Happy Memorial Day 2021

Monday, May 31, 2021 - Best wishes for Memorial Day and our deepest gratitude for the ultimate sacrifice of our fallen heroes. We are forever grateful for their service to our country and our people.

We Remember

We remember the many brave men and women who have given their lives through the history of our country to protect us from danger and harm. We remember all those who sustained injury in mind and/or body in the course of their service. We salute all those who served in the military.

- Author Unknown

Thanks for reading ETF Global Perspectives and have a great week!

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.

This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, ETF Global does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

#1 Rated ETFs - ETFG Weekly Select List – 5/25/21

Tuesday, May 25, 2021 - the ETF Global Weekly ETF Select List supports users with their respective Exchange-Traded Fund selection processes. All individual product ETFG Tearsheets may be viewed via our 21 Day, Free Trial at https://www.etfg.com/signup/quick

In the table below, we highlight those products which were #1 Ranked in this week’s Select List in their respective Category for Sector, Geographic Region and Strategy – please click on the table and individual Tearsheets are available by clicking on the individual ETF tickers:

The ETFG Weekly ETF Select List features the 5 most highly rated ETFs by Sector, Geographic Region and Strategy as ranked by the ETFG Quant model. This weekly reference guide enables you to quickly and easily identify ETFs which meet your chosen criteria.

·       Selection pool includes all U.S. listed, equity ETFs, excluding levered and inverse

·       ETFG Quant model ranks daily all relevant products

·       ETFG Quant has four primary drivers:

o   Behavioral Finance (Technical Analysis & Sentiment)

o   Fundamental Analysis

o   Global Themes

o   Quality

·       Weekly Select List selection is performed prior to trading on Mondays

ETF Global encourages users to perform a more comprehensive review of the overall ETFG Quant rankings and to utilize the additional tools and resources available at www.etfg.com to further research and diligence exchange-traded funds.

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.

This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, ETF Global does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Little Movement For The Week

Monday, May 24, 2021 – Growth and value stocks seemed to battle it out last week leaving the major U.S. equity indexes with mixed and minor overall movements. A deceleration in housing starts and existing home sales from April did little to move markets as investors appeared more focused on upcoming reports.

Perhaps the biggest headlines and market movements centered around the big sell off in cryptocurrency. The yield on the 10 Year Treasury remained steady decreasing just one basis point to 1.63% seemingly indicating a lack of concern around inflation.

For the week, the DJIA dropped 174.29 points to 34,207.84, the Nasdaq was the single gainer for the week picking up 41.01 points to 13,470.99 and the S&P 500 slipped 17.99 points to 4,155.86.

ETFG Quant Movers - Those ETFs who have had the largest weekly change in their ETFG Quant Total Scores

ETFG Weekly Quant Winners: The three biggest gainers in their ETFG Total Quant Scores were the iShares US Preferred Stock ETF (PFF) which gained 12.80 point to 53.75, the Principal Spectrum Preferred Securities Active ETF (PREF) which picked up 10.31 points to 42.60 and the ProShares Decline of the Retail Store ETF (EMTY) which added 9.40 to an Overall ETFG Quant Score of 52.72.

ETFG Weekly Quant Losers: The three biggest losers in their respective ETF Quant Total Scores were the ALPS Equal Sector Weight ETF (EQL) which lost 10.96 point to 39.44, the iShares Currency Hedged MSCI Japan ETF (HEWJ) which dropped 9.21 point to 32.55 and the iPath S&P MLP ETN (IMLP) which lost 7.85 point to an ETFG Quant Overall Score of 47.72.

Thanks for reading ETF Global Perspectives and have a great week!

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.

 

This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, ETF Global does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Winners Announced - Spring 2021 ETF Portfolio Challenge!

Friday, May 21, 2021 - After 12 weeks, the Spring 2021 ETF Global^® Portfolio Challenge has come to another exciting conclusion! The eleventh iteration of this semi-annual contest was decided by less than one percentage point. In the face of unprecedented volatility, participants in the global competition were still able to uphold their impressive performance record and build resilient, high-performing portfolios.

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 rebalancing opportunities and could invest in a minimum of 4 and maximum of 10 ETFs at a time. Despite facing heavy competition all semester, these select students were able to separate themselves from the rest of the field.

Here are the Top 5 Winners:

#	Name	School	Return
1	Alejandro Giraldo Rodriguez	Universidad de Medellin	40.33%
2	Keyur Lo	Indian Institute of Tech, Madras	39.56%
3	Nicholas Londono Gallego	Universidad EIA	26.81%
4	Valeria Restrepo	Universidad EIA	26.60%
5	Ana Sofia Garcia	Universidad EIA	25.01%

As the Winners of this semester’s challenge, these students will be featured and recognized during the ETF Global® Portfolio Challenge Awards Ceremony at the upcoming Fall 2021 ETP Forum (www.etpforum.org) on Thursday, November 18th at the New York Athletic Club.

Please see below for the remaining Top 25 Participants:

#	Name	School	Return
6	King Leung Poon	Chinese Univ. of Hong Kong	23.96%
7	Jared Beckley	Keuka College	23.87%
8	Jacob Rogowski	Keuka College	22.76%
9	Joshua Card	Keuka College	21.65%
10	Giovanny Barona Osorio	Universidad de Medellin	20.62%
11	Steve Coughlin	Plymouth State University	19.39%
12	Kwong Yin Wong	Hong Kong Univ. Science & Tech	18.92%
13	William Dai	University of California, Berkeley	18.85%
14	Haochen W	ESSEC Business School	18.83%
15	Logan Keefer	University of Delaware	18.68%
16	Annie Heller	Plymouth State University	18.63%
17	Leonardo Cruz	University of Puerto Rico	17.86%
18	Tony Teegan	Coventry University London	17.83%
19	Adrianna Rack	University of Delaware	17.77%
20	Atef Smat	ESSEC Business School	16.82%
21	Andres Felipe Echavarria Molina	Universidad EIA	16.77%
22	Lyncie Etienne	University of Delaware	16.60%
23	Linus Lindeberg	Plymouth State University	16.60%
24	Dominic Fogel	University of Delaware	16.43%
25	Jiabao Li	ESSEC Business School	16.33%

Since its inception in the Fall of 2015, the ETF Global® Portfolio Challenge has attracted students from 6 continents and over 400 schools. As investors 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.

Please join us in congratulating this semester's winners and stay tuned for our Fall 2021 ETF Global^® Portfolio Challenge!

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.

 

#1 Rated ETFs - ETFG Weekly Select List – 5/18/21

Tuesday, May 18, 2021 - the ETF Global Weekly ETF Select List supports users with their respective Exchange-Traded Fund selection processes. All individual product ETFG Tearsheets may be viewed via our 21 Day, Free Trial at https://www.etfg.com/signup/quick

In the table below, we highlight those products which were #1 Ranked in this week’s Select List in their respective Category for Sector, Geographic Region and Strategy – please click on the table and individual Tearsheets are available by clicking on the individual ETF tickers:

The ETFG Weekly ETF Select List features the 5 most highly rated ETFs by Sector, Geographic Region and Strategy as ranked by the ETFG Quant model. This weekly reference guide enables you to quickly and easily identify ETFs which meet your chosen criteria.

·       Selection pool includes all U.S. listed, equity ETFs, excluding levered and inverse

·       ETFG Quant model ranks daily all relevant products

·       ETFG Quant has four primary drivers:

o   Behavioral Finance (Technical Analysis & Sentiment)

o   Fundamental Analysis

o   Global Themes

o   Quality

·       Weekly Select List selection is performed prior to trading on Mondays

ETF Global encourages users to perform a more comprehensive review of the overall ETFG Quant rankings and to utilize the additional tools and resources available at www.etfg.com to further research and diligence exchange-traded funds.

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.

This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, ETF Global does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Volatilty Returns

Monday, May 17, 2021 – U.S. equity indexes jumped sharply on Friday but fell short of eclipsing the overall losses for the week as volatility reared its head in a tumultuous trading week. Growing inflation fears were balanced by investors’ mild reaction to the weaker-than-expected April retail sales report.

For the week, the Dow Jones Industrial Average lost 1.1% to 34,382, the NASDAQ Composite Index dropped 2.3% to 13,430 and the S&P 500 Index lost 1.4% to close the week at 4,174.

ETFG Quant Movers - Those ETFs who have had the largest weekly change in their ETFG Quant Total Scores

ETFG Weekly Quant Winners: The three biggest gainers in their ETFG Total Quant Scores were the Franklin FTSE Japan ETF (FLJP) up 12.14 points to 49.51, the iShares Currency Hedged JPX-Nikkei 400 ETF (HJPX) up 10.44 points to 46.53 and the First Trust RiverFront Dynamic Asia Pacific ETF (RFAP) up 10.32 points in its ETFG Quant Total Score to 43.70.

ETFG Weekly Quant Losers: The three biggest losers in their respective ETF Quant Total Scores were the Principal Spectrum Preferred Securities Active ETF (PREF) down 11.49 points to 32,29, the Global SuperDividend US ETF (DIV) down 8.45 points to 45.48 and the iShares MSCI New Zealand ETF (ENZL) down 7.91 points to an ETFG Quant Total Score of 29.54.

Thanks for reading ETF Global Perspectives and have a great week!

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.

This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, ETF Global does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.