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These products were first developed in the United States at the beginning of the 1990s and have been very successful on the US market since 1999. Lyxor International Asset Management, an asset management company that is part of the Société Générale group, launched the first Lyxor ETF listed on the Paris Stock Exchange in January 2001. Today Lyxor International Asset Management is still a leader on the ETF market and continues to develop effective and innovative products that are recognised by the market. Lyxor UCITS ETFs are simple, liquid, transparent and effective investment products that combine the performance of a tracker fund and the return of a listed stock. The investment objective of each ETF is to reproduce the performance, whether positive or negative, of its benchmark index. Lyxor UCITS ETFs enable you to: - closely track upward and downward market movements; - access a large choice of underlyings via a single stock market transaction; - reduce risks via diversification. All our Lyxor UCITS ETFs are managed by Lyxor International Asset Management, an asset management company registered in France and regulated by the French financial markets authority (AMF). Each of our funds complies with the European UCITS Directive and can therefore benefit from a passport (marketing authorisation valid throughout the European Economic Area as a UCITS) in accordance with the UCITS Directive.