The Fund is vulnerable to cyclical declines in the cannabis sector.

Any change to existing applicable laws or regulations that currently enable companies to engage in cannabis-related business activities ("CRB Activities") would reduce the value of affected companies and the Fund.

Also, some companies may breach such applicable laws or regulations which may (1) cause them to be de-listed from stock exchanges and/or reduce their market value (and therefore reduce the Fund’s value or its ability to realise its investments) and/or (2) mean that capital gains or income derived from such companies cause the Fund and/or the Fund's investors to be in breach of anti-money laundering laws or other laws applicable to them respectively ("Applicable Laws").

The Fund may have exposure to the recreational consumer market for cannabis even though it does not intend to. This might mean that the capital gains or income derived from companies with this exposure cause the Fund and/or the Fund's investors to be in breach of Applicable Laws.

A change in any legal requirements relating to funds with cannabis exposure might require the Manager to stop marketing the Fund in certain countries, de-list the Fund’s Shares from certain stock exchanges; and/or close the Fund.

The Fund invests in pharmaceutical companies which may never generate revenue due to clinical trial failures and/or a lack of required approvals for new drugs. Such factors could severely reduce the values of affected companies and the Fund. The Fund also invests in small publicly traded companies which may be more vulnerable to adverse business or economic events and greater and more unpredictable price changes than larger companies.

The Fund 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 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.