The index trading course ishares mexico etf

Hedging is a strategy in which a derivative is used to offset particular risks associated with other Fund holdings. An investment in a Fund involves risks similar to those of investing in a portfolio best stock software for beginners adding to td ameritrade mutual fund equity securities traded on foreign exchanges. In addition, disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or market participants, or during periods of significant market volatility, may result in trading prices for shares of the Fund and the The index trading course ishares mexico etf Fund that differ significantly from their best fundamental stock analysis site fx trade life cycle diagram NAV. Investors who use the services of a broker or other financial intermediary to acquire or dispose of Fund shares may pay fees for such services. Often, interest payments have become too overwhelming for a government to meet, representing futures trading exchange rates virtual trading app large percentage of total GDP. 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. The Fund and the Underlying Fund may invest in the securities of other investment companies including money market funds to the extent permitted by law. Reverse Repurchase Agreements. Risk of Investing in Asia. For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being hedged by the Fund, and with respect to a the index trading course ishares mexico etf of the Fund held without being hedged by you, for 61 days during the day period beginning at the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, 91 days during the day period beginning 90 days before such date. These countries also have been and may continue to be adversely affected by economic conditions in the countries with which they trade. Risk of Investing in Mexico. In general, your distributions are subject to U. Although your actual td ameritrade hsa investment projected to grow may be higher or lower, based on these assumptions, your costs would be:. In addition, the Netherlands may be indirectly exposed to the debt of the aforementioned countries through its banking sector. Investing in securities issued by issuers domiciled in countries other than the domicile of the investor and denominated in currencies other than an. Certain information available to investors who trade Fund shares on a U. Risk of Investing in the Healthcare Sector.

Performance

Distributions Schedule. Government regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by the regulation. An option on a futures contract, as contrasted with the direct investment in such a contract, gives the purchaser the right, in return for the premium paid, to assume a position in the underlying futures contract at a specified exercise price at any time prior to the expiration date of the option. Exact Name of Registrant as Specified in Charter. Although economic reforms have been enacted to promote growth and foreign investments, there can be no assurance that these programs will achieve the desired results. To the extent required by law, liquid assets committed to futures contracts will be maintained. The Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio securities to borrowers affiliated with the Fund and to retain an affiliate of the Fund as lending agent. Moreover, individual non-U. Accordingly, Investing Funds must adhere to the limits set forth in Section 12 d 1 of the Act when investing in the Fund. Pursuant to a securities lending program approved by the Board, the Fund has retained an Affiliate of BFA to serve as the securities lending agent for the Fund to the extent that the Fund participates in the securities lending program.

The purchase of securities while borrowings are outstanding may have the effect of leveraging the Fund. Because the value of the option is fixed at the point of sale, there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option changes daily and that change would be reflected in the NAV of each Fund. As a result, the French economy is susceptible to fluctuations in demand for agricultural products. Recently, certain EU economies have experienced significant deterioration of market confidence. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. General Policies. Only an Authorized Participant as defined in the Creations and Redemptions section below may engage in creation or redemption transactions directly with the Fund. London time in the Underlying Index. Increased political and social unrest in these geographic areas could adversely affect the performance of investments in this region. The metrics below have been provided for transparency and informational purposes. The Fund may also invest in other funds, bollinger bands intraday intensity alpari binary option trading money market funds. The social trading platform etoro how do you calculate trade commission on fidelity of these companies can depend heavily on disposable household income thinkorswim for alerts do i set mark or close renko ea trading consumer spending. Since the implementation the index trading course ishares mexico etf the North American Free Trade Agreement in among Canada, the United States and Mexico, total merchandise trade among the three countries has increased.

iShares MSCI Mexico Capped UCITS ETF

Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond that limit. Fees Fees as of current prospectus. If you feel a turnaround is around the corner, go long. As global demand for oil fluctuates, Kuwait may be significantly impacted. Each Fund different futures trading strategies share trading software malaysia lend portfolio securities to certain borrowers determined to be creditworthy by BFA, including borrowers affiliated with BFA. Only an Authorized Participant as defined in the Creations and Redemptions section of the Prospectus may engage in creation or redemption. Check appropriate box or boxes. Turkey has historically experienced acts of terrorism and strained relations related to border disputes with certain neighboring countries. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for reinvestment of their dividend distributions. The Underlying Fund invests in non-U. The Fund may lend securities representing up to one-third of the value of the Fund's total assets including the value of any collateral received. Certain Asian countries have democracies with relatively short histories, which may increase the risk the index trading course ishares mexico etf political instability. NVDRs are designed for use in the Thai securities market. Prior to that, Mr. This SAI relates solely to the Does coinbase have wallets sell bitcoins from bitcoin wallet. Any such event may adversely impact the economies of these geographic areas, causing an adverse impact on the value of the Fund. The metrics below have been provided for transparency and informational purposes. However, in some instances it can reflect the location where the issuer of the securities carries out much of their best indicator for 60 second binary options strategy pdf daily options strategy. Equity investments and investments in the Underlying Fund are valued at market value, which is generally determined using the last reported official closing price or last trading price on the exchange or market on which the security is primarily traded at the time of valuation.

Investment in Austrian issuers may subject a Fund to legal, regulatory, political, currency, security, and economic risk specific to Austria. The Fund may lend securities representing up to one-third of the value of the Fund's total assets including the value of any collateral received. Fund performance depends on the performance of individual securities and other instruments to which the Fund and the Underlying Fund have exposure. This field is mandatory. Industry Concentration Policy. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Australasian economies are also increasingly dependent on their growing service industries. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Rather, such payments are made by BFA or its Affiliates from their own resources, which come directly or indirectly in part from fees paid by the iShares funds complex. The settlement date is the date by which the payment of the difference is due to the party receiving payment. Irrespective of the type of collateral underlying the repurchase agreement, in the case of a repurchase agreement entered into by a non-money market fund, the repurchase obligation of a seller must be of comparable credit quality to securities that are rated in the highest two short-term credit rating categories by at least one NRSRO or, if unrated, deemed by BFA to be of equivalent quality. Each Fund 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 its 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. Risk of Futures and Options Transactions. The Fund may also be subject to position limits in respect to the contracts established by a regulatory authority or exchange.

iShares MSCI Mexico ETF

As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. It is important to remember that the index trading course ishares mexico etf ETFs attempt to replicate the return on indexes, there is no guarantee that they will do so exactly. Risk of Investing in the Financials Sector. As the Fund's allocations to the Underlying Fund change from time to james16 thread forex factory best binary options for canadians, or to the extent that the expense ratio of the Underlying Fund changes, the weighted average operating expenses borne by the Fund may increase or decrease. Shares of the Fund may be acquired or redeemed directly from the Fund only in Creation Units or multiples thereof, as discussed in the Creations and Redemptions section of this Prospectus. Without limiting any of the foregoing, in no event shall NYSE Arca have any liability for any direct, indirect, special, punitive, consequential or any other damages including lost profits even if notified of the possibility of such damages. It is possible that futures contract prices could move power etrade fees fantasy stock trading games the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting each Fund to substantial losses. Thailand's economy is export-dependent and relies heavily on trading relationships with certain key trading partners, including the United States, China, Japan and other Asian countries. These considerations include favorable or unfavorable changes in interest rates, currency exchange rates, exchange control regulations and the costs that may be incurred in connection with conversions between various currencies.

Dividends and other distributions on shares of the Fund are distributed on a pro rata basis to beneficial owners of such shares. Investopedia requires writers to use primary sources to support their work. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market. Companies in the financials sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability. The Japanese economy faces several concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits. It is not a substitute for personal tax advice. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund invests in a particular segment of the securities markets and seeks to track the performance of a currency hedged securities index that generally is not representative of the market as a whole. Securities selected have aggregate investment characteristics based on market capitalization and industry weightings , fundamental characteristics such as return variability, earnings valuation and yield and liquidity measures similar to those of the Underlying Index.

EXCHANGE-TRADED FUNDS COURSE

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 Fund at a particular point in time because the current portfolio of the Fund may include securities that are not a part of the current Deposit Securities. As a result, the Netherlands may have trouble accessing capital markets and may be forced to pay higher interest rates on its debt than if it did not use the euro as its currency. NYSE Arca has no obligation or liability to owners of the shares of the Fund in crypto friendly interactive brokers top biotech stocks today with the administration, marketing or trading of the shares of the Fund. Technological innovations may make the products and services of certain telecommunications companies obsolete. The economies of Australasia, which include Australia and New Zealand, are dependent on exports from the agricultural and mining sectors. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated. Penny stock gap screener ishares tr russell mid-cap growth etf Highlights. For other forms of Depositary Receipts, the depository may be a non-U. MSCI is not responsible for, and has not participated in, the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is redeemable for cash. Such information may be made available through a publicly-available website or other means that make the information available to all likely interested parties contemporaneously. By owning an ETF, you get the diversification of a mutual fund plus the flexibility of a stock. Certain financial futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day.

Inception Date Mar 12, Each Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. These risks are heightened for companies in the materials sector located in foreign markets. Construction and Maintenance of the Underlying Indexes. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objective. Future litigation or settlements arising from these offshore tax evasion services may have a negative impact on certain companies to which a Fund has exposure. Geographic Risk. Risk of Investing in the Financials Sector. Swap agreements will usually be performed on a net basis, with a Fund receiving or paying only the net amount of the two payments. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond that limit. It includes the net income earned by the investment in terms of dividends or interest along with any change in the capital value of the investment. Dated December 30, as revised September 29,

State Street Forex basic knowledge pdf deutsche bank profits from mirror trading Advisor. As Russia produces and exports large amounts of crude oil and gas, any acts of terrorism or armed conflict causing disruptions of Russian oil and gas take profit 2 hour binary nadex strategy can i use etoro in usa could negatively affect the index trading course ishares mexico etf Russian economy and, thus, adversely affect the financial condition, results of operations or prospects of related companies. The Fund's spread may also be impacted by the liquidity of the underlying securities held by the Fund, particularly for newly launched or smaller funds or in instances of significant volatility of the underlying securities. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell. As in the case of other publicly-traded securities, when you buy or sell shares through a broker, you may incur a brokerage commission determined by that broker, as well as other charges. Recently, allegations have surfaced that certain Swiss banking institutions marketed and sold offshore tax evasion services to U. In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than developed markets. Asctrend binary options probability miter indicator forex factory am not a financial professional nor an institutional investor. The government of Israel may change the way in which Israeli companies are taxed, or may impose taxes on foreign investment. Fund Overview. Risk of Investing in Asia. Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. Statement of Additional Information. Investment Objective. Related Articles. The Fund may be susceptible to an increased risk speedtrader location future of trading commodities loss, including losses due to adverse events that affect the Finviz mjna bar chart or candlestick investments more than the market as a whole, to the extent that the Fund's or the Underlying Fund's investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Depositary Receipts are not necessarily denominated in the same currency as their underlying securities. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. Securities of Investment Companies. Dividends received by the Fund from a RIC generally are qualified dividend income only to the extent the dividend distributions are made out of qualified dividend income received by such RIC. Shares of the Fund are listed on a national securities exchange for trading during the trading day. The Prospectus for the Fund is dated June 26, , as amended and supplemented from time to time. The Distributor or its agent distributes Creation Units for the Fund on an agency basis. A higher standard deviation indicates that returns are spread out over a larger range of values and thus, more volatile. A downturn in the economies of China, Malaysia or the United States, among other countries or regions, could adversely affect Singapore's economy. Householding is an option available to certain Fund investors.

Market Overview

The Company has delegated to BFA the responsibility for voting proxies on the portfolio securities held by each Fund. The Fund may lend securities representing up to one-third of the value of the Fund's total assets including the value of any collateral received. 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 made. Securities laws in many countries in Africa are relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights. However, in some instances it can reflect the location where the issuer of the securities carries out much of their business. To the extent allowed by law or regulation, each Fund intends from time to time to invest its assets in the securities of investment companies, including, but not limited to,. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider to the Underlying Index may increase the costs and index tracking risk of the Fund. The technology sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors. Accordingly, it is strongly affected by international commodity prices and is particularly vulnerable to any weakening in global demand for these products. Swap agreements will usually be performed on a net basis, with the Fund receiving or paying only the net amount of the two payments. There is no guarantee that issuers of the stocks held by a Fund will declare dividends in the future or that, if declared, they will either remain at specific levels or increase over time. Literature Literature. The Company was organized as a Maryland corporation on September 1, and is authorized to have multiple series or portfolios. Materials Sector Risk. If the Fund elects to impose limitations on creation transactions, Fund shares may be more likely to trade at a premium to NAV in the secondary market. Many Asian economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance that these rates of economic growth and industrialization will be maintained.

Often, interest payments have become too overwhelming for a government to meet, representing a large percentage of total GDP. While the Funds have established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Investopedia uses cookies to provide you with a great user experience. Dated December 30, as revised September 29, The Funds do not plan to use futures and options contracts in this way. Please enter a valid last. This is due to, among other things, the potential for greater market volatility, lower trading volume, higher levels of inflation, political and economic instability, greater risk of a market shutdown and more governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets. The Fund could experience losses if the value of its currency forwards and other currency transactions positions were poorly correlated with its other investments or with its other currency hedges or if it could not close out its positions because of an illiquid market or. Consumer Staples Sector Risk. In addition, the global financial industry has been materially and adversely affected by a significant decline in the value of mortgage-backed and asset-backed securities, and by the sovereign debt crisis. Transaction fees and how to withdraw money from coinbase us best site to buy bitcoin for dark web costs associated with creations or redemptions that include a cash portion may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. Reverse Repurchase Agreements. Emerging market securities markets are typically marked by difference between a covered call and a put price action trading secrets high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of the index trading course ishares mexico etf, as well as a high concentration of ownership of such securities by a limited number of investors. However, creation and redemption baskets may differ. The quotations of certain Fund holdings may not be updated during U. Similarly, because the Fund seeks to hedge currency risk in accordance with the Underlying Index, investors will not share in appreciation in the securities comprising the Underlying Index to the extent that such appreciation is due to increases in the currency cheap canadian monthly dividend stocks where to start investing in penny stocks of the underlying securities. Many Eastern European countries continue to move toward market economies at different paces with appropriately different characteristics.

In this step-by-step course, you will learn:

The economies of Australasia, which include Australia and New Zealand, are dependent on exports from the agricultural and mining sectors. Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. Emerging Market Focus. Consequently, a Fund could be adversely affected by delays in, or a refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. The document contains information on options issued by The Options Clearing Corporation. As with all the funds, you need to keep an eye on the total expense ratio before investing. Only an Authorized Participant as defined in the Creations and Redemptions section below may engage in creation or redemption transactions directly with the Fund. The impact of governmental intervention and legislative changes on any individual financial company or on the financials sector as a whole cannot be predicted. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Risk of Investing in Belgium. Examples of financial professionals include financial advisors, private bankers, etc. Operational Risk.

Tracking Error Risk. For newly launched funds, sustainability characteristics are typically available 6 months after launch. The liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Equity investments and investments in the Underlying Fund are valued at market value, which is generally determined using the last reported official closing price or last darwinex deposito minimo optionshouse same day trading price on the exchange or market on which the security is primarily traded at the time of valuation. In addition, the value of the securities or other instruments in the Fund's or the Underlying Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's or the Underlying Fund's shares. The Fund or the Underlying Fund may terminate a loan at any average daily range forex strategy forex open close charts week 37 2020 and obtain the return of the securities loaned. The Fund and the Underlying Fund may engage in securities lending. For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being hedged by the Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the day period beginning at the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, 91 days during the day period beginning 90 days before such date. While the IOPV reflects the current value of the Deposit Securities required to be the index trading course ishares mexico etf 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 Fund at a particular point in time because the current portfolio of the Fund may include securities that are not a part of the current Deposit Securities.

As global demand for oil fluctuates, Kuwait may be significantly impacted. The Funds will not invest in any unlisted Depositary Receipt or any Depositary Receipt that BFA deems illiquid at the time of purchase or for which pricing information is not readily available. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. With respect to its trading of foreign currency forward contracts, if any, the Fund will be subject to the risk of bank or dealer failure and the inability of, or refusal by, a bank or dealer to perform with respect to such contracts or, in the case of cleared contracts, the refusal of a CCP to clear a contract that is subject to mandatory clearing. The Fund may also use derivatives for speculative purposes to seek to enhance returns. Securities laws in many countries in Africa are relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights. A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the Shareholder Information section of the Fund's Prospectus. Each of these effects is. See the curriculum below to master the fundamentals of ETFs. The Trust is not involved in or responsible for any aspect of the calculation or dissemination of the IOPVs and makes no representation or warranty as to the accuracy of the IOPVs. BFA may, in the exercise of its business judgment, conclude that the proxy voting guidelines do not cover the specific matter upon which a proxy vote is requested, or that an exception to the proxy voting guidelines would be in the best economic interests of a Fund. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. However, because momentum trading machine learning top 6 bitcoin trading bots the index trading course ishares mexico etf be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to the NAV of the Fund or the Underlying Fund, as applicable, are not likely to be sustained over the long term unlike shares of many closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAVs. Goff has been a Portfolio Manager of the Approve withdrawl coinbase sms cboe bitcoin futures close date since its inception. Japan is also heavily dependent on oil imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. The economies of Australia and New Zealand are dependent on trading with certain key trading the index trading course ishares mexico etf, including Asia, Europe and the United States. However, it is not possible for BlackRock or the other Fund service providers to commision stock trading highest upside penny stocks all of the operational risks that may affect a Fund or to develop processes and controls to completely eliminate or mitigate their occurrence simple forex swing trading strategy affiliate guide effects. Companies in the telecommunications sector may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in developing new products and services using new technology. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market. In addition, these markets are particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a result of their trading and investment links to the Russian economy and currency.

Recently, allegations have surfaced that certain Swiss banking institutions marketed and sold offshore tax evasion services to U. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which could affect U. Exact Name of Registrant as Specified in Charter. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider to the Underlying Index may increase the costs and index tracking risk of the Fund. The indirect nature of the holdings may make the hedging more difficult to achieve and the Fund may be unable to accurately hedge currency exposure inherent in the Underlying Fund. Risk of Investing in Canada. Moreover, in recent years both local and national governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both adversely affect regulatory processes and public funding available for healthcare products, services and facilities. Compare investment vehicles Compare investment vehicles. The Company's Chief Compliance Officer may authorize disclosure of portfolio holdings information pursuant to the above policy and procedures. Because the Fund expects to obtain its exposure to the securities in the Underlying Index substantially through its investment in the Underlying Fund, shareholders should be aware that the risks of investment in particular types of securities, economic sectors and geographic locations discussed below may be borne by the Fund through its investment in the Underlying Fund. Custody risk refers to the risks inherent in the process of clearing and settling trades, as well as the holding of securities by local banks, agents and depositories. In addition, the currency hedging carried out by the Fund may result in lower returns than those generated through direct investments in the securities comprising the Underlying Index or in the index tracked by the Underlying Fund when the local currency appreciates against the U. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. To the extent allowed by law or regulation, the Fund and the Underlying Fund intend from time to time to invest their assets in the securities of investment companies, including, but not limited to, money market funds, including those advised by or otherwise affiliated with BFA, in excess of the general limits discussed above. The limited size of many of these securities markets can cause prices to be erratic for reasons apart from factors that affect the soundness and competitiveness of the securities issuers.