Indicative Net Asset Value ("iNAV")
The indicative net asset value ("iNAV") is the net asset value per share of a sub-fund's share class, calculated in real time (every 15 seconds) during trading hours. The iNAV is intended to provide investors and market participants with a continuous indication of the value of the share class. The values are generally calculated based on a valuation of the sub-fund's actual portfolio using real-time prices from S&P Global and other sources. The fund management company has commissioned S&P Global to calculate and publish the iNAV values of the sub-fund's share class. The iNAV values are disseminated via S&P Global and displayed on the major terminals of market data providers and the relevant stock exchanges, as well as on a variety of websites that display stock market data. An iNAV is not, and should not be considered or relied upon as, the value of a share or the price at which shares may be subscribed for, redeemed, or bought or sold. In particular, an iNAV provided for a sub-fund where the components of the benchmark index or investments are not actively traded at the time such iNAV is published may not reflect the actual value of a share and may therefore be misleading and should not be relied upon. The fact that the fund management company or its service provider is unable to provide an iNAV on a real-time basis or for any period of time does not per se result in a halt to trading in shares on a relevant stock exchange, which will be determined in the relevant circumstances by the rules of the relevant stock exchange. Investors should be aware that the calculation and disclosure of an iNAV may reflect time delays in the receipt of the prices of the relevant constituent securities compared to other calculated values based on the same constituent securities, including, for example, the benchmark index or the investments themselves, or the iNAV of other exchange-traded funds based on the same benchmark index or investments. Investors interested in trading shares on a relevant exchange should not rely exclusively on a provided iNAV in their investment decisions, but should also consider other market information as well as relevant economic and other factors (including, where applicable, information based on the benchmark index or the investments corresponding to a sub-fund). The fund management company, the custodian bank, and other service providers are not liable to anyone who relies on the iNAV. S&P Global cannot and does not guarantee that the iNAV will always be calculated accurately or without error. S&P Global assumes no liability for any direct or indirect losses resulting from an incorrect calculation of the iNAV or from any person's use of the iNAV. The iNAV is an indicative value and should not be used by any person for anything other than a simple indication of the potential value of a share of a sub-fund at that time.