Product Review BetaShares Crude Oil Index Currency Hedged (Synthetic)

Transcription

1 Product Review BetaShares Crude Oil Index Currency Hedged P 1-7 ANALYST: JAMES KIRK APPROVED BY: SAM MORRIS ISSUE DATE Key Information INVESTMENT EXCHANGE TRADED FUND (ETF) LISTED ON THE TYPE AUSTRALIAN SECURITIES EXCHANGE ASX CODE PDS OBJECTIVE OOO TO PROVIDE AN INVESTMENT RETURN, BEFORE FEES AND EXPENSES, THAT CLOSELY TRACKS THE PERFORMANCE OF THE S&P GSCI CRUDE OIL INDEX EXCESS RETURN, WITH A CURRENCY HEDGE AGAINST MOVEMENTS IN THE AUD/USD EXCHANGE RATE, PLUS AN INTEREST COMPONENT FUND INCEPTION FUND SIZE $28.5M (JUNE 2018) INDEX PROVIDER UNDERLYING INDEX FUND MANAGER RESPONSIBLE ENTITY OWNERSHIP DISTRIBUTION FREQUENCY DERIVATIVE USE SECURITIES LENDING Fees MANAGEMENT COSTS STANDARD & POOR S S&P GSCI CRUDE OIL INDEX EXCESS RETURN BETASHARES CAPITAL LTD BETASHARES CAPITAL LTD HORIZONS ETFS 51%, BETASHARES MANAGEMENT TEAM 46.5%, PRIVATE INVESTORS 2.5% THE FUND IS NOT DESIGNED TO PROVIDE REGULAR DISTRIBUTIONS. A SWAP IS USED TO PROVIDE EXPOSURE TO THE UNDERLYING INDEX. NO 1.29% P.A. (INCLUSIVE OF EXPECTED SWAP COSTS OF 0.60% P.A.) Top 10 holdings (at ) CRUDE OIL (SWAP AGREEMENT) 100% Portfolio Information CURRENCY APPROACH FULLY HEDGED TO AUD What this Rating means The Investment Grade Index rating indicates that Lonsec has conviction the financial product can generate risk adjusted returns in line with relevant objectives. However, if applicable, Lonsec believes the financial product has fewer competitive advantages than its peers. Strengths The Fund represents a relatively efficient and transparent way to gain exposure to the oil price without the need to invest in futures markets or take physical delivery of the commodity. BetaShares can draw on the global resources and experience of its strategic shareholders, which can help enhance the overall sustainability of the business. Weaknesses The Fund derives its returns via a swap agreement, meaning the Fund has counterparty risk. This risk is mitigated by and managed by the Responsible Entity. Some investors may be able to achieve a more cost effective outcome via direct investment in the futures market. Fund Risk Characteristics BUSINESS SUSTAINABILITY RISK CAPITAL VOLATILITY FOREIGN CURRENCY RISK SECURITY CONCENTRATION RISK SECURITY LIQUIDITY RISK 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 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 Features and benefits COMPLEXITY We strongly recommend that potential investors read the product disclosure statement or investment statement. Lonsec Research Pty Ltd ABN AFSL. No 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.

2 P 2-7 ANALYST: JAMES KIRK APPROVED BY: SAM MORRIS ISSUE DATE Fee profile FEES VS. UNIVERSE FEES VS. ASSET CLASS FEES VS. SUB-SECTOR Fee BIOmetrics are a function of expected total fee as a percentage of expected total return. What is this Fund? The Fund implements a passive approach to tracking the performance of the S&P GSCI Crude Oil Index Excess Return (the Underlying Index ), plus an interest component, before fees and expenses. The Fund is then fully hedged to AUD. Exchange Traded Funds (ETFs) are investment vehicles traded on a stock exchange like ordinary shares. ETFs are generally structured to provide investors with returns that track a particular index or asset class. BetaShares does not directly invest and hold the underlying commodities which the Fund provides exposure to. Rather, the Fund derives its returns via a swap agreement with a third party provider. As per the Manager s release of the Management costs for the Fund for the financial year ending 30 June the fee disclosure for the Fund was as follows: a management fee of 0.69% p.a. and estimated indirect costs of 0.60% p.a.). Lonsec notes that in accordance with the Manager s interpretation of RG97, the indirect costs have been disclosed for illustrative purposes only and the PDS acknowledges that the actual indirect costs may be above or below this level. For the current PDS, the indirect costs have been determined based on the actual fee charged for the financial year ended 30 June During the financial year ended 30 June 2017, the net transaction costs for the Fund were estimated at 0.01% of the NAV of the Fund. Net transaction costs are costs incurred in managing the Fund (including explicit and implicit costs of buying and selling assets, transactional custodian fees and/or the cost of hedging) that are not covered by the management costs. Please refer to the Fund s PDS for further details. Using this Fund This is General Advice only and should be read in conjunction with the Disclaimer, Disclosure and Warning on the final page. The BetaShares Crude Oil Index ETF Currency Hedged (or the Fund ) provides investors with exposure to the oil market as measured by the performance of the West Texas Intermediate oil futures traded on the New York Mercantile Exchange. Investors should note that ETFs may not perfectly replicate the performance of the relevant index, but rather aim to minimise any deviation from the Underlying Index, before fees and expenses. The Fund provides a long only commodity exposure and as such will generally sit within the growth component of a balanced portfolio. 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 There have been no material changes to the team or process since Lonsec s previous review. Lonsec Opinion of this Fund Established in 2009, BetaShares is a specialist provider of ETFs with approximately $5.7 billion in funds under management (FUM) across 46 exchange traded products as at June As a majority-owned subsidiary of Mirae, a large global asset management entity that operates a global ETF business, the Manager benefits from access to distribution, research and infrastructure of its parent. Lonsec considers technology and systems infrastructure to be an important factor in establishing a scalable index business. Relative to larger index managers, Lonsec notes that the technology and systems infrastructure at BetaShares is less well-developed. The Fund represents a relatively efficient and liquid means for investors to gain an exposure to the performance characteristics of the Underlying Index. The Underlying Index is a widely recognised and liquid proxy for tracking the oil price. Lonsec believes that the swap used by the Fund to gain exposure to the Underlying Index is governed by rigorous rules and procedures. BetaShares will only select counterparties with a long-term investment grade credit rating and a thorough exposure management framework involving daily mark-to-market valuation of the swap. BetaShares does not impose a minimum credit rating within the investment grade band when selecting swap counterparties. Ideally, Lonsec would prefer an explicit minimum credit rating (e.g. minimum A-). That said, BetaShares has expressed its intention to only select those with the highest credit rating and greatest experience in the relevant area. The Fund is currently supported by multiple market makers and authorised participants. Lonsec believes this arrangement benefits investors, as it promotes competition and tighter spreads within the primary and secondary markets. Further, Lonsec considers these market participants to be both reputable and experienced in ETF markets. Lonsec notes the fees for the Fund are higher than most other ETFs reviewed by Lonsec and represent the cost of gaining access to markets not readily available for investors unable or unwilling to transact in the futures market. The ETF potentially provides a more retail friendly means for investors to express a view on the oil price. Pleasingly, the Tracking Error of the Fund has reduced as the size of the Fund has increased. However, the Tracking Error could potentially increase if the FUM was to fluctuate significantly.

3 P 3-7 ANALYST: JAMES KIRK APPROVED BY: SAM MORRIS ISSUE DATE The Fund has been maintained as Investment Grade Index. The Fund represents a relatively efficient and liquid means for investors to gain an exposure to the performance characteristics of the West Texas Intermediate oil futures traded on the New York Mercantile Exchange, which is a widely recognised and liquid proxy for tracking the price of oil. The rating takes into account associated costs and the Fund s track record. People and Resources Corporate overview BetaShares Holdings was established in 2009 as a specialist provider of exchange traded products. It is 51% owned by Horizons, 46.5% owned by BetaShares s management team and the remainder owned by private investors. Horizons is a fully controlled subsidiary of the Mirae Asset Global Investments Group. Mirae is a Korean based asset management entity with over US$120bn of FUM. Mirae is particularly active in emerging market equities and is currently expanding its ETF platform globally. The Horizons family of ETFs has over US$21.3 billion in assets in ETFs listed across six countries. BetaShares has over $5.7bn of FUM across 46 ETF products as at June Size and experience NAME LOUIS CROUS POSITION SENIOR PORTFOLIO MANAGER EXPERIENCE INDUSTRY / FIRM 18 / 8 THONG NGUYEN PORTFOLIO MANAGER 16 / 7 DON HOANG CHAMATH DE SILVA ASSISTANT PORTFOLIO MANAGER ASSISTANT PORTFOLIO MANAGER 9 / 3 8 / 2 The BetaShares business currently employs 46 dedicated financial services professionals. More broadly, BetaShares benefits from access to the broader distribution, research, infrastructure and risk management systems and resources of its strategic partners, Horizons and Mirae. Investment Process Overview The Fund gains exposure to the Underlying Index by entering into swap agreements with one or more Approved Financial Institutions (Swap Counterparties). In doing so, the Fund purchases a portfolio of assets comprising of cash and/or money market instruments, held by the Custodian. Currency hedging The currency hedging policy of the Fund is to fully hedge the USD value of the underlying commodity futures at the close of each trading day. Execution of the currency hedging is the responsibility of the Swap Counterparty. The Responsible Entity monitors the effectiveness of the hedge on the daily basis. STYLE COUNTERPARTY CREDIT MINIMUM PASSIVE APPROACH (A SWAP IS USED TO PROVIDE EXPOSURE TO THE UNDERLYING INDEX) INVESTMENT GRADE RATING FROM A MAJOR CREDIT RATINGS AGENCY Replication of the index Under the swap agreements, if the Underlying Index, then hedged into AUD, increases in value, the amount of the increase is payable by the Swap Counterparty to the Fund. Conversely, if the Underlying Index, then hedged into AUD, decreases in value, the amount of the decrease is payable by the Fund to the Swap Counterparty. Any amounts owing by one party or the other is calculated each trading day. Further, all interest earned on the cash and/or money market instruments accrues to the Fund s Net Asset Value for the benefit of investors. Investors typically use futures contracts to gain exposure to many commodities as it is often not practical for investors to take physical ownership of many commodities for extended periods. A commodity futures contract is a standardised financial contract traded on a regulated exchange where parties agree to buy or sell a commodity at a pre-determined future date and price. Commodity futures prices are based on future expected spot prices and will differ from current spot prices due to factors including expected future demand and supply, interest rates, storage costs and insurance costs. Underlying index The Underlying Index is part of a series of subindices calculated by Standard & Poor s that represent components of the S&P GSCI Index from across a number of commodity series. The Underlying Index tracks the performance of the West Texas Intermediate (WTI) crude oil futures traded on the New York Mercantile Exchange. WTI is a well known pricing benchmark and used extensively in international commodity markets. The specific WTI oil futures contract tracked by the Underlying Index is the nearest contract to expiry. The Underlying Index incorporates a methodology for rolling into the contract with the next closest expiry as the existing contract approaches expiry. The Underlying Index gradually reduces the weighting of the current contract and increases the weighting of the contract with the next closest expiry over a five-day period. INDEX METRIC INDEX SERIES INDEX PROVIDER DATA S&P GSCI CRUDE OIL INDEX EXCESS RETURN STANDARD & POORS (S&P) Transparency Information relating to the underlying assets of the Fund is available via the ASX and BetaShares website. Intraday NAV can be tracked on the BetaShares website and on IRESS with the ticker OOO.AXW Liquidity The Fund offers investors liquidity via the Australian Securities Exchange (ASX), which is supported by two dedicated market makers that are obligated to provide continuous liquidity to the market by maintaining preagreed spreads and volumes on the ASX.

4 P 4-7 ANALYST: JAMES KIRK APPROVED BY: SAM MORRIS ISSUE DATE BetaShares has appointed two dedicated authorised participants to facilitate the creation and redemption of units in the Fund. Proper management of this process will ensure that the Fund s unit price trades in line with its underlying assets (its NAV) on the ASX. Due to timing discrepancies between when the ETF s NAV and market price are struck, Lonsec is unable to make a fair and accurate assessment on the extent to which the ETF s market price traded above or below the NAV. Lonsec believes that investors are more likely to transact at a fair price when ETF premiums and discounts (the difference between the market price and NAV) are small and less volatile. Underlying holdings The Fund provides exposure to West Texas Intermediate ( WTI ) crude oil futures traded on the New York Mercantile Exchange ( NYMEX ). WTI is the pricing benchmark for more than 160 internationally-traded crude oils. Fees and Indirect Costs Fee comparison FUND NAME BETASHARES CRUDE OIL INDEX ETF CURRENCY HEDGED (SYNTHETIC) BETASHARES AGRICULTURE ETF-CURRENCY HEDGED (SYNTHETIC) BETASHARES COMMODITIES BASKET ETF CURRENCY HEDGED (SYNTHETIC) MER (% P.A.) 0.69% P.A. PLUS ESTIMATED SWAP COSTS OF 0.60% P.A. 0.69% P.A. PLUS ESTIMATED SWAP COSTS OF 0.75% P.A. 0.69% P.A. PLUS ESTIMATED SWAP COSTS OF 0.60% P.A. BID/ASK SPREAD (%)* 0.25% 1.12% 1.05% * Source: ASX. Average daily bid/ask spread reported monthly over 12 months to June Bid/ask spread represents an approximate average and may not reflect the actual spread incurred. ETF investors incur both direct and indirect costs/ fees. Direct fees include the management expense ratio (MER) and brokerage incurred when buying and selling units. Indirect costs include bid/ask spreads and the premium/discount to NAV when buying or selling units. The MER is 0.69% p.a. of the Fund s NAV. Additionally, investors are also charged a swap cost of between approximately 0.5% to 0.8% p.a. (0.60% p.a. for FY2017). Brokerage is not assessed by Lonsec as it is a fee outside of the Responsible Entity s control. The Fund s average bid-ask spread for the 12 months to 30 June 2018 was 0.25%, which is low to moderate in comparison to other commodity ETFs reviewed. The bid-ask spread is a measure of liquidity and a transaction cost similar to a commission. Lonsec notes that investors can limit the effects of wide bid-ask spreads by using limit orders to ensure that their purchases and sales occur at the same price. Lonsec believes that excessively wide or volatile discounts and premiums have the greatest potential to increase indirect costs to investors. Lonsec prefers to see premiums and discounts that are small and placed within a tight band. Investors should be aware that the measurement of last price may be problematic for lightly traded ETFs, and may lead to upwardly biased results. Due to timing discrepancies between when the ETF s NAV and market price are struck, Lonsec is unable to make a fair and accurate assessment on the extent to which the ETF s market price traded above or below the NAV. Performance The Fund s performance is measured against the S&P GSCI Crude Oil Index Excess Return. The Fund underperformed its benchmark over the one year period by 0.13% (all figures post fees and to 30 June 2018) and trailed over the five year period by 0.56% p.a. The Tracking Error has continued to fall, with tracking error over the past year being 0.15% versus 0.60% p.a. over five years. 12-month rolling tracking error and excess returns over five years to 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 relevant Product Disclosure Statement and should be read in full and understood by investors. Lonsec considers the major risks to be: Performance risk The value of, and returns (if any) from an investment in the Fund will depend upon the performance of the relevant underlying investments. There is no guarantee the value of an investment in any underlying investment will increase. Tracking error risk The Fund may not replicate the performance of the Underlying Index exactly, but rather aims to minimise any deviation from the index, before fees and expenses. Counterparty risk There is a risk that the Swap Counterparty may default on its obligations under the swap agreement, thereby

5 P 5-7 ANALYST: JAMES KIRK APPROVED BY: SAM MORRIS ISSUE DATE causing losses to investors. In order to mitigate this risk, the Responsible Entity will only select Swap Counterparties that have, as a minimum, a long term investment grade credit rating from a major credit ratings agency. These institutions must also be subject to Australian prudential supervision as an Australian Authorised Deposit-taking Institution, or elsewhere on a substantially equivalent basis. The current Swap Counterparty is Credit Suisse International. The Responsible Entity also monitors the credit exposure of the Fund on a daily mark to market basis under the swap agreement. The exposure of the Fund to any Swap Counterparty is managed to not exceed 5% of the Net Asset Value of the Fund. Where exposure moves outside this threshold, the Swap Counterparty will be required to provide collateral to the Fund which will be held by the Custodian. In addition, the aggregate exposure of the Fund to all Swap Counterparties will be managed by the Responsible Entity to not exceed 5% of the Net Asset value of the Fund. Bid/offer spread risk The trading price of units on the ASX may be influenced by different trading hours between the ASX and the futures exchanges on which the futures contracts are traded. Fund risk There is a risk that the Fund could terminate, that fees and expenses could change or that the Responsible Entity could be replaced. Taxation The Fund is not designed to pay regular distributions. Any payment of distributions to Australian investors will generally form part of investors assessable income for that year. The PDS states that any gain or loss on the sale of units in the Fund should generally be treated as capital for taxation purposes. These comments constitute General Advice only and Lonsec advises investors to consult a taxation specialist before making a decision to invest (or not to invest) based upon these taxation considerations. Investors should refer to the PDS for further information. Further information Further information can be obtained by calling BetaShares on or visiting:

6 P 6-7 ANALYST: JAMES KIRK APPROVED BY: SAM MORRIS ISSUE DATE Quantitative Performance Analysis - annualised after-fee % returns (at ) Performance metrics 1 YR 2 YR 3 YR 5 YR TOTAL RETURN (% PA) STANDARD DEVIATION (% PA) EXCESS RETURN (% PA) WORST DRAWDOWN (%) TIME TO RECOVERY (MTHS) 1 6 NR NR TRACKING ERROR (% PA) FUND: BETASHARES CRUDE OIL INDEX CURRENCY HEDGED (SYNTHETIC) BENCHMARK USED: S&P GSCI CRUDE OIL ER INDEX USD TIME TO RECOVERY: NR - NOT RECOVERED, DASH - NO DRAWDOWN DURING PERIOD Growth of $10,000 over five years Premium/discount to NAV over five years Monthly excess returns over five years Traded Volume and FUM

7 P 7-7 ANALYST: JAMES KIRK APPROVED BY: SAM MORRIS ISSUE DATE Glossary Bid / Ask Spread The amount by which the ask price exceeds the bid price. Average % Spread = (ask-bid / midpoint as measured daily from 10.30am pm). Absolute Deviation from NAV (daily) The average absolute difference between the Fund s market price and its NAV. It is a measure of liquidity and market efficiency. The market price is determined by using the last price of the day on the listed exchange. The valuation time for NAV ETFs is generally the close of trading on each trading day, but may vary depending on ETF product provider. Premium / Discount to NAV (daily) The amount that the Fund s market price is above the reported NAV is called the premium. The amount that the Fund s market price is below the reported NAV is called the discount. The market price is determined by using the last price of the day on the listed exchange. The valuation time for NAV ETFs is generally the close of trading on each trading day, but may vary depending on ETF product provider. Lonsec Implied Cost Indicator An indicative measure of the cost of transacting in the fund, taking into account the Management Fee, additional fees such as expense recoveries and the Bid / Ask Spread. Net Asset Value (NAV) The per share dollar amount of the fund calculated daily by dividing the closing market value of all securities in the fund, less any liabilities, by the number of fund shares outstanding. Performance Top line actual return, after fees. Standard Deviation Volatility of monthly Performance. Time to Recovery The number of months taken to recover the Worst Drawdown. Tracking Error Volatility of monthly Excess Returns against the benchmark (the Standard Deviation of monthly Excess Returns). Tracking Difference (Excess Return) Difference in return between the Fund and the benchmark. Worst Drawdown The worst cumulative loss ( peak to trough ) experienced over the period assessed. 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 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: This document is published by Lonsec Research Pty Ltd ABN , AFSL No (Lonsec). Please read the following before making any investment decision about any financial product mentioned in this document. Disclosure at the date of publication: Lonsec receives a fee from the fund manager or financial product issuer(s) for researching the financial product(s) set out in this document, using objective criteria. Lonsec may also receive a fee from the fund manager or financial product issuer(s) for subscribing to research content and other Lonsec services. Lonsec s fee is not linked to the rating(s) outcome. 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). Disclosure of Investment Consulting services: Lonsec receives fees 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. The investment consulting services are carried out under separate arrangements and processes to the research process adopted for the review of this financial product. For an explanation of the process by which Lonsec manages conflicts of interest please refer to the Conflicts of Interest Policy which is found at: general/lonsecresearchconflictsofinterestpolicy.pdf Warnings: Past performance is not a reliable indicator of future performance. Any express or implied rating or advice presented in this document is limited to General Advice (as defined in the Corporations Act 2001(Cth)) and based solely on consideration of the investment merits of the financial product(s) alone, without taking into account the investment objectives, financial situation and particular needs ( financial circumstances ) of any particular person. It does not constitute a recommendation to purchase, redeem or sell the relevant financial product(s). Before making an investment decision based on the rating(s) or advice, the reader must consider whether it is personally appropriate in light of his or her financial circumstances, or should seek financial advice on its appropriateness. If our advice relates to the acquisition or possible acquisition of particular financial product(s), the reader should obtain and consider 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 be an active participant in Lonsec s research process, Lonsec reserves the right to withdraw the document at any time and discontinue future coverage of the financial product(s). The rating in this publication relates to the financial product outlined in the publication which 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 and whether it applies to related or associated financial products and platforms should be investigated by your financial adviser before you make an investment decision in relation to the 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. You should satisfy yourself that the related and associated financial products and platforms meet your financial circumstances, needs and objectives before making an investment decision. 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. Copyright 2018 Lonsec Research Pty Ltd (ABN , AFSL No ) (Lonsec). This report is subject to copyright of Lonsec. 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