![]() *The chart illustrates the NAV performance of a hypothetical $10,000 investment made in the fund on or on commencement of operations (whichever is later). Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. ETFs are subject to management fees and other expenses. ETFs are subject to market fluctuation and the risks of their underlying investments. ![]() The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Each ETP has a unique risk profile which is detailed in its prospectus, offering circular or similar material, which should be considered carefully when making investment decisions.įree commission offer applies to online purchases select ETFs in a Fidelity brokerage account. An ETP may trade at a premium or discount to its Net Asset Value (NAV) (or Indicative Value in the case of ETNs). The return of an index ETP is usually different from that of the index it tracks because of fees, expenses and tracking error. ETPs which use derivatives, leverage, or complex investment strategies are subject to additional risks. ETPs that target a small universe of securities, such as a specific region or market sector are generally subject to greater market volatility as well as the specific risks associated with that sector, region or other focus. Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which are magnified in emerging markets. Exchange traded products (ETPs) are subject to market volatility and the risks of their underlying securities which may include the risks associated with investing in smaller companies, foreign securities, commodities and fixed income investments.
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