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    This Risk Disclosure Statement is established in accordance with Article 3, Paragraph 2 of the Rules Governing Trading of Beneficial Certificates and Article 5, Paragraph 2 of the Guidelines for Creation and Redemption of Beneficial Certificates of the Taiwan Stock Exchange Corporation ("TWSE").

    The customer trading in the beneficial certificates of this exchange-traded futures trust fund ("ETF") may generate significant profits or sustain significant losses within a short term as the ETF takes, as its major investment, foreign commodity futures indices as the underlying indices to be tracked, with wide-ranging futures indices available, including commodities, raw materials, energy and agricultural products etc. Before opening an account, therefore, the customer is advised to evaluate carefully whether a particular commodity is suitable in view of its own financial capacity and economic condition. To protect its rights and interests, the customer should specifically understand the potential risks its investments may entail as well as be aware of the following, prior to engaging in trading:

1. The investment risks of trading in this ETF vary among the futures indices that the ETF invests in. The customer is advised to ascertain the features and risks of each of the underlying indices that this ETF links to, including commodities, raw materials, energy and agricultural products etc., and keep themselves apprised of the price changes of the underlying commodities in the spot market at all times.
2. The decision to invest in this ETF is solely made by the customer after careful independent evaluation. Before investing, the customer should understand all possible risks of investing in this ETF, including, without limitation, impacts of the state, interest rate, liquidity, premature rescission of contact, exchange, inflation, re-investment, individual incident, tax, credit, and markets being linked to etc. The securities firm makes no guarantee of returns on investment or a breakeven as far as this ETF is concerned.
3. Where the future that this ETF invests in is traded in foreign currency, in addition to the profit and loss from the actual trade, the exchange-rate risk must also be borne; loss of principal on the object of investment is also likely to result directly from changes in the interest rate, exchange rate or other indices.
4. Where the future this ETF invests in is not subject to limit up-limit down restrictions, this ETF will not be so subject, either, in which case significant profits or significant losses within a short term are possible due to substantial price fluctuations.
5. Where the object of this ETF investment is a future of a foreign exchange, the net value of this ETF as disclosed online by the ETF issuer as required may only be calculated based on the closing price of the last business day of the foreign exchange, due to time difference. The customer should understand that there may be more-updated prices in other markets of the world of the indices being tracked by this ETF, including commodities, raw materials, energy and agricultural products etc., therefore the customer may be exposed to the risk of discounts or premiums (where the strike price of the ETF is lower or higher than its net value) by merely relying on the net value disclosed online by the issuer as the basis for trading in this ETF.
6. Trading in this ETF at the market quote may result in a shortage of the quoted quantity or a relatively substantial difference in the bid-ask quote. Before investing, the customer should collect relevant information on the bid-ask quote and pay attention to the investment loss that may result from liquidity risk.

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    To protect its rights and interests, the customer should be informed of the above risks being disclosed as well as the following matters if it is to create and redeem this ETF by cash:

1. Due to time difference, the net value of the ETF portfolio composition file as disclosed online by the ETF issuer as required may only be calculated based on the closing price of the last business day of the foreign exchange. The customer may be required to make up a shortfall in the subscription amount or may obtain a lower redemption amount when creating or redeeming this ETF.
2. The trading hours of the foreign commodity futures indices that this ETF links to, including commodities, raw materials, energy and agricultural products, may differ from those of the R.O.C. market. As a result, there may be a difference between the strike price of a foreign commodity futures index in which the issuer of this ETF trades upon receipt of an instruction to create or redeem this ETF and the amount at which the investor creates or redeems the ETF.
3. Where the future that this ETF invests in is traded in foreign currency, the exchange-rate risk must also be borne in addition to the profit and loss from the actual trade, which is therefore likely to result in losses in the subscription or redemption amount.

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    This Risk Disclosure Statement is brief and concise without providing a comprehensive list of all investment risks and factors that may affect market performance. Before making an investment, the customer should not only carefully review this Risk Disclosure Statement but also deliberate on other factors that may cause an impact, and make a thorough risk assessment, to avoid insufferable losses from trading.
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    I hereby represent that I have received and read this Risk Disclosure Statement and also been provided with explanations by a representative sent by you before engaging in the trading or creation / redemption of this ET; that I fully understand the above matters and risks of trading in this ETF and further understand under certain circumstances calculations of net value may not be updated timely and discounts and premiums may occur in respect of the trading price; and that I undertake to be solely responsible for the investment risks.


    To
    ________ Securities Co., Ltd.


    
    Signature of Customer : ______________ Signature of Securities Firm Representative: ______________
    National I.D. No. or Uniform Business Code of Withholding Agency: ______________
    Legal Representative: ______________
    Date:

    (This Risk Disclosure Statement is executed in duplicate, with one copy to be retained by the securities firm for filing purpose and the other by the customer for reference.)