Risk factors

All investments carry an element of risk. Please bear in mind that:

• Our ISAs are designed as medium to long term investments of, ideally, at least five years.
• Both capital and income values may fall as well as rise and are not guaranteed. You may not get back the money you invested.
• These ISAs invest in fixed interest securities (corporate or government bonds). This means they are sensitive to interest rate trends. An increase in medium to long term interest rates is likely to reduce the value of your investment.
• In order to generate a high level of income, the High Income ISA invests in bonds with higher yields, but which also carry a significant risk to capital. Managed Income and Managed Monthly Income ISAs will also include these types of bonds.
• As the High Income ISA, Monthly Income ISA and Managed Monthly Income ISA may invest overseas, changes in exchange rates between currencies may cause the value of your investment and the level of income to rise or fall.
• The tax efficiency of ISAs is based on current tax law. Please note that the current tax situation may not be maintained.
• Each fund has its own objectives and risk factors. These are detailed in the Key Information documents (including Simplified Prospectus) which can be downloaded from the right-hand side menu.