FOR INSTITUTIONAL INVESTORS ONLY – This material is from a Sales and Trading department and is not a product of the Research Department.

This  material is intended for Institutional Investors only and is not intended for retail clients.   It has been prepared for your informational and educational purposes by Guggenheim Securities LLC (Guggenheim) sales and trading personnel.  It is not a product of Guggenheim’s Research Department and should not  be construed as a research report (except where linked explicitly to a noted Research Report), recommendation or investing advice, or an offer or solicitation with respect to the purchase or sale of any financial instrument or to participate in any trading strategy.  The information in this communication is not intended to provide a basis on which you could make an investment decision on a traded security or its issuer.  The views expressed herein are solely those of the author(s) and may differ from the views of other departments within the organization.  The reader should conduct his/her own independent analysis before making any investment decision.  Any discussion of prices or yields are historical or indicative and should not be interpreted as bids or offers.  Past performance is not indicative of future performance.  Any forward-looking statements are valid only as of the date they are made.   

The information herein is believed to originate from reliable sources and may have been generated with the aid of artificial intelligence tools.  However,  its accuracy  is not guaranteed, and it does not claim to be exhaustive.  The information may be subject to change without notice, and Guggenheim makes no representation and gives no warranty that it is accurate or complete. Guggenheim undertakes no obligation to provide you with any additional or supplemental information or any update to or correction of the information contained herein. Guggenheim, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims for your reliance on this material.   Guggenheim may have or have had in the past, a business relationship with an issuer mentioned, or may otherwise underwrite, hold a position, buy or sell as principal in the securities of any issuer mentioned.  With respect to any position Guggenheim may hold, Guggenheim may have acquired any such position at prices no longer available and may have interests different from or adverse to your interests.   

This material is distributed with the understanding that it does not provide accounting, legal or tax advice; you should consult appropriate advisors concerning such matters.  This material is confidential and intended solely for the use of the recipient.  This material is not to be reproduced or redistributed to any other person outside of your organization or published in whole or in part for any purpose absent the written consent of Guggenheim.  The sender accepts no liability for any errors or omissions in the content which may arise as a result of e-mail transmission.  

IMPORTANT ADDITIONAL DISCLOSURES REGARDING MATERIAL DISCUSSING OPTIONS 

Options involve risk and are not suitable for all investors. For important information to consider before you begin trading options, please read: The Characteristics and Risks of Standardized Options available at: https://www.theocc.com/Company-Information/Documents-and-Archives/Publications.

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