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The Investment Manager and/or","page_number":3,"box":{"x":82,"y":756,"width":399,"height":11}},{"id":"20c4aad9-9bbc-4f97-a68c-62341d4fb128","block_type":"box","text":"Sub-Investment Manager also may, in exceptional","page_number":3,"box":{"x":83,"y":771,"width":397,"height":10}},{"id":"a917639b-fd35-4911-bd01-bccc04fd040c","block_type":"box","text":"circumstances, invest in securities not included in the Index","page_number":3,"box":{"x":83,"y":785,"width":398,"height":9}},{"id":"d4a61088-5ab2-4630-898b-6d97deef7764","block_type":"box","text":"but that it believes closely reflect the risk and distribution","page_number":3,"box":{"x":83,"y":799,"width":397,"height":10}},{"id":"5f2b6246-4d74-4c4f-a711-7b8507efa6de","block_type":"box","text":"characteristics of securities of the Index. 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The Fund’s ability","page_number":4,"box":{"x":82,"y":690,"width":399,"height":10}},{"id":"69a50690-2614-4b91-8560-e6af0ea4c9be","block_type":"box","text":"to track the Index will be affected by Fund expenses, the","page_number":4,"box":{"x":82,"y":704,"width":399,"height":10}},{"id":"484fa6a7-ef1a-4037-9804-84f0041c6e9e","block_type":"box","text":"amount of cash and cash equivalents held in its portfolio, and","page_number":4,"box":{"x":82,"y":719,"width":398,"height":10}},{"id":"13013cfb-111c-45d8-b529-4622e56ccfa3","block_type":"box","text":"the frequency and the timing of purchases and sales of","page_number":4,"box":{"x":82,"y":733,"width":399,"height":10}},{"id":"63745dac-148a-4445-9861-2dce30677d35","block_type":"box","text":"interests in the Fund. The Investment Manager and/or Sub","page_number":4,"box":{"x":83,"y":747,"width":398,"height":10}},{"id":"52055426-66a9-47ce-b161-bbcc408fe831","block_type":"box","text":"Investment Manager may attempt to replicate the Index","page_number":4,"box":{"x":83,"y":761,"width":398,"height":10}},{"id":"3df28734-91c5-45f5-9da3-5a406284e9b2","block_type":"box","text":"return by investing in a sub-set of the securities in the Index,","page_number":4,"box":{"x":83,"y":775,"width":397,"height":11}},{"id":"3e9519c1-c2e4-4aea-9ddb-65242194298d","block_type":"box","text":"or in some securities not included in the Index, potentially","page_number":4,"box":{"x":82,"y":790,"width":399,"height":10}},{"id":"6c372be5-585e-48b0-8f62-42fc3547301e","block_type":"box","text":"increasing the risk of divergence between the Fund’s return","page_number":4,"box":{"x":83,"y":804,"width":397,"height":10}},{"id":"7ab94560-7406-48dc-b931-31f3fd80ef68","block_type":"box","text":"and that of the Index.","page_number":4,"box":{"x":82,"y":818,"width":141,"height":8}},{"id":"e660138a-622b-4461-93d0-9987dd83f417","block_type":"box","text":"Liquidity Risk & ETF Liquidity Risk","page_number":4,"box":{"x":83,"y":842,"width":270,"height":10}},{"id":"e470a78c-3110-412a-8f88-a6ed18d8571e","block_type":"box","text":": Lack of a ready","page_number":4,"box":{"x":354,"y":842,"width":127,"height":10}},{"id":"88876a17-5e9e-4fc2-bb18-806aef6e8a7f","block_type":"box","text":"market or restrictions on resale may limit the ability of the","page_number":4,"box":{"x":83,"y":856,"width":398,"height":10}},{"id":"8d59d68e-413f-43af-bc86-1195d8b37044","block_type":"box","text":"Fund to sell a security at an advantageous time or price or","page_number":4,"box":{"x":83,"y":870,"width":398,"height":10}},{"id":"b013ca83-48f9-473b-ad2c-1d581ca27c2f","block_type":"box","text":"at all. Illiquid securities may trade at a discount from","page_number":4,"box":{"x":82,"y":885,"width":398,"height":10}},{"id":"9828bcf3-4ee1-4cbf-92bb-c2fe89aa45c8","block_type":"box","text":"comparable, more liquid investments and may be subject to","page_number":4,"box":{"x":83,"y":899,"width":398,"height":10}},{"id":"45b41b6f-3e0b-4c1b-be9f-1e4fbedbbc69","block_type":"box","text":"wide fluctuations in market value. Illiquidity of the Fund’s","page_number":4,"box":{"x":82,"y":913,"width":399,"height":10}},{"id":"d3ef76be-d290-4848-941f-99899305c22b","block_type":"box","text":"holdings may limit the ability of the Fund to obtain cash to","page_number":4,"box":{"x":83,"y":927,"width":398,"height":10}},{"id":"bc2aa01d-f41a-4867-b5ab-de923260bcd0","block_type":"box","text":"meet redemptions on a timely basis. 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