Nasdaq Dorsey Wright

Disclosures

A copy of Nasdaq Dorsey Wright ADV, Parts I and 2 are available upon request (NDWSupport@nasdaq.com).

Nasdaq, Inc. is a publicly-traded corporation (NDAQ). Its subsidiaries include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC and Nasdaq BX, Inc., all of which are SEC-registered national securities exchanges, Nasdaq Execution Services, LLC, a registered broker-dealer that routes orders in equities and options to the appropriate market center for execution, Chi-X Canada ATS Ltd., a Canadian alternative trading system for the trading of TSX and TSXV-listed securities, and Nasdaq Futures, Inc., a CFTC Designated Contract Market for the trading of energy futures in oil, gas, and U.S. power. Nasdaq, Inc. also has subsidiaries that are foreign securities exchanges that receive listing and trading fees.

Nasdaq Dorsey Wright will not publish research or make recommendations concerning NDAQ, nor trade the security for its Investment Management clients. Nasdaq Dorsey Wright may, however, publish research on, recommend or trade other securities listed on the Nasdaq exchanges, which receive fees from the listed companies and futures. Nasdaq Dorsey Wright will not take into account where a security is listed or traded in exercising its independent judgment for clients. In addition, Nasdaq Dorsey Wright does not manage or control where clients’ broker/dealers route orders for execution. Accordingly, client orders may be routed to the subsidiaries of Nasdaq, Inc. for execution. These markets receive trading fees.

Nasdaq, Inc. and its subsidiaries receive index licensing fees from investment product sponsors, as well as index calculation fees from index providers. These fees may be asset based. With respect to ETFs and other investment products for which Nasdaq, Inc. or its subsidiaries may receive licensing or asset-based fees, Nasdaq Dorsey Wright may, from time to time, (i) recommend such an ETF or other investment product in research for which Nasdaq Dorsey Wright receives fees; (ii) include such an ETF or other investment product in models or indexes for which Nasdaq Dorsey Wright receives an asset based fee; and/or (iii) recommend or include such an ETF or other investment product in the investment management accounts. While Nasdaq Dorsey Wright does not receive any portion of Nasdaq’s fees directly, the firm may indirectly benefit as a subsidiary that is part of a Nasdaq business unit. To manage this potential conflict of interest, in the case of Nasdaq Dorsey Wright research or index and model licensing, Nasdaq Dorsey Wright would only include the Nasdaq investment product if the product helps to meet the stated objectives of the strategy and it otherwise meets the rules-based methodology associated with the strategy. In the case of the investment management accounts, Nasdaq Dorsey Wright will only recommend or include the Nasdaq investment product when the recommendation is suitable and meets the client’s stated investment objectives. Nasdaq Dorsey Wright will not take into account the fees received by Nasdaq, Inc. and its affiliates in exercising Nasdaq Dorsey Wright’s independent judgment for clients.

Some performance information presented on this website is the result of back-tested performance. Back-tested performance is hypothetical and is provided for informational purposes to illustrate the effects of the strategy during a specific period. The hypothetical returns have been developed and tested by NDW, but have not been verified by any third party and are unaudited. Back-testing performance differs from actual performance because it is achieved through retroactive application of a model investment methodology designed with the benefit of hindsight. Model performance data (both back-tested and live) does not represent the impact of material economic and market factors might have on an investment advisor’s decision making process if the advisor were actually managing client money. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur.

There are risks inherent in international investments, which may make such investments unsuitable for certain clients. These include, for example, economic, political, currency exchange, rate fluctuations, and limited availability of information on international securities. NDW, and its affiliates make no representation that the companies which issue securities which are the subject of their research reports are subject to, or in compliance with certain informational reporting requirements imposed by the Securities Exchange Act of 1934. Sales of securities covered on this site or in this report may be made in only those jurisdictions where such securities are qualified for sale. Investors in securities with values influenced by foreign currencies, effectively assume currency risk, because foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, such securities.

Options trading involves risk and is not suitable for all investors. When participating in a covered call strategy, the investor is at risk of having to sell the stock if the stock’s price rises above the strike price. Remember, in exchange for receiving the premium of having sold the calls, the investor is obligated to sell the stock if the option is exercised. The relative strength strategy is NOT a guarantee. There may be times where all investments and strategies are unfavorable and depreciate in value. There may be instances when fundamental, technical, and quantitative opinions may not be in concert. The Nasdaq Dorsey Wright Focus Five Index is the exclusive property of Nasdaq Dorsey Wright, LLC (“Nasdaq Dorsey Wright”). Nasdaq Dorsey Wright has contracted with Nasdaq, Inc. (collectively, with its subsidiaries and affiliates, “NASDAQ”) to calculate and maintain the Nasdaq Dorsey Wright Focus Five Index . NASDAQ shall have no liability for any errors or omissions in calculating the Nasdaq Dorsey Wright Focus Five Index.

Terms & Conditions of Use

Nasdaq Dorsey Wright, LLC (“NDW”) provides the materials contained at our site(s) on the World Wide Web (the "Site") as a service to our clients (“Subscribers”). NDW requires that all visitors to the Site adhere to the following Terms and Conditions of Use. By accessing the Site and any of its pages, you indicate your acknowledgement and acceptance of the Terms and Conditions of Use set forth below without limitation or qualification. NDW may revise these Terms and Conditions of Use at any time by updating this posting, which revisions will be binding upon all visitors to the Site.

The information found on the Site is provided exclusively by NDW, an SEC-registered investment adviser. NDW is a subsidiary of Nasdaq, Inc., a publicly-traded corporation (NDAQ). Neither Nasdaq, Inc. nor any of its other subsidiaries provide investment advice, including recommendations regarding securities and other investment products. NDW grants to Subscriber a non-exclusive, non-assignable, non-transferable license to use the services and related information and materials on the Site (collectively, the “Service”) for any purpose not inconsistent with the terms described herein and in accordance with all applicable laws, statutes and regulations. No title to the Service is transferred to Subscriber. Subscriber acknowledges and agrees that nothing in this Agreement constitutes an undertaking by NDW to provide updates, modifications, or enhancements to the Service or to continue providing the Service, or any aspect or portion of the Service in the future.

The "Look and Feel" and other Elements of NDW websites and Service are protected by trade dress, trademark, unfair competition, and other laws and may not be copied or imitated in whole or in part, without permission from NDW. Subscriber may not market, sell, or otherwise distribute the Service to any third party without NDW’s prior written consent. Subscriber acknowledges all intellectual property rights and trade secrets, in and to the Service belong to NDW and its information providers (“Providers”), whether or not marked. All rights reserved. Any reproduction of the Service shall include all titles, trademarks, copyright, proprietary and restricted rights notices. Some content may not be suitable for individual level investors, so redistribution of the Service is subject to an institutional user’s compliance review process. Subscriber may not present the Service in an unfair, misleading, or discriminatory manner. Subscriber will not engage in the operation of any illegal business; use or permit anyone else to use the Service, or any part thereof for any illegal purpose. Information contained within the Service is based on data obtained from recognized Providers, however, such information has not been verified by NDW or the Provider.

NDW, ITS AFFILIATES AND ITS PROVIDERS PROVIDE THE SERVICE “AS IS” AND MAKE NO WARRANTIES OR REPRESENTATIONS OF ANY KIND EXPRESS OR IMPLIED REGARDING USE OF THE SERVICE OR THE ACCURACY, COMPLETENESS OR TIMELINESS OF THE SERVICE. NDW AND ITS PROVIDERS DISCLAIM THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

NDW, ITS AFFILIATES, AND ITS PROVIDERS SHALL NOT BE LIABLE TO SUBSCRIBER OR TO ANY OTHER ENTITY OR INDIVIDUAL IN CONTRACT, TORT, FOR NEGLIGENCE OR OTHERWISE FOR ANY DIRECT DAMAGES, FOR ANY LOSS OF PROFITS, REVENUES, TRADES, OR FOR ANY INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL, OR INCIDENTAL LOSS OR DAMAGE OF ANY NATURE ARISING FROM USE OF THE SERVICE OR ITS CONTENTS OR THE SUBSCRIBER OR OTHER RECIPIENT RELYING ON ANY RECOMMENDATION OR INFORMATION (EXCEPT INSOFAR AS ANY STATUTORY LIABILITY CANNOT BE EXCLUDED), EVEN IF NDW AND ITS PROVIDERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

Notwithstanding any other term or condition of use, NDW shall not be obligated to perform or observe its obligations to provide the Service if prevented or hindered from doing so by circumstances beyond its control.

Nothing contained within the Service should be construed as an offer to sell or the solicitation of an offer to buy any security. This Service does not attempt to examine all the facts and circumstances which may be relevant to any company, industry or security mentioned herein. We are not soliciting any action based on this Service. It is for the general information of clients of NDW. This Service does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any analysis, advice or recommendation (express or implied) in this Service, clients should consider whether the security or strategy in question is suitable for their particular circumstances and, if necessary, seek professional advice. NDW does not provide tax advice to its clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment. Certain transactions — including those involving futures, options, and other derivatives as well as non-investment-grade securities — give rise to substantial risk and are not suitable for all investors.

Opinions expressed herein are our opinions as of the date of their publishing within the Service. NDW does not intend to and will not endeavor to update the information discussed in this Service.

NDW, its affiliates, officers, directors, partners and/or other associated persons may own, hold options, rights or warrants to purchase some of the securities or assets mentioned in this report, or close equivalents. Even if NDW does not currently hold the asset, it may in the future. NDW may elect to buy or sell these assets or change its opinion without regard to this Service, and without prior notice. An employee, analyst, officer or a director of NDW, or their affiliates may serve as a director for companies mentioned in this Service. NDW, or their respective affiliates may from time to time hire or solicit investment banking or other business from, any company mentioned in this report.

The Terms and Conditions shall be deemed to have been accepted in the United States in the State of New York and shall be construed and enforced in accordance with, and the validity and performance hereof shall be governed by, the laws of the State of New York, without reference to principles of conflicts of laws thereof. Each party hereby consents to submit to the jurisdiction of the federal courts in the State of New York in connection with any action or proceeding instituted relating to this Agreement.

Nasdaq Dorsey Wright – Notice of Privacy Policy

Maintaining your privacy is important to us. Your personal information is kept secure. You have a right to know what information is being collected about you and how that information will be used.

We collect personal information about you in connection with our provision of subscription or advisory services to you. This information may include information such as:

Information we receive from you on subscription forms, investor questionnaires, or other information provided by you in writing, in person, by telephone, electronically, or by any other means; Information about your transactions with us, including account balances; and
Information obtained if you enter into an investment advisory contract, including social security number, net worth, financial qualifications, investment experience, and transaction history.

We may provide your nonpublic personal information to our affiliates. Our affiliates are companies related to us by common ownership or control and include both financial and non-financial companies.

We do not disclose any nonpublic personal information about our customers or former customers to non-affiliates, except as permitted by law. Under the law, the information we collect is also provided to companies that perform support services on our behalf as necessary to affect, administer, or process a transaction, or for maintaining and servicing your account.

Except as outlined above, we do not give or sell information about you or your accounts to any other unaffiliated company, individual, or group.

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, administrative, and technical procedural safeguards to protect your nonpublic personal information.

You do not need to call or do anything as a result of this notice. It is meant to inform you of how we safeguard your nonpublic personal information.

In some instances Nasdaq Dorsey Wright may use pixels, or transparent GIF files, to help manage online advertising. These GIF files are provided by our ad management partner. These files enable our ad management partner to recognize a unique cookie on your Web browser, which in turn enables us to learn which advertisements bring users to our website. The cookie was placed by us, or by another advertiser who works with our ad management partner. With cookies, the information that we collect and share is anonymous and not personally identifiable. It does not contain your name, address, telephone number, or email address.

In some instances Nasdaq Dorsey Wright may use third party advertising companies to serve ads on our behalf across the Internet. These third-party advertising companies employ cookie and 1X1 pixel.gifs or action tags technology to measure and improve the effectiveness of ads for their clients. To do so, these companies may use anonymous information about your visits to our website and other websites. This information can include date/time of banner ad shown, their cookie, and the entire IP address. They do not collect personally identifying information (PII). This anonymous information can also be used for online preference marketing purposes.

We reserve the right to change this Privacy Policy from time to time. Any changes will be posted on our website, and we may take other reasonable steps to communicate changes to you.