Legal Notice
The content of this Web site is only aimed at users that can be assigned
to the group of users described below and who accept the conditions listed
below. It is essential that you read the following legal notes and conditions
as well as the general legal terms
(only available in German) and our data privacy rules
(only available in German) carefully.
I. Restricting the group of users
1. General
The information on the products listed on this Web site is aimed exclusively
at users for whom there are no legal restrictions on the purchase of such products.
2. Restriction by nationality and due to membership of another legal group
The information on this Web site is not aimed at people in countries in which
the publication and access to this data is not permitted as a result of their
nationality, place of residence or other legal reasons (e.g. for reasons of
supervisory—especially sales—law). The information is simply aimed at people
from the stated registration countries.
Important information for US citizens:
This Web site is not aimed at US citizens. US citizens are prohibited from
accessing the data on this Web site. None of the products listed on this Web
site is available to US citizens. Any services described are not aimed at US citizens.
"US citizens" are:
- Citizens of the United States of America (regardless of their place of residence),
- Citizens of other countries with their current place of residence in the United States of America,
- Future or existing companies and organisations that are organised by statutory
regulations of a federal state, territory or ownership of the United States of America
- Assets and trusts that are subject to the law of the United States of America.
Reference is also made to the definition of Regulation S in the U.S. Securities Act of 1933.
Attention:
The data or material on this Web site is not directed at and is not intended for US persons. US persons are:
- United States residents
- residents of other countries who are temporarily present in the United States
- any partnership, corporation, or entity organised or existing under the
laws of the United States of America or of any state, territory, or possession thereof,
- any estate or trust which is subject to United States tax regulations
For further information we refer to the definition of Regulation S of the U.S. Securities Act of 1933.
The data or material on this Web site is not an offer to provide, or a solicitation
of any offer to buy or sell products or services in the United States of America.
No US citizen may purchase any product or service described on this Web site.
II. Special information for private individuals
1. Suitability of investing in the fund
The product information provided on the Web site may refer to products that
may not be appropriate to you as a potential investor and may therefore be unsuitable.
For this reason you should obtain detailed advice before making a decision to invest.
Under no circumstances should you make your investment decision on the basis of the
information provided here.
2. Definition of institutional/professional investor and private investor as users
"Institutional investors" are such users of the Web site that would be
classified as professional customers by the German Securities Trading Law
(WpHG). As such, it can be assumed that you have enough experience, knowledge
and specialist expertise with regard to investing in financial instruments
and can appropriately assess the associated risks. Such professional customers
as defined by the German Securities Trading Law (WpHG) are therefore
1. Companies that are
- Securities service companies,
- Other authorised or supervised financial institutions,
- Insurance companies,
- Organisations for joint investments and their management companies,
- Pension funds and their management companies,
- Companies that trade in derivatives,
- Stock market traders and goods derivatives traders,
- Other institutional investors whose main activity is not recorded by those stated above.
Subject to authorisation or supervision at home or abroad in order to act on the financial markets;
2. Companies who are not subject to authorisation or supervision that
exceed at least two of the following three features:
- €20,000,000 balance sheet total
- €40,000,000 turnover,
- €2,000,000 own funds;
3. National and regional governments and public debt administration offices;
4. Central banks, international and cross-state organisations such as the
World Bank, the International Monetary Fund, the European Central Bank,
the European Investment Bank and other comparable international organisations;
5. Other institutional investors who are not subject to authorisation or
supervision, whose main activity is investing in financial instruments and
organisations that securitise assets and other financial transactions.
Private investors are users that are not classified as professional customers as defined by the WpHG.
III. Information/No offer
The information published on the Web site does not represent an offer nor a
request to purchase or sell the products described on the Web site. No
intention to close a legal transaction is intended. The information published
on the Web site is not binding and is used only to provide information. The
information is provided exclusively for personal use. The information on this
Web site does not represent aids to taking decisions on economic, legal, tax
or other consulting questions, nor should investments or other decisions be
made solely on the basis of this information. Detailed advice should be obtained
before each transaction.
IV. No investment advice or financial analysis
The information published on the Web site also does not represent investment
advice or a recommendation to purchase or sell the products described on the Web site.
V. Risks/Value developments
Past growth values are not binding, provide no guarantee and are not an indicator
for future value developments. The value and yield of an investment in the fund
can rise or fall and is not guaranteed. Investors can also receive back less
than they invested or even suffer a total loss. Exchange rate changes can also
affect an investment. Purchase or investment decisions should only be made on
the basis of the information contained in the relevant sales brochure.
VI. No liability for content
No guarantee is accepted (either expressly or silently) for the correct,
complete or up-to-date nature of the information published on this Web site.
In particular there is no obligation to remove information that is no longer
up-to-date or to mark it expressly as such.
VII. MSCI data
Copyright MSCI 2013. All Rights Reserved. Without prior written permission of MSCI,
this information and any other MSCI intellectual property may only be used for
your internal use, may not be reproduced or redisseminated in any form and may
not be used to create any financial instruments or products or any indices. This
information is provided on an “as is” basis, and the user of this information assumes
the entire risk of any use made of this information. Neither MSCI nor any third party
involved in or related to the computing or compiling of the data makes any express or
implied warranties, representations or guarantees concerning the MSCI index-related data,
and in no event will MSCI or any third party have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) relating
to any use of this information. (www.msci.com)
VIII. Links
This Web site may contain links to the Web sites of third parties. We do
not assume liability for the content of these Web sites. justETF GmbH
hereby expressly distances itself from the content and expressly
does not make it their own. It is possible to use “hyperlinks” to link to this
site without the knowledge of justETF GmbH. justETF GmbH has no
control on the setting of such links and does not accept any responsibility
or even liability for the content or depiction on Web sites for which there is a link
to this Web site and expressly does not make the content its own.
IX. Court of jurisdiction and applicable law
The legal conditions of the Web site are exclusively subject to German law.
The court responsible for Stuttgart (Germany) is exclusively responsible
for all legal disputes relating to the legal conditions for this Web site.
Abbiamo già analizzato nel nostro precedente articolo La fiscalità degli ETF in Italia che in seguito al recepimento della direttiva europea 2011/61/UE AIFM, nel 2014 il governo italiano ha effettuato delle importanti modifiche relative alla tassazione sugli ETP. In particolare, oltre all’aumento generalizzato dell’imposizione fiscale al 26%, sono state apportate delle modifiche relative al trattamento fiscale delle plusvalenze derivanti da operazioni in ETF che non potranno essere esenti da minusvalenze derivanti da medesime operazioni con gli ETF.
