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Hi Jerome, I don't know if you saw, but the COSW ETF (consumer staples) fell by 97%!!!! today. How is this possible? I looked for an explanation but found nothing yet. How can an ETF fall so much? A mistake? A fraud? I sincerely hope it will return to its former position.
The inventory value is still at 397 euros:
If the ETF had fallen by 97%, that would mean that all underlying assets had fallen by the same amount, which is not the case.
Maybe it's related to a split. Did you receive any additional shares?
Amundi merges its Lyxor global sector ETFs with its ESG equivalent funds while reducing fees across the seven-member range.
The French asset manager said the mergers, which will see €484 million of assets under management transferred from the Luxembourg-domiciled Lyxor ETF range to Amundi's Irish-domiciled ETFs, will take place on June 28.
Source :
So you should receive Amundi ETFs instead
Ok thanks for the info.
I don't understand why the stock dropped by 97% anyway.
https://www.zonebourse.com/cours/etf/LYXOR-MSCI-WORLD-CONSUMER-6774219/
And I am currently still at a loss on my DeGiro account.
97%, maybe because there is a remainder that cannot be transferred to the new ETF, for example dividends (since the initial ETF is in hoarding and the new ETF is in distribution), which would correspond quite well to the yield (not far from 3%). Or, it is other assets that cannot yet be liquidated or transferred to the new ETF. Whatever the reason, we can imagine that this will be done in a second phase, in the form of cash. Then, the initial ETF would be completely dissolved.
I notice that COSW is not the only Lyxor ETF that is affected by this phenomenon. In the link I gave you above, the other ETFs have all experienced a decline of the order of this magnitude. So there is indeed a massive strategic reorganization of Lyxor ETFs towards Amundi.
Based on my experience, during previous buybacks or transfers of securities that I have known in the past, the new securities (or cash) arrive in the portfolio within 2-3 days. So normally, you should be back on your feet next week.
If necessary, contact Degiro, they are also there to inform you about this kind of situation. The best is to do it by phone, because by email, they are not very responsive… I sometimes had to wait several days to get an answer.
Ok ok. Thanks for all this info Jérôme. I suspected that there was probably an explanation for this but it's always a little scary to see so much red on your wallet 😄
Yes, I understand, I've been there too. Paradoxically, when the difference is this big, it's fortunately, in most cases, nothing serious.
Keep us posted 😉
Hi Jérome,
I confirm that the exchange of titles took place. It still took about ten days but I got what I was owed 😉
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