A retail client is a client who is neither a professional client nor an eligible counterparty.
A professional client is a client that is either a per se professional client or an elective professional client (Note article 4 (1) 10 of MiFID II):
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 in the UK or a third country:
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
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)
an 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 partnership or unincorporated association which has (or has had at any time during the previous two years) net assets of at least £5 million (or its equivalent in any other currency at the relevant time) and calculated in the case of a limited partnership without deducting loans owing to any of the partners;
a trustee of a trust (other than an occupational pension scheme, SSAS, personal pension scheme or stakeholder pension scheme) which has (or has had at any time during the previous two years) assets of at least £10 million (or its equivalent in any other currency at the relevant time) calculated by aggregating the value of the cash and designated investments forming part of the trust's assets, but before deducting its liabilities;
a trustee of an occupational pension scheme or SSAS, or a trustee or operator of a personal pension scheme or stakeholder pension scheme where the scheme has (or has had at any time during the previous two years):
(i) at least 50 members; and
(ii) assets under management of at least £10 million (or its equivalent in any other currency at the relevant time);
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: https://www.handbook.fca.org.uk/handbook/Glossary.pdf
The UCITS ETFs listed on this website are funds under both Amundi ETF and Lyxor ETF denomination. The information on this website is published by Lyxor Asset Management UK LLP (“Lyxor UK”), a member of the Amundi Asset Management group of companies ("Amundi Group"). Lyxor UK is authorized by Financial Conduct Authority in the UK, under FCA Registration Number 435658.
You should note that an investment in any of these Exchange Traded Funds (“ETFs”) will not be covered by the provisions of the Financial Services Compensation Scheme (“FSCS”), or by any similar scheme.
Although information contained herein is from sources believed to be reliable, Lyxor UK makes no representation or warranty regarding the accuracy of any information. Any reproduction, disclosure or dissemination of these materials is prohibited. This site is maintained by Lyxor UK, 77 Coleman St, London EC2R 5BJ, United Kingdom
Lyxor UK is the promoter of UCITS Exchange Traded Funds (“Lyxor and Amundi ETFs”). You cannot trade directly with Lyxor UK.
A number of technical terms are used on this website. If you are in any doubt as to the meaning of such terms, then you should first consult Academy section. There is also a FAQ function which explains some of the terms contained in the website. If you require further clarification please do not hesitate to contact us directly on:
The 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 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 Financial Services Compensation Scheme ("FSCS"), or any similar scheme.
Investors may be exposed to risks resulting from the use of an OTC Swap with any counterparty. Physical ETFs may have Counterparty Risk resulting from the use of a Securities Lending Programme..
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.
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.
The Benchmark Index of a UCITS 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.
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, Market Maker systems; or an abnormal trading situation or event.
The securities can be neither offered in nor transferred to the United States.
Amundi ETFs and Lyxor ETFs are registered in the UK Temporary Marketing Permissions Regime (“TMPR”) and shares/units in the funds may upon such registration be promoted and sold to the general public in the United Kingdom subject to compliance with the TMPR and applicable regulations under TMPR.
The information on this website is published in the UK by Lyxor Asset Management UK LLP (“Lyxor UK”), which is authorized by the Financial Conduct Authority in the UK, under FCA Registration Number 435658, with registered office at 77 Coleman Street, London EC2R 5BJE, United Kingdom.
The website is hosted by on Microsoft Azure servers.
This website is subject to both French law and English Law.
Amundi ETF and Lyxor ETFs are names used by Lyxor UK to promote the products of Amundi Asset Management. Although information contained herein is from sources believed to be reliable, Lyxor UK makes no representation or warranty regarding the accuracy of any information. Any reproduction, disclosure or dissemination of these materials is prohibited.
This website is `published by Amundi Asset Management (“Amundi”), a French corporation ("societé par actions simplifiée”) incorporated under the laws of France, - 437 574 452 RCS Paris, France
Registered office: 91-93, boulevard Pasteur, 75015 Paris - France.
This website is hosted on Microsoft Azure servers.
This website is subject to both French law and English Law.
Amundi is a French asset management company approved by the AMF (17 place de la Bourse 75082 Paris Cedex 02) under the UCITS (2009/65/EC) and AIFM (2011/31/EU) directives.
Amundi endeavors to ensure the accuracy and updating of information on this website and reserves the right to modify the content at any time without notice. Amundi cannot however guarantee its completeness or the absence of modification by a third party (intrusion, virus). Moreover, Amundi accepts no liability in case of difficulty or inability to access the website due to an internet connection problem.
As such, Amundi does not accept liability for any consequential damages such as, but not limited to, losses arising from transactions made on the basis of the information, loss of profit, loss of business, loss resulting from an interruption of service, increased costs of access and information processing.
Similarly, Amundi cannot be held liable for factors beyond its control or any damage that may be suffered by your technical environment, including your computers, software, network equipment (modems, phones, etc.) and any equipment used to access or use the service and/or information.
Finally, Amundi cannot guarantee, and accepts no liability as regards the sequence, accuracy, absence of errors, veracity, currency, merchantability, quality, correctness or non-infringing character and availability of the information on this website.
You undertake to use the information contained on this website for personal, non-commercial purposes.
Information on products and services
The products and services offered by Amundi are not available in all jurisdictions, notably due to regulatory constraints. The terms and conditions relative to products and services (if any) are indicative. The information regarding products and services does not constitute on the part of Amundi or any of its affiliates either an offer to buy, sell or subscribe for financial products or services, or the solicitation of an offer to buy or sell.
Amundi assumes no liability for the accuracy, completeness or adequacy of the information derived from external sources, although the information is obtained from sources deemed reliable.
WHEN PAST PERFORMANCE IS PRESENTED, THE DATA RELATED THERETO REFER TO PAST PERIODS, AND ARE NOT RELIABLE INDICATORS OF FUTURE RETURNS. THE SAME APPLIES TO VARIATIONS IN HISTORICAL MARKET DATA.
When simulations of future performance are presented, these scenarios are an estimate of future performance based on evidence from the past on how the value of this investment varies, and/or current market conditions and are not an exact indicator. What you will get will vary depending on how the market performs and how long you keep the investment/product. Moreover, where past performance or is based on data expressed in a currency that is not that of the state of residence of the investor, potential gains may increase or decrease based on changes in exchange rates. Finally, where past performance or simulated future performances are presented, any gains can also be reduced by the effect of commissions, fees, taxation or other charges borne by the investor.
Anyone wishing to obtain any of the services or products presented on this website is requested to contact Amundi to inquire about the availability of the service or product in question, and the contractual terms and rates applicable to it.
Subscription of products and services
As part of its legal and regulatory obligations (including those resulting from the European directives on Markets in Financial Instruments – MIFID I and MiFID II), Amundi may be required, depending on the type of products it offers and the classification it assigns you, to verify the suitability or appropriateness of the financial instruments in relation to your hedging or investment objectives, your knowledge and your experience.
Without prejudice to the legal or regulatory obligations borne by Amundi, investors should, before investing in the product or concluding any transaction relating thereto, conduct their own analysis of the product and its risks, especially in respect of legal, tax and accounting aspects, without relying solely on information provided to them. Investors should consult, if they deem it necessary, their own advisors or any other professional on this matter. Subject to compliance with its legal and regulatory requirements, Amundi shall not be held liable for the financial consequences of any nature whatsoever arising from any transaction relating to the product or any investment in the product.
Any online application for subscription to a product or service offered by Amundi is only valid after acceptance by it and involves the submission of the transaction to contractual and tariff conditions, as well as to French law.
The entire website is covered by French and international copyright, trademark and, more generally, intellectual property law, both in terms of its form (choice, plan, layout of materials, means of access to data, organization of data, etc.), and in respect of each element of its content (text, images, etc.). The content appearing on the pages of this website is the exclusive property of Amundi. You further undertake not to use such content and not to allow anyone else to use this content for illegal purposes.
Exceptionally, some content (text, images) may be the property of its respective authors.
Any reproduction, distribution or redistribution in whole or in part of the content of this website in any form or by any means whatsoever (including by caching or framing), or any sale, resale, retransmission or distribution to third parties in any way whatsoever is prohibited. Failure to comply with this prohibition constitutes an infringement that may result in civil and criminal penalties.
The hypertext links to other websites do not engage the liability of Amundi, particularly as regards the content of these websites.
Amundiis not responsible for hypertext links pointing to this website, and prohibits any person from establishing such a link without its express consent.
Marketing Restrictions and Implications
Lyxor and AmundiUCITS compliant Exchange Traded Funds ( 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
UCITS ETFs follow both physical and synthetic index replication process.
However, most 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. Amundi 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 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 UCITS ETF commits to pay the 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 UCITS ETF the performance and any related revenues generated by the basket's assets (excluding the value of the Performance Swap) held by the 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.
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.
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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Any third-party advertising, information and referral buttons containing hyperlinks are not recommendations or endorsements by Lyxor UK or its respective directors, affiliates or employees. The user is referred to the relevant third party for all relevant information, including complete information on that entity’s investment adviser or dealer licensing status (if applicable).
All reasonable care has been taken by Lyxor UK to ensure that all statements of fact and opinion contained in the materials provided by a third party are fair, clear and not misleading. Nevertheless, Lyxor UK makes no representation or warranty regarding the accuracy of any third party information and is not responsible for third party content in any way.
UK residents only.
This site is intended for Clients who intend to trade in UCITS ETFs in the United Kingdom. It is not provided to any person who is a resident of any other country.
You 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 particular, the investments can be neither offered nor transferred in the United States.
No investment advice
Nothing in this website constitutes advice on the merits of buying, or selling a particular investment or exercising any right conferred by the products described. Lyxor UK does not offer investment advice in respect of these products. Unless you are an institutional or professional investor, you should seek independent financial advice in relation to the products contained in this website.
Accuracy and reliability of information
The information in this website is, to Lyxor UK’s knowledge, reliable and accurate but this cannot be guaranteed. The views of Lyxor UK reflected in this website may change without notice. Figures included in this website take no account of personal tax liability.
No investment decision should be taken without reading the Legal Documents relating to the particular Exchange Traded Fund concerned. A copy of the Legal Documents may be obtained from Lyxor UK at 77 Coleman St, London EC2R 5BJ, London, United Kingdom upon request.
Disclosure of interest
Lyxor UK or its associates may from time to time have a position, or material interest in the products described in this website or the investments underlying them.
Generally Lyxor UK will be the only market maker in the Exchange Traded Funds discussed and will or may have provided significant advice in relation to the Exchange Traded Funds and the investments underlying them.