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    This risk disclosure statement is established in accordance with Article 3, paragraph 4 of the Taiwan Stock Exchange Corporation Rules Governing Trading of Beneficiary Certificates, and Point 5, paragraph 3 of the Taiwan Stock Exchange Corporation Guidelines for Subscription and Buyback of Beneficiary Certificates.

    Trading in and subscription and buyback of beneficiary certificates for "XXXXXX Exchange Traded Securities Investment Trust Funds" (hereinafter as "XXXXXX"; Code: XXXXXX): When trading in and subscribing and buying back beneficiary certificates, a customer is possible to gain significant profits or suffer significant losses in a short period of time. Customers are advised to carefully consider their own financial capability and economic position to determine if this type of products is suitable for them before opening an account. Customers are advised to understand the potential risks in investing in these products and familiarize themselves with the following information before deciding to start trading so as to protect their rights and interests:

    Given that XXXXX beneficiary certificates are tracking the indexes of special characteristics, investors are advised to carefully review the risk information disclosed in the prospectus and on the website of the issuer to protect their own rights and interests.

    The information provided in the risk disclosure statement is a very short summary and is not exhaustive. It does not provide detailed descriptions of all investment risks and circumstances that may influence market trends. Before starting to trade, in addition to carefully reviewing this risk disclosure statement, customers are advised to deliberate on other possible factors and variants to make an informed investment decision and to evaluate all known risks to protect themselves from intolerable losses from trading in beneficiary certificates.


    To:    Securities Co., Ltd.

    I have received and carefully reviewed this risk disclosure statement and have been provided with explanation by the representative sent by you before I place my order to trade in or subscribe and buy back beneficiary certificates for the abovementioned exchange-traded funds (ETFs). I fully understand the above information and risks in investing and trading in the ETF beneficiary certificates. I further acknowledge under certain circumstances, it is possible net worth being calculated may not be updated in time and trading price may have a discount or premium. I hereby undertake to solely bear the investment risks.

    Customer:                              (Signature and/or Chop)

    Representative:                        (Signature and/or Chop)

    National ID Number or Unified Business Number of Withholding Entity:

    Securities Firm's Representative providing the explanations:

                                           (Signature and/or Chop)



    Date: [dd-mm-yyyy]

    (The risk disclosure statement is in duplicate, with one copy to be kept by the securities firm for archival purpose, and the other by the customer.)