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


​The UCITS ETFs listed on this website are funds under both Amundi ETF and Lyxor ETF denomination.

This website is published by Amundi Asset Management (Amundi), 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 (2011/61/EU) directives.
The website is hosted by on Microsoft Azure servers.
This website is subject to French and Swedish law, as applicable.

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:
Lyxor, Lyxor ETF and Amundi ETF are names used by Amundi (UK) Ltd to promote the products of Amundi Asset Management. Although information contained herein is from sources believed to be reliable, Amundi (UK) Ltd 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

UCITS compliant Exchange Traded Funds (Lyxor UCITS ETFs and Amundi 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 Swedish regulatory system generally and for funds authorised in Sweden 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.
Investment Risks

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).
 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 any counterparty. 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 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.
·         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, 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 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 fund prospectus and any fund supplement of the fund concerned.

Although the content of the website is based upon information that Amundi consider reliable or comes from sources that Amundi consider reliable, Amundi have not verified such information. Amundi 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.
No information published on the Amundi Website constitutes a solicitation, an offer, or a recommendation to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever.
Limitation of Liability

To the fullest extent and only restricted by mandatory law, in no event shall Amundi or any of its directors, employees or agents have any liability whatsoever to any person for any direct or indirect loss, liability, cost, claim, expense or damage of any kind, whether in contract or in tort, including negligence, or otherwise, arising out of or related to the use of all or part of these web pages
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.
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.

We have a new home

Banner Amundi

Read more
22 Jul 2020

What the pandemic could mean for ESG investing

Florent deixonne

In this week’s Q&A with Florent Deixonne, Head of Sustainable & Responsible Investments at Lyxor Asset Management, we examine the impact of the COVID-19 crisis on sustainable investing. While it’s too early to jump to conclusions, ESG investments held up remarkably well during the sharp equity sell-off in March, demonstrating investors’ long-term commitment to sustainable exposures.

What overall impact will the coronavirus crisis have on ESG investments?

It’s still too early to know for sure how COVID-19 will affect the ESG market, but we certainly believe that it could be a catalyst for further growth.

First of all, this crisis has really focused minds on how well companies are run, from their contingency planning to the resilience of revenue streams. More and more investors (and non-investors) are now asking questions about the sustainability of business models and how better governance relates to long-term performance.

As the global economy moves towards recovery, we believe the “S” or social aspect of “ESG” could shine, with the focus on creating a more sustainable model for the future. As part of that, we may see increased pressure on issuers and governments that fell short during the crisis, and increased investment in those that succeeded.

We already saw this play out in fund flows. ESG funds in Europe held up remarkably well during the crisis. When investors urgently reduced their equity exposure in March, they largely did it by selling massive amounts of traditional broad-based index funds – usually weighted by market capitalisation rather than ESG ratings – while leaving ESG allocations as they were or even adding to them. This makes sense in that ESG allocations are usually part of more stable pockets of portfolios than other equity exposures, which is consistent with the long-term nature of a sustainable investment approach.

YTD cumulated Net New Assets for ESG and non-ESG ETFs in Europe (M€)

ESG flows chart

Chart source: Lyxor International Asset Management, as at 16/07/2020.

Finally, there may be investors who had previously decided to increase their ESG allocation but stayed on hold. If so, given some of the recent equity outflows, they may have bigger pools of capital to redeploy in the coming months and years. With all that’s happened, investors may move forward with a new perspective on some of the investment risks addressed by ESG funds. We believe this may lead to a long-term reallocation of capital and further growth in the ESG market. 

Will COVID-19 bring a change in emphasis between the three pillars of ESG?

Very possibly. COVID-19 has already been an unprecedented stress test of corporate social responsibility. I mentioned the “S” of “ESG“ shining a moment ago: by this I mean the ‘social value chain’, from employee protection to customer support, supply-chain management, and privacy concerns.

We can really see this increased emphasis playing out in the increase of COVID-19-related social controversies negatively affecting companies’ performance and reputation. Think about the number of news stories on inadequate protective gear for staff across different industries, weak policies or processes for consumer protection, misleading or misguided information on the pandemic, questions about data management and privacy rights, and so on.

Several socially-focused initiatives have appeared since the crisis began, such as the investor’s statement organised by Domini Impact Investments, the Interfaith Centre on Corporate Responsibility and the New York City Comptroller’s Office.1 This letter, which called on companies to help workers with paid holidays, health and safety measures and employment guarantees, was endorsed by investors representing over 9.2 trillion USD in assets under management.1 The United Nations Principles for Responsible Investment (UN PRI) have put in place a specific workshop with investors.2 The European Leverage Finance Association (ELFA) has produced a set of Reporting Best Practice Guidelines to support discussions between investors and company management during this period.3 We expect these kinds of initiatives to continue.

What are the main challenges in socially responsible investing?

The first challenge for effective socially-responsible investing is having good-quality ESG and climate data. At Lyxor, we have partnerships with some of the most advanced data providers (e.g. MSCI, the Climate Bonds Initiative, Sustainalytics) and we pride ourselves on having teams with strong financial engineering backgrounds who can do great work with the data from these partnerships. That why we’ve been able to build cutting-edge systems to help investors assess the impact of their portfolios in terms of ESG and climate risks.

Aside from the data aspect, the second big challenge, especially in light of the new EU regulations,4 will be the industry’s move in 2020 towards the “portfolio temperature” disclosure. Soon it will be possible to calculate the implicit temperature-increase scenarios for all the major known reference market indices (e.g. CAC 40, Euro STOXX 50, S&P 500, MSCI Europe…etc) and see immediately if a portfolio or benchmark is aligned (or not) with the Paris Agreement goals.5

Even if the intellectual methodology behind this subject is highly complex, associating an investment portfolio with a thermometer will be a concept of powerful simplicity, one that can be understood by everyone in the world and which we believe will become a de facto benchmark for future investors.

The nasty surprise waiting for market participants is that all the major equity benchmarks currently display scenarios of a temperature increase of 4 to 5 degrees, which by all scientific evidence is a disaster scenario in the making. The temperature impact of a portfolio will be a key input when setting portfolios on a low-carbon trajectory, which we think is the most effective strategy for managing transition risks for a financial player and also a relevant investment strategy to maximise the profitability of its portfolio in the medium term at a given level of risk.

How can ESG investors benefit from a passive approach?

There are plenty of benefits to taking a passive approach in ESG. First – and I alluded to this earlier – thanks to improvements in data quality, indices today can be built to reflect all sorts of climate and ESG policies, then make them accessible to investors at a low cost. Innovations in this area include selective screens that filter out, as an example, companies that consume or extract high amounts of thermal coal. They include the implementation of specific values such as gender equality, or stock selection based on carbon ratings, or alignment with the UN’s Sustainable Development Goals (SDGs).

Overall, better data means better indices and more ways to invest with an index-based approach in a transparent, low-cost and rules-based way – all important considerations for investors looking to generate sustainable performance through time.

Second, passive vehicles are extremely transparent. In our case, we share our proprietary method for ESG and carbon footprint analysis in our ETFs, allowing investors to monitor and measure the portfolio carbon footprint. We can share ESG ratings breakdown of companies, their exposure to positive and negative ratings trends, their business activities, the portfolio exposure to ESG controversies, UN Global Compact Controversies and transition risks, carbon risk management, the exposure to issuers offering environmental solutions, and the revenue exposure to environmental solutions which contribute to SDGs.

All this information is easily accessible through the product pages of our public website, meaning that any investor in our ETFs has this key information at their fingertips. ETFs and index funds also invest in publicly-listed assets rather than private, and as listed assets have higher liquidity than unlisted ones, an index investor can mobilise larger amounts of capital and make it work towards their goals.

And finally, good passive managers really have an active voice, setting up voting policies like an active manager. These policies and voting records are public and the manager is accountable to fund holders. In our case, Lyxor’s shareholder engagement policy involves a direct dialogue with companies to communicate expectations, for example with respect to governance. This shows that it is possible to encourage sustainable business practice with index investing – if that investment is with a responsible ‘active’ passive manager.

Where do you see ESG ETFs in five years’ time?

In our view, allocation to ESG ETFs is not a trend, it’s a transformation. The only question for us is how quickly this transformation will play out. In Europe, ESG ETFs are still less than 5% of total assets – yet they accounted for close to 17% of net flows last year.6 2020 has been much more volatile so far, but ESG is still the only segment of equities with positive inflows, and over 20% of all flows to fixed income.6

ESG ETFs were extraordinarily resilient in March during the height of the COVID-19 crisis, showing no signs of inflection even as the global market dramatically sold off. Overall, the crisis has validated investors’ choice to reallocate to ESG, because most ESG ETFs have shown significant outperformance during the period.6 That outperformance could attract new investors, which we think could accelerate the transformation.

Looking at the next few years, several factors could support a widespread conversion to ESG ETFs: first, the growing conviction that the index-based approach is not only consistent with sustainable investing but could be very well adapted to it; second, the sheer variety of indices spanning all investment philosophies, and all levels of ESG intensity versus diversification and tracking error targets; and finally, new segments opening up such as climate-transition ETFs, whose usefulness will be emphasised by the European climate benchmark regulation that’s coming up.4

Taking all of this into account, we believe ESG ETFs to represent closer to at least 20% of total assets in five years’ time – more than quadruple their current share.

Explore our sustainable range, including ESG Leaders, SDG themes, and Climate Transition ETFs






6 Source: Lyxor International Asset Management. Data as at 25/05/2020. ESG ETF inflows in 2019 were €17bn, and

total assets under management reached €102bn. Past performance is not a reliable indicator of future results.

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