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The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

The MOEX Russia Index is the main ruble-denominated benchmark of the Russian stock market.

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This commentary should not be considered a solicitation or offering of any investment product. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

Certain materials in this commentary may contain dated information. The information provided was current at the time of publication.