W Roy Day sees no reason why the analyte cannot be analyzed by LC but does not have direct evidence. CD 3: n: iii i. CJ CO. T- t- I- t- i-! CU X CD. CO CO? C 1 01 Sun. Cf Jg! J ISI no S. OJ -e'-wethyi-S'-tPhe1 '. CJ CJ oe or. H ffi. CL CJ. CJ ex. OS- t c ,-!. Investments in the notes, which are linked in part to the economic stability and development of such countries, involve risks associated with investments in, or the securities markets in, those countries.
The impact of any of these risks may enhance or offset some or all of any change resulting from another factor or factors. Your net exposure will depend on the extent to which such currencies strengthen or weaken against the U. If, taking into account such weighting, the U. The ETF Constituents are subject to management risk, which is the risk that the investment strategies of their investment advisers, the implementation of which is subject to a number of constraints, may not produce the intended results.
These constraints could adversely affect the market prices of the shares of the ETF Constituents, and consequently, the value of the notes. In addition, corporate actions with respect to the sample of securities such as mergers and spin-offs may impact the variance between the ETF Constituents and their respective underlying indices. Investing in the notes linked indirectly to these Basket Constituents differs significantly from investing directly in bonds to be held to maturity as the values of the Bond ETFs change, at times significantly, during each trading day based upon the current market prices of their underlying bonds.
The market prices of these bonds are volatile and significantly influenced by a number of factors, particularly the yields on these bonds as compared to current market interest rates and the actual or perceived credit quality of the issuer of these bonds.
Form Q INNOVATIVE SOLUTIONS & For: Dec 31
In general, fixed-income securities are significantly affected by changes in current market interest rates. As interest rates rise, the price of fixed-income securities, including those underlying the Bond ETFs, is likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations.
Interest rates are subject to volatility due to a variety of factors, including:. Prices of U. If the price of the U. Following a ratings downgrade or the widening of credit spreads, some or all of the underlying bonds may suffer significant and rapid price declines. These events may affect only a few or a large number of the underlying bonds. For example, during the recent credit crisis in the United States, credit spreads widened significantly as the market demanded very high yields on corporate bonds and, as a result, the prices of bonds dropped significantly.
There can be no assurance that some or all of the factors that contributed to this credit crisis will not continue or return during the term of the notes, and, consequently, depress the price, perhaps significantly, of the securities that compose the Bond ETFs. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities. The value of high yield securities can be adversely affected by overall economic conditions, such as an economic downturn or a period of rising interest rates, and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities.
In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged indebted firms, which are generally less able than more financially stable firms to make scheduled payments of interest and principal. Commodity market values are not related to the value of a future income or earnings stream, as tends to be the case with fixed-income and equity investments, but are subject to variables that are specific to commodities markets.
These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional notes. These variables may create additional investment risks that cause the value of the notes to be more volatile than the values of traditional notes. These and other factors may affect the values of the constituents included from time to time in the Index, and thus the value of your notes, in unpredictable or unanticipated ways.
- cara trade di iq option!
- Sign up for StreetInsider Free!!
- Pennsylvania Newspaper Archive!
- .
The high volatility and cyclical nature of commodity markets may render these investments inappropriate as the focus of an investment portfolio. Contango markets are those in which the prices of contracts are higher in the distant delivery months than in the nearer delivery months.
Form 10-Q INNOVATIVE SOLUTIONS & For: Dec 31
Real Estate ETF to decline or remain flat during the term of the notes, which may adversely affect the level of the Index and the value of your notes. The stock prices of smaller companies may be more volatile than stock prices of large capitalization companies. Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.
The price of gold is primarily affected by the global demand for and supply of gold. The market for gold bullion is global, and gold prices are subject to volatile price movements over short periods of time and are affected by numerous factors, including macroeconomic factors such as the structure of and confidence in the global monetary system, expectations regarding the future rate of inflation, the relative strength of, and confidence in, the U.
Gold prices may be affected by industry factors such as industrial and jewelry demand as well as lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions which hold gold. Additionally, gold prices may be affected by levels of gold production, production costs and short-term changes in supply and demand due to trading activities in the gold market.
If the index calculation agent determines in its discretion that no suitable substitute ETF or index is available for an affected Basket Constituent other than the Cash Constituent , then the index calculation agent will replace such Basket Constituent with the Cash Constituent as its substitute. The substitution of a Basket Constituent may affect the performance of the Index, and therefore, the return on the notes, as the replacement Basket Constituent may perform significantly better or worse than the affected Basket Constituent.
JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes.
The downgrade has increased and may continue to increase volatility in the global equity and credit markets, which may adversely affect the levels of the ETF Constituents. Future downgrades by credit ratings agencies may also increase this volatility. These events may also increase short-term borrowing costs, including the 3-month LIBOR rate underlying the Cash Constituent, which will adversely affect the level of the Index.
All of the above may adversely affect the performance of the Index and the notes. The following results are based solely on the hypothetical examples cited and assume that a commodity hedging disruption event has not occurred during the term of the notes.
Each hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the actual payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and examples have been rounded for ease of analysis. Ending Index. Hypothetical Examples of Amount Payable at Maturity. The following examples illustrate how a payment at maturity set forth in the table above is calculated. Example 3: The level of the Index neither increases nor decreases from the Initial Index Level of The numbers appearing in the graph have been rounded for ease of analysis.
The hypothetical returns and hypothetical payments on the notes shown above apply only if you hold the notes for their entire term. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower. Hypothetical Back-tested Data and Historical Information. The following graph sets forth the hypothetical back-tested performance of the Index based on the hypothetical back-tested weekly Index closing levels from January 2, through October 22, and the historical performance of the Index based on the actual weekly Index closing levels from October 29, through August 1, The Index was established on October 29, , as represented by the vertical line in the following graph.
The Index closing level on August 1, was We obtained the Index closing levels below from Bloomberg Financial Markets, without independent verification. The data for the hypothetical back-tested performance of the Index set forth in the following graph are purely theoretical and do not represent the actual historical performance of the Index.
The hypothetical back-tested and historical levels of the Index should not be taken as an indication of future performance, and no assurance can be given as to the Index closing level on the pricing date or the Observation Date. We cannot give you assurance that the performance of the Index will result in a positive return on your initial investment at maturity.
The hypothetical historical levels above have not been verified by an independent third party. The back-tested, hypothetical historical results above have inherent limitations.
- Account Options.
- The List Of Lists.
- transforex mastercard;
- Pennsylvania Newspaper Archive.
No representation is made that an investment in the notes will or is likely to achieve returns similar to those shown. Alternative modeling techniques or assumptions would produce different hypothetical historical information that might prove to be more appropriate and that might differ significantly from the hypothetical historical information set forth above.
Hypothetical back-tested results are neither an indicator nor a guarantee of future returns. Actual results will vary, perhaps materially, from the analysis implied in the hypothetical historical information that forms part of the information contained in the chart above. Supplemental Plan of Distribution. We have agreed to indemnify UBS and JPMS against liabilities under the Securities Act of , as amended, or to contribute to payments that UBS may be required to make relating to these liabilities as described in the prospectus supplement and the prospectus.
We will agree that UBS may sell all or a part of the notes that it purchases from us to the public or its affiliates at the price to public indicated on the cover of this term sheet.
Subject to regulatory constraints, JPMS intends to offer to purchase the notes in the secondary market, but it is not required to do so. Each such Agent proposes initially to offer the notes directly to the public at the public offering price set forth on the cover page of the relevant terms supplement. Towards the end of June requests were received from Ottawa to open special classes at the Vancouver Technical School to take care of an emergency situation which had occurred in the provision of men for air crew.
Evening public ledger., October 10, 1922, Night Extra, Page 24, Image 24
It was suggested that young airmen be sent to Vancouver, there to receive educational refresher courses in English, Mathematics, and Science, and it was suggested that this could be done at the Vancouver Technical School. Several members of the staff and some from other high schools of Vancouver were persuaded to give up their holidays for this special work. The School Board generously gave me a free hand in the use of the school building, and so we were able to give this added service at a time when it was greatly needed. Despite these disturbances, the regular work of the school continues to flourish.
It is regretted that the numbers in the senior grades show some falling off. This is due, of course, to the demand of local war industries for boys who have had the preliminary training which has been taken at this school in the earlier grades. The details of the courses which have appeared in other reports are repeated here:— , 1. High School Graduation Technical. This certificate does not admit to the University. High School Graduation University Entrance.
Special students devote full time to the subject of their choice, except that Mathematics and Engineering Drawing may be required as part of the course. Those permitted to enrol for Special Courses are: a Students who have had at least three years' high school work; b youths and men who have been in industry and who wish further technical training; c adults who desire special instruction. The total number of boys attending the Technical School in was The school conducts also a large night-school during the winter months.
Once again the courses offered have been arranged not to interfere with the special part-time classes given under the War Emergency Training Programme in the school building. The students enrolled in numbered It is encouraging to note the number of junior and senior high schools which include a Commercial department. The schools are reminded that the Department assists them in the purchase of equipment, and full advantage should be taken of this opportunity to equip centres properly.
In Vancouver there are two schools devoted exclusively to Commercial work.