Change Country
Welcome to UKWelcome
Please read the important information below before continuing to our website

Please read the important information below before continuing to our website.  

By clicking on your client type to enter the website, you are confirming that you have read and understood the important information that is contained below, and you accept the terms of the Privacy and Cookies policy.


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.


The website is hosted by on Microsoft Azure servers.

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 FCA Handbook:



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 UK makes no representation or warranty regarding the accuracy af any information. Any reproduction, disclosure or dissemination of these materials is prohibited. This site is maintained by Lyxor UK, SG House, 41 Towar Hill, London EC3N 4SG.



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.




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 Information given about the past performance of the funds is no guarantee of future performance. No investment decision should be taken without reading the Legal Documents relating to the particuler Exchange Traded Fund concerned. A copy of the Legal Documents may be obtained from Lyxor UK at SG House, 41 Tower Hill, London EC3N 4SG upon request. 


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.



This website uses cookies to make the website work or improve your user experience. Cookies are small text files that are saved on your computer or device, which are used for several purposes such as detecting preferences and improving site navigation. By continuing to use this website you consent for cookies to be used. For more details, including how to amend your preferences, please read our [Cookies Policy] link to privacy & cookie page.

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.




11 Oct 2019

ESG: Invest in companies standing up for women in the workforce

The facts are straightforward: although women have earned more college or university degrees than men for over 30 years, they are underrepresented in many high-paying and prestigious jobs around the world. Fewer women are hired at entry level, then, at every step of corporate life, the number falls further. 

In terms of pay, this year’s ‘Equal Pay Day’ in Europe fell on 27th February 2019. This date shows how far much further into the following year women had to work to earn what men earned the previous year.  

Taking action 

How can ethical investors who want to further gender equality put their money where their beliefs lie? 

Gender equality is number five of the UN’s Sustainable Development Goals. Lyxor, as a signatory of the Principles for Responsible Investment since 2014, is committed to making its investment opportunities as aligned with these goals as possible. That’s why in 2017 we developed an ESG ETF that allows investors to put money only into the companies committed to allowing women their share of power, influence and pay in the workplace. 

The ‘gender dividend’

Why should companies and investors focus on gender equality at all? Aside from the moral and legal duty not to discriminate, there are important financial benefits related to gender balance, sometimes referred to as the ‘gender dividend’. For one, women control around $20trn in annual consumer spending, and they are expected to be responsible for 75% of all consumer-goods buying worldwide by 2028.1 That means there is a powerful business incentive for companies to promote gender-diverse workforces that can better reflect the priorities and preferences of billions of decisionmakers. 

Women in OECD countries are also highly educated: 50.7% of women aged 25-34 have a tertiary education from a university, college, or trade school.2 By underemploying or underpromoting a highly educated cohort of society, companies are likely missing out on talent that could drive material growth in their business.  

And evidence does point towards a measurable impact on companies’ bottom lines. One study by McKinsey showed gender-diverse companies are 21% more likely to outperform their peers on EBIT margin, a measure of profitability.3 Ethical investing doesn’t have to harm performance.

Building ELLE – Lyxor’s gender equality ETF

To build an ethical ETF which allows investors to channel money into the companies most committed to equality, we chose to use data from gender equality research organisation, Equileap. In partnership with the sustainable finance group at Maastricht University, Equileap has built one of the most comprehensive databases on corporate gender equality. The research undertaken investigates large-cap companies’ commitment and actions towards gender equality, and allows Equileap to compile gender equality scorecards, reports and indices. 


The gender equality index used by Lyxor is compiled by Equileap and German index provider Solactive.4 To be eligible for the index, a company must have a market cap of at least USD 2bn, be listed in 23 developed countries and be leading change on the gender equality front. 

Traditional ESG metrics are also taken into consideration. Companies involved in the manufacturing of weapons, gambling or tobacco cannot be included; nor can a company excluded by the Norwegian sovereign fund. Any company in the midst of a gender-related legal case is also ruled out. 

The companies are ranked in accordance with their commitment and actions towards gender equality, with the top 150 earning a place in the index. These companies are actively promoting a gender balance across every level of the workplace, from entry points to the most senior leadership positions. They are committed to equal pay and foster policies which allow employees to achieve a balance between their workplace and other commitments. Policies and training programmes that further promote gender equality within the company are also necessary, as is a commitment to openness and accountability on the issues of gender fairness. 

Source: Equileap, as at October 2019.

Source: Equileap, as at October 2019.

Questions companies must supply evidence for before they can be considered include: what is the percentage of females on the board of directors? What is the percentage of female executives and senior management? How big is the gender pay gap? Is there a strategy to close this gap? 

Other factors companies need to be concerned with are: flexible working options, parental leave policies, recruitment strategy, freedom from bullying, violence and sexual harassment policies. Companies in the index should also be signatories to the UN Women’s Empowerment Principles. This multi-dimensional approach goes far beyond other funds for gender equality in the market that focus just on women in leadership metrics.

Profits from licensing Equileap’s data to Lyxor’s chosen index provider (Solactive) are donated to the Equileap Foundation, a charity devoted to helping women and girls in developing countries.5

And the winners are… 

Equileap recently unveiled its 2019 Global Gender Equality Report, including the companies who made it into the top 100.

UK beverages company Diageo took the top spot in the latest rankings, followed closely by Australian real estate group Mirvac and US financial services giant Bank of America. Notable achievements include a mean gender pay gap of 3% or less for Diageo, gender balance at all seniority levels for Mirvac, and a clearly defined strategy to close the gender pay gap for Bank of America.

And the winners are…

Source: Equileap, October 2019.

Interestingly, a whopping 25 out of the top 100 companies in Equileap’s rankings are Australian. One potential reason for this bias is legislation dating back to 2012 requiring companies to publish comprehensive public reports on their gender equality metrics on an annual basis. Australia is a great example of how enforcing transparency can lead to real change. A similar phenomenon can be observed in the UK following the 2017 Equality Act.

The bottom line 

Gender equality matters because when it is put into action, it can lead to tangible benefits for companies and society, including better access to leadership roles and reduced gender-based discrimination. The long-term impact of gender parity on economic growth is compelling too. Full gender equality in the workplaces of the world has been estimated to be able to bring a benefit of USD 28 trillion to global GDP by 2025.6

As well as social and economical arguments, there are also sound financial reasons for allowing women greater access to every level of a company – women make excellent workers, managers and senior executives, and studies have shown that a balanced workforce can help drive companies towards outperformance.

Find out more about ELLE, Europe’s first Gender Equality ETF

1Source: Boston Consulting Group.
2Source: OECD data, as at 2017
3Source: McKinsey, Delivering through Diversity, Jan 2018. Financial performance analysis showed that top-quartile companies were 21% more likely than fourth quartile companies to outperform national industry peers on EBIT margin, but also were 27% more likely than fourth quartile companies to have industry-leading performance on longer-term value creation, as measured using economic profit margin (Net Operating Profit Less Adjusted Taxes – [Invested Capital x Weighted Average Cost of Capital]). Analysis performed on over 1,000 companies in 12 countries. Past performance is not a reliable indicator of future results.
4Full index methodology available on Solactive website:
5Equileap receives 25% of the management fees received from investors in the Lyxor Global Gender Equality (DR) UCITS ETF. Any profits from the licensing of Equileap’s data to Lyxor’s chosen index provider (Solactive) go to the Equileap Foundation, helping women and girls in developing countries
6Source: McKinsey Global Institute, The Power of Parity, September 2015. Assumption is based on a ‘full potential’ scenario in which women participate in the economy identically to men.

Risk Warning

This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets in Financial Instruments Directive 2014/65/EU. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on, and upon request to

Except for the United-Kingdom, where this communication is issued in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658, this communication is issued by Lyxor International Asset Management (LIAM), a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2014/91/EU) 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).

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on 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 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 is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not 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.

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

Connect with us on linkedin