For those in the UK, there are restrictions under MiFID II who can invest in certain investment products, including US ETFs. This restriction means that only "Elective Professional Investors" (i.e non-retail customers) that meet a certain criteria can invest in US ETFs from Europe.
Stake has digitised the process for those who are able to meet the criteria to be re-categorised as Stake Accredited Investors (Elective Professional Investors) and to trade or invest in US ETFs.
This takes around 5 minutes to complete.
This process begins when you try to buy your first US ETF. To request re-categorising. you will be required to meet at least 2/3 of the following criteria:
Number of Trades: During the last 12 months, there were at least forty (40) trades (including at least 1 per quarter) in stocks or ETFs or similar products, in a Stake account or another brokerage or share dealing account;
Hold a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);
Employment History: The Client works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.
To ensure that we meet the requirements set out by the FCA and Mifid II, we only allow you to request recategorization again after 30 days after a previous request.
If you digitally request to be reclassified and meet the criteria, we will temporarily re-categorise you as a Stake Accredited Investor.
We will then email you requesting additional information to confirm such status within 30 days to maintain this reclassification.
If you would like to be recategorised as a Stake Accredited investor offline or believe that we failed to re-categorise you, please contact us at email@example.com and provide us with any documentation that will assist your request.
Please read through our disclosure document on becoming a Stake Accredited Investor here.