The Fund may be subject to the risks associated with companies operating in the renewable energy sectors including, but not limited to, fluctuating energy prices which impact upon company revenues, weather fluctuations that impact the ability to generate electricity, the risk that existing regulatory frameworks (the benefits of which might include commitments to pay premium prices, priority access to electricity grids, support for the necessary infrastructure investments and guarantees of purchases of renewable energy output) become less supportive and the cost of producing renewable energy which can be high relative to conventional energy sources / technologies (which pose a risk to the long term economic viability of renewable energy ventures).

The Fund may also be subject to the risks associated with companies developing new renewable energy technologies and other technologies associated with energy efficiency, electrification of vehicles and other modes of transport, water treatment and purification, waste management and recycling and pollution control, including the risk arising from rapidly changing technologies and obsolescence of existing products; fierce competition from competitors with lower costs; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards, evolving regulatory frameworks; and frequent new product introductions.

Some companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. They may experience extreme price and volume fluctuations that are often unrelated to their operating performance.

The Index is typically comprised of a mix of micro, small, mid and large capitalisation companies. Micro and small capitalisation companies may be more vulnerable to adverse business or economic events than larger, more established companies and may underperform other segments of the market or the equity market as a whole. Securities of micro and small capitalisation companies generally trade in lower volumes, are less liquid and are often more vulnerable to market volatility and greater and more unpredictable price changes than larger capitalisation stocks or the stock market as a whole.

Other: (1) Third party service providers (such as the ICAV’s depositary) may go bankrupt and fail to pay money due to the Fund or return property belonging to the Fund. (2) If the Index provider stops calculating the Index or if the Fund’s license to replicate the Index is terminated, the Fund may have to be closed. (3) It may not always be possible to buy and sell the Fund’s Shares on a stock exchange or at prices closely reflecting the Net Asset Value. (4) There is no capital guarantee or protection on the value of the Fund and investors can lose all the capital invested in the Fund. (5) Please refer to the “Risk Factors” section of the ICAV’s Prospectus and the Fund Supplement.