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THIS WEBSITE IS AIMED AT PROFESSIONAL INVESTORS IN
website is published by Lyxor International Asset Management (LIAM), a French
asset management company approved by the Autorité des Marchés Financiers (the French Financial Markets Authority) (AMF) (17 place de la Bourse 75082 Paris Cedex 02)
under the UCITS (2009/65/EC) and AIFM (2011/31/EU) directives. LIAM is
registered in the Netherlands in the public register of
the Netherlands Authority for the Financial Markets (Autoriteit Financiële
Markten) as a manager (beheerder) of a UCITS.
The website is hosted on Microsoft Azure servers.
This website is subject to French and Dutch law.
A professional investor is a professional investor (professionele
belegger) within the meaning of the Act on the Financial Supervision (Wet op het financieel toezicht) (AFS).
A professional investor within the meaning of the AFS is one
of the following:
- a bank
- a collective investment scheme (UCITS or
AIF) and a management company of such scheme
- a pension fund and management company of
- an investment firm
- a national or regional governments,
public bodies, central bank, international or supranational financial
organisation or other type of international organisation
- a market maker
- a local: party trading only for its own
account or providing quotes for trades in derivatives
- an insurance company
- a financial institution
- commodity and commodity derivatives
- institutional investors whose main
activity is to invest in financial instruments, including entities
dedicated to the securitisation of assets or other financing transactions
- large undertakings meeting two of the
following size requirements on a company basis (a) balance sheet total of
EUR 20,000,000, (b) net turnover of EUR 40,000,000 and (c) own funds of €
Please note that the above
summary is provided for information purposes only. If you are uncertain as to
whether you can be classified as a professional investor within the meaning of
the AFS then you should seek independent advice.
Marketing Restrictions and Implications
Lyxor UCITS compliant Exchange Traded Funds (Lyxor UCITS ETFs) referred
to on this website are open ended mutual investment funds (i) established under
the French law and approved by the Autorité des Marchés Financiers (the
French Financial Markets Authority), or (ii) established under the Luxembourg
law and approved by the Commission de Surveillance du Secteur Financier
(the Luxembourg Financial Supervisory Committee). Most, if not all, of the
protections provided by the Dutch regulatory system generally and for
funds authorised in the Netherlands do not apply to these exchange traded funds
(ETFs). In particular, investors should note that holdings in this product will
not be covered by the provisions of the UK Financial Services Compensation
Scheme, the Dutch Investor Compensation Scheme (beleggerscompensatiestelsel) or by any similar scheme.
This website is exclusively intended for persons who are not "US
persons", as such term is defined in Regulation S or the US Securities Act
1933, as amended, and who are not physically present in the US. This website
does not constitute an offer or an invitation to purchase any securities in the
United States or in any other jurisdiction in which such offer or
invitation is not authorised or to any person to whom it is unlawful to make
such offer or solicitation. Potential users of this website are requested to
inform themselves about and to observe any such restrictions.
Index Replication Process
Lyxor UCITS ETFs follow both physical and synthetic index replication
However, most Lyxor UCITS ETFs follow synthetic replication process.
This consists of entering into a derivative transaction (a ‘Performance Swap’,
as defined below) with a counterparty that provides complete and effective
exposure to its benchmark index. Lyxor has adopted this methodology in order to
minimise tracking error, optimise transaction costs and reduce operational
A Performance Swap is a contractual agreement which is negotiated
over-the-counter (OTC) between two parties: the Lyxor UCITS ETF and its
counterparty. From a risk perspective, each Performance Swap ranks equally with
other senior unsecured obligations of the counterparty, such as common bonds
(i.e., same rights to payments). In the Performance Swap, the counterparty of
the Lyxor UCITS ETF commits to pay the Lyxor UCITS ETF a variable return based
on a pre-determined benchmark index, instead of a fixed stream of income (as in
bonds). At the same time, the counterparty will receive from the Lyxor UCITS
ETF the performance and any related revenues generated by the basket's assets
(excluding the value of the Performance Swap) held by the Lyxor UCITS ETF.
Information provided on individual ETFs includes data on the basket relating to
the ETF and the percentage value of the basket represented by each asset. The
information is relevant to the closing values on the date given.
The Lyxor UCITS ETFs described on this website are not suitable for
everyone. Investors' capital is at risk. Investors should not deal in this
product unless they understand, having obtained independent professional advice
where necessary, its nature, terms and conditions, and the extent of their
exposure to risk. The value of the product can go down as well as up and can be
subject to volatility due to factors such as price changes in the underlying
instrument and interest rates. If a fund is quoted in a different currency to
the index, currency risks exist.
Prior to any investment in any Lyxor UCITS ETF, you should make your own
appraisal of the risks from a financial, legal and tax perspective, without
relying exclusively on the information provided by us. We recommend that you
consult your own independent professional advisors (including legal, tax,
financial or accounting advisors, as appropriate).
Capital at Risk. ETFs are tracking instruments: Their
risk profile is similar to a direct investment in the Benchmark Index.
Investors’ capital is fully at risk and investors may not get back the amount
originally invested. Investments are not covered by the provisions of the UK
Financial Services Compensation Scheme, the Dutch Investor Compensation Scheme
(beleggerscompensatiestelsel) or by
any similar scheme.
Counterparty Risk. Investors may be exposed to risks
resulting from the use of an OTC Swap with Societe Generale. Physical ETFs may
have Counterparty Risk resulting from the use of a Securities Lending
Currency Risk. ETFs may be exposed to currency risk
if the ETF or Benchmark Index holdings are denominated in a currency different
to that of the Benchmark Index they are tracking. This means that exchange rate
fluctuations could have a negative or positive effect on returns.
Replication Risk. ETFs are designed to replicate the
performance of the Benchmark Index. Unexpected events relating to the
constituents of the Benchmark Index may impact the Index provider’s ability to
calculate the Benchmark Index, which may affect the ETF’s ability to replicate
the Benchmark Index efficiently. This may create Tracking Error in the ETF.
Underlying Risk. The Benchmark Index of a Lyxor ETF
may be complex and volatile. When investing in commodities, the Benchmark Index
is calculated with reference to commodity futures contracts which can expose
investors to risks related to the 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.
Liquidity Risk. On-exchange liquidity may be limited
as a result of a suspension in the underlying market represented by the
Benchmark 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.
The securities can be neither offered in nor transferred to the United
Any statement in relation to tax, where made, is
generic and non-exhaustive and is based on our understanding of the laws and
practice in force as of the date of this document and is subject to any changes
in law and practice and the interpretation and application thereof, which
changes could be made with retroactive effect. Any such statement must not be
construed as tax advice and must not be relied upon. The tax treatment of
investments will, inter alia, depend on an individual’s circumstances.
Investors must consult with an appropriate professional tax adviser to
ascertain for themselves the taxation consequences of acquiring, holding and/or
disposing of any investments mentioned on this website.
Further information on the risk factors are available in the [Risk Warning – link to risk
page] section of the website.
Any fund prospectus and supplements are available at www.lyxoretf.nl. Information given
about the past performance of the funds is no guarantee of future
performance. No investment decision should be taken without reading the
fund prospectus and any fund supplement of the fund concerned.
Although the content of the website is based upon information that LIAM
consider reliable or comes from sources that LIAM consider reliable, LIAM have
not verified such information. Lyxor make no representation or warranty as to
the accuracy, completeness or adequacy of any information. Any
reproduction, disclosure or dissemination of the materials available on the
website is prohibited.
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