An individual investor, also known as a retail client, is a client organisation or individual who cannot meet both (i) one or more of the professional client criteria laid down in Annex II to the Markets in Financial Instruments Directive (Directive 2004/39/EC), and (ii) one or more of the qualified investor criteria set out in Article 2 of the Prospectus Directive (Directive 2003/71/EC).
On this website, Intermediaries & Institutions are investors that qualify as both a Professional Client and a Qualified Investor.
In summary a person who can both be classified as a professional client under the Markets in Financial Instruments Directive and a qualified investor in accordance with the Prospectus Directive will generally need to meet one or more of the following requirements:
(1) An entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:
(a) a credit institution;
(b) an investment firm;
(c) any other authorised or regulated financial institution;
(d) an insurance company;
(e) a collective investment scheme or the management company of such a scheme;
(f) a pension fund or the management company of a pension fund;
(g) a commodity or commodity derivatives dealer;
(h) a local
(i) any other institutional investor;
(2) a large undertaking that meets two of the following tests: (i) a balance sheet total of EUR 43,000,000; (ii) an annual net turnover of EUR 50,000,000; (iii) an average number of employees during the year of 250″
These terms and conditions govern your use of this website (www.itifunds-etf.com). By accessing this website, you agree that you have read and accept these terms and conditions. If you do not wish to be bound by these terms and conditions, please leave this website.
Access to information displayed on this website may be restricted to certain persons in certain countries. Various ITI Funds products shown on this website have been registered or authorised in different countries and as such are authorised for public offering (to retail and professional clients as defined under the Markets in Financial Instruments Directive (as amended) (“MiFID”) and to qualified investors as defined under the Prospectus Directive (as amended)) in such countries. In countries where one or more ITI funds products are not registered or authorised for public offering, retail investors may not access information on such ITI funds products, but certain information may be shown to certain types of professional clients and qualified investors, depending on the country concerned. ITI Funds does not intend information concerning ITI Funds products to be shown to any persons and/or entities who are prohibited from seeing such information by their country of residence, domicile and/or incorporation (as applicable). Users of this website must ensure that they are legally permitted to log on to this website in the country where they do so. Users are also responsible for ensuring that their declarations regarding their countries of residence, domicile and/or incorporation when accessing this website are accurate.
This website is owned and operated by ITI funds. The content is provided and managed by ITI Funds and other companies within its group that are direct and indirect subsidiaries of ITI funds, (which include the investment manager, trustee and/or adviser of the ITI Funds (as the case may be) described below in the section titled “ITI Funds Products”.
Registrations and Listings
This website indicates in which countries the ITI Funds products are registered or authorised for public distribution and on which principal stock exchanges the ITI Funds products domiciled in Europe are also listed.
The ITI Funds products are not offered or aimed at residents in any country in which (a) the ITI Funds products are not authorised or registered for distribution and where to do so is contrary to the relevant country’s securities laws, (b) the dissemination of information on the ITI Funds products via the Internet is forbidden. This website and the information provided on this website should not be construed as an advertisement, an offer to sell, or a solicitation of an offer to buy any securities in the ITI Funds products mentioned in this website, nor shall any such securities be offered or sold, in any country in which to do so is contrary to that country’s securities laws.
Specifically, the securities of the ITI Funds products domiciled in Luxembourg have not been, and will not be registered under the Securities Act of 1933 of the USA (the “1933 Act”) or the securities laws of any of the states of the United States. Such securities may not be offered or sold directly or indirectly in the United States or for the account or benefit of any US Person, except pursuant to an exemption from, or in a transaction not subject to the regulatory requirement of the 1933 Act and any applicable state securities laws. Any re-offer or resale of any of the securities in the United States or to US Persons may constitute a violation of US law. “US Person” means any person or entity deemed by the US Securities Exchange Commission from time to time to be a “U.S. Person” under Rule 902(k) of the 1933 Act or other person or entity as the directors of the ITI Funds Products (or their umbrella companies or managers) may determine. Securities of the ITI Funds products domiciled in Luxembourg may not, except pursuant to a relevant exemption, be acquired or owned by, or acquired with the assets of an ERISA Plan. An “ERISA Plan” is defined as (i) any retirement plan subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended (ERISA); or, (ii) any individual retirement account or plan subject to Section 4975 of the United States Internal Revenue code of 1986, as amended.
Additionally, securities of the ITI Funds products domiciled in Luxembourg may not, except pursuant to an exemption from, or in a transaction not subject to the regulatory requirements of, the Investment Company Act of 1940 of the USA, as amended (the “”1940 Act””), or the US Commodity Exchange Act, as amended (the “”CEA””), as the case may be, be acquired by a person who is deemed to be a US Person under the 1940 Act and regulations thereunder or a person who is deemed to be a US Person under the CEA and regulations thereunder.
The ITI Funds products domiciled in Luxembourg have not been, nor will they be, qualified for distribution to the public in Canada as no prospectus for any ITI Funds product domiciled in Luxembourg has been filed with any securities commission or regulatory authority in Canada or any province or territory thereof. This website is not, and under no circumstances is to be construed, as an advertisement or any other step in furtherance of a public offering of securities in Canada. No person resident in Canada for the purposes of Canadian income tax legislation may purchase or accept a transfer of securities of any ITI Funds product domiciled in Luxembourg unless he or she is eligible to do so under applicable Canadian or provincial laws.
Users of this website are required to notify ITI Funds immediately by email if any information which a user is able to access on this website would cause the user, ITI Funds to be in breach of applicable laws or regulations. In such event, the user shall (a) stop accessing this website, (b) destroy immediately any such information (and all copies) which has been downloaded or printed by the user from this website, (c) disregard such information, and (d) treat such information as confidential and not disseminate it.
ITI Funds products may not be suitable for all investors and ITI Funds does not guarantee the performance of the ITI funds products. Past performance is not a reliable indicator of future results. The value and price of securities (which may trade in limited markets) of the ITI Funds products and the income from them may fall as well as rise and an investor may not recover the full amount invested. An investor’s income from ITI Funds products is not necessarily fixed and may fluctuate. Where an investor invests in an ITI Funds product denominated in a currency other than that of the country in which the investor is resident, the return to the investor may increase or decrease as a result of currency fluctuations.
Exchange rate movements can affect the value of investments involving exposure to foreign currencies.
Any projections or examples (including calculations used therein) set out in this website are for illustrative purposes only and are not guaranteed to be accurate, complete or up to date.
Tax levels, the tax status of the ITI Funds products, the taxation of investors and any tax reliefs may change from time to time. Any change in the taxation legislation in any jurisdiction where an ITI Funds product is registered, cross-listed, marketed or invested could affect the tax status of the ITI Funds product, affect the value of the relevant ITI Funds product’s investments in the affected jurisdiction, affect the relevant ITI Funds product’s ability to achieve its investment objective, and/or alter the post tax returns to investors. The availability and value of any tax reliefs available to investors depend on the individual circumstances of investors. Any tax-related information in this website is not exhaustive and does not constitute legal or tax advice. Prospective investors are urged to consult their tax advisors with respect to their particular tax situations and the tax effects of an investment in the ITI Funds products.
Important information about ITI Funds products is contained in the relevant prospectus of ITI Funds UCITS ETF SICAV products, copies of which can be obtained on this website, our broker or financial adviser. Please refer to the ITI funds products’ prospectus for a full description of the risks of investing in the products.
Securities of ITI Funds products may be purchased or sold throughout the day on one or more stock exchanges (secondary market) through an authorised intermediary. Securities of ITI funds products may only be subscribed or redeemed directly with the relevant ITI Funds product (primary market) by authorised participants in very large creation / redemption sizes.
When making an investment in an ITI Funds product, you are buying securities issued by a company that will be listed on one or more stock exchanges. The price of the securities will be determined by supply and demand. Such price will not necessarily be the same as the value per security of that ITI Funds product’s assets. At any time the security price may be at a discount or premium to the asset value. However, because of the exchange traded structure, it is expected that a significant discount or premium of price to asset value will not be sustainable over the long term.
Affiliated companies of ITI Funds may make markets in the securities of the ITI Funds products. Further, ITI Funds, its employees and other funds managed by ITI funds may from time to time acquire or hold securities or holdings in the underlying securities of, or options on, any security of the ITI Funds products and may as principal or agent buy or sell securities.
In respect of the ITI Funds Products mentioned herein, they are intended for information purposes only and do not constitute investment advice or a personal recommendation or an offer to sell or a solicitation of an offer to buy these ITI Funds products.
Exchange Traded Funds (ETFs)
The capital return and income of each ITI Funds fund are based on the capital appreciation and income on the securities it holds, less expenses incurred. Therefore, each ITI funds fund’s return may be expected to fluctuate in response to changes in such capital appreciation or income. Additionally, the securities in an equity benchmark index may under-perform fixed income investments and stock market investments that track other markets, segments or sectors different to that of an ITI Funds fund. As foreign exchanges can be open on days when shares in an ITI Funds fund are not priced, the value of the securities in an ITI Funds fund’s portfolio may change on days when shareholders will not be able to purchase or sell an ITI Funds fund’s shares.
Certain ITI funds fund’s may use derivatives, details of which will be set out in the relevant prospectuses. The use of derivatives involves special risks and the ITI Funds fund’s may be exposed to credit risk with regard to parties with whom it trades.
An investment in an ITI Funds fund often involves investing in international markets. In addition to the normal risks associated with investing, international investments involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. The value of investments in ITI Funds fund’s investing in economies and markets which may be less developed than more established economies (including emerging markets), may be subject to greater volatility due to increased uncertainty as to how these markets operate and the possibility of lower trading volumes.
The content of this website is general in nature and is meant to inform investors, potential investors and their professional intermediaries of the existence of, and potential benefits of investing in, ITI Funds products. However, this website is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations (personal recommendations or otherwise) about the suitability of ITI Funds products for the circumstances of any particular investor. If you do require investment advice, please contact an independent broker or financial adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.
Content and Use of this Website
This website is for your personal and internal use and is not to be used for any commercial purposes (whether for profit) unless and to the extent you are a financial adviser seeking information about ITI Funds products for your clients.
As a user, you may not sell, copy, publish, distribute, transfer, modify, display, reproduce, and/or create any derivative works from the information or software on this website. You may not redeliver any of the pages, text, images, or content of this website using “”framing”” or similar technology. You acknowledge that you have no right to use the content of this website in any other manner.
The contents of this website, including text, graphics, links and/or other items, have been prepared based upon sources, materials, and systems believed to be reliable and accurate, and are provided to you on an “”as is”” and “”as available”” basis.
ITI Funds makes no representations, and disclaims all, express, implied and statutory warranties of any kind to you or any third party, including, but not limited to, representations, and warranties regarding accuracy, timeliness, completeness, merchantability, fitness for any particular purpose, non-infringement of third-party rights, and/or freedom from computer viruses.
Links to other websites are provided for your convenience and are not to be construed as an endorsement by ITI Funds of such websites, their content, products and/or services, or vice versa. ITI Funds accepts no responsibility for any of the content (regardless of what form this content is in) and the use of such third-party websites is at your own risk. ITI Funds does not guarantee that any of the links are operational, and does not assume any responsibility for the consequences of any errors or omissions as a result of using these links.
Internet software or transmission problems may produce inaccurate or incomplete copies of information and materials that may be downloaded and displayed on a user computer. ITI Funds is not liable for any errors, changes, or omissions that occur during transmission or downloading of information and materials.
Although ITI Funds endeavours to update and ensure the accuracy of the content placed on this website, ITI Funds does not warrant or guarantee the accuracy or correctness of it or of any other content, materials and/or offers placed on, featured or referred to in or made available by means of this website. Despite the exercise of all due care, some information on this website may have changed since the last update. ITI Funds also does not warrant or guarantee that this website, its operation of this website, the content of this website or the server that makes the website available are error or virus free or free of other harmful components or that your use of this website and its content will be uninterrupted.
Exclusion of Liability
In no event shall ITI Funds be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this website or the use thereof or inability to use by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if ITI Funds, or representatives thereof, are advised of the possibility of such damages, losses or expenses. ITI Funds does not limit or exclude liability for death or personal injury resulting from its negligence or where this would be prohibited by law. Use of hyperlinks to other internet resources is at your own risk.
If you are dissatisfied with the website or its content please contact ITI funds on 0207 562 8000, but in any event your exclusive remedy is to discontinue your use of the website and such content.
Claims Concerning Your Use Of Our Website
Where a claim is brought against ITI Funds by a third party in relation to your use of this website, you hereby agree to fully reimburse ITI Funds for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by ITI Funds in or as a consequence of your breach or non-observance of these terms and conditions and/or your improper use of this website.
Neither party shall be liable to the other, for any loss or damage which may be suffered by the other party due to any cause beyond the first party’s reasonable control including without limitation any power failure.
Anti Money Laundering
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the prospectuses or other constitutional documents of the relevant ITI Funds Products.
For training, quality and verification purposes, telephone calls are usually recorded.
This document is not, and under no circumstances is to be construed as an advertisement or any other step in furtherance of a public offering of shares in the United States or Canada. This document is not aimed at persons who are resident in the United States, Canada or any province or territory thereof, where the companies/securities are not authorised or registered for distribution and where no prospectus has been filed with any securities commission or regulatory authority. The companies/securities may not be acquired or owned by, or acquired with the assets of, an ERISA Plan.
Investment in the products mentioned in this document may not be suitable for all investors and involve a significant degree of risk. Investors should read carefully and ensure they understand the Risk Factors in the Prospectus and the KIIDS document found on the website. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The price of the investments may go up or down and the investor may not get back the amount invested. Your income is not fixed and may fluctuate. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. The securities are priced in US Dollars and the value of the investment in other currencies will be affected by exchange rate movements. We remind you that the levels and bases of, and reliefs from, taxation can change.
ITI Funds have not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information, investment should be made on the basis of the relevant Prospectus which is available from your Broker, Financial Adviser or ITI Funds Website. We recommend you seek independent professional advice prior to investing.
In respect of the products mentioned this document is intended for information purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy the securities described within. This document may not be distributed without authorisation from ITI Funds.
ITI funds reserves the right to vary these terms and conditions from time to time. You can access the latest version of the terms and conditions on this website.
Governing Law and Jurisdiction
These terms and conditions and your access to and use of this website and the content are subject to English law and the jurisdiction of the English courts.
If any provision of these terms and conditions in judicial proceedings is held illegal or unenforceable, such provision shall be severed and shall be inoperative, and the remainder of these terms and conditions shall remain operative, in full force and effect and binding on you.
ITI Funds (“We / ITI Funds”) recognizes the importance of protecting your personal and financial information when you visit our websites (each a “Website” and together “Websites”). This Policy including the Cookies Policy is designed to help you understand the information collection practices on all Websites owned or operated by or on behalf of companies within the ITI Funds group of companies. Information collected on our Website is collected by ITI funds. Contact information is included in this Policy and on the Website.
We are committed to:
(a) protecting the personal data you provide to us;
(b) telling you how we use the information we gather about you; and
(c) ensuring that you know the circumstances under which we may disclose your personal data.
This Policy covers the privacy and data protection policies on our website and should be read in conjunction with any other applicable policies, terms, and conditions in place between you and ITI Funds.
If you have any questions about this Policy, or our privacy related practices, please contact us:
• by email at firstname.lastname@example.org
• by phone at ITI Funds +44 (0) 207 562 8000
• by post: Compliance Officer, ITI Funds, Level 33 Tower 42, 25 Old Broad Street, London EC2N 1HQ
Data Protection and Privacy
Information Collection and Use
If you are a visitor who has entered the Website via a click through link in an email which we have sent you, information about you, including information about the pages you visit, the documents you download and other information which can help us personalize our future interaction with you may be collected. Any information collected about you from this Website may be associated with other identifying information that we have about you.
You may contact us to:-
• request that we amend, rectify, delete or update the personal data we hold about you;
• where possible (e.g., in relation to marketing) amend or update your choices around processing;
• request a copy of personal data held by us.
Where you would like to receive a copy of all personal data held, such request should be in writing (email or post), addressed to our Compliance Officer at our London Office and should contain as much information as possible to facilitate our dealing with this request.
We generally record certain usage information, such as the number and frequency of visitors to our Websites. This information may include the websites that you access immediately before and after your visit to our Websites, the Internet browser you are using and your IP address. If we use such data at all it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.
Sharing your information with other Service Providers
Your personal data may be collected and processed for the purposes above:
(i) By any of the companies within the ITI Funds group; or
(ii) By a third party service provider engaged by us for these purposes;
ITI Funds companies and service providers we engage may be based in countries outside of the European Union / EEA in countries having different standards of protection for personal data. Recipients will be required by us to protect your information in accordance with applicable data protection laws.
Compliance with Laws
Your personal data will be held and processed by us in accordance with applicable data protection law.
We will not provide any personal data to any other persons, except if we are required to make disclosures by any law, any government or private parties in connection with a lawsuit, subpoena, investigation or similar proceeding.
E-mail and Marketing
ITI Funds does not sell its customers’ personal data, nor will we provide your personal data to third parties for their marketing purposes without your consent. ITI Funds will not send you e-mail messages without first receiving your permission, unless it relates to servicing your account or unless you have consented to receiving electronic delivery of fund documents. It is our policy to include instructions for unsubscribing from these permission-based programs.
Disclosure to Third Parties
Third Party Websites
We recommend that you do not send us any personal data via non secure methods of correspondence, including via public electronic communication channels, such as Internet e-mail, which are generally not secure.
What are cookies?
Cookies are small text files that are stored in your computer’s memory and hard drive, in your mobile device or tablet when you visit certain web pages. They are used to enable websites to function or to provide information to the owners of a website, or other third parties which receive data obtained from that website.
When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalised web experience.
• Analytical purposes: Analytical cookies allow us to recognise, measure and track visitors to our Website and compile a record of this usage information. This helps us to improve and develop the way our Website work, for example, by determining whether site visitors can find information easily, or by identifying the aspects of websites that are of the most interest to them.
• Usage preferences: Some of the cookies on our Website are activated when visitors to our sites make a choice about their usage of the site. Our Website then ‘remembers’ the settings preferences of the user concerned. This allows us to tailor aspects of our sites to the individual user.
• Functional purposes: Functional purpose cookies store information that is needed by our applications to process and operate. For example, where transactions or requests within an application involve multiple workflow stages, cookies are used to store the information from each stage temporarily, in order to facilitate completion of the overall transaction or request.
• Advertising: Advertising cookies allow us (or third parties) to monitor the behaviour of users of our Website. This information is used to ensure that products and services highlighted to those individuals are targeted in a focused and relevant manner – e.g. through advertisements on ITI Funds website or through advertisements on third party websites (e.g. Bloomberg, Agefi.com Handlesblatt.de, etc) where we are legally allowed to do so which are based on your experience with our Website; or to monitor the effectiveness of those digital marketing campaigns. We also monitor whether any adverts displayed on our Website are of interest to users and retain this information to ensure that adverts seen by users of our Website over a period of time are appropriate.
Your cookie preferences
Cookies are necessary in order for you to be able to make full use of ITI funds Website. In addition, cookies help us provide you with personalised features on our Website. If you chose to disable cookies, some of ITI Funds Website functionality might be impaired.
Local Flash Storage
Our website may contain content designed for display using Adobe Flash Player, such as animations, videos and tools. Local flash storage (often referred to as “Flash cookies”) can be used to help improve your experience as a user. Flash storage is retained on your device in much the same way as standard cookies, but is managed directly by your Flash software.
If you wish to disable or delete information stored locally in Flash, please see the documentation for your Flash software, located at www.adobe.com. Please note that, if you disable Flash cookies, some site functionality may not work.
Amending cookie preferences
The site www.allaboutcookies.org includes instructions for managing cookies on many commonly used browses, or you may consult the vendor documentation for your specific software.
Further information about cookies
If you would like to find out more about cookies in general and how to manage them, please visit www.allaboutcookies.org.
We’ve designed this website to give you clear information to help you make informed investment decisions. We don’t offer investment advice based on personal circumstances. If you are unsure whether the products mentioned on this site are suitable for you, please speak to a financial adviser. Past performance is not a reliable indicator of future results. The value of investments, and the income from them, may fall or rise and you might get back less than you invested.