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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.

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20 Sep 2021

Podcast: Accelerating digital manufacturing, with Protolabs

Welcome to the third episode of our new investing podcast, One Step Ahead , brought to you by Lyxor ETF.

What better topic for our third episode than 3D printing? In this episode, Libby Potter explores the future of manufacturing, learning how ground-breaking techniques such as 3D printing and digitally accelerated manufacturing are disrupting supply chains and manufacturing processes across industries – from aerospace and automotive, to medical devices and electronics.

To help us understand these disruptive technologies, Libby is joined by guests Robert Bodor, President & CEO, and Bjoern Klaas, VP & Managing Director, from Protolabs. They explain how these advanced technologies present entirely new possibilities in the efficient design, prototyping and large-scale production of parts, and even have potential to create more sustainable end-products.

The episode was introduced by Robert Harrison, Professor of Automation Systems and Head of the Digital Technologies Directorate at Warwick Manufacturing Group, University of Warwick, who helped set the scene with his perspective on Industry 4.0.


Robert Bodor     
President and CEO, 



Bjoern Klaas
Vice President & Managing Director EMEA,

Protolabs Europe

Below are a few edited highlights from the episode. You can listen to the full episode on your favourite podcast platform (including Spotify, Apple Podcasts, Google Podcasts, Stitcher) or right here on the Lyxor ETF website:

Libby: Rob, this is a whole new sector for me — a whole new world, in fact. Could give me a bit of an overview about where we are in the so-called Fourth Industrial Revolution or Industry 4.0 and how, if in any way, has the pandemic affected the sort of evolution of that sector?

Rob: It goes by many names, but this is really about the digitalisation of manufacturing, a trend that's been going on for many years. There are really two key thrusts: there's the ‘front end’, which is about e-commerce and using the internet for transactions between businesses. And then there's the ‘back end’, which is about the transformation of the manufacturing process and incorporating internet technologies, and industrial IoT [Internet of Things] devices throughout the manufacturing process, and in other areas within the network to capture data – often referred to as ‘big data’ because there's a lot of it – and wrapping learning around it such that we can transform how we do manufacturing in the presence of this more intelligent system.

You mentioned the pandemic and the impact of that. I think it’s caused the greatest shock to the supply chain that we've had in a generation. And on the ‘front end’, the big impact that we've seen is a dramatic increase in B2B [business to business] use of e-commerce to transact. McKinsey believes that it sped up the adoption by 3-4 years versus what the trend had been. 

Bjoern, where does Protolabs fit into all this? 

Bjoern: Protolabs is about exactly around what Robert said, digitalising front end and also the manufacturing process behind that. The idea goes back 20 years: trying to improve the process of the speed of how we get to [design/manufacture] a part fast. The nature of it was then to digitalise the process – and not only the manufacturing, but also the design in the first place. That is the cradle we came from, and we have been evolving in that direction for over 20 years now.

Rob: If I could just add, Protolabs was a real leader in the digital space. As Bjoern said, founded two decades ago with the mission of manufacturing injection moulds and moulded parts in days – targeting prototype applications and engineers. But the way we did that was by reinventing the manufacturing process, combining the physical manufacturing process with software technology, with internet technology, which was brand new at that time, and automating the process of going from a CAD file [the design that designers shape into the part they need] to making first parts very, very quickly – within a day – by removing a lot of the waste.

Rob, can you tell us how Protolabs uses technologies such as CNC machining, 3D printing, sheet metal fabrication and traditional injection molding? And can you offer a bit more context around those services, and who would need them? 

Rob: We can offer plastic and metal parts of a broad range to our customers who are OEMs [Original Equipment Manufacturers], manufacturers, companies who are making products. And throughout the lifecycle as they are making those products, they need to test, validate, prototype, and then bring to production products of all kinds.

Our largest segments are medical devices – we make a lot of products to support medical devices. Aerospace, automotive, computer electronics, industrial equipment – those are all large segments for us. So think about companies like rocketry companies who are launching satellites into orbit. Think about companies who are making electric vehicles. Think about companies who are making drones. Think about companies who are making computer electronics projects, VR headsets, medical devices of all kinds, including some implantable. During Covid-19, we made 20 million parts or more for products that fought Covid-19, whether those were test kits or ventilators or respirators or face masks or those kinds of things.

Can you talk to me a bit about 3D printing and the sustainability aspect? Is that something that you were aware of prior to entering the space, or something that you've had to push? 

Bjoern: Sustainability is very important to us. We offer our customers speed and a virtual inventory, which means faster and digitally manufactured parts. With a more reactive and a more flexible supply of parts, the customer doesn’t need to keep inventories on site, which means less space used at their end and mitigates the risk of obsolescence [of old inventory]. Less space means a smaller [physical] footprint and lower CO2 footprint as well.

For additive manufacturing, 3D printing has digitalisation in its nature and with how it's built – layer on layer on layer – it uses less material. This reduced material use is also in the parts which are themselves reusable or at least recyclable. So, the energy uptake, the material uptake is much lower in additive manufacturing.

A good example is in aerospace. Aerospace engineers are always looking for ways to reduce weight. There's a figure which I like to quote: each kilo saved in the flying object such as a plane will reduce CO2 emissions by 25 tons in their lifetime. That's a significant reduction. 3D printing enables the designers to do exactly that, and reduce weight by sometimes up to fifty-five percent. In aerospace we now see the first flying parts which are doing exactly that.

Bjoern, we’ve talked a little bit about the type of products you make and the type of companies you work with, but what sort of 2021 trending products are you making the most of right now?

Expect us to be in those trends which need speed! That's basically what I would shout at you. Some of them are particularly around automotive in regards to autonomous and electric vehicles. Their time to market is currently really of essence. Design risks apply because there's many, many different vehicles being tested, being brought forward. And also the volatility of demand is rather very imminent because of government impact and government subsidies for those vehicles and so on and so forth, which drive demand up faster than you can usually ramp.

Recent studies in that market also show that for electric vehicles, when they approach a price point where they are equivalent to combustion engine vehicles, which is currently taking place all around Europe, and with legislation also changing for example with the EU saying that by 2035, the electric vehicle will be the only vehicle and combustion vehicles should not be allowed, there could be a 20 fold growth for electric vehicles by 2025. 

Catch up on the rest of the conversation in the full episode of One Step Ahead.

We hope you’ll join us in upcoming episodes for more exclusive and unfiltered expert insights on the future of the planet – and how we can invest in a better future. 

Relevant ETFs

At the time of this podcast recording, Protolabs was a holding in our SFDR 8 compliant Lyxor MSCI Disruptive Technology ESG Filtered (DR) UCITS ETF (Bloomberg ticker: UNIC) and Lyxor MSCI Digital Economy ESG Filtered (DR) UCITS ETF (ticker: EBUY). It was also held in the index tracked by our Lyxor Robotics & AI UCITS ETF (ticker: ROAI).

Learn more about our Thematic ETFs

This podcast is for informational purposes only, and should not be taken as investment advice and/or an offer to buy financial products. Lyxor International Asset Management, holding the brand Lyxor ETF, does not in any way endorse or promote any companies or securities mentioned in this show. The opinions expressed at the time of recording do not necessarily reflect the views of Lyxor ETF or its parent company, Societe Generale, and may vary from time to time.

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).Lyxor International Asset Management (LIAM) is registered in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a manager (beheerder) of a UCITS. (FOR NL BLOG DIICLAIMER).

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.

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