Investors should carefully consider the investment objectives and risks as well as charges and expenses of an ETF before investing. This and other information are contained in the ETFs’ prospectuses. The prospectus should be read carefully before investing. An investment in an ETF is subject to risks and you can lose money on your investment. There can be no assurance that the ETFs will achieve their investment objectives. The ETFs’ portfolios are more volatile than broad market averages. The ETFs also have specific risks, which are described in the ETFs’ prospectuses.
Shares of the ETFs may be bought or sold throughout the day at their market price on the exchange on which they are listed. The market price of an ETF’s shares may be at, above or below the ETF’s net asset value (“NAV”) and will fluctuate with changes in the NAV as well as supply and demand in the market for the shares. The market price of ETF shares may differ significantly from their NAV during periods of market volatility. Shares of the ETFs may only be redeemed directly with the ETFs at NAV by Authorized Participants, in very large creation units. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns. Not FDIC Insured – No Bank Guarantee – May Lose Value
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