NACH funds disclaimer meaning?

Hi everyone

Every time I buy this ETF: Vanguard FTSE All-World UCITS ETF on SQ there is this disclaimer that I have been accepting but haven’t really understood… I know I know…

Could you help me understand and if there is something I need to do differently?

Thank you!

This is the disclaimer:

“I accept the Terms and conditions relating to investment funds not authorised in Switzerland and, in particular, the fact that the NACH funds cannot be distributed in Switzerland.”

Do you buy the Vanguard FTSE All-World UCITS ETF on the SIX in CHF ?

Hm good question. I transfer CHF’s to my account then buy the ETF’s, its then automatically converted to GBP’s if I’m not mistaken.

The Vanguard FTSE All-World UCITS ETF is traded with the same name on different exchange and in different currency:
https://www.vanguard.co.uk/adviser/adv/loadPDF?country=UK&docId=1011

Maybe you bought the wrong one ? If you bought the fund on the SIX, it is in CHF, no currency conversion needed.
I would advise buying the fund in CHF on the SIX or in USD (as it’s the base currency of the fund) on the LSE.

Did you ever find the reason for this disclaimer?

I get the same disclaimer on SQ when I buy VWRD (USD) on LSE…

I have suddenly started receiving this notification (Or maybe I only read it properly now?! Not sure, I really don’t remember ever seeing it before though) on my vanguard REIT (VNQ) and when trying to purchase other US based funds. Is it actually illegal to be holding the fund? Because I already own the REIT, I just wanted to buy more. How can I sell it now if I’m not supposed to even have it? I’m definitely not an institutional investor.

Depending on your account and status there are many disclaimers and additional contract parts you may have to acknowledge or sign when trading certain products. If you do not understand these legal documents (after reading them, not after consulting internet strangers), you should not trade the product.

At Swissquote, the NACH disclaimer I know basically says “This is no offer but only information. This information is only for qualified investors. We are not liable if you lose your investment.” You should at least check what you are agreeing to. Are you just acknowledging it? Are you giving Swissquote a liability waiver? Worst case: Are you unintentionally declaring yourself a qualified / institutional investor*?

Of course in reality nothing much happens. If you see such a note, they are obviously going to let you trade as all they want is your absolve from any liability.

*If you have > CHF 500k in invested/investable assets you are in most cases deemed a qualified investor (independent of your actual knowledge).

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