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The information and opinions contained in this document have been taken from reliable sources. The Banque et Caisse d'Epargne de l'Etat, Luxembourg (Spuerkeess) cannot, however, guarantee their accuracy, comprehen-siveness or relevance. The information and opinions contained in this document have been provided to Spuerkeess’s clients purely for information purposes and should not be construed as an offer of purchase or sale, investment recommendations or advice, or any commitment from Spuerkeess. 

Clients must form their own opinion about the information contained in this docu-ment and, to help them to do so, they are free to contact their usual advisers if they have any investment-related questions. 

The information and opinions should under no circumstances be used as a basis for evaluating any financial instruments referred to in this document. Any reference to past performances should not be construed as an indication of future performances.

The contents of this document reflect Spuerkeess’s opinions on the date of its publica-tion. Any information or opinions contained in this document may be removed or amended at any time by a new publication. 

Spuerkeess does not any accept any liability in respect of this document if it has been altered, distorted or falsified, particularly through online use. Nor can Spuerkeess be held liable for any consequences that may result from the use of any of the opinions or information contained in this document. 

As a Luxembourg credit institution, Spuerkeess is subject to the prudential supervision of the Commission de Surveillance du Secteur Financier (the Luxembourg financial supervisory authority). 

This document was produced by the Private Banking Unit and BCEE Asset Management.  The drafting of this document was completed on 20 September 2021 at 2:00 pm.

This document may not be reproduced or shared with third parties without the prior written consent of Spuerkeess. Unless otherwise indicated in this document, there are no plans to update it.