Tuesday, December 18, 2018

Winners Announced - Fall 2018 ETF Global® Portfolio Challenge!

Tuesday, December 18, 2018 - After 10 weeks of intense competition, characterized by constant change atop the leaderboard and double digit returns among the top ten finishers, the Fall 2018 ETF Global® Portfolio Challenge has come to a close. Our seventh edition of the Portfolio Challenge brought a new wave of talented college students from a diverse array of universities and academic backgrounds. Drawing students from 253 schools, 41 countries on 5 continents, this semester’s competition helped enlarge the portfolio challenge’s already broad global footprint and create highly competitive playing conditions.

Our contestants all began the semester with a virtual balance of $100,000 and with the task of constructing the best performing portfolio of ETFs. Students were afforded weekly rebalance opportunities and to invest in a minimum of 4 and maximum of 10 ETFs at a time. Despite facing heavy competition all semester, these 5 select students below were able to separate themselves from the rest of the field.

Please join us in congratulating the top 5 winners of the Fall 2018 ETF Global® Portfolio Challenge!

Name
School
Portfolio Return
Rongbai Xue
Tulane University
52.09%
Ronika Choudhury
Birkbeck, University of London
37.19%
Brennan Siemens
University of Manitoba
22.96%
Binru Wu
Tulane University
22.64%
Ha Nguyen
Keuka College
21.96%

Our winners hailed from four different schools in three different countries. Our first place winner, Rongbai Xue, rode the unpredictable volatility of the markets this fall. Investing heavily in VelocityShares VIX Short Term ETN and iPath S&P 500 VIX Short Term Futures Rongbai was able to produce returns in excess of 50%. Both Ronika and Brennan invested mainly in Direxion Daily Semiconductor Bear 3X and Direxion Shares Exchange Traded Fund Trust helping them to earn returns of 37.19% and 22.96% respectively. Binru was able to achieve 22.64% returns through investing in a mix of Trust backed ETFs and Short-Term Treasury Bond ETNs. Finally, our fifth place finisher Ha focused on energy themed ETFs and had a portfolio heavily weighted in Oil & Gas products.

As the Top 5 Winners of this semester’s challenge, these students will be featured and recognized during the ETF Global® Portfolio Challenge Awards Ceremony at the upcoming Spring 2019 ETP Forum (www.etpforum.org) on Tuesday, April 30th at the New York Athletic Club.

Please see below for the students that rounded out our Top 25 participants:

Name
School
Portfolio Return
Thomas Duvalleroy
SKEMA Business School
20.04%
Dwayne Safer
Messiah College
18.08%
Brahim Mokrane
ESCP Europe
16.87%
Shang Wang
Rutgers University
15.23%
Meng Jia
Rutgers University
14.00%
Rocio Anahi Cejas
Oxford Brookes University
13.66%
Arnas Leika
Birkbeck, University of London
9.14%
Matthew Vangalen
University of Detroit Mercy
7.75%
Spiro Pliakos
University of Detroit Mercy
7.70%
Alexa Yonan
University of Detroit Mercy
6.99%
Benjamin Wilson
Messiah College
6.91%
Yili Zhao
St. John’s University
4.80%
Michael Conceison
University of Maine
4.28%
Shweta Desai
University of Maine
4.18%
Yael Borovich
University of Manitoba
3.36%
Claire Bradley
University of Tampa
2.72%
Darshan Patel
University of Tampa
2.31%
Jaime Garcia-Yanes
University of Tampa
1.38%
John Polchow
St. John’s University
1.16%
Alex Roszkowski
St. John’s University
1.12%

Since its inception in the Fall 2015, the ETF Global® Portfolio Challenge has attracted students from 6 continents and 450 schools. As Millennials continue to increase their usage of ETFs, we encourage all college students to take advantage of this opportunity and learn about this fast-growing investment vehicle before they enter the marketplace.

Registration for the Spring 2018 competition will open at the end of January.  For more information and to sign-up for the Challenge, please visit: www.etfportfoliochallenge.com.

Thank you for reading ETF Global Perspectives!

ETFG 21 Day Free Trial:  https://www.etfg.com/signup/quick

_____________________________________________________________
Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Monday, December 17, 2018

Seasonal Deal of the Day?

Monday, December 17, 2018 – This time of year, most people are regularly reminded about the "deal of the day." However, the markets continue to be jolted by the "worry of the day." Both may capture your short-term headlines and while best deals are usually gone in a flash, many of the worries are part of bigger themes that could continue to keep markets volatile. Investors are constantly reminded by signs of slower economic global growth, trade conflicts and concerns about the pace of Federal Reserve interest rate increases.

Next week, the main focus will be on the Federal Open Market Committee (FOMC) decision on Wednesday, where the Fed is generally expected to raise rates by 25 bps. Other important economics include releasing housing and building stats on Tuesday, along with consumer confidence on Friday. Typically, stocks have risen along with the underlying fundamentals of economic and earnings growth, which has a strong chance of remaining positive – making long-term picks the "deal of the day.”

Most major benchmarks ended lower for the week. The technology-heavy Nasdaq Composite Index (Fidelity NASDAQ Composite Index Tracking Stock (ONEQ)) held up best and ending the week in positive territory for the year-to-date period. Smaller-Cap shares performed worst, with both the S&P MidCap 400 Index (SPDR S&P Midcap 400 ETF Trust (MDY)) and the Russell 2000 Index (iShares Russell 2000 ETF (IWM)) hitting new 52-week lows. Within the S&P 500 Index, Utilities shares performed best (Utilities Select Sector SPDR Fund (XLU)), while Financial shares (Financial Select Sector SPDR Fund (XLF)) were notably weak due to concerns over tighter lending margins due to declines in longer-term Treasury yields.

ETFG Weekly Quant Movers – In the ETFG Quant Movers, we saw both Sector and Factor oriented ETFs gain the most percentage points to their overall scores. To highlight a few, Invesco Global Agriculture ETF (PAGG) and WisdomTree International Dividend Ex-Financials Fund (DOO) saw a 18.02% and 17.50% gain respectively. While USAA MSCI International Value Momentum Blend Index ETF (UIVM) and iShares Core High Dividend ETF (HDV) had a 21.73% and 18.92% respective gain to their Quant Total Score.

Honorable mentions in the loser’s column, we saw a blend of ETPs dropping some percentage points to their overall score. The iShares Core S&P Total U.S. Stock Market ETF (ITOT), Schwab U.S. Large-Cap Value ETF (SCHV) and Oppenheimer Russell 2000 Dynamic Multifactor ETF (OMFS) lost 22.46%, 20.84% and 19.74% to their overall scores respectively.

ETFG Weekly Select List - the 5 most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.

Since we’ve seen some major volatility within the financial sector the last week, we’d like to highlight some substantial movement when comparing this week’s Select List to last. The top three spots have completely changed hands. In order from 1st to 3rd, added to the list were First Trust Nasdaq Bank ETF (FTXO), Invesco KBW High Dividend Yield Financial ETF (KBWD) and Fidelity MSCI Financials Index ETF (FNCL). Also, notable movement was seen in the Technology sector where First Trust Nasdaq Semiconductor ETF (FTXL) moved to the 1st position and SPDR NYSE Technology ETF (XNTK) claimed 3rd, moving from second and fourth spots respectively.

Thanks for reading ETF Global Perspectives!

ETFG 21 Day Free Trial:  https://www.etfg.com/signup/quick

_____________________________________________________________
Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Monday, December 10, 2018

Weekly Whipsaw?

Monday, December 10, 2018 - It was a tough week for the US markets as trade war issues continued to weigh down on stocks. The week capped off with all 3 major US indices down substantial percentages. For the week, the Dow Jones Industrial Average gave up almost all the ground it gained last week losing over 1,100 points or 4.5% to 24,388.  The S&P 500 fell 4.6% to 2,633 and The Nasdaq Composite lost 4.9% to 6,969.

In ETFs, even with the downward pressure on major indices, the world’s largest fund saw inflows in the first 5 trading days of December. SPY, took in more than 2.7B while iShares Emerging Markets ETF IEMG, also saw net flows taking in over $2.5B. In outflows, we saw fixed income ETFs losing some ground. iShares iBoxx Investment Grade Corporate Bond ETF (LQD), iShares iBoxx High Yield Corporate Bond ETF (HYG) and SPDR Bloomberg Barclays High Yield Bond ETF (JNK) saw net outflows of $1.59B, $1.14B and $1.04B respectively.

In the ETFG Quant Movers, we saw sector based ETPs gain the most percentage points to their overall scores. The iShares U.S. Oil Equipment & Services ETF (IEZ) and ProShares S&P Ex-Technology ETF (SPXT) added 9.82% and 7.99% to their overall Quant scores respectively.

In the loser’s column, we saw small cap ETPs dropping some percentage points to their overall score. The SPDR Portfolio Small Cap ETF (SPSM) and the IQ Chaikin U.S. Small Cap ETF (FFSG) lost 12.39% and 9.42% to their overall scores respectively.

ETFG Weekly Select List - the 5 most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.

Because of the sector’s success in the major indexes this week, we’d like to highlight some substantial movement in the Basic Materials portion when comparing this week’s Select List to last. The iShares MSCI Global Silver Miners ETF (SLVP) jumped up one spot to the first overall position to be the top ranked fund in the sector. It took over for the Global X Silver Miners ETF (SIL) which got knocked out of the top 5 this week by the iShares MSCI Global Gold Miners ETF (RING) which is now in the 2nd ranked spot. The SPDR S&P Metals & Mining ETF (XME) jumped up one spot to the 3rd overall position. Rounding out the bottom of the top 5 were two VanEck funds, GDX and GDXJ which are their gold miners and junior gold miners ETF. They finished 4th and 5th respectively.

Thanks for reading ETF Global Perspectives!

ETFG 21 Day Free Trial:  https://www.etfg.com/signup/quick

_____________________________________________________________
Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Friday, December 7, 2018

ETF Global Launches Data and Metrics Focused on ESG Sustainability

Friday, December 7, 2018 - Please see yesterday's Press Release below regarding our new ESG offering that we previewed for all in attendance at last week's Fall 2018 ETP Forum (www.etpforum.org). The new data will highlight factors that affect a company's ESG impact and market performance.


NEW YORK
, Dec. 6. 2018 /PRNewswire/ -- ETF Global announces new datasets dedicated to environmental, social and governance ("ESG") factors.

"The tremendous growth within ESG, combined with a proven partner in Confluence Analytics, will allow us to add value to our customers in the ESG space. It has become an important part of how investors make decisions and Confluence's predictive metrics only underscore that importance," said Matthew Litchfield, CFA and Senior Research Analyst at ETF Global.

ETF Global's offering includes traditional impact-oriented metrics that assess corporate sustainability, as well as, cutting-edge data focusing on how and when ESG factors affect stock performance. This data specifically targets which factors matter most to returns and delivers predictive forecasts at both the constituent and fund levels.

Conor Platt, CEO of Confluence Analytics, added, "We've worked in ESG investing for years and have always known these factors mattered to performance.  We can see exactly which ESG factors are the most material, as well as, when and to what extent they matter.  We're excited to bring this very useful information to investors and to partner with ETF Global."

For more information on the ETF Global new ESG offering, please visit ETF Global - ESG Brochure, email ESG@etfg.com or call (212) 223-3834.


About ETF Global
ETF Global® (ETFG®) is a leading, independent provider of data, research, investment decision support applications, proprietary risk analytics and educational offerings for Exchange-Traded-Products.  The ETFG research platform, which is driven by the ETFG Multi-Factor, Quantitative Model (ETFG Quant), supports the overall investment process with a variety of strategies and applications to pursue return, manage risk, utilize investment analysis and generate investment ideas. 

Founded in 2011, the firm is headquartered in New York and maintains offices in New YorkPittsburghToronto and London.  More information about ETF Global and our services, applications and products is available throughout our site at www.etfg.com.

ETF Global Media Contact
James Pacetti
Director of Marketing
(212) 223-3834

About Confluence Analytics
Confluence Capital Analytics is a data analysis and investment strategy firm specializing in the burgeoning area of environmental / social / governance ("ESG") sustainability. It blends fundamental, technical, and quantitative analysis into one streamlined, systematic process that generates predictive performance metrics – along with other valuable, more material insights.  To learn more, please visit www.ConfluenceCapital.com

Thank you for reading ETF Global Perspectives

ETFG 21 Day Free Trial:  https://www.etfg.com/signup/quick

_____________________________________________________________
Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.


Monday, December 3, 2018

Strong Week

Monday, December 3, 2018 – It seems as though the markets awoke from a holiday hangover in great spirits. The week capped off as one of the best that all 3 major US indices had in years. It was also a big week at the ETP Forum (www.etpforum.org) as we had one of our most successful conferences ever with over 490 attendees throughout the day. Many of the speakers at our conference discussed why the markets were pointing higher and where they believe they will go by year end - please check out the videos on the event site next week to see their respective forecasts.

For the week, the Dow Jones Industrial Average gained over 1,200 points to 25,538 while the S&P 500 rose 4.8% to 2,760. The Nasdaq Composite jumped the highest on a percentage basis for the week as Tech stocks caught a bit of relief. It rose over 5.6% to 7,330.

In ETFs, Emerging markets and Treasuries saw some of the greatest inflows in the month of November, according to our ETFG Fund Flow summary. One of the ETFs that took in the biggest flows was  IEMG, the iShares Core MSCI Emerging Market ETF. In the month of November, IEMG took in over $3.24B or about 8% of its AUM. SHY, which is iShares 1-3 year Treasury Bond ETF, has followed suit with inflows of over $1.8B, or about 17% of its AUM.

In the ETFG Quant Movers, we saw sector based ETPs gain the most percentage points to their overall scores. The Invesco Dynamic Pharmaceutical ETF (PJP) and iShares Global Telecom ETF (IXP) added 11.15% and 11.00% to their overall Quant scores respectively.

In the loser’s column, we saw emerging markets ETPs dropping some percentage points to their overall score. The iShares MSCI Emerging Markets Asia ETF (EEMA), Invesco Emerging Markets Infrastructure ETF (PXR) and the iShares Edge MSCI Min Vol Emerging Markets ETF (EEMV)lost 10.63%, 9.59% and 9.24% to their overall scores respectively.

ETFG Weekly Select List - the 5 most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.

Because of the sector’s success in the major indexes this week, we’d like to highlight some substantial movement in the Global portion when comparing this week’s Select List to last. The iShares Global Healthcare ETF (IXJ) jumped up two spots to be the top ranked fund in the sector. It took over for the iShares Global Consumer Staples ETF (KXI) which is now in the 3rd ranked spot. The iShares Global 100 ETF (IOO) held steady at the 2nd spot for two consecutive weeks while the VanEck Vectors Biotech ETF (BBH) moved into the 5th spot knocking the Invesco Shipping ETF (SEA) off the list.

Thanks for reading ETF Global Perspectives

ETFG 21 Day Free Trial:  https://www.etfg.com/signup/quick

______________________________________________________
Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.