US Small Cap Opportunity Fund

Risk Disclosures

The following are risks of investing in the Fund: 

• Small and Micro Size Company Risk: The Fund may invest in small and micro-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in small and micro-size companies also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of small and micro-size companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of small and micro-size companies to changing economic conditions.

• Investment Risk: The value of investments held in the Fund and the income from them may rise or fall. The Fund may not achieve its investment objective.

• Market Risk: As the Fund invests in company shares, it runs the risk that the market price of those shares will decline. That decline may be attributable to factors affecting the issuer of the shares or to general market conditions. 

• Liquidity Risk: The Fund may be adversely affected by a decrease in market liquidity for the securities in which it invests which may impair the Fund’s ability to execute transactions. In such circumstances, the Fund’s securities may become illiquid which may mean that the Fund may experience difficulties in selling securities at a fair price within a timely manner. Reduced liquidity of the Fund’s investment may result in a loss in value to the Fund.

• Value Investment Risk: The Fund may invest in value stocks, which presents the risk that such securities may never reach what are believed to be their full market values or may decline in value.

• For a full list of possible risk factors, please see section entitled “Risk Factors” in the Prospectus.

All investments involve the risk of loss of principal.

The Fund is recently established and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the United States or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly. The securities of small and micro-size companies can be more volatile in price than those of larger companies and may be more difficult or expensive to trade.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates.

A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented.

A complete description of the risks of investing in the Fund can be found in the KIIDs/KIDs, the Prospectus and the Fund-specific supplement.

Additional Information

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information is contained in the Prospectus and KIIDs/KIDs. Read these documents carefully before you invest.

The Fund’s Prospectus can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and is available in English.

The KIIDs can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and are available in one of the official languages of each of the EU Member States into which each the Fund has been notified for marketing under the Directive 2009/65/EC (the "UCITS Directive").

In addition, a summary of investor rights is available below. The summary is available in English.

These materials are for institutional/broker and/or financial professional use only. Any entity forwarding this material to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

Summary of Investor Rights

The legal relationship between an investor and the Fund is a contractual one, governed principally by the Application Form executed by the investor when subscribing for shares in the Fund and the instrument of incorporation. As an investor in the Fund, an investor has various rights which derive from:

• The Application Form, the instrument of incorporation and other relevant documents of the Fund; and
• Applicable Law and Regulation.

Such rights may include, but are not limited to, the right to participate in changes in the net asset value of such investor’s shares; the right to a share of any dividends or distributions paid out by the Fund (if applicable); the right to attend at general meetings of the shareholders of the Fund and the ICAV itself and to vote on any motion tabled at such meetings; subject to certain conditions, the right to call a general meeting of investors in the Fund; the right to request the redemption of the investor’s shares by the Fund and certain rights in respect of how the Fund uses the investor’s personal data. The exercise by an investor of these rights is strictly subject to the terms and conditions of the relevant Fund documents and/or legislation from which these rights derive. The foregoing is only a brief summary of examples of the rights of an investor in relation to the Fund. For a more detailed description of their rights vis-à-vis the Fund, investors should consult their own legal or financial advisor.

Both the Application Form between an investor and the ICAV and the instrument of incorporation are governed by Irish law. In the event that an investor believes they have suffered loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV, an investor may take proceedings against such parties in the Irish courts or, in certain circumstances, in the courts of another jurisdiction. Whether the judgment of a foreign court will be recognized and enforced against the UCITS management company or board of directors of the ICAV in Ireland will depend on the circumstances of the case and will be subject to the relevant national and international law that governs such matters in Ireland. At present, pending implementation of Directive (EU) 2020/1828 on representative actions for consumers, there are no recognized means, in Ireland or at EU level, by which an investor who may have suffered a loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV may seek collective redress.

Applicable Law and Regulation in this regard includes, but is not limited to, the Irish Collective Asset-management Vehicles Act 2015, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 and the Irish Data Protection Acts 1988 to 2018, the General Data Protection Regulation (Regulation (EU) 2016/679), the EU ePrivacy Directive 2002/58/EC, the PRIIPS Regulation (Regulation (EU) No 1286/2014, each as amended or replaced from time to time.