RISKS

Leverage Risk:

Leverage can increase market exposure and magnify investment risk.

Futures and Forward Contracts:

Futures and forward contracts can involve a high degree of risk and may result in potentially unlimited losses.

Equity Securities Risk:

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Foreign and Emerging Market Securities Risk:

Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Interest Rate Risk:

Interest rate risk is a major risk to all bondholders. As rates rise, existing bonds that offer a lower rate of return decline in value because newly issued bonds that pay higher rates are more attractive to investors.

ETF General Risk:

Exchange-Traded Funds (ETFs) trade like stocks, are subject to investment risk, and will fluctuate in market value. Unlike mutual funds, ETF shares are not individually redeemable directly with the Fund, and are bought and sold on the secondary market at market price, which may be higher or lower than the ETF's net asset value (NAV). Transactions in shares of ETFs will result in brokerage commissions, which will reduce returns.​​

Commodity Risk:

Commodity-related investments, including derivatives, may be affected by a number of factors including commodity prices, world events, import controls, and economic conditions and therefore may involve substantial risk of loss.

Non-Diversified Risk:

Non-diversified funds invest a greater portion of assets in fewer securities and therefore may be more vulnerable to adverse changes in the market.

Concentration Risk:

Concentrated investments in a particular industry may be more vulnerable to adverse changes in that industry or the market as a whole.