General Terms & Conditions

General terms and conditions of rubarb GmbH

1. Scope of the General Terms and Conditions (hereinafter referred to as “GTC” )

(1) Subject of the app

rubarb GmbH (referred to as “ rubarb” in these GTC) brokers shares in exchange-traded investment funds authorised for distribution in Germany via this application software for mobile phones (referred to as” App” in these GTC). The investment funds track a predetermined securities index as part of their investment activity (so-called Exchange Traded Funds, hereinafter “ ETFs“). The ETFs are managed by capital management companies in accordance with the principles of the so-called UCITS (UCITS) directive (Sections 192 ff. Capital Investment Code, KAGB).

(2) Personal scope

The app is aimed at people who have their habitual residence in Germany, are of legal age and have full legal capacity and act in their own name and as beneficial owners for their own account.

rubarb hereby classifies all customers as private customers within the meaning of Section 67 Para. 3 WpHG.

(3) Exclusive provision via app / language

The functions and services offered in the app are provided exclusively via the automated electronic path of the mobile phone app. The language of the app is German.

(4) Safekeeping and disposal of the ETF units by the custodian

When performing the contractual services, rubarb is not authorized to acquire ownership or possession of the customer’s funds and ETF shares and to carry out withdrawals, transfers or other dispositions between the customer’s accounts and custody accounts. Client orders for the purchase or sale of ETF shares are forwarded by rubarb to BNP Paribas S.A. Niederlassung Deutschland as the custodian bank (referred to in these GTC as the “depot manager“) for further execution. The ETF shares purchased by the customer are kept in safe custody by the custodian. To do this, the customer opens a transaction and a custody account with the custodian in the app in order to enable the ETFs to be acquired, sold and kept at the custodian.

(5) Validity of the terms and conditions

The functions and services of the app are used by the customer in accordance with these terms and conditions. The terms and conditions apply to the entire business relationship between the customer and rubarb.

Current versions of the terms and conditions can be found on the website https://rubarb.app can be viewed and downloaded. When registering in the app, the customer receives a copy of the terms and conditions in his postbox.

The general terms and conditions and other conditions of the BNP Paribas SA branch in Germany apply to the business relationship between the customer and the custodian.

For the sake of simplicity, customers in the terms and conditions are uniformly spoken in the male form.

2. Registration in the app

A prerequisite for the use of the functions and brokerage services of the app is a successful registration in the app (so-called onboarding) including the opening of a securities account and a payment account (referred to as “ Transaction account“ in these GTC) with the Custodian.

To register, the customer needs personalized security features and authentication instruments in order to identify himself as a customer in the app and to authorize individual orders. In addition to his personal data, the customer stores his mobile phone number in the app as an identification code and defines a six-digit personal identification number (PIN). With the personal identification code and the PIN, the customer receives access to his account. The specified mobile phone number is queried and confirmed by an SMS TAN.

When registering, personal data is collected from the customer about gender, academic title, first name, surname, home address, birthday and email address. In the “Profile” section there is an overview of the data stored by rubarb and the custodian. They can be updated by the customer. As proof of a change in the residential address, the customer sends a registration certificate or comparable documents to rubarb via the agreed communication channels. Name changes must also be documented by the customer.

3. Deposit opening

rubarb is not permitted to hold the ETF shares acquired for the customer. To be able to use the app, the customer needs a custody account and a transaction account with the custodian. In addition, the client must have a current or payment account with a bank of his choice (referred to as the “reference account” in these GTC). Amounts of money that the customer invests in the app are transferred from the reference account to the transaction account via SEPA direct debit from the custodian and then used to purchase the shares in the ETFs. Any proceeds from the sale of ETF shares are credited to the transaction account and then transferred from the custodian to the reference account by SEPA transfer.

The custody account and the transaction account are opened when you log in to the app. For this purpose, information about the address, place of birth, date of birth, nationality (s), professional group, tax domicile and the reference account is collected from the customer. With this information, the custody account opening documents including the direct debit mandate and the courier power of attorney are automatically generated in favor of rubarb and approved by the customer in the app. The customer is identified under anti-money laundering law using a video identification process, an alternative digital identification process or a personal process, e.g. with Postident.

4. Brokerage of ETFs

(1) Portfolio selection

For the investment, the customer is offered three different investment portfolios, each with a different percentage weighting of the equity and bond ratios:

(i) Relax Portfolio (100% bonds, 0% stocks)
(ii) Discover Portfolio (50% bonds, 50% stocks)
(iii) Challenge Portfolio (0% bonds, 100% stocks)

The portfolios offered are each made up of various bonds and / or equity ETFs from BlackRock, Inc. The ETFs were selected by rubarb in accordance with the process described initem4 (2) (Diversification of ETFs).

(2) Diversification of ETFs

Various equity and bond ETFs are combined in the portfolios to cover the global equity and bond markets. The ETFs are selected according to five criteria: historical performance, diversification, liquidity, costs and compliance with sustainable ESG criteria. The product range of BlackRock, Inc., available to private investors in Germany, serves as the basis for the ETF selection. to ETFs that set sustainability goals in relation to ecological ( ecological ) and social ( social ) Concerns and good corporate governance ( good governance ) (so-called ESG goals). The MSCI ESG ratings are used to assess the sustainability of the individual ETFs. The portfolios offered aim to achieve a sustainability ranking between A-AAA on the MSCI sustainability scale. For equity ETFs, rubarb only uses ESG ETFs, which both exclude investments in certain industries (e.g. armaments) and pursue a best-in-class approach within the remaining industries. On the one hand, rubarb uses European government bonds for bond ETFs, which were issued or guaranteed by member states of the EU’s Economic and Monetary Union. ubarb also uses ETFs on corporate bonds from Europe, the USA and developing countries. The selected ETFs exclude companies from certain non-sustainable industries as well as those that do not have a satisfactory ESG rating based on the MSCI ESG ratings.

(3) The client’s investment decision for a portfolio

a) Customer responsibility for checking the suitability of ETFs

The customer makes his own investment decision for one of the portfolios without the help and advice of rubarb. Commonly, equity investment risks are rated higher than bond risks. The decision for a portfolio should depend on the client’s personal willingness to take risks, his investment horizon as well as his financial risk-bearing capacity and his knowledge and experience with equity investments on the one hand and bonds on the other.

b) Observance of the sales documents and target markets for the ETFs as well as cost information

Which customer categories an ETF is suitable for and which properties and investment preferences the customer should meet in order for an ETF to be suitable for his investment can be seen from the sales prospectuses, the key investor information and the target markets determined by the capital management companies for the ETFs. With the help of this information, the client is able to check the suitability of the ETFs for his personal needs (his knowledge and experience, his financial situation, his investment goals, his investment horizon and his risk tolerance). Furthermore, the customer should consider the costs of using the app, the costs of the financial instruments and the fees of the custodian, which reduce the customer’s return, before making an investment decision.

In order to assess the costs, the customer is provided with ex ante cost information in the postbox prior to buying and selling units in the ETFs. In addition, the customer receives ex post cost information at annual intervals. Finally, the customer is provided with the key investor information and the target markets for the ETFs. The key investor information, sales prospectuses and the annual and semi-annual financial statements constitute the sales documents for the ETFs. The sales documents are available free of charge in German by e-mail and telephone from:

BlackRock Investment Management (UK) Limited
German Branch, Munich
Lenbachplatz 1
D-80333 Munich, Germany
Phone: +49 89 42729 5858

BlackRock Investment Management (UK) Limited
German Branch, Frankfurt
Bockenheimer Landstrasse 2-4
D-60306 Frankfurt am Main, Germany
Phone: +49 69 50 500 3199

Email: info@iShares.de

You can also see the contact details under the following link: https://www.ishares.com/de/privatanleger/de/wissen-und-service/uber-ishares/kontakt Upon request, the sales documents can also be made available to the customer by rubarb.

c) Ex ante cost information

rubarb provides the customer with ex ante cost information so that the customer can understand the types of financial instruments offered and requested by him and can make his investment decision on this basis. This information is an estimate by rubarb based on their experience. This cost estimate can differ from the actual cost. The cost information provides a summary of the cost so that the customer can understand both the total cost and the cumulative effect of the cost on the return on investment. The customer also receives ex-post cost information at least once a year, which is based on the costs actually incurred during the respective reporting period. At the customer’s request, rubarb can provide a list which is broken down according to the individual cost items.

(4) The customer has the option of switching to one of the other three portfolios within the app at any time. If the customer places the order, all existing ETF shares are sold and the proceeds are invested in the new portfolio according to the weighting.

5. Possibilities for investment, order placement and payment processing

The app offers three different ways of investing money in an ETF portfolio selected by the customer: one-off investments, savings plans and investment of the differences from rounding up the customer’s expenses on a payment account linked to the app.

(1) One-time investment

a) Placing an order

The customer can make a one-off investment in the selected portfolio. To do this, he sets the investment amount in the app and then confirms the order (in these terms and conditions “ order “Called”) to rubarb to purchase the corresponding number of shares in the ETFs according to the portfolio previously selected by him in the app and the distribution key specified therein for the various ETFs. The customer hereby issues the instruction to transmit the order for further execution and purchase of the ETF shares exclusively to the custodian and not to any other bank. The custodian will send the order for further execution on a stock exchange or with the respective capital management company for the ETF to Lang & Schwarz TradeCenter AG & Co. KG, Breite Strasse 34, 40213 Düsseldorf (hereinafter “L&S “Called”), and with regard to an ETF to Tradegate Exchange GmbH, Kurfürstendamm 119, 10711 Berlin (hereinafter “TGE “Called), forward. After the acquisition has been completed, the ETF shares are posted to the customer’s custody account.

b) Payment processing

Payment is processed by the custodian on the basis of the customer’s authorization of the custodian to collect the investment amount from the reference account and transfer it to the transaction account (SEPA direct debit mandate). The customer is informed of the amounts withdrawn from the reference account by push message on his mobile phone. The amount transferred to the transaction account is used by the custodian to purchase the ETFs.

c) Validity of the execution principles of the custodian

Since the execution of the order is carried out by the custodian, L&S and TGE on the basis of the customer’s instructions, the type of execution (e.g. the choice of the trading venue) is based on the best execution policy of L&S and TGE. L&S and TGE each make their own independent decision as to whether the ETFs are acquired from the capital management companies at the share value or at a trading venue (especially a stock exchange) at the market price. The stock exchange price may differ from the unit value for the ETF. As a result of the customer’s instructions, rubarb’s execution principles do not apply, so that the measures that rubarb has defined as part of its order execution principles are not taken in order to achieve the best possible result for the customer when executing orders.

d) Covering the order with cash on the transaction account

An order from the customer is only executed and rubarb is only obliged to forward an order to the custodian when the required amount of money has been booked on the transaction account. A resulting delay between the customer placing the order and the execution of the order can result in a lower market price for an ETF than the market price at the time the order was placed.

e) Weekly order execution

Furthermore, rubarb collects the customer’s orders and aggregates them with possible amounts of money to be invested from the savings plans (see below under (2)) and the rounding up (see below under (3)) of the customer or other customers of rubarb and forwards them collectively to the custodian Move on. The customers’ aggregated orders are executed each week on the same day of the week. This is only insofar as this is a banking day on which the order can be forwarded to the custodian. Otherwise the aggregated orders will be forwarded to the custodian on the next possible banking day. This can also result in a delay between the customer placing the order and the execution of the order, which can result in an ETF having a worse stock exchange price than the stock exchange price at the time the order was placed. In order to treat all customers equally, rubarb calculates and applies an average rate when distributing the purchased ETF shares to the customer accounts.

f) TAN procedure option

For certain orders (e.g. orders above a certain amount or with a certain frequency or due to other circumstances at rubarb’s reasonable discretion), rubarb can introduce a TAN procedure in addition to the authorization by the identification code and the PIN when registering in the app. In this case, a binding order can only be placed by entering the relevant TAN.

g) Notification of non-execution of an order

If the execution conditions according to the preceding paragraphs d) and f) are not present, rubarb will not execute the order and inform the customer of the non-execution and, as far as possible, of the reasons for it, as well as the options for remedying the reasons that led to the rejection can.

h) Deadlines for placing orders

The forwarding of an order to the custodian office takes place according to the principles set out above (coverage, weekly execution) within the framework of the orderly workflow at the earliest on the same business day on which it is received within the acceptance deadlines of the capital management companies and the stock exchanges (in these GTC Cut-off times ” called). The cut-off times indicate by when a buy or sell order must be placed so that the order can be executed at the next issue or redemption price or on the stock exchange. The cut-off times set by the capital management companies vary. They are specified in the sales prospectus for the respective investment fund. If an order is received by the Custodian after this time or after the stock market has closed, or if the time of receipt does not fall on a business day, this order is deemed to have been received on the following business day. Processing then only starts on this day. A business day is every day on which banks in Munich are open for normal business dealings.

(2) savings plans

A savings plan (“Saving” section) can be set up in the app for automatic daily, weekly or monthly investments. The savings plan contains the customer’s order to regularly invest the specified amounts for the purchase of the corresponding number of shares in the ETFs in accordance with the portfolio previously selected by the customer in the app and the distribution key specified therein for the various ETFs. An order from the customer for each individual investment is not necessary.

Paragraph (1) lit. b) to h) apply accordingly.

(3) rounding up

The customer can specify in the app that each personal expenditure that he processes via his reference account or another payment account that belongs to him and is linked to the app is rounded up by rubarb to the nearest full euro or according to an alternative logic to be determined by the customer , the resulting difference to the sum of the personal expenditure may also be multiplied or otherwise varied, and the resulting difference or, alternatively, a fixed amount determined by the customer, into the portfolio of ETFs previously selected by him according to the distribution key specified therein for the various ETFs is invested. For this purpose, the customer links one payment account, or several, at a bank of his choice with the app (section “Save”) in such a way that the account movements on the payment account from an account information service provider with whom rubarb works, that is FinTecSystems, can be viewed. FinTecSystems forwards this information to rubarb. rubarb can calculate the rounding up. In the app, the customer issues an order to rubarb that, following the logic described above, shares should be invested in the ETFs of the selected portfolio. No order from the customer is necessary for each individual system. Paragraph (1) lit. b) to h) apply accordingly.

(4) “Save” / “Pay in” section in the app

In the “Save” section, rounding up, savings plans and one-off investments can be set up and changed at any time.

(5) “Save” / “Pay out” section in the app

Under the heading “Withdraw”, the customer has the opportunity to order the sale of part or all of the ETFs in his custody account with rubarb. As in the case of acquisition, rubarb forwards this order to the custodian for further execution. The proceeds from the sale of ETF shares are paid out to the transaction account and then transferred from the custodian to the reference account by SEPA transfer.

6. Balance sheet

In the “Portfolio” section of the app, customers can find information about their investments:

– Current composition of the portfolio, i.e. name and ISIN of the ETFs,
– Current stock exchange price of the ETFs
– Overview of all deposits, withdrawals and the nominal return
– Nominal and percentage returns including costs
– Overview of all purchases and sales of individual ETFs incl. Nominal amount and trading day

7th communication

(1) Correspondence to customers

The customer agrees that information will be transmitted to him on a permanent data carrier other than paper, insofar as this is permitted by law. In particular, information can be provided by placing it in the customer’s electronic mailbox (called “Postbox” in these terms and conditions) in the app in the “Documents” section. All relevant documents, messages, customer information and contracts, such as these general terms and conditions, are placed in the postbox. The customer can download and save all documents in the postbox. Irrespective of the aforementioned communication options, rubarb remains entitled to provide the information to be provided in paper form or as an email.

(2) message

The customer authorizes rubarb to receive addressed declarations, messages and information from third parties as a messenger and to forward them to him within the app. rubarb is obliged to immediately transfer the received correspondence and documents to the customer by placing them in the postbox.

(3) Buying and selling ETFs

The ETFs are bought and sold exclusively via the app. You cannot be instructed outside of the app via the communication channels mentioned in paragraph (4) at rubarb. In the app, there is always the option of ordering the (additional) purchase or sale of shares in the ETFs.

(4) Correspondence from the customer to rubarb

The following communication channels are available for the customer to communicate with rubarb:

Under “Help” the customer has access to FAQs as well as a telephone number (Mon-Fri 9 am-5pm) and the rubarb email address.

Rubarb can also be contacted via live chat (Mon-Fri 9 am-5pm). If a message is received from the customer via the chat function outside of customer service hours, it will be processed from the next day.

The customer can send questions, messages and explanations to rubarb via the specified communication channels. Special formal requirements apply with regard to the placing of orders (No. 7 (3)), terminations (Clause 13) and contradictions of changes to the contract (Clause. 16 (2)).

8. Availability of the app

rubarb will take all reasonable measures in the form of maintenance work and system updates to ensure that the app is still functional and has access to the app for the customer. Due to unforeseen technical problems or maintenance work, there may be short-term or long-term impairments in the use of the app. The customer will be immediately informed of these events by rubarb.

9. Excluded benefits

(1) Exclusivity of the specified ETFs

Only the ETFs offered in the app can be purchased via rubarb. Other investment funds or other financial instruments available on the market cannot be obtained from rubarb.

(2) No so-called best-in-class approach with regard to ETFs

rubarb does not guarantee that the ETFs offered are the best in their class (“Best in Class”). There is no obligation on the part of rubarb to replace an ETF with another ETF in a portfolio, even if such an exchange appears sensible according to objective standards (performance, costs, ESG sustainability, etc.). In the event that one or more ETFs are removed from the rubarb portfolio and replaced with new ETFs, the customer will be informed. The customer then has the choice of remaining invested in the old line-up of the portfolio or switching to the modified portfolio.

(3) No promise of return

rubarb cannot give the customer any assurance that the portfolio and the ETFs will generate the expected return in the future. The customer alone bears the risk of a negative performance of an ETF.

(4) No investment advice

rubarb does not provide investment advice. With the offer of three different portfolios combined with the information that the portfolios are suitable for different types of investors (for security-conscious investors as well as for investors with medium or high risk tolerance), rubarb does not want to be understood as meaning that a portfolio is a suitable investment for the customer represents. Because in order to check the suitability of a system, rubarb would have to request additional information from the customer, which the app does without, such as his investment goals, knowledge and experience, financial circumstances and his willingness to take risks and his investment horizon. This information would be necessary so that rubarb could assess whether the portfolio selected by the customer represents a suitable investment for the customer.

The customer is advised to take advantage of professional investment advice for such a suitability test and to only carry out this suitability test himself if the customer sees himself in a position to do so on the basis of his knowledge and experience with securities transactions.

(5) Advice-free business without an adequacy test

The portfolios offered in the app or the ETFs provided therein are conveyed to the customer by rubarb by way of advice-free business without carrying out an appropriateness test. The customer became aware of the app without any marketing activities related to him and therefore purchases the ETFs on his own initiative. He instructs rubarb to make use of the legal option not to check whether he has the necessary knowledge and experience to understand the functioning and the risks of the ETFs he has chosen. The customer declares that he has the necessary knowledge and experience or that he has obtained this himself by viewing the sales documents, the target markets and the cost information for the ETFs.

(6) Limited comparison of target markets

There is a target market for every ETF that is offered in the app. With the target market, the capital management company defines for an ETF which customer needs and characteristics the product is compatible with (positive target market) and with which it is incompatible (negative target market). The target market thus describes the requirements that a product makes on the target customer. The decisive factors are the customer category, knowledge and experience, financial situation, risk tolerance and customer goals and needs. In the app, the complete target markets are given for all ETFs in the portfolios. It is recommended that customers use this information to check for themselves whether they meet the requirements of the target customers set by the capital management companies in relation to an ETF, taking into account their personal circumstances.

Due to the fact that the ETFs from rubarb are sold exclusively by way of advice-free business without an appropriateness test, rubarb only ensures that the ETFs offered are suitable for purchase by private investors and for advice-free business without an appropriateness test. rubarb, on the other hand, will not check whether the customer meets the other target market criteria of an ETF. The customer is hereby informed about this restricted target market comparison.

(7) No asset management

rubarb does not provide asset management for the customer. The app does not authorize rubarb to buy or sell shares in the ETFs or to make other dispositions about the ETF shares at its own discretion and without instructions from the customer. rubarb will also not exercise any rights of the client from the ETFs in his favor.

(8) No legal and tax advice

rubarb does not provide legal or tax advice. It will not take into account any specific tax concerns of the customer. The customer is advised to consult a legal and tax advisor, if necessary, to examine the legal and tax implications of the investment.

10. Customer’s duty to cooperate

(1) Exclusive access to the app

The customer is obliged to establish the technical connection to the app exclusively via the access channel of the app provided.

(2) Confidentiality of the personalized security features

To prevent misuse by other people, the personalized security features (PIN and, if applicable, TAN) and authentication instruments (mobile phone) must be kept secret and kept safe from access by other people and only transmitted to rubarb via the electronic access channels provided in the app. In particular, with regard to the personalized security features

– these are not stored on other than the intended storage media or entered outside the access channels of the app (e.g. B. by following a link received by e-mail or SMS to a (supposed) website of rubarb, by entering a TAN on the (supposed) login page of rubarb or by other (supposed) inquiries from rubarb),
– Third parties are not allowed to access it (e.g. no disclosure to third parties via email or telephone, password protection for smartphones),
– Spying on the input can be prevented and
– the PIN cannot be used for more than one application.

(3) Use of secure hardware and software

The customer must install the latest system security updates on the mobile devices and end devices that he uses for the app, as well as use commercially available hardware.

(4) Verification of the order data

If the information on an order is displayed again to conclude an order and this is to be confirmed by the customer, the customer must check the information for correctness before confirming it and, in the event of discrepancies, cancel the order. The customer must immediately inform rubarb of irregularities and abnormalities in connection with the app.

(5) Changes to personal information

Changes to his personal data such as name, address, email address, connection of his reference account and telephone number must be reported by the customer immediately.

(6) Acknowledgment of the messages in the mailbox

The messages placed in the postbox by rubarb are deemed to have been received at the end of the day on which they were placed in the postbox, but at least at the end of the day on which the customer in the notification display of the app about a new message in the postbox is notified.

(7) Lock notification

In the event that the customer becomes aware of a loss, theft or improper use of a personalized security feature or an authentication instrument, the customer must inform rubarb of this immediately (in these terms and conditions “ Lock display “Called) and notify the police.

(8) Usage block by rubarb

a) Blocking of use at the request of the customer

rubarb blocks access to the app at the request of the customer, in particular in the case of a blocking notification (in these terms and conditions “ Usage lock ” called). The customer can have a block of use initiated by him lifted by email or telephone after he has personally identified himself.

b) Usage block at the instigation of rubarb

rubarb is entitled to block the customer’s access to the app at its own discretion in the following cases:

– if there is a risk of one of the circumstances mentioned in paragraph (7)
– if rubarb were entitled to terminate the contract with the customer for an important reason.

rubarb will inform the customer by phone or email, stating the relevant reasons, if possible before, but no later than immediately after the block.

(9) Checking the accuracy of information

The customer must immediately check all communications and information from rubarb for correctness and completeness and raise any objections.

11. Revocation of customer order

An order placed by the customer in the app is binding once it has been confirmed in the app. Due to the weekly order execution, an order can be revoked by the customer towards rubarb until the direct debit mandate is executed (cf. Point 5 (1) e) ( Options for investment, order placement and payment processing )). The revocation can be made in the app under the heading “Save” or via the communication channels in No. 7 (4). The revocability of an order with the custodian is based on the valid conditions of the custodian.

12. Compensation

(1) Remuneration rubarb

Rubarb does not charge the customer for the use of the app or the brokerage of the ETFs. The customer can use the app functions free of charge. rubarb is permitted to process usage data including personal data for personalized marketing purposes. A transfer of personal data to third parties is excluded for these purposes. You can find information on data protection here . The customer agrees that rubarb may keep the advertising money it receives from third parties and, if necessary, enters into the agreement that deviates from the legal regulation of the right of agency (§§ 665, 667 BGB) that current and future claims of the customer against rubarb does not insist on the surrender of the advertising money or the customer waives a possible claim for surrender.

(2) No charge for custody fees and transaction fees

The custodian charges custody fees and transaction fees from the customer for the purchase and sale of ETF shares. rubarb will pay these fees to the custodian for the account of the customer, so that the customer will not have any financial burden.

(3) Minor non-monetary benefits from third parties

rubarb can receive the following minor non-monetary benefits from third parties (capital management companies, custodian offices), which are not reimbursed to the customer. In this respect, the customer and rubarb make an agreement that deviates from the statutory regulation that the customer does not have a claim against rubarb for these advantages to be surrendered. rubarb will disclose the accepted benefits to the extent required by law. rubarb uses these advantages to provide its services in the high quality demanded by the customer and to continuously improve them. In terms of their scope and nature, these advantages are justifiable and proportionate and do not affect the fact that rubarb acts in the best possible interests of its customers:

– Information or documentation on a financial instrument or an investment service that is general or is individually tailored to the situation of a specific customer;
– Written materials to promote a new issue;
– Participation in conferences, seminars and other educational events held on the benefits and features of a particular financial instrument or investment service;
– Hospitality, the value of which does not exceed a justifiable de minimis threshold.

The customer will be given further details on these benefits upon request.

(4) Declaration of consent to the execution of the services before the end of the withdrawal period

The customer expressly agrees that, after the conclusion of the terms and conditions, but before the end of the withdrawal period in accordance with §§ 312g Para. 1, 355 BGB begins with the execution of the respective service.

13. running time

(1) Ordinary right of termination by the customer

The customer can terminate the business relationship with rubarb at any time in writing or by notifying Customer Service under the heading “Help”. The termination of the business relationship with rubarb does not affect the customer’s business relationship with DAB. After termination of the business relationship with rubarb, the list of prices and services of the BNP Paribas SA branch in Germany applies to the customer.

Section 14 continues to apply for an indefinite period of time after the contract has ended, at the latest until the statute of limitations commences.

(2) Ordinary right of termination by rubarb

rubarb can terminate the business relationship with a period of three months in writing or by e-mail. If the customer objects to a change to these terms and conditions or the list of prices / services in good time, the notice period is 1 month. In this case, the notice period begins with the receipt of the customer’s objection to rubarb.

(3) Termination for good cause

The right of both parties to extraordinary termination without the obligation to observe a notice period remains unaffected. The following important reasons apply, among others:

– The customer closes the transaction account and / or the custody account that he maintains with the custodian
– The cooperation between rubarb and the custodian is terminated, unless rubarb enters into a cooperation with another custodian bank, which will henceforth manage the customer custody accounts and hold the ETFs for the customers as well as dispose of the ETFs of the customers, provided the customer has switched his transaction account and custody account from the custodian to this custodian bank.

(4) Pending transactions

After a notice of termination or any other end of the business relationship, pending transactions will be settled. The custody account and transaction account maintained by the customer with the custodian are not affected by the termination of the business relationship with rubarb.

(5) Customer death

In the event of the customer’s death, the business relationship with the customer automatically expires. Pending transactions will be processed by rubarb as soon as possible at the time of knowledge of the death. The custody contract with the custodian remains unaffected by the expiry of the business relationship with rubarb.

(6) Discounts

With the termination of the business relationship with rubarb, regardless of the legal reasons, the terms and conditions of the custodian will apply to the custody account and the transaction account. The customer has no claim to the discounts in accordance with this offer from rubarb against the custodian.

14. Liability

(1) General liability regulation

rubarb will carry out the tasks assigned to it with the care of a prudent businessman. It is only liable for actions and omissions in connection with this contract for intent and gross negligence, unless there are essential contractual obligations that endanger the achievement of the purpose of the contract or the fulfillment of which enables the proper execution of the contract and on compliance with which the customer as Contractual partner may regularly trust (“Cardinal obligations “), injured. In the event of a breach of such cardinal obligations, liability is limited to foreseeable damage that is typical for the contract. In the event of injury to life, body and health, liability remains in accordance with the general legal regulations.

(2) Liability from the execution of an order

rubarb fulfills an order from the customer by forwarding it to the custodian (forwarded order). Rubarb’s liability is limited to the careful selection and instruction of the custodian.

(3) Business disruption

rubarb is not liable for damage caused by force majeure, riot, war or natural events or other events for which it is not responsible (for example, strike, lockout, traffic disruption, orders from high authorities at home or abroad).

(4) Contributory negligence

If the customer has contributed to the occurrence of damage through culpable behavior (for example by breaching his obligations to cooperate), the principles of contributory negligence determine the extent to which the customer has to bear the damage.

15. Important customer information

The services of rubarb take place in the securities area and are provided electronically. Useful customer information about the characteristics of these services, the functioning and the risks of the ETFs as well as other pre-contractual customer information are made available in the postbox and must be noted by the customer. In particular, the customer takes note of the following customer documents:

– “Customer information on the financial services of rubarb GmbH according to Art. 47 Delegated Regulation (EU) 2017/565
– Pre-contractual information for off-premises or distance contracts for financial services
– Principles for dealing with conflicts of interest
– Best Execution Policy
– Information on the general risk / return relationship in investing in securities
– Basic information on the functioning and risks of investment funds
– Ex ante cost information for the ETFs
– Target market definitions for the ETFs
– Data protection information for the rubarb mobile app

The customer agrees to rubarb’s Best Execution Policy. The execution principles will be explained in more detail on request.

16. Final provisions

(1) Ineffective or impracticable provision

Should a provision of this contract be wholly or partially void or unenforceable, the validity of the remaining provisions will not be affected.

(2) Necessary changes to the contract

Should, in particular, due to regulatory requirements, a change in the legal situation, the highest court rulings or market conditions, the need to change or supplement the terms and conditions should arise, rubarb can change or add to these contractual conditions and notify the customer in writing. Editorial updates of the terms and conditions are also possible. Since the customer has agreed an electronic communication channel with rubarb as part of the business relationship via the postbox in the app, the changes can also be transmitted in this way, as the type of transmission allows the customer to save the changes in a readable form or to print them out . The changes are considered approved if the customer fails to do so in writing or by email service@rubarb.app Lodges an objection. He will be informed of this consequence in the change notification. The customer must send the objection to rubarb within one month of notification of the change.

(3) No verbal subsidiary agreements

Oral side agreements were not made.

(4) Dispute settlement body

Without prejudice to the right to appeal to the courts, customers can call the consumer arbitration board set up at the Federal Financial Supervisory Authority (BaFin). The consumer arbitration board set up at the Federal Financial Supervisory Authority is responsible for disputes in connection with financial services pursuant to Section 1 (1a) sentence 2 of the Banking Act, between consumers and companies supervised under the Banking Act.

The application to carry out an arbitration procedure must be submitted in writing to the arbitration board’s office with a brief description of the facts and the documents required to understand the dispute (e.g. correspondence, contractual conditions, cost calculations).

Arbitration board at the
Federal Financial Supervisory Authority
Unit ZR 3
Graurheindorfer Strasse 108
D-53117 Bonn
Fax: 0228 / 4108-62299

Such a request can also be sent by e-mail ( schlichtungsstelle@bafin.de ).

The European Commission submits http://ec.europa.eu/consumers/odr/ a platform for out-of-court online dispute resolution (so-called OS platform) ready.

17. Cancellation information

Right of withdrawal

Right of withdrawal

You can revoke your contract declaration within 14 days without giving reasons by means of a clear declaration. The period begins after receipt of this instruction on a permanent data carrier, but not before the conclusion of the contract and also not before the fulfillment of our information obligations pursuant to Art. 246b § 2 Paragraph 1 in conjunction with Art. 246b § 1 Paragraph 1 EGBGB. The timely dispatch of the cancellation is sufficient to meet the cancellation deadline if the declaration is made on a permanent data carrier (e.g. letter, fax, e-mail). The revocation must be sent to:

rubarb GmbH
Speersort 4-6
20095 Hamburg
T +49 (40) 299960882
e-mail service@rubarb.app

Consequences of cancellation

In the case of an effective cancellation, the mutually received services are to be returned. You are obliged to pay compensation for the service provided up to the point of revocation if you were informed of this legal consequence before submitting your contractual declaration and you have expressly agreed that we will begin to perform the consideration before the end of the revocation period. If there is an obligation to pay compensation, this can mean that you still have to meet the contractual payment obligations for the period up to the cancellation. Your right of withdrawal expires prematurely if the contract has been completely fulfilled by both parties at your express request before you have exercised your right of withdrawal. Obligations to reimburse payments must be fulfilled within 30 days. The period begins for you when you send your declaration of cancellation, for us with its receipt.

special instructions

If you withdraw from this contract, you are also no longer bound by a contract related to this contract if the related contract relates to a service that is provided by us or a third party on the basis of an agreement between us and the third party.

End of revocation


Information on the general relationship between risk and return in investing in securities

At this point we would like to show you the fundamental relationship between risk and return when investing in securities. Risk and return are two variables that are closely related to one another. As a rule, a higher return on securities investments can only be achieved with an increased risk. High-yield financial instruments are usually associated with a higher risk.

The relationship between return and risk should be illustrated using the following example:

The issuer of a bond is a company with a high credit rating. The company has a high level of equity and has consistently posted profits in recent years. It has a stable business model. If this company wants to get money on the capital market, it only has to offer a low interest rate. Even for this low interest rate, it will find investors who invest and provide it with money. With the low risk, there is a low return for the investor.

In contrast, a company with a thin equity base and fluctuating income must offer the capital market significantly higher interest rates. Investors will only make capital available to the company if an above-average interest rate is promised for the risk. However, with the higher return and the higher interest rate comes an increased risk. The company can go bankrupt and fail. In this case, the investor might lose all or part of the capital invested. The time horizon plays an important role. The goals associated with an investment in securities are usually not set in the short term, but only over a certain time horizon, depending on the investment. Please also take into account that the costs have an impact on the investment and reduce the return.

Version 1.1, as of: 01/06/2021