What is the Euronext Listed Autocall Index?

The Euronext Listed Autocall Index tracks the performance of the Euronext Listed Auto-call Market in Milan, providing investors with diversified access to listed structured products. This index captures a representative portfolio of auto-callable notes listed and traded on Euronext Milan, primarily linked to major equity indices. Each eligible note is equally weighted, and the index is rebalanced semi-annually to ensure ongoing relevance and transparency.

Key features of auto-callable products

Auto-callable products are structured notes designed to offer attractive and predictable income through regular coupons and early redemption features. These products can deliver equity-linked returns even when markets are flat or rising modestly, making them appealing for investors seeking enhanced yield in low interest rate environments or during periods of moderate market volatility. Auto-callable notes also provide conditional capital protection and defined risk parameters, with downside protection barriers at maturity that offer greater control and visibility over potential outcomes compared to direct equity investments.

How the index works

The Euronext Listed Autocall Index includes only products that track the performance of liquid benchmarks, ensuring high transparency and liquidity. The index is rebalanced twice a year, and each note is assigned equal weight to avoid concentration risk. This approach allows investors to benefit from a diversified exposure to the auto-callable segment of the structured products market.

Index performance

Why invest in auto-callable products?

Auto-callable products are tailored to suit various market outlooks - bullish, neutral, or moderately bearish. They are designed to pay regular coupons as long as the underlying asset remains above a specified barrier, providing attractive yields even in stagnant markets. This combination of income potential and risk management features makes them particularly suitable for investors seeking predictable returns and capital protection.

The Milan advantage: a leading exchange-traded market

While most auto-callable products are issued over-the-counter (OTC), limiting price transparency and liquidity, Italy stands out as a leading market for exchange-traded auto-callables. Euronext Milan benefits from a favourable regulatory environment and strong retail investor participation, making it one of Europe's most active markets for these products. Currently, over 250 structured notes are listed, primarily linked to index baskets and single stocks. In 2024 alone, turnover exceeded €500 million, with more than €4.8 billion traded on equity basket underlyings.

Leveraging the Euronext structured products platform

The Euronext structured products platform offers efficient pricing and operational solutions, enabling the creation of bespoke structured notes linked to Euronext indices. This flexibility allows for the rapid development of custom indices and tailored structured products to meet evolving market needs.

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What is the Euronext Clean Energy & AI Index?

The Euronext Clean Energy & AI Index is a pioneering thematic index that captures the powerful synergy between clean energy infrastructure and artificial intelligence (AI). This index brings together leading companies at the forefront of the global energy transition and the AI revolution - two forces reshaping economies and markets worldwide.

Key takeaways: major developments in AI and clean energy

Trump’s $92 billion AI investment plan

President Trump has announced a $92 billion investment to position the United States as a global leader in artificial intelligence. This includes $56 billion for new energy infrastructure and $36 billion for data centre projects, accelerating the intersection of AI and clean energy.

How AI and clean energy drive each other forward

AI is transforming energy systems, driving efficiency and sustainability, while its own growth depends on powerful, energy-intensive computing infrastructure. As AI advances, access to clean, scalable energy is essential for sustainable development

The importance of AI and clean energy integration

The rapid advancement of AI is generating unprecedented energy demands, requiring innovative solutions. At the same time, the energy sector is leveraging AI to improve operational efficiency, resilience, and grid management. AI technologies are used to predict energy consumption, integrate renewable energy sources, and secure energy systems.

This symbiotic relationship is driving a transformative shift in how energy is produced, distributed, and consumed, paving the way for a sustainable and intelligent energy future.

Index structure: three core investment themes

Clean energy generation: powering AI growth

The index includes companies with significant revenues from wind, solar, hydro, geothermal, biomass, nuclear, and mixed renewable power. These producers are increasingly powering the data centres and cloud infrastructure that underpin AI operations.

Key players: Vestas Wind Systems, EDP, Verbund AG.

Energy infrastructure & intelligence: building the backbone

AI’s scalability relies on advanced batteries, smart grids, storage, transmission, and detection technologies. These sectors enable predictive maintenance, weather forecasting, grid optimisation, and cybersecurity - all critical for both energy and AI.

Key players: Siemens Energy, GE Vernova, Alstom.

AI software & semiconductors: enabling smarter systems

This segment features firms developing AI productivity software, advanced semiconductors, and data centre hardware. These technologies drive digital transformation and enable smarter energy systems.

Key players: Nvidia, ASML, Broadcom, Oracle.

How companies qualify for the index

• Only companies deriving at least 50% of their revenues from RBICS sectors aligned with clean energy or AI technologies are included.
• Companies from conventional electricity subsectors (ICB) and those with an average daily volume below €10 million are excluded.

Key features of the Euronext Clean Energy & AI Index?

• Captures two megatrends: the index reflects the convergence of electrification and AI adoption, two transformative global trends.
• Strict thematic focus: revenue-based screening ensures only true pure-plays are included.
• Full value chain coverage: the index spans the entire ecosystem, from AI semiconductors to renewable infrastructure.
• Strategic investment relevance: aligned with long-term priorities such as climate resilience, energy independence, and digital infrastructure growth.

Index performance

Index composition: geographic and sectorial breakdown

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Why momentum investing matters

• Momentum investing is based on a straightforward principle: stocks that have outperformed in the recent past often continue to perform well in the near future.
• Traditional momentum strategies can capture this premium, but often at the cost of short-term swings, high turnover and significant drawdowns.
• The Euronext Momentum Europe 500 Index addresses these challenges by combining short- and medium-term signals, volatility adjustment, buffer rules and an ad hoc review. This delivers the momentum premium in a liquid, long-only format, ready for practical use.

How momentum investing works

Momentum investing seeks to capitalise on the tendency of assets that have performed well recently to continue outperforming in the near future. The approach relies on price trends and relative performance, drawing on the tendency of winning assets to attract continued investor interest.

Index construction: capturing and refining momentum

The Euronext Momentum Europe 500 Index selects companies from the Euronext Europe 500 Index whose share prices have delivered the strongest recent (six-month) and medium-term (twelve-month) returns. These returns are adjusted for volatility and are net of the short-term risk-free rate (three-month Euribor), ensuring a focus on risk-efficient performance.

All 500 stocks are scored, and the 125 with the highest momentum scores - reflecting the best balance of return and stability - are selected for inclusion. Constituents are weighted by both momentum score and market capitalisation, balancing pure momentum exposure with investability. This design enables the index to capture European momentum trends while remaining practical for portfolio use.

Managing risk: turnover controls and volatility filters

To maintain exposure to leading stocks while controlling turnover, the index employs liquidity filters, buffer zones and a robust review process. These measures help capture sustained trends and reduce the impact of short-term volatility and market reversals.

Index performance

Safeguarding performance: the ad hoc review mechanism

Regular rebalancing occurs every six months. However, the index also features an ad hoc review as a safeguard against sharp market reversals. If the index’s overall momentum score falls below 85% of its last review level, an unscheduled adjustment is triggered to remove weak performers and realign with prevailing momentum trends.

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Cybersecurity in the age of AI and data proliferation 

With vast amounts of personal and corporate data being collected, stored, and shared across digital platforms, the risk of cyberattacks is increasing. Malicious actors are exploiting sophisticated AI-driven tools to target sensitive information, putting individuals, enterprises, and governments at risk. Global cybercrime is expected to cost $10.5 trillion annually by 2025, a sharp increase from $3 trillion in 2015, according to the World Economic Forum.

AI: Both a threat and a shield 

The dual role of AI in cybersecurity is critical. On one hand, attackers use AI for advanced phishing, malware and ransomware campaigns. On the other, defenders leverage AI to detect threats faster, automate responses and secure complex digital infrastructures. As economies become more digital, the scale of risk grows, making robust cybersecurity solutions essential.

About the Euronext Cybersecurity Leaders Index 

The Euronext Cybersecurity Leaders Index tracks companies from world developed markets at the forefront of securing digital economies. These firms specialise in next-generation firewalls, zero-trust architectures, cloud-native protection and threat intelligence, building the backbone of global digital resilience.

Index performance

Why cybersecurity is a key investment theme 

Cybersecurity is set to become a key investment theme over the coming decade. The surge in ransomware, supply chain attacks and critical infrastructure breaches highlights vulnerabilities across energy, healthcare, defence and financial systems. As enterprises adopt generative AI and embed machine learning into business processes, sensitive data is increasingly exposed to new attack vectors. At the same time, AI-driven security tools enable real-time anomaly detection, autonomous incident response and predictive analytics helping to prevent attacks before they occur. 

The tension between malicious use of AI by attackers and protective deployment by defenders will shape the ethical and sustainable future of cybersecurity.

What makes the Euronext Cybersecurity Leaders Index relevant 

• Pure-play exposure: This index focuses on companies with revenues from core cybersecurity activities, leveraging Factset RBICS data ensuring direct exposure to the sector’s structural growth drivers.
• Liquidity screened: Only firms with a three-month average daily traded value above €10 million are included, minimising liquidity risk.
• AI-linked growth: This index captures the rising demand for AI-enhanced security solutions as enterprises and governments deploy next-generation defences.
• Strategic necessity: Positioned at the intersection of digitalisation, cloud adoption and national security, cybersecurity is a non-discretionary investment theme with long-term global relevance.

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