Industry Updates

Amundi merges three Lyxor commodity ETFs as rebrand continues

The new Amundi ETF will house roughly €2bn assets under management

Theo Andrew

Commodities table

Amundi is merging three Lyxor commodity ETFs and rolling them under its branding as it continues to review its product range a year after completing the €825m acquisition of its French rival.

In a shareholder notice, Amundi said it is merging the Lyxor Commodities Refinitiv/CoreCommodity CRB EX-Energy TR UCITS ETF (CRN), the Lyxor Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF (ETF090) and the Lyxor Commodities Refinitiv/CoreCommodity CRB TR UCITS ETF (CRB).

The merged ETF, which will house roughly €2bn assets under management (AUM), will be renamed the Amundi Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF.

The total expense ratio (TER) will be reduced from 0.35% to 0.30% following the changes.

Furthermore, the ETF will switch its index from the Refinitiv/CoreCommodity CRB Total Return index to the Bloomberg Energy and Metals Equal Weighted Total Return index.

The new index will track the performance of 12 commodities in the energy, precious and industrial metals sectors via futures contracts.

“Shareholders in the absorbed sub-funds should benefit from the increased investment capacity in the receiving sub-fund and the economies of scale this merger should achieve, while getting exposure to the same target asset class,” Amundi said.

Effective 10 February, Europe’s largest asset manager added the merger could have “tax consequences” for certain shareholders.

It is the latest rebrand as the firm continues to seek “economies of scale” following acquisition of Lyxor.

Amundi has merged 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 group 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.

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