Investments in emerging market countries subjected to specific risks and securities are generally less liquid and less efficient and securities markets may be less well regulated. Specific risks may be heightened by currency fluctuations and exchange control; imposition of restrictions on the repatriation of funds or other assets; governmental interference; higher inflation; social, economic and political uncertainties. A further risk of investing in China ETF is that the assessment of Chinese financial reports by relevant regulators may not be adequate.

The securities of smaller companies may be more volatile and less liquid than the securities of large companies. Smaller companies, when compared with larger companies, may have a shorter history of operations, fewer financial resources, less competitive strength, may have a less diversified product line, may be more susceptible to market pressure and may have a smaller market for their securities. This is one of the risk factors of an ESG ETF.

The Fund may invest a relatively high percentage of its assets in a smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund's Net Asset Value and may make the Fund more volatile than more diversified funds.

The value of an investment in an ESG ETF can be affected by exchange rate fluctuations. The price of the euro can rise against another currency in which an investment is denominated. 

The value of the securities held by an ESG ETF may fall suddenly and unpredictably due to general market and economic conditions in markets in which issuers or securities held by the fund are active.