Industry Updates

Amundi to merge US ESG ETFs housing $2.7bn

The update sees five products merge and a new ETF launch

Jamie Gordon

ESG finance

Amundi is continuing to streamline its range by merging its Lyxor US Paris-aligned benchmark (PAB) and climate transition benchmark (CTB) ETFs with Amundi equivalents.

Effective 24 November, the $2.2bn Lyxor Net Zero 2050 S&P 500 Climate PAB UCITS ETF (ZPA5) and $36m Lyxor MSCI USA ESG Climate Transition CTB UCITS ETF (CLUS) will be absorbed by the Amundi S&P 500 Climate Net Zero Ambition PAB UCITS ETF, which will launch to coincide with the merger.

The new ETF will track the S&P 500 Net Zero 2050 Paris-Aligned ESG+ index with a total expense ratio (TER) of 0.07%, meaning ZPA5 investors will see fees unchanged while CLUS investors will see their fees more than halved from their current level of 0.15%.

The upcoming entrant to Amundi’s climate net zero ambition suite follows the same model as previous ETFs in the range.

In February, the Amundi MSCI Europe Small Cap ESG Climate Net Zero Ambition CTB UCITS ETF launched with the purpose of merging the Lyxor MSCI Europe Mid Cap UCITS ETF, Lyxor MSCI Europe Small Cap UCITS ETF and Amundi MSCI Europe Low Size Factor UCITS ETF.

Effective from the same date, the $344m Lyxor MSCI USA ESG Leaders Extra UCITS ETF (LESU) will merge into the $217m Amundi MSCI USA ESG Leaders Extra UCITS ETF (MWOK). 

Shareholders of both ETFs will continue tracking the MSCI USA Select ESG Rating and Trend Leaders index, however, investors in LESU will see their TER fall from 0.15% to 0.10%.

The French asset manager said it had “almost entirely” realised the operation benefits of integrating the Lyxor business in its Q3 results.

The mergers will be enacted a month after Amundi renamed 38 Lyxor ETFs to incorporate its branding including the €6bn Lyxor MSCI World UCITS ETF (WLDC) and €3.2bn Lyxor CAC 40 UCITS ETF (CAC).

Last quarter, the French asset manager also merged Amundi and Lyxor Europe, Latin America, Europe ESG Leaders, US breakeven inflation, global financials, high yield bond ESG and robotics and AI ETFs.

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