The following are the terms and conditions ("Terms") under which you may use this Pioneer Asset Management S.A. (“PAMSA”) website ("the Website").

Pioneer Asset Management S.A. is regulated by the Comission de Surveillance du Secteur Financier. Its office is located at 8-10, Rue Jean Monnet, L-2180 Luxembourg and it is registered in Luxembourg n° R.C. Section B 57 255, VAT n° LU 19067537, Tax Registration n° 1996 2220 382.


This Website is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of this Website is prohibited. Persons in respect of whom such prohibitions apply must not access this Website. This Website and the content herein should not be considered a solicitation, advice, offer or a recommendation for any security in any jurisdiction where such offer, solicitation or recommendation would be unlawful or unauthorised. PAMSA makes no representations that the Website or any contents contained on it are appropriate or available for use in any jurisdiction. This information is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. In particular, certain funds can be marketed in certain jurisdictions only. The user should ensure that the use of this information and any resulting fund transactions does not contravene any such restrictions. It is the user's responsibility to be informed of and to observe all applicable laws and regulations of any relevant jurisdiction. By accessing this Website, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the Website, and that you have agreed to the conditions outlined herein.

Nothing in the Website constitutes investment advice and prospective investors should seek appropriate professional advice before investing. Funds referred to on this Website may not be suitable for everyone. Investors and prospective investors should seek appropriate advice from an investment adviser as to suitability and as to whether they require any governmental or other consents or need to observe any formalities to enable them to invest in any particular fund. Investment in funds may have tax consequences and it is important to bear in mind that PAMSA does not provide tax advice. The levels and basis of taxation can change. You should consult your own tax adviser in order to understand any applicable tax consequences. Subscriptions in a fund may only be made on the basis of the relevant offering documents and may not be made via this Website.

Any user distributing information taken from the Website, in whatever form, to any other person, agrees to attach a copy of this page and obtain the agreement of such other person to comply with the terms set forth on this page.

The information contained in the Website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction or to or for the benefit of any United States Person. For the purposes of these Terms, a US Person includes but is not limited to a person (including a partnership, corporation, limited liability company or similar entity) that is a citizen or resident of the US or is organized or incorporated under the laws of the United States of America. The funds referred to on this Website have not been registered in the United States under the Investment Company Act of 1940 and units or shares of such funds are not registered in the United States under the Securities Act of 1933 of the United States as amended.

Past performance does not guarantee and is not indicative of future results. There can be no assurances that countries, markets or sectors will perform as expected. Investments involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. Certain funds may invest substantially in any one or a combination of (i) emerging market securities, subjecting the fund to higher liquidity, currency, political, regulatory and economic risks; (ii) securities in a single market/sector, which are subject to higher concentration risk than investments with a more diversified portfolio; (iii) small cap companies, which are subject to higher default, liquidity and volatility risk than investment in large cap companies; and (iv) below-investment grade securities, which are subject to higher counter-party/credit, market and liquidity risks than investment grade securities. Such investments may subject a fund’s net asset value to substantial loss. Certain funds may also invest in financial derivative instruments, which may subject the relevant fund to substantial counterparty/credit risk, market risk and liquidity risk and potential substantial loss. Please be aware that currency fluctuations may also affect the value of overseas investments.

Access to the Website

PAMSA grants you a limited right to use the Website. Your right to use the Website is subject to your agreement to abide by these Terms in their entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Website. At any time and for any reason PAMSA may revoke your right to use all or any portion of the Website. You may not violate or attempt to violate the security of the Website.

Content of the Website

PAMSA reserves the right to change or amend the information provided on this Website at any time.

Intellectual Property Rights

Copyrights and all other intellectual property rights subsisting in the Website and each and every piece of information provided on or through the Website is owned by PAMSA or a third party licensor. You may not copy, modify, publish, licence, sell, resell, retransmit or otherwise make the information retrieved from the Website available in any manner or on any media to any third party unless you have obtained our prior written consent.

Availability of Website

PAMSA will endeavour to make the Website available but cannot guarantee that the Website will operate continuously or without interruptions or be error free. You must not attempt to interfere with the proper working of the Website and, in particular, you must not attempt to circumvent security, tamper with, hack into, or otherwise disrupt any computer system, server, website, router or any other internet connected device.

PAMSA reserves the right to correct, improve or change the Website and to suspend access to the Website for maintenance or improvements.

EU e-Privacy Directive

This website uses cookies to manage authentication, navigation, and other functions. By using our website, you agree that we can place these types of cookies on your device.

View e-Privacy Directive Documents


The Website is provided on an "as is" basis and neither PAMSA nor any of its information providers, licensors, directors, employees, or agents warrant that their supply of information to users ("the Service") will be uninterrupted or error free nor does PAMSA or any of its information providers, licensors, directors, employees or agents make any warranty as to the results to be obtained from use of the Service.

The Service is distributed without warranties of any kind either express or implied, including but not limited to warranties of title or implied warranties of satisfactory quality or fitness for a particular purpose or otherwise, other than those warranties which are implied by and incapable of exclusion, restriction, or modification under applicable law.

All conditions, warranties or representations, not expressly stated in these Terms are excluded to the fullest extent permissible by law.

You are responsible for ensuring that your computer system meets all relevant technical specifications necessary to use the Website. You also understand that PAMSA cannot and does not guarantee or warrant that any material available on the Website will be free from infection, viruses and/or other code that has contaminating or destructive properties. You are responsible for implementing sufficient procedures and virus checks (including anti-virus and other security checks) to satisfy your particular requirements for the accuracy of data input and output.

PAMSA provides the Service free of charge and therefore neither PAMSA nor anyone else involved in creating, producing or delivering the Service (together the “Service Providers”) shall be liable (in tort, contract or otherwise) for any direct, indirect, incidental, special or consequential damages arising out of use of the Website or Service, or inability to use the Website or Service or out of any breach of any warranty. The Service Providers will not in any way be responsible for any acts or omissions of the user in connection with the Service or inability to use the Service or out of any breach of any warranty. The Service Providers will not in any way be responsible for any selection or retention of, or the acts or omissions of, the user in connection with the Service. The Service Providers are not responsible for any loss or damage that could result from interception of the Services by third parties, theft, operator error or strikes.

Linked Sites

PAMSA may provide hypertext links to sites on the Internet and PAMSA makes no representations whatsoever about any other site(s) which you may access through this Website or which may link to the Website. When you access any other site you understand that it is independent from the Website and that PAMSA has no control over the content or availability of that site. In addition, a link to any other site does not mean that PAMSA endorses or accepts any responsibility for the content, or the use of, such a site and shall not be liable for any loss or damage caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource. Any concerns regarding any external link to any third party site should be directed to that site’s operator.

Risk Statement

You should be aware of the risks associated with securities investment. Please remember that past performance is not necessarily a guide to the future does not guarantee and is not indicative of future results. Independent financial advice should be taken before entering into any financial transaction.


Unless otherwise stated, all views expressed are those of PAMSA. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected.

PAMSA may assign or subcontract any or all of its rights and obligations under these Terms.

PAMSA may alter these Terms from time to time and post the new version on the Website, following which all use of the Website will be governed by that version.

If any provision or term of these Terms shall become or be declared illegal, invalid or unenforceable for any reason whatsoever, such term or provision shall be divisible from them and shall be deemed to be deleted from them.

Notice for UK Residents

Funds for which PAMSA acts as management company are unregulated collective investment schemes under the UK Financial Services and Markets Act 2000 and therefore do not carry the protection provided by the UK regulatory system and cannot be sold direct to the public in the UK. This statement applies with the exception of sub-funds of Pioneer SICAV which is a “recognised scheme” for the purposes of Section 264 of the Financial Services and Markets Act 2000 (the “FSMA”) of the UK and can therefore be promoted and sold direct to the public in the UK subject to compliance with the FSMA and applicable regulations made thereunder. Potential investors in the UK should be aware that none of the protections afforded by the UK regulatory system will apply to an investment in the sub-funds of Pioneer SICAV and that compensation will not be available under the UK Financial Services Compensation Scheme.

Notice for Hong Kong

The funds for which PAMSA acts as management company are not registered for sale in Hong Kong and no information from this Website may be made available to the public in Hong Kong. The content of this Website has not been reviewed or approved by the Hong Kong Securities and Futures Commission.

Notice for Residents of Australia and New Zealand

The funds for which PAMSA acts as management company are available only to wholesale clients in Australia under section 761G of the Australian Corporations Act (Cth) and to institutional clients in New Zealand whose business is the investment of money or persons in New Zealand, who in the ordinary course of and for the purpose of their business, habitually invest money.

Notice for Residents of Singapore

Certain funds for which PAMSA acts as management company may be offered to Institutional Investors and Accredited Investors in Singapore. Please contact Pioneer Investment Management Limited, Singapore Branch for more details.

By proceeding, you are representing that you have understood and accepted the Terms. You also (i) agree that such information will apply to any subsequent access to this Website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein and (ii) warrant that no other person will access the Website from the same computer and logon as you are currently using.

Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies.


The PAMSA Complaint Handling Procedure summarises the Management Company’s relevant procedures in accordance with CSSF Regulation N 13-02 relating to the out-of-court resolution of complaint and is intended to ensure that complaints are dealt with properly and promptly.