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THIS WEBSITE IS AIMED AT PROFESSIONAL CLIENTS IN THE UK

The information on this website is published in the UK by Lyxor Asset Management UK LLP (Lyxor UK), which is authorized by Financial Conduct Authority in the UK, under FCA Registration Number 435658.

 

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This website is subject to French law and English Law

 

A professional client is a client that is either a per se professional client or an elective professional client  (Note article 4 (1) 12 of Mifid )

 

A professional client is one of the following:

– an entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:

  • a credit institution
  • an investment firm
  • any other authorised or regulated financial institution
  • an insurance company
  • a collective investment scheme or the management company of such a scheme
  • a pension fund or the management company of a pension fund
  • a commodity or commodity derivatives dealer
  • a local
  • any other institutional investor

– in relation to MiFID or equivalent third country business, a large undertaking, meeting two of the following size requirements on a company basis:

  • balance sheet total of EUR 20,000,000
  • net turnover of EUR 40,000,000
  • own funds of EUR 2,000,000

– in relation to business that is neither MiFID or equivalent third country business, a large undertaking meeting either of the following conditions:

  • a body corporate (including a limited liability partnership) which has (or any of whose holding companies or subsidiaries has) called up share capital of at least £10 million (or its equivalent in any other currency at the relevant time)
  • a large undertaking that meets (or any of whose holding companies or subsidiaries meets) two of the following tests: (i) a balance sheet total of EUR 12,500,000; (ii) a net turnover of EUR 25,000,000; (iii) an average number of employees during the year of 250
  • a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECP, the EIB) or another similar international organisation.
  • another institutional investor whose main activity is to invest in financial instruments (in relation to the firm's MiFID or equivalent third country business) or designated investments (in relation to the firm's other business). This includes entities dedicated to the securitisation of assets or other financing transactions.

 

The above definition is only an extract and is not exhaustive. For further details please refer to the Glossary section of the FSA Handbook: http://fsahandbook.info/FSA/html/handbook/Glossary/P

 

 

Lyxor and Lyxor ETF are names used by Lyxor Asset Management UK LLP to promote the products of Lyxor International Asset Management. Although information contained herein is from sources believed to be reliable, Lyxor Asset Management UK LLP makes no representation or warranty regarding the accuracy of any information. Any reproduction, disclosure or dissemination of these materials is prohibited.

 

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 UK regulatory system generally and for UK authorised funds 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 Financial Services Compensation Scheme, or by any similar scheme in France.

 

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 process.

 

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 risks.

 

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. 

 

Investment Risks

 

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).

 

Specific Risks

 

·         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 Financial Services Compensation Scheme (“FSCS”), or 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 Programme.

·         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 States.

 

Tax

 

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.co.uk. 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 the key information document available of the fund concerned.

 

Although the content of the website is based upon information that Lyxor UK consider reliable or comes from sources that Lyxor UK consider reliable, Lyxor UK has not verified such information. Lyxor UK 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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By clicking on your client type to enter the website, you shall be deemed to have represented to us that you are not a U.S. person and that you are not located in the United States of America, its territories and possessions, and any State of the United States of America and that you are authorised to receive the information to and on this website.

 

 

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Lyxor ETF Research: GOLD MINERS ETFS - ANOTHER WAY TO BUY INTO GOLD 22 Jun 2016
 Lyxor ETF Research: GOLD MINERS ETFS -  ANOTHER WAY TO BUY INTO GOLD
Lyxor ETF Research: MARKETS AWAIT BREXIT REFERENDUM THIS THURSDAY 20 Jun 2016
Lyxor ETF Research: MARKETS AWAIT BREXIT REFERENDUM THIS THURSDAY
EMERGING MARKET ETFS STRIKE BACK ? 13 Jun 2016
EMERGING MARKET ETFS STRIKE BACK ?
Lyxor ETF Research: WEEK OF CENTRAL BANKS DECISIONS 13 Jun 2016
 Lyxor ETF Research: WEEK OF CENTRAL BANKS DECISIONS
Lyxor ETF Research : A HEAVY POLICY & GEOPOLITICAL CALENDAR 06 Jun 2016
Lyxor ETF Research : A HEAVY POLICY & GEOPOLITICAL CALENDAR
ETF Barometer- May 2016 03 Jun 2016
ETF Barometer- May 2016
Lyxor ETF Research : MARKETS AWAIT YELLEN’S TONE THIS FRIDAY 31 May 2016
Lyxor ETF Research : MARKETS AWAIT YELLEN’S TONE THIS FRIDAY
Lyxor ETF Research: MARKETS DOMINATED BY FED REPOSITIONING 23 May 2016
Lyxor ETF Research:  MARKETS DOMINATED BY FED REPOSITIONING
Lyxor ETF Research: OIL PRICES REMAIN STEADY DESPITE BEARISH SAUDI TALKS 17 May 2016
Lyxor ETF Research: OIL PRICES REMAIN STEADY DESPITE BEARISH SAUDI TALKS
Lyxor ETF Research: MIXED EARNINGS SEASON AND WEAK MACRO DATA 09 May 2016
Lyxor ETF Research: MIXED EARNINGS SEASON AND WEAK MACRO DATA
ETF Barometer- April 2016 04 May 2016
ETF Barometer- April 2016
Lyxor ETF Research: HALF-WAY THROUGH THE EARNINGS SEASON IN US AND EUROPE 02 May 2016
Lyxor ETF Research: HALF-WAY THROUGH THE EARNINGS SEASON IN US AND EUROPE
Lyxor ETF Research: MARKETS CONTINUED TO RALLY SUPPORTED BY CHINA 25 Apr 2016
Lyxor ETF Research: MARKETS CONTINUED TO RALLY SUPPORTED BY CHINA
The rise of Smart Beta and how best to use it 20 Apr 2016
The rise of Smart Beta and how best to use it
Q1 2016 - European ETF Market Efficiency 20 Apr 2016
Q1 2016 - European ETF Market Efficiency
Lyxor ETF Research: MARKET DRIVEN BY BETTER CHINESE TRADE DATA 18 Apr 2016
Lyxor ETF Research: MARKET DRIVEN BY BETTER CHINESE TRADE DATA
Smart Beta - Barometer Q1 2016 12 Apr 2016
Smart Beta - Barometer Q1 2016
Lyxor ETF Research: OIL PRICES IN A VOLATILE BOTTOMING PROCESS 11 Apr 2016
Lyxor ETF Research: OIL PRICES IN A VOLATILE BOTTOMING PROCESS
2015 Yearly efficiency indicator 08 Apr 2016
2015 Yearly efficiency indicator
ETF Barometer- March 2016 06 Apr 2016
ETF Barometer- March 2016
Lyxor ETF Research: THE END OF THE MANUFACTURING RECESSION IN THE US 04 Apr 2016
Lyxor ETF Research: THE END OF THE MANUFACTURING RECESSION IN THE US
Lyxor ETF Research : AWKWARDNESS CHARACTERIZES THE CURRENT SENTIMENT 30 Mar 2016
 Lyxor ETF Research : AWKWARDNESS CHARACTERIZES THE CURRENT SENTIMENT
Lyxor ETF Research : A MORE SUPPORTIVE ENVIRONMENT FOR EMERGING MARKETS 22 Mar 2016
Lyxor ETF Research : A MORE SUPPORTIVE ENVIRONMENT FOR EMERGING MARKETS
Lyxor ETF Research : ANOTHER WEEK OF CENTRAL BANK DECISIONS 14 Mar 2016
Lyxor ETF Research : ANOTHER WEEK OF CENTRAL BANK DECISIONS
European Corporate Bond ETF outlook for 2016 10 Mar 2016
European Corporate Bond ETF outlook for 2016
Lyxor ETF Research : WILL CENTRAL BANKS REASSURE ? 07 Mar 2016
Lyxor ETF Research : WILL CENTRAL BANKS REASSURE ?
Expert Opinion - ETF Liquidity: A vital measure of efficiency 04 Mar 2016
Expert Opinion - ETF Liquidity: A vital measure of efficiency
Lyxor ETF Efficiency Indicator - 2015 review 04 Mar 2016
Lyxor ETF Efficiency Indicator - 2015 review
ETF Barometer- February 2016 04 Mar 2016
ETF Barometer- February 2016
Lyxor ETF Research : MARKETS TIMED TO OIL PRICES 29 Feb 2016
Lyxor ETF Research : MARKETS TIMED TO OIL PRICES
Lyxor Cross Asset Research : THE REBOUND MAY HAVE FURTHER TO GO 23 Feb 2016
Lyxor Cross Asset Research : THE REBOUND MAY HAVE FURTHER TO GO
INDONESIAN STOCKS OUTPERFORMING 16 Feb 2016
INDONESIAN STOCKS OUTPERFORMING
Lyxor Cross Asset Research : TACTICAL REBOUND LIKELY 15 Feb 2016
Lyxor Cross Asset Research : TACTICAL REBOUND LIKELY
European ETF Market outlook for 2016 10 Feb 2016
European ETF Market outlook for 2016
Lyxor Cross Asset Research : FED NOW PRICED ON HOLD 08 Feb 2016
Lyxor Cross Asset Research : FED NOW PRICED ON HOLD
ETF Barometer- January 2016 04 Feb 2016
ETF Barometer- January 2016
Lyxor Cross Asset Research : RISKY ASSETS TACTICAL REBOUND 02 Feb 2016
Lyxor Cross Asset Research : RISKY ASSETS TACTICAL REBOUND
Q4 2015 - European ETF Market Efficiency 20 Jan 2016
Q4 2015 - European ETF Market Efficiency
DOMESTIC VS GLOBAL THEME, FAVOR EUROPEAN SMALL CAP ETFS 14 Jan 2016
DOMESTIC VS GLOBAL THEME, FAVOR EUROPEAN SMALL CAP ETFS
ETF Barometer- December 2015 06 Jan 2016
ETF Barometer- December 2015
Smart Beta - Barometer December 2015 01 Jan 2016
Smart Beta - Barometer December 2015
FED INTEREST RATE INCREASE - ETF IMPLEMENTATION 10 Dec 2015
FED INTEREST RATE INCREASE - ETF IMPLEMENTATION
ETF Barometer- November 2015 04 Dec 2015
ETF Barometer- November 2015
Market & Research - Active Funds vs Benchmark : Performance Comparison 26 Nov 2015
Market & Research - Active Funds vs Benchmark : Performance Comparison
ETF Barometer- October 2015 05 Nov 2015
ETF Barometer- October 2015
Japan: not a no-brainer anymore despite macro improvements. We recommend a slight overweight on equities. 05 Nov 2015
Japan: not a no-brainer anymore despite macro improvements. We recommend a slight overweight on equities.
AN EQUILIBRIUM MODEL FOR ETF LIQUIDITY 03 Nov 2015
AN EQUILIBRIUM MODEL FOR ETF LIQUIDITY
ETFS AND CORPORATE BONDS LIQUIDITY 03 Nov 2015
ETFS AND CORPORATE BONDS LIQUIDITY
HOW DOES ETF TRADING AFFECT LOCAL MARKETS ? 03 Nov 2015
HOW DOES ETF TRADING AFFECT LOCAL MARKETS ?
THE ROLE OF ETFs IN INTRADAY PRICE DISCOVERY 03 Nov 2015
THE ROLE OF ETFs IN INTRADAY PRICE DISCOVERY
A NEW FRAMEWORK FOR THE ETF INDUSTRY 03 Nov 2015
A NEW FRAMEWORK FOR THE ETF INDUSTRY
The provision of liquidity in ETF markets 03 Nov 2015
The provision of liquidity in ETF markets
A Dynamic Equilibrium Model of ETFs 03 Nov 2015
A Dynamic Equilibrium Model of ETFs
A Study on Bond Exchange-Traded Funds (ETFs) and Corporate Bond Liquidity 03 Nov 2015
A Study on Bond Exchange-Traded Funds (ETFs) and Corporate Bond Liquidity
Cross-country trading without leaving home: Country ETFs and their impact on local stock markets 03 Nov 2015
Cross-country trading without leaving home: Country ETFs and their impact on local stock markets
Intraday ETF Trading and the Volatility of the Underlying 03 Nov 2015
Intraday ETF Trading and the Volatility of the Underlying
Understanding ETF Liquidity 02 Nov 2015
Understanding ETF Liquidity
EUROPEAN FINANCIALS : SUPPORTED BY THE ECB AND CYCLICAL RECOVERY 29 Oct 2015
EUROPEAN FINANCIALS : SUPPORTED BY THE ECB AND
CYCLICAL RECOVERY
Q3 2015 - European ETF Market Efficiency 19 Oct 2015
Q3 2015 - European ETF Market Efficiency
Market & Research - Active Funds vs Benchmark : Performance Comparison 15 Oct 2015
Market & Research - Active Funds vs Benchmark : Performance Comparison
Smart Beta - Barometer September 2015 09 Oct 2015
Smart Beta - Barometer September 2015
ETF Barometer- September 2015 05 Oct 2015
ETF Barometer- September 2015
ETF STRATEGIES IN VOLATILE MARKETS: FOCUS ON EUROPE 25 Sep 2015
ETF STRATEGIES IN VOLATILE MARKETS: FOCUS ON EUROPE
Market & Research - ETF strategies in volatile markets 14 Sep 2015
Market & Research - ETF strategies in volatile markets
ETF Barometer- August 2015 04 Sep 2015
ETF Barometer- August 2015
Market & Research - Covered Bonds unaffected by market turbulence 27 Aug 2015
Market & Research - Covered Bonds unaffected by market turbulence
Expert Opinion: Combining Factors in a Portfolio 06 Aug 2015
Expert Opinion: Combining Factors in a Portfolio
ETF Barometer - July 2015 05 Aug 2015
ETF Barometer - July 2015
Q2 2015 - European ETF Market Efficiency 29 Jul 2015
Q2 2015 - European ETF Market Efficiency
Expert Opinion: Smart Beta, broader than you think 20 Jul 2015
Expert Opinion: Smart Beta, broader than you think
Expert Opinon: Risk Factor Investing Explained 13 Jul 2015
Expert Opinon: Risk Factor Investing Explained
Expert opinion: Combining active and passive management 13 Jul 2015
Expert opinion: Combining active and passive management
Expert opinion: Searching for substainable portfolio yield 13 Jul 2015
Expert opinion: Searching for substainable portfolio yield
Expert Opinion: Brave Value Investing 13 Jul 2015
Expert Opinion: Brave Value Investing
Smart Beta - Barometer June 2015 08 Jul 2015
Smart Beta - Barometer June 2015
ETF Barometer - June 2015 06 Jul 2015
ETF Barometer - June 2015
ETF Barometer - May 2015 08 Jun 2015
ETF Barometer - May 2015
Market & Research - EM Europe 27 May 2015
Market & Research - EM Europe
Market & Research - Eurozone Equity 27 May 2015
Market & Research - Eurozone Equity
Q1 2015 - European ETF Market Efficiency 11 May 2015
Q1 2015 - European ETF Market Efficiency
ETF Barometer - April 2015 30 Apr 2015
ETF Barometer - April 2015
Market & Research: Re-rating potential for chinese equities 21 Apr 2015
Market & Research: Re-rating potential for chinese equities
Market & Research - UK Equities : Impact of UK election 17 Apr 2015
Market & Research - UK Equities : Impact of UK election
ETF Barometer - March 2015 17 Apr 2015
ETF Barometer - March 2015
Market & Research - Long end euro govies bonds 19 Mar 2015
Market & Research - Long end euro govies bonds
Expert Opinon-Risk Factor 17 Mar 2015
Expert Opinon-Risk Factor
Expert opinion- Combining active and passive management 17 Mar 2015
Expert opinion- Combining active and passive management
Expert opinion- Searching for substainable portfolio yield 17 Mar 2015
Expert opinion- Searching for substainable portfolio yield
Expert Opinion : Brave Value Investing 16 Mar 2015
Expert Opinion : Brave Value Investing
Market & Research: Lyxor ETF French Equities 02 Mar 2015
Market & Research: Lyxor ETF French Equities
ETF Barometer- February 2015 01 Mar 2015
ETF Barometer- February 2015
ETF Barometer- January 2015 01 Feb 2015
ETF Barometer- January 2015
Market & Research - Lyxor UCITS ETF S&P 500 05 Jan 2015
Market & Research - Lyxor UCITS ETF S&P 500
ETF Barometer- December 2014 01 Jan 2015
ETF Barometer- December 2014
2014 Yearly efficiency indicator 22 Dec 2014
2014 Yearly efficiency indicator
European ETF Market Efficiency 01 Dec 2014
European ETF Market Efficiency
ETF Barometer- November 2014 01 Dec 2014
ETF Barometer- November 2014
Market & Research - Active Funds vs Benchmark : Performance Comparison 03 Nov 2014
Market & Research - Active Funds vs Benchmark : Performance Comparison
ETF Barometer- October 2014 01 Nov 2014
ETF Barometer- October 2014
ETF Barometer- September 2014 01 Oct 2014
ETF Barometer- September 2014
ETF Barometer- August 2014 01 Sep 2014
ETF Barometer- August 2014
2013 Yearly efficiency Indicator 23 Dec 2013
2013 Yearly efficiency Indicator
Market & Research - Performance Measurement of ETFs 15 Feb 2013
Market & Research - Performance Measurement of ETFs

Lyxor ETF Research: GOLD MINERS ETFS - ANOTHER WAY TO BUY INTO GOLD

View the file22-June-2016
 Lyxor ETF Research: GOLD MINERS ETFS -  ANOTHER WAY TO BUY INTO GOLD

Find the latest data on Market analysis and research.

The gold price rebounded year to date, and is up +14% (from 31/12/15 to 31/5/16):The weaker US dollar, lower US real rates, fears of recession at the start of the year and the recent massive inflows into gold ETFs have been the main support factors for gold.

The gold price rebounded year to date, and is up +14% (from 31/12/15 to 31/5/16):The weaker US dollar, lower US real rates, fears of recession at the start of the year and the recent massive inflows into gold ETFs have been the main support factors for gold.

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Each ETF reflects the changing course of its benchmark, the upward and downward. The investment is therefore primarily sensitive to market risk of an unfavorable change in the price of components (stocks, interest rates, credit, commodities, private equities)

Copyright 2015 Lyxor - Groupe Société Générale