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).
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.
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
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.
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
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.
IMPORTANT DISTRIBUTION INFORMATION
This publication 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 publication is not directed to any person in any jurisdiction where (on the grounds of that person’s
nationality, residence or otherwise) such publications are prohibited.
External Asset Managers (EAM)/External Financial Advisors (EFA): In case this publication is provided to EAMs/EFAs, Julius
Baer expressly prohibits that it be redistributed by the EAMs/EFAs or be made available to their clients and/or third parties.
By receiving any publication, the EAMs/EFAs confirm that they will make their own independent analysis and investment
decisions, if applicable.
Austria: Julius Baer Investment Advisory GesmbH, authorised and regulated by the Austrian Financial Market Authority
(FMA), distributes this publication to its clients. This publication 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.
Chile: This publication is for the intended recipient only. Financial instruments mentioned in this publication 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 Financial Market Commission, 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 publication 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 publication 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 publication to its clients. If you have any queries concerning this publication, please contact your
Guernsey: This publication 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: This publication 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). The Bank is also a registered institution under the Securities and Futures Ordinance (SFO) (Chapter 571 of the Laws of
Hong Kong SAR) licensed to carry out Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset
management) regulated activities with Central Entity number AUR302. This publication must not be issued, circulated or
distributed in Hong Kong other than to ‘professional investors’ as defined in the SFO. The contents of this publication have
not been reviewed by the Securities and Futures Commission nor by any other regulatory authority. Any references to Hong
Kong in this document/publication shall mean the Hong Kong Special Administrative Region of the People’s Republic of
China. If you have any queries concerning this publication, please contact your Hong Kong relationship manager.
India: This is not a publication 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 publication 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 publication should not be construed in any manner as an offer, solicitation or
recommendation by JBWA or any Julius Baer entity globally.
Israel: This publication 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 publication should be understood as investment marketing, as explained above. This publication 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 his/her own understanding, for his/her own benefit and for his/her own
account and not with the aim or intention of distributing or offering such products to other parties.
Japan: This publication shall only be distributed with appropriate disclaimers and formalities by a Julius Baer entity
authorised to distribute such a publication 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 publication 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 publication 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 publication 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 publication 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
Luxembourg: This publication 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
publication 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 publication 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 publication to its clients. Some of the services mentioned in this publication,
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 communication 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.
Singapore: This publication is distributed in Singapore by Bank Julius Baer & Co. Ltd., Singapore branch, and is available for
accredited investors or institutional investors only. This publication does not constitute an ‘advertisement’ as defined under
Sections 275 or 305 respectively of the Securities and Futures Act, Cap. 289 of Singapore (SFA). As Bank Julius Baer & Co.
Ltd., Singapore branch, has a ‘Unit’ exemption under Section 100(2) of the Financial Advisers Act, Cap. 110 of Singapore
(FAA), it is exempted from many of the requirements of the FAA, amongst others, the requirement to disclose any interest
in, or any interest in the acquisition or disposal of, any securities or financial instruments that may be referred to in this
publication. Further details of these exemptions are available on request. This publication 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 publication. Bank Julius Baer & Co. Ltd. (UEN - T07FC7005G) is
incorporated in Switzerland with limited liability.
Spain: Julius Baer Agencia de Valores, S.A.U., authorised and regulated by the Comisión Nacional del Mercado de Valores
(CNMV), distributes this publication to its clients.
South Africa: This publication 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.
Switzerland: This publication is distributed by Bank Julius Baer & Co. Ltd., Zurich, authorised and regulated by the Swiss
Financial Market Supervisory Authority (FINMA). All investment funds mentioned in this publication are authorised for
distribution in Switzerland. Some of the investment funds mentioned in this publication 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 (CISA). This publication is not a simplified prospectus as stated in Art. 5
of the CISA.
The Bahamas: This publication is distributed by Julius Baer Bank (Bahamas) Limited, an entity licensed by the Central Bank
of The Bahamas and regulated by the Securities Commission of The Bahamas. This publication does not constitute a
prospectus or a communication for the purposes of the Securities Industry Act, 2011, or the Securities Industry Regulations,
2012. In addition, it is only intended for persons who are designated or who are deemed ‘non-resident’ for the purposes of
Bahamian Exchange Control Regulations and Rules.
United Kingdom (UK): Julius Baer International Limited, which is authorised and regulated by the Financial Conduct
Authority (FCA), distributes this publication to its clients and potential clients. Where communicated in the UK, this
publication 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 publication 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 publication 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 publication 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 PUBLICATION NOR ANY COPY THEREOF MAY BE SENT, TAKEN INTO OR DISTRIBUTED IN THE
UNITED STATES OR TO ANY US PERSON.
© Julius Baer Group, 2021