Thursday, November 14, 2019

Confirmed Speakers - Fall ETP Forum - Thursday, November 21 at the NYAC

Thursday, November 14, 2019 – The Fall 2019 ETP Forum on Thursday, November 21st at The New York Athletic Club is one week away and has shaped up to be another incredible conference!  We are thrilled to have such a wonderful slate of Speakers, Moderators and Panelists.  Please reach out to your ETF Global representative to inquire about complimentary passes to the event.

Now let’s meet our confirmed list of Speakers:

SAL LICATA, Director of Business Development, ETF Global
JULIAN EMANUEL, Chief Equity and Derivatives Strategist, BTIG
MIKE CASTINO, SVP, Exchange Traded Products, U.S. Bank Global Fund Services
ANDREA ROEMHIDT, Investment Manager, Aware ETFs
PERTH TOLLE, Founder, Life and Liberty Indexes
WILL HERSHEY, Co-Founder & CEO, Round Hill Investments
TONY DUFAULT, Head of ETF Product Development, Pacific Global Asset
JOHN JACOBS, Executive Director, Center for Financial Markets and Policy, Georgetown University
RICHARD KERR, Partner, K&L Gates
LAURA FLORES, Partner, Morgan Lewis
STEVE OH, Head of ETF Listings and Business Development, Nasdaq
TODD CIPPERMAN, Founding Principal, Cipperman Compliance Services
BIBB STRENCH, Partner, Thompson Hine LLP
CONOR PLATT, CEO, Confluence Capital Analytics
LORRAINE WILSON, Director of Investment Products, JUST Capital
HERNANDO CORTINA, Head of Index Strategy, ISS ESG
KARL SNYDER, Chief Market Strategist, VETS Indexes
ADAM BERNSTEIN, ESG/Impact Analyst, Gitterman Wealth Management
NICHOLAS COLAS, Co-Founder, DataTrek Research
MICHAEL VENUTO, Co-Founder & CIO, Toroso Investments
JAMES PACETTI, Director of Marketing, ETF Global
CHRIS HEMPSTEAD, Consultant, ETF Consulting
NANCY DAVIS, Managing Partner & CIO, Quadratic Capital Management
SEAN MEEHAN, Co-Head Municipal Trading, Wall Street Access
LANCE MCGRAY, Portfolio Manager, AAM
GEORGE BOLLENBACHER, Head, Fixed Income Research, Tabb Group
SCOTT SZEVER, Director, Exchange Traded Products, NYSE
JULIAN KLYMOCHKO, Founder and CEO, Accelerate Financial Technologies
LANCE HUMPHREY, Portfolio Manager, Victory Capital
PATRICK SHADDOW, Director of Index Operations, S Network Global Indexes
SEAN O’HARA, Director, Pacer ETFs
JULIE ABBETT, Executive Director and Head of ETF Sales, J.P. Morgan
YANG XU, Partner, UP Fintech, Tiger Brokers
MATTHEW TUTTLE, CEO & CIO, Tuttle Tactical Management
MIKE CRONAN, President of Marketing Services, Exchange Traded Concepts
JOHN THOMPSON, Co-Founder and President, Vesper Capital Management

·       All event information is on the event website at www.etpforum.org

·       Registration is here: http://etpforum.org/etp-forum/registration

We look forward to seeing you and 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, November 11, 2019

Financials Lead a 5th Straight Week of Gains

Monday, November 11, 2019 – Happy Veterans Day to all!  Stocks extended their recent gains last week, finishing higher for the fifth consecutive week. In fact, the Dow Jones Industrial Average joined the S&P 500 and Nasdaq Composite Indexes in setting all-time highs. Recent signs of progress on trade negotiations, along with better-than-expected corporate earnings were the cause of positive investor sentiment. In addition, a sharp increase in longer-term bond yields and third-quarter corporate earnings also drove markets. The third-quarter earnings season is near its end with roughly 90% of S&P 500 companies having reported results.

Financial stocks outperformed as increasing interest rates favored banks’ lending operations. Rising long term bond yields weighed heavily on real estate and utilities shares mostly due to their respective dividend yields became less appealing. As it relates to ETFs, the U.S. listed ETP saw a weekly inflow of approximately $12 billion in assets. The equity market received the lion share of inflow as Invesco QQQ Trust (QQQ), SPDR S&P 500 ETF Trust (SPY) and Vanguard S&P 500 ETF (VOO) saw a net inflow of approximately $1.6 billion, $1.2 billion and $975 million respectively. For a granular break down of net flows, investors can utilize ETF Global Fund Flow Summary.

ETFG Quant Movers – Those ETFs who have had the largest weekly change in their respective, overall ETFG Quant ratings.

ETFG Quant Winners: The top five gainers in ETFG Quant Total Score were Reality Shares Nasdaq NexGen Economy ETF (BLCN), WBI Power Factor High Dividend ETF (WBIY), Vident International Equity Fund (VIDI), Invesco RAFI Strategic Developed ex-US ETF (ISDX) and SPDR S&P Telecom ETF (XTL). Each ETP added approximately 7 points to their overall ETFG Quant score.

ETFG Quant Losers: Honorable mentions in the loser category were Invesco Dynamic Large Cap Value ETF (PWV), SPDR S&P Health Care Services ETF (XHS), WisdomTree Europe Hedged Equity Fund (HEDJ), FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) and First Trust International Equity Opportunities ETF (FPXI). The causes can be traced to behavioral factors dipping slightly impacting the respective ETFG Total Quant scores by approximately 4 points each.

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

Considering the sector’s success, we’d like to highlight the top ETFs within the financial sector in this week’s Select List. SPDR S&P Insurance ETF (KIE) held onto the 1st place position followed by Davis Select Financial ETF (DFNL) in 2nd, iShares Evolved U.S. Financials ETF (IEFN) in 3rd and John Hancock Multifactor Financials ETF (JHMF) in 4th place. All preceding the newcomer to the list, Invesco KBW High Dividend Yield Financial ETF (KBWD) came in 5th.

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.

Thursday, November 7, 2019

Fall 2019 ETP Forum - Updated List of Speakers

Thursday, November 7, 2019 – Thanks to all who have already registered for the upcoming Fall 2019 ETP Forum on Thursday, November 21, 2019 at the New York Athletic Club.  We look forward to another great event and please reach out to your ETF Global representative to inquire about complimentary passes to attend.

Now, let’s meet our updated list of Speakers:


SAL LICATA, Director of Business Development, ETF Global
JULIAN EMANUEL, Chief Equity and Derivatives Strategist, BTIG
MIKE CASTINO, SVP, Exchange Traded Products, U.S. Bank Global Fund Services
ANDREA ROEMHIDT, Investment Manager, Aware ETFS
PERTH TOLLE, Founder, Life and Liberty Indexes
WILL HERSHEY, Co-Founder & CEO, Round Hill Investments
TONY DUFAULT, Head of ETF Product Development, Pacific Global Asset
JOHN JACOBS, Executive Director, Center for Financial Markets and Policy, Georgetown University
RICHARD KERR, Partner, K&L Gates
LAURA FLORES, Partner, Morgan Lewis
STEVE OH, Head of ETF Listings and Business Development, Nasdaq
TODD CIPPERMAN, Founding Principal, Cipperman Compliance Services
CONOR PLATT, CEO, Confluence Capital Analytics
HERNANDO CORTINA, Head of Index Strategy, ISS ESG
KARL SNYDER, Chief Market Strategist, VETS Indexes
ADAM BERNSTEIN, ESG/Impact Analyst, Gitterman Wealth Management
NICHOLAS COLAS, Co-Founder, DataTrek Research
MICHAEL VENUTO, Co-Founder & CIO, Toroso Investments
JAMES PACETTI, Director of Marketing, ETF Global
CHRIS HEMPSTEAD, Consultant, ETF Consulting
NANCY DAVIS, Managing Partner & CIO, Quadratic Capital Management LLC
SEAN MEEHAN, Co-Head Municipal Trading, Wall Street Access
LANCE MCGRAY, Portfolio Manager, AAM
GEORGE BOLLENBACHER, Head, Fixed Income Research, Tabb Group
SCOTT SZEVER, Director, Exchange Traded Products, NYSE
LANCE HUMPHREY, Portfolio Manager, Victory Capital
PATRICK SHADDOW, Director of Index Operations, S Network Global Indexes
SEAN O’HARA, Director, Pacer ETFs
JULIE ABBETT, Executive Director and Head of ETF Sales, J.P. Morgan
YANG XU, Partner, UP Fintech, Tiger Brokers
MATTHEW TUTTLE, CEO & CIO, Tuttle Tactical Management
MIKE CRONAN, President of Marketing Services, Exchange Traded Concepts
JOHN THOMPSON, Co-Founder and President, Vesper Capital Management

·       All event information is on the event website at www.etpforum.org



·       Registration is here: http://etpforum.org/etp-forum/registration

We look forward to seeing you and 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, November 4, 2019

No Tricks, Just Treats Last Week

Monday, November 4, 2019 – Good news all around as stock prices climbed 1.5% this past week, reaching fresh record highs. The climb was fueled by slowing but still-positive economic and corporate data beating market expectations. In addition, the Federal Reserve cut interest rates for the third time this year and alluded to a pause in lowering rates to consider economic conditions. Good news was also found in the October Jobs report. The U.S. economy added 128,000 jobs in October, well above the consensus estimate.

The large-cap S&P 500 Index and the technology-heavy Nasdaq Composite Index reached new intraday and closing highs this week, while the smaller-cap stocks remained some distance from their late-2018 peaks. Within the SPDR S&P 500 ETF (SPY), health care shares outperformed, helped by earnings beats from Merck (MRK) and Pfizer (PFE). Energy shares lagged as oil prices fell after some oversupply concerns. As to improved sentiment on Wall Street, the Cboe Volatility Index (VIX), the so-called fear gauge, touched a four-month low – another glimpse of good news.

ETFG Quant Movers – Those ETFs who have had the largest weekly change in their respective, overall ETFG Quant ratings.

ETFG Quant Winners: The top five gainers in the ETFG Quant Total Score were First Trust Nasdaq Food & Beverage ETF (FTXG), KraneShares CICC China Leaders 100 Index ETF (KFYP), Schwab Fundamental U.S. Large Company Index (FNDX), iShares Russell Mid-Cap ETF (IWR) and Vanguard Small-Cap ETF (VB) respectively. Each ETP added well over 15% to their score as behavioral scores and global factors came into play.

ETFG Quant Losers: Honorable mentions in the loser category were WBI Power Factor High Dividend ETF (WBIY), Global X US Preferred ETF (PFFD), VanEck Vectors Pharmaceutical ETF (PPH), Consumer Staples Select Sector SPDR Fund (XLP) and JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM). The causes can be traced to fundamental and behavioral factors dipping slightly impacting the respective total ETFG Quant scores.

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

Considering the sector’s success, we’d like to highlight the top ETFs within the health care sector in this week’s Select List. iShares Nasdaq Biotechnology ETF (IBB) held onto the 1st place position followed by iShares Global Healthcare ETF (IXJ) in 2nd and VanEck Vectors Biotech ETF (BBH) in 3rd place. Followed by newcomers to this week’s select list, SPDR S&P Pharmaceuticals ETF (XPH) and Invesco Dynamic Pharmaceuticals ETF (PJP) claiming the 4th and 5th spot 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.

Friday, November 1, 2019

Meet the Speakers - Fall 2019 ETP Forum - 11/21 at the NYAC

Friday, November 1, 2019 – Thanks to all who have already registered for the upcoming Fall 2019 ETP Forum on Thursday, November 21, 2019 at the New York Athletic Club.  We look forward to another great event and please reach out to your ETF Global representative to inquire about complimentary passes to attend.

Now, let’s meet our preliminary list of Speakers:

Sal Licata, Director of Business Development, ETF Global
Julian Emanuel, Chief Equity and Derivatives Strategist, BTIG
Mike Castino, SVP, Exchange Traded Products, U.S. Bank Global Fund Services
John Jacobs, Executive Director, Center for Financial Markets and Policy, Georgetown University
Richard Kerr, Partner, K&L Gates
Laura Flores, Partner, Morgan Lewis
Steve Oh, Head of ETF Listings and Business Development, Nasdaq
Todd Cipperman, Founding Principal, Cipperman Compliance Services
Conor Platt, CEO, Confluence Capital Analytics
Hernando Cortina, Head of Index Strategy, ISS ESG
Karl Snyder, Chief Market Strategist, VETS Indexes
Adam Bernstein, ESG/Impact Analyst, Gitterman Wealth Management
James Pacetti, Director of Marketing, ETF Global
Chris Hempstead, Consultant, ETF Consulting
Nancy Davis, Managing Partner & CIO, Quadratic Capital Management
Lance McGray, Portfolio Manager, AAM
George  Bollenbacher, Head, Fixed Income Research, Tabb Group
Scott Szever, Director, Exchange Traded Products, NYSE
Lance Humphrey, Portfolio Manager, Victory Capital
Patrick Shaddow, Director of Index Operations, S Network Global Indexes
Julie Abbett, Executive Director and Head of ETF Sales, J.P. Morgan
Yang Xu, Partner, UP Fintech, Tiger Brokers
Matthew Tuttle, CEO & CIO, Tuttle Tactical Management
Mike Cronan, President of Marketing Services, Exchange Traded Concepts


We look forward to seeing you and 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