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The Fund’s ability","page_number":4,"box":{"x":82,"y":558,"width":399,"height":10}},{"id":"529e3214-246e-45c0-a08c-d3a36f4d3282","block_type":"box","text":"to track the Index will be affected by Fund expenses, the","page_number":4,"box":{"x":82,"y":572,"width":399,"height":10}},{"id":"bb900add-2543-43aa-a5e0-ea8d76f1cde5","block_type":"box","text":"amount of cash and cash equivalents held in its portfolio, and","page_number":4,"box":{"x":82,"y":586,"width":398,"height":10}},{"id":"06bef8e7-f65f-4574-97d3-e768ef045a53","block_type":"box","text":"the frequency and the timing of purchases and sales of","page_number":4,"box":{"x":82,"y":600,"width":399,"height":10}},{"id":"096d26b5-594f-42f2-baf4-aceb213c3332","block_type":"box","text":"interests in the Fund. The Investment Manager and/or Sub","page_number":4,"box":{"x":83,"y":614,"width":398,"height":11}},{"id":"7962a891-d631-4fec-82f9-14b4ae145295","block_type":"box","text":"Investment Manager may attempt to replicate the Index","page_number":4,"box":{"x":83,"y":629,"width":398,"height":10}},{"id":"8867001f-30ce-4bc6-988d-e1595b17c2f2","block_type":"box","text":"return by investing in a sub-set of the securities in the Index,","page_number":4,"box":{"x":83,"y":643,"width":397,"height":10}},{"id":"f52b6d2d-b4ed-4b58-a086-43e3768ad5fa","block_type":"box","text":"or in some securities not included in the Index, potentially","page_number":4,"box":{"x":82,"y":657,"width":399,"height":10}},{"id":"194b7da8-1e9b-4720-b77f-745dab4ed30d","block_type":"box","text":"increasing the risk of divergence between the Fund’s return","page_number":4,"box":{"x":83,"y":672,"width":397,"height":10}},{"id":"0aeed46b-066a-49c2-ba6c-790740110d47","block_type":"box","text":"and that of the Index.","page_number":4,"box":{"x":82,"y":686,"width":141,"height":8}},{"id":"61fb39c9-2b44-4284-a713-9cfcedcdb67a","block_type":"box","text":"Liquidity Risk & ETF Liquidity Risk","page_number":4,"box":{"x":83,"y":709,"width":270,"height":11}},{"id":"8287f046-74c9-41b6-946e-6aba7702bde9","block_type":"box","text":": Lack of a ready","page_number":4,"box":{"x":354,"y":709,"width":127,"height":11}},{"id":"2d32d996-7e67-4c4a-80fc-8e039dbea4fb","block_type":"box","text":"market or restrictions on resale may limit the ability of the","page_number":4,"box":{"x":83,"y":724,"width":398,"height":10}},{"id":"c322735d-6625-4c0e-b661-03dfa8831901","block_type":"box","text":"Fund to sell a security at an advantageous time or price or","page_number":4,"box":{"x":83,"y":738,"width":398,"height":10}},{"id":"9361cdd7-1a4f-4be6-8839-cfb8309f2803","block_type":"box","text":"at all. Illiquid securities may trade at a discount from","page_number":4,"box":{"x":82,"y":752,"width":398,"height":10}},{"id":"c1e0717c-8f54-45d6-a162-362883bdc542","block_type":"box","text":"comparable, more liquid investments and may be subject to","page_number":4,"box":{"x":82,"y":767,"width":399,"height":10}},{"id":"2e27077d-32c8-4ebc-91c3-4bb8a140fd99","block_type":"box","text":"wide fluctuations in market value. Illiquidity of the Fund’s","page_number":4,"box":{"x":82,"y":781,"width":399,"height":10}},{"id":"46b7efdf-4fb4-4b0d-924d-7c65327eb4a6","block_type":"box","text":"holdings may limit the ability of the Fund to obtain cash to","page_number":4,"box":{"x":83,"y":795,"width":398,"height":10}},{"id":"c3e32d95-6add-4d04-acae-8c9df5fe556c","block_type":"box","text":"meet redemptions on a timely basis. Where the fund invests","page_number":4,"box":{"x":83,"y":809,"width":398,"height":10}},{"id":"3b03e59b-a81b-4d9c-9bdf-75f24b92c9d8","block_type":"box","text":"in illiquid securities or does not trade in large volumes, the","page_number":4,"box":{"x":83,"y":824,"width":398,"height":10}},{"id":"8595236b-75c9-44aa-9427-aaf80721fd72","block_type":"box","text":"bid offer spreads of the Fund may widen, the Fund may be","page_number":4,"box":{"x":83,"y":838,"width":398,"height":10}},{"id":"99dee66a-9f38-4bb0-b739-9224ecab02f8","block_type":"box","text":"exposed to increased valuation risk and reduced ability to","page_number":4,"box":{"x":82,"y":852,"width":399,"height":10}},{"id":"0b02a336-2df7-4373-a549-6c956604f167","block_type":"box","text":"trade. 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