SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF

EFAX

Key Features

  • The SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI EAFE ex Fossil Fuels Index (the "Index")
  • First ever international developed markets fossil fuel reserves free ETF
  • Seeks to offer climate-conscious investors exposure to international equities while limiting exposure to companies owning fossil fuel reserves
  • For investors interested in minimizing fossil fuel reserves exposure from their portfolio, EFAX may serve as an alternative to traditional international developed markets exposure

Fund Information

As of 12/09/2019
Ticker Symbol EFAX
Primary Benchmark MSCI EAFE ex Fossil Fuels Index
CUSIP 78470E106
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.30%
Net Expense Ratio

^ SSGA Funds Management, Inc. ("SSGA FM" or "Adviser") has contractually agreed to waive its management fee and/or reimburse certain expenses, until January 31, 2020, so that the net annual Fund operating expenses of the Fund, before application of any fees and expenses not paid by the Adviser pursuant to the Investment Advisory Agreement, if any, are limited to 0.20% of the Fund's average daily net assets. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and the waiver and/or reimbursement may be cancelled or modified at any time after January 31, 2020. This waiver and/or reimbursement may not be terminated prior to January 31, 2020 except with the approval of the Fund's Board of Trustees.

0.20%
Inception Date 10/24/2016
Investment Manager SSGA Funds Management, Inc.
Management Team Global Equity Beta Solutions
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Semi-Annually
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 11/30/2019 QUARTER END As of 09/30/2019
1 Month1.14%2.69%
QTD5.03%-0.56%
YTD19.06%13.36%
1 Year12.90%-0.79%
3 Year9.48%N/A
5 YearN/AN/A
10 YearN/AN/A
Inception
8.23%6.92%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/05/2019
Est. 3-5 Year EPS Growth

Estimated 3-5 Year EPS Growth 

Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.

7.72%
Number of Holdings 873
Price/Book Ratio

Price/Book Ratio

The weighted harmonic average of closing market price divided by the most recent reported book value for each security in the fund’s portfolio as calculated for the last twelve months.

1.69
Price/Earnings Ratio FY1

Price/Earnings Ratio FY1

The weighted harmonic average of current share price divided by the forecasted one year earnings per share for each security in the fund. Negative and positive outliers are included in the calculation.

15.50
Weighted Average Market Cap $60,246.80 M

Fund Market Price

As of 12/05/2019
Bid/Ask $71.02
Closing Price $71.05
Day High $71.18
Day Low $71.05
Exchange Volume (shares) 822
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

0.59%

Yields

As of 12/05/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

2.60%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.

2.50%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

2.74%
Index Dividend Yield

Index Dividend Yield

The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.

3.02%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/05/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$70.61
Shares Outstanding 1.35 M
Total Net Assets $95.32 M

Index Characteristics

As of 11/30/2019
Est. 3-5 Year EPS Growth 7.76%
Number of Holdings 865
Price/Cash Flow 8.68
Price/Earnings 16.36
Price/Earnings Ratio FY1 15.63

Fund Net Cash Amount

As of 12/05/2019
Net Cash Amount $313,607.19

Index Statistics

As of 11/30/2019
Weighted Average Market Cap $52,283.95 M
Average Size
Mean N/A
Median N/A
Size Range
Largest N/A
Smallest N/A

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
10/24/2016
Month End
NAV 11/30/2019 1.14% 5.03% 19.06% 12.90% 9.48% N/A N/A 8.23%
Market Value 11/30/2019 1.47% 5.05% 19.93% 12.55% 9.43% N/A N/A 8.41%
Return after Taxes on Distributions 11/30/2019 1.14% 5.03% 18.16% 11.86% 8.68% N/A N/A 7.47%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.68% 2.98% 11.25% 7.86% 7.20% N/A N/A 6.23%
MSCI EAFE ex Fossil Fuels Index 11/30/2019 1.17% 5.08% 19.15% 12.96% 9.45% N/A N/A 8.17%
Quarter End
NAV 09/30/2019 2.69% -0.56% 13.36% -0.79% N/A N/A N/A 6.92%
Market Value 09/30/2019 3.12% -0.39% 14.17% -0.59% N/A N/A N/A 7.10%
Return after Taxes on Distributions 09/30/2019 2.69% -0.56% 12.50% -1.71% N/A N/A N/A 6.12%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 1.59% -0.33% 7.90% -0.23% N/A N/A N/A 5.21%
MSCI EAFE ex Fossil Fuels Index 09/30/2019 2.69% -0.56% 13.39% -0.79% 6.02% N/A N/A 6.84%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
10/24/2016
Month End
NAV 11/30/2019 1.14% 5.03% 19.06% 12.90% 9.48% N/A N/A 8.23%
Market Value 11/30/2019 1.47% 5.05% 19.93% 12.55% 9.43% N/A N/A 8.41%
Return after Taxes on Distributions 11/30/2019 1.14% 5.03% 18.16% 11.86% 8.68% N/A N/A 7.47%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.68% 2.98% 11.25% 7.86% 7.20% N/A N/A 6.23%
MSCI EAFE ex Fossil Fuels Index 11/30/2019 1.17% 5.08% 19.15% 12.96% 9.45% N/A N/A 8.17%
Quarter End
NAV 09/30/2019 2.69% -0.56% 13.36% -0.79% N/A N/A N/A 6.92%
Market Value 09/30/2019 3.12% -0.39% 14.17% -0.59% N/A N/A N/A 7.10%
Return after Taxes on Distributions 09/30/2019 2.69% -0.56% 12.50% -1.71% N/A N/A N/A 6.12%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 1.59% -0.33% 7.90% -0.23% N/A N/A N/A 5.21%
MSCI EAFE ex Fossil Fuels Index 09/30/2019 2.69% -0.56% 13.39% -0.79% 6.02% N/A N/A 6.84%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.30%

Net Expense Ratio: 0.20%

Performance Graphs

Month End as of 11/30/2019

Fund Inception Date: 10/24/2016

Index Inception Date: 01/07/2016

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Quarter End as of 09/30/2019

Fund Inception Date: 10/24/2016

Index Inception Date: 01/07/2016

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; MSCI EAFE Fossil Fuel Reserves Free ETF" bmarkName="MSCI EAFE ex Fossil Fuels Index"><funds><field>1 Month</field><fund>2.69</fund><index>2.69</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.56</fund><index>-0.56</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>13.36</fund><index>13.39</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-0.79</fund><index>-0.79</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>6.02</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>6.92</fund><index>6.84</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

Subject to change.

As of 12/05/2019
Name Weight Shares Held
Nestle S.A. 2.35 % 21,584
Roche Holding AG 1.65 % 5,099
Novartis AG 1.50 % 15,594
Toyota Motor Corp. 1.24 % 16,500
HSBC Holdings Plc 1.12 % 146,657
SAP SE 1.01 % 7,142
AstraZeneca PLC 0.95 % 9,471
LVMH Moet Hennessy Louis Vuitton SE 0.93 % 2,007
AIA Group Limited 0.91 % 87,200
ASML Holding NV 0.88 % 3,072

Index Top Holdings

As of 11/30/2019
Name Weight
Nestle S.A. 2.36 %
Roche Holding AG 1.65 %
Novartis AG 1.51 %
Toyota Motor Corp. 1.22 %
HSBC Holdings Plc 1.15 %
SAP SE 1.02 %
AstraZeneca PLC 0.97 %
LVMH Moet Hennessy Louis Vuitton SE 0.95 %
AIA Group Limited 0.92 %
ASML Holding NV 0.88 %

Fund Sector Allocation

As of 12/05/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/05/2019</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>20.03</rawValue><value>20.03%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>15.38</rawValue><value>15.38%</value><label>Industrials</label><order>2</order></attribute><attribute><rawValue>13.35</rawValue><value>13.35%</value><label>Health Care</label><order>3</order></attribute><attribute><rawValue>12.77</rawValue><value>12.77%</value><label>Consumer Discretionary</label><order>4</order></attribute><attribute><rawValue>12.37</rawValue><value>12.37%</value><label>Consumer Staples</label><order>5</order></attribute><attribute><rawValue>7.87</rawValue><value>7.87%</value><label>Information Technology</label><order>6</order></attribute><attribute><rawValue>6.21</rawValue><value>6.21%</value><label>Materials</label><order>7</order></attribute><attribute><rawValue>5.8</rawValue><value>5.80%</value><label>Communication Services</label><order>8</order></attribute><attribute><rawValue>3.87</rawValue><value>3.87%</value><label>Real Estate</label><order>9</order></attribute><attribute><rawValue>2.11</rawValue><value>2.11%</value><label>Utilities</label><order>10</order></attribute><attribute><rawValue>0.25</rawValue><value>0.25%</value><label>Energy</label><order>11</order></attribute></attributes></component>

Index Sector Allocation

As of 11/30/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>11/30/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>20.11</rawValue><value>20.11%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>15.26</rawValue><value>15.26%</value><label>Industrials</label><order>2</order></attribute><attribute><rawValue>13.33</rawValue><value>13.33%</value><label>Health Care</label><order>3</order></attribute><attribute><rawValue>12.75</rawValue><value>12.75%</value><label>Consumer Discretionary</label><order>4</order></attribute><attribute><rawValue>12.52</rawValue><value>12.52%</value><label>Consumer Staples</label><order>5</order></attribute><attribute><rawValue>7.74</rawValue><value>7.74%</value><label>Information Technology</label><order>6</order></attribute><attribute><rawValue>6.2</rawValue><value>6.20%</value><label>Materials</label><order>7</order></attribute><attribute><rawValue>5.8</rawValue><value>5.80%</value><label>Communication Services</label><order>8</order></attribute><attribute><rawValue>3.9</rawValue><value>3.90%</value><label>Real Estate</label><order>9</order></attribute><attribute><rawValue>2.13</rawValue><value>2.13%</value><label>Utilities</label><order>10</order></attribute><attribute><rawValue>0.25</rawValue><value>0.25%</value><label>Energy</label><order>11</order></attribute><attribute><rawValue>0.01</rawValue><value>0.01%</value><label>Unassigned</label><order>12</order></attribute></attributes></component>

Fund Country Weights

As of 12/05/2019
Japan 26.12%
United Kingdom 13.91%
France 11.26%
Switzerland 10.16%
Germany 9.32%
Australia 6.43%
Netherlands 4.32%
Hong Kong 3.14%
Spain 2.87%
Sweden 2.85%
Denmark 2.03%
Italy 1.80%
Singapore 1.33%
Belgium 1.10%
Finland 1.00%
Ireland 0.63%
Israel 0.62%
Norway 0.50%
New Zealand 0.31%
Austria 0.19%
Portugal 0.11%

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based.  The Prospectus contains a more detailed description of the limited relationship MSCI has with SSGA Funds Management, Inc and any related funds.

MSCI - Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Global Equity Beta Solutions

Co-Head, Global Equity Beta Solutions Michael J. Feehily Senior Managing Director Show BioHide Bio

Mike is a Senior Managing Director and the Head of Global Equity Beta Solutions in the Americas. He is also a member of the Senior Leadership Team and is a voting member on the firm's Trade Management Oversight Committee and the North America Product Committee.

Mike rejoined SSGA in 2010 after spending four years in State Street Global Markets where he helped to build the Global Exposure Solutions business. This group created and managed portfolios that were designed to meet the short-term market exposure needs of our institutional clients. Prior to this Mike had been Head of the US Passive Equity Team within SSGA, which he originally joined in 1997. He began his career at State Street within the Global Services division in 1992.

Mike received a Bachelor of Science Degree from Babson College in Finance, Investments, and Economics. He received an MBA in Finance from Bentley College and also earned the Chartered Financial Analyst designation. He is a member of the CFA Institute and the Boston Security Analysts Society. Mike is also a former member of the Russell Index Client Advisory Board.

Deputy Head of GEBS - Americas Karl A. Schneider Managing Director Show BioHide Bio

Karl Schneider, CAIA, is a Managing Director of SSGA and Deputy Head of Global Equity Beta Solutions (GEBS) in the Americas. He also serves as a senior portfolio manager for a number of the group's passive equity portfolios. Previously within GEBS, he served as a portfolio manager and product specialist for US equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is also a member of the S&P Dow Jones US Equities Index Advisory Panel.

Prior to joining the GEBS team, Mr. Schneider worked as a portfolio manager in SSGA's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined SSGA in 1997.

Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst designation and is a member of the CAIA Association.

Senior Portfolio Manager John Law Vice President Show BioHide Bio

John is a Senior Portfolio Manager and Vice President in the Global Equity Beta Solutions Group, having joined SSGA in 2016. Previously, John worked at Dimensional Fund Advisors as a Portfolio Manager on the international equities desk, where he oversaw the international small cap strategy and served as Global Process Lead for foreign exchange. Prior experience also includes mortgage banking, having worked at IndyMac Bank issuing mortgage backed securities, and investment banking, with Credit Suisse First Boston.

John has an MBA from the University of Chicago Booth School of Business, where he was a Siebel Scholar, and Master's and Bachelor's degrees from Cambridge University and Princeton University, respectively.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

MSCI EAFE ex Fossil Fuels Index

The MSCI EAFE ex Fossil Fuels Index (the "Index") is designed to measure the performance of companies in the MSCI EAFE Index that are "fossil fuel reserves free," which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the Index, fossil fuel reserves are defined as proved and probable coal, oil or natural gas reserves used for energy purposes, but do not include metallurgical or coking coal, which is primarily used in connection with steel production. The Index is a subset of the MSCI EAFE Index (the "Parent Index"), which serves as the initial universe of eligible securities for the Index. The Parent Index captures large and mid-capitalization representation across developed market Europe, Australasia, and Far East countries, excluding the United States and Canada.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund.

Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Concentrated investments in a particular industry or sector may be more vulnerable to adverse changes in that industry or sector.

Currency exchange rates between the U.S. dollar and foreign currencies may have significant volatility and may cause the value of the fund's investments to decline.

Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.

Foreign (non-U.S.) Securities may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than U.S. securities, due to varying degrees of regulation and limited liquidity.

Mid-sized companies may involve greater risks than in those of larger, better known companies, including increased volatility and periods of illiquidity.

No fossil fuel reserve ownership may have an adverse effect on a company's profitability and, in turn, the returns of the fund.
 
Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Glossary

Premium Discount to NAV

As of 12/05/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF EFAX $70.61 $71.05 $71.02 0.59%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

I AGREE CLOSE