Ossiam

Country (LU)

Strategies

Ossiam's philosophy is to offer systematic investment strategies that will be implemented via transparent rule-based indexes (calculated by independent index providers) and an easy to trade investment vehicle such as ETFs, or any other type of Collective Investment Schemes.

Minimum Variance
Equal Weight
Risk Weighted Enhanced Commodity
Passive Strategies
Shiller Barclays CAPE® Sector Value
Global Multi-Asset Risk-Control
Solactive Moody's Analytics IG EUR Select Credit
How to trade an ETF

Minimum Variance

What is a Minimum Variance strategy ?

The minimum Variance strategy is an investment approach that explicitly addresses the objective of enhancing equity portfolio efficiency and diversification while reducing volatility. The approach uses the principle of portfolio optimization introduced by Harry Markowitz.The strategy forecasts future level of risk associated with different stock combinations and integrates this information to construct a lower-risk fully invested portfolio. Therefore, this approach is suitable for an investor that seeks for an equity exposure with significantly lower volatility .

How is the strategy built ?

Portfolio constituents are selected and weighted by a multi-stage procedure that includes filters (size, liquidity) and an optimization process. The portfolio is adjusted at fixed dates (as described in the graph below) following the evolution of volatilities and correlations among the most liquid stocks of a determined investment universe, and the application of a set of risk management constraints. Those constraints include maximum exposures to a single stock and industrial sectors. Other constraints include: keeping the portfolio 100% invested in stocks (with no short positions) and a diversification target with a minimum number of constituents in the portfolio at all times.

What are the benefits of the strategy

A systematic, non discretionary approach, that concentrates on the risk profile.
A strategy which captures the performance of the equity market with lower risk.

Our minimum variance ETFs

OSSIAM iSTOXX® EUROPE MINIMUM VARIANCE NR UCITS ETF 1C (EUR): dynamic selection of the 300 most liquid stocks of the STOXX® Europe 600 index, weighted to minimize the volatility of the total portfolio.
OSSIAM iSTOXX® EUROPE MINIMUM VARIANCE NR UCITS ETF 2C (EUR): dynamic selection of the 300 most liquid stocks of the STOXX® Europe 600 index, weighted to minimize the volatility of the total portfolio.
OSSIAM US ESG MINIMUM VARIANCE NR UCITS ETF 1C (USD): dynamic selection of the 250 most liquid stocks of the S&P 500®, weighted to minimize the volatility of the total portfolio.
OSSIAM US ESG MINIMUM VARIANCE NR UCITS ETF 1C (EUR)*: dynamic selection of the 250 most liquid stocks of the S&P 500® index, weighted to minimize the volatility of the total portfolio.
OSSIAM EMERGING MARKETS MINIMUM VARIANCE NR UCITS ETF 1C (USD): dynamic selection of the 400 most liquid among the largest stocks of the S&P/IFCI®, weighted to minimize the volatility of the total portfolio.
OSSIAM EMERGING MARKETS MINIMUM VARIANCE NR UCITS ETF 1C (EUR)*: dynamic selection of the 400 most liquid stocks of S&P emerging markets index, namely the S&P/IFCI®, weighted to minimize the volatility of the total portfolio.
OSSIAM WORLD MINIMUM VARIANCE NR UCITS ETF 1C (USD): dynamic selection of the 400 most liquid stocks of the S&P Global 1200®, weighted to minimize the volatility of the total portfolio.
OSSIAM WORLD MINIMUM VARIANCE NR UCITS ETF 1C (EUR)*: dynamic selection of the 400 most liquid stocks of S&P Global 1200® index, weighted to minimize the volatility of the total portfolio.
OSSIAM FTSE 100 MINIMUM VARIANCE UCITS ETF 1C (GBP): dynamic selection of the 95 most liquid stocks of the FTSE 100, weighted to minimize the volatility of the total portfolio.

* EUR share classes for the above mentionned ETF are not hedged against EUR/USD FX rate fluctuations.

Index methodologies

iSTOXX® Europe Minimum Variance Index: index calculated and published by STOXX Ltd
US ESG Minimum Variance Index: index calculated and published by Standard & Poor's
Ossiam Emerging Markets Minimum Variance Index: index calculated and published by Standard & Poor's
Ossiam World Minimum Variance Index: index calculated and published by Standard & Poor's
FTSE 100 Minimum Variance Index: calculated and published by FTSE

Ossiam's research publications

Fundamental profile of the Ossiam Minimum Variance Indices - Tristan Perret, CFA
Minimum variance portfolio : the art of constraints - Ksenya Rulik, PhD, CFA
Impact of covariance cleaning techniques on minimum variance portfolios - Ksenya Rulik, PhD, CFA et Pedro Jandrey-Natal
Mechanics of minimum variance investment approach - Ksenya Rulik, PhD, CFA et Bruno Monnier, CFA

Equal Weight

Why choose an Equal Weight index over a market-cap index?

Equity Equal Weight indices aim to provide investors with a more diversified exposure to a given stock market, avoiding dominance of a small group of stocks in the index (concentration effect). The indices attribute the same weight to each of their constituents. By doing so, the strategy seeks to avoid concentration and trend following bias of market-cap indices and bias towards large companies.

What are the benefits of Equal Weight indices?

All constituents of an equal weight (or 1/N) index have the same weight at the review dates. As a consequence, an Equal Weight approach offers a size-neutral version of the corresponding market-cap weighted index. It tends to give more weight to the sectors that have a greater number of stocks, regardless of the sectors’ market capitalization.

Ossiam Equal Weight ETF

OSSIAM STOXX EUROPE 600 EQUAL WEIGHT NR UCITS ETF 1C (EUR): equally weighted version of the widely followed STOXX Europe 600 index which tracks the performance of 600 leading companies in major industries of across 18 European countries.

Index methodology

STOXX Europe 600 Equal Weight Index: index calculated and published by STOXX Ltd

Ossiam's research publications

Behind the performance of Equally Weighted Indices - Ksenya Rulik, PhD, CFA et Bruno Monnier, CFA

Risk Weighted Enhanced Commodity

Why invest in a Risk Weighted Enhanced Commodity strategy?

Commodity investments offer a way to potentially gain enhanced portfolio diversification, a protection against inflation, and equity-like returns. Commodities remain an important asset class in its own right. A risk weighted enhanced commodity strategy offers exposure to the asset class with better participation from all commodity sectors (avoiding concentration in oil) and a more efficient risk allocation in a global portfolio.

How is the strategy built?

The strategy is embedded in the Risk Weighted Enhanced Commodity Ex Grains Index TR which provides investors with a systematic long-only exposure to a diversified basket of futures commodities contracts (excluding Grains) aiming at reducing volatility.

The index intends to obtain a portfolio that includes a selection of 20 commodities** weighted inversely proportionally to their risk level. The allocation gives more weights to the least volatile commodity, allowing for significant risk reduction and better diversification. The strategy provides additional benefits thanks to an enhanced roll mechanism which aims at reducing costs of rolling positions on the individual commodity futures contracts when in contango or benefiting from backwardation.

The constituents are rebalanced on a monthly basis by S&P (the Index Provider) , which calculates and publishes on a real time and end of day basis the Risk Weighted Enhanced Commodity Ex Grains Index TR*.

*TR, means Total Return, the index methodology includes interests generated by a fully collateralized investment in 3 months US T-Bill.

**Portfolio constituents are sub-indices of the S&P GSCI Enhanced and Dynamic indices on individual commodities.

What are the benefits of the strategy?

Captures commodities market performance (excluding Grains) while aiming at reducing volatility – the weighting process aims to attribute more weights to the least volatile commodities within a diversified basket of 20 commodity futures contracts in order to minimize volatility and reduce drawdown in comparison to the S&P GSCI Enhanced Index TR.
Systematic long only exposure to global commodity markets (no discretionary decisions/no short positions) – the approach concentrates on risk profile – within a global commodity framework (excluding grains) without any explicit view on a given commodity or commodity group.
Benefits from a dual-focus combined into one strategy - allocation and risk control that insures sound risk budgeting and better diversification, yield enhancing mechanism to mitigate the negative effect of the roll yield in contango or take full benefit of positive roll yield in backwardation when rolling futures contracts positions.

Ossiam risk weighted enhanced commodity ETF

OSSIAM RISK WEIGHTED ENHANCED COMMODITY EX. GRAINS TR UCITS ETF 1C (EUR)**: exposure to a diversified basket of 20 commodities* weighted inversely proportionally to their volatility level.

OSSIAM RISK WEIGHTED ENHANCED COMMODITY EX. GRAINS TR UCITS ETF 1C (USD): exposure to a diversified basket of 20 commodities* weighted inversely proportionally to their volatility level.

* Portfolio constituents are sub-indices of S&P GSCI Enhanced and Dynamic indices on individual commodities. Each commodity sub-index reflects the performance of holding a long position in commodity futures contract.

** EUR share classes for the above mentionned ETF are not hedged against EUR/USD FX rate fluctuations.

Index methodology

Risk Weighted Enhanced Commodity (Ex. Grains) Index : index created by Société Générale (the "Index Sponsor"), calculated and published by Standard & Poor's (the "Index Provider").

Ossiam's research publication

Controlling investment risk in the commodity space - Bruno Monnier, CFA

Passive Strategies

OSSIAM MSCI CANADA NR

The investment objective of OSSIAM MSCI CANADA NR fund is to replicate, before the Fund’s fees and expenses, the performance of the MSCI Canada Index Net CAD closing level. The Index – expressed in Canadian dollar ‐ is calculated and published by MSCI. The MSCI Canada Index is designed to measure the performance of the large and mid cap segments of the Canada market. With 100 constituents, the index reflects the performance of approximately 85% of the free float‐adjusted market capitalization in Canada.

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OSSIAM MSCI AC ASIA PACIFIC NR

The investment objective of OSSIAM MSCI AC ASIA PACIFIC NR fund (the “Fund”) is to replicate, before the Fund’s fees and expenses, the performance of the MSCI AC (All Country) ASIA PACIFIC Index Net Return (the “Index”) closing level. The Index – expressed in US dollar ‐ is calculated and published by MSCI. The MSCI AC (All Country) ASIA Pacific Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Asia Pacific region. The MSCI AC Asia Pacific Index consists of the following 5 developed and 8 emerging market countries: Australia, China, Hong Kong, Indonesia, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand.

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Shiller Barclays CAPE® Sector Value

Why value investing?

Shiller Barclays CAPE® Sector Value strategy offers equity exposure through a sector selection approach. The strategy is designed to offer large cap equity market exposure with a value bias.

Value investing has a long tradition in the investment management community and plays a prominent role in the academic finance literature as an outgrowth of the analysis of market (in)efficiency. Within the realm of academic finance, its origins can be traced back to the work of Basu (1977), Fama and French (1992), and Lakonishok, Shleifer, and Vishny (1994).

US economist professor Robert Shiller, who joined forces with Barclays to develop the Shiller Barclays CAPE® Sector index family, laid the foundations for identifying attractive sectors as long ago as 1988. He argued that valuation metrics with long-term focus are helpful in detecting in advance the future poor performers. The idea behind it is simple: equity sectors performance can be volatile. If the best sectors can be identified in advance then you can consistently invest in them and ignore the weak sectors.

Robert Shiller is a Yale professor, author of numerous books including the New York Times best seller “Irrational Exuberance”, and was jointly responsible for developing the Standard&Poor’s/Case-Shiller Home Price Indices.

http://www.econ.yale.edu/~shiller/bio.htm

What is the CAPE ratio?

The CAPE® ratio was formerly devised by Campbell and Shiller (1988) and has been widely used as a valuation tool for the overall stock market. Analogous to the much referenced P/E ratio, the intuition behind the CAPE ratio is that low ratios generally indicate high future returns and high ratios provide an overall contraction signal. A problematic aspect of the P/E ratio for investors with a medium/long term focus is its reliance on earnings information from only the past year. One year earnings tend to provide noisy signals, which are influenced by the business cycle. The cyclically adjusted price earnings (CAPE) ratio addresses this concern by using an average of longer term earnings. It is a ratio of current price to an average of inflation adjusted earnings over the past 1O years. It makes the ratio suited for detecting long term over and under-valuations in the stock market, making it more informative for investors with a long term focus.

How is the strategy built?

The Shiller Barclays CAPE® sector value indices, developed jointly by Barclays and Professor Robert Shiller, use the cyclically adjusted price earnings (CAPE®) ratio as a key valuation driver in a sector rotational strategy which process is decribed hereafter for Europe (the same process is applied based on S&P sectors for the US index):

The partnership of Professor Shiller and Barclays resulted in a normalized CAPE® ratio, called Relative CAPE® ratio, in order to be able to compare two sectors at the same point of time. This new indicator is just the CAPE® ratio divided by its mean value over past several years. The averaging produces a valuation metrics with comparable scale across the sectors: a Relative CAPE® of 1 indicates that the current valuation is in line with the historical average, while the values smaller than 1 point at undervaluation of the sector.

Using this relative CAPE® ratio, the Shiller Barclays CAPE® Sector Value Index first of all identifies the five most undervalued sectors from ten in the stock market. As a next step, the sector that exhibited the weakest momentum over the prior 12 months is eliminated from the remaining five. This additional step in the index methodology is designed to avoid the so-called “value trap”, i.e., the sector with the worst market sentiment in recent history. Value trap is a well-known issue in value investing, representing the risk that investors purchase a distressed stock or sector that takes a significant amount of time to improve, if ever.

The strategy takes an equally weighted long position in each of the four favoured sectors whose valuations are the most attractive and possess relatively stronger price momentum over the past 12 months.

Why invest in Shiller Barclays CAPE® Sector Value?

The strategy offers equity exposure (Europe or US) with a value bias and is intended for buy and hold investors with a multi-year time horizon. It aims to achieve overall outperformance in the long term, allowing for short term instances of underperformance against the relevant benchmark (MSCI Europe for Europe, S&P 500 for US). The strategy uses the CAPE® ratio as a key driver to identify undervalued equity sectors.

Ossiam ETFs on Shiller Barclays CAPE® Sector Value indices

OSSIAM SHILLER BARCLAYS CAPE® EUROPE SECTOR VALUE TR UCITS ETF 1C (EUR): a fundamental smart beta approach tilted toward Value tracking an index developed jointly by Barclays and Professor Robert Shiller

OSSIAM SHILLER BARCLAYS CAPE® US SECTOR VALUE TR UCITS ETF 1C (EUR) and OSSIAM SHILLER BARCLAYS CAPE® US SECTOR VALUE TR UCITS ETF 1C (USD) : a fundamental smart beta approach tilted toward Value tracking an index developed jointly by Barclays and Professor Robert Shiller

Publication

European Sector Rotation Allocation Based on US Economist Robert Shiller CAPE® Ratio: Ksenya Rulik, PhD, CFA

Global Multi-Asset Risk-Control

What is the Global Multi-Asset Risk-Control strategy ?

The Global Multi-Asset Risk-Control strategy aims to provide a long exposure on a combination of a “Risky Assets Portfolio” and a “Cash Portfolio”.

The Risky Assets Portfolio comprises ETFs providing exposure to Western equities, Western treasury bonds, emerging markets (equities and bonds), corporate bonds, commodities, and real estate.

The underlying ETF constituents of the Risky Assets Portfolio are weighted in accordance with the principles of a mean-variance optimization so as to maximize the expected return while minimizing the expected volatility of the portfolio.

The Cash Portfolio comprises money market ETFs, which track the EONIA (Euro OverNight Index Average).

How is the strategy built ?

The Global Multi-Asset Risk-Control Index reflects a long exposure on a combination of a “Risky Assets Portfolio” and a “Cash Portfolio”. The Risky Assets Portfolio comprises ETFs providing exposure to Western equities, Western treasury bonds, emerging markets (equities and bonds), corporate bonds, commodities, and real estate. The underlying ETF constituents of the Risky Assets Portfolio are weighted in accordance with the principles of a mean-variance optimization so as to maximize the expected return while minimizing the expected volatility of the portfolio. The Cash Portfolio comprises money market ETFs, which track the EONIA (Euro OverNight Index Average).

The maximum drawdown control mechanism embedded in the Index methodology dynamically allocates between the Cash and the Risky Assets Portfolios, with the objective of keeping drawdowns of the Global Multi-Asset Risk-Control Index below 8%. The Index has a variable exposure of minimum 43% (maximum 100%) to “Risky Assets” ETFs and maximum 57% (minimum 0%) to ”Cash” ETFs.

The Index’s standard rebalancing is performed on a quarterly basis, on top of that optional rebalancings allow for dynamic review of the strategy’s exposures when market conditions worsen as volatility spikes.

Key points

A quantitative, non-discretionary approach focused on risk management
Exposure to a wide range of asset classes
A dynamic allocation between asset classes according to the level of volatility

Our ETF Global Multi-Asset Risk-Control

OSSIAM GLOBAL MULTI-ASSET RISK-CONTROL UCITS ETF 1C (EUR) : Exposure to a broad range of asset classes, weighted to control the maximum drawdown of the portfolio.

Index Methodology

Global Multi-Asset Risk-Control Index: index calculated and published by Solactive AG

Solactive Moody's Analytics IG EUR Select Credit

What is the Solactive Moody's Analytics IG EUR Select Credit Strategy?

The strategy selects bonds by applying Moody’s Analytics’ public-firm EDF™ (Expected Default Frequency) credit measures, which are forward-looking, point-in-time default probabilities. These measures are based on information from equity markets and are combined with a detailed picture of a company's capital structure. Moody’s Analytics combines EDF metrics with other inputs to produce a credit spread valuation framework, known as FVS (Fair Value Spreads). EDF and FVS enable investors to gain exposure to the high quality corporate sector using a cost-efficient and liquid method.

How is the strategy built?

The methodology selects a liquid and investable bond portfolio from the components of the Solactive Euro IG Corporate. The investment universe is first filtered to retain only the most liquid bonds. It is then further refined by a quality filter based on Moody’s Analytics’ EDF™ (Expected Default Frequency) to remove the bonds displaying the highest downside risk. The final stage of the process is to compare the remaining bonds Option Adjusted Spread to their Moody’s Analytics’ Fair Value Spread to select the 100 most-undervalued bonds The index, which remains exposure and duration neutral to the investment universe, is equally weighted, quarterly re-balanced , and attributes a maximum weight of 5% per issuer.

What are the benefits of the strategy?

A strategy which addresses the inefficiencies of traditional credit benchmarks
Developed in partnership with Moody’s Analytics, a leading provider of credit analytics
A systematic approach that seeks to maximize the return of a liquid and diversified selection of corporate bonds while maintaining a low credit risk profile

Our ETF

OSSIAM SOLACTIVE MOODY'S ANALYTICS IG EUR SELECT CREDIT UCITS ETF 1C (EUR): selects investment opportunities among corporate bonds while targeting lower default risk

Index methodology

SOLACTIVE MOODY'S ANALYTICS IG EUR Select Credit Index: index calculated and published by Solactive

How to trade an ETF

Retail client definition: A client who is neither a professional client nor an eligible counterparty.

Professional client definition: A client that falls into any of the following categories:

(1) an entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:

(a) a credit institution
(b) an investment firm
(c) any other authorised or regulated financial institution
(d) an insurance company
(e) a collective investment scheme or the management company of such a scheme
(f) a pension fund or the management company of a pension fund
(g) a commodity or commodity derivatives dealer
(h) a local
(i) any other institutional investor

(2) in relation to MiFID or equivalent third country business a large undertaking meeting two of the following size requirements on a company basis:

(a) balance sheet total of EUR 20,000,000
(b) net turnover of EUR 40,000,000
(c) own funds of EUR 2,000,000

(3) in relation to business that is not MiFID or equivalent third country business a large undertaking meeting any of the following conditions:

(a) a body corporate (including a limited liability partnership) which has (or any of whose holding companies or subsidiaries has) (or has had at any time during the previous two years) called up share capital or net assets, of at least £5 million (or its equivalent in any other currency at the relevant time)
(b) an undertaking that meets (or any of whose holding companies or subsidiaries meets) two of the following tests

i. a balance sheet total of EUR 12,500,000
ii. a net turnover of EUR 25,000,000
iii. an average number of employees during the year of 250

(c) a partnership or unincorporated association which has (or has had at any time during the previous two years) net assets of at least £5 million (or its equivalent in any other currency at the relevant time) and calculated in the case of a limited partnership without deducting loans owing to any of the partners
(d) a trustee of a trust (other than an occupational pension scheme, SSAS, personal pension scheme or stakeholder pension scheme) which has (or has had at any time during the previous two years) assets of at least £10 million (or its equivalent in any other currency at the relevant time) calculated by aggregating the value of the cash and designated investments forming part of the trust's assets, but before deducting its liabilities
(e) a trustee of an occupational pension scheme or SSAS, or a trustee or operator of a personal pension scheme or stakeholder pension scheme where the scheme has (or has had at any time during the previous two years) :

i. at least 50 members; and
ii. assets under management of at least £10 million (or its equivalent in any other currency at the relevant time)

(f) a local authority or public authority

(4) a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECP, the EIB) or another similar international organisation

(5) another institutional investor whose main activity is to invest in financial instruments (in relation to the firm's MiFID or equivalent third country business) or designated investments (in relation to the firm's other business). This includes entities dedicated to the securitisation of assets or other financing transactions.

An elective professional client - i.e. a client that would otherwise be a retail client that has elected to be treated as a professional client in accordance with the criteria set out below:

(1) Ossiam has undertaken an adequate assessment of the expertise, experience and knowledge of the client that gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the client is capable of making his own investment decisions and understanding the risks involved; and

(2) the following procedure has been followed:

(a) the client has stated in writing to Ossiam that it wishes to be treated as a professional client either generally or in respect of a particular service or transaction or type of transaction or product
(b) Ossiam has given the client a clear written warning of the protections and investor compensation rights the client may lose; and
(c) the client has stated in writing, in a separate document from the contract, that it is aware of the consequences of losing such protections

Eligible counterparty

A client that falls into any of the following categories:

(1) any of the following (including an entity that is not from an EEA state that is equivalent to any of the following) unless and to the extent it is given a different categorisation under COBS 3 “Client categorization”

(a) an investment firm
(b) a credit institution
(c) an insurance company
(d) a collective investment scheme authorised under the UCITS Directive or its management company
(e) a pension fund or its management company
(f) another financial institution authorised or regulated under European Community legislation or the national law of an EEA State
(g) an undertaking exempted from the application of MiFID under either Article 2(1)(k) (certain own account dealers in commodities or commodity derivatives) or Article 2(1)(l) (locals) of that directive
(h) a national government or its corresponding office, including a public body that deals with the public debt
(i) a central bank; or
(j) a supranational organisation

(2) an elective eligible counterparty - i.e. a client that would otherwise be a professional client that has elected to be treated as an eligible counterparty in accordance with the criteria set out below

(a) the client is an undertaking and
i. is a professional client falling within limbs (1)-(3) of the definition of professional client set out above and, in relation to business other than MiFID or equivalent third country business A. is a body corporate (including a limited liability partnership) which has (or any of whose holding companies or subsidiaries has) called up share capital of at least £10 million (or its equivalent in any other currency at the relevant time) B. an undertaking that meets (or any of whose holding companies or subsidiaries meets) two of the following tests a balance sheet total of EUR 12,500,000 a net turnover of EUR 25,000,000 an average number of employees during the year of 250 ii. requests such categorisation and is an elective professional client (i.e. a client falling within the definition of professional client set out above), but only in respect of the services or transactions for which it could be treated as a professional client

However, for a client that is incorporated or organised in another member state of the EEA outside of the UK, the elective eligible counterparty opt-up is only available to the extent that the same opt-up facility has been implemented under the local rules or laws in that other member state that implement MiFID.

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As a user of this website, you agree not to:

- use the information published on this website in an illicit or illegal manner;

- use this website in such a way that it is damaged, altered, interrupted, or rendered less effective in any way;

- use this website to transmit computer viruses, or to send illegal or illicit material, or material that is inappropriate in any way – especially, but not exclusively, offensive, obscene, or threatening material;

- use this website in such a way that it damages the rights of individuals or organizations – especially, but not exclusively, the rights to privacy and intellectual property;

- use this website to send or transmit promotional material or advertising.

Ossiam reserves the right formally to notify the user and/or take legal action if its interests or those of third parties are damaged by violation of the above rules, or in any other way.

RESPONSIBILITY

Except in the event that it is seriously at fault or negligent, and can be demonstrated to have caused loss or damage as a result, Ossiam cannot be held responsible for any loss or damage that may result from using this website or the information on it or obtainable through it (notably via links).

Ossiam can also not be held responsible for any loss or damage resulting from technical failure, interruptions to access to the website, or any problems with your computer or software.

Ossiam cannot be held responsible for any loss or damage due to viruses, bugs, Trojan horses, etc. that appear on the website despite the precautions taken.

LEGAL JURISDICTION

This website is governed by French law, and only the French courts may deal with any dispute that may arise in relation to this website.