RISKS

• All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.
• As many of the companies invested in by LERN are technology-focussed, LERN is vulnerable to a cyclical decline in the value of the technology sector as a whole.
• Individual companies are subject to intense competition that may negatively impact their revenues and market values and therefore LERN’s value.
• LERN also invests in small publicly-traded companies which may be less mature and therefore more vulnerable to adverse business or economic events and greater and more unpredictable price changes than larger companies, the technology sector as a whole or the stock market as a whole.
• LERN invests in global equity securities. As such there is a risk of loss arising from exchange rate fluctuations or exchange control regulations.
• Other: (1) Third party service providers (such as the ICAV’s depositary) may go bankrupt and fail to pay money due to LERN or return property belonging to LERN. (2) If the Index provider stops calculating the Index or if LERN’s license to replicate the Index is terminated, LERN may have to be closed. (3) It may not always be possible to buy and sell LERN’s Shares on a stock exchange or at prices closely reflecting the Net Asset Value. (4) There is no capital guarantee or protection on the value of LERN and investors can lose all the capital invested in LERN. (5) Please refer to the “Risk Factors” section of the ICAV’s Prospectus and the Fund Supplement.