I understand but it is dated and doesn't answer my question.https://www.fighttofire.com/priips-why-europeans-cannot-have-us-funds-anymore/ 11.28.18 "PRIIPs requires funds, so both active and passive, to provide a Key Information Document (KID). This KID enables investors to asses the risk, reward and costs in one swift read. Since it’s a European regulation, European funds were ready by the time the new rules came into effect. without it, they wouldn’t be allowed to be public. US-based ETFs didn’t bother to comply since their focus is the US so creating this EU approved documentation wasn’t and still isn’t a priority nor will it ever be. As a result, brokers weren’t allowed to make the funds that didn’t offer a KID to their clients." If it ONLY a matter of filling out a form or creating something akin to a new prospectus it hard to understand that the sponsors of e.g. SPY wouldn't comply.
Maybe they want to differentiate the two markets and charge higher prices in Europe where the competition is less fierce.
What I meant is, maybe the US ETF providers want to sell the same product at two different prices. I just checked SPY versus SPY5 where it does not seem to be the case. Just a theory.
Just a side note. Being classified as a professional client in terms of Mifid II = access to all US ETFs and lower CFD interest does not mean you will be classified as professional in terms of data fees. Two different things.
My guess is that issuing that document would make them liable in Europe if something goes wrong. Europe over the past decade has been clamping down much more decisively when consumer rights were violated or corporates breached regulatory rules. Not a strong argument but I think Europe is trying to protect European consumers from many of the synthetic BS contracts, including CFDs and leveraged ETFs. Basically, "you offer it and if you fuck up we make you pay". But one can only enforce action when there is a breach of contract and hence a contract in the first place.