EVERY TYPE OF FINANCIAL INSTRUMENTS HAS ITS OWN CHARACTERISTICS AND ENTAILS DIFFERENT RISKS, DEPENDING ON THE NATURE OF EACH INVESTMENTS. A GENERAL DESCRIPTION OF THE NATURE AND THE RISK OF FINANCIAL INSTRUMENTS ARE SUMMARIZED IN THE RISK DISCLOSURE STATEMENT. HOWEVER, THIS DOCUMENT DOES NOT DISCLOSE ALL THE ASSOCIATED RISKS OR OTHER IMPORTANT ASPECTS OF THE FINANCIAL INSTRUMENTS AND IT SHOULD NOT BE CONSIDERED AS INVESTMENT ADVICE OR RECOMMENDATION FOR THE PROVISION OF ANY SERVICE OR INVESTMENT IN ANY FINANCIAL INSTRUMENT. THERE ARE NO GUARANTEES OF PROFIT NOR OF AVOIDING LOSSES, WHEN TRADING FINANCIAL INSTRUMENTS. THE CLIENT SHOULD NOT CARRY OUT ANY TRANSACTION IN ANY FINANCIAL INSTRUMENTS, UNLESS HE/SHE IS FULLY AWARE OF THEIR NATURE, THE RISKS INVOLVED AND THE EXTENT OF HIS/HER EXPOSURE TO THESE RISKS. IN CASE OF UNCERTAINTY, AS THE MEANING OF ANY OF THE WARNINGS DESCRIBED IN THE AFOREMENTIONED RISK DISCLOSURE STATEMENT, THE CLIENT MUST SEEK AN INDEPENDENT FINANCIAL, LEGAL AND/OR TAX ADVICE BEFORE TAKING ANY INVESTMENT DECISION.