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The fund may engage in relatively high-risk strategies in bond and currency markets, whereby both long and short positions may be held and derivatives may be used. The use of derivatives may result in additional risks (notably counterparty risk). Depending on the credit rating (credit quality), corporate bonds may exhibit a higher default risk than government bonds. The default risk of high yield and emerging market bonds is higher than that of corporate and government bonds of investment grade quality. Changes in interest rate levels, credit spreads and currencies may affect the value of the fund. Emerging markets are in an early stage of development, which is typically associated, for example, with pronounced price fluctuations and other specific risks such as lower market transparency, regulatory hurdles and corporate governance provisions, as well as political and social challenges. Emerging markets may have limited liquidity. Greater portfolio flexibility may increase the risk that portfolio management decisions negatively affect performance. Investments are subject to market fluctuations. The fund can invest in less liquid assets that may be difficult to sell in the case of distressed markets. Each fund exhibits specific risks, which may increase significantly under unusual market conditions. The aforementioned aspects require investors to have the corresponding risk appetite and risk capacity.