Industry Updates

Amundi merges Lyxor North America and S&P 500 ETFs

Investors will see fees slashed by 16 basis points

Theo Andrew

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Amundi is merging the Lyxor North America ETF with the Lyxor S&P 500 ETF as it continues to seek economies of scale.

In a shareholder notice, Amundi said the Lyxor MSCI North America UCITS ETF (NORA) will be absorbed by the €6.9bn Lyxor S&P 500 UCITS ETF (SP5), effective 10 February.

As a result, investors in the €75m NORA ETF will see their total expense ratio (TER) slashed from 0.25% to 0.09%.

Amundi told ETF Stream it had no plans to merge SP5 with the $6.9bn Amundi S&P 500 UCITS ETF (500U).

Europe’s largest asset manager said the decision to merge the ETFs was taken following an “ongoing review of the product range competitiveness and client interest assessment”.

“Shareholders in the NORA should benefit from the increased investment of SP5 and the economies of scale this merger should achieve while getting exposure to the same target asset class,” it added.

The French asset manager said it was also merging the Lyxor SPI UCITS ETF (C029) with the Amundi MSCI Switzerland UCITS ETF (CSW).

Investors of C029 will see their TER cut from 0.40% to 0.25% following the merge.

Last week, Amundi announced the merger of three Lyxor commodity ETFs, rolling them under its branding to create the €2bn Amundi Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF.

Amundi has combined several ETFs in recent months including switching to a Paris-Aligned Benchmark (PAB) climate index on its Lyxor corporate bond ESG ETF, which is now called the Amundi EUR Corporate Bond Climate Net Zero Ambition PAB UCITS ETF.

Last December, the firm merged the Lyxor synthetic emerging market ETF into the Amundi MSCI Emerging Markets II UCITS ETF (AEEM) as well as two bond ETFs a month earlier.

The tidy-up of its range comes after the firm completed the purchase of French rival Lyxor for €825m in January 2022.

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