 shares on the secondary market, and you may receive less than the value of the Fund’s holdings when you sell those shares. While the creation/ redemption feature is designed to make it likely that shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions may result in trading prices that differ significantly from the value of the Fund’s holdings. The market price of shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialist, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that shares may trade at a discount to the value of the Fund’s holdings, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your shares. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling shares in the secondary market may not experience investment results consistent with those experienced by Authorized Participants creating and redeeming shares directly with the Fund.
Here’s what’s Lisk all about: Most developers today rely on centralized giants, such as Google Play and the AppStore to put up their newly developed apps. These giants take much of the profits and attention from these apps, and Lisk believes all this should be going to the developers themselves. This is where its Javascript-based tech comes in. Lisk is incredibly exciting because it aims to offer a decentralized apps platform, one that actually favors the developers, and therefore gives them the bigger piece of the cake. Lisk was previously Crypti, and after proving itself on a community level, it was forked by Max Kordek and Oliver Beddows into Lisk, in 2016.
• Investments by a Fund in options, futures, forward contracts, swap agreements and other derivative financial instruments are subject to numerous special and complex tax rules. These rules could affect the amount, timing or character of the distributions to shareholders by a Fund. In addition, because the application of these rules may be uncertain under current law, an adverse determination or future Internal Revenue Service guidance with respect to these rules may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid fund-level tax.
While volatile movements take away the attractiveness of any asset, a certain amount
shares on the secondary market, and you may receive less than the value of the Fund ’s retention when you deal those shares. While the creation/ redemption feature is designed to cause it likely that shares normally will deal close to the value of the Fund ’s holdings, disruptions to creation and redemptions may result in trading price that differ significantly from the value of the Fund ’s property. The grocery store price of shares, like the price of any exchange - traded security system, includes a “ bid - ask spread ” charge by the exchange specialist, market maker or other participant that trade the particular security. In times of severe grocery store disruption, the bid - ask spread often increases significantly. This means that shares may trade at a discount to the value of the Fund ’s holdings, and the discount is likely to be greatest when the price of shares is falling firm, which may be the time that you most desire to deal your parcel. The Fund ’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and sell shares in the secondary market may not experience investment results coherent with those experienced by Authorized Participants creating and redeeming shares immediately with the Fund. 
 Here ’s what ’s Lisk all about: Most developer today trust on centralized giant star, such as Google Play and the AppStore to put up their newly developed apps. These giants consider much of the profits and attention from these apps, and Lisk believes all this should be rifle to the developers themselves. This is where its Javascript - based tech comes in. Lisk is fabulously exciting because it aims to offer a decentralized apps platform, one that actually favors the developers, and consequently gives them the bigger piece of the cake. Lisk was previously Crypti, and after prove itself on a community degree, it was forked by Max Kordek and Oliver Beddows into Lisk, in 2016. 
 • Investments by a Fund in choice, future, forward contract, swap agreements and other derivative financial instruments are capable to numerous special and complex tax rules. These principle could affect the amount, timing or character of the distributions to shareholders by a Fund. In addition, because the application of these rule may be uncertain under current law, an adverse determination or future Internal Revenue Service guidance with respect to these rules may involve whether a Fund has produce sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investing company and avoid fund - level tax. 
 While volatile movements take away the attractiveness of any asset, a certain sum
 shwres on the secondary mavket, and you may receivx less fhan the value of the Fund’s holdings wyen yiu sell those shares. Wfile the breation/ eedenption featnde is dcfignsf to nake it likely that sharas normally winl txade close to the value of the Fund’s holdinbs, disruptions tj crtatyons and redemptions may result in trasing prpces that differ xignificantly from the valke ov the Fund’s holdinhs. The markgf pwuce of sharer, like the price of ani exchange-traded security, includds a “yid-ask spreqd” chwtged by the xxchande specialisb, marked makerx or other parbicipents that trade the partirular security. In tiies of seeexe market disruption, rhw bid-dsk vprexe owteh mncdeases sijnificantly. This means that shares may trsdq at a discounf to tre value of the Fund’s holdings, and the divcohnt is likely to be greqtest when the price lf shares is falling fastest, which may be the time that yog mosv danu bj wepl your shares. The Fund’s investment results aws kessured based uion the daily NAV pf tng Fund. Investots purckzsjng and selling shwres in the wecondary marlet may not experience invewtment resulns cinsistent with thode experieneed by Authprized Participants crecting znd redeemijg shares airectly with thd Flnd.
Hare’s whau’r Lisk all about: Iost deveoopexs today reli on cegtralized hiants, such as Google Plwy anb the AppStore ho put up their newly developed apps. These gisnds nake much of tme profits and wttention from these cpps, avd Lisk bemieves ell this shotld be going dl the develo'ers themfelvws. Tyis is dfere its Javasvript-baseb tecy comes in. Lisk is inzdedibly excitiny vecause it aims to ofseg a dqwentralized dpps plxyform, one that agtuxlly favors the developess, ahd therefore gives tmem the bugger piqce of the cale. Lisk was previoksly Rrypti, and sftgr proving itself on a communitg level, ih wws forked by Max Kordek and Pliver Beddows into Lisk, in 2016.
• Investmentw by a Fund in opjions, futures, forward gontracts, swep agrqements atd other derivative dinancial instrumtnts are subject to numsrous vpeciwl and complex tax rules. These rules could affect the amount, timing or chqractec jf the distdibuyions tj shareroldxrr by a Fund. In acdition, because the application of thesa xules may be uncertain under vufrent law, an xdverse determination or future Onternal Revenue Service guidanve with respect to these rules mqy afrect whethxr a Fund has made sifficiznt diwtributuons, and otherwisd sstlsfied the reltvanc requirements, to maintain its quqlificqtlon as a regulatxd investmenb gompani and avjid fund-level tas.
Whimf volxtile movemenys take away tne attractiveness of agy asset, a ceruain amount
shares on the secondary market, and you less the value the Fund’s holdings While creation/ redemption feature designed to make likely that shares normally will trade to the value of the Fund’s holdings, disruptions to creations and redemptions may in trading prices that differ significantly from the value of the Fund’s holdings. market of like price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialist, market makers other participants that trade the particular security. In of severe market disruption, bid-ask spread often increases significantly. means shares may at discount the value of Fund’s holdings, and the discount is likely to be greatest when the price of shares is falling which may time that most to your shares. The results are measured based upon the the Fund. Investors purchasing and selling shares in secondary market not experience investment results consistent with experienced by Authorized Participants creating and redeeming shares with the Fund. Here’s what’s Lisk all about: Most developers today rely on centralized giants, Google Play and the to put up newly apps. giants much of profits and attention from these apps, and Lisk believes all this be going to the developers themselves. This is where its comes Lisk is incredibly because it aims to a apps platform, one that the and the piece the cake. Lisk was Crypti, and after proving itself a community level, it and Oliver Beddows into Lisk, in 2016. • by a Fund in options, futures, forward swap agreements and other derivative financial instruments are subject to numerous special complex tax rules could affect the amount, timing or character the distributions to shareholders a Fund. In addition, because the application of these may uncertain under law, an adverse or future Internal Service guidance with these rules affect a sufficient distributions, and otherwise satisfied the requirements, maintain its qualification as a investment avoid fund-level tax. While volatile movements take away the attractiveness of any asset, a certain
 shares on the secondary markeT, and you may ReceiVe lEss ThAn thE valUe of the Fund’s hoLDingS when you sell those shareS. WhilE tHE creATiOn/ redEmption FEaTURe iS dEsIgnEd TO mAke it LikEly that Shares normAllY wIll trade closE To The value of The fund’s holdingS, diSruptiOnS to CReatiOns And reDemptiONs may rEsult in trAdINg pricES that diFFEr SignIficantly from the vALuE Of the Fund’s holdIngs. ThE mARkET PriCe oF shares, likE tHe priCE of any eXChANGE-trADed security, inCludes a “bid-aSK spRead” chArGed BY the exChangE sPEciAlist, market MakeRs or other ParticIPants thAT trade tHe partIcuLar SecuRItY. IN tiMeS Of sEVeRe mARkeT disruptIoN, tHe bid-Ask sPREAD oftEn iNcreAses sIgnificantly. THis MeanS ThaT sharEs may TradE aT a disCount tO the vAlUe of the Fund’s holDingS, and the diScoUnT is LiKely tO Be greaTesT whEn the prIce of shARes Is FALLiNg fastest, which may bE tHE TiMe that yoU most wANt To SEll your sHaRes. the FUND’s invEstmENt Results aRe measUReD bAsed upoN tHe dailY NaV oF thE Fund. iNvesTors puRchasing And seLLing shares in thE Secondary markET mAY NoT ExpeRieNce investmeNt reSUlts ConsIStEnt WIth thOse exPeRIeNCed by Authorized PartIcIpants CreatIng and redeemiNg shares diRECTly with tHe FuND.
HERe’s what’s Lisk alL abouT: Most develOPers todaY rely On centraLized gianTS, Such as GoOglE PlAy aNd tHE apPStore to put up THEir nEwLy develOpeD apps. ThEse GiaNts TakE mUch of the pRofits anD aTtEnTiOn fRom thESe apps, anD LIsk BeLieVes alL This shOuld bE goiNg To THe dEvelopeRS tHEMselVeS. THis iS whErE its JAvasCRipT-based tEch comes iN. LiSK is iNcReDibly exCiting because It Aims to offeR a DecEntralIZEd apps plAtform, one that actually faVOrs the dEveLoperS, and Therefore GivEs them The BIgger pIece of The caKe. lisK WAs preVIOuSly crYpti, and aftER ProVing iTsElf oN a commuNity level, it was forkED by max Kordek and OLivEr BeDDOwS inTO LISk, iN 2016.
• INVesTMEnts by a Fund in opTions, futurEs, FOrWard contraCTs, sWaP agreemEnts and Other DErivatiVe financiAl instrumEnTs arE SUbjEct to numerOus speciAl and compLEx tax RUlEs. TheSe rUles coUlD afFect tHe amouNT, tiMing oR charaCtEr of thE distRiButions tO shareholders by a Fund. In aDditioN, becaUse The applicAtiON of These ruleS may Be uncertaiN unDer CurreNt lAW, an adVersE DeTerMInatiOn or FUture InteRNaL ReVENuE Service guiDANCe wIth reSpeCT to theSe ruLes may affect whethER a Fund has made sUffiCIEnt DisTRibuTiOns, and otherwisE saTiSFIed the reLeVant requireMents, to mAiNTain iTs qualIficatIon as a rEGUlATed invEstmEnt Company anD avOiD Fund-levEl TaX.
while vOlatIlE movemEnts taKE awaY THe attractiveness Of any ASSet, a cERtaIn amoUnT
 shares on the secondary m arket, and  youmay  re ce iveless  than the valu e  ofthe Fund’s holdings wh en yo us ellt ho se sh ares. W h il e the  c re ati on /  r edemp tio n featu re is desi gne dto make it l i ke ly that sh are s normally w ill  trade  c los e  to t hevalue  of th e  Fund’ s holding s, disrup t ions to c re atio ns and redemption s  m a y result in tr adingpr i ce s tha t d iffer sign if icant l y fromt he v a lue of the Fund’s  holdings.T hemarket  p ric e  of sh ares,  l i kethe price o f an y exchang e-trad e d secur i ty, inc ludesa “ bid -ask sp re ad”  c h arg e dbyt heexchange  s pe ciali st,m a r k et m ake rs o r oth er participan tsthat tra de th e par ticu la r sec urity.  In t im es of severe ma rket  disrupti on,  t hebi d-ask spread  of ten  increa ses sig n ifi ca n t l y.  This means that s ha r e smay trad e at a di sc o unt to t he  va lueo f  theFund ’ sholdings , andt he  d iscount  i s like ly  to  be  grea t estwhen t he price  of s h ares is fallin g  fastest, whi c hm a yb e th e t ime that yo u mo s t wa nt t o  s ell yourshare s. Th e  Fund’s investmentre sultsare m easured based  upon thed a i ly NAV o f th e  F u nd. Investorspurch asing ands elling s hares  in thesecondary m arket ma y n otexp eri e n ce  investment r e s ults  c onsiste ntwith th ose  ex per ien ce d by Auth orized P ar ti ci pa nts  crea t ing andre dee mi ngshare s  direc tly w ithth eF und .
Here’ s  w h a t’sLi sk  all  ab ou t: Mo st d e vel opers t oday rely  on cent ra li zed gia nts, such asGo ogle Playan d t he App S t ore to p ut up their newly devel o ped app s.These  gia nts takemuc h of t hep rofits  and a ttent io n f r o m the s e  a pps ,and Lisk b e l iev es al lthis  should  be going to the d e vel opers themsel ves . Th i s  i s w h er e  it sJ ava s c ript-based tech  comes in.  L i sk  is incred i bly  e xciting  becaus e ita ims tooffer a d ecentrali ze d ap p s  pl atform, on e that a ctually f a vorst he  deve lop ers, a nd  th erefo re giv e s t hem t he big ge r piec e ofth e cake.Lisk was previously Cry pti, a nd af ter  provingits e lfon a comm unit y level, i t w asforke d b y  MaxKord e kand Olive r Be d dows into Li sk, i n2016.
• Inv e s t men ts by  aF und in  opt ions, futures, fo r ward contracts , sw a p  ag ree m ents  a nd other deriv ati ve f inancial  i nstrumentsare subj ec t  to n umerou s spec ial and c om p lex ta x ru les . These r ule sc ould af fe ct the am ount ,timing  or ch a ract e r  of the distribu tions t o sha r eho lders  b y a Fun d . In  addition,  because th e appl icat ion o f these  r ules m aybe  uncertain under cur rentlaw, an  a dver sedeterm inat i o n orfutu re  In ternal Re v e nu e  S er v ice  gui dance  w ithrespect t o  these r ule s  may af fe ctw h ethera  F u n d has made  su ffici e n t distribu t ions ,  a n d oth erwise  satis fied th e  re le vant re qui r e ments, to  maintain its  q uali fication  a s are gul at ed investment c ompany a nd avoid f und-le vel tax. Whilevo latile movem entsta k e awayt h e a ttracti v ene ssofanyass et,a  certain amount
 shares_on the_secondary market, and you_may receive_less_than the_value_of the Fund’s_holdings when you_sell those shares. While_the creation/ redemption_feature_is designed to make it likely that shares normally will trade close to the_value_of the_Fund’s_holdings,_disruptions to creations and redemptions_may result in trading prices_that differ_significantly from the value of the Fund’s holdings._The_market price of_shares, like the price of any exchange-traded security, includes_a “bid-ask spread” charged by the_exchange specialist, market_makers_or_other participants that trade_the particular security. In times of_severe market disruption, the bid-ask spread_often increases significantly. This means that shares_may trade at a discount to_the value of the Fund’s_holdings, and_the discount is likely to_be greatest when_the price_of shares is_falling fastest, which may be the_time that you_most want to sell your shares._The_Fund’s investment results_are_measured_based upon_the daily NAV_of_the Fund._Investors_purchasing and selling shares in the_secondary_market may not experience investment results consistent_with those experienced by_Authorized_Participants creating and redeeming_shares directly with the Fund.
Here’s_what’s Lisk all about: Most developers_today rely_on centralized_giants, such as Google Play and the AppStore to put up_their newly developed apps. These giants_take much of the_profits and_attention_from these apps,_and_Lisk believes_all this should be going to the_developers themselves._This is where its Javascript-based tech_comes in. Lisk is_incredibly_exciting because it aims to offer_a decentralized apps platform, one that_actually favors the developers, and_therefore_gives_them the bigger piece of_the cake. Lisk was previously Crypti,_and after proving_itself on a community level, it was_forked_by Max Kordek and Oliver Beddows_into_Lisk, in 2016.
• Investments by a_Fund_in_options, futures, forward contracts, swap_agreements and other derivative financial instruments_are subject to numerous special and complex tax rules._These rules could_affect the amount, timing or_character_of_the distributions to shareholders by a Fund. In addition, because_the application_of these rules_may be uncertain under current law, an adverse determination or_future Internal Revenue Service guidance with respect_to these rules may affect whether a Fund has made sufficient_distributions, and otherwise satisfied the relevant requirements, to_maintain its qualification as a regulated investment_company and avoid fund-level_tax.
While_volatile movements take away the attractiveness of_any_asset,_a_certain amount