Certain ETFs held by the Portfolio invest in domestic common stocks and U.S.-listed foreign securities. The value of the Portfolio’s units will fluctuate with changes in the value of these common stocks. Common stock prices fluctuate for several reasons including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as the current market volatility, or when political or economic events affecting the issuers occur.
ETFs held by the Portfolio will generally hold, and may continue to buy securities even though a security’s outlook, rating, market value or yield may have changed. As with all investments, you may lose some or all of your investment in the Portfolio.
Certain ETFs held by the Portfolio invest in securities issued by small- and mid-cap companies. These securities customarily involve more investment risk than securities of large-cap companies. Small- and mid-cap companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.
Certain ETFs held by the Portfolio invest in Master Limited Partnerships (MLPs) which typically operate in the energy, natural resources or real estate sectors. MLPs are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk.
Certain ETFs held by the Portfolio invest in real estate investment trusts (REITs). Investments in REITs may be affected by economic, legal, cultural, environment or technological factors that affect the property values, rents or occupancies of real estate.
Read the Portfolio's prospectus carefully before investing. It contains the Portfolio's investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing.