If you try to place an order to buy an ETF, you may see the following message due to restrictions applicable in the EU:
Why are there restrictions and what is KID?
As of January 1, 2018, the Packaged Retail and Insurance-based Investment Products ( PRIIPs ) rule came into force. This rule obliges the "producer" of a financial instrument to provide Key Information Documents (KIDs) for each instrument. The document must specify the main characteristics of the product, including risks and costs.
For certain instruments, the "manufacturer" may decide not to issue a Key Information Document.
Professional clients have access to all ETF instruments. Retail clients have access to a limited number of ETFs. The restrictions depend on the availability of the Key Information Document (KID) for your country of residence. If an ETF does not have a Key Information Document, it is not available for trading for retail clients. You can find out more about the criteria, pros and cons of a professional account, as well as the procedure for obtaining a professional account here .
Why can't I trade an ETF if the "maker" has provided a KID?
Before an ETF can be made available for trading, the ETF "producer" must ensure that it is compliant with the regulations in each country where it intends to offer trading. This includes obtaining the necessary permits and complying with local regulations. If the ETF is not eligible for distribution in your country, Saxo will not be able to make it available for trading.
Why can't I trade an ETF if it has already been traded before?
You may lose access to trading a particular ETF for the following reason:
The PRIIPs regulation requires that the KID be updated whenever there is a change in information that is significant enough to influence an investor’s decision to invest. Saxo must therefore restrict access to trading ETFs where providers have not yet updated the KID until new updated KIDs are provided again.
How to check if a tool has a KID?
You can check whether an instrument has the necessary documentation in the Trading Conditions > Key Information Document window .