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Discover Smart BetaTaking indexing further than ever before.

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 2004/39/ce

Smart BetaRef: October 2016

Explore a new dimension

Expanding your horizons 4

Driving true performance 5

Bold new frontiers 6

Reduce risk 8

Target income 12

Enhance returns 16

We are the original pioneers 20

Knowing your risk 22

Lyxor ETF Smart Beta

Investors need new ways to diversify or find performance, with low-risk assets like cash or bonds offering little to no return, and higher-risk assets like equities sensitive to increasingly unpredictable political and economic events. Staying the course towards important long-term goals is harder than ever.

Smart Beta funds could help solve this complex conundrum. By combining the best of active and passive investing, they go further than indexing has gone before. They take you beyond the simple question of where you want to invest, to the very heart of what it is you’re investing for.

Whether you’re looking to reduce risk, target more income or enhance your returns, we believe these funds could help improve your long-term results and do so at a fraction of the cost of traditional active strategies.

As one of the first, and largest, Smart Beta ETF providers in Europe, Lyxor’s heritage as academics and innovators demands we find a smarter way. That means always doing what’s best for you, whether by partnering with leading index providers like FTSE Russell and J.P. Morgan to build some of the smartest indices in the industry or by ensuring every Smart Beta ETF we have adheres to the same meticulous quality standards.

Put simply, we believe in what Smart Beta, and what this range, can do for you. Arnaud Llinas, Head of Lyxor ETF

Welcome

3

Expanding your horizonsSmart Beta funds add a new dimension to indexed investing. They combine key principles of indexing – low cost, efficiency and transparency – with a more agile approach to stock selection capable of capturing key performance drivers without the cost of employing an active manager.

Smart BetaRules- based

strategic exposure

Passive investing Efficient market

exposure

Active management Strategic exposure


Driving your performance

1. Buy the marketBuying the market is a simple way to invest and, over time, index trackers have tended to perform well. However, markets aren’t always strong and performance in some sectors or from a handful of stocks can diminish overall returns.

2. Buy an active fundBuying a passive fund means accepting you won’t outperform and, at times, that’s not enough. Some investors are willing to pay more because they believe an active manager could outperform a particular market. Yet few managers have shown they can do it consistently.

Over the last decade – a full market cycle – 80% of active funds have fallen short of their benchmark. In 2015, a decent year by recent standards, less than 50% of the 3,700+ managers we researched outperformed1. Genuine alpha generators are hard to come by.

Even those managers who do regularly generate alpha tend to do so because of their exposures to key market factors, rather than their specific stock picking skills. A well-timed dip into the smallest or fastest-rising stocks at the start of a bull market never hurt anyone. Why not try to replicate these factors in a systematic and low-cost way?

Investors have long had a simple choice to make when deciding how best to explore the markets. “Buy” an entire market using a low-cost index tracker, or pay more for the stock selection skills of an active manager in the hope they could outperform.

1. Source: Morningstar data in EUR from 31/12/2005 to 31/12/2015. For France Smid Caps, the % of active funds is over 5Y. The figures relating to past performances refer to past periods and are not a reliable indicator for future results. This also applies to historical market data.

2. Source: Morningstar data in Eur from 31/12/2005 to 31/12/2015. The figures relating to past performances refer to past periods and are not a reliable indicator for future results. This also applies to historical market data

80% of active funds unperformed their benchmark

over the past 10 years2

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Bold new frontiersBalancing innovation with efficiency means our Smart Beta funds are capable of outperforming traditional index funds, but at a fraction of the cost of traditional active strategies.


Our Smart Beta funds are benchmark-driven versions of the strategies that have historically worked best for active managers.

Like other passive products, they track an index of underlying securities, whether equities, bonds or commodities. Where they add another dimension, however, is in how they construct their portfolios.

1. Re-writing the rulesThese funds don’t own securities in proportion to their size like traditional index funds do, instead they build their portfolios according to very different sets of rules. Rules can be as simple as ensuring each constituent has an equal weighting, which may prevent the performance of large individual stocks from skewing the performance of the entire fund. Others might mean investing only in the highest-quality companies, the best value companies, those offering a high and secure yield or those that are least volatile.

2. Clear, simple and consistentThese rules are clear and based on verifiable financial metrics. Once created, they are always followed, whatever markets do. Unlike active managers, Smart Beta ETFs cannot drift in style or stray from their core competency or mandate. You’ll always know what your fund is doing with your money and, perhaps more importantly, how it might perform even as markets change.

3. Aiming for better resultsAs with all investments, there are no guarantees a Smart Beta ETF will beat the market, but it will let you express your investment views directly and efficiently. In an investment world changing more rapidly than ever before, it will also allow you to change your mind or respond quickly to market events at any point in the trading day, unlike mutual funds.

If you’re expecting a strong, but short-lived, equity rally in the aftermath of an economic data release or a monetary or fiscal policy announcement for example, you could buy an ETF weighted towards small-cap or momentum stocks because they tend to react soonest and rise fastest.

But, using Smart Beta products to boost returns in such a short-term way only scratches the surface of what they can bring to a portfolio over time.

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Reduce risk

Our range explained ► One global diversified minimum

variance ETF.

► Competitive TERs from just 0.20%.

► Three regional diversified minimum variance ETFs – Europe, USA and Emerging Markets.

What makes us different?

11%

26%

×2

Outperformance over three years1

Less volatility3

As many stocks as other strategies3

Stepping into the unknown unnerves even the most experienced investors. When things get rough, you need a portfolio that can deal with the pressure. Smart Beta products won’t eliminate the possibility of loss, but they can help dampen volatility and smooth returns, allowing you to step more confidently into new equity markets.

Traditional low volatility strategies tend to hold only the least volatile stocks, or re-weight an existing index around its less volatile performers. Standard minimum variance strategies consider not just volatility, but correlations too. Yet both routes point to so few stocks, countries or sectors that overcrowding, or concentration risk, becomes an issue.

Unlike conventional strategies, our diversified minimum variance ETFs take a truly multi-dimensional approach to reducing risk. We’d rather prepare for any eventuality by spreading risk wider and distributing it more evenly.

We believe it’s smarter to combine volatility and correlation screens with some of the strictest diversification targets in the industry. It means we tend to hold at least twice as many stocks as other leading strategies, as well as capping stock and sector weights, which we believe could help us deliver a better outcome for you.

1 Source: Lyxor International Asset Management, Bloomberg. Data from 30/08/2013 to 31/08/2016. Average excess return vs. the equivalent market capitalisation weighted benchmarks observed across the FTSE Developed Europe Minimum Variance Index, FTSE USA Minimum Variance Index, FTSE Emerging Minimum Variance index and FTSE All-World Minimum Variance Index. Past performance is not a reliable indicator of future performance.

2 Source: Lyxor International Asset Management, Bloomberg. Data from 31/08/2015 to 31/08/2016. Average excess return vs. the equivalent market capitalisation weighted benchmarks observed across the FTSE Developed Europe Minimum Variance Index, FTSE USA Minimum Variance Index, FTSE Emerging Minimum Variance index and FTSE All-World Minimum Variance Index. Past performance is not a reliable indicator of future performance.

3 Source: Lyxor International Asset Management, Bloomberg. Data from 30/12/05 to 31/08/16. Past performance is not a reliable indicator of future returns.

Assess volatility

Meet diversification

targets

Factor in correlations

9

Does it work?Over the last 10 years, minimum variance products have shown they can reduce volatility while also enhancing returns.

Only one in 25 of the active managers we researched outperformed these indices last year1, so it’s no wonder they are increasingly being adopted as core portfolio holdings rather than short-term defence mechanisms. However, each product will have achieved these results in a different way, so it is worth understanding exactly what it is you’re buying.

The table below shows how the FTSE Developed Europe Minimum Variance Index has generated a consistent pattern of excess returns over the past ten years, whilst reducing volatility by over 25%. It also demonstrates just how diversified it has been.

FTSE Developed Europe

Min Var 355

Stoxx 600 Min Var 148

MSCI Europe Min Var 140

iStoxx 600 Min Var 81All data: Lyxor/Bloomberg.

Data from 30/12/05 to 31/08/16. Past performance is not a reliable indicator of future returns.

1 Source: Morningstar data in EUR from 31/12/2005 to 31/12/2015. For France Smid Caps, the % of active funds is over 5Y. The figures relating to past performances refer to past periods and are not a reliable indicator for future results. This also applies to historical market data.

Stocks held

From 30/12/2005 to 31/08/2016

Excess annualised return

Volatility reduction

% of original universe

FTSE Russell All World Minimum Variance index

3.5% 27.5% 63.6%

FTSE Russell Europe Minimum Variance Index

3.1% 25.7% 67.1%

FTSE Russell USA Minimum Variance Index

2.7% 21.3% 66.8%

FTSE Russell Emerging Minimum Variance Index

7.7% 29.6% 57.0%

Source: Illustrated data from Lyxor International Asset Management, Bloomberg. Data from 30/12/05 to 31/08/15. The figures relating to simulated past performances refer or relate to past periods and are not a reliable indicator or future results. This also applies to historical market data. The potential return may be reduced by the effect of commissions, fees, taxes or other charges borne by the investor.


Starting universe500+ stocks in

FTSE Developed Europe Index

Starting universe

Selection Process

Final Portfolio

Selection Process

Factor in correlations

Impose maximum weights

Assess daily volatility

Final Portfolio

c.350 stocks

Building a smarter minimum variance index

Follow diversification

rules

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Target income

Our range explained ► One European Quality

Income strategy

► One Global Quality Income strategy

► Numerous shareclasses


96%

20%

34%

More income2

Less volatility3

Average outperformance across our strategies1


Low interest rates and bond yields have forced many income seekers to turn to equities in search of a higher yield. Any such decision could mean greater volatility and a lot less reliability – after all, not all dividends are created equal and they are likely to be first in the firing line when markets, and companies, are stressed. Precision is everything if you are to reach your goal.

Chosen well however, strong dividend payers can be the key to material long-term growth. And, just as active managers aim to identify companies capable of paying and growing their dividends, so too do Smart Beta strategies. Our Global Quality Income strategy has avoided 80%+ of the major dividend cuts since 2007 and the financial crisis that followed4.

We believe it’s smarter to rise above the headlines or latest fashions and invest for income without emotion. Quality can be read in a company’s fundamentals or its balance sheet. The numbers tell us all we need to know, which makes it simpler for us to follow the process we believe can deliver the same result for you, time and time again.

1 Source: Lyxor International Asset Management, Bloomberg. Data from 31/08/2006 to 31/08/2016. Average excess return vs. the equivalent market capitalisation weighted benchmarks observed across the SG Global Quality Income Index and the SG European Quality Income Index. Past performance is not a reliable indicator of future performance.

2 Source: SG Cross Asset Research/Equity Quant, Bloomberg. Data from 31/08/2006 to 31/08/2016. Yield calculated as Total Return minus Price Return. Past performance is not a reliable indicator of future performance.

3 Source: SG Cross Asset Research/Equity Quant, Bloomberg. Data from 31/08/2006 to 31/08/2016. Calculation based on annualised volatility. Past performance is not a reliable indicator of future performance.

4 Source: Societe Generale, September 2016

Test quality

Set strict yield targets

Assess balance sheet strength

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Does it work? As the table shows, our European and Global Quality Income indices have delivered more income than their high yield counterparts, let alone their conventional equity benchmarks, over the last 10 years.

Total returns have tended to be similar to those of high yield bonds, but the Quality Income indices invest only in the highest-quality companies, whereas a junk bond is always a junk bond – and default conditions are not, perhaps, as benign as they were.

Given this laser-like focus on identifying only the best companies, the Quality Income indices drawdown has been much lower than their high yield equivalents over the same period – and is, in fact, even lower than the relevant Minimum Volatility indices.

Ticker Annualised return (10 year)

Annualised yield (10 year)

Annualised vol (10 year)

Maximum Loss (10 year)

SGQI SGQI FP 8.0% 4.7% 13.1% 36.8%

MSCI World 6.0% 2.2% 16.5% 53.4%

MSCI World High Yield 5.2% 3.6% 17.4% 59.7%

MSCI World Min Vol 8.0% 2.2% 13.1% 43.8%

SGQE SGQG LN/SGQE LN 5.4% 4.1% 16.5% 46.9%

MSCI Europe 2.9% 3.0% 20.6% 58.5%

MSCI Europe High Yield 2.0% 4.5% 22.8% 65.2%

MSCI Europe Min Vol 5.4% 3.5% 17.2% 50.5%

Source: SG Cross Asset Research\Equity Quant, Bloomberg. All data to end August 2016. SGQI performance prior to May 15, 2012 is a back-test. SGQE performance prior to March 21, 2013 is also a back-test. Performance does not include transaction costs. Past performance is not indicative of future performance.


Starting universe~ 1,100 developed

world equities excluding financials

Starting universe

Selection Process

Final Portfolio

Selection Process

Maintain only top 40% for balance

sheet strength

Rule out any company with

dividend yield of less than 4%

Meet at least seven of our nine strict quality criteria

25-75 companies

Re-balanced quarterly

Equally weighted

Final Portfolio

Building a smarter quality income index

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Enhance returns

Our range explained ► Five single-factor ETFs in Europe

► One multi-factor ETF in Europe

► One global multi-factor ETF

► Competitive TERs from just 0.30%


10%

×5100%

Only ~top 10% of stocks based on factor score

Key risk factors

Each fund follows the same simple and transparent methodology


When volatility is high, and markets more correlated, you have to seek out different performance engines. Factors take you beyond traditional asset allocation, allowing you to capture what’s really driving returns.

Factors simply refer to stocks which share the same fundamental characteristics or behaviour, and they have long been used by active managers to generate outperformance.

In tandem with J.P. Morgan, we identified five main factors which, together with market beta, explain over 90% of portfolio returns.

The cost of isolating these factors has been prohibitive for all but the biggest investors. However, technological advances and the rise of Smart Beta mean single and multi-factor ETFs have made such strategies more readily available.

There are several ways of building factor indices, but we believe it’s smarter to stick to much stricter targets than most when it comes to factor content and diversification. Only the stocks most closely linked to any given factor ever make it into our portfolios. This helps capture the true performance of each factor, and can lead to a better outcome for you.

The cheaper stocks. Calculated by price-to-earnings ratio, price-to-book ratio, etc.

The smaller companies. Calculated by market capitalisation.

The better businesses. Calculated by Return on equity, profit margin, equity-to-debt ratio, etc.

The more stable stocks.Calculated by beta relative to the index.

The fastest risers. Calculated by returns over specified past period.

Value

Size

Quality

Low Beta

Momentum

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Does it work? As the example below shows, most factor indices have outperformed conventional European equity indices over the long term, but they tend to be very sensitive to market movements, so their performance varies. Getting the most from any one factor requires good timing.

Combining the performanceYou don’t however have to make these allocations yourself. Multi-factor ETFs provide equally-weighted exposures to all five factors, allowing you to capture their combined performance in one fund. Correlations between factors tend to be limited and could help diversify a portfolio in a way beyond traditional market cap weighted indices.

Selecting factors on a global scale can, however, lead to regional biases. Ignoring local intricacies will, in our view, reduce factor purity and dilute diversification. So rather than using a top-down approach based on what’s in a global index, our global multi-factor ETF builds its exposure from the ground up, using only the highest ranking stocks for each of the five factors in each of the three key regions – Europe, Asia and the US. Each regional exposure is then market-cap weighted to be consistent with the MSCI World Index.

Ticker Return 1Y Volatility 1Y Sharpe Ratio 1Y 2015 2014

VALUE LYXV LN -8.7% 30.9% -0.28 -1.5% 10.8%

QUALITY LYXQ LN 1.7% 22.4% 0.07 16.1% 8.6%

LOW BETA LYXL LN 1.6% 17.6% 0.09 15.7% 8.1%

LOW SIZE LYXS LN 1.5% 26.4% -0.02 16.1% 11.5%

MOMENTUM LYXM LN 2.1% 18.7% 0.11 12.3% 5.2%

Europe Multi Factor LYX5 LN -0.6% 22.1% -0.03 11.8% 8.9%

MSCI Europe TR MSDEE15N 0.1% 21.9% 0.00 8.2% 6.8%

Global Multi Factor LYXW LN 8.4% 13.8% 0.61 -0.6% 5.2%

MSCI World TR NDDUWI 8.3% 14.0% 0.59 -0.9% 4.9%

Source: Bloomberg. Data presented above corresponds to the period starting from 1 January 2014 to 31 August 2016. Past performance is no guarantee of future performance. Performance figures are inclusive of a rebalancing adjustment factor of 0.04%. ‘1Y’ refers to the last 252 business days.


Starting universeMSCI Europe Index

c.450 stocks

Starting universe

Selection Process

Final Portfolio

Selection Process

Remove sector biases

Select only top 10% of highest-ranked

stocks

Rank stocks by factor score

40 stocks, with equal weighting

Re-balanced monthly

Final Portfolio

Building a smarter factor index

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We are the original pioneers


True to our heritage as pioneers, Lyxor was one of the first and remain one of the largest providers of Smart Beta ETFs in Europe. We now run over EUR 2bn1 in Smart Beta strategies, including one of Europe’s biggest quality income strategies. These strategies were refined and developed by acknowledged leaders in the field of quantitative finance.

As advocates of open architecture, we always do what we believe is best for our clients. That’s why, as well as using our own quality income index, we partnered with the world’s leading index providers including FTSE Russell and J.P. Morgan to build some of our Smart Beta indices.

Our portfolio managers are experts in dealing with the specific trading constraints of Smart Beta ETFs. We also have unfettered access to the authors of the original models underpinning our index-construction methodologies.

Each Smart Beta ETF adheres to our quality charter, ensuring each is managed to the same meticulous standards.

Lxyor ETF Smart Beta

Transparent Open architecture

Heritage One of the first Smart Beta ETF providers

Quality Managed to

meticulous standards

Why Lyxor for Smart Beta?

1 Source: Lyxor IAM, September 2016

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Knowing your risk It is important for potential investors to evaluate the risks described below and in the fund prospectus on our website www.lyxoretf.com

Capital at risk ETFs are tracking instruments: Their risk profile is similar to a direct investment in the Underlying index. Investors’ capital is fully at risk and investors may not get back the amount originally invested

Replication riskThe fund objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication.

Counterparty riskinvestors are exposed to risks resulting from the use of an OTC swap with Société Générale. In-line with UCITs guidelines, the exposure to Société Générale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk resulting from the use of a securities lending programme.

Concentration RiskSmart Beta ETFs select stocks or bonds for their portfolio from the original benchmark index. Where selection rules are extensive it can lead to a more concentrated portfolio where risk is spread over fewer stocks than the original benchmark.

Underlying riskThe Underlying index of a Lyxor ETF may be complex and volatile. When investing in commodities, the Underlying index is calculated with reference to commodity futures contracts exposing the investor to a liquidity risk linked to costs such as 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.

Currency riskETFs may be exposed to currency risk if the ETF is denominated in a currency different to that of the Underlying index they are tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.

Liquidity risk Liquidity is provided by registered market-makers on the respective stock exchange where the ETF is listed, including Société Générale. On exchange, liquidity may be limited as a result of a suspension in the underlying market represented by the Underlying index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, or other market-maker systems; or an abnormal trading situation or event.


Important information This communication is exclusively directed and available to Institutional Investors as defined by the 2004/39/EC Directive on markets in financial instruments acting for their own account and categorised as eligible counterparties or professional clients. This communication is not directed at retail clients.

This document 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.

Some of the funds described in this brochure are investment companies with Variable Capital (SICAV) incorporated under Luxembourg Law, listed on the official list of Undertakings for Collective Investment, authorised under Part I of the Luxembourg Law of 17th December 2010 (the “2010 Law”) on Undertakings for Collective Investment in accordance with provisions of the Directive 2009/65/EC (the “2009 Directive”) and subject to the supervision of the Commission de Surveillance du Secteur Financier (CSSF).

These funds are sub-funds of either Multi Units Luxembourg or Lyxor Index Fund and have been approved by the CSSF.

Alternatively, some of the funds described in this document are sub-funds of Multi Units France a French SICAV incorporated under the French Law and approved by the French Autorité des marchés financiers . Each fund complies with the UCITS Directive (2009/65/CE), and has been approved by the French Autorité des marchés financiers.

Société Générale and Lyxor AM recommend that investors read carefully the “risk factors” section of the product’s prospectus and Key Investor Information Document (KIID). The prospectus and the KIID are available in French on the website of the AMF (www.amf-france.org). The prospectus in English and the KIID in the relevant local language (for all the countries referred to, in this document as a country in which a public offer of the product is authorised) are available free of charge on lyxoretf.com or upon request to client-services-etf@ lyxor.com.

The products are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on NYSE Euronext Paris, Deutsche Boerse (Xetra) and 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 together with the prospectus and/or more generally any information or documents with respect to or in connection with the Fund does not constitute an offer for sale or solicitation of an offer for sale in any jurisdiction (i) in which such offer or solicitation is not authorized, (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation. In addition, the shares are not registered under the U.S Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States (including its territories or possessions) or to or for the benefit of a U.S Person (being a “United State Person” within the meaning of Regulation S under the Securities Act of 1933 of the United States, as amended, and/or any person not included in the definition of “Non-United States Person” within the meaning of Section 4.7 (a) (1) (iv) of the rules of the U.S. Commodity Futures Trading Commission.). No U.S federal or state securities commission has reviewed or approved this document and more generally any documents with respect to or in connection with the fund. Any representation to the contrary is a criminal offence.

This document is of a commercial nature and not of 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.

These funds include a risk of capital loss. The redemption value of this fund may be less than the amount initially invested. The value of this fund can go down as well as up and the return upon the investment will therefore necessarily be variable. In a worst case scenario, investors could sustain the loss of their entire investment.

This document is confidential and may be neither communicated to any third party (with the exception of external advisors on the condition that they themselves respect this confidentiality undertaking) nor copied in whole or in part, without the prior written consent of Lyxor AM or Société Générale. The obtaining of the tax advantages or treatments defined in this document (as the case may be) depends on each investor’s particular tax status, the jurisdiction from which it invests as well as applicable laws. This tax treatment can be modified at any time. We recommend to investors who wish to obtain further information on their tax status that they seek assistance from their tax advisor. The attention of the investor is drawn to the fact that the net asset value stated in this document (as the case may be) cannot be used as a basis for subscriptions and/or redemptions.

The market information displayed in this document is based on data at a given moment and may change from time to time.

Authorizations: Lyxor International Asset Management (Lyxor AM) is a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2009/65/EC) 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.

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Contact information +46 (0) 8 566 133 43 | [email protected] | www.lyxorETF.com

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