it now!

The performance of the Fund may not fully reflect the performance of the benchmark Index because the Fund must pursue its Objective within a set of restrictions, such as: fees and expenses owed by the Fund, permitted cash positions, expenses and time differences incurred while adjusting the make-up of the Fund’s portfolio, etc.

Investors who redeem shares of the Fund will only receive the stocks that belong to the theoretical portfolio of the Index, and, depending on each case, stocks and other assets not included in the Index (permitted investments as defined in the fund’s Bylaws) that make up the basket of stocks (Instrument Portfolio). Investors who redeem shares from the Fund may fail to liquidate stocks or assets that are part of the Instrument Portfolio.

The stock market is considered a high-risk market because stock returns fluctuate widely. Furthermore, investing in stocks entails the risk of losing the invested capital because the financial situation of the issuer may deteriorate.

Fund assets are subject to price variations in the markets where they are traded, causing fluctuations in the value of Fund shares, and this may lead to gains or losses for Shareholders.

The Book Value of the Fund reflects the market value of the Fund portfolio, and the trading prices of Fund shares on the Stock Exchange may be lower or higher than their respective Book Values. The trading price of shares is expected to fluctuate mainly based on the Book Value of the Fund, rather than on the supply and demand of shares, which will vary on the basis of market conditions and other factors such as the economic situation of Chile, investor confidence, and investors' expectations about the Chilean capital market. However, there is no guarantee that this will happen or continue to happen. Although mechanisms for issuing and redeeming Fund shares will be set in place to help maintain the trading price of shares at levels similar to the Book Value of the Fund, nothing ensures that investors will actually request the issuance and/or redemption of Fund shares when such deviations occur or that these issuances and redemptions will actually help reduce the difference between the trading price of Fund shares on the Stock Exchange and their respective Book Value.

Redemption of Fund shares can only be carried out by Authorized Agents or directly by the Administrator in Units or multiples of Units, except if the Fund will be liquidated.

The Stock Exchange administers, calculates, publishes and maintains the IPSA index. However, the Stock Exchange is not obliged to do so and there is no guarantee that the Stock Exchange will continue administering, calculating, publishing and maintaining this index throughout the existence of the Fund. In conformity with the Bylaws of this fund, if the Stock Exchange ceases to administer, calculate, publish or maintain the IPSA index, the Administrator shall decide whether to change the investment objective or, if necessary, liquidate the Fund. If investors cannot agree upon what new objective the Fund should invest in or whether the Fund should be liquidated, the Administrator is authorized to immediately liquidate the Fund, as laid down in its Bylaws, which may adversely affect the value the Fund assets and shares. The liquidation of the Fund should be communicated to the Superintendencia de Valores y Seguros de Chile (SVS, the securities and insurance exchange supervising authority in Chile) as a material fact, and to the Shareholders as set forth in the Bylaws and applicable regulations.

Both SVS and BCS may suspend trading in Fund shares whenever they deem it appropriate to protect investors. In such a case, investors will not be able to buy or sell Fund shares on the Stock Exchange during the period in which trading in Fund shares is suspended. If trading in Fund shares is suspended, the market price of the shares may be affected and may differ significantly from the Book Value per share. Furthermore, because of restrictions on redemption of shares, if trading in Fund shares is suspended, Shareholders may incur financial losses due to decreased liquidity in their investment.

The Stock Exchange granted a license to the Administrator to use the IPSA Index Brand to create and trade the ETF for a period of ten years. The license agreement is, thus, valid for a fixed period of time and may, however, be extended as nothing has been defined in this respect previously. Any decision in this respect will be made only at the end of the 10-year period. At that time, the Administrator should decide whether or not to change the investment objective or, if it should be the case, to liquidate the Fund. This fact shall be communicated to the Superintendencia de Valores y Seguros de Chile (the securities and insurance exchange supervising authority in Chile), as a material fact, and to the Shareholders as set forth in the Fund’s Bylaws and applicable regulations. For more information, visit the Administrator’s website http://www.itau.cl/itnow

Errors, failures, delays in the provision or availability of the Index may occur. Since the Administrator or any operational service provider for the Fund has no influence on the calculation, provision or availability of the Index, nor are they able to prevent these events, none of them can bear any obligation or responsibility for such events.