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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.

THIS WEBSITE IS AIMED AT CLIENTS IN FINLAND WHO QUALIFY AS PROFESSIONAL CLIENTS OR PROFESSIONAL INVESTORS

This website is published by Lyxor International Asset Management (LIAM), a French asset management company approved by the French Financial Markets Authority (Autorité des Marchés Financiers, 17 place de la Bourse, 75082 Paris Cedex 02) under the UCITS (2009/65/EC) and AIFM (2011/31/EU) directives.

The website is hosted on Microsoft Azure servers.

This website is subject to French and Finnish law.

 

A professional client for the purposes of the MiFID (2004/39/EC) and the AIFMD (2011/31/EU) as implemented in Finland 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:

·            an investment firm, a credit institution, a fund management company, an alternative investment fund manager, a depositary;

·            a stock exchange, an options exchange, a clearing entity;

·            a central securities depository;

·            an insurance company, a pension insurance company, a pension fund;

·            an entity that deals exclusively on own account in financial derivatives for the sole purpose of hedging positions on derivatives markets or deals for the account of other members of those markets or makes prices for them and is guaranteed by clearing members of the same markets;

·            a business entity dealing in commodities and/or commodity derivatives on own account;

·            any other institutional investor;

 

 

-          a large undertaking, meeting two of the following size requirements according to the financial statements of the last preceding financial period:

 

·            balance sheet total of at least EUR 20,000,000

·            net turnover of at least EUR 40,000,000

·            own funds of at least EUR 2,000,000

 

-         the State of Finland, the State Treasury, the province of Åland, foreign national and regional governments as well as foreign public bodies managing public debt;

-         the European Central Bank, the Bank of Finland and similar foreign central banks as well as the International Monetary Fund, the World Bank and similar international associations and organisations;

-         institutional investors that, as their main field of activity, invest in financial instruments;

-         other clients that have in writing requested to be treated as a professional client and, after having received written information on the limited protection afforded to professional clients confirmed in writing their understanding of the same, provided that the investment firm has assessed that the client is capable of making independent investment decisions and understands the related risks and, furthermore, that the client meets at least two of the following criteria:

·            the client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;

·            the size of the client’s financial instrument portfolio exceeds EUR 500,000;

·            the client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

 

A professional investor for the purposes of the UCITS (2009/65/EC) as implemented in Finland is one of the following:

-         an entity required to be authorised or regulated to operate in the financial markets, as defined above under ‘professional client’;

-         a large undertaking, meeting the requirements set out above for professional clients

-         the State of Finland, the State Treasury, the province of Åland, foreign national and regional governments as well as foreign public bodies managing public debt;

-         the European Central Bank, the Bank of Finland and similar foreign central banks as well as the International Monetary Fund, the World Bank and similar international associations and organisations;

-         institutional investors that, as their main field of activity, invest in financial instruments;

-         other investors that have notified the fund management company, UCITS or its representative in writing that they, on the basis of their expertise and experience in investing activities, are professional investors, and meet at least two of the following criteria:

·            the investor has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;

·            the size of the investor’s financial instrument portfolio exceeds EUR 500,000;

·            the investor works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

 

The above definitions are only extracts and are as such not exhaustive. For further details please refer to the Finnish Investment Services Act (747/2012) and the Finnish Investment Funds Act (48/1999).

 

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 French law and approved by the Autorité des Marchés Financiers (the French Financial Markets Authority), or (ii) established under 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 Finnish regulatory system generally and for funds authorised in Finland 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 the Finnish Investors’ Compensation Fund.

 

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”), the Finnish Investors’ Compensation Fund 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.

 

Tax

 

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 www.lyxoretf.fi. 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 LIAM consider reliable or comes from sources that LIAM consider reliable, LIAM have not verified such information. Lyxor makes 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.

 

Cookies

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 confirm that you qualify as a ‘professional client’ or ‘professional investor’, as set out above and 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 otherwise authorised to receive the information to and on this website.

 

 

I CONFIRM THAT I HAVE READ AND UNDERSTOOD THE IMPORTANT INFORMATION THAT IS CONTAINED ABOVE AND ACCEPT THE TERMS OF THE PRIVACY AND COOKIES POLICY.

22 Jan 2021

Why our ETFs now come with a temperature

A lot has been said and written about the importance of climate change for investors. Said… written… but not often done. The world can’t afford any more hot air.

At Lyxor, we don’t just talk about climate change. We try to do something about it. This week, we took a major step along that path by becoming the first ETF provider in the world to publish temperatures for most of the indices underpinning our funds.

These temperatures make it much simpler for investors to compare the warming impact of their investments to the targets of the 2015 Paris Agreement – to limit global warming to no more than 2°C above the pre-industrial level, and ideally 1.5°C. For the first time, you can see exactly how more than 150 Lyxor ETFs align with this goal.

The time for empty talk is over. Read on to learn more about Lyxor’s new COtool for ETFs, and what it means for corporate responsibility and the future of investing.


Let’s start slowly. Why did you release this kind of information?

It’s simple: we believe it’s high time we all had a better way to judge where to put our money. The global investment community is responsible for vast amounts of wealth, but it doesn’t always have the tools needed to deploy this wealth in the most impactful way.

More broadly, we recognise that the financial industry is on the cusp of a revolution. A revolution where total transparency and honesty rule – where investors have all the information and tools that they need to make truly informed investment decisions.

By publishing index temperatures, we can identify the real deal, and clearly see how a fund helps or hinders climate action.

That’s a bold claim. Can you prove that your temperatures are the real deal?

We have analysed all the various options to measure a portfolio’s alignment with the Paris Agreement – and yes, we believe our methodology gives the most accurate results on temperature impact.

We’ve compared each possible climate alignment methodology to select the most consistent and comprehensive approach. Because of that, we stand by our methodology, and its benefits and limitations compared to all other methodologies under development.

Our approach starts with a third-party data provider, to guarantee an independent view on the temperature impact of our funds. Not just any third party: Trucost, a climate and ESG data leader and part of S&P Global. Trucost delves into each of the individual companies of an index to analyse their past, current, and forecast emissions. These emissions define the decarbonisation trajectory for that company. For our part, we take all of Trucost’s data on those companies, and use it to calculate a temperature for the index – and the ETF tracking it. 

Trucost uses two different approaches to score the temperature impact of companies in the indices tracked by our ETFs. These two approaches are recommended by several international climate organisations such as the Science Based Targets Initiative, a leader in decarbonisation target-setting.

For companies in carbon-intensive sectors – think power production, steel, or aviation – temperature impact is assessed with the Sectoral Decarbonisation Approach (SDA). This assesses temperature impact through a measure known as ‘carbon intensity’, in this case based on a physical unit such as a kilowatt hour of energy or ton of steel.

For other sectors, the Greenhouse Gas Emissions per unit of Value Added (GEVA) approach is used. As opposed to physical units, this assesses carbon intensity and temperature impact using emissions generated per unit of economic value.

These measures give us a temperature for each eligible ETF, which is any ETF for which more than 80% of its assets are covered by Trucost’s database.

This is technical stuff, and like all methodologies it has its pluses and minuses. But we believe it’s the most robust way to measure climate impact that is available today.

That is technical indeed. What can I learn from a fund’s temperature?

In a nutshell, you can see the implied impact your investments could have on global warming, based on forecast data for the next five years.

Scientists tell us that effects of global warming of +3°C above pre-industrial levels would be devastating for the planet. Our data shows that several of the world’s major ‘business as usual’ indices are currently pointing towards that outcome. That might change – and our tool will tell you when it does.

You might also wonder what a high figure might mean for a fund’s long-term returns. Could it suggest underlying risks which aren’t being reflected in its price?

However, you should also remember that a temperature score is unavoidably based on some assumptions. It combines historical data with other data that is forecast or modelled into the future, such as estimates of future carbon emissions. It’s based on the best information that is available at a given moment, so it won’t be perfect in every situation.

Sometimes there will be a change which results from updates to the underlying assumptions, rather than a real increase or decrease of emissions generated by the fund’s issuers. A temperature can fluctuate based on changes to a fund’s composition, issuer values within that fund, or updates to scenario trajectories.

Without a doubt, these models will keep evolving. But we believe the information is too important to hide or delay.

I want to check my ETF’s temperatures. How do I use the tool?

Lyxor’s temperature score tool, called the COtool, is available here.

Filter by asset class, market, and/or exposure to display the global warming impact your investments currently imply over the years to come – and compare with others to discover more climate-friendly options. 

In the weeks ahead, we will examine some of the most interesting results from the tool and address any specific questions we receive.

Check out our COtool and explore our Climate ETF range for Paris-aligned solutions

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.

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 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.

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.

Notice to Investors in Asia-Pacific Region

This document is not directed at retail investors and is prepared for and intended to be distributed in the Asia-Pacific region solely to sophisticated and professional investors. You should therefore be appropriately qualified as a professional, accredited, wholesale, expert or institutional investor (however defined in your local jurisdiction). It is distributed by licensed affiliates of Société Générale (“SG”) which is a French credit institution (bank) authorised by the Autorité de Contrôle Prudentiel (the French Prudential Control Authority) in accordance with applicable regulations and SG’s internal policy. You should be aware that local regulations may not allow this document to be distributed from your local SG licensed affiliate, but may allow it to be distributed from an offshore branch or affiliate under certain circumstances. If in any doubt, you should always determine which licensed affiliate is responsible for distributing this document to you by contacting SG. You should also be aware that financial products or services referred to may not be sold, bought or subscribed to if you do not qualify in your local jurisdiction. Always ensure that you contact and deal through appropriately licensed entities if you wish to purchase any such products or services.

No further disclosure, reproduction or reliance permitted: This document has been prepared solely for persons it has been distributed to directly by SG. Its contents may not be disclosed to, reproduced or used or relied upon by, any other person, or used for any other purpose.

For Recipients where this document is distributed by SG Securities (HK) Limited: This document is distributed to you by SG Securities (HK) Limited (CE: AAD941) (“SGSHK”) as an activity that is wholly incidental to its carrying out of a regulated activity for which it is already licensed. Details of SGSHK's licence can be provided upon request.

SGSHK has been appointed by Lyxor Asset Management, Lyxor International Asset Management, and Lyxor Funds Solutions S.A. (“Lyxor”) to promote the funds launched by Lyxor. Investors and prospective investors should note that a service fee may be paid by Lyxor to SGSHK for its services.

For Recipients where this document is distributed by Société Générale, Hong Kong Branch: This document is distributed by the Hong Kong Branch of Société Générale, a bank licensed by the Hong Kong Monetary Authority. Société Générale is a public limited company incorporated in France, acting through its Hong Kong branch, whose principal place of business is 38/F, Three Pacific Place, 1 Queen’s Road East, Hong Kong.

For Recipients in Hong Kong: This document is issued solely to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance.

For Recipients in Singapore: This document may only be provided to institutional investors, as defined in Section 4A of the Securities and Futures Act. If you wish to discuss this document or effect transactions in any security discussed herein, you should do so with or through MAS licensed representatives of Société Générale, Singapore Branch.

Notice to Australian investors: This document is distributed by SG Securities (HK) Limited, a Registered Foreign Company and Foreign Financial Services Provider in Australia (ARBN 126058688) that is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (“Act”). SG Securities (HK) Limited is regulated by the Securities and Futures Commission under Hong Kong laws, which differ from Australian laws. The information contained in this document is only directed to recipients who are professional investors as defined under the Act.

Société Générale (ABN 71 092 516 286) (AFSL 511956) is a foreign Authorised Deposit-Taking Institution under the Banking Act 1959 (Cth) and the transactions which may be proposed and products which may be issued as described in this document do not form deposits or other funds of Société Générale.

Neither SG Securities (HK) Limited nor any other entity described in this document (aside from Société Générale) is an Authorised Deposit-Taking Institution and the transactions which may be proposed and products which may be issued as described in this document do not form deposits or other funds of Société Générale. Unless this document expressly provides that Société Générale will provide a guarantee, Société Générale does not guarantee the obligations or liabilities of SG Securities (HK) Limited or any other entity in respect of any proposed transactions or products and those obligations do not represent liabilities of Société Générale.

This document is only made available in Australia to persons to whom a disclosure document such as a prospectus or product disclosure statement is not required to be given under either Chapter 6D or Chapter 7.9 of the Act. This document is not a prospectus, product disclosure statement or any other form of formal "disclosure document" for the purposes of Australian Law, and is not required to, and does not contain all the information which would be required in a product disclosure statement or prospectus under Australian law.

This document has not been and will not be lodged or registered with the Australian Securities and Investments Commission or ASX Limited or any other regulatory body or agency in Australia. The persons referred to in this document may not hold Australian Financial Services licences and no cooling off regime applies to an acquisition of any interest.

This document does not take into account the investment objectives, financial situation or needs of any particular person. Accordingly, before making an investment decision in relation to this document, you should assess whether the acquisition of any interest is appropriate in light of your own financial circumstances or seek professional advice. 

For Documents Distributed in China from Offshore (as a Result of a Reverse Enquiry): This document has been prepared and distributed by Société Générale and/or SG Securities (HK) Limited as a result of a reverse enquiry by you. Societe Generale (China) Limited has not been involved with the preparation or distribution of this document. The products or services that may be mentioned in this document may not be able to be provided in China. Any products or services mentioned in this document to be provided are subject to laws and regulations and regulator’s requirements in China, as well as the formally executed legal documents (if any).

Notice for Documents Distributed in Taiwan: This document has been provided to you as a result of reverse enquiry and may only be distributed to “professional institutional investors” within the meaning provided in the applicable regulations in Taiwan. The product(s) or service(s), if any, mentioned in this document are subject to laws and regulations and regulator’s requirements in Taiwan and may not be eligible or available for sale in Taiwan. 

Notice to Korean Investors: This document is distributed by SG Securities (HK) Limited outside Korea and intended for Korean financial institutions holding the dealing or brokerage business license under the Financial Investment and Capital Market Act of Korea and the Enforcement Decree thereof.  For other types of clients, this is distributed upon their request only. SG Securities (HK) Limited is regulated by the Securities & Futures Commission under Hong Kong laws. The product mentioned in this document may not be eligible or suitable for all types of investors. This document is not intended for private customers.

For Korean Investors Receiving this document from SG Securities Korea: This document is distributed by SG Securities Korea Co., Ltd. SG Securities Korea Co., Ltd is regulated by the Financial Services Commission and the Financial Supervisory Service under Korean laws. The product mentioned in this document may not be eligible or suitable for all types of investors. This document is not intended for private customers.

Notice to Japanese Investors: This document is distributed in Japan upon your request by Societe Generale Securities Japan Limited or Société Générale, Tokyo Branch, which is regulated by the Financial Services Agency of Japan. This document is intended only for the Qualified Institutional Investors as defined by the Financial Instruments and Exchange Law in Japan and only for those people to whom it is sent directly by Societe Generale Securities Japan Limited or Société Générale, Tokyo Branch, and under no circumstances should it be forwarded to any third party.

For Recipients in Thailand receiving this document from offshore: This document has been prepared and distributed by SG Securities (HK) Limited ("SGSHK"). This document is provided solely at your request and SGSHK does not have any intention to solicit you for entering into any transactions or transacting in any product contemplated by this document (the “product”). Any such solicitation or marketing will be made by an entity permitted by the applicable laws and regulations. This document is not intended to be either an offer, sale, or invitation for subscription or purchase of the product. This document has not been registered as a prospectus with the Office of the Securities and Exchange Commission of Thailand. Accordingly, this document and any other documents and materials, in connection with the offer or sale, or invitation for subscription or purchase of securities, may only be circulated or distributed by an entity as permitted by applicable laws and regulations. Neither SGSHK, any representatives, directors, employees of SGSHK nor any other entities affiliated with SGSHK make any representations or warranties, expressed or implied, with respect to the completeness or accuracy of any of the information contained in this document or any other information (whether communicated in written or oral form) transferred or made available to you. Investments in the product involves risks and investors should exercise due care and discretion in considering the investment risks. Investors should carefully study the investment risks and ensure that they have a good understanding of such risks.

Notice to Malaysian Investors: This material has been provided to you at your specific request. This material has not been or will not be registered or filed under the securities law or with any securities regulatory authority in Malaysia. Under no circumstances shall this material constitute an offer in Malaysia to sell or the solicitation in Malaysia of an offer to buy, the products described herein. This document has been prepared by [Lyxor International Asset Management] and distributed by Société Générale (“SG”) or its affiliates outside Malaysia at your specific request. SG’s local representative office has not been involved with the preparation or distribution of this document. Any products or service that may be mentioned in this document are subject to local laws and regulations, and may not be able to be provided in your jurisdiction under certain circumstances.

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