The Fund may be subject to the risks faced by ecommerce and internet companies in emerging markets including (1) fierce competition, rapidly changing technologies and the risk of obsolescence of existing services, (3) reduced consumer spending due to recession, (4) the loss of patent, copyright and trademark protections, (5) unsophisticated and/or changing regulatory frameworks which inhibit the sector and (6) cybersecurity risks. The foregoing may lead to reduced revenues and/or profit margins for individual companies and/or the whole sector.

The Fund is exposed to the risks associated with investing in Russian and Chinese companies including the risk of government intervention, less sophisticated and weaker securities laws and regulations and weaker corporate governance, accounting and reporting standards. The foregoing may result in the Fund’s company ownership being diluted, lost or significantly devalued. Securities of such companies may be less liquid (i.e. less readily trade-able at fair value) and more volatile (i.e. susceptible to greater and more unpredictable price changes) than companies in developed markets. The Fund may also be subject to foreign ownership limits, unpredictable tax changes and high transaction costs when buying and selling investments.

Some companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. They may experience extreme price and volume fluctuations that are often unrelated to their operating performance.

The Index is typically comprised of a mix of small, mid and large capitalisation companies. Small capitalisation companies may be more vulnerable to adverse business or economic events than larger, more established companies and may underperform other segments of the market or the equity market as a whole. Securities of small capitalisation companies generally trade in lower volumes, are less liquid and are often more vulnerable to market volatility than larger capitalisation stocks or the stock market as a whole.

Other: (1) Third party service providers (such as the ICAV’s depositary) may go bankrupt and fail to pay money due to the Fund or return property belonging to the Fund. (2) If the Index provider stops calculating the Index or if the Fund’s license to replicate the Index is terminated, the Fund may have to be closed. (3) It may not always be possible to buy and sell the Fund’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 the Fund and investors can lose all the capital invested in the Fund. (5) Please refer to the “Risk Factors” section of the ICAV’s Prospectus and the Fund Supplement.