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The fund invests in bonds and may therefore be subject to volatility. This requires corresponding risk tolerance and capacity. The value of a unit may fall below the purchase price. Changes in interest rates have an effect on the value of the portfolio. The fund may use derivatives, which can reduce or increase investment risk (including the risk of loss due to the bankruptcy of the counterparty). The fund can invest in less liquid assets that may be difficult to sell in distressed markets. Investment grade bonds are usually considered as carrying low to medium credit risk (i.e. potential loss due to failure of issuer). Investment in fixed income securities are usually considered as carrying credit risk (i.e. potential loss due to failure of issuer). Conversion Risk can arise from the use of contingent convertibles. Contingent convertibles are subject to equity conversion or principal writedown, if bank regulatory capital falls below predefined thresholds. Every fund reveals specific risks, a detailed and comprehensive list of risk descriptions can be found in the prospectus.