Research Weekly Snapshot

Research evidence excerpt

Research Weekly Snapshot

Citi Research

applicable distributor or authorized participant, the exchange upon which an ETF is listed and/or from the applicable website of the applicable ETF issuer.

The value of the investments and any accruing income may fall or rise. Any past performance, prediction or forecast is not indicative of future or likely

performance. Any information on ETFs contained herein is provided strictly for illustrative purposes and should not be deemed an offer to sell or a

solicitation of an offer to purchase units of any ETF either explicitly or implicitly. The opinions expressed are those of the authors and do not necessarily

reflect the views of ETF issuers, any of their agents or their affiliates.

Citigroup Global Markets India Private Limited and/or its affiliates may have, from time to time, actual or beneficial ownership of 1% or more in the debt

securities of the subject issuer.

Please be advised that pursuant to Executive Order 13959 as amended (the “Order”), U.S. persons are prohibited from investing in securities of any

company determined by the United States Government to be the subject of the Order. This research is not intended to be used or relied upon in any way

that could result in a violation of the Order. Investors are encouraged to rely upon their own legal counsel for advice on compliance with the Order and

other economic sanctions programs administered and enforced by the Office of Foreign Assets Control of the U.S. Treasury Department.

This communication is directed at persons who are "Eligible Clients" as such term is defined in the Israeli Regulation of Investment Advice, Investment

Marketing and Investment Portfolio Management law, 1995 (the "Advisory Law").