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Important legal information:
GENERAL
This document constitutes marketing material and is not the result of independent financial research. Therefore the legal requirements regarding the independence of financial research do not apply. This material is not independent from the proprietary interests of Julius Baer (e.g. certain Julius Baer products may be mentioned in this document), which may conflict with your interests.
The information and opinions expressed in this document were produced by Bank Julius Baer & Co. Ltd., Zurich, which is supervised by the Swiss Financial Market Supervisory Authority FINMA, as of the date of writing and are subject to change without notice.This document 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, securities-based derivatives or other products or to participate in any particular trading strategy in any jurisdiction. Opinions and comments of the authors reflect their current views, but not necessarily of other Julius Baer entities or any other third party. Other Julius Baer entities may have issued, and may in the future issue, other documents that are inconsistent with, and reach different conclusions from, the information presented in this document. Julius Baer assumes no obligation to ensure that such other documents are brought to the attention of any recipient of this document. Entities within the Julius Baer Group, except Julius Baer Wealth Advisors (India), provide advice which is not considered «independent» in the sense given to that term by the EU Directive 2014/65/EU on markets in financial instruments (known as MiFID II).
SUITABILITY
Investments in the asset classes mentioned in this document 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 document 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 document 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. 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 document makes reference to a specific research report, the document should not be read in isolation without consulting the full research report, which may be provided upon request.
INFORMATION / FORECASTS REFERRED TO
Although the information and data herein are obtained from sources believed to be reliable, no representation is made that the information is accurate or complete. In particular, the information provided in this document may not cover all material information on the financial instruments or issuers of such instruments. Bank Julius Baer & Co. Ltd., Zurich, its subsidiaries and affiliated companies do not accept liability for any loss arising from the use of this document.
Important sources for the production of this document are e.g. national and international media, information services (e.g. Reuters, Bloomberg Finance L.P.), publicly available databases, economic journals and newspapers (e.g. Financial Times, Wall Street Journal), publicly available company information, documents of rating agencies. Ratings and appraisals contained in this document are clearly marked as such.
All information and data used for this document relate to past or present circumstances and may change at any time without prior notice. Statements contained in this document regarding financial instruments or issuers of financial instruments relate to the time of the production of this document. Such statements are based on a multitude of factors which are subject to continuous change. A statement contained in this document may, thus, become inaccurate without this being published. Potential risk regarding statements and expectations expressed in this document may result from issuer specific and general (e.g. political, economic, market, etc.) developments.
RISKS
The price and value of, and income from investments in, any asset class mentioned in this document may fall as well as rise and investors may not get back the amount invested. Risks involved in any asset class mentioned in this document 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. Particular risks in connection with specific investments featured in this document are disclosed in 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. These documents can be obtained free of charge upon request. Investments in emerging markets are speculative and may be considerably more volatile than investments in established markets. Clients should not be investing in the product unless they fully understand the feature and risks associated with it. This document may include figures relating to simulated past performance. This document may include figures relating to simulated past performance. Past performance, simulations and performance forecasts are not reliable indicators of future results. 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" and the "Single Resolution Mechanism Regulation". 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
Prospectus, key information document and other relevant documents are available free of charge from Bank Julius Baer & Co. Ltd., Bahnhofstrasse 36, CH-8001 Zurich. In addition, the key information document can be found at https://derivatives.juliusbaer.com or www.juliusbaer.com/product-information.
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 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 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.
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 document) 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 document, see the company-specific disclosures above.
IMPORTANT DISTRIBUTION INFORMATION
This document and any market data contained therein shall only be for the personal use of the intended recipient and shall not be redistributed to any third party, unless Julius Baer or the source of the relevant market data gives their approval. This document is not directed to any person in any jurisdiction where (on the grounds of that person’s nationality, residence or otherwise) such documents are prohibited.
External Asset Managers (EAM)/External Financial Advisors (EFA): In case this document is provided to EAM/EFA, Julius Baer expressly prohibits its redistribution or any other way of making it available to clients and/or third parties. The document is of a purely abstract and general nature and is not intended for, nor directed at, client portfolios in general or clients domiciled in the European Economic Area in particular. By receiving any document, the EAM/EFA confirms that they will make their own independent analysis and investment decisions, where applicable.
Austria: Julius Baer Investment Advisory GesmbH (JBIA), authorised and regulated by the Austrian Financial Market Authority (FMA), distributes this document to its clients. This document has been produced by Bank Julius Baer & Co. Ltd., Switzerland, shall serve information purposes only, and does not constitute individual advice, investment recommendation, offer or invitation to purchase or subscribe for any financial instrument.
Brazil: The products mentioned in this document may not be offered or sold to the public in Brazil. Accordingly, the products mentioned in this document have not been and will not be registered with the Brazilian securities commission.
Chile: This document is for the intended recipient only. Financial instruments mentioned in this document are neither registered with nor under the supervision of the Registro de Valores Extranjeros (Foreign Securities Registry) maintained by the Comisión para el Mercado Financiero (Chilean Securities and Insurance Commission or CMF). If such securities are offered within Chile, they will be offered and sold only pursuant to General Rule 336 of the CMF (an exemption to the registration requirements in the Foreign Securities Registry), or in circumstances which do not constitute a public offering of securities in Chile within the meaning of Article 4 of the Chilean Securities Market Law, Law No. 18,045.
Dubai International Financial Centre (DIFC): This document is provided by Julius Baer (Middle East) Ltd. and does not constitute or form part of any offer to issue or sell, or any solicitation to subscribe for or purchase, any securities or investment products in the UAE (including the DIFC) and should not be construed as such. Furthermore, this document is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the UAE Securities and Commodities Authority, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE. It may not be relied upon by or distributed to retail clients. Please note that Julius Baer (Middle East) Ltd. offers financial products or services only to professional clients who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks. The products or services mentioned will be available only to professional clients in line with the definition of the Dubai Financial Services Authority (DFSA) Conduct of Business Module. Julius Baer (Middle East) Ltd. is duly licensed and regulated by the DFSA.
Germany: Bank Julius Bär Deutschland AG, authorised and regulated by the German Federal Financial Supervisory Authority (BaFin), distributes this document to its clients. If you have any queries concerning this document, please contact your relationship manager.
Guernsey: This document is distributed by Bank Julius Baer & Co. Ltd., Guernsey Branch, which is licensed in Guernsey to provide banking and investment services and is regulated by the Guernsey Financial Services Commission.
Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong SAR): This document has been distributed in Hong Kong by and on behalf of, and is attributable to Bank Julius Baer & Co. Ltd., Hong Kong Branch, which holds a full banking licence issued by the Hong Kong Monetary Authority under the Banking Ordinance (Chapter 155 of the Laws of Hong Kong SAR). Bank Julius Baer & Co. Ltd., Hong Kong Branch is also a registered institution under the Securities and Futures Ordinance (SFO) (Chapter 571 of the Laws of Hong Kong SAR) licensed to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities with Central Entity number AUR302. This document must not be issued, circulated or distributed in Hong Kong other than to ‘professional investors’ as defined in the SFO. The contents of this document have not been reviewed by the Securities and Futures Commission nor by any other regulatory authority. Any references to Hong Kong in this document shall mean the Hong Kong SAR. If you have any queries concerning this document, please contact your Hong Kong relationship manager. Bank Julius Baer & Co. Ltd. is incorporated in Switzerland with limited liability.
India: This is not a document of Julius Baer Wealth Advisors (India) Private Limited (JBWA) or any of its Indian subsidiaries under the Securities and Exchange Board of India (SEBI) Research Analyst Regulations, 2014. This document has been produced by Bank Julius Baer & Co. Ltd. (Julius Baer), a company incorporated in Switzerland with limited liability that does not have a banking license in India. This document should not be construed in any manner as an offer, solicitation or recommendation by JBWA or any Julius Baer entity globally.
Israel: This document is distributed by Julius Baer Financial Services (Israel) Ltd. (JBFS), licensed by the Israel Securities Authority to provide investment marketing and portfolio management services. Pursuant to Israeli law, «investment marketing» is the provision of advice to clients concerning the merit of an investment, holding, purchase or sale of securities or financial instruments, when the provider of such advice has an affiliation to the security or financial instrument. Due to its affiliation to Bank Julius Baer & Co. Ltd., JBFS is considered to be affiliated to certain securities and financial instruments that may be connected to the services JBFS provides, and therefore any use of the term «investment advice» or any variation thereof in this document should be understood as investment marketing, as explained above. This document does not constitute investment advice and has been prepared by Bank Julius Baer & Co. Ltd. and distributed by JBFS for information purposes only, without taking into account the objectives, financial situation or needs of any particular client, and does not constitute an offer, a recommendation or an invitation by or on behalf of JBFS to make any investment. No action has been or will be taken in Israel that would permit an offering of the Products to the public in Israel. In particular, none of the applicable documentation has been or will be reviewed or approved by the Israel Securities Authority and these Products are being offered or sold to you among others based on your confirmation that you qualify as a «Qualified Client» as defined under the Securities Law, 5728-1968. This applicable documentation may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Any offeree who purchases these Products is purchasing such Products according to its own understanding, for its own benefit and for its own account and not with the aim or intention of distributing or offering such Products to other parties.
Japan: This document shall only be distributed with appropriate disclaimers and formalities by a Julius Baer entity authorised to distribute such a document in Japan.
Kingdom of Bahrain: Julius Baer (Bahrain) B.S.C.(c), an investment business firm which is licensed and regulated by the Central Bank of Bahrain (CBB), distributes this document to its expert and accredited investor clients. Please note that Julius Baer (Bahrain) B.S.C.(c) offers financial products or services only to expert and accredited investor clients in line with the definition of the CBB’s rule book, which contains regulations, directives and rules pursuant to the CBB rule-making powers under CBB law. This document may not be relied upon by or distributed to retail clients. The CBB does not take any responsibility for the accuracy of the statements and information contained in this document nor shall it have any liability to any person for any damage or loss resulting from reliance on any statement or information contained herein.
Lebanon: This document is distributed by Julius Baer (Lebanon) S.A.L., which is an entity supervised by the Lebanese Capital Markets Authority (CMA). It has not been approved or licensed by the CMA or any other relevant authority in Lebanon. It is strictly private and confidential and is being issued to a limited number of individual and institutional investors upon their request and must not be provided to, or relied upon, by any other person. The information contained herein is as of the date referenced and Julius Baer (Lebanon) S.A.L. shall not be liable to periodically update said information. The quotes and values provided herein are for indicative purpose only and shall in no way refer to tradeable levels.
Luxembourg: This document is distributed by Bank Julius Baer Europe S.A., a société anonyme incorporated and existing under the laws of the Grand Duchy of Luxembourg, with registered office at 25, rue Edward Steichen, L-2540 Luxembourg and registered with the Luxembourg Register of Commerce and Companies (RCSL) under number B 8495, authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF), 283, route d’Arlon, L-1150 Luxembourg. This document has not been authorised or reviewed by the CSSF and it is not intended to be filed with the CSSF.
Monaco: Bank Julius Baer (Monaco) S.A.M., an institution approved by the Minister of State for Monaco and the Bank of France, and Julius Baer Wealth Management (Monaco) S.A.M., an asset management company authorised in Monaco, distribute this document to their clients.
Republic of Ireland: Bank Julius Baer Europe S.A. Ireland Branch is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF), 283, route d’Arlon, L-1150 Luxembourg, and is regulated by the Central Bank of Ireland (CBI) for conduct of business rules. Bank Julius Baer Europe S.A. is a société anonyme incorporated and existing under the laws of the Grand Duchy of Luxembourg, with registered office at 25, rue Edward Steichen, L-2540 Luxembourg, registered with the Luxembourg Register of Commerce and Companies (RCSL) under number B 8495. Bank Julius Baer Europe S.A. Ireland Branch distributes this document to its clients. Some of the services mentioned in this document, which are available to clients of the Ireland branch, may be provided by members of the Julius Baer Group based outside of the Grand Duchy of Luxembourg or the Republic of Ireland. In these cases, rules made by the CSSF and the CBI for the protection of retail clients do not apply to such services, and the CSSF and the Irish Financial Services and Pensions Ombudsman will not be able to resolve complaints in respect of such services.
Russia: This document is for the intended recipient only. It is not an individual investment recommendation and was not produced by Julius Baer CIS Ltd. (JBCIS), which is authorised and regulated by the Central Bank of Russia as an investment advisor. This document has been produced by Bank Julius Baer & Co. Ltd. (Julius Baer). The financial instruments or transactions mentioned in this communication may not correspond to your investment profile and your investment objectives (expectations). The information in this communication does not take into account your personal investment objectives, financial conditions or 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 this information as the only source of information when making an investment decision. Such information in the communication shall not represent an offer as defined in the Article 435 of the Civil Code of the Russian Federation to buy or sell any financial instruments or an offer of services. JBCIS does not provide any legal or tax advice to the clients. Risks related to the financial instruments are not subject to insurance in accordance with the Federal Law No. 177-FZ "On insurance of deposits of private individuals in banks of the Russian Federation".
Singapore: This document is distributed in Singapore by Bank Julius Baer & Co. Ltd., Singapore branch, and is available for accredited investors or institutional investors only. This document does not constitute an ‘advertisement’ as defined under Section 275 or 305 respectively of the Securities and Futures Act, Cap. 289 of Singapore (the ‘SFA’). This document has not been reviewed by and is not endorsed by the Monetary Authority of Singapore (‘MAS’). Any document or material relating to the offer or sale, or invitation for subscription or purchase, of securities or investment funds (i.e. collective investment schemes) may not be circulated or distributed, nor may such securities or investment funds be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 or 304 respectively of the SFA, (ii) to a relevant person (which includes an accredited investor), or any person pursuant to Section 275(1A) or 305(2) respectively, and in accordance with the conditions specified in Section 275 or 305 respectively of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In particular, for investment funds that are not authorised or recognised by the MAS, units in such funds are not allowed to be offered to the retail public; any written material issued to persons as aforementioned in connection with an offer is not a prospectus as defined in the SFA and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and investors should consider carefully whether the investment is suitable for them. Please contact a representative of Bank Julius Baer & Co. Ltd., Singapore branch, with respect to any inquiries concerning this document. Bank Julius Baer & Co. Ltd. (UEN - T07FC7005G) is incorporated in Switzerland with limited liability.
Spain: Bank Julius Baer Europe S.A., Sucursal en España, is a branch of Bank Julius Baer Europe S.A. with registered branch office in Paseo de la Castellana 7, 2nd floor, E-28046 Madrid. It is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF), 283, route d’Arlon, L-1150 Luxembourg, and is regulated for conduct of business rules by the Bank of Spain (Banco de España), c/Alcalá, 48, E-28014 Madrid, under the registration number 1574. Bank Julius Baer Europe S.A., Sucursal en España is also authorised to provide investment services subject to the supervision of the Comisión Nacional del Mercado de Valores (CNMV), c/Edison, 4, E-28006 Madrid. Bank Julius Baer Europe S.A. is a société anonyme incorporated and existing under the laws of the Grand Duchy of Luxembourg, with registered office at 25, rue Edward Steichen, L-2540 Luxembourg, registered with the Luxembourg Register of Commerce and Companies (RCSL) under number B 8495. Bank Julius Baer Europe S.A., Sucursal en España distributes this document to its clients.
South Africa: This document is distributed by Julius Baer South Africa (Pty) Ltd., which is an authorised financial services provider (FSP No. 49273) approved by the Financial Sector Conduct Authority. Julius Baer is also licensed in South Africa as a representative office of a foreign bank.
Switzerland: This document is distributed by Bank Julius Baer & Co. Ltd., Zurich, authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA). Some of the investment funds mentioned in this document may not be authorised for distribution in Switzerland and may therefore only be distributed to qualified investors as defined in the Swiss Collective Investment Schemes Act and the Swiss Collective Investment Schemes Ordinance. Structured products do not constitute a participation in a collective investment scheme. Therefore, they are not supervised by the Swiss Financial Market Supervisory Authority FINMA and the investor does not benefit from the specific investor protection provided under the Swiss Federal Act on Collective Investment Schemes. This document is not a simplified prospectus as stated in Art. 5 of the Swiss Federal Act on Collective Investment Schemes.
United Kingdom (UK): Julius Baer International Limited, which is authorised and regulated by the Financial Conduct Authority (FCA), distributes this document to its clients and potential clients. Where communicated in the UK, this document is a financial promotion that has been approved by Julius Baer International Limited for distribution in the UK. Some of the services mentioned in this document may be provided by members of the Julius Baer Group outside the UK. Rules made by the FCA for the protection of retail clients do not apply to services provided by members of the Julius Baer Group outside the UK, and the Financial Services Compensation Scheme will not apply. Julius Baer International Limited does not provide legal or tax advice. If information on a particular tax treatment is provided, this does not mean that it applies to the client’s individual circumstances, and it may be subject to change in the future. Clients should obtain independent tax advice in relation to their individual circumstances from a tax advisor before deciding whether to invest. Julius Baer International Limited provides advice on a limited range of investment products (restricted advice).
Uruguay: In case this document is construed as an offer, recommendation or solicitation for the sale or purchase of any securities or other financial instruments, the said offer, recommendation or solicitation is being placed relying on a private placement exemption (oferta privada) pursuant to Section 2 of Law No. 18,627 and is not and will not be registered with the Superintendency of Financial Services of the Central Bank of Uruguay to be publicly offered in Uruguay. In case of any closed-ended or private equity funds, the relevant securities are not investment funds regulated by Uruguayan Law No. 16,774 dated 27 September 1996, as amended. If you are located in Uruguay, you confirm that you fully understand the language in which this document and all documents referred to herein are written, and you have no need for any document whatsoever to be provided in Spanish or any other language.
UNITED STATES: NEITHER THIS DOCUMENT NOR ANY COPY THEREOF MAY BE SENT, TAKEN INTO OR DISTRIBUTED IN THE UNITED STATES OR TO ANY US PERSON.
This document 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 another MSCI subsidiary. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings or research, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings or 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.
© Julius Baer Group, 2021
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