GLDUS128 Patrick Gerschel iCapital Advisors, LLC Form ADV Part 2A expenses than does investment in U.S. securities traded on a U.S. securities exchange or market Among numerous other types of securities, certain Funds will purchase American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). ADRs, EDRs and GDRs are certificates evidencing ownership of shares of a non-U.S. issuer and are alternatives to directly purchasing the underlying non-U.S. securities in their national markets and currencies. However, such investments continue to be subject to many of the risks associated with investing directly in non-U.S. securities. These risks include the political and economic risks of the underlying issuer's country, as well as in the case of depositary receipts traded on non-U.S. markets, foreign exchange risk. ADRs. EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be less liquid. The performance of ADRs. EDRs and GDRs may be different from the performance of the ordinary shares of the non-U.S. issuer to which they relate. Investment in Emerging Markets. Certain Funds will invest in securities of companies based in. traded on an exchange in, or with substantial business in or issued by the governments of. emerging markets, including, but not limited to. certain Central and Eastern European countries. Asian countries and Latin American countries. These securities involve risks and may be highly volatile and subject to significant market swings. due to the inexperience of financial intermediaries, the lack of modern technology, the lack of a sufficient capital base to expand business operations. and the possibility of temporary or permanent termination of trading. Political and economic structures in