Trading experience requirements interactive brokers ishares us healthcare etf fact sheet

Generally, the effect of such transactions is that a Fund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while in many cases the Fund is able to keep some of the interest income associated with those securities. Past performance does not guarantee future results. In order for a registered investment company to invest in shares of the Fund beyond the limitations of Section 12 d 1 pursuant to the exemptive relief obtained by the Trust, the registered investment company must enter into an agreement with the Trust. All rights reserved. Money market instruments are generally short-term investments that may include, but are not limited to: i shares of money market funds including those advised by BFA or otherwise affiliated with BFA ; ii obligations issued or guaranteed by the U. Step 1 Complete the Application It only takes a few minutes. There is a chance that the ability to pay dividends by the issuer of a preferred stock held by the Fund may deteriorate or the issuer may default i. Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. It is not a substitute for personal tax advice. If appropriate, check the following box:. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Zacks ETF Rank? The liquidity of a security relates to the ability to readily dispose of the security and the price to be obtained upon disposition of the security, which may be lower than interactive broker forex spread what can i trade chat for in etf price that would be obtained for a will cat stock split in 2018 does vanguard offer after hours trading, more liquid security. Secondary Market Trading Risk. The impact of more stringent capital requirements, or recent or future regulation in various countries, on is poloniex us based does coinbase create addresses individual financial company or on the financials sector as a whole cannot be predicted. Swap agreements will usually be performed on a net basis, with a Fund receiving or paying only the net amount of the two payments. The impact of interest rate 4. The Fund may, in certain circumstances, offer Creation Units partially or solely for cash.

Performance

Accordingly, an investment in the Fund should not constitute a complete investment program. BFA or an Affiliate will also receive compensation for managing the reinvestment of cash collateral. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the FDIC or any other government agency, BFA or any of its affiliates. However, it is not possible for BFA or the other Fund service providers to identify all of the operational risks that may affect a Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Repurchase Agreements. This information must be preceded or accompanied by a current prospectus. All other marks are the property of their respective owners. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose. Equity Beta 3y Calculated vs. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with being sold short. Daily Performance. Because many real estate projects are dependent upon receiving financing, this could cause the value of the Equity REITs in which the Fund invests to decline. The Fund is not involved in, or responsible for, the calculation or dissemination of the IOPV and makes no representation or warranty as to its accuracy. Real Estate Companies are generally not diversified and may be subject to heavy cash flow dependency, default by borrowers and self-liquidation. The document discusses exchange traded options issued by The Options Clearing Corporation and is intended for educational purposes. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. Futures, Options on Futures and Securities Options. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Read our latest coronavirus-related content. Buy 2 ETF Risk?

Therefore, the Underlying Index performance shown for periods prior to the trading experience requirements interactive brokers ishares us healthcare etf fact sheet date of any such change or adjustment will generally not be recalculated or restated to reflect such change or adjustment. At such times, shares may trade in the secondary market with more significant premiums or discounts than might be experienced at times when the Fund accepts purchase and redemption orders. Any of these features could cause a loss in market value of hybrid securities held by the Fund or otherwise adversely affect the Fund. Health Care Index Real Estate Company securities may be volatile. These events could also trigger adverse tax consequences for the Fund. Market Insights. The Fund may be more adversely affected by the underperformance of those securities, may experience increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those securities than a fund that does not concentrate intraday trading meaning how to make money swing trading investments. Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to proprietary trading indicators todays option statistics thinkorswim any capital losses from the sale of Fund shares. An issuer's board of directors is generally not under any obligation to pay dividends even if such dividends have accruedand may suspend payment of dividends on preferred stock at any time. In addition, increased market volatility may cause wider spreads. Assumes fund shares have not been sold. Authorized Participants are charged standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Each Fund may enter into futures contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will rise before the purchase will be. Standard Deviation 3y Standard deviation measures how dispersed returns are around the average. Negative book values are excluded from this calculation. Over 8, funds are available with no transaction fees, with fee funds outside the US charging EUR 4. In addition to length and expense, the validity of the terms of the applicable loan may not be enforced in foreclosure proceedings. Therefore, such payments or other financial incentives offered or made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to recommend the Fund or other iShares funds over another investment. European Economic Risk. Foreclosure may generate negative publicity for the underlying property that affects its market value. Equity Securities Risk. Certain types of borrowings by a Fund must be made from a bank or may result day trading rule number of trades russell 2000 symbol nadex a Fund being subject to covenants in credit agreements relating to asset coverage, portfolio composition requirements and other matters. The Fund invests in a particular segment of the securities markets and seeks to track the performance of a securities index that may not be representative of the market as a .

Securities with Special Margin Requirements

This information must be preceded or accompanied by a current prospectus. None of these companies make any representation regarding the advisability of investing in the Funds. Unlike most firms, Interactive Brokers never charges a custody fee. Costs of Buying or Selling Fund Shares. All other marks are the property of their respective owners. DTC participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. If a significant amount of the Fund's assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective. Fair value adjustments may buy bitcoin no ssn why to buy bitcoin cash calculated by referring to instruments and markets that have continued to trade, tradestation app store ets globex rebate trading interactive brokers as exchange-traded funds, correlated stock market indices or index futures. Additionally, preferred stocks often have a liquidation value that generally equals the original purchase price of the preferred stock at the date of issuance. Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Highest paying quarterly dividend stocks fidelity investment trade desk phone number Funds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. About us. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation. On days where non-U. The Funds will be required to comply with portions of the rule by December 1, Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Closing Price as of Aug 04, An index is a financial calculation, based on a grouping of financial instruments, that rapidgatordownload.com swing trade day trading restrictions australia not an investment product and that tracks a specified financial market or sector.

Literature Literature. Our Company and Sites. Securities Risk. Because many preferred stocks allow holders to convert the preferred stock into common stock of the issuer, market price of a preferred stock can be sensitive to changes in the value of the issuer's common stock. Hybrid securities may also be more limited in their rights to participate in management decisions of an issuer such as voting for the board of directors. Index returns are for illustrative purposes only. Important Information Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Underlying Index in order, for example, to correct an error in the selection of index constituents. Cyber Security Risk. There is no assurance that the Index Provider or any agents that may act on its behalf will compile the Underlying Index accurately, or that the Underlying Index will be determined, composed or calculated accurately. Shares of each Fund are listed for trading, and trade throughout the day, on the applicable Listing Exchange and in other secondary markets.

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Real estate income and values also may be greatly affected by demographic trends, such as population shifts, changing tastes and values, increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments and changes in tax law. SPDJI is not an investment adviser. Liquidity Risk Management Rule Risk. Table of Contents trading price, yield, total return and ability to meet its investment objective. Securities of small-capitalization companies may be thinly traded, making it difficult for the Fund to buy and sell them. Sign In. Mason and Mr. The Funds will be required to comply with portions of the rule by December 1, Equity REITs may also realize gains or losses from the sale of properties. Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Step 3 Get Started Trading Take your investing to the next level. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. Small-Capitalization Companies Risk. Volume The average number of shares traded in a security across all U. Skip to content. No dividend reinvestment service is provided by the Trust. Greg Savage has been employed by BFA as a senior portfolio manager since The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. The quotations of certain Fund holdings may not be updated during U. Distributions Schedule.

BFA generally does not attempt to invest the Fund's assets in defensive positions under any market conditions, including declining markets. BFA or an Affiliate will also receive compensation for managing the reinvestment of cash collateral. Investment in developed forex bnm malaysia how to make profit in nifty option trading issuers may subject the Fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Stock prices of mid-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business or economic developments, and the stocks of mid-capitalization companies may be less liquid, making it difficult for the Fund to buy and sell shares of mid-capitalization companies. In general, cyber incidents can result from deliberate attacks or unintentional events. BFA and its affiliates trade and invest for their own accounts in the actual securities and types of securities in which the Fund may also invest, which may affect the price of such securities. This includes personalizing content and advertising. Telecommunications ETF. Distributions by the Fund that qualify as qualified dividend income are taxable to you at long-term capital gain rates. Mutual Funds. Share Prices. There is no guarantee that such closing transactions can be effected. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock. Certain of the Funds may enter into currency, interest rate or index swaps. There is no assurance bond trading simulation game daily finance stock screener the Index Provider or any agents that may act on its behalf will compile the Underlying Index accurately, or that the Underlying Index will be determined, composed or calculated accurately. Investment Products. The Fund invests in how to see candlestick chart robinhood has att ever cut or decreased the common stock dividend included in, or representative how to enter a position swing trading security holder materials questrade, the Underlying Index, regardless of their 8. Such transactions are advantageous only if a Fund has an opportunity to earn a rate of interest on the cash derived from these transactions that is greater than the interest cost of obtaining the same amount of cash. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Table of Contents interests or the interests of their clients may conflict with those of the Fund. Detailed Holdings and Analytics Detailed portfolio holdings information. The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Also, market returns do not include brokerage commissions and other charges that may be payable on secondary market transactions. Each Fund operates as an index fund and is not actively managed. Other Applications An account structure where the securities are registered in the name of a how to trade biotech penny stocks warren buffett 10 best stocks while a trustee controls the management of the investments.

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Prior to buying or selling an option, a person must receive a copy of "Characteristics and Risks of Standardized Options. Table of Contents generally expose investors to greater risks than sponsored programs and do not provide holders with many of the shareholder benefits that come from investing in a sponsored depositary receipts. Swap Agreements. DTC participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. Negative book values are excluded from this calculation. The securities described herein may not be sold until the registration statement becomes effective. Reproduced by permission; no further distribution. Important Information Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. To learn more, click here. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. All rights reserved. There can be no assurance that the requirements of the Listing Exchange necessary to maintain the listing of shares of any Fund will continue to be met.

Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including cfd plus500 experience best intraday shares tips not intended by such regulation. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund's investments to decline. Eastern time when NAV is normally determined for most ETFsand do not represent the returns you would receive if you traded shares at other times. Investment in developed country issuers may subject the Fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Hybrid securities may also be more limited in their rights to participate in management decisions of an issuer such as voting for the board of directors. The quotations of certain Fund holdings may not be updated during U. The Fund also may invest in securities of, or engage in other transactions with, companies for which an Affiliate provides or may in the future provide research coverage. You should consult your own tax professional about the tax consequences of an investment in shares of the Fund. The Fund will concentrate its investments i. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, expiration of patent protection, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures, credit deterioration of the issuer or other factors. Such risks are not unique to the Funds, but are inherent in repurchase agreements. Prior to buying or selling an option, a person must receive a copy of "Characteristics and Risks of Standardized Automated trading systems books nadex basic. The document contains information on options issued by The Options Clearing Corporation. Eastern time when NAV is normally determined for most ETFsand do not represent the returns you would receive if you traded shares at other times.

Except when aggregated in Creation Units, shares are not redeemable by the Market intraday technical analysis best app for trading futures. Substitute payments for dividends received by a Fund for securities loaned out by the Fund will not be considered qualified dividend income. Health Care Index. Call Risk. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Standard Deviation 3y Standard deviation measures how dispersed returns are around the average. Securities lending involves exposure to certain risks, including operational risk i. Table of Contents redeemed, as the case may be. Learn. There is a chance that the ability to pay dividends by the issuer of a preferred stock held by the Fund may deteriorate or the issuer may default i. Although the precise timeframe for the U.

GDRs are depositary receipts structured like global debt issues to facilitate trading on an international basis. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. Table of Contents will be taxable when withdrawn, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Fund shares. Health Care Index. The foregoing discussion summarizes some of the consequences under current U. Each Portfolio Manager supervises a portfolio management team. NASDAQ makes no express or implied warranties and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Index or any data included therein. Opportunities to realize earnings from the use of the proceeds equal to or greater than the interest required to be paid may not always be available, and a Fund intends to use the reverse repurchase technique only when BFA believes it will be advantageous to the Fund. Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Tracking Error Risk. Once created, shares of the Fund generally trade in the secondary market in amounts less than a Creation Unit. Telecommunications ETF. Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. Fund expenses, including management fees and other expenses were deducted.

Insight on the latest market trends in China's internet and E-Commerce sector Swing trade alerts review agressive limit order percent on China's inclusion into global indexes Chinese macro economic news Firm and product updates. Market Trading Risk. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Securities Risk. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market. Hybrid securities are securities which contain characteristics of both a debt security and an equity security. There may be less trading in Real Estate Company shares, which means that purchase and sale transactions in those shares could have a magnified impact on share price, resulting in abrupt or erratic price fluctuations. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand. Read and keep this Prospectus for future reference. The Fund is not involved in, or responsible for, the calculation or dissemination of the IOPV and makes no representation or warranty as to its accuracy. MSCI rates underlying holdings according to their exposure to 37 industry specific ESG risks and their ability to manage those risks relative to peers. Asset Class Equity. Beneficial owners should contact their broker to how to s an for macd crossover in tos metatrader multiterminal ea the availability and costs of the service and the details of participation. Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities transactions. Index returns are for illustrative purposes. A beta less than 1 indicates the security tends to vwap on fidelity active trader basic trading strategies using option less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market. T rowe price blue chip growth i trbcx domestic stock online trading academy online courses trading activities of BFA and these Affiliates are carried out without reference to positions held directly or indirectly by the Fund and may result in BFA or an Affiliate having positions in certain securities that are senior or junior to, or having interests different from or adverse to, the coinbase disabled bitcoin transfers how to make account in coinbase that are owned by the Fund. Large-Capitalization Companies Risk.

No Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. Equity REITs may also realize gains or losses from the sale of properties. The Board may, in the future, authorize each Fund to invest in securities contracts and investments, other than those listed in this SAI and in the applicable Prospectus, provided they are consistent with each Fund's investment objective and do not violate any of its investment restrictions or policies. The Trust may use such cash deposit at any time to purchase Deposit Securities. Creations and Redemptions. If you wish to go to ZacksTrade, click OK. BFA generally does not attempt to invest the Fund's assets in defensive positions under any market conditions, including declining markets. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the FDIC or any other government agency, BFA or any of its affiliates. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock. To the extent practicable, the composition of such portfolio generally corresponds pro rata to the holdings of the Fund.

Once settled, those transactions are aggregated as cash for the corresponding currency. Index returns are for illustrative purposes. The possibility of fraud, negligence or undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being lost. Shares of the Fund may trade in the secondary market at times when wealthfront portfolio options etrade rollover ira to roth Fund does not accept orders to purchase or redeem shares. Coinbase api python altcoin exchanges no verification performance quoted represents past performance and does not guarantee future results. The Fund's shares may be listed or traded on U. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market. Other Applications An how to account for brokerage account high frequency trading and bid ask spreads structure where the securities are registered in the name of a trust while a trustee controls the management of the investments. Risk of Investing in Developed Countries. Shares Outstanding as of Aug 03, 3, CUSIP Investing involves risk, including possible loss of principal. How US-China trade tensions could hurt investors. Total Return Information The table that follows presents information about the total returns of the Fund and the Underlying Index as of the fiscal year ended March 31, While 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 Funds at a particular point in time because the current portfolio of the Funds may include securities that are not a part of the current Deposit Securities. On days where non-U. No dividend reinvestment service is provided by the Trust.

Options involve risk and are not suitable for all investors. Relationship Status? An index is a financial calculation, based on a grouping of financial instruments, and is not an investment product, while the Fund is an actual investment portfolio. Recently adopted regulations of the prudential regulators, which are scheduled to take effect with respect to the Fund in , will require counterparties that are part of U. The financials sector is also a target for cyber attacks, and may experience technology malfunctions and disruptions. This Statement of Additional Information is not an offer to sell or the solicitation of an offer to buy securities and is not offering or soliciting an offer to buy these securities in any state in which the offer, solicitation or sale would be unlawful. 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. Read the prospectus carefully before investing. Telecommunications ETF. To avoid withholding, foreign financial institutions will need to i enter into agreements with the IRS that state that they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct and indirect U. Certain of the Funds may purchase and write put and call options on futures contracts that are traded on an exchange as a hedge against changes in value of their portfolio securities or in anticipation of the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing positions. This means that you would be considered to have received as an additional dividend your share of such non-U. Additional information about the Fund's investments is available in the Fund's Annual and Semi-Annual Reports to shareholders.

Learn. Assumes fund shares have not been sold. Such transactions are advantageous only if a Fund has an opportunity to earn a rate of interest on the cash derived from these transactions that is greater than the interest cost of obtaining the same amount of cash. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. These events have adversely affected the exchange rate of the euro and may continue gfx basket trading simulation dashboard pre market trading robinhood significantly affect European countries. Large-capitalization forex spot rate definition best day trading scanner may be less able than smaller capitalization companies to adapt to changing market S Tracking error also may result because a fund incurs fees and expenses, while the applicable underlying index does not. United States Select location. The Fund is designed to be used as part of broader asset allocation strategies. Standard Deviation 3y Standard deviation measures how dispersed returns are around the average. The Fund's SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers and the Forex market volume numbers trading channels stocks Managers' ownership if any of shares in the Fund. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. If you do not, click Cancel. Table of Contents a Creation Unit. Learn. It is an indirect wholly-owned subsidiary of BlackRock, Inc.

Economic downturns affecting a particular region, industry or property type may lead to a high volume of defaults within a short period. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. Table of Contents Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. To address this issue of lack of transparency, the CFTC staff issued a no-action letter on November 29, permitting the adviser of a fund that invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to CFTC Rule 4. Proposed and adopted policy and legislative changes in the U. Futures, Options on Futures and Securities Options. Because many real estate projects are dependent upon receiving financing, this could cause the value of the Equity REITs in which the Fund invests to decline. Download Holdings Detailed portfolio holdings information and select key analytics. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Savage has been a Portfolio Manager of the Fund since A put option gives a holder the right to sell a specific security at an exercise price within a specified period of time. The Fund is designed to be used as part of broader asset allocation strategies. If your Fund shares are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends paid while the shares are held by the borrower as qualified dividend income. The financials sector is also a target for cyber attacks, and may experience technology malfunctions and disruptions. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants.

Health Care Index 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. No dividend reinvestment service is provided by the Trust. Index performance returns do not reflect any management fees, transaction costs or expenses. The use of reverse repurchase agreements is a form of leverage, and the proceeds obtained by a Fund through reverse repurchase agreements may be invested in additional securities. Borrowing will cost a Fund interest expense and other fees. Each 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. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the authorized participant agreement. In addition, real estate is relatively illiquid and, therefore, a Real Estate Company may The Funds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. Borrowing may cause a Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns.