Disclaimer

Scope and Acceptance

This Disclaimer (the “Disclaimer”) applies to www.etfstrategy.com and its subdomains (collectively, the “Website”), and to any exchange-traded fund (“ETF”) analytics, datasets, graphs, charts, fund grades, scores, fund lists, rankings, classifications, comparisons, screening results, research, articles, commentary, opinions, news, services or other content made available by ETF Strategy Limited through the Website or otherwise incorporating this Disclaimer by reference (collectively, the “Content”).

Where applicable, this Disclaimer also applies to electronic newsletters, emails, online publications, podcasts, videos, webinars and other electronic content or communications produced or distributed by ETF Strategy Limited that incorporate this Disclaimer by reference.

The Website is published and operated by ETF Strategy Limited (“ETF Strategy”, “we”, “us” or “our”). ETF Strategy Limited is incorporated and registered in England and Wales with company number 07800778. Its registered address and principal place of business is Oxford Centre for Innovation, Blue Boar Court, 9 Alfred Street, Oxford OX1 4EH, United Kingdom.

ETF Strategy is a financial publisher providing general and impersonal financial journalism, information, research, analysis and commentary through a publication of general and regular circulation. The Content is published for a general audience and is not prepared or adapted to the individual circumstances or investment requirements of any particular user.

The principal purpose of the Website is to provide journalistic, informational, analytical and educational content on ETFs. It is not the purpose of the Website to provide investment advice or to lead or enable any person to buy, sell, subscribe for, redeem or otherwise transact in securities or other investments.

By accessing or using the Website, you acknowledge that the Website and Content are provided on the basis described in this Disclaimer. If you do not accept that basis, you should not use or rely on the Website or Content.

Intended Audience and Jurisdiction

The Website is principally intended for professional and institutional investors, investment professionals, financial advisers and other financial-services industry participants. It is not designed to provide personalised investment advice to retail investors.

Users are responsible for complying with applicable laws in their jurisdiction. ETF Strategy does not represent that the Website and Content or any investment, product or service referred to on it is lawful, appropriate or available in every jurisdiction.

Nothing on the Website is directed at any person where its publication, distribution or availability would be unlawful or would require ETF Strategy to hold a licence, authorisation, registration or approval that it does not hold.

Private and Retail Investors

The Website is principally produced for a professional and institutional audience. Content may therefore use financial terminology, analytical methods, assumptions, market conventions and assessments that presume a level of investment knowledge, experience and understanding that a private or retail investor may not possess.

If you access or use the Website in a private or retail capacity, you do so on your own initiative and must exercise your own judgement. You must not treat any Content, including any ETF Strategy Fund Grade, ETF Strategy 250 Select inclusion, score, ranking, classification, comparison, screening result, research, commentary or opinion, as personalised guidance, an instruction to transact, an indication that an investment is suitable or appropriate for you, or a substitute for your own research, due diligence or appropriately authorised professional advice.

In particular, you should not infer from the prominence, inclusion, exclusion, score, grade, ranking or relative position of any ETF, security or other investment that ETF Strategy considers that investment suitable for you, that you should buy, sell, hold or avoid it, or that it is preferable to another investment for your particular circumstances.

Before making any investment decision, you are responsible for satisfying yourself that you understand the relevant investment, including its characteristics, costs, risks and potential for loss; for considering whether it is appropriate in light of your own circumstances and objectives; and for reviewing current official product documentation and other authoritative information. Where appropriate, you should obtain advice from a suitably qualified and appropriately authorised independent professional.

ETF Strategy does not assess, and assumes no responsibility for assessing, whether any Content, investment, product or strategy is suitable or appropriate for a private or retail investor. Any interpretation, inference or conclusion drawn from the Content, and any decision made or not made on the basis of it, remains the responsibility of the user.

General Information — No Advice or Recommendation

All Content is provided on a general and impersonal basis for informational, journalistic, analytical and educational purposes only, and to encourage and support informed intellectual engagement with ETFs.

The Content is not prepared for, adapted to or based upon the individual circumstances or requirements of any particular user. It does not take account of any user’s (professional or private) portfolio, financial position, investment objectives, tax position, knowledge, experience, circumstances, needs or risk tolerance.

ETF Strategy is a publisher of general ETF-related information and analytics. It is not acting as your investment adviser, financial adviser, broker, dealer, fiduciary, tax adviser, legal adviser or other professional adviser. The Website does not provide personalised advisory, brokerage, dealing, execution or order-routing services, and no adviser-client, broker-customer, fiduciary or other professional or client relationship is created through access to or use of the Website or Content.

Nothing on the Website constitutes or should be relied upon as:

• investment, financial, legal, tax, accounting or other professional advice;
• personalised investment advice or a personal recommendation;
• a recommendation to buy, sell, hold, subscribe for, redeem or otherwise transact in any investment;
• an assessment that an investment or strategy is suitable for any person;
• an offer, invitation, inducement or solicitation to engage in investment activity; or
• a prediction or guarantee of any investment outcome.

Analytics, datasets, graphs, charts, grades, scores, rankings, classifications, comparisons, screening results, research, articles, commentary, opinions, news and other editorial or analytical expressions must be understood in their informational and methodological context. Analysis of, or reference to, any ETF, issuer, index, security or financial product does not constitute a recommendation or endorsement.

Fund Grades

The Website Content includes the ETF Strategy Fund Grade framework. ETF Strategy Fund Grades are intended solely to provide journalistic, informational, analytical and educational content, and to support informed intellectual engagement with ETFs; they are not intended to provide investment advice or recommendations, or to invite, induce, lead or enable any person to enter into an investment transaction.

The methodology and resulting scores and grades are provided “as is”, without any guarantee as to accuracy or completeness, and should not be interpreted as an objective or definitive measure of investment quality, suitability or future performance.

The ETF Strategy Fund Grade relies on input data (including, without limitation, net expense ratio, assets under management, performance, volatility and fund age) that may be incomplete, outdated or inaccurate, which could affect a fund’s component scores, overall score, relative ranking and grade.

The blending of component scores using fixed weights reflects subjective methodological judgements, and alternative weighting choices could produce materially different results.

In addition, fund classification involves judgement; an ETF may be misclassified or could reasonably be placed in a different classification group, which may materially affect its score and grade given the peer-relative nature of the methodology.

Accordingly, users should not rely solely on the ETF Strategy Fund Grade when making investment decisions, and any use of the grade is at their own risk. Always verify key information with issuers and third-party sources, and, where appropriate, consult a qualified investment professional before making any investment decisions.

For the avoidance of doubt, ETF Strategy Fund Grades are not:

• a buy, sell, hold or avoid recommendation;
• an assessment of suitability;
• an objective statement of investment quality or value;
• a forecast or guarantee of future performance;
• a target price or fair-value estimate; or
• an assessment of creditworthiness.

ETF Strategy Fund Grades make no assessment of the investment case for the underlying exposure. Furthermore, a higher-graded ETF is not necessarily a better investment, and the grade includes no assessment of whether it is expected to outperform a lower-graded ETF.

Fund Lists

The Website Content includes the ETF Strategy 250 Select, an editorially selected list of 250 ETFs spanning multiple asset classes and subcategories. The ETF Strategy 250 Select is intended solely to provide journalistic, informational, analytical and educational content, and to support informed intellectual engagement with ETFs; it is not intended to provide investment advice or recommendations, or to invite, induce, lead or enable any person to enter into an investment transaction.

Inclusion in the ETF Strategy 250 Select does not constitute investment advice, an investment recommendation, an endorsement, or an offer or solicitation to buy, sell or hold any security or financial instrument. Inclusion should not be interpreted as a recommendation regarding the amount, weighting, timing or manner in which an ETF should be used within any portfolio.

The ETF Strategy 250 Select does not take into account the investment objectives, financial circumstances, risk tolerance, tax position, liquidity requirements, investment horizon or other individual circumstances of any particular investor. An ETF included in the list may therefore be unsuitable for a particular investor or portfolio. Investors should conduct their own due diligence and, where appropriate, obtain advice from a suitably qualified investment, financial, tax or legal professional before making any investment decision.

Selection is based on ETF Strategy’s proprietary research methodology, including the ETF Strategy Fund Grade framework, together with quantitative and qualitative assessments and the judgement of the relevant governance committee. Factors considered may include, among others, liquidity and tradability, capacity and scalability, historical performance and risk, tracking and implementation, costs, fund viability, sponsor strength and investor demand.

The relevance and weighting of individual criteria may vary by asset class, investment strategy and prevailing market conditions. Qualitative judgements, including considerations relating to portfolio construction, issuer diversity and market structure, may also influence selection. Accordingly, the ETF Strategy 250 Select involves an element of discretion, and different methodologies, assumptions or judgements could produce materially different selections.

Historical data, rankings, ratings, Fund Grade scores and other quantitative measures are inherently backward-looking and should not be regarded as predictions of future performance or risk. Past performance is not a reliable indicator of future results.

The ETF Strategy 250 Select is reviewed periodically and may also be reviewed in response to material market, fund, issuer or industry developments. ETFs may be added, removed or replaced at any time as a result of changes in factors including, but not limited to, liquidity, performance, fees, index methodology, investment process, organisational structure, fund viability or investor demand.

An ETF’s inclusion at any particular time does not imply that it will remain on the list, and the removal of an ETF does not necessarily indicate that ETF Strategy considers the fund unsuitable or expects it to underperform.

ETF Strategy may amend its selection methodology, Fund Grade framework, allocation groups, assessment criteria or governance processes from time to time.

Nothing in the ETF Strategy 250 Select should be interpreted as indicating that any included ETF is low risk, appropriate for all investors or expected to achieve any particular level of performance.

ETF Strategy seeks to use information and data it considers reliable when compiling and maintaining the ETF Strategy 250 Select. However, information may be incomplete, delayed, subject to revision or affected by errors in underlying data or third-party sources. No representation or warranty, express or implied, is made as to the accuracy, completeness, timeliness or continued availability of the information contained in or underlying the list.

Users are solely responsible for evaluating the merits and risks of any investment decision and should not rely on the ETF Strategy 250 Select as the sole basis for making such a decision.

The ETF Strategy 250 Select is provided without any guarantee as to investment performance, future returns or the achievement of any particular investment outcome.

The ETF Strategy Fund Grades and ETF Strategy 250 Select are intended solely to provide journalistic, informational, analytical and educational content, and to encourage informed engagement with ETFs. They are not intended to constitute investment advice or recommendations, or to invite, induce, lead or enable any person to enter into an investment transaction.

Independent Decision-Making

You must not rely solely or principally on the Website or its Content when making or refraining from making an investment, trading, financial, tax or other decision.

You should conduct your own research and due diligence, consider your circumstances and objectives, and verify information material to your decision against current authoritative sources.

Before investing, you should review the relevant issuer’s or product provider’s current prospectus, key information document, regulatory filings and other primary documentation. Where ETF Strategy Content conflicts with official documentation, the official documentation should be treated as authoritative.

Where appropriate, obtain advice from a suitably qualified and appropriately authorised independent professional.

You remain responsible for your decisions and their consequences.

Data Accuracy and Market Data

The Content is provided on an “as is” and “as available” basis.

Although ETF Strategy may use sources it considers reliable, it does not warrant that the Content or underlying data are accurate, complete, current, reliable, error-free or suitable for any particular purpose.

Information may be obtained from issuers, asset managers, index providers, exchanges, market-data providers, regulatory filings, third-party databases and other sources, and may contain errors, omissions, delays, estimates, outdated information, mapping errors or classification errors.

Errors or limitations in underlying data, reporting methodologies or calculation conventions may affect calculations, classifications, rankings, scores, fund grades and fund lists. ETF Strategy is not required to independently verify every item of third-party information or retrospectively restate every error.

Market prices, valuations, yields, index levels, assets under management, holdings, performance information and foreign-exchange rates may be delayed, estimated, indicative, modelled or derived from third-party sources.

The Website is not a real-time market-data, valuation, execution, order-routing or trading service and must not be relied upon for trade execution, transaction pricing, portfolio valuation, regulatory reporting or other purposes requiring verified real-time or official data.

Users should independently verify material information before acting on it.

Proxies, Models and Historical Information

Content may use representative securities, indices, ETFs, benchmarks or other proxies to estimate or illustrate relative exposures. Such proxies are approximations and may not fully reflect actual holdings, exposures, characteristics, risks or performance. Different reasonable proxy selections may produce different results.

Content may also include estimates, models, assumptions, forecasts, hypothetical or simulated performance, back-tested results, derived data and forward-looking statements. Such information is inherently uncertain, and actual outcomes may differ materially.

Hypothetical, simulated and back-tested results do not represent actual trading and may benefit from hindsight or assumptions that are not applicable in actual market conditions.

Historical performance and other historical measures describe past observations only. Past performance is not a reliable indicator of future results.

No Content should be interpreted as a forecast, assurance or guarantee of future performance.

Investment Risk

All investments involve risk. The value of investments and the income from them can fall as well as rise, and investors may lose some or all of the money invested.

Returns may be affected by market movements, interest rates, inflation, currency movements, liquidity, leverage, derivatives, counterparty and credit risk, tracking differences, market disruption, taxation, charges, political and regulatory events, index methodology changes and changes in underlying markets.

ETFs and other exchange-traded products may trade above or below net asset value, experience changes in liquidity and bid/offer spreads, and carry risks specific to their strategy, structure, domicile, currency and underlying assets.

Advertising and Third-Party Content

The Website may contain advertising, sponsored or commissioned content, paid partnerships, affiliate arrangements or other commercial relationships. Their existence does not constitute an endorsement or recommendation by ETF Strategy.

The Website may also contain third-party information, data, embedded content and links to third-party websites, products or services. ETF Strategy does not control such third parties and does not warrant their accuracy, completeness, availability, security, legality or reliability.

A link, reference or inclusion of third-party material does not constitute an endorsement. Access to third-party services and reliance on third-party information are at the user’s own risk and subject to the relevant third party’s terms and policies.

Availability, Technology and Security

ETF Strategy does not warrant that the Website will always be available, uninterrupted, secure or free from errors, viruses, malware or other harmful components, and may suspend, restrict, change or withdraw any part of it without notice.

Users are responsible for maintaining appropriate cybersecurity, antivirus, backup and other protective measures.

ETF Strategy is not responsible, to the fullest extent permitted by law, for loss arising from Website interruption or unavailability, telecommunications or internet failures, cyber incidents, malicious software, corrupted data, unauthorised access or failures of third-party services.

Limitation of Liability

The limitations and exclusions in this section apply only to the extent permitted by applicable law and are subject to the provisions below concerning liabilities that cannot lawfully be excluded or limited and the rights of consumers. Subject to those qualifications, ETF Strategy Limited and its directors, officers, employees, contractors, contributors, representatives and affiliates exclude implied warranties and liability arising from access to, use of, inability to use or reliance on the Website, Content or Analytics.

In particular, and subject to those qualifications, ETF Strategy does not accept liability for:

• investment or trading losses, loss of capital or diminution in investment value;
• loss of profit, income, revenue, anticipated savings, business opportunities or goodwill;
• loss or corruption of data or business interruption;
• losses arising from inaccurate, incomplete, delayed, outdated, incorrectly mapped or incorrectly classified information;
• calculation errors or omissions;
• methodologies, assumptions, factors, weightings, classifications, peer groups, proxies, scores, rankings, fund grades or fund lists, including changes to them;
• reliance on any Content;
• acts, omissions, errors, systems or information of third parties; or
• indirect, consequential, incidental or special loss arising from an investment, trading or financial decision made or not made by reference to the Website,

whether arising in contract, tort (including negligence), misrepresentation, breach of statutory duty or otherwise.

All Content is provided without warranty as to accuracy, completeness, timeliness, reliability, predictive value or fitness for any particular purpose, except to the extent that any such warranty, term, duty or liability cannot lawfully be excluded or limited.

ETF Strategy does not control financial markets or the performance of any ETF, security, index, investment product or strategy and makes no promise or warranty regarding future value, return, performance, liquidity, volatility or suitability.

A user’s decision to act or refrain from acting after using the Website or Content does not make ETF Strategy responsible for the resulting investment outcome, except where such responsibility cannot lawfully be excluded.

Nothing in this Disclaimer excludes or limits liability for fraud or fraudulent misrepresentation, death or personal injury caused by negligence, or any other liability that cannot lawfully be excluded or limited. Nothing in this Disclaimer excludes, restricts or otherwise affects any statutory rights or remedies available to a consumer under applicable law.

Changes, Severability and No Waiver

ETF Strategy may amend this Disclaimer and may amend, correct, remove, suspend or discontinue any Content or Website feature from time to time. The version of this Disclaimer displayed on the Website at the time of the relevant use will apply, subject to applicable law.

If any provision of this Disclaimer is invalid, unlawful or unenforceable, it shall be modified to the minimum extent necessary to make it valid and enforceable or, if that is not possible, severed. The remaining provisions shall continue in effect.

No failure or delay by ETF Strategy in exercising any right or remedy constitutes a waiver of that right or remedy.

Governing Law and Jurisdiction

To the fullest extent permitted by applicable law, this Disclaimer and any dispute or claim arising out of or in connection with the Website, the Content or their use shall be governed by the laws of England and Wales, and the courts of England and Wales shall have exclusive jurisdiction in relation to any such dispute or claim.

Nothing in this Disclaimer constitutes ETF Strategy’s consent or submission to the jurisdiction of any court outside England and Wales, except to the extent that such jurisdiction cannot lawfully be excluded.