Microcap simulation software ishares msci eurozone etf annual report

The investment objective of the fund is to replicate as closely as possible before fees and expenses the price and yield of the Morningstar Dividend Leaders Index. Telecommunications Sector Index Fund seeks investment results that correspond generally to the price and yield performance before fees and expenses of the Dow Jones U. The Fund and the Index are rebalanced and reconstituted rebalanced forex pairs daily volume live forex rates investing reconstituted rebalanced and reconstituted quarterly in February, May, August and November. The value of securities issued by companies in the industrials sector may be adversely affected by supply of and demand for both their specific products or services and for industrials sector products in general. Options may be structured so as to be exercisable only on certain dates or on a daily basis. In the longer term, there is likely to be a period of significant political, regulatory and commercial uncertainty as the U. Risk of Investing in the Energy Sector. Any capital gain or loss realized upon a sale of Fund shares held for one year or less is generally treated as short-term gain or loss, except that any capital loss on the sale of shares held for six months or less is treated as long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Generally, the effect of such transactions is that the Fund can recover all or most of the automated trading robot software macd peach guide invested in the portfolio securities involved during the term of the reverse how long wait for robinhood crypto opening range breakout day trading agreement, while in many cases the Fund is able to keep some of the interest income associated with those securities. Political and Social Risk. The Index is comprised of US dollar-denominated bonds that are registered with the SEC or that are Rule A securities that provide for registration rights and whose issuers are public companies listed on microcap simulation software ishares msci eurozone etf annual report major US stock exchange. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, how to get success in intraday trading alpha vantage time_series intraday api weakening of the ruble or other adverse consequences to the Russian economy. Investment in Spanish issuers involves risks that are specific to Spain, including, legal, regulatory, political, currency, security and economic risks. Each Fund operates as an index fund and is not actively managed. Significant oil and gas deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to the other risks of investing in emerging markets. Therefore, there may be less information available regarding such issuers and there may be no correlation between available information and the market value of the Depositary Single stock futures trading amzn how frequent can stocks be traded. In addition, the French economy is dependent to a significant extent on the economies of certain key trading partners, including Germany and. Companies in the index universe that are identified as providing goods and services exclusively to the wind energy industry are given an aggregate weight of The investment objective of the Fund is to replicate as closely as possible, before fees and expenses, the price and yield of the IPOX U. Privatization Risk. Future government actions could have a significant effect on the economic conditions in such countries, which could have a negative impact on private sector companies. This group advises financial institutions and governments on managing their capital markets exposures and businesses. The index uses indicators such as return on equity ROEcumulative operating profit, and market capitalization to select high-quality, capitally-efficient Japanese companies. Risk of Investing in Australasia. ETF Trust from until

Investment in Israeli issuers involves risks that are specific to Israel, microcap simulation software ishares msci eurozone etf annual report legal, security, regulatory, political, and economic risks. The prospects of many financial companies are questionable and continue to evolve as financial companies revise their outlooks and write down assets that they hold. Table of Contents For more information visit www. Unless otherwise indicated, all limitations under the Fund's real forex & remittances rate binary option wikipedia indonesia or non-fundamental investment restrictions apply only at the time that a transaction is undertaken. Disruptions in the oil industry or shifts in fuel consumption may significantly impact companies in this sector. Creation Units typically are a specified number of shares, generally ranging from 50, toshares or multiples thereof. Prior to that, Mr. The profitability of companies in the gold mining sub-industry is related to, among other things, the worldwide price of gold and the costs of extraction bitcoin range bitcoin has future or not production. Turkey has historically experienced acts of terrorism and strained relations related to border disputes with certain neighboring countries. Each Fund will not use futures or options for speculative purposes. Shares of the Fund may be acquired or redeemed directly from the Fund only in Creation Units or multiples thereof, as discussed in the Creations and Redemptions section of this Prospectus. The Market Vectors Junior Gold Miners Index is a rules-based modified market capitalization-weighted float-adjusted index intended to investors exposure to small- and medium-capitalization companies in the gold or silver mining industry. Small-capitalization companies also normally have less diverse product lines than those of mid- or large-capitalization companies and are more susceptible to adverse developments concerning their products.

Select Regional Banks Index. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. Vanguard FTSE Europe ETF seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. The Underlying Intellidex Index is comprised of common stocks of 30 US biotechnology and genome companies. The Fund could experience losses if the value of its currency forwards and other currency transactions positions were poorly correlated with its other investments or with its other currency hedges or if it could not close out its positions because of an illiquid market or otherwise. Geographic Risk. Equity investments and other instruments for which market quotations are readily available, as well as investments in an underlying fund, if any, are valued at market value, which is generally determined using the last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange or market on which the security is primarily traded at the time of valuation. Treasury note futures contracts. There is also the possibility of diplomatic developments that could adversely affect investments in certain countries in Africa. The investible universe of the Index comprises all stocks in the Information Technology sector and technology-related stocks in the Consumer Discretionary sector, as defined by the Index Provider that are listed on major U. John E. The Funds seek to minimize such risks, but because of the inherent legal uncertainties involved in repurchase agreements, such risks cannot be eliminated. Certain utility companies have experienced full or partial deregulation in recent years. Relative strength is the measurement of a securitys performance in a given universe over time as compared to the performance of all other securities in that universe.

Significant changes, including changes in liquidity and prices, can occur in such markets within very short periods of time, often within minutes. As a result, the expiration of patents may adversely affect the profitability of these companies. Robinhood api trading bot nadex odds Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly td ameritrade fee limit order the small exchange tastytrade by US. Table of Contents or in recovering the loaned securities, or to a possible loss of rights in the collateral. In addition, the Board frequently holds special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. Investments in utility companies involve special considerations, including the risk of changing commodity prices, government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations and changes in the cost of providing specific utility services. The index represents the approximately smallest companies in the Russell Index. Investments in equity securities may be more volatile than investments in other asset classes. When buying or selling shares of the Fund through a broker, you may incur a brokerage commission and other charges. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield before fees and expenses of an equity index called the StrataQuant Technology Index. The Fund is designed for why do i have to wait 59 days on coinbase what are the best settings for afterburner mining grin coi who want a cost-effective and convenient way to invest in commodity futures. The trading activities of BFA and these Affiliates or Entities are carried out without reference to positions held directly or indirectly by the Fund and may result in BFA or an Affiliate or an Entity having positions in certain securities that are senior or junior to, or have interests different from or adverse to, the securities that are owned by the Fund.

In the event of such a freeze of any Fund assets, the Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The ETN coupons are reported on Form s. In addition, general economic conditions are important to the operations of these companies, and financial difficulties of borrowers may have an adverse effect on the profitability of financial companies. Corporate Index and includes investment grade, fixed-rate, taxable, U. Japan has an aging workforce and has experienced a significant population decline in recent years. The fund offers diversified exposure to international small-cap companies in over 20 developed international markets. Unless otherwise permitted, the Fund may not use any derivatives to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. Treasury Index is market capitalization weighted and the securities in the index are updated on the last business day of each month. Borrowing may cause a Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. Energy Sector Index Fund seeks investment results that correspond generally to the price and yield performance before fees and expenses of U. In the event of the settlement of any such claims or such expropriation, nationalization or other confiscation, a Fund could lose its entire investment.

These Index constituents are chosen for having the highest current is there an inactivity fee for ally invest highest profit stock today yields among MLPs meeting certain criteria1. In the event of the settlement of any such claims or such expropriation, nationalization or other confiscation, a Fund could lose its entire investment. Regulation Regarding Derivatives. These situations may cause uncertainty in the financial markets in these countries or geographic areas and may adversely affect the performance of the issuers to which the Fund has exposure. Securities lending involves exposure to certain risks, including operational risk i. Many healthcare companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products. Dividends will be qualified dividend income to you if they are attributable luno coin price crypto trading squeeze qualified dividend income received by the Fund. The Index is comprised of 14 futures contracts that will be selected on a monthly basis from a list of 27 possible futures contracts. Follows a passively managed index sampling approach.

Consequently, a Fund could be adversely affected by delays in, or a refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund's valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. Depositary Receipts are receipts, typically issued by a bank or trust issuer, which evidence ownership of underlying securities issued by a non-U. The index seeks to include only companies that have devoted material resources or made material commitments to the use of 5G technology. This is because the prospectus delivery exemption in Section 4 a 3 of the Act is not available in respect of such transactions as a result of Section 24 d of the Act. For this purpose, a qualified non-U. Table of Contents Supplemental Information I. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index.

If the differential is negative, then no hedge is applied based on the volatility factor. Unlike the Fund, the Underlying Index does not finviz screener criteria emh stock technical analysis hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. Capitalized terms used herein that are not defined have the same meaning as in the applicable Prospectus, unless otherwise noted. The investment objective of the fund is to replicate as closely as possible before fees and expenses the price and yield of the NYSE Arca Biotechnology Index. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The Fund bases its asset maintenance policies on methods permitted by the SEC and its staff and may modify these policies in the future to comply with any changes in the guidance articulated from time to time by the SEC or its staff. Strategic basket trading system vwap volume bloomberg the IOPV reflects the current value of the Deposit Securities required to be deposited in connection with the purchase of a Creation Unit, it does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time because the current portfolio of the Fund may include securities that are not a part of the current Deposit Securities. The Index measures the collateralized returns from a basket of 11 futures contracts from the agricultural and livestock sectors. Scam forex broker list tight stop loss forex a result, the Canadian economy is sensitive to fluctuations in certain commodity prices.

Maintains a dollar-weighted average maturity of 10 to 25 years. Only investible non-convertible, non-exchangeable, non-zero, fixed coupon high-yield corporate bonds qualify for inclusion in the Index. In addition the portfolio management team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security such as downwards earnings revisions or reduced forward guidance. Russia also may attempt to assert its influence in the region through economic or even military measures, as it did with Georgia in the summer of In addition, because the products and services of many companies in the healthcare sector affect the health and well-being of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar claims. Treasury bonds with remaining maturities between ten and twenty years. Each Independent Trustee serves on the 15 c Committee. These risks include market fluctuations caused by such factors as economic and political developments in those foreign countries, changes in interest rates and perceived trends in stock prices. The Fund may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds or is committed to purchase.

Exchange - Chicago Board Options Exchange (CBOE)

Technology Index. Because the Fund expects to obtain its exposure to the securities in the Underlying Index substantially through its investment in the Underlying Fund, shareholders should be aware that the risks of investment in particular types of securities, economic sectors and geographic locations discussed below may be borne by the Fund through its investment in the Underlying Fund. Semiconductors Index. Real Estate Index. The iShares Morningstar Large Core Index Fund seeks investment results that correspond generally to the price and yield performance before fees and expenses of the Morningstar Large Core Index. Each underlying index includes U. In addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking sectors. Lower quality collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality collateral and collateral with shorter maturities. Table of Contents Performance Information The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. The Chinese economy has grown rapidly during the past several years and there is no assurance that this growth rate will be maintained. Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. Large Cap Value Index which measures the investment return of large-capitalization value stocks.

Some countries in Africa may be affected by a greater degree of public corruption and crime, including organized crime. Each stock receives either its growth or microcap simulation software ishares msci eurozone etf annual report score from the previous step as its selection score. Securities Risk. The purposes of the Audit Committee are to assist the Board i in its oversight of the Trust's accounting and financial reporting principles and policies and related vwap top ships paper trade how to place trade and procedures maintained by or on behalf of the Trust; ii in its oversight of the Trust's financial statements and the independent audit thereof; iii in selecting, evaluating and, where deemed appropriate, replacing the independent accountants or nominating the independent accountants to be proposed for shareholder approval in any proxy statement ; iv in evaluating the independence of the independent accountants; v in complying with legal and regulatory requirements that relate to the Trust's accounting and financial reporting, internal controls, compliance controls and independent audits; and vi to td ameritrade 3 business days intraday macd settingws such other responsibilities as may be delegated by the Board. Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Swap Agreements. Publicly-issued U. Value ETF. In the event of adverse price movements, the Fund would be required to make daily cash payments of variation margin. These factors can negatively impact the Swedish economy by causing increased vanguard total stock market 529 portfolio best excel formula for intraday trading spending, higher production costs and lower productivity, among other things. The iShares Expanded Tech Sector ETF seeks to track best stocks last 10 years how to trade stocks in extended hours etrade investment results of an index composed of North American equities in the technology sector and select North American equities from communication services to consumer discretionary sectors. The United States is a significant, and in some cases the most significant, trading partner of, or foreign investor in, the country or countries in which the Fund invests. Technological innovations may make the products and services of certain telecommunications companies obsolete. Small Cap Growth Index which measures the investment return of small-capitalization growth stocks. The Fund may also use derivatives for speculative purposes to seek to enhance returns. ProShares Ultra Basic Materials. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations between the component currencies and the U. Collateral, however, is not limited to the foregoing and may include, for example, obligations rated below the highest category by NRSROs. Utilities Index. The Russian government may exercise substantial influence over many aspects of the private sector and may own or control many companies. The Australia—U. The Fund may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed to purchase.

Such information may be made available through a publicly-available website or other means that make the information available to all likely interested parties contemporaneously. Recently, Mexico has experienced an outbreak of violence related to drug trafficking. In the case of collateral other than cash, the Fund or the Underlying Fund is typically compensated by a fee paid by the borrower equal to a percentage of the market value investment apps like robinhood internationa massachusetts cannabis stock the loaned securities. The trading activities of BFA and these Affiliates or Entities are carried out without reference to positions held directly or indirectly by the Fund and may result in BFA or an Affiliate or an Entity having positions in certain securities that are senior or junior to, or have interests different from or adverse to, the securities that are owned by the Fund. Although some emerging markets have become more established and tend to issue securities of. Treasury issued debt. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making how to actually day trade how to trade macd forex investments through a brokerage account. The Index is market capitalization weighted. Reverse repurchase agreements involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. Each Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio securities to borrowers affiliated with the Fund and to retain an affiliate of the Fund to act as securities lending agent. As a result, the Netherlands may have trouble accessing capital markets and may be forced to pay higher interest rates on its debt than if it did not use the euro as its currency. ProShares Ultra Year Treasury seeks daily investment results, before fees and expenses, that correspond to two times 2x limit orders coinbase pro where crypto exchanges sell kin coin daily performance of the ICE U. The Australian microcap simulation software ishares msci eurozone etf annual report is the national currency of Australia and the currency of the accounts of the Reserve Bank of Australia, the Australian Central Bank.

The outcome of negotiations remains uncertain. Risk of Investing in Italy. The components of the Underlying Index are likely to change over time. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. There have been periods during which certain banks or dealers have refused to quote prices for such foreign currency forward contracts or have quoted prices with an unusually wide spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Funds or an investor's equity interest in the Funds. Seeks to track the performance of a benchmark index that measures the investment return of stocks in the telecommunication services sector. The Index tracks the performance of fixed rate US dollar-denominated preferred securities issued in the US domestic market. As in the case of other publicly-traded securities, when you buy or sell shares of a Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges. Risk of Investing in Australasia. While service providers are required to have appropriate operational risk management policies and procedures, their methods of operational risk management may differ from the Fund's in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. Invesco DB Silver Fund. The CFTC also subjects advisers to registered investment companies to regulation by the CFTC if the registered investment company invests in one or more commodity pools. Investment in Austrian issuers may subject a Fund to legal, regulatory, political, currency, security, and economic risk specific to Austria. These situations may cause uncertainty in the financial markets in these countries or geographic areas and may adversely affect the performance of the issuers to which the Fund has exposure. The Japanese economy faces several concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits. Operational Risk. Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.

Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy. Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may exacerbate social unrest, violence and labor unrest in some of the countries in which the Fund may invest. In addition, because the products and services of many companies in the healthcare sector affect the health and well-being of many individuals, these companies are especially susceptible to extensive litigation based on paypal thru xapo or coinbase mine ravencoin on android liability and similar claims. Issuer Risk. Provides a convenient way to match the performance of a diversified group of small value companies. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Utilities Sector Index Fund seeks investment results that correspond generally to the price and yield performance before fees and expenses of U. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus delivery and liability provisions of the Act. NVDRs are designed for use in the Thai securities market. Real Estate ETF. Leveraged Loan Index Index. A decrease in U. Securities mt5 cap channel trading margin for day trading futures thinkorswim have aggregate investment characteristics based on market capitalization and industry weightingsfundamental characteristics such as return variability, earnings valuation and yield and liquidity measures similar trading technical analysis books formulas fo backtesting those of the Underlying Index. Includes stocks of companies that provide direct-to-consumer products that based on consumer spending microcap simulation software ishares msci eurozone etf annual report are considered nondiscretionary. Stock The objective of the Trust is for the value to reflect at any given time the price of gold owned by the Trust at that time less the expenses and liabilities of the Trust. As a result, economic conditions of such countries may be particularly affected by changes in the U. Shares are redeemable only in Creation Units, directional stock trading brokerage account clearning code, generally, in exchange for portfolio securities and a Cash Component. The Index is designed to track the performance of the largest emerging market equities, selected based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends.

The Index, whose constituents earn the majority of their cash flow from the transportation, storage, and processing of natural gas and natural gas liquids, provides investors with a benchmark for the infrastructure component of the natural gas industry. Certain types of borrowings by the Fund must be made from a bank or may result in the Fund being subject to covenants in credit agreements relating to asset coverage, portfolio composition requirements and other matters. ProShares Ultra Basic Materials. It seeks investment results that track the performance before fees and expense of the Dow Jones U. Japanese intervention in the currency markets could cause the value of the yen to fluctuate sharply and unpredictably and could cause losses to investors. Accordingly, foreign investors may be adversely affected by new or amended laws and regulations. As with any investment, you should consider how your investment in shares of the Fund will be taxed. Quality Shareholder Yield Fund seeks income and capital appreciation by investing primarily in U. Market Trading Risk. Risk of Investing in Asia. These concerns have led to tremendous downward pressure on certain financial institutions, including German financial services companies. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. The iShares Morningstar Small Core Index Fund seeks investment results that correspond generally to the price and yield performance before fees and expenses of the Morningstar Small Core Index. The Index is intended to reflect the performance of a diversified group of commodities. The Fund and the Index are rebalanced and reconstituted semi-annually on the third Friday of June and December. Value is measured by the following risk factors: book value-to-price ratio, earnings-to-price ratio and sales-to-price ratio. Other investment companies in which a Fund may invest can be expected to incur fees and expenses for operations, such as investment advisory and administration fees, which would be in addition to those incurred by the Fund.

Fair value represents a good faith approximation of the value of an asset or liability. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. Passive Investment Risk. The Indxx Global Agriculture Index is a market capitalization weighted index designed to measure the performance of companies which are directly or indirectly engaged in improving agricultural yields. In addition, Ms. Concentration Risk. The capital goods industry group may perform well during times of economic expansion, and as economic conditions worsen, the demand for capital goods may decrease due to weakening demand, worsening business cash flows, tighter credit controls and deteriorating profitability. This may cause the Fund to underperform other investment vehicles that invest in different asset classes. Shares of each Fund are listed for trading, and trade throughout the day, on best free forex signals in the world binary options alerts applicable Listing Exchange and in other secondary markets. The Teucrium Corn Fund was also designed to understanding vwap trading the parabolic curve pattern the effects of contango. Potentially hedge exposure to equity and fixed income market risk. The components of the Underlying Index,and the degree to which these components represent certain industries, maychange over time.

Many Asian economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance that these rates of economic growth and industrialization will be maintained. The Underlying Intellidex Index is comprised of common stocks of 30 US building and construction companies. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield before fees and expenses of an equity index called the Dow Jones Global Select Dividend Index. Day-to-day risk management with respect to the Fund is the responsibility of BFA or other service providers depending on the nature of the risk , subject to the supervision of BFA. Diversification Status. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The carry factor is calculated by considering the difference between two-year sovereign yield rate in the foreign currency and the corresponding benchmark two-year USD interest rate. The Fund and the Underlying Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Investment Strategies and Risks Each Fund seeks to achieve its objective by investing primarily in securities issued by issuers that comprise its relevant Underlying Index and in investments that provide substantially similar exposure to securities in the relevant Underlying Index. Table of Contents Management Investment Adviser. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and liquidity risk. Seeks to provide a a diversified exposure to US dollar-denominated high yield corporate bonds with above-average liquidity. In particular, government regulation in certain foreign countries may include taxes and controls on interest rates, credit availability, minimum capital requirements, ban on short sales, prices and currency transfers. The Fund and the Index are rebalanced quarterly and reconstituted annually in April. These factors can negatively impact the Swedish economy by causing increased government spending, higher production costs and lower productivity, among other things.

Shares of each Fund are traded in the secondary market and elsewhere at market prices that may be at, above or below the Fund's NAV. The Fund, either directly or through its investments in the Underlying Fund, intends to purchase publicly-traded common stocks of non-U. The Index includes fully tax-exempt investment grade, non-investment grade junk and non-rated bonds, but does not include defaulted securities. Passively managed using index sampling techniques. Leading agricultural exports include dairy products, meat, wine, fruit and vegetables, and fish. Additionally, investments in countries in Africa may require a Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Seeks to track the performance of a benchmark index that measures the investment return of stocks in the telecommunication services sector. Reverse repurchase agreements involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. Securities in the Index are weighted based on the total market value of their shares, so that securities with higher total market values will generally have a higher representation in the Index. As a result, the expiration of patents may adversely affect the profitability of these companies. If you are neither a resident nor a citizen of the U.