The returns on a portfolio of securities which exclude companies that do not meet the portfolio's specified sustainable investing criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's sustainable investing criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole.
Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. Non-diversified funds may invest in a relatively small number of issuers, a decline in the market value may affect its value more than f it invested in a larger number of issuers. While the Fund is expected to operate as a diversified fund, it may become non-diversified for periods of time solely as a result of changes in the composition of its benchmark index.
While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
Concentrated investments in a particular industry or sector may be more vulnerable to adverse changes in that industry or sector.