Global ETF News Older than One Year
Dow Jones Islamic Market Indexes Index Review Results: 4th Quarter 2009
December 10, 2009--Dow Jones Indexes, a leading global index provider, today announced the results of the regular quarterly review of the Dow Jones Islamic Market Indexes. All changes will be effective after the close of trading on Friday, December 18, 2009.
In the Dow Jones Islamic Market World Index, 55 components will be added while 100 components will be deleted. That decreases the number of components in the index to 2,356 from 2,401.
With 33 additions and 52 deletions, the number of components in the Dow Jones Islamic Market Asia/Pacific Index will decrease to 1,049 from 1,068. In the Dow Jones Islamic Market Europe Index, seven components will be added, while 25 components will be deleted. That decreases the number of components in the index to 386 from 404. The number of components in the Dow Jones Islamic Market Americas Index will decrease to 782 from 783, with 13 additions and 14 deletions. In the Dow Jones Islamic Market MENA Index, one component will be added, while 13 components will be deleted. That decreases the number of components in the index to 152 from 164.
In the Dow Jones Islamic Market BRIC Equal Weighted Index, no component will be added, while four components will be deleted. That decreases the number of components in the index to 60.
In the Dow Jones Islamic Market China Offshore Index, no component will be added, while two components will be deleted. That decreases the number of components to 20. With seven additions and two deletions, the number of components in the Dow Jones Islamic Market Hong Kong Index will increase to 90 from 85. In the Dow Jones Islamic Market India Index, one component will be added, while nine components will be deleted. That decreases the number of components in the index to 178 from 186. The number of components in the Dow Jones Islamic Market Turkey Index will remain at 27, with two companies being exchanged.
The total free-float market capitalization of the reconstituted Dow Jones Islamic Market World Index decreased to US$11.80 trillion from US$12.04 trillion1.
The total free-float market capitalization of the reconstituted Dow Jones Islamic Market Asia/Pacific Index decreased to US$2.25 trillion from US$2.31 trillion, while the total free-float market capitalization of the reconstituted Dow Jones Islamic Market Europe Index decreased to US$2.53 trillion from US$2.60 trillion. As of December 7, 2009, the total free-float market capitalization of the reconstituted Dow Jones Islamic Market Americas Index decreased to US$6.87 trillion from US$6.97 trillion and the total free-float market capitalization of the Dow Jones Islamic Market MENA Index decreased to US$100.66 billion from US$104.25 billion.
The total free-float market capitalization of the reconstituted Dow Jones Islamic Market BRIC Index increased to US$465.79 billion from US$459.16 billion.
The free-float market capitalization of the reconstituted Dow Jones Islamic Market China Offshore Index decreased to US$47.42 billion from US$48.33 billion, while the free-float market capitalization of the reconstituted Dow Jones Islamic Market Hong Kong Index decreased to US$109.27 billion from US$112.72 billion. As of December 7, 2009, the free-float market capitalization of the reconstituted Dow Jones Islamic Market India Index decreased to US$295.99 billion from US$299.78 billion, while the free-float market capitalization of the reconstituted Dow Jones Islamic Market Turkey Index increased to US$15.37 billion from US$15.08 billion.
The Dow Jones Islamic Market Indexes were introduced in 1999 as the first indexes intended to measure the global universe of investable equities that pass screens for Shari'ah compliance. With more than 100 indexes, the series is the most comprehensive family of Islamic market measures and includes regional, country, and industry indexes, all of which are subsets of the Dow Jones Islamic Market Index.
An independent Shari’ah Supervisory Board counsels Dow Jones Indexes on matters related to the compliance of index-eligible companies. To determine their eligibility for the Dow Jones Islamic Market Indexes, stocks are screened based on their industry type and their financial ratios. Excluded are companies engaged in the following lines of business: alcohol, tobacco, pork-related products, financial services, defense/weapons and entertainment. Also excluded are companies for which the following financial ratios are 33% or more: debt divided by trailing 24-month average market capitalization; cash plus interest-bearing securities divided by trailing 24-month average market capitalization; and accounts receivables divided by trailing 24-month average market capitalization.
There are currently more than 150 licensees with more than US$7 billion in assets benchmarked to the Dow Jones Islamic Market Indexes.
More information on the Dow Jones Islamic Market Indexes is available on http://www.djindexes.com.
Company additions to and deletions from the Dow Jones Islamic Market Indexes do not in any way reflect an opinion on the investment merits of the company.
The Dow Jones Islamic Market China/Hong Kong Titans 30 Index is reviewed annually in September.
Dow Jones Islamic Market Titans 100, Dow Jones Islamic Market U.S. Titans 50, Dow Jones Islamic Market Asia/Pacific Titans 25, Dow Jones Islamic Market Europe Titans 25 and Dow Jones Islamic Market Malaysia Titans 25 indexes are reviewed annually in June.
The Dow Jones DFM Titans 10 Index is reviewed annually in March.
1 The market capitalization values of all indexes cited in this report are as of December 7, 2009.
Source: Dow Jones Indexes
Norton Rose publishes survey on hopes for Copenhagen
December 9, 2009--On Novemember 26, 2009 Norton Rose published the result of the survey on hopes for Copenhagen.
Introduction
Over the past two years, the 2009 United Nations Climate Change Conference that will take place in Copenhagen from 7 to 18 December (COP15), has been hailed as one of the most significant global events for a generation. With the first commitment period of the Kyoto Protocol set to expire in 2012, senior politicians from around the world are to converge on Denmark with the goal of reaching an agreement on how best to address climate change. In anticipation of this, we decided to undertake a survey of the views of individuals in business involved with the environmental, sustainability and climate change issues for their organisations.
Rseults of the survey
Over three quarters of business respondents believe that an unsuccessful outcome at Copenhagen will have a detrimental impact on business.
Success or failure
79% think an unsuccessful outcome at Copenhagen will have a detrimental impact on business
70% believe the US position is significant
72% believe the negotiations will be a ‘compromised success’
Most significant global issue
60% feel climate change should be a priority over the global economic crisis
98% believe strong political leadership will be required
90% say their organisation is committed to combating climate change
Business opportunities
96% say there are business opportunities in their country as a result of the drive to reduce carbon emissions
The survey “The Hopes for Copenhagen” is based on 114 individual responses from people involved in all aspects of the environmental, sustainability and climate change issues in their business. The survey took place from 2 November to 13 November 2009 to canvas the views of climate change stakeholders on the perceived consequences to their business of the United Nations Climate Change Conference (COP 15) in Copenhagen, 7-18 December 2009.
Umberto Mauro, Norton Rose Studio Legale partner and member of the Global Climate Change & Carbon Finance Group at Norton Rose commented: "While the chances of agreeing a legally binding treaty at COP15 are small, there is hope that some form of agreement will be reached and a legally binding treaty will follow some time in 2010. With this survey, we wanted to give our clients the chance to express their views as to their hopes and expectations for COP15. The overriding insight we gained is that business leaders are, on the whole, very committed to combating climate change, but feel that the politicians are not paying close enough attention to the fact that the private sector will have to make significant investment to meet new CO² reduction targets. One of the key questions my colleagues and I at Norton Rose expect to see debated at Copenhagen is: What measures will be taken by governments to attract private sector finance to the green energy sector?"
view the Hopes for Copenhagen - A Norton Rose Group survey
Source: Norton Rose
Indian regulator acts against Barclays
December 9, 2009--India’s stock market regulator last night suspended UK-based Barclays Bank from dealing in notes that enable offshore investors to trade Indian stocks, for allegedly providing inaccurate disclosures on the true identity of its clients.
The regulator alleged that Barclays had given it false information on clients that had bought shares of mobile operator Reliance Communications, controlled by Indian billionaire Anil Ambani, through offshore derivatives, known as participatory notes.
Source: FT.com
CESR gathers international supervisors to discuss worldwide enforcement of IFRS
December 7, 2009--Enforcers of IFRS from 33 countries, representatives from the International Accountings Standards Board and auditors met for the first time at CESR offices in Paris on 3 and 4 December 2009 to discuss enforcement of International Financial Reporting Standards (IFRS) and enforcement decisions taken around the world. Participants included staff from the European Economic Area (EEA), and representatives of ten IFRS enforcers from other countries, such as Brazil, China, Egypt, India, Japan, Mexico, South Africa, Turkey, Switzerland and the USA.
The decision by CESR to organise the meeting reflects CESR’s strong commitment to strengthen dialogue with third-country enforcers with a view to enhance the consistent application of IFRS around the globe.
Source: CESR
GSB Publishes Seven New ETF Directories for 2010
December 8, 2009--Global Strategy Board, an international research firm and provider of market-related knowledge products, has launched seven 2010 ETF directories.
The directories contain some of the most detailed and precise categories for research purposes and are easily downloadable, ad-free and printer-friendly.
Categories in this Knowledge Product:
Commodities-Energy-Industrials-Materials-Resources: Agricultural Commodities ¡ö Broad Baskets of Commodities ¡ö Energy-related Commodities ¡ö Energy Stock Plays ¡ö Alternative-Clean-Green Energy ¡ö Industrial Metals ¡ö Precious Metals ¡ö Materials ¡ö Natural Resources ¡ö Shorting Commodities & Industrials
Bonds: Assorted Bonds ¡ö California Municipal Bonds ¡ö Emerging Market Bonds ¡ö Government Bonds ¡ö High Yield Bonds ¡ö Inflation-Protected Bonds ¡ö International Bonds ¡ö Long-Term Bonds ¡ö Municipal Bonds-National ¡ö New York Municipal Bonds ¡ö Short-Term Bonds ¡ö Shorting Bonds
Large Caps: Long Large Caps ¡ö Shorting Large Caps
Mid Caps: Long Mid Caps ¡ö Shorting Mid Caps
Small Caps: Long Small Caps ¡ö International Small Caps ¡ö Shorting Small Caps
Value Investing: Long Value Stocks ¡ö Shorting Value Plays
Dividend Plays: Long Dividends ¡ö International Dividend Plays
Growth Stocks: Long Growth Stocks ¡ö Shorting Growth Stocks
Manufacturing & Services
Communications Sector: Long Communications ¡ö Shorting the Communications Sector
Consumer-related: Consumer Discretionary ¡ö Consumer Staples ¡ö Consumer Goods & Services ¡ö Shorting the Consumer-related Sectors
Financial Services Sector: Long Financials ¡ö Shorting Financials
Technology: Long Tech ¡ö Shorting the Techs
Healthcare: Long Healthcare ¡ö Shorting the Healthcare Sector
Utilities: Long Utilities ¡ö Shorting Utilities
Social Responsibility ETFs
Real Estate: Long Real Estate ¡ö International Real Estate ¡ö Shorting Real Estate
Equal Sector/Equal Weight Strategies
International Outlook: Global Stock Plays ¡ö Emerging Markets ¡ö International Bonds ¡ö International Real Estate ¡ö Regional Approach¡ªAsia Pacific, Europe, Latin America, Middle East & Africa ¡ö Country-based approach ¡ö Shorting the International Markets
Plays on Currencies
Target Dated ETFs
Assorted ETFs & ETNs
Source: Global Strategy Board
Watson Wyatt urges caution around ETFs - points to better options
December 8, 2009The vast majority of Exchange Trade Funds (ETFs) are an unattractive long-term investment option for most institutional investors according to Watson Wyatt, a leading global consultant. The firm says that while the development of the sector has driven a great deal of product innovation, institutional investors should consider ETFs in conjunction with alternative options because ETFs generally have higher fees than many institutional index products; may have tax implications that require specialist advice; and often contain counterparty risks which investors may not be compensated for.
The firm also suggests that there is a great deal of development within indexation, which is likely to offer passive investors a broader range of options and better risk-adjusted returns than those currently available.
Chris Sutton, senior investment consultant, said: “The Exchange Traded Funds business is to be applauded for its substantial innovation and the way it has opened up a world of potentially interesting market exposures. However the case for their inclusion in institutional investment portfolios is not yet obvious as we wait to see more competitive fees and transparent structures. In the meantime, they may be useful tools for transition and shorter-term exposure management. Where the ETF industry has engaged in product proliferation, we would rather press for genuine innovation in the investment content of index products. If investors are looking for more efficient market exposures their first step should be to review the indices underlying their existing investments, with a view to seeing if there are better alternatives.”
According to the firm there are a good range of institutional passive products available in most markets, which are cheaper than many ETFs. In addition, in many markets, passive funds have been structured with clearly defined tax positions for institutional investors, while the treatment of ETFs is much more variable, which typically necessitates tax advice.
Chris Sutton said: “ETF sponsors have also embedded significant amounts of counterparty risk inside ETFs, whether through stock lending or the way in which swaps are used. It is not clear that investors are being adequately compensated for having to take these risks when holding an ETF.”
The firm suggests that ETFs can be useful tools for transition and exposure management but asserts that most investment strategies can also be implemented more cheaply and efficiently using index funds, index futures or swaps.
Chris Sutton said; “While there is a lot of noise around the profusion of ETFs now available in the marketplace, the real story is investors’ realisation that capitalisation-weighted portfolios are not necessarily optimal, leading them to contemplate shifting significant assets into alternative weighting approaches.”
Source: Watson Wyatt
Component Changes Made To Dow Jones Select Dividend Indexes
December 8, 2009--Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Australia Select Dividend 30, Dow Jones EPAC Select Dividend and Dow Jones Global Select Dividend indexes.
Felix Resources Ltd. (Australia, Basic Resources, FLX.AU) will be removed from the Dow Jones Australia Select Dividend 30, Dow Jones EPAC Select Dividend and Dow Jones Global Select Dividend indexes due to its acquisition by Yanzhou Coal Mining Co. Ltd. (China, Basic Resources, 1171.HK). The changes will be effective as of the open of trading on Monday, December 14, 2009.
In the Dow Jones Australia Select Dividend 30 Index, Felix Resources Ltd. (Australia, Basic Resources, FLX.AU) will be replaced by Coca-Cola Amatil Ltd. (Australia, Food & Beverage, CCL.AU).
In the Dow Jones EPAC Select Dividend Index, Felix Resources Ltd. (Australia, Basic Resources, FLX.AU) will be replaced by Swisscom AG (Switzerland, Telecommunications, SCMN.VX).
In the Dow Jones Global Select Dividend Index, Felix Resources Ltd. (Australia, Basic Resources, FLX.AU) will be replaced by StarHub Ltd. (Singapore, Telecommunications, CC3.SG).
Due to component changes being announced today, the results of the regular annual review, announced on December 3, 2009, are being adjusted. Peab AB Series B (Sweden, Construction & Materials, PEAB-B-SK) will be added to the Dow Jones Global Select Dividend Index in place of StarHub Ltd. (Singapore, Telecommunications, CC3.SG). Ono Pharmaceutical Co. Ltd. (Japan, Health Care, 4528.OK) will be added to the Dow Jones EPAC Select Dividend Index in place of Swisscom AG (Switzerland, Telecommunications, SCMN.VX). Component changes as a result of the regular index review will be effective after the close of trading on Friday, December 18, 2009.
Further information on the Dow Jones Select Dividend indexes can be found on the Dow Jones Indexes Web site at http://www.djindexes.com.
Source: Dow Jones Indexes
NYSE Euronext Announces Trading Volumes for November 2009
December 8, 2009--NYSE Euronext (NYX) today announced trading volumes for its global derivatives and cash equities exchanges for November 20091. Trading volumes in November 2009 were mixed, with European derivatives products trading volumes increasing 16.4% and U.S. options trading volumes increasing 50.6% versus prior year.
U.S. and European cash equities trading volumes, however, declined 40.4% and 10.2%, respectively, from prior year levels when increased levels of volatility drove higher cash equities trading volumes.
Highlights
NYSE Euronext European derivatives products average daily volume (“ADV”) in November 2009 of 4.3 million contracts increased 16.4% compared to November 2008, and increased 11.2% from October 2009. Total European interest rate products ADV in November 2009 of 2.3 million contracts increased 31.2% compared to November 2008, and increased 16.4% from October 2009 and are at their highest levels since June 2009. Total equity products ADV of 1.9 million contracts increased 2.9% compared to November 2008, and increased 6.5% from October 2009.
NYSE Group U.S. equity options (NYSE Arca and NYSE Amex) ADV of 3.0 million contracts in November 2009 increased 50.6% compared to November 2008 levels, but decreased 5.7% from October 2009. NYSE Group’s U.S. options exchanges accounted for 24.7% of the total consolidated equity options trading in November 2009, up from 17.0% in November 2008, and up from 22.8% in October 2009. NYSE Group has now achieved market share in line with ISE, trailing only the CBOE which had 26.3% market share in November 2009.
Source: Business Wire
U.S. Remains Most Attractive Country for Renewable Energy
December 7, 2009--The United States remains the most attractive country overall for renewable energy, but China has moved ahead of Germany to take second spot in the rankings released by Ernst & Young.
The quarterly Renewable energy country attractiveness indices provide scores for national renewable energy markets, infrastructures and their suitability for individual technologies. The weighting in the latest rankings has been amended to give 68% for wind (both onshore and offshore), 15% for solar (PV and CSP) and 17% for biomass and other renewable energy technologies.
The USA scores in top spot in the ‘All Renewables’ index, with a 70 comprised of 71 for wind, 75 for onshore wind, 59 for offshore wind, 72 for solar PV, 76 for CSP, 64 for biomass / other, 67 for geothermal, and 68 for renewable energy infrastructure.
view the quarterly Renewable energy country attractiveness indices
Source: Renewableenergyfocus.com
ETF Landscape Industry Preview End of October 2009
December 7, 2009--Highlights
Global ETF and ETP Industry 2009:
Global Exchange Traded Products "ETP" AUM breaks through US$1 trillion - all time high.
• Global ETF assets have hit an all time high of US$942 bn at the end of October 2009 – 0.9% above the previous all time high of US$933 bn set in Q3 2009.
At the end of October 2009 the Global ETF industry had 1,859 ETFs with 3,327 listings, assets of $941.85 billion, from 97 providers on 40 exchanges around the world.
• YTD assets have risen by 32.5% which is more than the 20.2% rise in the MSCI World index in USD terms.
• YTD the number of ETFs increased by 16.8% with 336 new ETFs launched, while 73 ETFs were closed.
• In Q2 the number of ETFs listed in Europe surpassed the US with 801 ETFs listed in Europe, compared to 732 in the US .
• There are currently plans to launch 805 new ETFs.
• YTD the number of exchanges with official listings decreased by three to 40.
• YTD the average daily trading volume in USD decreased by 7.7% to US$74.4 Billion.
• MSCI ranks 1st in terms of ETF AUM tied to their benchmarks with assets of US$222.66 Bn and 267 ETFs, while Standard & Poors (S&P) ranks 2nd with US$218.83 Bn and 229 ETFs, followed by Barclays Capital in 3rd with US$81.33 Bn and 62 ETFs.
• Globally, iShares is the largest ETF provider in terms of both number of products, 405 ETFs, and assets of US$455.72 Bn, reflecting 48.4% market share; State Street Global Advisors is second with 106 products and US$137.08 Bn, 14.6% market share; followed by Vanguard with 40 products and assets of US$80.76 Bn and 8.6% market share at the end of October 2009.
• Globally, net sales of mutual funds (excluding ETFs) were US$155.2 Bn, while net sales of ETFs were US$76.8 Bn during the first eight months of 2009 according to Strategic Insight.
• Additionally, there were 569 other ETPs (Exchange Traded Products) with assets of US$139.70 Bn from 40 providers on 19 exchanges.
• Combined, there were 2,428 products with 4,166 listings, assets of US$1,081.54 Bn from 124 providers on 43 exchanges around the world.
• FINRA, the Financial Industry Regulatory Authority which regulates all securities firms doing business in the US , issued a regulatory notice in June 2009 to provide guidance on leveraged and inverse ETFs. The notice states that "...inverse and leveraged ETFs that are reset daily typically are unsuitable for retail investors who plan to hold them for longer than one trading session, particularly in volatile markets..."
• The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issued an Investor Alert on Tuesday 18 August 2009 entitled 'Leveraged and Inverse ETFs: Specialized Products with Extra Risks for Buy-and-Hold Investors'. The following is taken from the Alert: The SEC staff and FINRA are issuing this Alert because we believe individual investors may be confused about the performance objectives of leveraged and inverse exchange-traded funds (ETFs). Leveraged and inverse ETFs typically are designed to achieve their stated performance objectives on a daily basis. Some investors might invest in these ETFs with the expectation that the ETFs may meet their stated daily performance objectives over the long term as well. Investors should be aware that performance of these ETFs over a period longer than one day can differ significantly from their stated daily performance objectives.
• U.S. Commodity Futures Trading Commission (CFTC) held hearings on Energy Position Limits and Hedge Exemptions on July 28, July 29 and August 5, on whether federal position limits should be set on the energy markets. The hearings provided critical input from a wide range of industry participants and academics to the Commission's efforts to examine different approaches to regulate energy markets. The Commodity Exchange Act states that the Commission shall impose limits on trading and positions as necessary to eliminate, diminish or prevent the undue burdens on interstate commerce that may result from excessive speculation. The CFTC's hearings examined the role of position limits in energy markets in fulfilling the CFTC's mission to ensure the fair, open and efficient functioning of futures markets. Goldman Sachs, JPMorgan Chase and other leading banks are exempt from most commodity-trading limits in order to manage risks as they serve as market makers. The Commodity Futures Trading Commission is looking into whether those exemptions should stand, as it considers blanket limits on a variety of commodity markets. A number of ETPs/ ETFs providing exposure to commodities have recently issued notices that they have suspended their creation process.
US ETF and ETP Industry 2009:
• US ETF assets have hit an all time high of US$640 Bn at the end of October 2009 which tops the previous all time high of US$631 Bn set in Q3 2009.
• At the end of October 2009 the US ETF industry had 732 ETFs, assets of $639.58 billion, from 25 providers on 3 exchanges.
• 29 January 2009 marked the 16th anniversary of ETFs in the US.
• YTD assets have risen by 28.7%, which is more than the 15.3% rise in the MSCI USA index in USD terms.
• YTD the number of ETFs increased by 4.9% with 75 new ETFs launched, while 42 ETFs were delisted.
• YTD the average daily trading volume in US dollar has decreased by 10.3% to US$69.1 Bn.
• iShares is the largest ETF provider in terms of both number of products, 183 ETFs, and assets of US$341.21 Bn, reflecting 53.3% market share; State Street Global Advisors is second with 87 products and US$126.12 Bn, a 19.7% market share; followed by Vanguard with 39 products, assets of US$80.72 Bn and 12.6% market share at the end of October 2009.
• In the US, net sales of mutual funds (excluding ETFs) were minus US$47.1 Bn, while net sales of ETFs domiciled in the US were positive US$55.1Bn in the first eight months of 2009 according to Strategic Insight.
• Additionally, there were 137 other ETPs (Exchange Traded Products) with assets of US$78.86 Bn from 18 providers on 1 exchange.
• Combined, there were 869 products with assets of US$718.44 Bn from 39 providers on 3 exchanges in the US.
European ETF and ETP Industry 2009:
• European ETF assets have hit an all time high of US$206 bn at the end of October 2009 which is 0.6% above the previous all time high of US$204 bn set in Q3 2009 and 28.6% above the high of US$160 bn recorded in July 2008.
• At the end of October 2009 the European ETF industry had 801 ETFs with 2,001 listings, assets of $205.54 Bn, from 32 providers on 18 exchanges.
• 11 April 2009 marked the ninth anniversary of ETFs in Europe.
• YTD assets have risen by 44.2%, which is greater than the 25.5% rise in the MSCI Europe index in USD terms.
• YTD the number of ETFs increased by 26.7% with 193 new ETFs launched.
• YTD the number of exchanges with official listings decreased by three to 18.
• YTD the average daily trading volume in US dollar has increased by 34.0% to US$3.0 Bn. Most ETF trades are not required to be reported in Europe as ETFs are not covered by the European Union directive on markets in financial instruments (MiFID).
• iShares is the largest ETF provider in terms of both number of products, 168 ETFs, and assets of US$80.20 Bn, reflecting 39.0% market share; Lyxor Asset Management is second with 118 products and US$41.94 Bn, 20.4% market share; followed by db x-trackers with 113 ETFs and assets of US$34.53 Bn and 16.8% market share at the end of October 2009.
• In Europe net sales of mutual funds (excluding ETFs) were US$174.7 Bn while net sales of ETFs domiciled in Europe were US$23.6 Bn during the first eight months of 2009 according to Lipper FMI.
• Additionally, there were 150 other ETPs (Exchange Traded Products) with assets of US$17.96 Bn from 5 providers on 6 exchanges.
• Combined, there were 951 products with assets of US$223.51 Bn from 33 providers on 18 exchanges in Europe .
Source: ETF Research and Implementation Strategy Team, Blackrock
