The views expressed are not necessarily the opinion of Royal Alliance Associates Inc., and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Individual circumstances vary. Investing is subject to risks including loss of principal invested. No strategy can assure a profit against loss. Foreign investments involve special risks including greater economic, political, and currency fluctuation risks, which may be even greater in emerging markets. Indices cannot be invested in directly, are unmanaged and do not incur management fees, costs or expenses. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance is not a guarantee of future results. The information should be relied upon when coordinated with individual professional advice.