All contents of this website are subject to the following conditions of use:

Information provided by this website:

The contents of this website were drawn up with the greatest possible care and researched by using sources classified as reliable. The contents exclusively serve non-commercial own use of the website visitor. Nonetheless, the operator of this website does not assume any liability or warranty for the correctness, completeness and topicality of the information provided. Furthermore, the operator of this website does not assume responsibility for any damage that might be caused in reliance on the contents of this website. Any use of the information provided is thus at the sole risk of the user. This information provided here should, if necessary, again be checked and affirmed by an independent body. Any contributions by named individuals represent the opinion of the respective author and not necessarily the view of the website operator.

The publication of information provided on this website by unauthorised third parties is prohibited.

Non-binding nature of the provided information / intended recipients of the information:

The information provided here is of a general nature and does not amount to any legal, tax or investment advice. The information provided on this website must in particular not be understood as an offer for the acquisition of any of the products described here, as a request for making such offer, or as a corresponding advertising.

Moreover, the information provided on this website neither provides any decision aid on financial, legal, tax or other consulting matters, nor must any investment or other decisions be made solely on the basis of the information provided on this website.

You will find more detailed information on any investment products described on this website in the corresponding prospectuses. Subscription can be made exclusively on the basis of the respective, solely authoritative prospectus. In particular, the risk indications contained therein should be carefully read before any investment. In addition, it is recommended that you obtain advice from a lawyer, tax consultant, auditor or other advisor in order to examine whether the form of investment is suitable against the background of your own financial, fiscal and other circumstances. The offer and sale of investment products on which information is provided on this website is restricted or prohibited by law in specific sovereign territories. Persons who are subject to the jurisdiction of such sovereign territories must independently obtain information about such restrictions and are obliged to comply with them.
Therefore, the information provided on this website is not addressed to any persons subject to a jurisdiction in which an offer would be unlawful.

The information provided on this website is generally not addressed to any U.S. citizens. Interests in the mentioned investment products shall neither be offered in the United States of America, nor shall they be sold to or for the benefit of U.S. citizens.

A U.S. citizen is

(a) a natural person residing in the United States of America;
(b) a partnership, enterprise or other legal person established under U.S. American law or having its principal place of business in the United States of America;
(c) any estate or fund whose income is subject to U.S. American income tax, independent of its origin; or
(d) any legal person established for the purpose of passive investment forms, such as a commodity pool, investment fund, or similar legal persons (but not legal persons offering pension savings plans for employees, managers and executive officers having their principal place of business outside the United States)

1.) in which U.S. citizens hold interests amounting to a total of 10% or more of the beneficiary’s capital, or
2.) whose principal task is to carry out assessments for an U.S. citizen in a commodity pool or investment fund, which according to the provisions set forth in the 4th paragraph of the CFTC regulations the administrator is not allowed to carry out, except if none of the persons represented by him is a U.S. citizen.

Neither anything provided on this website nor any establishment of contact through email or fax causes the creation of a contractual relationship. This requires a separate personal agreement. Therefore, any oral or written information provided outside a contractual relationship is non-binding.

Links to third party content:

The contents of any external websites that can be reached from this website via hyperlinks or are referring to this website are third party contents over which the operator of this website does not have any control and for which the operator of this website does not assume any warranty. Such contents are subject to the liability of the respective provider. At the time of linking, the linked pages were examined for potential legal violations, which at that point in time were not recognizable. However, without concrete indication of a legal violation it is unreasonable to expect a permanent monitoring of the content of linked pages. As soon as the operator of this website becomes aware of any legal violations, such links will be immediately removed.

Copyright Notice:

All contributions and illustrations published on this website are copyright-protected. The operator of this website furthermore always tries to observe the copyrights of others with regard to any graphics and texts, and to use personally created and licence-free works. Any contributions of third parties are marked as such. Unless allowed hereinafter, the reproduction of any content is prohibited. Any exploitation not permitted under copyright law requires the prior written consent of the operator or of the respective author or creator. This in particular applies to the duplication, editing, translation, storing, processing or reproduction of contents in databases or other electronic media and systems. We furthermore point out that photocopies and downloads from websites may be produced only for personal, private and non-commercial use. Any duplication or distribution for professional purposes is prohibited.


With regard to any statements provided on this website in respect of profits, returns or performance it has to be observed that any returns generated in the past do not give any guarantee for future performance and achievement of a particular return target. All profits generated with the respective investment are subject to the relevant national taxation.

Legal validity of this disclaimer or exclusion of liability:

This exclusion of liability or disclaimer is to be seen as part of the statements and information provided on this website, from which reference is made to this page. In the event that parts or individual formulations of this text do not, no longer or not completely comply with currently applicable law, or if any provision is partially or entirely invalid, this shall not affect the content and validity of the remaining parts of the document or provisions.