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Asia Fixed Income

Matthews Asia Credit Opportunities Fund

Snapshot
  • Bottom-up Asia credit strategy, with a focus on risk-adjusted returns
  • Invest primarily in USD-denominated high yield Asian bonds
  • Flexibility to invest across the spectrum of credit quality and issuers’ capital structure

30/09/2015

Inception Date

-14.32%

YTD Return (USD)

(as of 28/06/2022)

$7.48

Price (USD)

(as of 28/06/2022)

$27.54 million

Fund Assets

(as of 31/05/2022)

Objective

Total return over the long term.

Strategy

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 65% of its net assets in income-producing securities including, but not limited to, debt and debt-related instruments and derivative instruments with fixed income characteristics, issued by governments, quasi-governmental entities, supra-national institutions and companies in Asia. On an ancillary basis, the Fund may invest in dividend-paying equity securities of the foregoing issuers. Investments may be denominated in any currency, and may represent any part of a company’s capital structure from debt to equity or with features of both.

Risks

The value of an investment in the Fund can go down as well as up and possible loss of principal is a risk of investing. Investments in international, emerging and frontier market securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation, which may adversely affect the value of the Fund's assets. Fixed income investments are subject to additional risks, including, but not limited to, interest rate, credit and inflation risks. The Fund may invest in the following: derivatives which can be volatile and affect Fund performance; high yield bonds (junk bonds) which can subject the Fund to substantial risk of loss; and structured investments which can change the risk or return, or replicate the risk or return of an underlying asset. The Fund invests in holdings denominated in foreign currencies, and is exposed to the risk that the value of the foreign currency will increase or decrease.

These and other risks associated with investing in the Fund can be found in the prospectus.

Fund Facts
Inception Date 30/09/2015
Fund Assets $27.54 million (31/05/2022)
Base Currency USD
ISIN: LU1275263116 (USD) LU1275263389 (GBP)
Bloomberg Symbol MACOIUS:LX (USD) MACOIGB:LX (GBP)
Benchmark J.P. Morgan Asia Credit Index
Geographic Focus Asia: Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region
Fees & Expenses
Management Fee 0.65%
Total Expense Ratio As of 31/03/2022 1.25% ( USD ) 1.25% ( GBP )

Performance

  • Monthly
  • Quarterly
  • Calendar Year
  • Rolling 12 Month
    Returns
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As of 31/05/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Credit Opportunities Fund (USD)
-2.64% -5.15% -10.75% -12.02% -2.97% -0.63% n.a. 2.06% 30/09/2015
J.P. Morgan Asia Credit Index (USD)
-0.28% -4.50% -8.65% -10.39% -0.26% 1.34% n.a. 2.61%
Matthews Asia Credit Opportunities Fund (GBP)
-3.09% 0.77% -4.48% -1.01% -3.09% -0.27% n.a. 4.95% 30/09/2015
J.P. Morgan Asia Credit Index (GBP)
-0.66% 1.67% -1.83% 0.81% -0.26% 1.83% n.a. 5.48%
As of 31/03/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Credit Opportunities Fund (USD)
-1.83% -7.63% -7.63% -9.45% -1.63% 0.47% n.a. 2.66% 30/09/2015
J.P. Morgan Asia Credit Index (USD)
-2.04% -6.29% -6.29% -7.49% 1.05% 2.07% n.a. 3.08%
Matthews Asia Credit Opportunities Fund (GBP)
0.12% -5.10% -5.10% -5.00% -1.73% -0.54% n.a. 4.97% 30/09/2015
J.P. Morgan Asia Credit Index (GBP)
-0.16% -3.60% -3.60% -3.06% 0.70% 1.02% n.a. 5.33%
For the years ended December 31st
Name 2021 2020 2019 2018 2017 2016
Matthews Asia Credit Opportunities Fund (USD)
-4.68% 0.93% 14.04% -4.13% 8.16% 10.42%
J.P. Morgan Asia Credit Index (USD)
-2.44% 6.33% 11.35% -0.77% 5.77% 5.81%
Matthews Asia Credit Opportunities Fund (GBP)
-3.46% -2.52% 10.68% 1.18% -1.38% 32.84%
J.P. Morgan Asia Credit Index (GBP)
-1.54% 3.05% 7.05% 5.40% -3.38% 26.21%
For the period ended 31/03/2022
Name 2022 2021 2020 2019 2018 Inception Date
Matthews Asia Credit Opportunities Fund (USD)
-9.45% 13.45% -7.33% 1.36% 6.09% 30/09/2015
J.P. Morgan Asia Credit Index (USD)
-7.49% 9.00% 2.34% 5.53% 1.73%
Matthews Asia Credit Opportunities Fund (GBP)
-5.00% 1.79% -1.88% 9.03% -5.90% 30/09/2015
J.P. Morgan Asia Credit Index (GBP)
-3.06% -2.04% 7.55% 13.61% -9.32%

Source: Brown Brothers Harriman (Luxembourg) S.C.A., Index data from J.P. Morgan.

Since inception performance for share classes with less than one year of history represents actual performance, not annualised. In addition, for share classes less than a year old, Year to Date Return is calculated since inception. Where no past performance is shown there was insufficient data available in that year to provide performance.

Performance details provided are based on a NAV-to-NAV basis with any dividends reinvested, and are net of management fees and other expenses. Performance data has been calculated in the respective currencies stated above, including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

All performance quoted represents past performance and is not indicative of future performance. Investors may not get back the full amount invested. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal.

Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.

Yield

(as of 31/05/2022)
11.54% Yield to Worst

Source: FactSet Research Systems, Bloomberg, Matthews Asia

Portfolio Characteristics

(as of 31/05/2022)
2.8
Modified Duration
45
Number of Positions

Source: Brown Brothers Harriman (Luxembourg) S.C.A

Risk Metrics (3 Yr Return)

(as of 31/05/2022)
-1.82%
Alpha
1.63
Beta
118.22%
Upside Capture
149.75%
Downside Capture
-0.35
Sharpe Ratio
-0.42
Information Ratio
6.49%
Tracking Error
71.98

Fund Risk Metrics are reflective of Class I USD DIST shares.

Sources: Zephyr StyleADVISOR

Top 10 Positions

(as of 31/05/2022)
Name Sector Currency % Net Assets
Indika Energy Capital III Pte, Ltd., 5.875%, 11/09/2024 Industrial U.S. Dollar 4.1
Bank of East Asia, Ltd., 5.825%, 04/21/2069 Financial Institutions U.S. Dollar 3.8
Tata Motors, Ltd., 5.875%, 05/20/2025 Industrial U.S. Dollar 3.6
Royal Capital BV, 5.000%, 05/05/2068 Industrial U.S. Dollar 3.6
Axis Bank Gift City, 4.100%, 09/08/2026 Financial Institutions U.S. Dollar 3.6
Network i2i, Ltd., 5.650%, 04/15/2068 Industrial U.S. Dollar 3.5
HDFC Bank, Ltd., 3.700%, 02/25/2069 Financial Institutions U.S. Dollar 3.5
Kasikornbank Public Co., Ltd., 5.275%, 04/14/2068 Financial Institutions U.S. Dollar 3.5
AYC Finance, Ltd., 4.850%, 04/30/2068 Financial Institutions U.S. Dollar 3.5
Luye Pharma Group, Ltd., Cnv., 1.500%, 07/09/2024 Industrial U.S. Dollar 3.4
TOTAL 36.1

Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.
Source: Brown Brothers Harriman (Luxembourg) S.C.A

Portfolio Breakdown (%)

(as of 31/05/2022)
  • Sector Allocation
  • Country Allocation
  • Currency Allocation
  • Quality Distribution
  • Asset Type Breakdown
Sector Fund
Banking 21.9
Other Financial 15.5
Basic Industry 12.3
Consumer Cyclical 10.8
Communications 7.4
Government Owned, No Guarantee 6.3
Technology 3.7
Transportation 3.6
Consumer Non-Cyclical 3.4
Capital Goods 3.3
Government Guaranteed 3.3
Finance Companies 3.1
Sovereign 1.8
Cash and Other Assets, Less Liabilities 3.4

Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments.
Sector data based on Bloomberg B Class Sector.
Source: Bloomberg.

By issuer's country of risk Fund
China/Hong Kong 31.1
India 27.1
Indonesia 10.8
Philippines 7.1
Thailand 7.0
Vietnam 5.1
Malaysia 2.5
New Zealand 2.0
Singapore 1.6
South Korea 1.5
Taiwan 0.7
Cash and Other Assets, Less Liabilities 3.4

Not all countries are included in the benchmark index. Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments.
Supranational is an international organization in which member states transcend national boundaries, (ex. IMF).

Currency Fund Contribution To Duration
U.S. Dollar 100.0 2.8
Quality Distribution Fund
BBB- 8.4
BB+ 10.6
BB 21.4
BB- 11.8
B+ 7.2
B 2.0
B- 4.5
CCC+ 1.9
CCC 0.5
Not Rated 28.2
Cash and Other Assets, Less Liabilities 3.4

Credit quality is provided for the underlying bond holdings of the Fund and does not include common equities, cash and other assets and percentage values will not total 100%. Credit quality rating symbols reflect that of S&P and generally credit ratings range from AAA (highest) to D (lowest). When ratings from Moody's, S&P and Fitch are available for a bond in the Fund, the middle rating of the three is used. When two ratings are available, the lowest rating is used. When only one rating is provided, that one is used. Foreign government bonds without a specific rating are assigned the country rating provided by one of the three agencies. Securities that are not rated by any one of the three agencies are reflected as such.
Sources: FactSet Research Systems, Moody's, S&P and Fitch

Asset Type Fund
Corporate Bonds 72.4
Convertible Bonds 19.1
Government Bonds 5.1
Cash and Other Assets, Less Liabilities 3.4

Cash and Other Assets may include the mark-to-market value of forward currency exchange contracts and certain derivative instruments.

Source: FactSet Research Systems unless otherwise noted.
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.

Ratings

  • OVERALL
  • 3 YEAR
  • 5 YEAR

Past performance is no guarantee of future results. High ratings and rankings does not assure favorable performance.

Overall Morningstar RatingTM is reflective of the noted share class. Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund. Copyright ©2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is provided for reference purposes only.

The Overall Morningstar®️ Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio Managers

Teresa  Kong, CFA photo
Teresa Kong, CFA

Lead Manager

Satya  Patel photo
Satya Patel

Lead Manager

Distributions

Currency Record Date Ex Date Reinvest Date Payment Date Income Distributions
USD 27/06/2022 28/06/2022 29/06/2022 05/07/2022 $0.027387
GBP 27/06/2022 28/06/2022 29/06/2022 05/07/2022 £0.030645
USD 23/05/2022 24/05/2022 25/05/2022 31/05/2022 $0.027387
GBP 23/05/2022 24/05/2022 25/05/2022 31/05/2022 £0.030645
USD 25/04/2022 26/04/2022 27/04/2022 03/05/2022 $0.027387
GBP 25/04/2022 26/04/2022 27/04/2022 03/05/2022 £0.030645
USD 28/03/2022 29/03/2022 30/03/2022 05/04/2022 $0.027387
GBP 28/03/2022 29/03/2022 30/03/2022 05/04/2022 £0.030645
USD 22/02/2022 23/02/2022 24/02/2022 02/03/2022 $0.027387
GBP 22/02/2022 23/02/2022 24/02/2022 02/03/2022 £0.030645
USD 24/01/2022 25/01/2022 26/01/2022 01/02/2022 $0.027387
GBP 24/01/2022 25/01/2022 26/01/2022 01/02/2022 £0.030645
USD 14/12/2021 15/12/2021 16/12/2021 30/12/2021 $0.043225
GBP 14/12/2021 15/12/2021 16/12/2021 30/12/2021 £0.047775
USD 17/11/2021 18/11/2021 19/11/2021 29/11/2021 $0.043225
GBP 17/11/2021 18/11/2021 19/11/2021 29/11/2021 £0.047775
USD 25/10/2021 26/10/2021 27/10/2021 02/11/2021 $0.043225
GBP 25/10/2021 26/10/2021 27/10/2021 02/11/2021 £0.047775
USD 27/09/2021 28/09/2021 29/09/2021 05/10/2021 $0.043225
GBP 27/09/2021 28/09/2021 29/09/2021 05/10/2021 £0.047775
USD 25/08/2021 26/08/2021 27/08/2021 02/09/2021 $0.043225
GBP 25/08/2021 26/08/2021 27/08/2021 02/09/2021 £0.047775
USD 26/07/2021 27/07/2021 28/07/2021 03/08/2021 $0.043225
GBP 26/07/2021 27/07/2021 28/07/2021 03/08/2021 £0.047775
USD 28/06/2021 29/06/2021 30/06/2021 06/07/2021 $0.043225
GBP 28/06/2021 29/06/2021 30/06/2021 06/07/2021 £0.047775
USD 25/05/2021 26/05/2021 27/05/2021 02/06/2021 $0.043225
GBP 25/05/2021 26/05/2021 27/05/2021 02/06/2021 £0.047775
USD 26/04/2021 27/04/2021 28/04/2021 04/05/2021 $0.043225
GBP 26/04/2021 27/04/2021 28/04/2021 04/05/2021 £0.047775
USD 24/03/2021 25/03/2021 26/03/2021 01/04/2021 $0.043225
GBP 24/03/2021 25/03/2021 26/03/2021 01/04/2021 £0.047775
USD 22/02/2021 23/02/2021 24/02/2021 02/03/2021 $0.043225
GBP 22/02/2021 23/02/2021 24/02/2021 02/03/2021 £0.047775
USD 25/01/2021 26/01/2021 27/01/2021 02/02/2021 $0.043225
GBP 25/01/2021 26/01/2021 27/01/2021 02/02/2021 £0.047775
View History

Fixed Income Distribution Information

Beginning in January 2021, the Matthews Asia Funds – Asia Credit Opportunities Fund will change the approach of distributing share classes from quarterly distribution payments to monthly distribution payments and will implement a stable cents-per-share distribution approach. For 2021, the monthly cents-per-share distribution factors are scheduled to be as follows below. Please note that the distribution amounts are subject to change at any time in the discretion of the Matthews Asia Funds and the Investment Manager. Any changes will be reflected on this website.

  A Distribution Share Class I Distribution Share Class (GBP) I Distribution Share Class
ISIN LU1275262571 LU1275263389 LU1275263116
Monthly Distribution Factor 0.041825 0.047775 0.043225

 

The Fund may, at its discretion, pay dividends out of the capital or effectively out of capital in respect of the distribution shares. Dividends may be distributed out of gross income while all or part of the fees and expenses are paid out of capital, resulting in an increase in distributable income for the payment of dividends and, therefore, the Fund may effectively pay dividend out of capital. Payment of dividends out of capital and/or effectively out of capital represents a return or withdrawal of part of an investor's original investment, or from any capital gains attributable to that original investment. Any distribution may result in an immediate reduction of the net asset value per share of the Fund.

Please note that a positive distribution yield does not imply a positive return, and past yields are no guarantee of future yields. There is no guarantee that the Fund will pay or continue to pay distributions.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that shares, when redeemed, may be worth more or less than their original cost.

As of April 1, 2014, distributions for this class of the sub fund will pay gross income which may result in expenses being paid out of capital and thereby limit an investor’s potential to generate total return and income.

Commentary

Period ended 31 March 2022

For the quarter ending 31 March 2022, the Matthews Asia Credit Opportunities Fund returned -7.73% (A Dist) and -7.63% (I Dist), while its benchmark, the J.P. Morgan Asia Credit Index returned -6.29%.

Market Discussion:

The Asia credit market continued to be driven by the sell-off in bonds issued by Chinese property developers that began in May 2021. While there have been signs of policy easing from local governments across China, uncertainty, driven by liquidity concerns, continues to weigh on the sector. Many companies are working to meet the cash needs of bond maturities at a time when capital markets are largely shut for the sector and the cash generated by operations has slowed along with property sales. With this backdrop, some developers are facing an added challenge—securing a clean bill of health from auditors as they prepare full year results for 2021.

Outside of China property, Asia credit also navigated headwinds driven by U.S. rates and the war in Ukraine. In the first quarter, there was an unprecedented repricing of U.S. rates expectations. The market shifted from pricing in three rate hikes by February 2023 at the beginning of the year to pricing in nine rate hikes by February 2023 at the end of the first quarter. This led to negative performance for rate sensitive assets, like investment grade credit. The war in Ukraine contributed to risk-off sentiment across Asia high yield. The direct economic linkages between Russia, Ukraine and Asia are generally limited, and while Asia high yield ex-China property was soft in the first quarter, most countries and sectors were fairly well-behaved.

Performance Contributors and Detractors:

Among the biggest contributors to returns were convertible bonds issued by Chinese e-commerce solution provider Baozun, Chinese online video platform company iQIYI, and Australian technology company Xero. All three are convertible bonds, but their performance was driven by different factors. Baozun bonds are puttable in May, and because the company has sufficient cash and liquidity to repurchase the bonds, they’ve accreted towards par. iQIYI announced a US$285 million fundraising from a consortium of investors, demonstrating shareholder support and access to liquidity. Xero’s bonds had sold off after a sharp repricing of technology stocks in the first quarter, and we re-initiated a position in the bonds late in the quarter.

Amongst the biggest detractors to returns were our sub-investment grade rated China property bonds. Issuers including Logan, KWG and Sunac were under pressure in the quarter. All three are large, private sector developers with bond maturities this year. Logan’s situation is particularly challenging, as the company is seeking to extend two onshore bonds, one of which became puttable in March and the other which matured in March. Sunac suffered a ratings downgrade that triggered a put in one of their onshore bonds; the company secured an 18-month extension from bondholders on the maturity. KWG has avoided the liquidity challenges that other developers have faced. However, it does have bond maturities later in the year, and as a single-B rated developer, KWG bonds moved down with the market.

Notable Portfolio Changes:

We made limited changes to the portfolio in the first quarter. We added the convertible bonds of Xero after they sold off with the fall in tech stocks. We also added a handful of contingent convertible bank bonds (commonly referred to as CoCo’s) after a rise in yields driven by the risk-off sentiment following the invasion of Ukraine. This included CoCo’s issued by HSBC, Bangkok Bank and Krung Thai Bank. All three have limited exposure to Russia specifically, and Eastern Europe broadly, and we found the combination of the relatively high yield and short duration attractive for the credit risk in each.

Outlook:

Having gone through two straight years with significant sell-offs—the pandemic in 2020 and the string of defaults in the China property sector in 2021—we expect Asia’s high yield market to continue to be under pressure in the short run, until policy easing from the Chinese government and the end of COVID lockdowns clear the way for an operational recovery in the China property sector. We are beginning to see an acceleration of easing measures from the government. There have been reports that banks are being encouraged to facilitate mortgage and construction loans and support the domestic bond market. We have also seen the government move to support mergers and acquisitions by carving out the acquisition of distressed assets from calculations for the Three Red Lines requirements which define thresholds on borrowings, and by circulating a target list of developers to receive liquidity support from state-owned enterprises (SOEs) through asset sales. However, the full effect of these measures has been muted by the periodic lockdowns by local governments as China continues to pursue a dynamic zero COVID policy. Ultimately, we expect to see continued defaults in the short run as many private developers find it hard to access liquidity through bond markets and to generate sufficient cash to meet their debt obligations through their operations. As policy easing supports both bond issuance and operational recovery in the coming months, we expect to see companies start to recover and for differentiation in performance to increase. We do not expect this the recovery to be “V” shaped, where all companies rally in lockstep, but rather “K” shaped, where the higher quality companies recover but many of the lower quality companies restructure. The Fund’s Chinese property companies in our view are in the higher quality camp that we believe will recover over the coming quarters.

We expect Asian credit markets will continue to be under pressure in the near term, but over the course of the year will present a significant buying opportunity. Asia high yield spreads today are over 300 basis points (3.0%) higher than their long-run average, while U.S. high yield, European high yield and Latin America high yield spreads are all over 150 basis points (1.5%) lower than their long-run average. While the very short run is riddled with uncertainty, we expect in the long run that Asia high yield will rebound from its currently stressed levels.

 

Rolling 12 Month Returns For the period ended 31/03/2022 - I (Dist)
Name 2022 2021 2020 2019 2018 Inception Date
Matthews Asia Credit Opportunities Fund (USD)
-9.45% 13.45% -7.33% 1.36% 6.09% 30/09/2015
J.P. Morgan Asia Credit Index (USD)
-7.49% 9.00% 2.34% 5.53% 1.73%
Matthews Asia Credit Opportunities Fund (GBP)
-5.00% 1.79% -1.88% 9.03% -5.90% 30/09/2015
J.P. Morgan Asia Credit Index (GBP)
-3.06% -2.04% 7.55% 13.61% -9.32%

Sources: Brown Brothers Harriman (Luxembourg) S.C.A, Matthews Asia, FactSet Research Systems, Bloomberg

 

Performance figures discussed in the Fund Manager Commentary above reflect that of the Institutional Distribution Class Shares and has been calculated in USD. Performance details provided for the Fund are based on a NAV-to-NAV basis, with any dividends reinvested, and are net of management fees and other expenses. Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information.

Information contained herein is sourced from Matthews Asia unless otherwise stated. The views and opinions in this commentary were as of the report date, subject to change and may not reflect the writer’s current views. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent. It should not be assumed that any investment will be profitable or will equal the performance of any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.

Investors should not invest in the Fund solely based on the information in this material alone. Please refer to the Prospectus for further details of the risk factors. 

Index Definitions