Campaign Trick & Earnings Treats

Monday, October 31, 2016 - Sometimes, things may not be as bad as they seem, at least on paper.

As the Presidential debate entered into the home stretch with yet another unanticipated twist, last week has shown that the U.S. economy experienced mostly better-than-expected corporate earnings and even more to the surprise of investors, a .04% higher tick than consensus on the GDP growth (2.9% versus consensus of 2.5%). The surprise comes in welcoming fashion as concerns over U.S. growth have plagued markets for quite some time.

We also saw that American consumers are helping to drive the GDP to its highest number in 2 years. That is something that may make consumer discretionary ETFs like Fidelity MSCI Consumer Discretionary Index ETF (FDIS) or Consumer Discretionary Select Sector SPDR Fund (XLY), look more attractive in the coming months.

Although there was some good news for U.S. equities this week, not all reported great earnings which is why XLY and FDIS did not bode as well as one would think with the positive GDP news on Friday. Amazon was just above $818 a share on October 27^th before they reported earnings after the bell, but, a miss in earnings sent the stock down to just above $776 by the close of the market on Friday. That hurt FDIS and XLY which both hold Amazon (AMZN) as their highest positions in the ETFs at 11.38% and 13.99% respectively, according to ETF Global’s constituent data reports.

Switching gears, health care ETFs dominated the ETFG Quant Movers this week as 4 of the 8 top gainers were all related to that industry. Of those health care ETFs, the Van Eck Vectors Pharmaceutical ETF (PPH) was the biggest gainer moving its score up to 65.34 with a 13.76 positive change. PPH carries an 8 diamond ETFG reward and has an overall “B” grade in the ETFG Quant Model.

With the final week of the Presidential election upon us and a reopening of the Clinton email investigation, this week sets up to be one for the ages.

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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.

DOL & ETF Global® Dynamic Model Portfolios

Thursday, October 27, 2016 – We will shortly be operating in yet another new era – that of the DOL Fiduciary Rule.  Come April 10^th of next year, the standard will have changed for those that steward capital on behalf of clients in ERISA accounts.

As just one of the effects that this new rule is having is that many Advisors are seeking low-cost, well-constructed strategies to deploy into ERISA accounts - a portfolio of ETFs can definitely serve that purpose. We have been helping many Advisors with our ETF Global® Dynamic Model Portfolios.

Each of the 4 Base (and 8 Tilt) ETFG Dynamic Portfolios is comprised of the top ETFs as ranked by the ETF Global Quant model.  These portfolios rebalance and reconstitute quarterly. The universe of U.S. Listed, equity ETFs is reviewed by the ETFG Quant model and represents the broadest range of industry groups, sectors and geographic regions.

Key Factors include:

·         Dynamic Selection Process

·         Algorithm-Generated Smart Beta Models

·         Risk-Adjusted Portfolios

·         Portfolio Flexibility to Meet Client Needs

Program Overview: ETF Global Dynamic Model Portfolios - Overview

Historical Performance: ETFG Dynamic Model Portfolio Performance through 3Q 2016 - 10.4.16

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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.

Riding the Cyclone

Monday, October 24, 2016 - If one tried to compare the Stock Market this year to an amusement park ride, The Cyclone in Coney Island would be the uncanny response. Bumpy rides that leave you with a headache at the end of the day.

This past week, we again saw up and downs throughout the week in major U.S. Indexes with the S&P 500 finishing slightly up for the week and the Dow Jones finishing slightly down. The reason for the razor-thin movements can be summed up in one word, uncertainty.

The most memorable presidential season in recent memory is coming to a head where investors believe we will either have more of the same or a complete unknown and if the Federal Reserve would’ve stayed true to their word at the end of last year, we would be going on our 4^th interest rate hike of 2016 in the next two months.

All of this, of course, plays its part in the ETF realm where the shift to passive investing is becoming more and more apparent and well reported as it’s been difficult for active managers to beat their respective benchmarks in recent times.

In the past 30 days, we’ve seen close to $12B make its way into North American focused ETFs of which $5.36B went to equity funds according to the ETFG Fund Flow report. Within that, we saw the greatest inflow into a single ETF in the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) which added close to $2.5B in the period. HYG carries a 5 Red Diamond Risk rating in the ETFG Risk Rating summary.

As for our ETFG Quant Movers, the JPMorgan Alerian MLP Index ETN (AMJ) saw the greatest change in its scoring with a 16 point move upwards. It now sits with a 64.99 score and an overall “B” rating.

For the next two and a half weeks until the November 8^th election, the markets may still make investors feel as though they’ve been riding The Cyclone for a bit too long. After that, well stay tuned as the mystery ride awaits!

Thank you for reading ETFG Perspectives!

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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.

Earnings, Earnings, Earnings

Monday, October 17, 2016 - ETFs are ultimately subject to the risks and rewards that are inherent to their underlying constituents. With the third quarter earnings season now underway and given the sensitivity equity prices exhibit around earnings releases, let’s take a look at a few key ETFs that were most affected by the first round of Q3 earnings releases.

Alcoa (AA), widely viewed as a bellwether for the materials sector, kicked off the week reporting results that fell short of analysts' estimates. Shares ended the week down 17% at $26.45 after the disappointing news. With 67 ETFs holding AA and nearly 5% of its $11.59B market cap tied to ETFs, there were no shortage of ETFs impacted by these results. While diversification can eliminate single stock risk, ETFs with more concentrated exposures, such as market-cap weighted sector ETFs, can be particularly sensitive to short-term equity volatility. For instance, the SPDR S&P Metals and Mining ETF (XME), where Alcoa has its largest single fund weighting comprising 4.24% of the $647.86M XME fund, fell in immediate response to AA's results and finished the week down 5.6%. Conversely, the Guggenheim S&P 500 Equal Weight Materials ETF (RTM), despite having similar constituents, finished the week down only 2%. The plunge in XME's price likely reflects a confluence of factors, including contracting Chinese industrial demand, Alcoa's position as a materials sector bellwether, and XME's market-cap weighting scheme and large-cap concentrated exposures. RTM's performance differential may offer an example of how smart-beta ETFs that employ alternative weighting-schemes can buffer fund performance during earnings season.

While the performance of Alcoa and its related ETFs illustrate the downside risk ETF investors are exposed to around earnings season, Friday's surge in financial sector-related ETFs shows the upside potential of earnings announcements. On the heels of better than expected earnings announcements from three flagship banks, Citigroup (C), JP Morgan (JPM), and Wells Fargo (WFC), the Financial Selector Sector SPDR Fund (XLF) rose 0.5% on Friday. This immediate upswing is no surprise, as these three banks together reflect nearly a 25% weighting in XLF. Other notable financial-related ETFs, like the $235.59M Fidelity MSCI Financials Index ETF (FNCL) and the $2.41B SPDR S&P Bank ETF (KBE), each rose 0.5% on Friday following the news. These gains were posted despite the multitude of issues that continue to beleaguer the banking sector, including mounting regulatory burdens, an accommodative Fed and low net-interest margins and several high-profile legal challenges like Wells Fargo's cross-selling scandal and the DOJ's probe into Deutsche Bank's mortgage lending activities.

With only 7% of S&P 500 companies reporting earnings thus far, expect plenty more volatility in equity markets ahead. For investors looking for companies with strong cash flows and positive earnings momentum, it is worth taking a look at WisdomTree Earnings 500 Fund (EPS), which selects and weights large-cap companies that have generated positive cumulative earnings over their most recent four fiscal quarters.

Thank you for reading ETF Global Perspectives!

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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.

Back to the Future

Monday, October 10, 2016 - With the third quarter now in the rearview mirror, we outline key takeaways from 3Q, their impact on the ETP market and potential market moving events to which investors should pay attention in the final quarter of 2016. Like Columbus, let’s explore....

Familiar macroeconomic concerns continued to dictate market behavior and investment flows in Q3, as geopolitical risks and uncertainties, stagnant global growth, persistently low returns and the resultant hunt for yield, inflating asset prices, and the direction of global monetary policy loomed large. Despite an initial pullback following June's unexpected Brexit vote, global markets steadied in the third quarter as global central banks remained accommodative and economic fundamentals improved.

Against this backdrop, U.S. listed ETPs continued to gather assets at an impressive rate with investors pouring $92 billion in ETPs in Q3. As calm was restored to the markets and broad-based equity indices soared to record highs, equity ETFs led the industry in inflows, attracting $55 billion in fresh assets. The preponderance of these inflows were directed towards large-cap equity ETFs, with the SPDR S&P 500 ETF Trust (SPY) leading in inflows, with $13.27B in new assets and the tech-heavy Nasdaq-100 Powershares QQQ Trust (QQQ) garnering the fourth most assets of the quarter with $2.18B.

In the absence of negative economic data and amid historically low interest rates across developed markets, investors returned to riskier assets in Q3. This risk-on rally is reflected in our fund flows summary, where several cyclical equity sector, high-yield, and emerging markets ETFs were among our top quarterly leaders in inflows. The Vanguard Information Technology Index Fund (VGT), iShares iBoxx $ High Yield Corporate Bond ETF (HYG), and the iShares MSCI Emerging Markets ETF (EEM) attracted $545.16M, $810.4M, $4.11B respectively amid this stabilizing backdrop and search for growth and yield.

As the quarter came to a close and expectations for an end of year Fed rate hike increased, bond-proxy ETPs fell out of favor. This is reflected in our fund flows summary, where two defensive sector ETPs, the Consumer Staples Select Sector Fund (XLP) and the Utilities Select Sector Fund (XLU), and a long-dated treasury fund, the iShares 20+ Year Treasury Bond ETF (TLT) were among the leaders in outflows for the quarter, bleeding $602.39M, $476.16M, and $595.61M respectively in assets.

Aside from the Fed tightening, another potential catalyst for future ETP flows may have come from this week's announcement by BlackRock that they will, in preparation of the impending DOL Fiduciary Rule, cut fees on 15 of its flagship ETFs. The fee reductions affect about $217 billion in assets, nearly 17% about BlackRock's $1.3 trillion in ETF AUM, and some of the most widely followed ETFs in the marketplace, including the $79.08B iShares Core S&P 500 ETF (IVV) and the $41.39B iShares Core U.S. Aggregate Bond ETF (AGG).

In an increasingly crowded and competitive marketplace, BlackRock's price-cuts portend further downward pressure on expenses and an intensification of the fee-war, as Issuers vie for market-share by offering the lowest cost products. The repercussions of BlackRock's expense cuts were quickly evident. Charles Schwab, who rapidly rose to the 5^th largest provider in the marketplace with its suite of ultra-low priced ETFs, announced fee cuts on five of its largest ETFs in immediate response to BlackRock. Amid the current challenged investment environment and shifting regulatory landscape, fees will continue to be a key determinant of asset flows.

Looking ahead to the fourth quarter, the contentious U.S. presidential election, beginning of the UK's exit negotiations from the EU, and the waning efficacy of easy monetary policies from global central banks are among several factors that could generate market volatility as 2016 comes to a close.

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_____________________________________________________________

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.

And into 4Q,,,

After a volatile week, a Friday rally erased the losses from the previous days and the domestic equity markets ended on a high note eking out minor gains across the board. With the Fed deciding to stay pat, the world found other sources of anxiety such as the U.S Presidential debate (priceless but tough to watch) and the new Deutsche Bank crisis. The top 3 performing sectors this week were the Financial, Consumer Staples and the Healthcare Sector. The Dow Jones ended the week with a .3% gain, the S&P 500 at .2%, and NASDAQ at .1%.

With the big news coming from worries over Deutsche Bank and its potential need for a financial bailout, we take a look at our ETF Exposure Report which reflects those ETFs that hold DB and what amount of DB’s market capitalization is held by these ETFs. We can see that the biggest holdings of DB stock are HEWG, IShares Currency Hedged MSCI Germany ETF, which holds 1.53%, EWG, IShares MSCI Germany ETF, which hold 1.52% and DBGR, Deutsche X-Trackers MSCI German Hedged Equity Fund, which hold 1.49%. As expected for these 3 ETFs, there was a lot of volatility throughout the week but by the end of the week, they all had experienced small gains. HEWG increased by 1.39%, EWG increased by 1%, and DBGR increased by 1.4%.

This week in our ETF Quant Mover section we saw SCIX (Global X Scientific Beta Asia ex-Japan ETF), QKOR (the SPDR MSCI South Korea Strategic Factors ETF), and PHO (the Powershares Water Resources Portfolio ETF) as the top 3 gainers in the ranking. They gained 10.84, 10.17, and 9.43 respectively.  Like last week, 2/3 of these ETFs are equities focused in the Asia-Pacific region.

The biggest drops in the ETF Quant Movers this week are HFEZ, the SPDR Euro Stoxx 50 Currency Hedged ETF, AXJV, IShares Edge MSCI Min Vol Asia Ex Japan ETF, and EQWM, Powershares Russell Midcap Equal Weight Portfolio. These 3 ETFs dropped in their ETFG Quant Score by 11.37, 11.21 and 10.17 respectively.

Our Weekly Select List saw huge turnover.  Over 50% of the categories had a new number 1 this week and there were a few ETFs that went from unranked to number 1 in their respective categories. IEFA, iShares Core MSCI EAFE ETF, was our number 1 rated developed market ETF and DGRS, WisdomTree U.S. SmallCap Dividend Growth Fund, was our highest rated High Dividend Yield ETF.

Thank you for reading ETF Global Perspectives!

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_____________________________________________________________

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.