Title: 466c0dfa02a6d29da89f602ffd859112.pdf URL Source: https://lowf.io/regulatory/uk/factsheets/uk_pdfs/466c0dfa02a6d29da89f602ffd859112.pdf Published Time: Fri, 10 Jul 2026 12:20:43 GMT Number of Pages: 2 Markdown Content: ## LYXOR ETF MONTHLY REPORT 30th November 2017 Client Services +33 (0)1 42 13 31 31 | client-services@lyxor.com | www.lyxor.com # LYXOR FTSE MIB DAILY SHORT (Bear) UCITS ETF # 1. FUND INFORMATION Ticker : BERMIB IM ## Description Lyxor Asset Management Group ("Lyxor") was founded in 1998 and comprises two subsidiaries (1) (2) of Société Générale group. Lyxor benefits from the expertise of 600 professionals across the wealth management world, advising EUR 117.6 billion* in assets. Lyxor offers bespoke asset management services, capitalising on its know-how in ETFs and indexing, Alternative and Multi Management, and Absolute Performance and Solutions. As one of the most experienced players on the market, Lyxor ETF is Europe's number three provider of ETFs (number two in terms of liquidity (3)), with AuM of more than EUR 49.8 billion*. With 220 ETFs listed on 13 financial marketplaces, Lyxor ETF provides investors with varied investment solutions enabling them to diversify their allocation across the entire spectrum of asset classes (equities, bonds, money market instruments and commodities via forward financial instruments). Demonstrating its commitment to high-quality ETFs, in 2011, Lyxor ETF implemented an ETF quality charter with the aim of ensuring that each ETF it offers complies with the strictest requirements in terms of replication quality, risk monitoring, liquidity and transparency. www.lyxoretf.com ## Investment objective The LYXOR FTSE MIB DAILY SHORT (Bear) UCITS ETF is a UCITS compliant exchange traded fund that aims to track the benchmark index FTSE MIB Daily Short Strategy RT Gross TR. The FTSE Short Strategy Indices attempt to replicate the inverse returns experienced by an investor attaining the negative daily performance of the underlying headline index i.e. by short selling the index with a daily rebalance. The cost of dividends and benefit of earning interest for the short position are taken into account in the index calculation of the short indices, as is the cost of borrowing stock. The short indices are derived from the existing underlying headline Total Return Indices. ## Risk Factors It is important for potential investors to evaluate the risks described below and in the fund prospectus which can be found on 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 RISK: The 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 RISK: Investors are exposed to risks resulting from the use of an OTC Swap with Societe Generale. In-line with UCITS guidelines, the exposure to Societe Generale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme. UNDERLYING RISK: The 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 RISK: ETFs 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 Societe Generale. 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, Societe Generale or other market-maker systems; or an abnormal trading situation or event. Ticker BERMIB IM Fund Type French FCP UCITS compliant Yes ISIN FR0010446146 French Equity Saving Scheme (PEA) No Replication method Indirect (Swap Based) Sampling No Securities Lending No Share Class Currency EUR Inception Date 08/02/2008 Nav per share at inception (EUR ) 40 Total Expense Ratio p.a 0.60% Currency risk No NAV per Share (EUR ) 17.63 Share AUM (M EUR ) 36.98 Total Fund Assets (M EUR ) 36.98 Minimum Investment (Share) 1 Income treatment Capitalisation ## Trading Information Place Opening Hours (GMT) Currency Ticker Bloomberg RIC Reuters Borsa Italiana (Milano)* 08:00 / 16:30 EUR BERMIB IM BERMIB.MI * First Listing Place of this share class # 2. Index information Base 100 performance Source : Bloomberg , Lyxor AM , to 30th November 2017 > Month-Year > –––– Benchmark –––– LYXOR FTSE MIB DAILY SHORT (Bear) UCITS ETF - Official NAV Full name FTSE MIB Daily Short Strategy RT Gross TR Exposure Eurozone Asset Class Equity Index type Gross Total Return Currency EUR Index Reuters RIC .FTFMIBI1X Index Bloomberg ticker FMIBI1X Further information www.borsaitaliana.it > Source :Bloomberg ,Lyxor AM ,to 30th November 2017 ## Index Geographical Allocation Index Sector Allocation Top ten constituents Enel Spa 12.26% Unicredit Spa 10.88% Intesa Sanpaolo 10.51% Eni Spa 9.98% Assicurazioni Generali 5.82% Fiat Chrysler Am 4.56% Atlantia Spa 4.29% Stmicroelectronics Nv 3.44% Ferrari Nv 3.31% Cnh Industrial Nv 3.02% # 3. ETF Performances 1 Month 3 Months 6 Months 3 Years 5 Years Lyxor UCITS ETF FTSE MIB Daily Short (Bear) 1.47% -4.31% -9.59% -35.83% -57.10% Benchmark 1.54% -4.10% -9.19% -34.24% -55.33% Tracking Difference -0.07% -0.21% -0.40% -1.59% -1.77% > Performances related to distributing ETF are calculated reinvesting dividends into the > ETF performance > Performance gap represents the performance differences between the ETF and the > Index > The Tracking Error represents the annualised volatility of the performance differences > between the ETF and the benchmark > Changes of benchmark may occur. To compare the track of the ETF with its > benchmark, we will use the below indexes: From To FTSE MIB Short Strategy 28/03/2007 04/09/2012 FTSE MIB Daily Short Strategy RT Gross TR 04/09/2012 Performance gap = Simulated perf – [(1+Index perf)/(1+Interest rate perf)-1] YTD 2016 2015 2014 2013 Lyxor UCITS ETF FTSE MIB Daily Short (Bear) -19.65% -4.30% -20.07% -8.47% -21.31% Benchmark -19.00% -3.52% -19.45% -7.76% -20.68% Tracking Difference -0.65% -0.78% -0.62% -0.71% -0.63% Tracking Error - 0.04% 0.03% 0.03% 0.05% 30/11/2017 30/11/2016 30/11/2016 30/11/2015 30/11/2015 28/11/2014 28/11/2014 29/11/2013 29/11/2013 30/11/2012 Lyxor UCITS ETF FTSE MIB Daily Short (Bear) -29.70% 15.33% -20.86% -12.46% -23.62% Benchmark -29.08% 16.25% -20.24% -11.77% -23.01% Tracking Difference -0.62% -0.92% -0.61% -0.69% -0.61% Source : Bloomberg , Lyxor AM , to 30th November 2017 THE FIGURES RELATING TO [PAST PERFORMANCES / SIMULATED PAST PERFORMANCES / PAST PERFORMANCES AND SIMULATED PAST PERFORMANCES] REFER OR RELATE TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR OF FUTURE RESULTS. THIS ALSO APPLIES TO HISTORICAL MARKET DATA. LYXOR ETF MONTHLY REPORT 30th November 2017 Client Services +33 (0)1 42 13 31 31 | client-services@lyxor.com | www.lyxor.com # INVESTOR'S NOTICE **The Total Expense Ratio (TER) covers all costs incurred by the Management Company to manage the underlying assets. It comprises a Management Fee and Structural Costs described as follows. The Management Fee represents the compensation for the Management Company services. The Structural Costs represent the custodian fee, the administrative fee, the audit fee and all other operating costs that will be paid by the Management Company to operate the funds. This document is of a commercial nature and not of a regulatory nature. It is each investor's responsibility to ascertain that it is authorised to subscribe, or invest into this product. Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. LYXOR FTSE MIB DAILY SHORT (Bear) UCITS ETF is a Fonds commun de placement (French mutual fund), approved by the Autorité des marchés financiers (AMF) in accordance with provisions of the Directive 2009/65/EC (the "2009 Directive"). Société Générale et Lyxor International Asset Management (« Lyxor AM »), recommend that investors read carefully the "risk factors" section of the product's prospectus and the "Risk and reward" section of the Key Investor Information Document (KIID). The prospectus in French and the KIID in French are available free of charge on www.lyxoretf.com or upon request to client-services@lyxor.com. 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. There is no guarantee that the fund's objective will be met. The fund may not always be able to replicate exactly the performance of the index (or indices). This product includes a risk of capital loss. The redemption value of this product may be less than the amount initially invested. In a worst case scenario, investors could sustain the loss of their entire investment. The index referred to herein (the "Index") is not sponsored, approved or sold by Société Générale, Lyxor AM. Société Générale, Lyxor AM shall not assume any responsibility in this respect. The accuracy, completeness or relevance of the information which has been drawn from external sources is not guaranteed although it is drawn from sources reasonably believed to be reliable. Subject to any applicable law, Société Générale, Lyxor AM shall not assume any liability in this respect. The market information displayed in this document is based on data at a given moment and may change from time to time. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES OF AMERICA. THE PRODUCT HEREIN DESCRIBED WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OF AMERICA WITHOUT BEING REGISTERED OR BEING EXEMPTED FROM REGISTRATION UNDER THE U.S. SECURITIES ACT. This factsheet is issued by Lyxor Asset Management (Lyxor AM), société anonyme à directoire et conseil de surveillance having its registered office at 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, authorized and regulated by the Autorité des marchés financiers (AMF). Lyxor AM is represented in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by Financial Conduct Authority in the UK. This document is issued by the London Branch of Societe Generale. Societe Generale is a French credit institution (bank) authorised and supervised by the Autorite de Contrôle Prudentiel (the French Prudential Control Authority)" and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. 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.