SMALL CAP
#2 LYXOR UCITS ETF STOXX EUROPE 600 FOOD & BEVERAGE
#3 LYXOR UCITS ETF MSCI EUROPE
#2 LYXOR UCITS ETF STOXX EUROPE 600 HEALTHCARE
#3 LYXOR UCITS ETF FTSE 100
#2 LYXOR UCITS ETF STOXX EUROPE 600 OIL & GAS
#1 LYXOR UCITS ETF DOW JONES INDUSTRIAL AVERAGE
#2 LYXOR UCITS ETF STOXX EUROPE 600
TELECOMMUNICATIONS
#2 LYXOR UCITS ETF MSCI EM LATIN AMERICA
#2 LYXOR UCITS ETF STOXX EUROPE 600 UTILITIES
#2 LYXOR UCITS ETF FTSE RAFI US 1000
#3 LYXOR UCITS ETF STOXX EUROPE 600
CONSTRUCTION & MATERIALS
USA
ASIA
FIXED INCOME
#1 LYXOR JPX-NIKKEI 400 UCITS ETF (DR)
#1 LYXOR UCITS ETF IBOXX GERMANY 1-3Y (DR)
#1 LYXOR UCITS ETF JAPAN (TOPIX)
#1 LYXOR UCITS ETF IBOXX $ TREASURIES 1-3Y (DR)
EMERGING MARKETS
#1 LYXOR UCITS ETF MSCI INDIA
#1 LYXOR CHINA ENTERPRISE (HSCEI) UCITS ETF
#1 LYXOR UCITS ETF RUSSIA
#1 LYXOR UCITS ETF HONG KONG (HSI)
#1 LYXOR UCITS ETF TURKEY
#2 LYXOR UCITS ETF MSCI EM LATIN AMERICA
Source: Lyxor International Asset Management. Data as at February, 2016.
5
LY X O R E X CHA NGE T R A D E D F U N DS
15 YEARS OF ETFS WITH LYXOR
WHY LYXOR?
• More choice – with 240 ETFs to choose from you can access all asset classes on a global, regional,
country, sector or even strategic level.
• More efficient – our aim is to create highly efficient funds that track precisely, and trade efficiently
regardless of asset class, region or investment style
• More control – the strict quality controls of the Lyxor ETF Quality Charter ensure each fund meets the
highest standards of risk control, transparency and liquidity.
RISK FACTORS: 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 marketmakers 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.
6
In accordance with MiFID as implemented in France and applicable to Lyxor
International Asset Management, this publication should be treated as a
marketing communication providing general investment recommendations.
This document has not been prepared in accordance with regulatory
provisions designed to promote the independence of investment research.
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.
This document is of a commercial nature. It is each investor’s responsibility to ascertain
that they are authorised to subscribe, or invest into this product. Prior to investing in
the product, investors should seek independent financial, tax, accounting and legal
advice. Lyxor UCITS ETFs are French or Luxembourg open ended mutual investment
funds respectively approved by the French Autorité des Marchés Financiers or by
the Luxembourg Commission de Surveillance du Secteur Financier, and authorized
for marketing of their units or shares in various European countries (the Marketing
Countries) pursuant to the article 93 of the 2009/65/EC Directive. Société Générale
and Lyxor International Asset Management (LIAM) recommend that investors read
carefully the “risk factors” section of the product’s prospectus and the “Risk and
reward” section of the Key Investor Information Document (KIID). The prospectus in
French for French Lyxor UCITS ETFs and in English for Luxembourg Lyxor UCITS
ETFs and the KIID in the local languages of the Marketing Countries are available
free of charge on www.lyxoretf.com or upon request to [email protected].
Updated composition of the product’s investment portfolio is available on
www.lyxoretf.com. Indicative net asset value is published on the Reuters and
Bloomberg pages of the products, and might also be mentioned on the websites of the
stock exchanges where the product is listed. The products are the object of marketmaking contracts, the purpose of which is to ensure the liquidity of the products on
the 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.
These products include a risk of capital loss. The redemption value of these products
may be less than the amount initially invested. In a worst case scenario, investors
could sustain the loss of their entire investment.
The indexes and the trademarks used in this document are the intellectual property
of index sponsors and/or its licensors. The indexes are used under license from index
sponsors. The Funds based on the indexes are in no way sponsored, endorsed, sold
or promoted by index sponsors and/or its licensors and neither index sponsors nor its
licensors shall have any liability with respect thereto. The indices referred to herein (the
“Index”) are not sponsored, approved or sold by Société Générale or LIAM. Société
Générale and LIAM shall not assume any responsibility in this respect. The accuracy,
completeness or relevance of the information which has been drawn from external
sources is not guaranteed although it is drawn from sources reasonably believed to be
reliable. Subject to any applicable law, Société Générale and LIAM shall not assume
any liability in this respect.
This document does not constitute an offer for sale of securities in the United States
of America. Units or shares of the UCITS ETF have not been and will not be registered
under the United States Securities Act of 1933 (as amended) or the securities laws
of any of the States of the United States. Units or shares may not be offered, sold or
delivered directly or indirectly in the United States, or to or for the account or benefit
of any “US Person”. Any re-offer or resale of any units or shares in the United States
or to US Persons may constitute a violation of US law. The UCITS ETFs will not be
registered under the United States Investment Company Act of 1940, as amended.
Applicants for units or shares will be required to certify that they are not US Persons.
This document does not constitute an offer, or an invitation to make an offer, from
Société Générale, LIAM or any of their respective subsidiaries to purchase or sell the
product referred to herein.
Société Générale is a French credit institution (bank) authorised by the Autorité
de contrôle prudentiel et de résolution (the French Prudential Control Authority).
Lyxor International Asset Management (LIAM) is a French investment management
company authorized by the Autorité des marchés financiers and placed under the
regulations of the UCITS Directive (2009/65/CE).
Notice to investors in the United Kingdom: This material is issued in the United
Kingdom by Lyxor Asset Management UK LLP, which is authorized and regulated by
the Financial Conduct Authority in the UK under Registration Number 435658
Notice to investors in Switzerland:
This document is directed exclusively at qualified investors in Switzerland.
Some of the UCITS ETFs presented herein are not authorized for the offer and
distribution to non qualified investors in Switzerland or from Switzerland. To verify
the authorisation status of the UCITS ETFs presented herein, please contact
[email protected]
Regarding UCITS ETFs authorized for the offer and distribution in Switzerland or from
Switzerland: This document and the information contained therein do not constitute
an issue prospectus according to articles 652a and 1156 of the Swiss Code of
Obligations (“CO”) or a listing prospectus according the Listing Rules of the SIX Swiss
Exchange. The products are authorized for the offer and distribution in Switzerland or
from Switzerland pursuant to the Swiss Federal Act on Collective Investment Schemes
(CISA). The Swiss Financial Market Supervisory Authority FINMA has authorized Société
Générale, Zurich Branch (Talacker 50, Case postale 1928, 8021 Zürich), to act as
Swiss Representative and Paying Agent of the Funds in Switzerland. The product’s
documentation (prospectus, KIID, articles of association, annual and semi-annual
reports) can be obtained free of charge at the Swiss representative’s office.
Regarding UCITS ETFs NOT authorized for the offer and distribution in Switzerland
or from Switzerland: The products presented herein have not been and will not be
registered with, or approved by, the Swiss Financial Market Supervisory Authority
FINMA (FINMA) for the distribution to non-qualified investors under the Swiss Federal
Act on Collective Investment Schemes (CISA). Therefore, the information presented
herein or in the fund’s legal documentation does not necessarily comply with the
information standards required by FINMA in the case of distribution of collective
investment schemes to non-qualified investors. The products must not be distributed
to non-qualified investors in or from Switzerland, and may be distributed exclusively
to Qualified Investors as defined in article 10 of the CISA and related provisions in the
Swiss Federal Ordinance on Collective Investment Schemes (CISO) in strict compliance
with applicable Swiss law and related regulations. This document is personal and
does not constitute an offer to any person. This document must be distributed or
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out in connection with the offering described therein, and it may neither be distributed
nor made available to other persons without the express consent of LIAM or Société
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particular not be copied and/or distributed to non-qualified investors in Switzerland or
in any other country. This document, or the information contained therein, does not
constitute a prospectus as such term is understood pursuant to article 652a or article
1156 of the Swiss Code of Obligations or a listing prospectus pursuant to the listing
rules of the SIX Swiss Exchange or any other exchange or regulated trading facility in
Switzerland or a simplified prospectus, a key information for investors document, or
a prospectus, as such terms are defined in the CISA. The product’s documentation
(prospectus, KIID, articles of association, annual and semi-annual reports) can be
obtained free of charge at the office of Société Générale, Zurich Branch (Talacker
50, Case postale 1928, 8021 Zürich), Swiss Representative and Paying Agent of the
product in Switzerland.
www.lyxoretf.com