Performance & Risk: NIB

Risk

Exchange-traded Notes (ETNs) are not exchange-traded funds (ETFs). Unlike ETFs, ETNs are unsecured debt subject to the issuer's credit risk; ETNs do not provide an ownership interest in any underlying assets. Many ETNs are intended for short-term trading and may not be appropriate for intermediate or long term investment time horizons. ETNs may be thinly traded, can become illiquid, and may trade at a market price significantly different (a premium or discount) from their indicative value. ETNs may exhibit extreme market price movements which can occur quickly and unexpectedly. Some ETNs are callable or redeemable by the issuer before their stated maturity date. In the event of early redemption, you are likely to lose all or a part of your initial investment. The tax treatment of ETNs is uncertain and may vary from what is described in the prospectus.

Commodity ETPs generally involve greater risk than broad-based ETFs due to the volatile nature of commodities prices and indexes and can be significantly impacted by changes in supply and demand relationships, interest rates, monetary and other governmental policies or factors affecting a particular sector or commodity. ETPs that track a single sector or commodity may exhibit even greater volatility. Commodity ETPs which use futures, options, or other derivative instruments may involve still greater risk, and performance can deviate significantly from the spot price performance of the referenced commodity, particularly over longer holding periods. The direct purchase of precious metals and other collectibles in an IRA or other retirement plan account can result in a taxable distribution from that account (except as specifically provided under IRS rules). If precious metals or other collectibles are held in an ETF or other underlying investment vehicle, you should first confirm that such an investment is appropriate for a retirement account by reviewing the prospectus or other issuing documentation and/or checking with your tax advisor. Some ETF sponsors include a statement in the prospectus that an IRS ruling was obtained providing that the purchase of the ETF in an IRA or retirement plan account will not constitute the acquisition of a collectible and as a result will not be treated as a taxable distribution.

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. Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which are magnified in emerging markets. 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. ETPs which use derivatives, leverage, or complex investment strategies are subject to additional risks. The return of an index ETP is usually different from that of the index it tracks because of fees, expenses and tracking error. An ETP may trade at a premium or discount to its Net Asset Value (NAV) (or Indicative Value in the case of ETNs). 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.