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 manager’s replication strategy and sampling techniques, and the timing of purchases and redemptions of fund 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 fund 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.
Equity Investing Risk
The ETF invests in equity securities, which are subject to changes in value that may be attributable to market perception of a particular issuer or to general stock market fluctuations that affect all issuers. Investments in equity securities may be more volatile than those in other asset classes. Special risks are involved with significant exposure to a particular sector, including increased susceptibility related to economic, business or other developments affecting that sector
Small and midsize company risk. Small and midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ETF's ability to sell these securities.
Large cap stock risk. Stocks of large cap companies may underperform the stocks of lower quality, or smaller capitalization companies during periods when the stocks of such companies are in favor.
Growth securities risk. Growth companies generally seek to achieve high earning growth regardless of market conditions. Growth stocks usually have high price-to-earnings and price-to-book ratios, which means that these stocks are relatively high-priced in comparison with the companies' Net Asset Values (NAVs). Stocks of growth companies or “growth securities” have market values that may be more volatile than those of other types of investments. Growth securities typically do not pay a dividend, which can help cushion stock prices in market downturns and reduce potential losses.
Value securities risk. Value stocks are those that generally have fallen out of favor in the marketplace and are considered bargain-priced compared with book value, replacement value, or liquidation value. Typically, value stocks are priced much lower than stocks of similar companies in the same industry. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth.
International Equity Risk.
Foreign investment risk. ETF’s investments in foreign securities may be subject to political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.
Foreign currency risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time. Foreign currencies are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls.
Emerging market risk. The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more developed economies, and emerging markets generally have less diverse and less developed economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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”.
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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.
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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.
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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.
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