The State of the Agency MBS Market: Agency MBS Research

Research evidence excerpt

The State of the Agency MBS Market: Agency MBS Research

Forecasts are not a guarantee or reliable indicator of future performance.

Investors should always consider the investment objectives, risks, and charges and expenses of an ETF carefully before investing. The applicable

prospectus and key investor information document (as applicable) for an ETF should contain this and other information about such ETF. It is important to

read carefully any such prospectus before investing. Clients may obtain prospectuses and key investor information documents for ETFs from the

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.