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Risk note

Trading financial instruments carries a high level of risk and may not be suitable for all investors. This applies in particular to leveraged financial instruments. The high degree of leverage can work against you as well as for you. From a positive value development of a financial instrument in the past, no conclusion can be drawn for future benefits. Due to political, economical or other changes or events, significant exchange rate losses may occur. In addition exchange rate fluctuations of foreign currencies can influence profits and losses. Before deciding to trade any financial instrument you should carefully consider your investment objectives, level of experience and risk appetite. You should be aware of all the risks and opportunities associated with the trading of the concerned financial instrument. In every case you should seek advice from an independent financial advisor. The possibility exists that you could sustain a loss even in excess of your initial investment.