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Defined Outcome Risk

The Fund has characteristics unlike many other traditional investment products and may not be suitable for all investors. An investment in the Fund may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to end of the Outcome Period, the returns realized by the investor may not match those that the Fund seeks to provide. The Fund may not fully protect against KWEB losses if its share price drops during the Outcome Period. Buying or selling shares during this time may affect the Buffer’s availability. Even if KWEB’s value rises, the Buffer won’t guard against any subsequent decrease. A new Cap is set at the start of each Outcome Period and depends on current market conditions. Therefore, the Cap may change between Outcome Periods and is unlikely to stay constant. Investors should keep track of Cap changes for each Outcome Period, details of which will be provided according to the process outlined in the Fund’s prospectus. The Fund aims to provide returns subject to a Cap, but there is no guarantee of success. If the Fund’s gains exceed the Cap, the Fund won’t appreciate beyond the Cap and will underperform. Due to the Cap, the Fund may significantly underperform KWEB. Buying shares after the Outcome Period starts may limit gains, exposing to potential losses. Selling shares before the Outcome Period ends may result in underperformance.

KBUF

KPRO