BetaShares Global Cybersecurity ETF Product Review

[Pages:7]ISSUE DATE 25-09-2023

Product Review Betashares Global Cybersecurity ETF

Key information

FUND MANAGER

BETASHARES CAPITAL LTD

ASSET CLASS

GLOBAL EQUITIES

SECTOR

GLOBAL LARGE CAP

SUB SECTOR

SECTOR - PASSIVE

INVESTMENT TYPE

EXCHANGE TRADED FUND (ETF) LISTED ON THE AUSTRALIAN SECURITIES EXCHANGE (ASX)

PDS OBJECTIVE TO PROVIDE AN INVESTMENT RETURN THAT AIMS TO TRACK THE PERFORMANCE OF THE UNDERLYING INDEX, BEFORE TAKING INTO ACCOUNT FEES AND EXPENSES

INDEX PROVIDER

NASDAQ

UNDERLYING INDEX

NASDAQ CONSUMER TECHNOLOGY ASSOCIATION CYBERSECURITY INDEX

DERIVATIVE USE ALLOWED IN LIMITED CIRCUMSTANCES BUT CANNOT BE USED TO LEVERAGE THE FUND.

SECURITIES LENDING

NO

LISTING DATE

JULY 2016

DISTRIBUTION FREQUENCY

SEMI-ANNUAL

FUND SIZE

$769.7M

Fees & costs (% per annum)

MANAGEMENT FEES AND COSTS

0.67

PERFORMANCE FEE COSTS

-

NET TRANSACTION COSTS

0.03

ANNUAL FEES AND COSTS (PDS)

0.7

WHERE MANAGEMENT FEES & COSTS IS NULL "-" NO DATA HAS BEEN PROVIDED AND THE ANNUAL FEES & COSTS (PDS) CANNOT BE CALCULATED. REFER TO THE PDS FOR THE FEE INFORMATION.

Daily trading information TICKER 52 WEEK LOW 52 WEEK HIGH LAST PRICE LAST NET ASSET VALUE (NAV) PREMIUM / DISCOUNT TO NAV (DAILY) AVERAGE DAILY TRADED VOLUME AVERAGE DAILY TRADED VALUE

HACK $7.51 $10.11 $9.73 $9.66 0.007% 149,203 $1.43M

What this Rating means

The `Recommended Index' rating indicates that Lonsec has strong conviction the financial product can generate risk adjusted returns in line with relevant objectives. The financial product is considered an appropriate entry point to this asset class or strategy.

Strengths

? The Fund provides investors with an effective and efficient means to access the growth potential of the global cybersecurity sector.

Weaknesses

? The Underlying Index's constituents selection process is less well-defined and transparent compared to other indices and passively managed products.

? Due to the thematic focus and highly concentrated nature of the Fund, investors may be exposed to some unintended macroeconomic and idiosyncratic stock risks at times.

Fund Risk Characteristics

BUSINESS SUSTAINABILITY RISK CAPITAL VOLATILITY SECURITY CONCENTRATION RISK SECURITY LIQUIDITY RISK FOREIGN CURRENCY RISK

LOW MODERATE HIGH

Risk categories are based on Lonsec's qualitative opinion of the risks inherent in the financial product's asset class and the risks relative to other financial products in the relevant Lonsec sector universe.

BIOmetrics

Aggregated risks 1234567

STD RISK MEASURE

A Standard Risk Measure score of 7 equates to a Risk Label of `Very High' and an estimated number of negative annual returns over any 20 year period of 6 or greater. This is a measure of expected frequency (not magnitude) of capital losses, calculated in accordance with ASFA/FSC guidelines.

RISK TO INCOME

LOW MODERATE HIGH

Features and benefits

COMPLEXITY ESG

LOW MODERATE HIGH

ANALYST: NATHAN UMAPATHY | APPROVED BY: MICHAEL ELSWORTH

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We strongly recommend that potential investors read the product disclosure statement Lonsec Research Pty Ltd ABN 11 151 658 561 ? AFSL No. 421 445 ? This information must be read in conjunction with the warning, disclaimer, and disclosure at the end of this document. This report supersedes all prior reports.

Betashares Global Cybersecurity ETF

ISSUE DATE 25-09-2023

Fee profile

FEES VS. UNIVERSE FEES VS. ASSET CLASS FEES VS. SUB-SECTOR

LOW MODERATE HIGH

Fee BIOmetrics are a function of expected total fee as a percentage of expected total return.

What is this Fund?

? Betashares Global Cybersecurity ETF ('HACK' or 'the Fund') is a sector-specific, modified market capitalisation weighted portfolio of global equities that provide exposure to companies primarily involved in the building, implementation and management of security protocols applied to private and public networks, computers and mobile devices in order to provide protection of the integrity of data and network operations. The Fund aims to track the performance of the Nasdaq Consumer Technology Association Cybersecurity Index (the 'Underlying Index') before fees and expenses.

? The Fund is passively managed by Betashares Capital Limited (`Betashares' or `the Manager') and the Underlying Index is developed by Nasdaq ('the Index Provider') in conjunction with Consumer Technology Association ('CTA').

? The Fund invests in assets that are denominated in non-Australian dollar currencies and is currency unhedged.

? The Fund's PDS, dated 29 September 2022, disclosed Annual Fees and Costs ('AFC') totaling 0.70% p.a. This value comprises (1) management fee and costs of 0.67% p.a., and; (2) net transaction cost estimate of 0.03% p.a. In line with RG97, some fees and costs have been estimated by the issuer on a reasonable basis. Actual fees and costs may vary to these estimates, particularly with respect to net transaction costs.

Using this Fund

This is General Advice only and should be read in conjunction with the Disclaimer, Disclosure and Warning on the final page.

? Lonsec notes that the Manager has produced a Target Market Determination ('TMD') which forms part of the Responsible Entity's Design and Distribution Obligations for the Fund. Lonsec has collected the TMD that has been provided by the Manager and notes that this should be referred to for further details on the Target Market Summary, Description of Target Market and Review Triggers.

? The Fund is a `long only' large-cap, sector-specific, global equity product and as such will generally sit within the growth component of a balanced portfolio. Lonsec considers the Fund suitable for blending with other global equity strategies for moderate to high risk profile investors with an investment time horizon of at least five years.

? It is important to note that the Fund's distributable income is derived from a portfolio of listed assets, and as such, distributions can fluctuate as listed companies are not obligated to maintain a certain level of, nor pay, dividends on a regular basis. This is

unlike what is normally associated with traditional income-producing assets (for example, fixed interest).

Suggested Lonsec risk profile suitability

SECURE DEFENSIVE CONSERVATIVE BALANCED GROWTH HIGH GROWTH

For guidance on appropriate asset allocations and risk profiles, refer to the latest Lonsec Strategic Asset Allocation Review and Risk Profile Definitions on our website.

Changes Since Previous Lonsec Review

? Lonsec notes there have been no material changes to the investment process since our previous review.

Lonsec Opinion of this Fund

People and resources

? Betashares is a specialist provider of ETFs with approximately $30 billion in funds under management ('FUM') across 81 exchange-traded products as at August 2023. This includes both active and passive ETFs.

? Betashares was formed in 2009 with TA Associates ('TA') currently being a strategic shareholder. TA is a well-established US-based private equity firm with over 50 years of experience and a significant global presence. Further, TA has a long history of coinvesting in fund managers and Lonsec considers TA to have the ability to provide the necessary resources to help drive Betashares' growth over the long term.

? The Fund is overseen by Louis Crous, who heads the investment team as Chief Investment Officer. He is supported by five portfolio managers and two assistant portfolio managers. Lonsec considers the team to be suitably experienced and qualified to oversee this strategy in the Australian market.

? The Manager has invested additional resources for their investment team as they are responsible for a large number of ETFs listed on the ASX. Furthermore, the Manager has signaled they will continue to launch new products in line with their team's growth. Lonsec highlights the risk associated with the investment team approaching capacity, given their increasing workload. However, these risks are mitigated due to the low key person risk and highly systematic approach to index investing. As such, Lonsec remains comfortable with the team's resourcing for the moment and will continue to monitor this in future reviews.

? The Fund is currently supported by multiple market makers and authorised participants. Lonsec believes this arrangement benefits investors by promoting competition and tighter spreads within the primary and secondary markets.

? The Underlying Index is maintained by Nasdaq, the same entity that operates the Nasdaq stock exchange. While it is more customary for third parties to calculate indices, Lonsec believes any conflict arising from Nasdaq acting as index sponsor to be manageable.

? The CTA is a non-profit trade association that aims to promote innovation and technology in a consumer technology context. The CTA is responsible for providing services to Nasdaq in the index development process such as security selection and defining particular thematics. The CTA Research

Lonsec Research Pty Ltd ABN 11 151 658 561 ? AFSL No. 421 445 ? This information must be read in conjunction with the warning, disclaimer, and disclosure at the end of this document. This report supersedes all prior reports.

ANALYST: NATHAN UMAPATHY | APPROVED BY: MICHAEL ELSWORTH

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Betashares Global Cybersecurity ETF

ISSUE DATE 25-09-2023

Team comprises ten dedicated experts across various technology industries with decades of experience. Lonsec takes comfort in CTA's industry knowledge and strong links with technology companies via its role as an industry body.

Investment approach

? Lonsec notes that a separate third party, the Consumer Technology Association ('CTA'), is responsible for determining which companies are in the `cybersecurity' industry. This is determined via an internal committee of ten experienced analysts. Nasdaq reviews the output to ensure that any proposal is in line with the intended thematic. However, despite the extensive internal resources available, Lonsec considers the process to be less transparent than most index construction methodologies and notes that there is no formal policy documentation that is released to external partners.

? Broadly speaking, Lonsec notes that companies are required to generate >25% of total revenue from their cybersecurity business. In particular, the CTA Research Team evaluates a variety of quantitative and qualitative factors alongside financial databases and tools to ensure that the securities are an appropriate representation of the cybersecurity market. The CTA's process is viewed by Lonsec as predominantly qualitative and one which relies heavily on the experience of the committee members. Likewise, a unanimous vote is needed by all ten members before a company is categorised as being a cybersecurity business. While no company visits are conducted for the sole reason of building and maintaining the Underlying Index, Lonsec takes comfort in the CTA's industry knowledge and strong links with technology companies via its role as an industry body.

? Lonsec notes that accessing a theme such as cybersecurity comes with challenges as related companies can span across several traditional industry classifications protocols (such as GICS). Lonsec believes that Nasdaq's use of a third party to determine the companies in the Underlying Index adds a level of objectivity to the Index methodology.

ESG Integration

? Lonsec's ESG integration assessment considers the rigour and structure of the ESG process for the Fund, as well as how well it integrates into the overall investment process and the Manager's overall policy and reporting framework. The assessment is not intended to assess the underlying holdings of the Fund's portfolio or the Manager's adherence to any form of impact, green / sustainable or ethical standards.

? ESG integration for index tracking portfolios is largely limited to stewardship and engagement activities plus active voting, unless ESG considerations are clearly incorporated within the index. As such, for non-ESG driven indices, the ESG score provided by Lonsec is primarily an assessment of the overall ESG adoption, commitment and policy framework implemented at the Manager level. Further, Lonsec notes that simple sector exclusions do not constitute the incorporation of ESG.

? At a corporate level, Lonsec views the Manager's overall ESG policy framework and disclosure to be

aligned with peers. The Manager has articulated its commitment to ESG Integration within their investment process with evidence of public positioning and a policy framework. The level of disclosure with respect to the Manager's proxy voting policy and voting outcomes is in-line with peers supported by publicly available voting outcomes. Lonsec however notes, that reporting on voting outcomes for certain ethical and ESG themed ETFs are better than peers with credit paid to rationales provided for ESG related votes. While the engagement policy and engagement outcomes are publicly available, the policy lacks depth compared to peers.

? The Underlying Index used for this Fund has no basic filters applied and there is no integration of ESG factors in its construction.

Overall

? Lonsec has maintained the Fund's rating as 'Recommended Index' during this review cycle. Lonsec continues to have a strong conviction in the Underlying Index methodology and believes the Fund provides an effective means of gaining targeted exposure to the global cybersecurity sector.

? However, the construction of the Underlying Index involves a greater amount of discretion by the Index Provider than typically associated with passively managed products.

People and Resources

Betashares Holdings was established in 2009 as a specialist provider of exchange-traded products. It is currently owned by TA Associates and the Betashares management team. Betashares has approximately $30 billion of FUM across 81 ETF products as at August 2023.

Size and experience

NAME LOUIS CROUS

THONG NGUYEN

CHAMATH DE SILVA

DON HOANG JING JIA DANE BRUJIC LUKE SHEATHER

PARKER GUAN

EXPERIENCE

INDUSTRY /

POSITION

FIRM

CHIEF INVESTMENT OFFICER

23 / 14

SENIOR PORTFOLIO MANAGER

19 / 13

SENIOR PORTFOLIO MANAGER

14 / 7

PORTFOLIO MANAGER

12 / 10

PORTFOLIO MANAGER

10 / 5

PORTFOLIO MANAGER

11 / 1

ASSISTANT PORTFOLIO MANAGER

8 / 1

ASSISTANT PORTFOLIO MANAGER

8 / 2

Lonsec Research Pty Ltd ABN 11 151 658 561 ? AFSL No. 421 445 ? This information must be read in conjunction with the warning, disclaimer, and disclosure at the end of this document. This report supersedes all prior reports.

ANALYST: NATHAN UMAPATHY | APPROVED BY: MICHAEL ELSWORTH

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Betashares Global Cybersecurity ETF

ISSUE DATE 25-09-2023

76 of Betashares' 81 ETFs are managed in-house by its eight-person portfolio management team in Sydney led by Louis Crous. The investment decisions for RINC, EINC, EMMG (Franklin Templeton Martin Currie), HBRD (Coolabah Capital Investments) and BNDS (Franklin Templeton Western Asset) are made by the respective active management teams. The Betashares business currently employs an additional +100 dedicated financial service professionals and more broadly benefits from access to the broader distribution, research, infrastructure and risk management systems.

Investment Approach

Overview

Betashares employs a passive investment strategy designed to track the performance of the Underlying Index, before fees and expenses. The investment team has noted that the Fund will typically adopt a 'full replication' strategy, whereby the Fund will aim to hold all of the constituents in the same weights as they are held in the Underlying Index. This technique aims to minimise the chance of performance deviation between a fund and its Underlying Index.

Underlying index

The Underlying Index is constructed by Nasdaq. The Underlying Index's selection methodology requires constituents to meet certain criteria before they are included in the index, and these include:

? be a member of the Nasdaq Global Large Cap Index (NQGLCI);

? be classified as a Cybersecurity company as determined by the Consumer Technology Association (CTA);

? be listed on an Index-Eligible Global Stock Exchange;

? one security per issuer is permitted;

? have a minimum worldwide market capitalization of $US500 million;

? have a minimum three-month average daily dollar trading volume of $US1 million;

? have a minimum free float of 20%;

? may not have entered into a definitive agreement or other arrangements which would likely result in the security no longer being Index eligible; and

? may not be issued by an issuer currently in bankruptcy proceedings.

The Nasdaq CTA Cybersecurity Index is a modified market capitalisation weighted index. Each security's initial weights are determined by their free-float market capitalisation by the aggregate free-float market capitalisation of all index securities. The maximum constituent weight is limited to 6%, apart from the top five securities which are permitted to be over this cap. The excess weight of any capped security is distributed proportionally across the remaining index securities. For the remaining securities, no weight may exceed 3% of the index, with the excess weight being redistributed proportionally across the remaining constituents. After this, no constituent weight may be lower than 0.25% of the index.

The index is rebalanced quarterly with a semi-annual reconstitution schedule.

INDEX METRIC

DATA

INDEX PROVIDER

NASDAQ

MARKET COVERED

GLOBAL CYBERSECURITY EQUITIES

WEIGHTING METHODOLOGY

MODIFIED MARKET CAPITALISATION (6% CAP)

CONSTITUENCY DETERMINATION

RULES-BASED

CONSTITUENCY FACTORS MINIMUM LIQUIDITY AND SIZE CONSTRAINTS

REBALANCING FREQUENCY

QUARTERLY

Transparency

Betashares website .au is both comprehensive and user-friendly. It is designed as a selfservice website with information relating to

performance and current holdings for all Betashares ETFs.

Liquidity

The Fund offers investors liquidity via the ASX, which is supported by a dedicated market maker that is obligated to provide continuous liquidity to the market by maintaining pre-agreed spreads and volumes on the ASX. Lonsec notes that as at July 2023, the Fund had FUM of $745.2m which makes it a reasonably largesized ETF compared to the broader Lonsec peer group. Further, Lonsec notes the Fund traded daily over the 12 months ended July 2022. Lonsec is comfortable with the liquidity of the Fund and considers it to be adequate.

The Fund's underlying holdings represent large-cap securities listed on developed and emerging equity markets. Investors should be aware that during normal market conditions, liquidity for these securities will not be a concern; however, in times of market stress, some securities may experience more challenging liquidity conditions, particularly in some of the companies listed on emerging markets.

Fees and Indirect Costs

The Fund's AFC represents a moderate-to-high investment cost relative to other global equities sectorspecific ETF peers in the broader peer group.

Lonsec notes that the Fund had an average bid / ask spread of 0.16% over the 12 months to July 2023.

Fee comparison

FUND NAME BETASHARES GLOBAL CYBERSECURITY ETF (HACK) GLOBAL X CYBERSECURITY ETF (BUGG)

AVERAGE

BID/ASK

SPREAD (%

AFC (% P.A.)

P.A.)

0.70

0.16

0.55

N/A

Source: ASX daily average bid / ask spread over 12 months to July 2023

Performance

The Fund was incepted in August 2016 and has established a long track record of performance. The Fund delivered an excess return (after fees) of -1.11% p.a. and a tracking error of 0.29% p.a. for the five-year period to July 2023. Similarly, the Fund delivered an excess return (after fees) of -0.86% and a tracking error of 0.37% for the one-year period to July 2023.

Lonsec Research Pty Ltd ABN 11 151 658 561 ? AFSL No. 421 445 ? This information must be read in conjunction with the warning, disclaimer, and disclosure at the end of this document. This report supersedes all prior reports.

ANALYST: NATHAN UMAPATHY | APPROVED BY: MICHAEL ELSWORTH

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ISSUE DATE 25-09-2023

Betashares Global Cybersecurity ETF

On an absolute basis, the Fund has delivered a total return (after fees) of 15.72% and 15.20% p.a. over the one and five-year periods to July 2023.

Risks

An investment in the Fund carries a number of standard investment risks associated with domestic and international investment markets. These include economic, political, legal, tax and regulatory risks. These and other risks are outlined in the Fund Prospectus and should be read in full and understood by investors. Lonsec considers the major risks to be:

Equity market risk Investments in equity markets are subject to numerous factors which may have an impact on the performance of an investment (both positive and negative). Unexpected changes in economic, technological, structural, regulatory or political conditions can have an impact on the returns of all investments within a particular market.

Performance risk The value of and returns (if any) from an investment in the Fund will depend upon the performance of the underlying investments. There is no guarantee the value of an investment in any underlying investment will increase.

Tracking Error risk The Fund seeks to minimize the tracking error against the Underlying Index it aims to match. There is no guarantee that this objective will be met.

Derivative risk The Manager may utilise derivative instruments, including futures to equitise cash, and risk management purposes. Derivatives will not be used to leverage the portfolio.

Currency risk The Fund invests in assets that are denominated in non-Australian dollar currencies. The Fund employs a currency hedging mechanism that aims to mitigate, but not eliminate, the effects of foreign exchange movements.

Emerging market risk Investments in emerging markets are subject to heightened risks due to a lack of legal, political, business and social frameworks to support securities markets. This means the prices of securities in these countries are generally more volatile than securities in developed economies.

Counter-party risk The Fund takes on counter-party risk with regard to its market-making activities. Counter-parties may default on their contractual obligations, potentially exposing investors to some financial losses.

Further information

Further information can be obtained by calling the Manager on 1300 487 577 or visiting .au.

Lonsec Research Pty Ltd ABN 11 151 658 561 ? AFSL No. 421 445 ? This information must be read in conjunction with the warning, disclaimer, and disclosure at the end of this document. This report supersedes all prior reports.

ANALYST: NATHAN UMAPATHY | APPROVED BY: MICHAEL ELSWORTH

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ISSUE DATE 25-09-2023

Betashares Global Cybersecurity ETF

Quantitative Performance Analysis - annualised after-fee % returns (at 31-8-2023)

Performance metrics

TOTAL RETURN (% PA) STANDARD DEVIATION (% PA) EXCESS RETURN (% PA) WORST DRAWDOWN (%) TIME TO RECOVERY (MTHS) TRACKING ERROR (% PA)

1 YR 16.71 21.99 -0.84 -12.35

5 0.37

3 YR 14.13 19.43 -1.05 -21.84

NR 0.33

5 YR 13.40 19.85 -1.10 -21.84

NR 0.29

7 YR 16.77 18.02 -1.11 -21.84

NR 0.26

PRODUCT: BETASHARES GLOBAL CYBERSECURITY ETF PRODUCT BENCHMARK: NASDAQ CONSUMER TECHNOLOGY ASSOCIATION CYBERSECURITY TR INDEX AUD TIME TO RECOVERY: NR - NOT RECOVERED, DASH - NO DRAWDOWN DURING PERIOD

Growth of $10,000 over seven years

Monthly excess returns over seven years

Premium/discount to NAV over seven years

Traded Volume and FUM

ANALYST: NATHAN UMAPATHY | APPROVED BY: MICHAEL ELSWORTH

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Lonsec Research Pty Ltd ABN 11 151 658 561 ? AFSL No. 421 445 ? This information must be read in conjunction with the warning, disclaimer, and disclosure at the end of this document. This report supersedes all prior reports.

ISSUE DATE 25-09-2023

ANALYST: NATHAN UMAPATHY | APPROVED BY: MICHAEL ELSWORTH

Betashares Global Cybersecurity ETF

Glossary

Click here for the glossary of terms.

About Lonsec

Lonsec Research Pty Ltd (Lonsec) is an investment research house with specialist areas of expertise, that was originally established in 1994 and the current entity was registered on 23 June 2011. From 1 July 2011, Lonsec became a fully owned subsidiary of Lonsec Fiscal Holdings Pty Ltd, a privately owned entity with a multibrand strategy of providing leading financial services research and investment execution. Lonsec believes that professional financial advisers need informed opinions on the best investment strategies and financial products to provide real value for their clients. To meet this need, Lonsec has in place an experienced research team, which draws on a robust research process to undertake in-depth assessment of managed fund products.

Analyst Disclosure and Certification

Analyst remuneration is not linked to the research or rating outcome. Where financial products are mentioned, the Analyst(s) may hold the financial product(s) referred to in this document, but Lonsec considers such holdings not to be sufficiently material to compromise the rating or advice. Analyst holdings may change during the life of this document. The Analyst(s) certify that the views expressed in this document accurately reflect their personal, professional opinion about the matters and financial product(s) to which this document refers.

LONSEC STRONGLY RECOMMENDS THIS DOCUMENT BE READ IN CONJUNCTION WITH THE RELEVANT PRODUCT DISCLOSURE STATEMENT. IMPORTANT NOTICE: Issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Lonsec receives a fee from the fund manager or financial product issuer(s) for researching the financial product(s), using objective criteria and for services including research subscriptions. Lonsec's fee is not linked to the rating(s) outcome. Lonsec Investment Solutions Pty Ltd ABN 95 608 837 583 CAR (CAR: 001236821) of Lonsec receives fees under separate arrangement for providing investment consulting advice to clients, which includes model portfolios, approved product lists and other financial advice and may receive fees from this fund manager or financial product issuer for providing investment consulting services. Refer to the Conflicts of Interest Statement at: .au/important-documents Lonsec does not hold the financial product(s) referred to in this document. Lonsec's representatives and/or their associates may hold the financial product(s) referred to in this document, but details of these holdings are not known to the Analyst(s). Warnings: In line with industry practice returns may be estimated, to access verified returns please refer to the product provider. Past performance is not a reliable indicator of future performance. Any advice is General Advice based on the investment merits of the financial product(s) alone, without considering the investment objectives, financial situation and particular needs of any particular person. It is not a recommendation to purchase, redeem or sell the relevant financial product(s). Before making an investment decision the reader must consider his or her financial circumstances or seek personal financial advice on its appropriateness. Read the Product Disclosure Statement for each financial product before making any decision about whether to acquire a financial product. Lonsec's research process relies upon the participation of the fund manager or financial product issuer(s). Should the fund manager or financial product issuer(s) no longer participate in Lonsec's research process, Lonsec reserves the right to withdraw the document at any time and discontinue future coverage. The product rated in this publication may have related financial products or be associated with other financial products and platforms. The rating may only be applied to the financial product outlined in this publication at first instance, seek professional advice before you make an investment decision on related or associated financial products and platforms. You should be aware that the mandate, fees, underlying investments, the issuers of the related and associated financial products and platforms may be different from the financial product specified in this publication. Disclaimer: This document is for the exclusive use of the person to whom it is provided by Lonsec and must not be used or relied upon by any other person. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented in this document, which is drawn from public information not verified by Lonsec. Financial conclusions, ratings and advice are reasonably held at the time of completion but subject to change without notice. Lonsec assumes no obligation to update this document following publication. Except for any liability which cannot be excluded, Lonsec, its directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from, this document or any loss or damage suffered by the reader or any other person as a consequence of relying upon it. ?2023 Lonsec. All rights reserved. This report may also contain third party material that is subject to copyright. To the extent that copyright subsists in a third party it remains with the original owner and permission may be required to reuse the material. Any unauthorised reproduction of this information is prohibited.

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