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Important legal information:
The information expressed in this publication was produced as at the date of writing and is subject to change without notice. This publication is intended for information purposes only and does not constitute advice, an offer or an invitation by, or on behalf of, Julius Baer to buy or sell any securities or related financial instruments, or to participate in any particular trading strategy in any jurisdiction. Althoughthe information herein is trusted to be accurate and complete, and data herein has been obtained from sources believed to be reliable, no specific representation is made in this respect herein. In particular, the information provided in this publication may not cover all material information on the financial instruments or issuers of such instruments. Julius Baer does not accept liability for any loss arising from the use of this publication. Entities within the Julius Baer Group provide advice that is not considered ‘independent’ within the meaning given to that term by EU Directive 2014 / 65 / EU on markets in financial instruments (known as MiFID II).
SUITABILITY
Investments in the asset classes mentioned in this publication may not be suitable for all recipients and may not be available in all countries. Clients of Julius Baer are kindly requested to get in touch with the local Julius Baer entity in order to be informed about the services and/or products available in their country. This publication has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Before entering into any transaction, investors should consider the suitability of the transaction to individual circumstances and objectives. Any investment or trading or other decision should only be made by the client after a thorough reading of the relevant product term sheet, subscription agreement, information memorandum, prospectus or other offering document relating to the issue of the securities or other financial instruments. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitutes a personal recommendation to any specific investor. Any references to a particular tax treatment depend on the individual circumstances of each investor and may be subject to change in the future. Julius Baer recommends that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences. Where a publication makes reference to a specific research report, the publication should not be read in isolation without consulting the full research report, which may be provided upon request.
GENERAL RISKS
The price and value of, and income from investments in, any asset class mentioned in this publication may fall as well as rise and investors may not get back the amount invested. Risks involved in any asset class mentioned in this publication may include, but are not necessarily limited to, market risks, credit risks, political risks and economic risks. The investor may be exposed to currency risk when the product or underlyings of the product are denominated in currencies other than that of the country in which the investor is resident. The investment as well as its performance would therefore be exposed to currency fluctuations and may increase or decrease in value. Investments in emerging markets are speculative and may be considerably more volatile than investments in established markets. Past performance is not a reliable indicator of future results. Performance forecasts are not a reliable indicator of future performance. Shares, bank debt securities (e.g. interest-bearing bank bonds and certificates) as well as other claims against financial institutions are subject to special regulations, such as the Bank Recovery and Resolution Directive, the Single Resolution Mechanism Regulation and related national laws implementing such special regulations. These regulations can have a negative effect for the investor / contractual partner of the financial institution in case of a default and the necessity of a resolution of the financial institution. For further details, please refer to: www.juliusbaer.com/legal-information-en
SPECIFIC RISKS
Structured products (e.g. baskets, certificates): These are complex financial products and therefore involve a higher degree of risk. They are intended for investors who understand and are capable of assuming all risks involved. Structured products may therefore only be sold to experienced investors and require additional advice regarding the product-specific risks. The value of the products is not only dependent on the development of the underlying, but also on the creditworthiness of the issuer, which may vary over the term of the product. In case of the issuer’s insolvency or bankruptcy, the investors in the product may lose their entire investment in the product. Before entering an investment all documents related to the issue of the described structured product have to be read. The full terms of the respective structured product may be obtained free of charge.
Funds: Investments in funds mentioned in this publication should only be made after a thorough reading of the current prospectus, the current Key Investor Information Document or simplified prospectus, the fund regulations or articles of association, the latest annual and semi-annual reports or other offering or fund documentation, such as the offering memorandum and subscription form. These documents can be obtained free of charge upon request. Please note that collective investment schemes exclusively open to qualified investors may be fully or partially exempted from producing these documents by the Swiss Financial Market Supervisory Authority (FINMA). Performance values may be calculated without taking account of commissions and costs that result from selling and buying back investments.
CONFLICTS OF INTEREST
Julius Baer is required to disclose important information about its interests and potential conflicts. In order to prevent conflicts of interest from adversely affecting the interests of its clients, Julius Baer has established a policy and procedures designed to identify and manage such conflicts. These include organisational and administrative arrangements to safeguard the interests of clients, adequate remuneration policies (for persons involved in the production of this publication) based largely on qualitative criteria (e.g. overall quality and accuracy of research) and only remotely on quantitative elements (e.g. overall performance of Julius Baer). A Julius Baer entity may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of the securities referred to herein, perform services or solicit business from such issuers, have a position or effect transactions in the securities or options thereof, have any other significant financial interest regarding the issuers of the securities referred to herein and/or may have done so in the past. For further information about our interest in the investments featured in this publication, see the company-specific disclosures above.
THIRD-PARTY INFORMATION
This publication may contain information obtained from third parties, including ratings from rating agencies such as Standard & Poor’s,
Moody’s, Fitch and other similar rating agencies, and research from research providers such as MSCI ESG Research LLC or its affiliates.
Issuers mentioned or included in any MSCI ESG Research LLC materials may be a client of, or affiliated with, a client of MSCI Inc. (MSCI) or
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research. Credit and/or research ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold
or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes and should not
be relied on as investment advice.
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needs. It is your responsibility to determine the compliance of financial instruments or transactions with your investment
objectives, investment horizon and risk tolerance. JBCIS is not responsible for possible losses of the investor in case of
transactions or investments into financial instruments mentioned in this communication and does not recommend using
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UNITED STATES OR TO ANY US PERSON.
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