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Lyxor e Lyxor ETF sono nomi utilizzati da Société Générale per identificare rispettivamente le società  di  Asset  Management Lyxor e i prodotti da loro emessi, promossi e/o gestiti.

 

Société Générale è un istituto di credito di diritto francese  autorizzato e controllato in Francia dall’ Autorité de Controle Prudentiel (www.acp.banque-france.fr ), oltre che dall’ Autorité des Marchés Financiers.   Société Générale è autorizzata ad operare in qualità di istituto di credito ed abilitata ad effettuare tutte le operazioni bancarie, nonché abilitata alla prestazione di tutti i servizi d’investimento ad eccezione del servizio di gestione di Sistema Multilaterale di negoziazione, ai sensi delle disposizioni del Code Monétaire et Financier.

 

Société Générale opera in Italia attraverso la succursale di Milano, con domicilio in Via Olona 2, 20123 Milano, Italia. Per informazioni relative a questo sito web: Numero Verde 800 929300 Email: info@etf.it

 

I Lyxor ETFs presentati sul sito www.ETF.it potrebbero essere soggetti a restrizioni per quanto riguarda certe persone o in certi paesi in base alla legislazione locale applicabile alle suddette persone o nei suddetti paesi. E’ responsabilità del cliente assicurarsi di essere autorizzato ad investire nei Lyxor ETFs presentati in questo sito.

 

Gli investitori UK devono fare riferimento a www.lyxoretf.co.uk

Gli investitori Francesi devono fare riferimento a www.lyxoretf.fr

Gli investitori Olandesi devono fare riferimento a www.lyxoretf.nl

Gli investitori Italiani devono fare riferimento a www.lyxoretf.it

Gli investitori Spagnoli devono fare riferimento a www.lyxoretf.es

Gli investitori Austriaci devono fare riferimento a www.lyxoretf.at

Gli investitori Tedeschi devono fare riferimento a www.lyxoretf.de

Gli investitori di Hong Kong devono fare riferimento a www.lyxoretf.hk

Gli investitori Singaporesi devono fare riferimento a www.lyxoretf.sg

Gli investitori Svizzeri devono fare riferimento a www.lyxoretf.ch

Gli investitori Belgi devono fare riferimento a www.lyxoretf.be

 

 

 

 

 

I Lyxor ETFs a cui si fa riferimento in questo sito non sono stati e non saranno registrati sotto il United States Securities Act del 1933 e successive modifiche, e non potranno essere offerti o venduti entro i confini degli Stati Uniti, ad eccezione dei casi di esenzione previsti dal Securities Act, o se nel contesto di una transazione non soggetta agli obblighi di registrazione del Securities Act. Quindi, gli ETF elencati in questo sito internet non potranno essere venduti a cittadini statunitensi o comunque non potranno essere altrimenti trasferiti negli Stati Uniti salvo il caso in cui la transazione di riferimento non sia soggetta ad obblighi di registrazione ai sensi della legge americana.

 

Coloro i quali accedono al sito internet da una giurisdizione nella quale sono vigenti delle restrizioni, dovrebbero informarsi a riguardo, e osservare tali restrizioni.

 

Il presente sito internet non costituisce un offerta o un invito ad acquistare titoli negli Stati Uniti o in qualunque altra giurisdizione in cui simili offerte o inviti non siano autorizzati o a qualunque persona nei confronti della quale sia illegale fare tale offerta o invito. I potenziali utenti del presente sito internet sono invitati a informarsi ed ad osservare tali restrizioni.

 

Questo sito internet ha natura commerciale e non regolamentare. L’accuratezza, la completezza o la rilevanza delle informazioni fornite non è garantita, benchè tali informazioni siano state ricavate da fonti ritenute attendibili. Le informazioni presentate in questo sito internet si basano su dati di mercato in un determinato momento e potrebbero cambiare nel tempo.

 

I Lyxor ETFs descritti nel presente sito non sono adeguati a ogni investiture. L’investitore può perdere fino alla totalità del capitale investito. L’investitore non dovrebbe investire in questi prodotti salvo che ne comprenda pienamente le caratteristiche e il livello di esposizione al rischio. Il valore dei Lyxor ETFs può essere soggetto ad incrementi e riduzioni ed è soggetto a volatilità dovuta a fattori quali variazioni di prezzo degli strumenti sottostanti e dei tassi di interesse. Se il Lyxor ETF è denominato in una valuta diversa dall’indice, è soggetto ad un rischio di cambio.

 

 

 

Prima di ogni investimento in un Lyxor ETF, l’investitore dovrebbe fare la propria valutazione dei rischi dell’investimento sotto il profilo legale, fiscale e contabile, senza fare riferimento alle informazioni fornite in questo sito internet, rivolgendosi, se lo riterrà opportuno, ai propri consulenti specializzati o ad altri professionisti competenti .

Nessuna entità del gruppo Société Générale, potrà essere ritenuta responsabile per le conseguenze finanziarie o di altra natura che potrebbero derivare dall’investimento nei Lxyor ETFs.

 

Prima di ogni eventuale investimento nei Lyxor ETFs si raccomanda di leggere attentamente i Prospetti, i KIID e i Documenti di Quotazione, disponibili sul presente sito e presso Société Générale, Listed Products, via Olona 2, 20123 Milano, in cui sono illustrati in dettaglio i relativi meccanismi di funzionamento, i fattori di rischio ed i costi.

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How to protect your portfolio when rates rise


Years of aggressive monetary accommodation have kept rates low and returns high across developed world bond markets. But yields are drifting higher, central banks are a little less cautious and inflation could be on the mend. We are, finally, nearing normalisation. This is a major challenge for bond investors – what can they do to protect what they have?

If these issues are of concern to you, our fixed income problem solvers present several possible solutions. And all of them track their indices at among the lowest fees on the market.


Your guide to where inflation & rates might go next

*Source: Lyxor Cross Asset Research, as at 6 october  2017*Please note that eurozone yields are represented by 10yr bund in the yield segment

The figures relating to future performance are a forecast and are not a reliable indicator of future results.

What to use, & when

  • Smart Cash: better than what’s available in the bank

For investors unwilling to take on interest rate risk, our cash products may help. Our USD “Smart Cash” enhanced cash ETF offers a spread of 28bp* above the Fed Funds rate net of fees; which is remarkable considering it takes on absolutely no interest rate risk. It manages to do so by using repo transactions to add an extra source of return.

Our European Smart Cash ETF offers EONIA +5bp net of fees.* These yields are better than those of most other cash products on the market at present.

*Source: Lyxor International Asset Management, as at 02/10/2017. The Smart Cash ETF exposes investors to a number of risks including credit risk and counterparty risk. We encourage investors to read the risk factors section of the prospectus before making any investment decisions.


  • Floating Rate Notes: countering higher rates

Our range of floating rate note (FRN) ETFs have proven popular recently as they all but cancel out duration risk. The bonds they provide exposure to pay coupons linked to the level of interest rates, which means they offer a natural hedge against rising rates.Should rates fall, then no gain will be realized as is usually the case with fixed rate bonds.

We run ETFs that invest in euro and US dollar denominated FRNs issued by investment-grade companies. European investors looking to avoid FX risk can invest in a currency-hedged version of the dollar ETF. Our European ETF has a management fee of just 15bp and the dollar fund has the lowest TER on the market at only 10bp.

*Source: Lyxor International Asset Management, as at October 2017.


  • Inflation-linked bonds: tackling higher inflation

Investors keen for coupon payments that will move up in line with inflation can choose from our range of inflation-linked bond ETFs. It’s the most comprehensive of its kind in Europe, with discrete exposure to US, UK and eurozone inflation – and management fees ranging from as low as 7bp. Our US TIPS strategy is available in a GBP-hedged version, which has proved popular with UK investors.

Learn more about inflation-linked bond ETFs


  • Inflation expectations: protecting against higher rates and higher inflation

We also run a unique family of “inflation expectation” ETFs. They offer exposure to a given market’s inflation expectations while stripping out interest rate risk by going long inflation-linked bonds and short government bonds with equivalent duration. They are the only such strategies on the market, and are again available in euro, US and UK versions.  Since their launch last year, we’ve already gathered close to EUR 1 billion of assets.Should inflation expectations drop, then the performance of the fund will be negative.


Learn more about inflation expectations ETFs


  • High yield: move up the risk-return spectrum

Investors looking for more yield, and willing to take the additional risk to get it, could consider our range of high-yield ETFs. As well as offering standard all-maturity US and European high yield ETFs, we also run shorter-maturity versions (US and European) that involve considerably less duration risk and credit sensitivity. Again, our USD indices can be currency-hedged. Our US high-yield ETFs have posted the best returns on the market and with they come with lowest TERs than anywhere else: just 30bp for the unhedged versions and 40bp for the hedged.Investors should be aware that high yield bonds tend to be more volatile and risky than investment grade bonds.


Risk Warning

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 market-makers 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.

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. 

Some of the funds described in this communication are sub-funds of either Multi Units Luxembourg or Lyxor Index Fund, being both investment companies with Variable Capital (SICAV) incorporated under Luxembourg Law, listed on the official list of Undertakings for Collective Investment, and have been approved and authorised by the CSSF under Part I of the Luxembourg Law of 17th December 2010 (the “2010 Law”) on Undertakings for Collective Investment in accordance with provisions of the Directive 2009/65/EC (the “2009 Directive”) and subject to the supervision of the Commission de Surveillance du Secteur Financier (CSSF). Alternatively, some of the funds described in this document are either (i) French FCPs (fonds commun de placement) or (ii) sub-funds of Multi Units France a French SICAV, both the French FCPs and sub-funds of Multi Units France are incorporated under the French Law and approved by the French Autorité des marchés financiers. Each fund complies with the UCITS Directive (2009/65/CE), and has been approved by the French Autorité des marchés financiers. Société Générale and Lyxor AM recommend that investors read carefully the “risk factors” section of the product’s prospectus and Key Investor Information Document (KIID). The prospectus and the KIID are available in French on the website of the AMF(www.amf-france.org). The prospectus in English and the KIID in the relevant local language (for all the countries referred to, in this document as a country in which a public offer of the product is authorised) are available free of charge on lyxoretf. com or upon request to client-services-etf@ lyxor.com. The products are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on NYSE Euronext Paris, Deutsche Boerse (Xetra) and 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 www. lyxoretf.com. 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 together with the prospectus and/or more generally any information or documents with respect to or in connection with the Fund does not constitute an offer for sale or solicitation of an offer for sale in any jurisdiction (i) in which such offer or solicitation is not authorized, (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation. In addition, the shares are not registered under the U.S Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States (including its territories or possessions) or to or for the benefit of a U.S Person (being a “United State Person” within the meaning of Regulation S under the Securities Act of 1933 of the United States, as amended,and/or any person not included in the definition of “Non-United States Person” within the meaning of Section 4.7 (a) (1) (iv) of the rules of the U.S. Commodity Futures Trading Commission.). No U.S federal or state securities commission has reviewed or approved this document and more generally any documents with respect to or in connection with the fund. Any representation to the contrary is a criminal offence. This document is of a commercial nature and not of 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.These funds include a risk of capital loss. The redemption value of this fund may be less than the amount initially invested. The value of this fund can go down as well as up and the return upon the investment will therefore necessarily be variable. In a worst case scenario, investors could sustain the loss of their entire investment. This document is confidential and may be neither communicated to any third party (with the exception of external advisors on the condition that they themselves respect this confidentiality undertaking) nor copied in whole or in part, without the prior written consent of Lyxor AM or Société Générale. The obtaining of the tax advantages or treatments defined in this document (as the case may be) depends on each investor’s particular tax status,the jurisdiction from which it invests as well as applicable laws. This tax treatment can be modified at any time. We recommend to investors who wish to obtain further information on their tax status that they seek assistance from their tax advisor. The attention of the investor is drawn to the fact that the net asset value stated in this document (as the case may be) cannot be used as a basis for subscriptions and/or redemptions.The market information displayed in this document is based on data at a given moment and may change from time to time. Authorizations: Lyxor International Asset Management (Lyxor AM) is a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2009/65/EC) 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. 

Research disclaimer

This material reflects the views and opinions of the individual authors at this date and in no way the official position or advices of any kind of these authors or of Lyxor International Asset Management and thus does not engage the responsibility of Lyxor International Asset Management nor of any of its officers or employees. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.

 © 2016 LYXOR INTERNATIONAL ASSET MANAGEMENT ALL RIGHTS RESERVED

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