ETFs may not be appropriate for all investors. To determine if this ETF is an appropriate investment for you, carefully consider the ETF’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the ETF’s prospectus.
This report is for informational purposes only. When using this report, investors are advised to consult the accompanying glossary of investment terms. Total return performance is historical and assumes reinvestment of all dividends and capital gain distributions. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that, when redeemed, an investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
ETFs issue and redeem shares at net asset value (“NAV”) only in large blocks of shares called “Creation Units”, or multiples thereof. Only broker dealers and large institutional investors with creation and redemption agreements, called Authorized Participants (“APs”) can purchase and redeem Creation Units. ETFs are subject to risks similar to those of stocks, including those regarding short selling, margin account maintenance and loss of principal. Investors buying or selling ETF shares on the secondary market may incur brokerage costs and other transactional fees.
Investments are subject to investment risks including the possible loss of the principal amount invested. The ETF may be subject, but not limited, to the following investment risks:
Shares of an ETF may trade above or below their NAV. Shares will fluctuate in price due to daily volume changes. However, the market prices of shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, shares on the Exchange. During periods of market volatility the trading price of shares may deviate significantly from the NAV.
Market risk. ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. The market value of an ETF may decline due to general market conditions and the volatility associated with the underlying indices or assets can result in a loss of the ETF’s value.
Tracking error risk. The ETF’s goal is to track a specific market index or asset, normally referred as fund target index. The discrepancy between the ETF’s performance and the performance of its target index is known as tracking error. A variety of factors can create a performance gap between ETF and its target index such as the impact of transaction fees and expenses incurred by the ETF, changes in composition of the underlying index/assets, the ETF portfolio manager’s replication strategy and sampling techniques, and the timing of purchases and redemptions of ETF’s shares.
Concentration risk. An ETF's portfolio reflects the underlying Index's concentration in the securities of a particular issuer or issuers, which means that the ETF may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, the ETF's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
Commodity Exposure Risk
Prices of commodities may be affected based on unpredictable factors, such as changes in demand and supply relationships, high volatility, political instability, changes in interest rates, monetary and other governmental policies and any other factors affecting the output, production, delivery and transformation, where applicable, of a good or commodity. Securities of companies held by an ETF or an underlying fund that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit even higher volatility attributable to commodity prices.
About S&P Global Equity Research’s Distributors:
This Research Report has been prepared by S&P Global Equity Research, a part of S&P Global Market Intelligence. In the United States, research reports are prepared and issued by Standard & Poor’s Investment Advisory Services LLC (“SPIAS”). In the European Economic Area (“EEA”) States, Research Reports are distributed by McGraw-Hill Financial Research Europe (“MHFRE”), which is authorized and regulated by the Financial Conduct Authority in the United Kingdom. Under and subject to the Markets in Financial Instruments Directive (“MiFID”), MHFRE is entitled to exercise a passport right to provide cross border investment advice into EEA States. MHFRE exercises its MiFID right to passport investment advice including the Research Reports into EEA States. In Hong Kong, Research Reports are issued by Standard & Poor’s Investment Advisory Services (HK) Limited (“SPIAS HK”), which is regulated by the Hong Kong Securities Futures Commission; in Singapore, by McGraw-Hill Financial Singapore Pte. Limited (“MHFSPL”), which is regulated by the Monetary Authority of Singapore; Research Reports are distributed in Malaysia, by S&P Malaysia, which is regulated by the Securities Commission of Malaysia; in Australia, by Standard & Poor’s Information Services (Australia) Pty Ltd (“SPIS”), which is regulated by the Australian Securities & Investments Commission; and in Japan, by McGraw-Hill Financial Japan KK (“MHF Japan”), which is registered by Kanto Financial Bureau. SPIAS, MHFRE, SPIAS HK, MHFSPL, S&P Malaysia, SPIS and MHF Japan, each a wholly owned subsidiary of S&P Global Inc., operate under the S&P Global Market Intelligence brand.
S&P Global Market Intelligence or an affiliate may license certain intellectual property or provide pricing or other services to, or otherwise have a financial interest in, certain issuers of securities, including exchange-traded investments whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. In cases where S&P Global Market Intelligence or an affiliate is paid fees that are tied to the amount of assets that are invested in the fund or the volume of trading activity in the fund, investment in the fund will generally result in S&P Global Market Intelligence or an affiliate receiving compensation in addition to the subscription fees or other compensation for services rendered by S&P Global Market Intelligence. A reference to a particular investment or security by S&P Global Market Intelligence and/or one of its affiliates is not a recommendation to buy, sell, or hold such investment or security, nor is it considered to be investment advice.
No endorsement of any ETF included in this report should be implied by the fact that the ETF bears the S&P Global mark or is based on an S&P Dow Jones Index. S&P Global Market Intelligence does not receive fees from ETFs and/ or funds for their inclusion in this report. S&P Global Market Intelligence does not receive fees from mutual funds and/ or funds for their inclusion in this report. S&P Global Market Intelligence and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.
S&P Dow Jones Indices does not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that seeks to provide an investment return based on the returns of any S&P Dow Jones index. No other unit of S&P Global, including S&P Dow Jones Indices, contributed to the content of this report. S&P Global does not trade for its own account.
Indexes are unmanaged, statistical composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.
General Disclosure Notice to all jurisdictions:
Where S&P Global Market Intelligence’ ETF Reports are made available in a language other than English and in the case of inconsistencies between the English and translated versions of a ETF Report, the English version will control and supersede any ambiguities associated with any part or section of a ETF Report that has been issued in a foreign language. Neither S&P Global Market Intelligence nor its affiliates guarantee the accuracy of the translation. Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.
Past performance is not necessarily indicative of future results.
S&P Global Market Intelligence, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “S&P Global Parties”) do not guarantee the accuracy, completeness or adequacy of this material, and S&P Global 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 the information provided by the S&P Global Parties. S&P GLOBAL 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 S&P Global 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.
Ratings from S&P Global Ratings 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. S&P Global assumes no obligation to update its opinions following publication in any form or format. S&P Global should not be relied on and are not substitutes for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Global’s opinions do not address the suitability of any security.
S&P Global Ratings does not contribute to or participate in the development of ETF Reports. S&P Global Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and analyses. S&P Global’s public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&’s publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
S&P Global Market Intelligence and its affiliates do not act as a fiduciary. While S&P Global Market Intelligence has obtained information from sources it believes to be reliable, S&P Global Market Intelligence does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.
S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P Global may have information that is not available to other S&P divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
ETF Reports are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Global Market Intelligence to engage in investment activity. 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 and this material is not intended for any specific investor and does not take into account an investor’s particular investment objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment, lose a portion of, or all of the principal 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 chosen currency, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in ETF Reports does not constitute advice on the tax consequences of making any particular investment decision
Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.
Notice to all Non U.S. Residents:
S&P Global Market Intelligence’ ETF Reports may be distributed in certain localities, countries and/or jurisdictions (“Territories”) by independent third parties or independent intermediaries and/or distributors (the “Intermediaries” or “Distributors”). Intermediaries are not acting as agents or representatives of S&P Global Market Intelligence. In Territories where an Intermediary distributes S&P Global Market Intelligence’ ETF Reports, the Intermediary, and not S&P Global Market Intelligence, is solely responsible for complying with all applicable regulations, laws, rules, circulars, codes and guidelines established by local and/or regional regulatory authorities, including laws in connection with the distribution of third-party ETF Reports, licensing requirements, supervisory and record keeping obligations that the Intermediary may have under the applicable laws and regulations of the territories where it distributes the ETF Reports.
Each ETF Report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject S&P Global Market Intelligence or its affiliates to any registration or licensing requirements in such jurisdiction.
Each ETF Report is not directed to, or intended for distribution to or use by, any person or entity who is not in a class qualified to receive ETF Reports (e.g., a qualified person and/or investor), as defined by the local laws or regulations in the country or jurisdiction where the person is domiciled, a citizen or resident of, or the entity is legally registered or domiciled.
S&P Global Market Intelligence’ Research Reports are not intended for distribution in or directed to entities, residents or investors in: Burma, Cuba, Crimea, Czech Republic, Iran, Kuwait, Lebanon, North Korea, Portugal, Romania, Sudan, Slovakia, Syria, Taiwan and Turkey.
For residents of Australia: ETF Reports are issued and/or distributed in Australia by SPIS. Any express or implied opinion contained in a ETF Report is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s) alone. The information in a ETF Report has not been prepared for use by retail investors and has been prepared without taking account of any particular investor’s financial or investment objectives, financial situation or needs. Before acting on any advice, any investor using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation and needs. Investors should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Each opinion must be weighed solely as one factor in any investment decision made by or on behalf of any adviser and any such adviser must accordingly make their own assessment taking into account an individual’s particular circumstances.
SPIS holds an Australian Financial Services License Number 258896. Please refer to the SPIS Financial Services Guide for more information at: www.spcapitaliq.com/financialservicesguide
More information about the written criteria and methodologies for the generation of Research Reports and historical information for Research Reports for the past 12 months are available by contacting S&P Global Market Intelligence Client Services Department at 61-1300-792-553 or via e-mail at firstname.lastname@example.org or email@example.com.
For residents of Bahamas: The Intermediary, and not S&P Global Market Intelligence, is solely responsible for complying with licensing requirements under the Securities Industry Act of 1999 and the Securities Industry Regulations of 2000 of The Bahamas, when distributing ETF Reports to members of the public in The Bahamas. The Intermediary is also solely responsible for providing any required disclosures under applicable securities laws and regulations to its Bahamian clients, including but not limited to disclosing whether the Intermediary: (i) has a reasonable basis for specific investment recommendations, and the recommended security’s price or price range at the time of the recommendation to the client; (ii) makes a market in the recommended security; (iii) its directors, officers or principal shareholders have a current or contingent financial interest in the recommended security, unless the interest is nominal; (iv) participated in a public offering of the recommended security in the last two (2) years; and (v) has disclosed any conflict of interest between it and the issuer of the recommended security.
For residents of Bermuda: The Bermuda Monetary Authority or the Registrar of Companies in Bermuda has not approved the ETF Reports and any representation, explicit or implicit, is prohibited.
For residents of Brazil: ETF Reports are distributed by S&P Global Market Intelligence and in compliance with Instruction 483 enacted by Comissão de Valores Mobiliários (the Brazilian Securities Commission) dated as of July 6, 2010, the analyst (where applicable) who prepares a ETF Report or a report extract affirms: (i) that all the views expressed herein and/or in a ETF Report accurately reflect his or her personal views about the securities and issuers; (ii) that all recommendations issued by him or her were independently produced, including from the opinion of the entity in which he or she is an employee. S&P Global Market Intelligence is of the opinion its ETF Reports have been prepared in accordance with section 17, II of Instruction 483. The distributor of the ETF Report is responsible for disclosing any circumstances that may impact the independence of S&P Global Market Intelligence’ ETF Report, in accordance with section 17, II of Instruction 483.
For residents of British Virgin Islands: All products and services offered by S&P Global Market Intelligence and its affiliates are provided or performed, outside of the British Virgin Islands. The intended recipients of the ETF Reports are (i) persons who are not members of the public for the purposes of the Securities and Investment Business Act, 2010 (“SIBA”); (ii) persons who are professional services providers to the British Virgin Islands business companies for the purposes of SIBA; and (iii) any other person who is given the ETF Reports by a person licensed as an investment advisor in the British Virgin Islands. If you are in any doubt as to whether you are the intended recipient of this document, please consult your licensed investment advisor.
For residents of Canada: Canadian investors should be aware that any specific securities discussed in a ETF Report can only be purchased in Canada through a Canadian registered dealer and, if such securities are not available in the secondary market, they can only be purchased by eligible private placement purchasers on a basis that is exempt from the prospectus requirements of Canadian securities law and will be subject to resale restrictions. Information in ETF Reports may not be suitable or appropriate for Canadian investors. Only a registered distributor is eligible to distribute excerpts of any ETF Reports, and distributor will be deemed to assume regulatory responsibility for the excerpted information, and undertakes to provide notice to clients that it will be assuming such responsibility.
For residents of Chile: S&P Global Market Intelligence shall not be acting as an intermediary of any securities referred to in a ETF Report. S&P Global Market Intelligence (and its affiliates) is not registered with, and such securities may not be registered in the Securities Registry maintained by the Superintendencia de Valores y Seguros de Chile (Chilean Securities and Insurance Superintendence or “SVS”) pursuant to the Chilean Securities Market Law 18045. Accordingly, investment research presented in a ETF Report is not intended to constitute a public or private offer of securities in Chile within the meaning of Article 4 of the Chilean Securities Market Law 18045, as amended and restated, and supplemental rules enacted thereunder.
For residents of China: S&P Global Market Intelligence’ ETF Reports are not distributed in or directed to residents in The People’s Republic of China. Neither S&P Global Market Intelligence nor its affiliates target investors in China.
For residents of Colombia: This information and/or information contained in ETF Reports is not intended or should not be construed as constituting information delivery to the Colombian Securities Market under Colombian Law.
For residents of Czech Republic: The Intermediary, and not S&P Global Market Intelligence, is solely responsible for complying with licensing requirements under the Capital Markets Act (Act No. 256/2004 Coll., as amended), implementing Directive 2004/39/EC of the European Parliament and of the Council of 21 April, 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC and its implementing directives, and Directive 2003/125/EC implementing Directive 2003/6/EC as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest; and the Civil Code (Act No. 40/1964 Coll., as amended) as regards the distance financial contract regulation protecting the consumers.
For residents of Dubai (DIFC): The information contained in ETF Reports distributed by S&P Global Market Intelligence is intended for investors who are “professional clients”, as defined in Rule 2.3.2(2) of the Conduct of Business Module (COB) of the DFSA Rulebook.
For residents of the European Economic Area (EEA): Research Reports have been approved for distribution in the EEA listed here: Austria; Belgium; Bulgaria; Cyprus; Czech Republic (see further disclosure above); Denmark; Estonia; Finland; France (see further disclosure below); Germany; Gibraltar; Greece; Hungary (see further disclosure below); Iceland; Ireland; Italy; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta (see further disclosure below); Netherlands; Norway; Poland; Portugal; Romania; Slovakia (see further disclosure below); Slovenia; Spain (see further disclosure below); Sweden and United Kingdom, as investment research by MHFRE, which is authorized and regulated by the Financial Conduct Authority in the UK. S&P Global Market Intelligence’ Stock Reports are to be read in conjunction with “Your Guide to S&P Global Market Intelligence’s Stock Reports” which can be found at: www.spcapitaliq.com/stockreportguide.
More information about the written criteria and methodologies for the generation of Research Reports and historical information for Research Reports for the past 12 months are available by contacting S&P Global Market Intelligence Client Services Department at 800-523-4534 or via e-mail at: firstname.lastname@example.org or email@example.com.
For residents of Finland: S&P Global Market Intelligence’ ETFs Reports are not intended for distribution in or directed to residents in Finland unless the fund for which the Fund ETF Report relates is authorized in Finland or the fund or the distributor of the Fund ETF Report has obtained marketing permission from the Financial Supervisory Authority (FIN-FSA) for marketing of the fund in Finland.
For residents of France: The Intermediary, and not S&P Global Market Intelligence, is solely responsible for complying with the rules related to the distribution of investment recommendations as specified in the Financial Code and the Autorité des Marchés Financiers rule book,
For residents of Guernsey, Isle of Man and Jersey: The ETF Reports provide by S&P Global Market Intelligence serve to assist the Intermediary in determining the advice it provides to its clients, but are not intended as advice to any of the Intermediary’s clients and the intermediary, and not S&P Global Market Intelligence, will be solely responsible for the provision of investment advice to the client. Independent investment advice should be sought by persons in their capacity as investors or potential investors and the Intermediary will be solely responsible for complying with any applicable regulatory obligations relating to the distribution of investment research.
For residents of Hong Kong: Information in the ETF Reports shall not be construed to imply any relationship, advisory or otherwise, between S&P Global Market Intelligence and the recipient user of the ETF Report unless expressly agreed by S&P Global Market Intelligence. S&P Global Market Intelligence is not acting nor should it be deemed to be acting, as a “fiduciary” or as an “investment manager” or “investment advisor” to any recipient of this information unless expressly agreed by S&P Global Market Intelligence. The Distributor of the ETF Reports will be solely responsible for describing its role to its clients with respect to the distribution of S&P Global Market Intelligence’ ETF Reports.
For residents of Hungary: The Intermediary, and not S&P Global Market Intelligence, is solely responsible for complying with the rules related to data protection requirements as set out in Act CXII of 2011 on the Right of Informational Self-Determination and on Freedom of information; and with Act CLV. of 1997 on Consumer Protection and with Act CXXXVIII of 2007 on Investment services.
For residents of India: Residents of India should consult their financial and legal advisers regarding the suitability of any of S&P Global Market Intelligence’ services and products. S&P Global Market Intelligence does not intend to utilize the Research Report service to invite or carry out any business activities with S&P Global Market Intelligence. Research Reports provided by S&P Global Market Intelligence serve to assist the Intermediary in determining the advice it provides to its clients, but are not intended as advice to the Intermediary and to any of the Intermediary’s clients and the Intermediary will be solely responsible for the provision of investment advice to the client.
For residents of Indonesia: ETF Reports do not constitute an offering document and it should not be construed as an offer of securities in Indonesia, and any such securities will only be offered or sold through a financial institution.
For residents of Ireland: Certain of S&P Global Market Intelligence’ equity ETF Reports may be considered to be marketing communications for purposes of Irish law.
For residents of Israel: ETF Reports are intended only for distribution to “Qualified Investors”, as defined in the Schedule to Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law of 1995. All other persons who are not Qualified Investors under Israeli law should seek additional investment advice from their financial advisers. The relevant analyst declares that the views expressed in a particular ETF Report faithfully reflect the analyst’s personal views regarding the securities under review and the issuer of the securities.
For residents of Japan: ETF Reports are intended only for distribution to “Asset Management Firms”.
For residents of Kazakhstan: The distribution to specific persons is the sole responsibility of the distributor and the distributor, and not S&P Global Market Intelligence, is responsible for complying with all local regulations, including but not limited to advertising requirements related to public solicitation.
For residents of Malta: The distributor of ETF Reports in Malta, is solely responsible for ensuring that the investment research produced by S&P Global Market Intelligence and proposed to be disseminated in or from within Malta is reviewed for compliance with the investment services rules issued by the Malta Financial Services Authority in terms of the Investment Services Act, Cap 370 of the laws of Malta.
For residents of Mexico: S&P Global Market Intelligence is not regulated or supervised by the Mexican National Banking and Securities Commission (“CNBV”). S&P Global Market Intelligence has a licensed rating agency affiliate in Mexico (Standard & Poor’s, S.A. De C.V.), of which S&P Global maintains firewalls and seeks to avoid conflicts of interest, pursuant to approved policies. ETF Reports on securities that are not registered with the National Securities Registry maintained by the Mexican National Securities Registry are intended only for distribution to qualified, institutional investors or to any other investors to whom distribution the S&P Global Market Intelligence is permissible under Mexican law.
For residents of Monaco: The Intermediary, and not S&P Global Market Intelligence, will be solely responsible for providing copies of S&P Global Market Intelligence’ ETF Reports to the appropriate Monegasque regulator prior to distributing to its clients.
For residents of Morocco: ETF Reports are intended for distribution only to professional investors.
For residents of Peru: S&P Global Market Intelligence’ ETF Reports shall not, under any circumstances, be considered an invitation to take deposits or funds from the public, under any mechanism, or to carry on any activities that may be prohibited by Peruvian law. The Intermediary also agrees that the use of S&P Global Market Intelligence’ ETF Reports shall not be used by Intermediary to solicit an investment in the securities that are the subject of the ETF Report in any way that may be prohibited by Peruvian law.
For residents of Qatar: The Distributor, and not S&P Global Market Intelligence, is responsible for complying with all relevant licensing requirements as set forth by the Qatar Financial Markets Authority or the Qatar Central Bank, and with all relevant rules and regulations set out in the Qatar Financial Markets Authority’s rule book, including third party branded investment research distribution of securities that are admitted for trading on a Qatari securities exchange (Admitted Securities).
For residents of Russia: ETF Reports on financial instruments are intended for “qualified investors”, as defined in the Securities market law of the Russian Federation dated 22 April 1996, as amended, only.
For residents of The Kingdom of Saudi Arabia: S&P Global Market Intelligence and its affiliates do not distribute ETF Reports in the Kingdom of Saudi Arabia. Residents of Saudi Arabia should be aware that the distributor of S&P Global Market Intelligence’ ETF Reports may not be permitted to distribute investment research either: (i) from a permanent place of business in or otherwise within the territory of the Kingdom of Saudi Arabia; or (ii) to an investor in the Kingdom of Saudi Arabia unless that investor is a Capital Market Authority authorized investor or the Saudi Arabian Monetary Agency.
When a distributor disseminates S&P Global Market Intelligence’ ETF Reports in the Kingdom of Saudi Arabia, the distributor, and not S&P Global Market Intelligence, is solely responsible for approving the contents of ETF Reports and complying with licensing requirements and authorizations of the Saudi Arabian Capital Market Authority’s (“CMA”), including CMA’s Authorized Persons Regulations concerning securities advertisements.
S&P Global Market Intelligence does not conduct a securities business in the Kingdom of Saudi Arabia and the distributor, and not S&P Global Market Intelligence, assumes all responsibilities and liabilities for distributing ETF Reports in the Kingdom of Saudi Arabia. ETF Reports are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Global Market Intelligence to engage in an investment activity in the Kingdom of Saudi Arabia. S&P Global Market Intelligence does not communicate directly with a distributor’s customers and a distributor’s customers should not contact S&P Global Market Intelligence directly regarding any information or data provided in ETF Reports.
For residents of Singapore: ETF Reports that contain extracts from S&P Global Market Intelligence’ ETF Reports are not prepared, issued or reviewed by MHFSPL and MHFSPL assumes no responsibility for the ETF Reports, and nothing referenced by MHFSPL should be considered to be a solicitation or recommendation to buy or sell any security, nor should it be considered to be investment advice.
For residents of Slovak Republic: The Intermediary, and not S&P Global Market Intelligence, is solely responsible for complying with the rules related to the Slovak Securities Act (Act No. 566/2001 Coll., as amended), implementing Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC and its implementing directives, and Directive 2003/125/EC implementing Directive 2003/6/EC as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest; and with the Slovak Act on Consumer Protection in Distance Financial Services Contracts (Act No. 266/2005 Coll., as amended).
For residents of Sweden: The intermediary, and not S&P Global Market Intelligence, is responsible for using the information provided in ETFs Reports in accordance with Swedish marketing rules, including the MPA and the Directive 2003/125/EC. Fund ETF Reports should only be used for marketing purposes when the relevant financial product is permitted or authorized for sale in Sweden.
For residents of Switzerland: ETFS Reports of authorized funds by the Swiss Federal Financial Market Supervisory Authority (FINMA) are not intended for distribution in Switzerland. The intermediary, and not S&P Global Market Intelligence, is responsible for determining whether a fund is authorized for distribution in Switzerland as well as determining whether the underlying client is a qualified investor.
For residents of the United Arab Emirates (UAE): S&P Global Market Intelligence and its affiliates neither undertake banking, financial, or investment consultations business in or into the UAE within the meaning of the Central Bank Board of Directors’ Resolution No. 164/8/94 regarding the regulations for investment companies nor provides financial analysis or consultation services in or into the UAE within the meaning of UAE SECURITIES AND COMMODITIES AUTHORITY DECISION NO. 48/R OF 2008 concerning financial consultation and financial analysis.
Investment research distributed by S&P Global Market Intelligence and its affiliates is not intended to amount to an offer of securities within the meaning of DIFC Law NO. 12 OF 2004 (the DIFC Markets Law) or the equivalent laws, rules and regulations made by the Central Bank of the UAE and their Emirates Securities and Commodities Authority. Neither the Dubai Financial Services Authority, the UAE Securities nor Commodities Authority of the Central Bank of the UAE has reviewed or verified any of the information provided in a ETF Report or through any service provided by S&P Global Market Intelligence or its affiliates, or has any responsibility for it.
If a recipient of ETF Report does not understand any of the contents of the ETF Report, the recipient should contact a financial advisor. Users of extracts of investment ETF Reports should be aware that if they are distributed in the UAE by an intermediary, the intermediary is solely responsible for the distribution and contents of the investment research in the UAE.
For residents of Uruguay: S&P Global Market Intelligence or its affiliates are not, individually a risk assessment entity registered with the Central Bank of Uruguay, and S&P Global Market Intelligence’ ETF Reports do not constitute a risk assessment. Investment research presented in an ETF Report is not intended to constitute a public or private offer of securities in Uruguay. S&P Global Market Intelligence’ ETF Reports are not intended for worldwide distribution, as such, and are not published to Uruguayan clients in Spanish.
For residents of Venezuela: ETF Reports can only be distributed in Venezuela by an investment advisor, duly licensed under Venezuelan law. The distributor of the ETF Reports, and not S&P Global Market Intelligence, is solely responsible for complying with licensing requirements.