Wesentliche Anlegerinformationen

Transcription

Wesentliche Anlegerinformationen
LZhZcia^X]Z6caZ\Zg^c[dgbVi^dcZc
<Z\ZchiVcYY^ZhZh9d`jbZcihh^cYlZhZcia^X]Z>c[dgbVi^dcZc[“gYZc6caZ\Zg“WZgY^ZhZc;dcYh#:h]VcYZaih^X]c^X]ijb
LZgWZbViZg^Va#9^ZhZ>c[dgbVi^dcZch^cY\ZhZioa^X]kdg\ZhX]g^ZWZc!jb>]cZcY^ZLZhZchVgiY^ZhZh;dcYhjcYY^ZG^h^`Zc
Z^cZg6caV\Z^c^]cojZga~jiZgc#L^ggViZc>]cZcojgAZ`i“gZY^ZhZh9d`jbZcih!hdYVhhH^ZZ^cZ[jcY^ZgiZ6caV\ZZcihX]Z^Yjc\
igZ[[Zc`ŽccZc#
6aa^Vco<adWVa>ckZhidgh;jcY"
6aa^Vco:bZg\^c\BVg`Zih7dcY:migV'%'%
6ciZ^a`aVhhZ6='"JH9
>H>C/
AJ&&)(&%',&%
L@C/
6&';<F
KZglVaiZiYjgX]6aa^Vco<adWVa>ckZhidgh<bW=!IZ^akdc6aa^Vco<adWVa
>ckZhidgh
O^ZaZjcY6caV\Zeda^i^`
9ZgIZ^a[dcYho^ZaiYVgVj[VW!^bGV]bZcYZg6caV\Z\gjcYh~ioZ
jcYjciZg7Zg“X`h^X]i^\jc\YZgBZg`bVaZZ^cZhAVj[oZ^i[dcYh
GZcY^iZcojZgl^gihX]V[iZc!Y^ZYZc_Zc^\ZcYZg\adWVaZc
B~g`iZ[“gJciZgcZ]bZch" jcYHiVVihVcaZ^]Zc^c
HX]lZaaZca~cYZgcZcihegZX]Zc#9ZgIZ^a[dcYhkZg[da\iZ^cZ
6caV\ZhigViZ\^Zb^iZ^cZbWZ\gZcoiZcOZ^igV]bZc&-#
CdkZbWZg'%'%#B^iL^g`jc\ojb')#CdkZbWZg'%'%
lZgYZcY^ZKZgbŽ\ZchlZgiZkZg`Vj[ijcYY^Z:gaŽhZVcY^Z
6ciZ^a^c]VWZgYZhIZ^a[dcYhVjh\ZoV]ai#
L^g^ckZhi^ZgZcb^cYZhiZch-%YZhIZ^a[dcYhkZgbŽ\Zch^c
kZgo^cha^X]ZLZgieVe^ZgZ!Y^ZkdchiVVia^X]Zc:b^iiZciZcdYZg
JciZgcZ]bZcZ^cZhHX]lZaaZcaVcYZhWZ\ZWZcdYZg\VgVci^Zgi
lZgYZc#L^g`ŽccZcW^hoj)%YZhIZ^a[dcYhkZgbŽ\Zch^c
kZgo^cha^X]ZLZgieVe^ZgZ^ckZhi^ZgZc!Y^Zojb
:glZgWhoZ^iejc`i`Z^c×>ckZhibZci"<gVYZ"GVi^c\ÆZ^cZg
VcZg`VcciZcGVi^c\"6\Zcijg]VWZc!W^hYZgEdgi[da^dbVcV\Zg
Y^ZZcY\“ai^\ZEdgi[da^dhigj`ijgYZhIZ^a[dcYh\ZhX]V[[Zc]Vi#
CVX]YZg:iVWa^Zgjc\YZgZcY\“ai^\ZcEdgi[da^dhigj`ijg`ŽccZc
Y^Zkdg\ZcVcciZc<gZcoZc“WZghX]g^iiZclZgYZc!lZccY^Zh
YjgX]tcYZgjc\ZcYZhLZgihYZgkdbIZ^a[dcYhZgldgWZcZc
kZgo^cha^X]ZcLZgieVe^ZgZ\ZhX]^Z]i#L^g`ŽccZcW^hoj'%
YZhIZ^a[dcYhkZgbŽ\Zch^ckZgo^cha^X]ZLZgieVe^ZgZ
^ckZhi^ZgZc!Y^Zkdcc^X]i^cZ^cZbHX]lZaaZcaVcYVch~hh^\Zc
hiVVia^X]Zc:b^iiZciZcdYZgJciZgcZ]bZcWZ\ZWZcdYZg
\VgVci^ZgilZgYZc#Bdgi\V\Z7VX`ZYHZXjg^i^ZhB7HdYZg
6hhZi7VX`ZYHZXjg^i^Zh67HY“g[Zcc^X]iZgldgWZclZgYZc#
9^ZYjgX]hX]c^iia^X]ZGZhiaVj[oZ^iVaaZg6caZ^]ZchdaaiZh^X]^b
6aa\ZbZ^cZcVcYZgAVj[oZ^iYZh;dcYhW^hojbCdkZbWZg
'%'%dg^Zci^ZgZc#9Vh;gZbYl~]gjc\hg^h^`d\Z\Zc“WZgYZb
:jgdl^gYVj[bVm^bVa&%YZhIZ^a[dcYhkZgbŽ\Zch
WZhX]g~c`i#
9^Z7Vh^hl~]gjc\YZh;dcYh:JGl^gYlZ^i\Z]ZcY\Z\ZcY^Z
GZ[ZgZcol~]gjc\YZg6ciZ^a`aVhhZJH9VW\Zh^X]Zgi#9VYjgX]
kZgg^c\Zgch^X]hdld]aYVhediZco^ZaaZG^h^`dVahVjX]
ediZco^ZaaZ<Zl^ccbŽ\a^X]`Z^iZcYjgX]
LZX]hZa`jghWZlZ\jc\Zc#
H^Z`ŽccZc6ciZ^aZVcYZb;dcYh\gjcYh~ioa^X]
WZlZgijc\hi~\a^X]ojg“X`\ZWZc#
L^ghX]“iiZcY^ZaVj[ZcYZc:gig~\ZYZh;dcYh\gjcYh~ioa^X]
_~]ga^X]Vjh#
:be[Z]ajc\/9^ZhZg;dcYh^hijciZgJbhi~cYZc[“g6caZ\Zg
c^X]i\ZZ^\cZi!Y^Z^]g<ZaY^ccZg]VaWZ^cZhOZ^igVjbhkdc*
?V]gZcVjhYZb;dcYhl^ZYZgojg“X`o^Z]ZcldaaZc#
9Zg^kViZ`ŽccZcojb6jh\aZ^X]kdcEgZ^hWZlZ\jc\ZcYZg
KZgbŽ\Zch\Z\Zchi~cYZ6Wh^X]Zgjc\!ojg6jhcjiojc\kdc
EgZ^hY^[[ZgZcoZcol^hX]ZcolZ^dYZgbZ]gB~g`iZc6gW^igV\Z
dYZgojgKZgbZ]gjc\kdc<Zl^ccX]VcXZc!VjX]lZcc
]^ZgYjgX]VjX]KZgajhig^h^`ZckZgbZ]gilZgYZcAZkZgV\Z!
Z^c\ZhZioilZgYZc#
G^h^`d" jcY:gigV\hegd[^a
Ľ Ine^hX]ZglZ^hZ\Zg^c\ZgZGZcY^iZ
Ľ <Zg^c\ZgZhG^h^`d
&
'
(
Ine^hX]ZglZ^hZ]Ž]ZgZGZcY^iZ Ŀ
=Ž]ZgZhG^h^`d Ŀ
)
*
+
,
9^ZhZgG^h^`d" jcY:gigV\h^cY^`Vidgl^gYVjh
LZgiZcil^X`ajc\ZcYZgKZg\Vc\Zc]Z^iWZgZX]cZi#:gZgaVjWi
`Z^cZkZga~hha^X]Zc6jhhV\Zc“WZgYVhoj`“c[i^\ZG^h^`degd[^a
YZh;dcYh#
9^Z:^chij[jc\YZh;dcYh^hic^X]i\VgVci^ZgijcY`Vcch^X]^c
YZgOj`jc[ikZg~cYZgc#
HZaWhiY^Zc^ZYg^\hiZ@ViZ\dg^Z&W^ZiZi`Z^cZg^h^`d[gZ^Z6caV\Z#
LVgjb^hiYZg;dcYh^cY^ZhZg@ViZ\dg^Z4
;dcYhYZg@ViZ\dg^Z(]ViiZc^cYZgKZg\Vc\Zc]Z^iZ^cZ
\Zg^c\ZW^hb^iiaZgZKdaVi^a^i~i#9^ZKdaVi^a^i~iWZhX]gZ^Wi!l^Z
hiVg`YZgLZgiYZh;dcYh^cYZgKZg\Vc\Zc]Z^i\Zhi^Z\ZcjcY
\Z[VaaZc^hi#6j[<gjcYaV\ZYZg^cYZgKZg\Vc\Zc]Z^i
WZdWVX]iZiZcKdaVi^a^i~iZc`ŽccZc6ciZ^aZZ^cZh;dcYhYZg
@ViZ\dg^Z(\Zg^c\ZcW^hb^iiaZgZcEgZ^hWZlZ\jc\Zc
Vjh\ZhZioihZ^c#
9^Z[da\ZcYZclZhZcia^X]ZcG^h^`ZclZgYZcc^X]ikdaahi~cY^\
YjgX]YZcG^h^`d":gigV\h">cY^`VidgZg[Vhhi/
L^g`ŽccZcY^gZ`idYZg^cY^gZ`iZ^cZclZhZcia^X]Zc6ciZ^aYZh
;dcYh^ckZgo^cha^X]ZLZgieVe^ZgZdYZg<ZaYbVg`i^chigjbZciZ
VcaZ\Zc#Hd[ZgcYZgZc6jhhiZaaZg^chdakZcil^gYdYZg^c
l^gihX]V[ia^X]ZHX]l^Zg^\`Z^iZc\Zg~i!`VccYVh@Ve^iVa
jcY$dYZgY^ZO^chZcc^X]idYZgc^X]ikdaahi~cY^\ojg“X`\ZoV]ai
lZgYZcjcY$dYZgYZgZcLZgi`Vcc[VaaZc#
9Zg;dcYhZci]~aiZ^cZcbV›\ZWa^X]Zc6ciZ^aVc
KZgbŽ\Zch\Z\Zchi~cYZc!Y^ZZ^cZc\Zg^c\Zc<gVYVc
A^fj^Y^i~iVj[lZ^hZcdYZgjciZgWZhi^bbiZcJbhi~cYZcZ^c
\Zg^c\Zc<gVYVcA^fj^Y^i~iVj[lZ^hZc`ŽccZc#HdaX]Z
KZgbŽ\Zch\Z\Zchi~cYZ`ŽccZcl^gYV]ZgbŽ\a^X]ZglZ^hZ
c^X]idYZgcjgojZ^cZblZhZcia^X]\Zg^c\ZgZbEgZ^hVahYZgZc
:glZgWhegZ^hkZg`Vj[Zc#7Z^]d]Zc6ciZ^ahX]Z^cg“X`\VWZc`Vcc
h^X]YV]ZgYVhG^h^`dZ^cZg6jhhZiojc\YZg
6ciZ^ahX]Z^cg“X`\VWZZg]Ž]Zc!ldYjgX]l^gZkZcijZaac^X]i
dYZgc^X]ihd[dgiojg“X`oV]aZc`ŽccZcjcY$dYZgYZg
6ciZ^aegZ^h[VaaZc`Vcc#
L^gY“g[ZcY^gZ`idYZg^cY^gZ`iZ^cZclZhZcia^X]Zc6ciZ^aYZh
;dcYh^c:bZg\^c\BVg`Zih KZgbŽ\Zch\Z\Zchi~cYZ
^ckZhi^ZgZc#HdaX]ZKZgbŽ\Zch\Z\Zchi~cYZlZgYZcd[i^c
:bZg\^c\BVg`Zih A~cYZgckZglV]gi!lVhojdeZgVi^dcZaaZc
G^h^`Zc[“]gZcdYZgYZcKZg`Vj[YZgKZgbŽ\Zch\Z\Zchi~cYZ
ZghX]lZgZc`Vcc#
@dhiZc
9^ZhZ@dhiZclZgYZcojgaVj[ZcYZcKZglVaijc\YZh;dcYh!
Z^chX]a^Z›a^X]YZgKZgbVg`ijc\jcYYZhKZgig^ZWhkZglZcYZi#
H^Z`ŽccZcYVhediZco^ZaaZLVX]hijb>]gZg6caV\Z
WZhX]g~c`Zc#
:^cbVa^\Z@dhiZckdgjcYcVX]YZg6caV\Z
'!%%
6jh\VWZVj[hX]aV\
'!%%
G“X`cV]bZVWhX]aV\
9VWZ^]VcYZaiZhh^X]jbYZc=ŽX]hiWZigV\!YZgkdc>]gZg6caV\ZkdgYZg
6caV\ZdYZgkdg6jhoV]ajc\>]gZhG“X`\VWZZgaŽhZhVW\Zod\ZclZgYZcYVg[#
@dhiZc!Y^Zkdb;dcYh^bAVj[ZYZh?V]gZhVW\Zod\ZclZgYZc
AVj[ZcYZ@dhiZc
&!%)
9ZgVj[\Z[“]giZ6jh\VWZVj[hX]aV\jcYG“X`cV]bZVWhX]aV\
h^cYBVm^bVaWZig~\Z#>cWZhi^bbiZc;~aaZcoV]aZcH^ZlZc^\Zg#
9ZgVj[\Z[“]giZG“X`cV]bZVWhX]aV\Zciheg^X]i^b;VaaZY^ZhZh
;dcYhYZg^bEgdheZ`iVc\Z\ZWZcZc9Zh^ckZhi^i^dch\ZW“]g#
9^Z9Zh^ckZhi^i^dch\ZW“]gl^gYWZ^G“X`cV]bZYZg
;dcYhVciZ^aZZg]dWZc#H^ZW^ZiZiZ^cZcHX]jiokdgZ^cZg
KZgl~hhZgjc\YZg6caV\Z!YVh^Zkdaahi~cY^\YZb
;dcYhkZgbŽ\Zc\ji\ZhX]g^ZWZcl^gYjcYhdb^iYZc
kZgWaZ^WZcYZc6caZ\Zgcoj\jiZ`dbbi#>c[dgbVi^dcZc“WZgY^Z
[“gH^ZVc[VaaZcYZc@dhiZcZg]VaiZcH^Zkdc>]gZb7ZgViZg#
7Z^YZcVcY^ZhZgHiZaaZVjh\Zl^ZhZcZcaVj[ZcYZc@dhiZc
]VcYZaiZhh^X]jbZ^cZ@dhiZchX]~iojc\#H^ZWZ^c]VaiZc`Z^cZ
IgVchV`i^dch`dhiZc[“gYZc@Vj[dYZgKZg`Vj[kdc
KZgbŽ\Zch\Z\Zchi~cYZc[“gYZc;dcYh#
C~]ZgZ>c[dgbVi^dcZc“WZgY^Z7ZgZX]cjc\YZg@dhiZc[^cYZc
H^Z^cYZbZcihegZX]ZcYZc6WhX]c^iiYZhEgdheZ`ih#
LZgiZcil^X`ajc\^cYZgKZg\Vc\Zc]Z^i
L^g]VWZccdX]`Z^cZ9ViZc“WZgY^ZLZgiZcil^X`ajc\[“gZ^ckdaahi~cY^\Zh@VaZcYZg_V]gkdga^Z\Zc#9V]Zg`ŽccZcl^g>]cZccdX]
`Z^cZc“ioa^X]Zc6c\VWZc“WZgY^Z[g“]ZgZLZgiZcil^X`ajc\eg~hZci^ZgZc#
EgV`i^hX]Z>c[dgbVi^dcZc
9ZediWVc`/HiViZHigZZi7Vc`AjmZbWdjg\H#8#6#
H^Z`ŽccZc`dhiZcadhYZcEgdheZ`ihdl^ZYZcaZioiZc?V]gZh"
jcY=VaW_V]gZhWZg^X]i^c:c\a^hX]!;gVcoŽh^hX]jcY9ZjihX]WZ^
6aa^Vco<adWVa>ckZhidgh<bW=!OlZ^\c^ZYZgaVhhjc\
AjmZbWdjg\!+6!gdjiZYZIgƒkZh!A"'+((HZcc^c\ZgWZg\
Vc[dgYZgcdYZgjciZglll#Vaa^Vco\adWVa^ckZhidgh#YZZg]VaiZc#
9^Z6ciZ^aegZ^hZjcYlZ^iZgZ>c[dgbVi^dcZcojYZb;dcYh
Z^chX]a^Z›a^X]lZ^iZgZg6ciZ^a`aVhhZcYZh;dcYh[^cYZcH^Z
jciZglll#Vaa^Vco\adWVa^ckZhidgh#YZ#
>c[dgbVi^dcZcojgV`ijZaaZcKZg\“ijc\heda^i^`Z^chX]a^Z›a^X]
Z^cZg7ZhX]gZ^Wjc\YZg7ZgZX]cjc\hbZi]dYZc[“g
KZg\“ijc\ZcjcYOjlZcYjc\ZcVcWZhi^bbiZ
B^iVgWZ^iZg\gjeeZchdl^ZY^Z6c\VWZYZg[“gY^ZOjiZ^ajc\
ojhi~cY^\ZcEZghdcZch^cYjciZglll#Vaa^Vco\^"
gZ\jaVidgn#Zj$gZbjcZgVi^dcjcYVj[KZgaVc\Zc`dhiZcadh^c
EVe^Zg[dgbkZg[“\WVg#
9Zg;dcYhjciZga^Z\iYZbHiZjZggZX]ikdcAjmZbWjg\#9^Zh
`VccZ^cZc:^c[ajhhVj[>]gZeZghŽca^X]Z7ZhiZjZgjc\]VWZc#
;“g9ZiV^ahlZcYZcH^Zh^X]W^iiZVc>]gZcHiZjZgWZgViZg#
6aa^Vco<adWVa>ckZhidgh<bW=`VccaZY^\a^X]Vj[YZg<gjcYaV\Z
Z^cZg^cY^ZhZb9d`jbZciZci]VaiZcZc:g`a~gjc\]V[iWVg
\ZbVX]ilZgYZc!Y^Z^ggZ[“]gZcY!jcg^X]i^\dYZgc^X]ib^iYZc
Z^chX]a~\^\ZcIZ^aZcYZhEgdheZ`ihkZgZ^cWVg^hi#
9Zg;dcYh^hiZ^cIZ^a[dcYhkdc6aa^Vco<adWVa>ckZhidgh;jcY
YZg×JbWgZaaV";dcYhÆ#H^Z`ŽccZc>]gZ6ciZ^aZ^c6ciZ^aZZ^cZh
VcYZgZcIZ^a[dcYhYZhJbWgZaaV";dcYhjbiVjhX]Zc#7Z^YZb
IVjhX][~aaiYZg6jh\VWZVj[hX]aV\Vc#9^Z
KZgbŽ\Zch\Z\Zchi~cYZ_ZYZhIZ^a[dcYhh^cY\ZigZccikdcYZc
“Wg^\ZcIZ^a[dcYh#9ZgEgdheZ`ijcYY^Z7Zg^X]iZWZo^Z]Zch^X]
Vj[VaaZIZ^a[dcYhYZhJbWgZaaV";dcYh#
9^ZhZg;dcYh^hi^cAjmZbWjg\oj\ZaVhhZcjcYl^gYYjgX]Y^Z
8dbb^hh^dcYZHjgkZ^aaVcXZYjHZXiZjg;^cVcX^ZggZ\ja^Zgi#
6aa^Vco<adWVa>ckZhidgh<bW=^hi^c9ZjihX]aVcYoj\ZaVhhZc
jcYl^gYYjgX]Y^Z7jcYZhVchiVai[“g
;^cVcoY^ZchiaZ^hijc\hVj[h^X]igZ\ja^Zgi#
9^ZhZlZhZcia^X]Zc>c[dgbVi^dcZc[“gYZc6caZ\Zgh^cY
ojigZ[[ZcYjcYZcihegZX]ZcYZbHiVcYkdb&,#%'#'%&+#