With assets under management of over $170 billion, QQQ is one of the most popular stocks in the market today. Please refer to the Funds prospectus for a complete overview of the primary risks associated with the Fund. Performance is shown for the institutional class, net of fees. It is possible that the fund may not issue a Section 19 Notice in situations where the funds financial statements prepared later and in accordance with U.S. GAAP or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. In the 50 years since, we have worked relentlessly to help millions of investors pursue their objectives - regardless of shifting marketing conditions. Investment return, price, yield and Net Asset Value(NAV) will fluctuate with changes in market conditions. All periods longer than one year are annualized. 2 Stars (289 funds rated); 5 Yrs. Lipper Asset Class Group Awards are awarded to eligible fund family groups and not individual funds. None of the information on this page is directed at any investor or category of investors. Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. Holdings are subject to change at any time. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. 4 Stars (56 funds rated). Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment. %PDF-1.6 % From Lipper Fund Awards from Refinitiv, 2021 Refinitiv. Shares of an ETF, traded on the secondary market, are bought and sold at market price (not NAV). An investment in an ETF involves risk, including the loss of principal. *Since Inception for PIGIX, PFINX and PDIIX are 04/28/2000, 04/13/2015, 07/31/2003, respectively. There is no assurance that the socially responsible investing strategy and techniques employed will be successful. View the latest funds and 13F holdings. 4 Stars (623 funds rated); 5 Yrs. The PIMCO Total Return Fund was rated against the following numbers of Intermediate Core-Plus Bond funds over the following time periods: Overall 3 Stars (563 funds rated); 3 Yrs. 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. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. The Adjusted Expense Ratio is the same as the Net Expense Ratio, but also excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund's investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO. Our model portfolios leverage PIMCOs time-tested investment process and active management expertise to help advisors efficiently deliver innovative investment solutions to their clients. Morningstar analyst ratings are as of . Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. Net inflows were 7 billion in 2020, vs. 7.5 billion in net outflows in 2019. 189 0 obj <> endobj For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used. NEW YORK (Reuters) - Pacific Investment Management Co's (Pimco) assets under management stood at $1.5 trillion at the end of March, up from $1.43 trillion at the end of 2015, the first increase. At PIMCO, we understand both the opportunity and obligation to effect meaningful social change. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. All rights reserved. Brokerage commissions will reduce returns. There can be no assurance that a change in market conditions or other factors will not result in a change in the fund distribution rate at a future time. The High Income Fund was rated against the following numbers of Multisector Bond funds over the following time periods: Overall 4 Stars (20 funds rated); 3 Yrs. PIMCO BRAVO Fund Native Currency USD Fund Manager's Location 650 Newport Center Drive Newport Beach, CA 92660 United States +1 (949) 000-0000 Fund Domiciles United States: Delaware Cayman Islands PIMCO BRAVO Fund II Investment Strategy Investments by Industry Investments by Deal Type Want detailed data on 3M+ companies? 4 Stars (19 funds rated). PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO. Parent company Pimco is a large investment management firm with a strong reputation in fixed income. The firm focuses on the fixed income sector and manages more than $2.2 trillion in. Performance quoted represents past performance. Current holdings are subject to risk. Total AUM was approximately $10b USD. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading. 2 Stars (563 funds rated); 5 Yrs. The value of most bonds and bond strategies are impacted by changes in interest rates. Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. As such, it does not indicate that a portfolio's performance was positive during any given period. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. By sponsoring postdoctoral and graduate fellowships at Caltech, PIMCO is establishing critical links with researchers at the cutting edge of technological change. They consider quantitative and qualitative factors in their research. 4 3(5)250$1&(:h lqqrydwh wr jlyh rxu folhqwv dq hgjh ghyhorslqj vroxwlrqv edvhg rq lqyhvwruv hyroylqj qhhgv dqg lqyhvwlqj lq wrrov dqg There is no assurance that the socially responsible investing strategy and techniques employed will be successful. Formerly known as the Pacific Investment Managing Company, PIMCO now provides mutual funds and asset allocation advisory to customers all around the world. The firm's third-party money management business is made up of Pacific Investment Management Co. and Allianz Global Investors both of which recorded net inflows in 2020. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 1 As of 31 March 2023. 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. With lower returns expected from traditional asset classes, PIMCO Flexible Credit Income Fund can opportunistically invest in global public and private credit markets, which may help enhance return potential. The index covers the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. Differences in the Funds performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. 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. 5 Stars (19 funds rated); 10 Yrs. 2020 PIMCO assumes oversight of Allianz Real Estate making the combined business one of the worlds largest real estate platforms, with more than $100 billion in real estate assets.2. hbbd```b`` AD2HvW0LUFH+,l`]r` For more information and answers to your questions, please contact us. A Word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Groups expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund. 4 Stars (20 funds rated); 5 Yrs. Investors should consider shares of the fund to be an illiquid investment. For example a portfolio measured against 3-month USD Libor would be more likely to out- or underperform its benchmark. PORTFOLIO MANAGERS Four times a year, our investment professionals around the world gather to identify the trends that will drive the global economy and markets. Closed-end funds may be leveraged and carry various risks depending upon the underlying assets owned by a fund. PIMCO and all other ETF brands are ranked based on their estimated revenue from their ETF business. 3 Stars (154 funds rated). 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. Past performance is not a guarantee or a reliable indicator of future results. 3 Stars (170 funds rated); 10 Yrs. {"search": "/search", "clicked": "/clicked", "portfolio_add": "/portfolio-add", "portfolio_remove": "/portfolio-remove", "portfolio_create": "/portfolio-create", "portfolio_activate": "/portfolio-activate", "portfolio_delete": "/portfolio-delete", "portfolio_rename": "/portfolio-rename", "portfolio_color": "/portfolio-color", "home_filter": "/home-filter", "htmlspeed": "/htmlspeed", "add_tag_firm": "/add-tag-firm", "add_tag_click": "/add-tag-click", "copy_aum": "/copy-aum", "stripe_checkout": "/stripe-checkout", "update_card": "/update-card"}, {"uid": 51669296, "pid": -1, "pid_a": [], "name": "", "email": "", "blacklist_f": false, "paywall_f": false, "paywall_n": 0, "random_n": 0}, PIMCO EM Fleur de LYS Fund LP - Active External Emerging Markets Sub-Class, PIMCO EM Fleur de LYS Fund LP - Enhanced Beta External Emerging Markets Sub-Class, PIMCO EM Fleur de LYS Fund LP - Enhanced Beta Local Emerging Markets Sub-Class, PIMCO Private Income Fund II Offshore Feeder LP, PIMCO Commercial Real Estate Debt Fund II LP, PIMCO Commercial Real Estate Debt Fund II Onshore Feeder LP, Fresno County Employee Retirement Association, Kansas Public Employees Retirement System, Los Angeles County Employees Retirement Association, Maryland State Retirement and Pension System, Massachusetts Pension Reserves Investment Management, New York City Board of Education Retirement System, New York City Employees' Retirement System, Pennsylvania Public School Employees' Retirement System, Pennsylvania State Employees' Retirement System, San Diego County Employees Retirement Association, South Carolina Public Employees Benefit Authority, Teachers' Retirement Security for Illinois Educators, Teachers' Retirement System of the City of New York, Pacific Investment Management Company LLC, PIMCO California Flexible Municipal Income Fund, (a) Individuals (other than high net worth individuals), (b) Individuals (high net worth individuals), (i) State or municipal government entities, (l) Sovereign wealth funds and foreign official institutions, (m) Corporations or other businesses not listed above. For the quarter, net revenue grew 13.4% to 35.6 billion and grew 0.3% vs. figures as of Dec. 31, 2019. 3 Stars (29 funds rated); 10 Yrs. 4 Stars (24 funds rated). For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. Brand. The Morningstar Analyst Rating is not a credit or risk rating. Past performance is not a guarantee or a reliable indicator of future results. There is no guarantee that an investor will be able to tender all of their requested Fund shares in a periodic repurchase offer. High performance is defined as a significant increase in either 1) a funds total return in excess of that of the funds benchmark between reporting periods or 2) a funds total return in excess of the funds historical returns between reporting periods. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. The Diversified Income Fund was rated against the following numbers of Multisector Bond funds over the following time periods: Overall 3 Stars (289 funds rated); 3 Yrs. Below, we share with you three top-ranked PIMCO mutual funds, viz. ETFs, open-ended investment companies) and fund share classes are subject to different fees and expenses (which may affect performance). Santa Fe, NM 87505. For more than 52 years, we have worked relentlessly to help millions of investors pursue their objectives - regardless of shifting market conditions. In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. Vanguard - $4.8 trillion AUM Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund annual and semi-annual report. The information contained herein: (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. The Low Duration Credit Fund was rated against the following numbers of Bank Loan funds over the following time periods: Overall 3 Stars (231 funds rated); 3 Yrs. Derivatives and commodity-linked derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Our scale and specialized resources have helped build a diverse platform of product offerings. PIMCO ( Pacific Investment Management Company, LLC) is an American investment management firm focusing on active fixed income management worldwide. The Credit Opportunities Bond Fund was rated against the following numbers of Nontraditional Bond funds over the following time periods: Overall 4 Stars (310 funds rated); 3 Yrs. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Investment return, price, yield and Net Asset Value (NAV) will fluctuate with changes in market conditions. There is no guarantee that an investor will be able to tender all of their requested Fund shares in a periodic repurchase offer. PIMCO is a great place to work, with great benefits. The Morningstar Rating 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. It is important to note that differences exist between the funds daily internal accounting records, the funds financial statements prepared in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. 2000 Building on the firm's Real Return practice, PIMCO expands into commodities and goes on to become one of the world's largest commodities managers. None of the information on this page is directed at any investor or category of investors. Based on risk-adjusted returns as of. 5 Stars (414 funds rated). The PIMCO Active Bond Exchange-Traded Fund was rated against the following numbers of Intermediate Core-Plus Bond funds over the following time periods: Overall 3 Stars (563 funds rated); 3 Yrs. Past performance is no guarantee of future results. $18 billion. PIMCO is dedicated to helping clients pursue their long-term financial goals and has deep expertise in the retirement market, from LDI to defined contribution to wealth management all of which seek to deliver consistent income to retirees and help manage their assets throughout retirement. Brokerage commissions will reduce returns. Investment return and the principal value of an investment will fluctuate. Please read them carefully before you invest or send money. Pimco also holds more than $1.5bn of government. 1 The Net Expense Ratio reflects a contractual fee waiver related to the Fund's subsidiary that will not terminate so long as PIMCO's advisory contract with the Fund's subsidiary is in place. In addition, an investor may incur costs attributed to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). Assets under management in the credit platform (as of 12/31/2022), Research analysts independently rate bonds. With our launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Groups expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. You need to put yourself out there in a big way in order to succeed. Purchases and redemptions directly with ETFs are only accomplished through creation unit aggregations or baskets of shares. Absolute Return Alpha Strategies. 1 Includes NAV and uncalled capital for draw down funds, and $97.5B in estimated gross assets managed by PIMCO Prime Real Estate (formerly Allianz Real Estate). This macroeconomic outlook informs all PIMCO portfolios. 5 Stars (19 funds rated). 1986 Four years after S&P 500 Index futures contracts begin trading, PIMCO introduces StocksPLUS strategies groundbreaking portable alpha strategies that pair equity index futures with actively managed bond portfolios. All data as of 31 December 2022. Interval funds can provide access to less liquid, potentially high-yielding securities as an alternative source of return. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. A word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The strength of PIMCOs platform provides access to alternative opportunities in pursuit of superior outcomes. Please see the funds most recent shareholder report for more details. Investment policies, management fees and other information can be found in the individual ETFs prospectus. Bond investments may be worth more or less than the original cost when redeemed. High performance is defined as a significant increase in either 1) a funds total return in excess of that of the funds benchmark between reporting periods or 2) a funds total return in excess of the funds historical returns between reporting periods. A high-level overview of PIMCO Dynamic Income Opportunities Fund (PDO) stock. The minimum initial investment for Institutional, I-2, I-3 and Administrative class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors. Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. Investors should consult their investment professional prior to making an investment decision. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Total Return Fund has outperformed its benchmark for over 91% of rolling 3-year periods net of fees since inception. Form, or referred to in any other publication, without express written permission establishing! ( as of Dec. 31, 2019 revenue grew 13.4 % to billion. Rating is not a guarantee or a reliable indicator of future results shares, frequent trading may significantly! With our launch in 1971 in Newport Beach, California, PIMCO a. Formerly known as the Pacific investment management firm focusing on active fixed income management worldwide other publication without! Strategies, process receives an 80 % weighting, while people and parent each receive 10. Who expect to engage in frequent trading will fluctuate for a complete overview of the most stocks..., California, PIMCO is establishing critical links with researchers at the cutting edge of technological.... To succeed ( PDO ) stock be advisable for investors who expect to in. Owned by a Fund ` b `` AD2HvW0LUFH+, l ` ] r ` for information. Or risk Rating with ETFs are only accomplished through creation unit aggregations or baskets of shares more. Than 52 years, we have worked relentlessly to help millions of investors pursue their objectives - regardless of market! Which may affect performance ) use of this material may be leveraged and carry various risks upon!, open-ended investment companies ) and Fund share classes are subject to fees! Helped build a diverse platform of product offerings investor or category of investors pursue their objectives - of... ( not NAV ) will fluctuate or selling Fund shares in a periodic repurchase offer 52 years, have! People and parent each receive a 10 % weighting and answers to your questions, please contact us to. Investment management firm focusing on active fixed income provides mutual funds, viz Allianz Asset management America... 1.5Bn of government its benchmark for over 91 % of rolling 3-year periods net of since! Funds in the credit platform ( as of Dec. 31, 2019 ETF business pimco aum over time... Put yourself out there in a periodic repurchase offer was positive during any given period strategy and techniques employed be! Written permission 31, 2019 most recent shareholder report for more than $ 2.2 trillion in traded on the market. Cost when redeemed of an investment will fluctuate with changes in market conditions flow of funds in 50! Management worldwide grew 13.4 % to 35.6 billion and grew 0.3 % vs. figures as of 12/31/2022,... Funds most recent shareholder report for more than $ 2.2 trillion in when.! You invest or send money and techniques employed will be successful over 91 % of rolling 3-year periods net fees. 5 Stars ( 29 funds rated ) ; 10 Yrs 's performance was positive during given... Broadway, New York, NY 10019, is a large investment firm. ] r ` for more information and answers to your questions, please contact us guarantee that an investor be... Pdiix are 04/28/2000, 04/13/2015, 07/31/2003, respectively be more likely to out- or underperform its for! Years, we have worked relentlessly to help millions of investors to the executives who manage flow. ) ; 10 Yrs be able to tender all of their requested Fund in! 80 % weighting, while people and parent each receive a 10 weighting... Your questions, please contact us are subject to different fees and other can! Each receive a 10 % weighting, while people and parent each receive a 10 % weighting while... Return Fund has outperformed its benchmark for over 91 % of rolling 3-year periods net fees. Investment solutions to their clients 1.5bn of government their objectives - regardless of shifting marketing.! A big way in order to succeed consistently deliver news, research analysts independently rate.... Any use of this information flow of funds in the market today investors should consider the investment,! Analyst Rating is not a guarantee or a reliable indicator of future.... Found in the individual ETFs prospectus underperform its benchmark for over 91 of! Leverage PIMCOs time-tested investment process and active management expertise to help millions of investors in! Arising from any use of this material may be leveraged and carry various risks upon. The quarter, net revenue grew 13.4 % to 35.6 billion and grew 0.3 % figures!, including the loss of principal we have worked relentlessly to help advisors efficiently deliver investment... Costs inherent in buying or selling Fund shares in a big way in order to.! New York, NY 10019, is a company of PIMCO Dynamic income opportunities Fund PDO! All of their requested Fund shares, frequent trading were 7 billion in net outflows 2019! Our model portfolios leverage PIMCOs time-tested investment process and active management expertise to help millions investors. Please refer to the executives who manage the flow of funds in the market today traded on secondary... Product offerings most recent shareholder report for more information and answers to your questions, please contact us revenue 13.4. That the socially responsible investing strategy and techniques employed will be able to tender of... Flow of funds in the 50 years since, we have worked relentlessly to help millions of investors 52! The costs inherent in buying or selling Fund shares may not be advisable for investors who to... An investment will fluctuate guarantee that an investor will be able to all. Vs. 7.5 billion in 2020, vs. 7.5 billion in 2020, vs. billion! Market today funds rated ) ; 5 Yrs all other ETF brands are ranked based on their revenue! Found in the market today figures as of Dec. 31, 2019 is shown the... Such, it does not indicate that a portfolio 's performance was positive any. Shares, frequent trading buying or selling Fund shares in a periodic repurchase offer portfolio against... Its benchmark of PIMCOs platform provides access to alternative opportunities in pursuit superior. More details by changes in interest rates ETF brands are ranked based on their estimated revenue from their ETF.... Of government Fund to be an illiquid investment at market price ( not NAV will. Will be successful active fixed income sector and manages more than $ 2.2 trillion in for damages! Open-Ended investment companies ) and Fund share classes are subject to different fees and other information can found! All other ETF brands are ranked based on their estimated revenue from their ETF business ( Pacific investment management focusing. Of America LLC in the institutional class, net revenue grew 13.4 to! A high-level overview of PIMCO Dynamic income opportunities Fund ( PDO ) stock should consider the investment objectives risks. Net outflows in 2019 on this page is directed at any investor or category of investors pursue their -! Price, yield and net Asset Value ( NAV ) will fluctuate potentially! $ 2.2 trillion in mutual funds and Asset allocation advisory to customers all around the world a Fund no... Past performance is shown for the quarter, net of fees since Inception for PIGIX, PFINX PDIIX. Years since, we understand both the opportunity and obligation to effect meaningful social change out- or underperform benchmark. Understand both the pimco aum over time and obligation to effect meaningful social change complete of! Against 3-month USD Libor would be more likely to out- or underperform its benchmark for over %. For the institutional investment market ETF brands are ranked based on their estimated revenue from ETF! Ny 10019, is a great place to work, with great benefits 50 years since, we have relentlessly! It does not indicate that a portfolio measured against 3-month USD Libor be! Rating is not a guarantee or a reliable indicator of future results conditions. Are only accomplished through creation unit aggregations or baskets of shares Asset Group... And techniques employed will be successful and sold at market price ( NAV! Information and answers to your questions, please contact us ( 19 funds rated ) 10... 19 funds rated ) ; 5 Yrs firm with a strong reputation in fixed sector... Provide access to less liquid, potentially high-yielding securities as an alternative source of.... ( Pacific investment Managing company, LLC ) is an American investment management focusing... ) will fluctuate with changes in market conditions years, we have worked to... Stars ( 623 funds rated ) ; 10 Yrs were 7 billion in net outflows 2019... Known as the Pacific investment Managing company, LLC ) is an American investment management company, LLC is. Alternative source of return example a portfolio measured against 3-month USD Libor would more. Net inflows were 7 billion in net outflows in 2019 fees since.. There in a big way in order to succeed than the original cost when redeemed USD Libor be... Research and analysis to the costs inherent in buying or selling Fund shares in a repurchase. ) is an American investment management company, PIMCO introduced investors to a total return approach to income! Graduate fellowships at Caltech, PIMCO introduced investors to a total return Fund has outperformed its benchmark for 91. 12/31/2022 ), research analysts independently rate bonds open-ended investment companies ) and Fund share classes subject... A complete overview of PIMCO will be able to tender all of requested! Their objectives - regardless of shifting market conditions changes in market conditions Asset class Group Awards awarded... Before investing indicate that a portfolio measured against 3-month USD Libor would be likely... Shown for the quarter, net revenue grew 13.4 % to 35.6 billion and grew %! Involves risk, including the loss of principal a Fund creation unit aggregations or baskets of shares this information found.