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The Lyxor ETFs on this website may be restricted for certain individuals or in certain countries pursuant to the national regulations applicable to those individuals or countries. It is therefore your responsibility to ensure that you are authorised to invest in the Lyxor ETFs on this website. 

 

If you are an investor in the United Kingdom, please go to www.lyxoretf.co.uk  

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If you are an investor in Finland, please go to www.lyxoretf.fi

 

 

The Lyxor ETFs on this website are undertakings for collective investment in transferable securities (UCITS) (i) domiciled in France and approved by the Autorité des Marchés Financiers (AMF) or, (ii) domiciled in Luxembourg, approved by the Commission de Surveillance du Secteur Financier (CSSF) and authorised to market their units or shares in the French Republic in accordance with the notification procedure under Article 93 of Directive 2009/65/EC. Investors should note that the prospectuses of certain Lyxor ETFs under Luxembourg law that have been notified in accordance with this procedure are only available on the website in English. A French translation of these prospectuses can be obtained upon request by sending a letter to Lyxor International Asset Management (“Lyxor”) – 17 Cours Valmy, 92987 Paris La Défense, France.

 

The information on this website is not intended for persons or entities that are resident, located or registered in jurisdictions that are not authorised to distribute Lyxor ETFs. As a result, the information on this website does not constitute an offer or solicitation to buy or sell units or shares in these ETFs by anyone in any jurisdiction:

 

(a)   in which such an offer or solicitation is unauthorised;

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In particular, the Lyxor ETFs on this website are not and will not be registered under the United States Securities Act of 1933, as amended. As such, they may not be offered or sold within the United States of America, except in specific cases where transactions are exempt from registration under the Securities Act. The ETFs listed on this website may not be sold to US citizens or transferred to the United States by any other means, unless this transaction is not subject to any specific registration under US law. 

 

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This website is intended for commercial purposes and is not regulatory in nature. Although the information provided has been drawn up on the basis of sources considered to be reliable, there is no guarantee that it is accurate, complete or relevant. Some of the information on this website is provided on the basis of market data collected at a specific time and may therefore vary over time. Lyxor advises investors to read the risk factors section of the prospectus and the key investor information document carefully. These documents can be found on the website.

 

The net asset value (“NAV”) of Lyxor ETFs may at any time be subject to considerable price fluctuations, which in some cases may lead to the loss of all of the capital invested. Investors should note that some ETFs may be sensitive to fluctuations in the exchange rate between their reference currency and that of the underlying index, as well as of the components of the underlying index.

 

Before investing in a Lyxor ETF, you should carry out your own risk analysis of the product from a legal, tax and accounting perspective, rather than basing your decision solely on the information provided. If necessary, you should consult your own advisers or any other qualified professional. 

 

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By clicking on institutional or individual above, I confirm that I have read and understood the information provided herein, and that I am resident or registered in Belgium.

21 Jan 2019

How ETFs endure in challenging times

2018 was one of the worst years in living memory for the financial markets, but how did investors react? Looking at how their preferences changed is interesting in itself – and it could help us figure out what may happen in 2019. Here’s our take on some of the major trends.

ETF flows slowed significantly across the globe in 2018 - but still enjoyed their second-best year for net new assets 

Last year proved challenging for investors, bookended as it was by an early market “melt-up” and an even more dramatic late meltdown. It began and ended in chaos amid mounting economic and political uncertainty on both sides of the Atlantic. Nearly all asset classes closed in negative territory.

Worldwide ETF market assets under management (AUM) reached $4.7trn, down a modest 0.3% on 2017. Flows were down 21%. However, this is still the second best year for net new assets (NNA) behind 2017. In the European market, the trend was even more apparent. NNA declined by 52%, while AUM dropped by 0.4% to reach €633bn. Even in Europe, it was still the third best year ever for inflows.

2018’s ETF winners and losers in the European market

US equity ETFs were the year’s big winners and gathered €20bn of inflows (up 54% on 2017). Developed-market global was the only other equity category not to experience slower inflows having gathered €7.2bn - essentially the same as in 2017. Emerging equity came third (€6bn) on the back of less tight financial conditions in the US and appealing valuations.

European equities suffered most, experiencing outflows of €3.4bn after inflows of €22bn last year. This was primarily due to outflows of €4.9bn from eurozone equity ETFs, given a succession of issues including Germany’s struggles to form a government, the Italian budget crisis and the ECB’s decision to scale back its bond-buying programme. The standout result for fixed income was again found among “safe havens”, where developed market government bonds enjoyed inflows of €12.1bn - an all-time high.

Factor investing on the rise

While sector ETFs gathered just €0.2bn, European investors pumped €1bn of money into factor-based ETFs. Quality did best, with €0.9bn of inflows, but defensive strategies in general did well, as investors looked to protect their gains amid all the uncertainty.

Increasing interest in ESG 

Responsible investment is still burgeoning, with inflows of €4bn into ESG ETFs in Europe in 2018. This equated to 9% of all flows into ETFs. They still only account for a fraction of the assets in the global ETF market but more growth looks inevitable. For now, strategies taking a broad, best-in-class approach to ESG criteria are grabbing the lion’s share of the market.

Passive is winning the ongoing battle against active – even with all the market uncertainty

Overall fund flows in Europe fell significantly, down from €770bn in 2017 to €187bn. Flows were in fact less than half of their average of €424bn over the past seven years. How those flows break down could be a sign of things to come:

  • The inflow gap between active and passive funds is narrower than it’s been for a long time.

  • Active funds received just €27bn more than passive funds in 2018, much lower than the average annual gap of €250bn over the past seven years.
  • Despite falling by over a half from €115bn in 2017 to €52bn, flows into passive equity funds in Europe were again higher than those into active strategies.
  • Active equity funds collected just €30bn of inflows over the year.
  • Passive won out in fixed income for the first time – taking in €26bn, compared with outflows of €14bn from active funds (another annual first).

What to look out for in 2019

So what can we expect this year? As we’ve explained previously, the upside potential for global equities looks limited but the possibility of more volatility looks elevated.

We’ll be tracking data developments closely because developed market equity ETF flows have been correlated with economic activity for some time. Given developed economic growth could taper off slightly, flows into developed equity ETFs could do the same.  Risk reducers like minimum variance and quality smart beta ETFs are likely to benefit.  

Concerns about US growth are increasing and the Fed has become increasingly dovish in its tone. That’s great news for emerging markets assets, so the rotation from developed to emerging we saw late last year should continue. 

Bond investors may face plenty of challenges, with central banks concluding their quantitative easing programmes and interest rates rising at some point. Short-duration ETFs should continue to attract interest. Meanwhile, we expect inflation to creep up gradually so inflation-linked bond ETFs could prosper later in the year.

Finally, ESG ETFs look set to grow further in popularity, especially given greater investor demand and regulatory action. The EC for one will soon be compelling investors to include ESG criteria in their investment decisions.

​All data: Lyxor International Asset Management, Bloomberg & ETFGI. Data as of 31/12/2018. Data related to active vs passive funds performance is sourced by Morningstar as of 30/11/18.

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 www.lyxoretf.com, and upon request to client-services-etf@lyxor.com.

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 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 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.

Lyxor International Asset Management (LIAM), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive (2009/65/EU) and the AIFM Directive (2011/31/EU). LIAM is represented 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. 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

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 www.lyxoretf.com/compliance.

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.

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