Earnings Acceleration Stock Index (EASI)

Criteria







GUIDELINE
EASI Tactical Growth Index

Version 1.0 dated January 19, 2017



Contents


Introduction

1 Index specifications          

1.1 Short name and ISIN
1.2 Initial value
1.3  Distribution
1.4  Prices and calculation frequency
1.5  Weighting
1.6  Decision-making bodies
1.7  Publication
1.8  Historical data

2 Composition of the Index

2.1 Selection of the index components
2.2 Ordinary adjustment
2.3 Extraordinary adjustment

3 Calculation of the Index

3.1 Index formula
3.2 Accuracy
3.3 Adjustments
3.4 Dividends and other distributions
3.5 Corporate actions 
3.6 Calculation of the Index in the event of a market disruption

4 Definitions


5 Appendix

5.1 Contact data
5.2 Calculation of the Index – change in calculation method

EASI Investments, LLC (the “Index Owner”) makes no warranties or representations as to the accuracy and/or completeness of the Indices and does not guarantee the results obtained by persons using the Indices in connection with trading funds or securities. The Index Owner makes no representations regarding the advisability of investing in any fund or security.
The Indices are the property of EASI Investments, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
The Index Owner has selected Solactive AG as an Index Calculator to calculate the Indices.
The Index Owner has selected GazingStocks Research LLC as an Index Components and Long Term Tactical Allocation Researcher.
The use of these Indices in connection with any financial products or for benchmarking purposes requires a license. Please contact EASI Investments, LLC for more details.

Introduction


This document is to be used as a guideline with regard to the composition, calculation and management of the EASI Growth Index. Any changes made to the guideline are initiated by the Committee specified in section 1.6. The EASI Growth Index is calculated and published by Solactive AG. 


1 Index specifications


The EASI Growth Index (“Index") is an index of EASI Investments, LLC and is calculated and distributed by Solactive AG.   The index is designed to track the performance of a portfolio whose composition is based on:
       Security selection is driven by the GazingStocks Research LLC Screening Filter which utilizes GazingStocks Research LLC’s proprietary Stock Growth Grade Point; and
       A tactical allocation to bond ETFs driven by the GazingStocks Research LLC Long-Term Tactical Allocation Signal 
The Index has regular monthly rebalancing with the potential for interim rebalancing on a weekly basis following a Trigger Event. 
 The Index is calculated and published in USD.
 

1.1 Short name and ISIN


The EASI Growth Index is both calculated and distributed with the following versions:

       The EASI Tactical Growth Index (price return version of the Index)
       The EASI Tactical Growth Index (net total return version of the Index)

Index Name

ISIN
WKN
Bloomberg
Reuters
 EASI Tactical  Growth Index  Price Return

 DE000SLA24H9



EASI Tactical Growth Index Total Return

 DE000SLA24J5


.EASITGRO



1.2 Initial value


The Index was established based on historical back-testing from September 10, 2010 (the "Index Start Date") with an initial level of 100.0 index points. The index started real-time calculation as of February 27, 2017.  


1.3 Distribution

                                              
The EASI Growth Index is published every 15 seconds via the price marketing services of Boerse Stuttgart AG and is distributed to all affiliated vendors. Each vendor decides on an individual basis as to whether it will distribute/display the EASI Growth Index via its information systems.


1.4 Prices and calculation frequency


The index level of the EASI Growth Index is calculated on each Business Day based on the prices on the respective Exchanges on which the Index Components are listed. The most recent prices of all Index Components are used. Prices of Index Components not listed in the Index Currency are translated using spot foreign exchange rates quoted by Reuters. Should there be no current price available on Reuters, the most recent price or the Trading Price on Reuters for the preceding Trading Day is used in the calculation.

The Index is calculated every Business Day from 9:00am to 10:30pm, CET. The Index price is calculated continuously in 15second intervals during these hours.  In the event that data cannot be provided to Reuters or to the pricing services of Boerse Stuttgart AG, the Index cannot be distributed.

Any incorrect calculation is adjusted on a retrospective basis.


1.5 Weighting


On a Monthly Adjustment, there are two factors that dictate weighting

  • The Exposure State Indicated by the Long-Term Tactical Allocation Signal:- If the signal points to Fully Invested, the non-bond Index Components are weighted 100% in aggregate and the bond Index Components are weighted 0% in aggregate; if the signal points to Risk Reduced, the non-bond Index Components are weighted 0% in aggregate and the bond Index Components are weighted 100% in aggregate.
  • The number of securities passing the Screening Filter:- the non-bond Index Components will be weighted equally. Every effort will be made to keep these Index Components between 33 and 50. In case the number of qualifying Index Components are less than 33, SPDR® S&P 500® ETF (Ticker: SPY), Powershares QQQ ETF (Ticker: QQQ) will be added as non-bond Index Components. The weight of SPY and QQQ will not be the same as that of other non-bond Index Components.
  •   The bond Index Components will be weighted as follows: 35% allocated to PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Ticker: MINT), 35% allocated to Vanguard Short Term Bond ETF (Ticker: BSV), 15% iShares Core U.S. Aggregate Bond ETF (Ticker: AGG) and 15% to Vanguard Intermediate-Term Bond ETF (Ticker: BIV).
In the event of an Interim Adjustment, the bond Index Components allocation will either be increased to 100% or reduced to 0% (according to the Exposure State dictated by the Long-Term Tactical Allocation Signal) and the non-bond Index Components will be sold or bought, pro-rata, according to their weighting on the Interim Adjustment Day. After April 13th, 2018 the weights will be determined on the selection day and converted to total shares. The total shares will be adjusted for all relevant corporate actions until the adjustment day. Also dividend re-investment will be into the entire index. Prior to April 13, 2018 weights were determined on the effective day and dividend re-investment was into the dividend paying stock.

1.6 Decision-making bodies


A Committee composed of staff from EASI Investments, LLC is responsible for defining the rules that comprise the index. Index rules may be changed following a vote of the Committee. The Committee will make a decision on an ad hoc basis on any necessary index adjustments if an Extraordinary Event were to occur as defined herein. Each member of the Committee is subject to procedures designed to prevent the use and dissemination of material non-public information regarding the Index.
 

Members of the Committee can recommend changes to the guideline and submit them to the Committee for approval. 


1.7 Publication


All specifications and information relevant for calculating the Index are made available on the http://www.solactive.com web page and sub-pages. 


1.8 Historical data


Historical data will be maintained from the launch of the Index from September 10, 2010.

2 Composition of the Index


2.1 Selection of the Index Components


The initial composition of the Index is based on the following rules: On the Monthly Selection Day-
       EASI Investments, LLC uses the Screening Filter to screen the GazingStocks Research LLC Universe for all non-bond Index Components.
       Index composition is dictated by the Exposure State indicated by the Long-Term Tactical Allocation Signal:
o    If Fully Invested:- non-bond Index Components are given an aggregate weighting of 100% and the bond-ETF allocation is 0%
o    If Risk Reduced:- non-bond Index Components are given an aggregate weighting of 0% and the bond-ETF allocation is 100%
Non-bond Index Components and bond-ETF Index Components are weighted as explained in section 1.5, on Monthly Adjustment Days.


2.2 Ordinary adjustment


Ordinary Adjustments consist of Monthly Adjustments following Monthly Selection Days and potential Interim Adjustments following Interim Selection Days.
Monthly Adjustments are made on Monthly Adjustment Days following the selection process conducted on Monthly Selection Days as indicated in Section 2.1
Interim Adjustments are made on Interim Adjustment Days following a Trigger Event on an Interim Selection Day.  In the event of a Trigger Event (the weekly calculation of GazingStocks Research LLC Long-Term Tactical Allocation Signal dictates a change in Exposure States), on the Interim Adjustment Day:-
       If moving from Fully Invested to Risk Reduced, all non-bond Index Components are reduced to 0%, prorata, according to the weighting on the Interim Adjustment Day, with the proceeds going to a bond-ETF allocation.
       If moving from Risk Reduced to Fully Invested, all non-bond Index Components are increased, pro-rata, according to the weighting on the Interim Adjustment Day, to an aggregate weighting of 100% and reducing the bond-ETF allocation to 0%.


2.3 Extraordinary adjustment


If a company included in EASI Growth Index is removed from the Index between two Adjustment Days due to an Extraordinary Event, based on the Index Rules, no successor will be assigned and the index will exclude the company from the date of exclusion and reallocate to all Index Components pro-rata. If necessary, the Committee shall designate a successor. This is announced by Solactive AG after the close of business on the day on which the new composition of the Index was determined by the Committee. The EASI Growth Index is adjusted within two days notice if possible.

3 Calculation of the Index


3.1 Index formula


The EASI Growth Index is an index whose value on any week day is equivalent to the sum of the products of (a) the Number of Shares of the Index Component and (b) the price of the Index Component at the respective Exchange.  For a cash allocation Number of Shares refers to USD amount and the price is $1.

As a formula:

3.2 Accuracy


The value of the Index will be rounded to two decimal places.

The Number of Shares of the Index Components will be rounded to six decimal places.

Trading Prices will be rounded to four decimal places.

3.3 Adjustments


Indices need to be adjusted for systematic changes in prices once these become effective. This requires the new Number of Shares of the affected Index Component to be calculated on an ex ante basis.
Following the Committee’s decision, the Index is adjusted for distributions, capital increases, rights issues, splits, par value conversions and capital reductions.  This procedure ensures that the first ex quote can be properly reflected in the calculation of the Index. This ex ante procedure assumes the general acceptance of the Index calculation formula as well as open access to the parameter values used. The calculation parameters are provided by Solactive AG.
Any delay in calculating the new Number of Shares of an Index Component would create problems. Therefore the procedure described above is the most appropriate.


3.4 Dividends and other distributions



Dividend payments and other distributions are included in the NTR Index. For the PR Index, only Special Cash Distributions cause an adjustment of the Number of Shares of the corresponding Index Component. The new Number of Shares is calculated as follows:

with


3.5 Corporate actions 

3.5.1 Principles


Following the announcement by a company included in the Index of the terms and conditions of a corporate action the Index Calculator determines whether such corporate action has a dilution, concentration or other effect on the price of the Index Component. 
If this should be the case the Index Calculator shall make the necessary adjustments to the affected Index Component and/or the formula for calculating the Index and/or to other terms and conditions of this document that he deems appropriate in order to take into account the dilution, concentration or other effect and shall determine the date on which this adjustment shall come into effect.  
Amongst other things the Index Calculator can take into account the adjustment made by an Affiliated Exchange as a result of the corporate action with regard to option and futures contracts on the respective share traded on this Affiliated Exchange.


3.5.2 Capital increases


In the case of capital increases (from the company’s own resources or through cash contributions) the new Numbers of Shares are calculated as follows:


3.5.3 Share splits



3.5.4 Stock distributions

In the case of stock distributions with ex date on Trading Day t+1 it is assumed that the prices change according to the terms of the distribution. The new Number of Total Shares is calculated as follows:



3.6 Calculation of the Index in the event of a Market Disruption Event

In the event of a Market Disruption Event, Solactive AG calculates the index level, taking into account the market conditions prevailing at this point in time, the last quoted Trading Price for each of the Index Components as well as any other conditions that it deems relevant for calculating the index level. 

4. Definitions

“EASI Growth Index Universe” consists of all securities listed on NYSE, AMEX or NASDAQ

“EASI Growth Index Screening Filter” consists of the following limiting criteria (all criteria and vales are as determined/calculated by GazingStocks Research LLC.):
       Have average daily volume in the last 50 days of 300000 or more shares as determined by GazingStocks Research LLC.
       Have the GazingStocks Research LLC Stock Growth Grade Point of 3.8 or more.
       Stock prices are in a long-term uptrend as determined by GazingStocks Research LLC.
       Current Quarter Earnings and Sales changes are strong as determined by GazingStocks Research LLC.

Stock Growth Grade Point is a proprietary grading system calculated by GazingStocks Research LLC. It is the synthesis of multiple underlying grades based on fundamental and technical factors.  Grades go from 0.1 to 4.0 with 4.0 being the best Grade Point.
Long-Term Tactical Allocation Signal is a signal produced by a proprietary, rules-based formula calculated by GazingStocks Research LLC that dictates the Exposure State of the Index.
Exposure State refers to the aggregate allocation between non-bond Index Components and bond-ETF components allocation on an Adjustment Day.  The Exposure State can either be “Fully Invested” (100% allocation to non-bond Index Components and 0% to bond-ETF Index Components) or “Risk Reduced” (0% allocation to non-bond Index Components and 100% bond-ETF Index Components).

“Trigger Event” refers to a change to a new Exposure State as indicated by the GazingStocks Research LLC Long-Term Tactical Allocation Signal when calculated on an Interim Selection Day.

"Index Administrator" is Solactive AG or any other appropriately appointed successor in this function.

“Number of Shares” is in respect of an Index Component and any given Business Day the number or fraction of shares included in the Index. It is calculated for any Index Component as the ratio of (A) the Percentage Weight of an Index Component multiplied by the Index value and (B) its Trading Price.

“Percentage Weight” of an Index Component is the ratio of its Trading Price multiplied by its Number of Shares divided by the Index value.

“Dividend Correction Factor” is calculated as 1 minus the applicable withholding tax rate and/or other applicable tax rate currently prevalent in the respective country.



In particular an “Extraordinary Event” is 

-           a Merger
-           a Takeover bid
-           a delisting
-           the Nationalization of a company - Insolvency.
The Trading Price for this Index Component on the day the event came into effect is the last available market price for this Index Component quoted on the Exchange on the day the event came into effect (or, if a market price is not available for the day the event came into effect, the last available market price quoted on the Exchange on a day specified as appropriate by the Index Calculator), as determined by the Index Calculator, and this price is used as the Trading Price of the particular Index Component until the end of the day on which the composition of the Index is next set.
In the event of the Insolvency of an issuer of an Index Component the Index Component shall remain in the Index until the next Monthly Adjustment Day. As long as a market price for the affected Index Component is available on a Business Day, this shall be applied as the Trading Price for this Index Component on the relevant Business Day, as determined in each case by the Index Calculator. If a market price is not available on a Business Day the Trading Price for this Index Component is set to zero. The Committee may also decide to eliminate the respective Index Component at an earlier point in time prior to the next Adjustment Day. The procedure in this case is identical to an elimination due to an Extraordinary Event. 

An Index Component is “delisted” if the Exchange announces pursuant to the Exchange regulations that the listing of, the trading in or the issuing of public quotes on the Index Component at the Exchange has ceased immediately or will cease at a later date, for whatever reason (provided delisting is not because of a Merger or a Takeover bid), and the Index Component is not immediately listed, traded or quoted again on an exchange, trading or listing system, acceptable to the
Index Calculator, 

“Insolvency” occurs with regard to an Index Component if (A) all shares of the respective issuer must be transferred to a trustee, liquidator, insolvency administrator or a similar public officer as result of a voluntary or compulsory liquidation, insolvency or winding-up proceedings or comparable proceedings affecting the issuer of the Index Components or (B) the holders of the shares of this issuer are legally enjoined from transferring the shares.

A “Takeover bid” is a bid to acquire, an exchange offer or any other offer or act of a legal person that results in the related legal person acquiring as part of an exchange or otherwise more than 10% and less than 100% of the voting shares in circulation from the issuer of the Index Component or the right to acquire these shares, as determined by the Index Calculator based on notices submitted to public or self-regulatory authorities or other information considered by the Index Calculator to be relevant.

With regard to an Index Component a “Merger” is 
(i)                    a change in the security class or a conversion of this share class that results in a transfer or an ultimate definite obligation to transfer all the shares in circulation to another legal person,
(ii)                  a merger (either by acquisition or through forming a new structure) or a binding obligation on the part of the
issuer to exchange shares with another legal person (except in a merger or share exchange under which the issuer of this Index Component is the acquiring or remaining company and which does not involve a change in security class or a conversion of all the shares in circulation),
(iii)                 a takeover offer, exchange offer, other offer or another act of a legal person for the purposes of acquiring or otherwise obtaining from the issuer 100% of the shares issued that entails a transfer or the irrevocable obligation to transfer all shares (with the exception of shares which are held and controlled by the legal person), or 
(iv)                 a merger (either by acquisition or through forming a new structure) or a binding obligation on the part of the issuer of the share or its subsidiaries to exchange shares with another legal person, whereby the issuer of the share is the acquiring or remaining company and  it does not involve a change in the class or a conversion of the all shares issued, but the shares in circulation directly prior to such an event (except for shares held and controlled by the legal person) represent in total less than 50% of the shares in circulation directly subsequent to such an event.

The “Merger Date” is the date on which a Merger is concluded or the date specified by the Index Calculator if such a date cannot be determined under the law applicable to the Merger.

“Nationalization” is a process whereby all shares or the majority of the assets of the issuer of the shares are nationalized or are expropriated or otherwise must be transferred to public bodies, authorities or institutions.

“Stock Substitute” includes in particular American Depository Receipts (ADR) and Global Depository Receipts (GDR).

With regard to an Index component (subject to the provisions given above under “Extraordinary Events”) the “Trading Price” in respect of a Trading Day is the closing price on this Trading Day determined in accordance with the Exchange regulations. If the Exchange has no closing price for an Index Component, the Index Calculator shall determine the Trading Price and the time of the quote for the share in question in a manner that appears reasonable to him.

A “Trading Day” is in relation to the Index or an Index Component a Trading Day on the Exchange (or a day that would have been such a day if a market disruption had not occurred), excluding days on which trading may be ceased prior to the normal Exchange closing time. The Index Calculator is ultimately responsible as to whether a certain day is a Trading Day with regard to the Index or an Index Component or in any other connection relating to this document.

The “Index Currency” is USD.

"Business Day" is a day on which the New York Stock Exchange is open for trading. 

“Monthly Adjustments” are full rebalances occurring on the Monthly Adjustment Day according to i) the signaled Exposure State and ii) securities passing the EASI Growth Index Screening Filter on the Monthly Selection Day.

“Interim Adjustments” are partial rebalances occurring on an Interim Adjustment Day following a Trigger Event calculated on an Interim Selection Day.  Interim Adjustments are rebalances between the aggregate non-cash Index Components and cash allocation according to the new Exposure State.  Non-cash Index Components are adjusted (i.e., bought or sold), prorata, according to their relative weighting as calculated on the Interim Adjustment Day,

“Adjustment Days” includes both “Monthly Adjustment Days” and “Interim Adjustment Days” and are the third Business Days after the Monthly Selection Days and Interim Selections Days, respectively. (Prior to Feburary 16, 2018 it was the fourth Business Day after the Monthly Selection Days and Interim Selections Days, respectively.)
“Selection Days” includes both “Monthly Selection Days” and “Interim Selection Days”

“Monthly Selection Days” are the second Friday of the calendar month if that Friday is a Business Day.  
If the second Friday of the calendar month is not a Business Day, then the Monthly Selection Day will be the Business Day prior to the second Friday of the calendar month. If data is not available on the second Friday of the month, for any reason, prior Friday’s or next Friday’s data will be used. In such a case the day the list is sent to the index calculator, that day will become the Monthly Selection Day.

“Interim Selection Day” is every non-Monthly Selection Day Friday that is a Business Day,
If Friday is not a Business Day and falls on a scheduled market closure, then the Interim Selection Day will be the Business Day prior to Friday, assuming that notice of the market closure was given at least one full trading day prior to the closure.
If Friday falls on an unscheduled market closure, or if a closure is scheduled with less than one full trading day of prior notice, then the Interim Selection Day will be on the next Business Day following the Friday. 


An “Affiliated Exchange” is with regard to an Index Component an exchange, a trading or quotation system on which options and futures contracts on the Index Component in question are traded, as specified by the Index Calculator. 

A “Market Disruption Event” occurs if 

           1. One  of the following events occurs or exists on a Trading Day prior to the opening quotation                time for an Index Component: 
A) Trading is suspended or restricted (due to price movements that exceed the limits allowed by the Exchange or an Affiliated Exchange, or for other reasons):
1.1.               across the whole Exchange; or
1.2.               in options or futures contracts on or with regard to an Index Component or an Index Component that is quoted on an Affiliated Exchange; or
1.3.               on an Exchange or in a trading or quotation system (as determined by the Index Calculator) in which an Index Component is listed or quoted; or
B) an event that (in the assessment of the Index Calculator) generally disrupts and affects the opportunities of market participants to execute on the Exchange transactions in respect of a share included in the Index or to determine market values for a share included in the Index or to execute on an Affiliated Exchange transaction with regard to options and futures contracts on these shares or to determine market values for such options or futures contracts; or
2. T rading on the Exchange or an Affiliated Exchange is ceased prior to the usual closing time (as defined below), unless the early cessation of trading is announced by the Exchange or Affiliated Exchange on this Trading Day at least one hour before  
(aa)                The actual closing time for normal trading on the Exchange or Affiliated Exchange on the Trading Day in question or, if earlier.
(bb)               The closing time (if given) of the Exchange or Affiliated Exchange for the execution of orders at the time the quote is given.  
“Normal exchange closing time” is the time at which the Exchange or an Affiliated Exchange is normally closed on working days without taking into account after-hours trading or other trading activities carried out outside the normal trading hours; or
3.  A general moratorium is imposed on banking transactions in the country in which the Exchange is resident if the above-mentioned events are material in the assessment of the Index Calculator, whereby the Index Calculator makes his decision based on those circumstances that he considers reasonable and appropriate.

5 Appendix


5.1 Contact data

Information regarding the EASI Growth Index concept

Index Owner

EASI Investments, LLC  (A Digital Publication Company)
David Ryan, Rajneesh Gupta, Mark MacArthur (Partners)
Email: easipublisher@gmail.com


Index Calculator Solactive AG

Guiollettstr. 54
60325 Frankfurt am Main, Germany
Phone: +49 (0) 69 719 160 00
Fax: +49(0) 69 719 160 25
eMail: equity.ops@solactive.com

5.2 Calculation of the Index – change in calculation method


The application by the Index Calculator of the method described in this document is final and binding. The Index Calculator shall apply the method described above for the composition and calculation of the Index. However it cannot be excluded that the market environment, supervisory, legal, financial or tax reasons may require changes to be made to this method. The Index Calculator may also make changes to the terms and conditions of the Index and the method applied to calculate the Index, which he deems to be necessary and desirable in order to prevent obvious or demonstrable error or to remedy, correct or supplement incorrect terms and conditions. The Index Calculator is not obliged to provide information on any such modifications or changes. Despite the modifications and changes the Index Calculator will take the appropriate steps to ensure a calculation method is applied that is consistent with the method described above.





Performance

Performance of EASI Tactical Growth Index, updated as of Oct 11, 2019

Index1 Year2 Year3 Year4 Year5 YearSince Inception
EASI Tactical Growth Index7.2%12.8%61.1%75.1%113.2%364.8%
S&P500® (SPX)11.1%20.9%47.6%59.8%72.7%223.6%
 Annualized Performance
EASI Tactical Growth Index7.2%6.2%17.2%15.0%16.3%18.4%
S&P500® (SPX)11.1%10.0%13.9%12.4%11.5%13.8%

Calendar year Performance of EASI Tactical Growth Index, updated as of Oct 11, 2019

IndexYTD20182017201620152014201320122011
EASI Tactical Growth Index1.9%6.3%36.7%17.4%8.2%10.7%53.1%22.0%1.2%
S&P500® (SPX)20.4%-4.4%21.8%12.0%1.4%13.7%32.4%16.0%2.1%

Disclosure:

The EASI Tactical Growth Index was launched on February 27, 2017. Index values between September 10, 2010 and February 27, 2017 have been calculated pursuant to a back-tested methodology (i.e. calculations of how the index might have performed over that time period had the index existed) with an initial index value level of 100. There are frequently material differences between back-tested performance and actual results. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase securities underlying the Index or investment funds that are intended to track the performance of the Index, the imposition of which would cause actual and back-tested performance to be lower than the performance shown. Past performance of the Index, whether actual or back-tested, is not an indication or guarantee of future results. All Index values have been calculated by Solactive AG (See additional disclaimer below).

The Standard & Poor’s 500 Stock Index (“S&P 500 Index") is an unmanaged index generally representative of the U.S. stock market. Index returns do not reflect fees, commissions or other expenses of investing. Investors may not make direct investment into any index.

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