Elements of the New Normal

Monday, April 27, 2020 - After a rocky start as a result of a massive oil sell-off, stocks rallied later in the week, led by the technology sector. Still, markets ended this roller-coaster week slightly down, snapping 2 consecutive weeks of gains. Oil prices fell deep into negative territory as the week began, driven down by plummeting demand and storage capacity. Passage of a $484 billion coronavirus aid package, which included additional funding for small businesses through the Paycheck Protection Program, helped markets make up some of that ground. But the economy still faces significant challenges. With another 4.4 million Americans filing for unemployment benefits in the previous week, some 26.5 million people have been laid off or furloughed in the U.S. from mid-March to mid-April.

The Dow Jones Industrial Average dropped 1.9% this week, as the S&P 500 slipped 1.3% and the Nasdaq fell 0.2%.

ETFG Equity Exposure Report - As consumers continue to turn to video conferencing services to replace in-person meetings as a result of COVID-19, Facebook (FB) shares climbed this week on reports of the company’s expanding video chat capabilities. Facebook announced that this revamped service will allow for many more simultaneous participants, which also sent investors fleeing rival Zoom Video Communications (ZM). The ETFs weighted most heavily with Facebook stock are the Communication Services Select Sector SPDR Fund (XLC), the Fidelity MSCI Telecommunication Services Index ETF (FCOM), the Vanguard Communication Services ETF (VOX), the Direxion Daily Communication Services Index Bull 3X Shares (TAWK), and the iShares Global Telecom ETF (IXP).

ETFG Quant Movers - The ETFs that had the largest weekly change in their respective, overall ETFG Quant ratings.

ETFG Quant Winners: This week, we are highlighting the ETFs that saw the largest movement in our ETFG Quant Total Score. The ETFs with the biggest increases in their ETFG Quant Total Score this week were the iPath S&P MLP ETN (IMLP), the Innovator IBD ETF Leaders ETF (LDRS), the Franklin FTSE Europe Hedged ETF (FLEH), the Global X MSCI SuperDividend Emerging Markets ETF (SDEM), and the AdvisorShares Vice ETF (ACT).

ETFG Quant Losers: The ETFs with the biggest decreases in their ETFG Quant Total Score this week were the ELEMENTS SPECTRUM ETN (EEH), the First Trust Preferred Securities and Income ETF (FPE), the Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE), the iShares MSCI Finland ETF (EFNL), and the SPDR Solactive Germany ETF (ZDEU).

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

The social distancing restrictions brought on by COVID-19 have led to more reliance on technological workarounds -- and some big gains for parts of the Technology sector. This week, we’re focusing on the 5 ETFs in the Technology sector with the highest ratings from our ETFG Quant model. They are: the First Trust Nasdaq Smartphone Index Fund (FONE), the First Trust NASDAQ 100 Technology Index Fund (QTEC), the Global X Social Media Index ETF (SOCL), the iShares Expanded Tech Sector ETF (IGM), and the iShares PHLX Semiconductor ETF (SOXX).

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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.

Week-by-Week

Monday, April 20, 2020 - Markets climbed this week, propelled by the U.S. government releasing plans to restart the economy and hopes of a slowdown in COVID-19 infection rates. Coupled with last week’s gains, this marks the first two-week rally since stocks first corrected amid Coronavirus fears. President Trump said Wednesday that he believes the U.S. may have passed the peak on new COVID-19 cases. Meanwhile, the White House unveiled a three-step plan to ease social distancing restrictions and restart economic activity put on hold because of the pandemic. State and local leaders will decide for themselves when to start lifting restrictions. Some states, including Texas, have begun planning for a near-term economic restart.

For the week, the S&P 500 was up 3%, while the Dow Jones Industrial Average increased 2.2% and the Nasdaq shot up 6.1%.

ETFG Equity Exposure Report - Regeneron Pharmaceuticals Inc. (REGN) saw its stock surge this week, on news that it is developing promising COVID-19 treatments. The ETFs weighted most heavily with Regeneron stock are the iShares Genomics Immunology and Healthcare ETF (IDNA), the Loncar Cancer Immunotherapy ETF (CNCR), and the iShares Nasdaq Biotechnology ETF (IBB).

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

ETFG Quant Winners: This week, we are highlighting the ETFs that saw the largest movement in the fundamental component of our ETFG Quant model.

The ETFs with the biggest increases in their ETFG Fundamental Quant scores this week were the Global X SuperIncome Preferred ETF (SPFF), the ETRACS Linked to the Wells Fargo Business Development Company Index ETN (BDCS), the ETRACS Alerian MLP Index ETN (AMU), the iPath S&P MLP ETN (IMLP), and the Shares US Preferred Stock ETF (PFF).

ETFG Quant Losers: This week’s ETFs charting the steepest declines in their ETFG Fundamental Quant scores were the Invesco Preferred ETF (PGX), VanEck Vectors Gaming ETF (BJK), the SPDR Wells Fargo Preferred Stock ETF (PSK), the ELEMENTS SPECTRUM ETN (EEH), and the SPDR S&P Biotech ETF (XBI).

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

As COVID-19 developments continue to drive the market,  we focus on the 5 ETFs in the Healthcare sector with the highest ratings from our ETFG Quant model. They are the SPDR S&P Biotech ETF (XBI), the Invesco Dynamic Biotechnology & Genome ETF (PBE), the Principal Healthcare Innovators Index (BTEC), the VanEck Vectors Biotech ETF (BBH), and the First Trust NYSE Arca Biotechnology Index Fund (FBT).

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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.

Hoping the Curve is Flattening

Monday, April 13, 2020 - Encouraging trends in coronavirus infection rates coupled with unprecedented measures of support initiated by the Federal Reserve helped propel stocks to their largest weekly gains since 1974. News that hospitalizations and fatalities in global hot spots, like New York and Italy, have begun to slow brought relief to investors and injected some momentum into the markets. This momentum was bolstered by the unveiling of a $2.3 trillion Federal Reserve lending program designed to help municipalities, small and mid-sized businesses. Additional upward momentum was provided, as the Fed further expanded its remit into unchartered territories, with its commitment to expand its emergency lending programs to allow lower-quality debt. This confluence of news was able to surmount mounting signs of economic contraction, with another surge in weekly unemployment claims and job losses.

Following this holiday-shortened week, the S&P 500, DJIA and Nasdaq were up 12.1%, 12.7%, and 10.6% respectively.

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

ETFG Quant Winners: Since much of this week's market movement was sentiment-driven, we'd like to highlight the ETFs that experienced the largest moves in the behavioral component of our Quant model.

The ETFs achieving the largest upward moves in their ETFG Behavioral Quant scores this week were the Innovator IBD ETF Leaders ETF (LDRS), iPath S&P MLP ETN (IMLP), WisdomTree Emerging Markets SmallCap Dividend Fund (DGS), Franklin FTSE Europe Hedged ETF (FLEH), and iShares MSCI EAFE Value ETF (EFV).

ETFG Quant Losers: The ETFs suffering the steepest downward moves in their ETFG Behavioral Quant scores this week were the First Trust Preferred Securities and Income ETF (FPE), Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE), SPDR Solactive Germany ETF (ZDEU), Elements Spectrum ETN (EEH), and iShares Evolved U.S. Technology ETF (IETC).

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

With small caps surging this week following the Federal Reserve's massive new lending program, we'd like to show the 5 ETFs that currently sport the highest ratings according to our models. From 1-5, our current leaders in the small cap segment are the Invesco S&P SmallCap 600 Pure Value ETF (RZV), Oppenheimer S&P SmallCap 600 Revenue ETF (RWJ), iShares S&P Small-Cap 600 Value ETF (IJS), Columbia India Small Cap ETF (SCIN), and WisdomTree U.S. SmallCap Earnings Fund (EES).

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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.

2Q 2020 Rebalance - ETF Global Dynamic Model Portfolios

Tuesday, April 7, 2020 - Investors began 2020 hoping for more of the same, as they celebrated one of the best years on record. Now, they would be grateful if this year would just end without another shattering rout that draws comparisons to the Great Depression. Equity indices ended what was either the worst first quarter in their history or the worst quarter since 2008 - so who can blame investors for running for cover with no end to the pandemonium in sight anytime soon?  With only Treasuries and gold seemingly escaping the chaos, where can investors turn now?

While the world and global markets may be in crisis, the show must go on. Specifically, the 2^nd quarter update of our ETFG Dynamic Model Portfolios, including all 4 of the base portfolios and the 8 “tilts” which were updated on April 6^th.  Given the sudden, almost violent shift in investor sentiment, it’s hardly surprising that our ETFG Quant model has made significant changes this quarter with a nearly universal shift towards value and low volatility products across nearly all equity positions.

Beginning with our domestic allocation, the market rout helped drive the fundamental ETFG Quant scores for already cheap value funds even higher, making them too good for the Quant model to pass up. The allocation this quarter is split evenly between large and small cap funds with three having an explicit focus on value stocks. Those three, the Invesco S&P 500 Pure Value ETF (RPV), the iShares S&P Small-Cap 600 Value ETF (IJS) and ALPS Sector Dividend Dogs ETF (SDOG) are joined by just one “core” fund, the iShares Core S&P Small-Cap ETF (IJR.)

That creates a domestic allocation with a significantly lower average market capitalization than the S&P 500 or Dow Jones, although its sector weightings aren’t that far off from the broader market. What it does have going for it is a substantially higher yield, both in terms of dividends and earnings (the inverse of the P/E ratio). All four funds are trading at close to their lowest price multiples. SDOG is an excellent case in point with its P/E and P/B scores near all-time lows and with a dividend yield, currently over 5%, close to an all-time high!

Change has also come to our international allocation with a shift to lower volatility names such as the Invesco S&P International Developed Low Volatility ETF (IDLV) while the equity exposure also shifts further east with the addition of two Asian-Pacific funds. Although the First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) is broad-based, it has a substantial allocation to South Korea which is well represented in the portfolio thanks to the country specific fund, iShares MSCI South Korea ETF (EWY) that carries over from the prior quarter. Despite the provocativeness of their kin to the north, South Korean equities have been relatively calm thanks to the aggressive measures taken to control the spread of COVID-19, with EWY performing in-line with U.S. equities and outperforming other international developed markets.

Our EM allocation is also seeing a significant shift as the Invesco S&P Emerging Markets Low Volatility ETF (EELV) joins the allocation, while the First Trust Chindia Fund (FNI) is replaced by iShares China Large-Cap ETF (FXI.) It’s been anything but smooth sailing in emerging markets although mainland China “seems” to be maintaining its role as a relative sea of calm for now. While COVID-19 may have originated in the country, its quick response or, more likely, the promise of financial largesse made Chinese A-shares among the best performers in 2020 with FXI up 2.19% last week. What helps make EELV ‘low vol’ is the fact that it has exposure not just to those calm mainland Chinese stocks but a 30% allocation to Taiwan, another success story in managing the COVID-19 outbreak.

To learn more about our ETF Global Dynamic Model Portfolio strategy, please email us at sales@ETFG.com or call us at (212) 223-ETFG (3834).

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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.

Economic Impact Beginning to Emerge

Monday, April 6, 2020 – Another week of declines befell the markets, as early signs into the magnitude of the economic impact of the coronavirus pandemic began to show. Friday's job report showed that employer's cut 701,000 jobs in March, a prelude into what is likely a much deeper, devastating loss of jobs in the coming weeks. Moreover, the latest job's report doesn't fully capture the millions of unemployment insurance claims filed in the final two weeks of March, with a record 6.6 million Americans applying for benefits last week alone. Other data painted an equally grim picture, with PMI indexes revealing a sharp contraction in economic activity. All this came on the heels of the worst monthly and quarterly performances for the major indexes since the depths of the financial crisis.

Following this disconcerting news, the DJIA, S&P 500, and NASDAQ shed 2.7%, 2.1%, and 1.7% respectively for the week. Until this unprecedented cloud of uncertainty is cleared, markets will continue to be beset by the kind of skittishness and volatility that defined this week.

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

ETFG Quant Winners: The ETFs registering the largest gains in their ETFG Quant scores were the iPath S&P MLP ETN (IMLP), Innovator IBD ETF Leaders ETF (LDRS), Franklin FTSE Europe Hedged ETF (FLEH), Global X SuperDividend Emerging Markets ETF (SDEM) and AdvisorShares Vice ETF (ACT).

ETFG Quant Losers: The ETFs experiencing the largest declines in their ETFG Quant scores this week were the Elements Spectrum ETN (EEH), First Trust Preferred Securities and Income ETF (FPE), Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE), iShares MSCI Finland ETF (EFNL) and SPDR Solactive Germany ETF (ZDEU).

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

With momentum rising for some stabilization in the oil markets, we'd like to bring attention to the energy ETFs that currently sit atop our Select List rankings. From 1-5, the energy ETFs that our models favor right now are the SPDR S&P Oil & Gas Exploration and Production ETF (XOP), SDPR S&P Oil & Gas Equipment & Services ETF (XES), Invesco DWA Energy Momentum ETF (PXI), Invesco Dynamic Energy Exploration & Production ETF (PXE), and Invesco S&P SmallCap Energy ETF (PSCE).

Thanks 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.