Fractional Shares - Regulatory Update

Following notification from the French Financial Markets Authority (AMF), we wish to inform you that the legal classification of fractional shares has changed.

The AMF now considers the fractional shares distributed by the US company ALPACA to be debt securities, while those distributed by the German company UPVEST are equity securities.

Consequently, the fractional shares offered by ALPACA, the redeemable amount of which depends on the performance of the underlying share, are considered packaged retail investment products. They are therefore subject to Regulation (EU) No 1286/2014 (PRIIPs), and their Key Information Documents (KIDs) are available to you.

However, the fractional shares offered by UPVEST are not subject to the PRIIPs Regulation and are not covered by KIDs.

This new classification has no impact on your investments. It only changes the information made available to you.