There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate, and you may have a gain or loss when you redeem shares.
Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund.
A fund that concentrates in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio.
Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility, and less regulation.
A “non-diversified” fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a “diversified” fund. The net asset value per share of a non-diversified fund can be expected to fluctuate more than that of a comparable diversified fund.
A fund that concentrates its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities is subject to the risks associated with direct ownership of real estate. Real estate values can fluctuate as a result of general and local economic conditions, over-building and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhood values, increases in interest rates, and defaults by borrowers or tenants. The value of equities that service the real estate business sector may also be affected by such risks.
A fund’s use of short selling involves additional investment risks and transaction costs, and creates leverage, which can increase the risk and volatility of a fund.