Conceptual · Article 3.1.3.4

Capital Protection Oriented Funds.

Q: Is a Capital Protection Oriented Fund the same as a Capital Guaranteed Fund?

No — and the distinction is regulatory. SEBI prohibits mutual funds from using 'guaranteed' or 'assured' in any scheme name or marketing. The word 'oriented' is SEBI-mandated: the fund is structured to target return of capital, but is not contractually obligated to deliver it. That orientation is assessed by a mandatory AAA(so) rating from a SEBI-registered credit rating agency, indicating the highest assessed probability of returning face value at maturity — but the rating does not rate NAV stability and is expressly not a guarantee.

Q: How is a CPOF taxed in FY 2025-26?

For units bought on or after 1 April 2023, all gains are taxed at the investor's income-tax slab rate as a 'Specified Mutual Fund' under Section 50AA — identical to fixed-deposit interest, with no LTCG treatment and no indexation, regardless of holding period. Most CPOFs hold under 35% equity, which places them firmly in this category. For units bought before 1 April 2023 and sold on or after 23 July 2024, Finance (No. 2) Act 2024 taxes qualifying long-term gains at 12.5% without indexation. Confirm your purchase and redemption dates with a tax advisor.

Q: Can I exit a CPOF before its maturity?

Regular redemption is not available — CPOFs are closed-ended. Units are mandatorily listed on BSE or NSE, so you can sell on the exchange, but secondary-market liquidity for closed-ended mutual fund units in India is historically very thin and units often trade at a discount to NAV. Treat a CPOF as a hold-to-maturity instrument and invest only capital you will not need during the tenure.

Q: Is a CPOF safer than a bank FD?

For amounts up to ₹5 lakh, a bank FD with DICGC insurance is genuinely safer, because that insurance is a statutory guarantee — not a rating-assessed orientation. Above ₹5 lakh per bank, a CPOF may compare favourably on credit quality because its debt sleeve is diversified across G-Secs and AAA issuers, but it carries no insurance and its capital protection is not legally guaranteed. For new investments in FY 2025-26 both are taxed at slab rate, so the CPOF offers no tax edge and worse liquidity.

Q: How is a CPOF different from a Principal Protected MLD?

The key difference is issuer credit risk. A PP-MLD is a debenture issued by a single NBFC or corporate — if that issuer defaults, the entire protection commitment fails. A CPOF is a mutual fund whose debt portfolio holds bonds from many issuers, typically G-Secs and high-grade corporates; if one bond is downgraded, NAV falls only marginally, not catastrophically. CPOFs also have a lower minimum (~₹5,000-10,000 versus ₹1 lakh), though secondary-market liquidity for closed-ended fund units is generally worse than for listed MLDs.

Q: What does the AAA(so) rating on a CPOF mean?

AAA(so) — where 'so' stands for 'structured obligation' — is a scheme-level rating assigned by a SEBI-registered credit rating agency to assess a CPOF's structural capacity to return face value at maturity. AAA indicates the highest assessed certainty for that purpose. Crucially it does not rate NAV stability or total-return performance, and it is expressly not a guarantee: an AAA(so) fund can still lose NAV during its tenure. It signals that the fund's construction is assessed to have the highest probability of returning original capital at maturity.

Engineered to Return Your Capital — Not Contracted to Guarantee It.

Published as on 15 July 2026

A Capital Protection Oriented Fund (CPOF) is a SEBI-regulated closed-ended hybrid mutual fund built around a promise it is legally forbidden to make. Under Rule 38A of the SEBI (Mutual Funds) Regulations, 1996, the AMC parks the large majority of the corpus — typically 75–90% — in the highest-grade fixed income, sized so its value grows back to your original capital by a fixed maturity date, while a small 10–25% equity sleeve chases upside above it. The scheme must carry an AAA(so) 'structured obligation' rating. But the operative word is oriented: protection is engineered by portfolio construction and rating discipline, not guaranteed. And since Finance Act 2023, gains are taxed at your slab rate — exactly like a fixed deposit.

Closed-Ended

Structure · Rule 38A

AAA(so)

Mandatory Rating

75–90% Debt

Protection Engine

Slab Rate

Tax · Section 50AA

Executive Summary · Page 2

Executive Summary · 6 Findings

A CPOF answers one anxious question: can I take a shot at equity without risking the money I cannot afford to lose? Its architecture is honest about the trade-off — a fat cushion of high-grade debt sized to grow back to your principal, and a thin equity sleeve for the upside. The catch is in the name. "Protection oriented" is not "protection guaranteed." SEBI forbids the guarantee; a rating agency merely assesses the probability. And since 2023, the tax that once made these funds clever now makes them ordinary.

Covers what a CPOF is and the Rule 38A framework that governs it; the regulatory weight of the word "oriented" and the AAA(so) rating; the two-engine internal structure of debt and equity; how a CPOF's diversification differs from a single-issuer PP-MLD; the three-tier equity-allocation tax framework and why Finance Act 2023 collapsed the old advantage; the six surviving risks; and six questions Indian investors ask.

Key Findings

A SEBI mutual fund, not a bank product or a debenture.

A CPOF is a closed-ended hybrid mutual fund defined by Rule 38A of the SEBI (Mutual Funds) Regulations, 1996. It seeks income and aims to minimise the risk of capital loss by investing the bulk of its corpus in high-quality debt, with a smaller equity portion for upside. It is launched only with a fixed tenure — no open-ended CPOFs are permitted.

"Oriented" is the whole point — protection is not a guarantee.

SEBI prohibits funds from using "guaranteed" or "assured." A CPOF's capital protection is a structural orientation, backed by a mandatory AAA(so) rating that assesses the probability of returning face value at maturity. A bank FD up to ₹5 lakh is insured by DICGC — a statutory guarantee. A CPOF's protection is a rating, not a law.

Two engines: debt that protects, equity that reaches.

The AMC invests 75–90% in the highest investment grade — G-Secs and AAA bonds held to maturity — sized so present value grows back to original capital by maturity. The residual 10–25% goes into equity for potential return above the protected floor. When launch-time rates are higher, less debt is needed to hit the protection target, freeing more for equity.

Diversified debt — no single-issuer solvency bet.

Unlike a principal-protected MLD, which rests on one NBFC's promise, a CPOF spreads its debt across many issuers. If one bond is downgraded, NAV dips marginally; if a single MLD issuer defaults, the entire protection unravels. This diversification — plus a lower minimum of roughly ₹5,000–₹10,000 versus ₹1 lakh — is the CPOF's structural edge over PP-MLDs.

Taxed like a fixed deposit since April 2023.

Most CPOFs hold under 35% equity, making them "Specified Mutual Funds" under Section 50AA: all gains taxed at your slab rate, no LTCG, no indexation, whatever the holding period. Finance Act 2023 removed the old LTCG-with-indexation edge. For a 30% bracket investor the post-tax return now mirrors an FD — but with worse liquidity and no DICGC cover.

Closed-ended, illiquid, and a shrinking category.

Units are mandatorily listed on BSE or NSE, but secondary-market liquidity for closed-ended fund units is historically thin — they often trade at a discount to NAV. Treat a CPOF as hold-to-maturity. With the tax advantage gone, new NFO activity has materially contracted since FY 2023-24, and the honest use case is now narrow.

At A Glance

Metric	Value	Detail
Structure	Closed-ended MF	Fixed tenure
Regulation	Rule 38A	SEBI MF Regs 1996
Rating	AAA(so)	Mandatory, scheme-level
Debt sleeve	75–90%	G-Secs / AAA, HTM
Equity sleeve	10–25%	Upside engine
Min investment	~₹5,000–₹10,000	Typical MF NFO
Tax (post-Apr 2023)	Slab rate	Specified MF, Sec 50AA
Liquidity	Thin secondary	Hold to maturity

Exhibit 01: How Equity Allocation Sets the Tax (FY 2025-26)

Equity Allocation	Fund Type	Tax Treatment
≥65% Indian equity	Equity-oriented	LTCG 12.5% >₹1.25L; STCG 20%
35–65% equity	Hybrid / balanced	Slab ≤24m; LTCG 12.5% >24m
<35% equity	Specified MF	Slab rate, all gains

Most CPOFs invest only 10–25% in equity, placing them firmly in the Specified Mutual Fund tier — every rupee of gain taxed at slab rate under Section 50AA, regardless of holding period, with no LTCG or indexation. Identical to how FD interest is taxed. Illustrative, FY 2025-26.

The Opening · Page 3

The Opening

A Capital Protection Oriented Fund is an exercise in financial engineering dressed as reassurance. Take ₹100. Put roughly ₹85 into safe, high-grade bonds chosen so that — with interest — they mature back to ₹100 by a fixed date. Put the remaining ₹15 into equity. If equity does well, you finish above ₹100; if it collapses to zero, the bond sleeve still matures to about ₹100, and you get your capital back. That is the elegant idea. Everything difficult about a CPOF lives in the two words SEBI insists on: capital protection oriented — never capital guaranteed.

"The AMC cannot legally promise your money back — SEBI forbids the word. A rating agency can only estimate the odds. 'Protection oriented' means the structure is built to return your capital; it does not mean a law requires it to. The distinction is the entire product."
Orientation, Not a Guarantee

Where protection actually comes from. It is not insurance and not an issuer's word — it is arithmetic and rating discipline. The debt sleeve is sized so its present value, grown to maturity, equals the invested principal; SEBI requires it to sit in the "highest investment grade," and the whole scheme must earn an AAA(so) rating that assesses its structural capacity to repay face value. The "(so)" stands for "structured obligation." It rates repayment probability — not NAV stability along the way.

The 2023 context. Before April 2023, debt-oriented CPOFs held over three years enjoyed LTCG at 20% with indexation — a genuine edge over FDs for the 30% bracket. Finance Act 2023 removed it. New CPOF units are now taxed at slab rate, exactly like FD interest, while carrying more complexity, worse liquidity, and no DICGC cover. That single change is why the category has quietly contracted.

The Honest Boundary: A CPOF is NOT a guaranteed product — capital can still be impaired by a debt default. It is NOT an FD substitute for sums under ₹5 lakh, where DICGC insurance is genuinely safer. It is NOT liquid — it is closed-ended and hold-to-maturity. It IS a diversified, rating-disciplined way to keep most of your capital intact while taking a small, structured shot at equity — provided you accept slab-rate tax and lock-in.

Structure

Part I

What a CPOF Is, Rule 38A & the Word "Oriented"

Part II

The Two-Engine Structure & CPOF vs PP-MLD

Part III

Slab-Rate Taxation & the Six Surviving Risks

Part IV

The Verdict: A Narrowed, Honest Use Case

Use If

✓ You want no single-issuer credit bet

✓ You are in a 5–10% tax bracket

✓ You can lock in to a fixed maturity

✓ You accept nominal, not real, protection

Do NOT Use If

✕ You are in the 30% bracket

✕ You need pre-maturity liquidity

✕ You expect a legal guarantee

✕ You want real equity participation

Part I

What a Capital Protection Oriented Fund Is, and Why "Oriented" Is a Regulatory Word

The Rule 38A framework that defines the category; why SEBI bans "guaranteed" and "assured" and mandates "oriented"; and what the scheme-level AAA(so) rating does and does not certify — probability of capital return, never NAV stability.

Part I · Page 4

The Rule 38A Definition

A CPOF is a SEBI-defined category governed by Rule 38A of the SEBI (Mutual Funds) Regulations, 1996. Its stated objective is to seek income and minimise the risk of capital loss by investing the bulk of the corpus in high-quality fixed income, with a smaller equity portion for potential upside above the protected capital. Several restrictions are baked into the rule.

What Rule 38A Requires

Closed-ended only, with a fixed tenure — no open-ended CPOFs are permitted. A mandatory scheme-level AAA(so) rating from a SEBI-registered agency (CRISIL, ICRA, CARE or India Ratings). No investment in securitised debt. No more than 30% of NAV in money-market instruments. Units must be listed on an exchange, as with all closed-ended schemes.

The Critical Word: "Oriented"

SEBI is deliberate. Mutual funds are explicitly barred from using "guaranteed" or "assured" in scheme names or marketing. The mandated term is "oriented" — the structure is designed to target return of capital, but the outcome is not a contractual or legal guarantee. If underlying bonds suffer credit events, or yield assumptions are missed, the NAV at maturity can fall below the original investment.

Guarantee vs Orientation

Protection Type	Backed By	Nature
Bank FD (≤₹5L)	DICGC insurance	Statutory guarantee
CPOF	AAA(so) rating	Assessed orientation
PP-MLD	Single issuer	Issuer commitment
Equity fund	Nothing	No protection

The AAA(so) rating — "(so)" for "structured obligation" — signals the highest assessed probability of repaying face value at maturity. But it is a probability, not a promise, and it rates capital repayment only, not NAV stability during the tenure.

The rating trap: AAA(so) does not mean a CPOF cannot lose value along the way — it can, and the equity sleeve makes interim NAV swings normal. It means the fund's structure is assessed to have the highest probability of returning original capital at maturity. Read it as an odds statement, never as insurance.

Part II

The Two-Engine Structure, and How a CPOF Differs from a Principal-Protected MLD

How the debt sleeve is sized to grow back to your capital while the equity sleeve reaches for upside; why higher launch-time rates mean more room for equity; and why diversification across many bond issuers is the CPOF's real advantage over a single-issuer MLD.

Part II · Page 6

The Two Engines

Engine 1 — Capital Protection (Debt)

Typically 75–90% of the corpus, in the highest investment grade — Central and State G-Secs (zero credit risk) and AAA-rated bonds, held to maturity to avoid interest-rate NAV swings. The sleeve is sized so its present value, grown to maturity, equals the original capital per unit. This is the structural engine of protection.

Engine 2 — Upside (Equity)

The residual 10–25% — the gap between capital raised and the present value of the debt — goes into equity shares, equity ETFs or equity-related instruments to provide return above the protected floor. Higher rates at launch mean less money is needed for protection, leaving more for equity; low rates squeeze participation.

The Hard Constraints

No securitised debt at all. No more than 30% of NAV in money-market instruments. Closed-ended with a fixed tenure only. And a scheme-level AAA(so) rating throughout — the whole structure, not just the bonds, is assessed for its capacity to return face value.

CPOF vs PP-MLD / PP-ELD

Feature	CPOF	PP-MLD
Structure	Mutual fund	Listed debenture
Issuer credit risk	None (diversified)	Single NBFC
Rating	AAA(so)	PP-MLD + rating
Minimum	₹5–10k	₹1 lakh
Diversification	Many bonds	One issuer
Tax (post-Apr 2023)	Slab	Slab (Sec 50AA)

The crucial difference is issuer risk. In a CPOF, one downgraded bond nudges NAV lower. In a PP-MLD, a single NBFC default unravels the entire protection. A diversified debt portfolio is the CPOF's structural advantage — though both share thin secondary liquidity and slab-rate tax.

Same idea, different chassis: a CPOF and a PP-MLD both split money into a protection engine and an upside engine. But a CPOF runs inside the mutual-fund framework — diversified, lower minimum, SEBI MF-regulated — while a PP-MLD is a single issuer's promise on a single piece of paper. Diversification is not a marketing line here; it is the risk difference.

Part III

Why a CPOF Is Now Taxed Like an FD, and the Six Risks That Remain

The three-tier equity-allocation framework that lands most CPOFs at slab rate under Section 50AA; the date-dependent split for older units; and the six risks — from "orientation is not a guarantee" to thin liquidity, dead equity, credit events and inflation — that survive the AAA(so) rating.

Part III · Page 8

Taxation (FY 2025-26)

Slab Rate as a Specified Mutual Fund

Because most CPOFs hold under 35% equity, they are "Specified Mutual Funds" under Section 50AA: all gains taxed at your slab rate, no LTCG treatment and no indexation, regardless of holding period. This is identical to how FD interest and MLD gains are taxed. The tax that once distinguished CPOFs no longer does.

The Date-Dependent Split for Old Units

Units bought on or after 1 April 2023: slab rate, always. Units bought before then and sold on or after 23 July 2024: Finance (No. 2) Act 2024 taxes qualifying long-term gains at 12.5% without indexation. Sold earlier, older LTCG-with-indexation rules may apply. If you hold pre-2023 units, the rate turns on your dates — check with a tax advisor.

Why Finance Act 2023 Changed Everything

Pre-April 2023, debt-oriented CPOFs held over three years got LTCG at 20% with indexation — materially better than an FD for the 30% bracket. That benefit is gone. For new investments the post-tax return now equals an FD's, with more complexity, worse liquidity and no DICGC cover — which is why new NFOs have dried up.

The Six Surviving Risks

Risk	What It Means
Not guaranteed	Orientation, not a promise
Liquidity	Closed-ended; discount to NAV
Dead equity	Flat market = opportunity cost
Credit	A bond default impairs NAV
Basis / rate	Missed yield assumptions
Inflation	Nominal, not real, protection

The Two That Bite Most

Opportunity cost: in a flat or falling market the equity sleeve can return zero, so you get roughly your capital back but forfeit the interest a plain FD or short-duration debt fund would have paid over the same years. Inflation: getting ₹10 lakh back after three years is a real loss of cumulative inflation (~5–6% p.a.). "Protection" is a nominal concept.

Credit risk is mitigated by the "highest investment grade" mandate — G-Secs carry zero credit risk; AAA bonds very low but non-zero. Rate risk is muted because debt is held to maturity, but the residual basis risk is exactly why protection is "oriented," not "guaranteed."

Part IV

The Verdict

A clever structure whose cleverness the tax code quietly retired.

Part IV: The Verdict · Page 10

30-Second Summary

A Capital Protection Oriented Fund is a SEBI-regulated closed-ended hybrid mutual fund under Rule 38A: 75–90% in high-grade debt sized to grow back to your capital by a fixed maturity, a 10–25% equity sleeve for upside, and a mandatory AAA(so) rating. The word "oriented" is not decoration — SEBI forbids any guarantee, and the rating assesses the probability of capital return, not NAV stability. Capital can still be impaired by a debt default.

Since Finance Act 2023, most CPOFs are taxed at slab rate as Specified Mutual Funds under Section 50AA — no LTCG, no indexation — exactly like an FD, and the old advantage that justified them is gone. They remain closed-ended and hard to exit, with thin secondary liquidity. Judge a CPOF against FDs, PP-MLDs and open-ended hybrids, never against a guarantee — and remember that the protection is nominal, not real.

"A CPOF answers a fair question honestly: it keeps most of your money in a rated cushion and risks only a sliver on equity. But the cushion is a probability, not a promise; the sliver can return nothing; and the tax code now treats the whole thing like a fixed deposit. What was once clever is now merely complicated — and complexity you are not paid for is a cost."
The Final Orientation

The Bottom Line: A CPOF earns a place only in a narrow set of hands — investors who value a diversified, no-single-issuer protection structure, who sit in a 5–10% tax bracket, and who can lock money to maturity. For the 30% bracket the case has collapsed: slab-rate tax identical to an FD, worse liquidity, no DICGC cover, and no real equity participation to speak of. Prefer an equity fund for equity, an FD or G-Sec for safety, and an open-ended hybrid for daily liquidity. Read the AAA(so) rating as odds, not insurance, and treat every "protection" figure as nominal.

ADWIZR · July 2026

Decision Rules

A Limited Role For

✓ No single-issuer credit exposure

✓ Lower-bracket (5–10%) investors

✓ Low minimum, structured exposure

✓ Capital lockable to maturity

Hard to Justify For

✕ 30% bracket investors

✕ Those who can use SCSS / G-Secs

✕ Anyone needing daily liquidity

✕ Real equity-participation seekers

Three Misconceptions

What Investors Get Wrong

(1) "Capital is guaranteed." It is oriented and rated, never guaranteed — a bond default can still impair it. (2) "It's more tax-efficient than an FD." Not since April 2023 — new units are slab-taxed under Section 50AA. (3) "I can sell anytime near NAV." Closed-ended units are thinly traded and often sell at a discount.

vs the Alternatives

Better Tools for Each Job

For safety under ₹5 lakh, a DICGC-insured FD. For sovereign safety, SCSS, RBI Floating Rate Bonds or G-Secs. For real equity participation, an equity fund. For liquidity plus a debt-tilt, an open-ended hybrid. A CPOF sits awkwardly between all four.

75–90%

Debt sleeve

Sized to protect capital

AAA(so)

Rating

Probability, not promise

Slab

Tax · Sec 50AA

Like an FD since 2023

Investor FAQ

Questions Indian Investors Ask

Six questions, answered directly.

Investor FAQ · Page 12

Frequently Asked Questions

Q1 Is a CPOF the same as a Capital Guaranteed Fund?

No — and the distinction is regulatory. SEBI prohibits mutual funds from using "guaranteed" or "assured" in any scheme name or marketing. The word "oriented" is SEBI-mandated: the fund is structured to target return of capital, but is not contractually obligated to deliver it. That orientation is assessed by a mandatory AAA(so) rating indicating the highest assessed probability of returning face value at maturity — but the rating does not certify NAV stability, and is expressly not a guarantee.

Q2 How is a CPOF taxed in FY 2025-26?

For units bought on or after 1 April 2023, all gains are taxed at your income-tax slab rate as a "Specified Mutual Fund" under Section 50AA — identical to FD interest, with no LTCG treatment and no indexation, whatever the holding period. Most CPOFs hold under 35% equity, which places them firmly in this tier. For units bought before 1 April 2023 and sold on or after 23 July 2024, Finance (No. 2) Act 2024 taxes qualifying long-term gains at 12.5% without indexation. Confirm your dates with a tax advisor.

Q3 Can I exit a CPOF before its maturity?

Regular redemption is not available — CPOFs are closed-ended. Units are mandatorily listed on BSE or NSE, so you can sell on the exchange, but secondary-market liquidity for closed-ended fund units in India is historically very thin, and units often trade at a discount to NAV. Treat a CPOF as a hold-to-maturity instrument and invest only capital you will not need during the tenure.

Q4 Is a CPOF safer than a bank FD?

For amounts up to ₹5 lakh, a bank FD with DICGC insurance is genuinely safer, because that insurance is a statutory guarantee — not a rating-assessed orientation. Above ₹5 lakh per bank, a CPOF may compare favourably on credit quality because its debt sleeve is diversified across G-Secs and AAA issuers, but it carries no insurance and its protection is not legally guaranteed. For new investments in FY 2025-26 both are taxed at slab rate, so the CPOF offers no tax edge and worse liquidity.

Q5 How is a CPOF different from a Principal Protected MLD?

The key difference is issuer credit risk. A PP-MLD is a debenture issued by a single NBFC or corporate — if that issuer defaults, the entire protection commitment fails. A CPOF is a mutual fund whose debt portfolio holds bonds from many issuers, typically G-Secs and high-grade corporates; if one bond is downgraded, NAV falls only marginally, not catastrophically. CPOFs also have a lower minimum (~₹5,000–₹10,000 versus ₹1 lakh), though secondary-market liquidity for closed-ended fund units is generally worse than for listed MLDs.

Q6 What does the AAA(so) rating on a CPOF mean?

AAA(so) — where "so" stands for "structured obligation" — is a scheme-level rating assigned by a SEBI-registered credit rating agency to assess a CPOF's structural capacity to return face value at maturity. AAA indicates the highest assessed certainty for that purpose. Crucially it does not rate NAV stability or total-return performance, and is expressly not a guarantee: an AAA(so) fund can still lose NAV during its tenure. It signals that the fund's construction is assessed to have the highest probability of returning original capital at maturity.

Key Terms & Definitions

Capital Protection Oriented Fund (CPOF)

A SEBI-regulated closed-ended hybrid mutual fund under Rule 38A that invests the bulk of its corpus in high-grade debt sized to return original capital at a fixed maturity, with a small equity sleeve for upside. Protection is "oriented" — engineered and rated, never guaranteed.

Rule 38A

The provision of the SEBI (Mutual Funds) Regulations, 1996 that defines and governs CPOFs — mandating a closed-ended structure, a scheme-level AAA(so) rating, no securitised debt, and no more than 30% of NAV in money-market instruments.

AAA(so) Rating

A scheme-level "structured obligation" rating from a SEBI-registered agency assessing a CPOF's structural capacity to repay face value at maturity. AAA is the highest assessed certainty of capital return — but it does not rate NAV stability, and is expressly not a guarantee.

Specified Mutual Fund (Section 50AA)

A fund with under 35% equity, whose gains are taxed entirely at the investor's slab rate with no LTCG treatment or indexation, regardless of holding period. Most CPOFs fall in this tier for units bought on or after 1 April 2023.

Protection Oriented vs Guaranteed

SEBI bars mutual funds from using "guaranteed" or "assured." "Oriented" signals a structure designed to target capital return and assessed by a rating — not a legal or contractual promise that it will be delivered.

PP-MLD (Principal-Protected Market-Linked Debenture)

A listed debenture whose capital protection rests on a single issuer's commitment. Unlike a diversified CPOF, an issuer default can unravel the entire protection — the central risk difference between the two structures.