Risk Disclosure

Risk Disclosure

Effective Date: 23 August 2026

Investments in securities and other market-linked products are subject to market risks. There is no assurance that an investment objective will be achieved, and the value of investments may rise or fall.

Key Investment Risks

• Market Risk: Prices and values may fluctuate due to economic, market, sector, company, interest-rate, currency and other factors.
• Loss of Capital: Depending on the product and circumstances, an investor may lose part or all of the invested capital.
• Liquidity Risk: Some investments may not be readily saleable at the desired price or time.
• Interest-Rate and Credit Risk: Debt and fixed-income investments can be affected by interest-rate changes, issuer credit quality and default risk.
• Concentration Risk: Excessive exposure to an asset, issuer, sector or theme can increase portfolio risk.
• Product-Specific Risk: Each investment product has its own risks, costs, liquidity characteristics, tax treatment and conditions. Review the relevant product documents before investing.

No Guarantee of Returns

Investment advice and portfolio construction do not eliminate investment risk. No statement on this website should be interpreted as an assurance of guaranteed, minimum, target or risk-free returns.

Past Performance

Past performance, historical returns, illustrations and examples are not guarantees or reliable indicators of future performance.

Client Responsibility

Clients should provide complete and accurate information, understand the risks of investments they choose and promptly communicate material changes in their financial circumstances, objectives, liabilities or risk tolerance.

This disclosure should be read together with applicable product documents, advisory terms and client-specific disclosures.