Valuation Risk. Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. When market quotations or pricing service prices are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. Real Estate Risk To the extent that the Fund invests in real estate investments, including investments in equity or debt securities issued by private and public REITs, real estate operating companies (‘REOCs”), private or public real estate-related loans and real estate-linked derivative instruments, it will be subject to the risks associated with owning real estate and with the real estate industry generally. These risks include, but are not limited to: the burdens of ownership of real property; general and local economic conditions(such as an oversupply of space or a reduction in demand for space); the supply and demand for properties (including competition based on rental rates); energy and supply shortages; fluctuations in average occupancy and room rates; the attractiveness, type and location of the properties and changes in the relative popularity of commercial properties as an investment; the financial condition and resources of tenants, buyers and sellers of properties; increased mortgage defaults; the quality of maintenance, insurance and management services; changes in the availability of debt financing which may render the sale or refinancing of properties difficult or impracticable; changes in building, environmental and other laws and/or regulations (including those governing usage and improvements), fiscal policies and zoning laws; changes in real property tax rates; changes in interest rates and the availability of mortgage funds which may render the sale or refinancing of properti...
Valuation Risk. Market prices generally will not be available for MLP convertible subordinated units, or securities of private companies, and the value of such investments ordinarily will be determined based on fair valuations determined by the Adviser pursuant to procedures adopted by the Board of Directors. Similarly, common units acquired through direct placements will be valued based on fair value determinations because of their restricted nature; however, the Adviser expects that such values will be based on a discount from publicly available market prices. Restrictions on resale or the absence of a liquid secondary market may adversely affect our ability to determine our NAV. The sale price of securities that are not readily marketable may be lower or higher than our most recent determination of their fair value. Additionally, the value of these securities typically requires more reliance on the judgment of the Adviser than that required for securities for which there is an active trading market. Due to the difficulty in valuing these securities and the absence of an active trading market for these investments, we may not be able to realize these securities’ true value, or may have to delay their sale in order to do so. This may affect adversely our ability to make required interest payments on the debt securities and distributions on the preferred stock, to redeem such securities, or to meet asset coverage requirements.
Valuation Risk. Certain funds may hold any or all of their underlying holdings in illiquid and/or unquoted securities or instruments. Any valuations are subject to substantial uncertainty, and the there is no assurance that they will reflect the actual sales or ‘close-out’ prices of the holdings. In addition, there is an inherent conflict of interest between the involvement of the investment manager in determining valuations of underlying holdings and their other duties and responsibilities.
Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third- party service providers. iShares X.X. Xxxxxx USD Emerging Markets Bond ETF (EMB or the “Emerging Bond Fund”) Investment Manager Blackrock Investment Objective The iShares X.X. Xxxxxx USD Emerging Markets Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market bonds. Principal Investment Strategies The Fund seeks to track the investment results of the X.X. Xxxxxx EMBI® Global Core Index (the “Underlying Index”), which is a broad, diverse U.S. dollar- denominated emerging markets debt benchmark that tracks the total return of actively traded external debt instruments in emerging market countries. The methodology is designed to distribute the weight of each country within the Underlying Index by limiting the weights of countries with higher debt outstanding and reallocating this excess to countries with lower debt outstanding. The Underlying Index was comprised of 57 countries as of October 31, 2020. As of October 31, 2020, the Underlying Index’s five highest weighted countries were Indonesia, Mexico, Qatar, Saudi Arabia and the United Arab Emirates. The Underlying Index may change its composition and weighting monthly upon rebalancing. The Underlying Index includes both fixed-rate and floating- rate instruments issued by sovereign and quasi-sovereign entities from index- eligible countries. Quasi- sovereign entities are defined as entities that are 100% guaranteed or 100% owned by the national gove...
Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third- party service providers. T-Bills ETF iShares Short Treasury Bond ETF (SHV or the “T-Bills Fund”) Investment Manager Blackrock Investment Objective The iShares Short Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities of one year or less. Principal Investment Strategies The Fund seeks to track the investment results of the ICE Short US Treasury Securities Index (the “Underlying Index”), which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of less than or equal to one year. Under normal circumstances, the Fund will seek to maintain a weighted average maturity of less than one year. Weighted average maturity is the U.S. dollar weighted average of the remaining term to maturity of the underlying securities in the Fund’s portfolio. As of February 28, 2021, there were 82 components in the Underlying Index. The Underlying Index is market value weighted based on amounts outstanding of issuances consisting of publicly issued U.S. Treasury securities with at least 50 days to final maturity at the time of issuance, a remaining term to final maturity of less than or equal to one year as of the rebalance date and have $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account. In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated i...
Valuation Risk. Low The risk that an investor pays too much for the venture is offset by: Investor funds will be in a Company that generates predictable streams high margin revenue from the sale of Titan Roof Tiles. The Company’s growth rate will create value and equity in the business very quickly. The business will have a large inventory of operating assets that can be divested within 24 months.
Valuation Risk. The lack of an active trading market may make it difficult to obtain an accurate price for an instrument held by the fund. Fees & Expenses (Based on the prospectus dated February 28, 2021) Total Annual Fund Operating Expenses 0.70% After Fee Waivers and/or Expense Reimbursements AB Global Bond Fund Investment Objective: The fund’s investment objective is to generate current income consistent with preservation of capital. Principal Investment Strategies The fund invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. Under normal market conditions, the fund invests significantly in fixed-income securities of non-U.S. companies. In addition, the fund invests, under normal circumstances, in the fixed-income securities of companies located in at least three countries. The fund may invest in a broad range of fixed-income securities in both developed and emerging markets. The fund may invest across all fixed-income sectors, including U.S. and non-U.S. Government and corporate debt securities. The fund’s investments may be denominated in local currency or U.S. Dollar-denominated. The fund may invest in debt securities with a range of maturities from short- to long-term. The fund may use borrowings or other leverage for investment purposes. The adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the fund. In making this assessment, the adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the fund’s other holdings. The adviser actively manages the fund’s assets in relation to market conditions and general economic conditions and adjusts the fund’s investments in an effort to best enable the fund to achieve its investment objective. Thus, the percentage of the fund’s assets invested in a particular country or denominated in a particular currency will vary in accordance with the adviser’s assessment of the relative yield and appreciation potential of such securities and the relationship of the country’s currency to the U.S. Dollar. Under normal circumstances, the fund invests at least 75% of its net assets in fixed-income securities rated investment grade at the time of investment and may invest up to 25% of its net assets in below investment grade fixed-income securities (commo...
Valuation Risk. The sale price the Emerging Bond Fund could receive for a security may differ from the Emerging Bond Fund’s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities or assets that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities or assets in the Emerging Bond Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Emerging Bond Fund’s shares. Annual Total Returns The following table is intended to help Account Owners understand the risks of investing in the Emerging Bond Fund. The table shows how the performance of the Emerging Bond Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund’s target index, which has investment characteristics similar to those of the Emerging Bond Fund. Account Owners should keep in mind that the Emerging Bond Fund’s past performance (before and after taxes) does not indicate how the Emerging Bond Fund will perform in the future. Note that the Emerging Bond Fund is not a Designated Portfolio. The Emerging Bond Fund’s performance will be higher than the performance of the Emerging Markets Bond Portfolio, the Designated Portfolio that it underlies, due to the higher expenses of the Emerging Markets Bond Portfolio. Total returns1 for period ended in September 30, 2017 1 Year 3 Year 5 Year 10 Year Since Inception 12/17/2007 Net asset value (NAV) return2 3.89% 5.91% 3.93% N/A 6.62% Market price return3 3.96% 5.92% 3.84% N/A 6.63% X.X. Xxxxxx EMBI Global Core Index 4.42% 6.47% 4.69% N/A 7.40% 1 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Fund performance figures assume the reinvestment of dividends and capital gains distributions; the figures represent pre-tax and net of expenses. The above widely used comparative index represents unmanaged or average returns on various financial assets that can be compared with the fund’s total returns for the purpose of measuring relative performance.
Valuation Risk. The price the Fund could receive upon the sale of a security or unwind of a financial instrument or other asset may differ from the Fund’s valuation of the security, instrument or other asset and from the value used by the Underlying Index, particularly for securities or other instruments that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other instruments in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers. Schwab Investment Risks Concentration Risk. To the extent that the Fund’s or the index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class (including the real estate industry, as described in prospectus dated June 27, 2022), the Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.
Valuation Risk. This risk relates to the fact that markets, in specific situations and due to lack of volumes of transactions, do not enable an accurate assessment of the fair value of invested assets. In such cases, valuation risk represents the possibility that, when a financial instrument matures or is sold in the market, the amount received is less than anticipated, incurring a loss to the portfolio.
