This website is a marketing communication intended for professional investors in Luxembourg. Please refer to the Prospectus of the UCITS and the Key Information Document (KID) before making any final investment decisions.

"Professional Investors" is defined in accordance with Directive 2014/65/EU of 15 May 2014 on markets in financial instruments, as amended (MiFID), Annex II, as amended:

I. Clients who are considered to be professional clients:

1. Entities which are required to be authorised or regulated to operate in the financial markets. The list below shall be understood as including all authorised entities carrying out the characteristic activities of the entities mentioned: entities authorised by a Member State under a Directive, entities authorised or regulated by a Member State without reference to a Directive, and entities authorised or regulated by a third country:
   1. Credit institutions;
   2. Investment firms;
   3. Other authorised or regulated financial institutions;
   4. Insurance companies;
   5. Collective investment schemes and management companies of such schemes;
   6. Pension funds and management companies of such funds;
   7. Commodity and commodity derivatives dealers;
   8. Locals (i.e., local firms as defined by Directive 2013/36/EU);
   9. Other institutional investors.
2. Large undertakings meeting two of the following size requirements on a company basis:
   1. balance sheet total: EUR 20,000,000
   2. net turnover: EUR 40,000,000
   3. own funds: EUR 2,000,000
3. National and regional governments, including public bodies that manage public debt at national or regional level, Central Banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the EIB and other similar international organisations.
4. Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.

II. Clients who may be treated as professionals on request:

Clients other than those mentioned in section I, including public sector bodies, local public authorities, municipalities and private individual investors, may also be allowed to waive some of the protections afforded by the conduct of business rules. The authorised firm (such as an investment firm as defined in Annex II of MiFID) may therefore treat any of these clients as professionals provided that the relevant criteria and procedures mentioned below are met. These clients must not, however, be presumed to possess market knowledge and experience comparable to those listed in Section I.

Any such waiver of the protection afforded by the standard conduct of business regime shall be considered to be valid only if an adequate assessment of the expertise, experience and knowledge of the client, undertaken by the investment firm, gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the client is capable of making investment decisions and understanding the risks involved.

The suitability test applied to managers and directors of authorised entities under directives in the financial sector may be considered an example of the assessment of expertise and knowledge. In the case of small entities, the person subject to this assessment will be the person authorised to carry out transactions on behalf of the entity.

At least two of the following criteria must be met during this assessment:

• The client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
• The size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500 000;
• The client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

This website is not intended for retail investors, nor for U.S. persons, pursuant to "Regulation S". U.S. persons are generally defined as a natural person residing in the United States or any entity organised or incorporated under the laws of the United States. U.S. citizens living abroad may also be considered "U.S. Persons" under certain rules. The information on this website is not intended to be distributed or to constitute an offer to sell or a solicitation of an offer to buy securities in the United States of America or to or for the account of U.S. persons.

This website does not provide investment, tax, accounting, professional or legal advice and does not constitute an offer to buy or sell the fund or any other securities that may be presented. Past or targeted performance is not a reliable indicator of future results. Future performance is subject to taxation, which depends on the individual circumstances of each investor and may change in the future.