We include in our watchlist the ETF Lyxor GRE (Greece Index) whose fees are 0.45% and the AUM of approximately 188M €. The index is turning upwards over the medium / long term horizon and is in the process of completing a short-term correction which appears to be a good entry point.

We include in our Watchlist the ETF iShares IEO (US Oil & Gas Exploration & Production Index) with fees of 0.44% and AUM of approximately $ 387M. The index has been under strong pressure since the beginning of 2017 but seems about to complete its correction while oil prices recover from the height.

We include the Amundi GLUX  ETF (Luxury World Index) into our Active Euro portfolio, due to a favorable trend with the acceleration of Chinese consumption.

We exit the ETF FOO (Agro-food Europe) with defensive characteristics, while the market shows more appetite for risk.

We integrate the Lyxor HLT (Health Europe index) ETF in our Active Euro portfolio, while the latter starts a rebound, after several months of correction. We exit the UTI (Utilities Europe) ETF which has behaved well for several weeks but which seems to loose momentum for several days in the context of equity markets recovery.

We include in our watchlist the ETF Lyxor THA (SET50 Thailand Index) with a fee of 0.45% and an AUM of  c.€15M. The Thai index is up 6.8% YTD, with a sharp recovery since August.

• The Thai index remains correlated to commodities (agricultural and energy) which are currently rebounding.

We integrate the Lyxor DAX ETF (German index) into our Active Euro portfolio, while the latter benefited from the renewed interest in the cyclical sectors such as automotive and chemicals and slightly outperformed the Stoxx600 since the beginning of the year.

We integrate the ETF lyxor TNO (Technology Europe) into our Megatrend Portfolio. The mid-term growth potential looks huge (AI, digitalization…).

We exit the ETF BNK (Banks Europe) due to the relapse of interest rates that penalize the margins of banks, a trend which should continue for a while.

We integrate the ETF lyxor RUS (Russia) into our Active Euro portfolio, while the rise in commodities and the recent oil rebound is favorable to the Russian economy which is back to growth.

We exit the ETF BNK (Banks Europe) due to the relapse of interest rates that penalize the margins of banks, a trend which should continue for a while, as the ECB considers premature to normalize its monetary policy in the absence of inflation and in a context of appreciation of the Euro.

We integrate into our watchlist (on the downside) the ETF Lyxor BNK (European Bank index), whose fees are 0.3% and the AUM of approximately 775 M€. The ongoing correction in the banking sector is related to the relapse in interest rates, while the ECB seems less in rush to normalise monetary policy.

We include in our Watchlist the ETF Lyxor AUT (Automotive Index Europe) with a fee of 0.3% and an AUM of approximately € 36 million. AUT increased by only 3% since the beginning of the year (against 5.8% for the Stoxx600).