PRODUCT DISCLAIMERS
Revised October 30, 2023
Use of all Hedgeye Risk Management, LLC (“Hedgeye”) products and services is subject to the Terms of Service available at https://www.hedgeye.com/terms_of_service. The below product-specific disclaimers must always be read in connection with, and are intended to supplement, the Terms of Service, including the disclaimers found therein, as well as any information or disclaimer communicated directly through Hedgeye products and services.
REAL-TIME ALERTS
Important – please read carefully before using this service
Hedgeye Real-Time Alerts ("Alerts" or an “Alert”) are not an investment advisory service and do not purport to tell or suggest which financial instruments a subscriber should buy, sell or hold for his/herself or on behalf of anyone else. Rather, Alerts provide hypothetical quantitative pricing signals in a virtual setting to illustrate how an investor might employ certain Hedgeye investment ideas. Alerts are not actual trades and do not represent an actual portfolio of investments; Alerts are “Long” and “Short” signals across various time durations, based on Hedgeye’s fundamental analysis, coupled with a proprietary technical model. Alerts are posted on the Hedgeye website (“Product Website”) and available to all subscribers of Alerts at the same time. Subscribers to Alerts may also choose to receive email notifications (“Email Notifications”) and other forms of notifications, including, but not limited to, those made available through third-party applications (“App Notifications”), when an Alert has been issued. A subscriber’s election to receive Email Notifications or App Notifications is in the subscriber’s sole discretion (see Hedgeye Terms of Services regarding Third-Party Platforms, the definition of which includes email servers, email providers and third-party applications). An Alert “time stamp” represents the time the Alert was submitted to the Product Website. Subscribers may experience delays between the time an Alert is issued on the Product Website and when the subscriber receives the Email Notification or App Notification (“Latency Periods”). Hedgeye makes no guarantee related to Latency Periods, delivery, or failure to deliver, any Email Notification or Application Notification to any subscriber. At times, Latency Periods may exceed several minutes and Latency Periods may differ across Third-Party Platforms or as between Email Notifications and App Notifications.
Alerts reflect only current bid and ask prices Hedgeye receives from a third-party provider (“Third-Party Feed Price”) and may not correspond to actual transactions executed in the marketplace. Hedgeye is not responsible for the accuracy of Third-Party Feed Prices. Moreover, actual market conditions, including the price at which a transaction may be executed (including transaction costs), are likely to differ from information communicated through an Alert, which merely represents estimated or indicative Third-Party Feed Price information available to Hedgeye at the time Hedgeye issues an Alert. Third-Party Feed Prices communicated through Alerts may not represent prices available to subscribers. Periods of fast markets and specific individual financial instruments’ characteristics (such as liquidity, market cap and market interest) may cause significant slippage, less than ideal fills or general unavailability to execute a desired order. Markets may move particularly fast for smaller cap, less liquid financial instruments. Hedgeye does not offer any brokerage services and is not responsible for, and cannot control, a subscriber’s ability or inability to achieve specific entry or exit points. Hedgeye makes no guarantee that a subscriber will have access to any or all financial instruments listed in Alerts. It is important to understand that there may be periods of data outages and server failures that may have an impact on Alerts, Email Notifications, Application Notifications, your use of Alerts and market conditions generally.
Actual results are likely to differ from the “realized returns,” “unrealized returns”, and “performance” (collectively the “Alert Statistics”), which are simple mathematical calculations based on Third-Party Feed Prices. The hypothetical “cost basis” or “average cost basis” reflected in Alerts are the Third-Party Feed Price for that financial instrument at the time the signal was issued. In the instance in which a second or third signal (referred to as a “double” or “triple” signal) is issued on an “open signal”, Hedgeye will average the “cost basis” from the instance in which the “open signal” was initiated and the Third-Party Feed Price quoted for that financial instrument at the time of the second or third, as the case may be, signal’s issuance. This latter calculation will become the new “average cost basis” for the “open signal”. The hypothetical “performance” is the percent difference between the “cost basis” or “average cost basis” and the Third-Party Feed Price at the time a signal is issued which closes the “position” for that financial instrument. “Unrealized return” represents current “performance” of “open signals”, while “realized return” represents “performance” of “closed signals.”
Differences between the Alerts Statistics and actual results in the marketplace or actual transactions may arise for a number of reasons, including but not limited to: The Alerts Statistics do not account for transaction costs; the Alerts Statistics do not account for margin interest costs; the Alerts Statistics do not account for time delays between the Third-Party Feed Price delivery and the issuance of the Alerts; the Alerts Statistics do not account for the time it takes to effect an actual market transaction, or Latency Periods in the delivery of Email Notifications, App Notifications or other messages or any other delay outside of Hedgeye’s control; the Alerts Statistics do not account for cash dividends; the Alerts Statistics generally do not account for corporate actions such as stock splits, rights, and warrants, though the “cost basis” or “average cost basis” of positions in Alerts may occasionally be adjusted for the sake of accuracy (with all such adjustments being described in notes accompanying the positions in Alerts); the Alerts Statistics do not consider possible lack of liquidity or whether the Third-Party Feed Price is actually available as a transaction price, or how different the Third-Party Feed Price may be from a transaction price available to any subscriber; Alerts do not consider tax consequences; Alerts do not indicate size of position; and Alerts do not give asset allocation guidance. Hedgeye is not responsible for the accuracy of Third-Party Feed Prices. Hedgeye may, from time to time, make corrections to account for technical errors. YOU SHOULD ALWAYS BE AWARE OF THE ACTUAL COSTS OF ANY TRANSACTION BEFORE EFFECTING SUCH TRANSACTION.
The Alerts are not representative of all of Hedgeye’s investment ideas and are based on market factors and strategies that may vary from other Hedgeye products and services, which at times, may result in a “position close” in the Alerts while Hedgeye may continue to have an opinion about a financial instrument or company in other products or services.
U.S. GOVERNMENT REQUIRED DISCLAIMER—CFTC. Forex, futures and options trading offers large potential rewards, but also large potential risk. Subscribers must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Do not trade with capital you cannot afford to lose.
Alerts are neither a solicitation nor an offer to buy or sell futures, options or any other financial instrument.
No representation is being made that any account will or is even likely to achieve profits or minimize losses similar to those disclosed or discussed by Hedgeye or illustrated through Hedgeye’s products or services.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. PAST PERFORMANCES DO NOT GUARANTEE FUTURE RESULTS. UNLIKE AN ACTUAL PERFORAMCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY, ALL FACTORS LISTED ABOVE AND ANY OTHER FACTORS, THE VOLUME OF WHICH ARE TOO VAST TO LIST EXHAUSTIVELY. SIMLULATED TRADING RECORDS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNATED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL RISKS AND OTHER ASPECTS OF TRADING IN FINANCIAL INSTRUMENTS. YOU SHOULD CONSULT YOUR FINANCIAL ADVISOR PRIOR TO UNDERGOING A TRADING STRATEGY.
THE ARENA (HEDGEYE DISCUSSION BOARD)
Important – please read carefully before using this service
Hedgeye’s The Arena ("The Area") is a live, real-time, interactive discussion board hosted on Hedgeye’s website which includes posts from Hedgeye subscribers and Hedgeye representatives. The Arena is intended for informational and educational purposes. It is very important that you conduct your own analysis before making any investment decisions based on your own personal circumstances. The Arena is not a forum to receive, solicit or provide investment advice, nor is it a forum to receive, solicit or provide investment advisory services, nor does it purport to suggest which financial instruments a subscriber should buy, sell or hold and you should not expect that any post, whether specifically directed to you, or in general, is investment, legal or tax advice tailored to your specific situation. The Arena is provided to subscribers at no additional charge.
HEDGEYE DOES NOT PROVIDE INVESTMENT ADVISORY SERVICE THROUGH THE ARENA. NO CONTENT IN THE ARENA SHOULD BE CONSTRUED AS A RECOMMENDATION TO ENTER IN ANY SECURTIES TRANSACTION OR TO ENGAGE IN ANY INVESTMENT STRATEGY PRESENTED. THE OPINIONS EXPRESSED IN THE ARENA ARE THOSE OF THE POSTER, AND NOT NECESSARILY THOSE OF HEDGEYE. THE OFFICIAL SOURCE OF HEDGEYE’S OPINION REGARDING A SPECIFIC SECURITY IS OUR PUBLISHED RESEARCH.
THE ARENA IS PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY THAT THE SERVICES ARE ACCURATE, COMPLETE, RELIABLE, CURRENT, OR ERROR FREE. HEDGEYE DOES NOT CONTROL, ENDORSE, OR TAKE RESPONSIBILITY FOR ANY CONTENT AVAILABLE ON OR LINKED TO THE SERVICES OR THE ACTIONS OF ANY THIRD-PARTY OR USER, INCLUDING MODERATORS. WHILE HEDGEYE ATTEMPTS TO MAKE ACCESS TO AND USE OF OUR SERVICES SAFE, WE DO NOT REPRESENT OR WARRANT THAT OUR SERVICES OR SERVERS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. HEDGEYE IS NOT RESPONSIBLE FOR ANY USE, STORAGE OR SHARING OF ANY INFORMATION YOU WILLINGLY POST IN THE ARENA.
The Arena Community Guidelines prohibits use which intends to impersonate another individual or entity or imply endorsement or affiliation where no such relationship exists; however, Hedgeye is not responsible for verifying any identity, affiliation or endorsements posted in The Arena.
By using The Arena, you understand that you are solely responsible for complying with all applicable laws, rules and regulations, include privacy, intellectual property and securities regulations and Hedgeye cannot, and will not, take any responsibility, nor will Hedgeye provide you any defense or indemnity for your failure to comply.
Any reference to past results of a Hedgeye investment recommendation is not a representation of performance or monetary returns achieved by Hedgeye; Hedgeye does not affect securities transactions, nor does Hedgeye manage any accounts. References to past recommendations are a reference to Hedgeye published research notes. Past performance or results are not indicative of future performance and investing in the financial markets is inherently risky.
In addition to this Product Specific Disclaimer, Hedgeye’s Terms of Service, Privacy Policy and The Arena Community Guidelines available at https://arena.hedgeye.com/faq, all apply to your use of The Arena.
Portfolio Solutions ETF Re-Rank
ETF Re-Rank and Portfolio Solutions (collectively “ETF Re-Rank”) are not investment advisory services and do not purport to tell or suggest which financial instruments subscribers should buy, sell, or hold for his/herself or on behalf of anyone. ETF Re-rank is not a model portfolio and does not provide specific or tailored actionable timing and sizing designed to be relied upon by subscribers. ETF Re-Rank is limited to only long fund (mutual fund and exchange traded funds (ETF) positions. It does not present any “short”, option, cryptocurrency or single stock strategies or any other strategies.
ETF Re-Rank is a visualization of funds held in one of Hedgeye CEO Keith McCullough’s personal accounts managed by Mr. McCullough, and referred to by Mr. McCullough as his “long-only” account. Mr. McCullough’s long-only account is comprised of his and his family’s personal assets and is not an account for which he takes outside investments. ETF Re-Rank is not an offer or solicitation to invest money with Hedgeye or Mr. McCullough. Hedgeye does not provide asset management services to individual investors. Hedgeye is not a broker dealer and does not make securities available for purchase. This product is not an offer to buy, or a solicitation to sell, any security.
Mr. McCullough’s long-only account is not the only personal account Mr. McCullough manages for himself and his family; therefore, ETF Re-Rank is not a representation of all securities, funds or investable assets in which Mr. McCullough invests. ETF Re-Rank is a snapshot of the holdings in Mr. McCullough’s long-only account at one moment in time each day, after he adjusts his holdings based on his observations and expectations of market conditions. ETF Re-Rank will not be published at the same time each day, and there may be publishing delays such that ETF Re-Rank will not be published at the same time each day.
Mr. McCullough may adjust his long-only account throughout the day and those adjustments will not be captured in the ETF Re-Rank and may alter the rankings of the positions in the long-only account between publications. Commentary relating to adjustments to the ETF Re-rank are for illustrative purposes and are not representative of all adjustments made to the long only account. Commentary and position rankings are published after Mr. McCullough executes the transactions in his long-only account.
Hedgeye is not responsible for publishing ETF Re-Rank daily and disclaims any reliance by subscribers that ETF Re-Ranks will be published on any regular schedule. Subscribers’ only recourse for failing to receive ETF Re-Ranks at a frequency or schedule they desire is to cancel their subscription.
Products are available as published on Hedgeye’s website under the Product category (“Product Website”) and available to all Product subscribers at the same time. Subscribers may also elect to receive email notifications of publications to the Products (“Email Notifications”). A subscriber’s election to receive Email Notifications is at the subscriber’s sole discretion. Subscribers may experience delays between the time a Product is issued on the Product Website and when the subscriber receives the Email Notification (“Latency Periods”). Hedgeye makes no guarantee related to Latency Periods, delivery, or failure to deliver, any Email Notification to any subscriber. At times, Latency Periods may exceed several minutes, and Latency Periods may differ based on the subscriber’s email provider service, internet connection, connection strength, and other variables outside of Hedgeye’s control. The fastest and most reliable way to consume the Product is on the Product Website.
Hedgeye makes no representations or warranty that past results will or can be repeated. Data has not been verified by a third party. Does not include results from other Hedgeye Products or Services relating to these, or other, securities, and are based on market factors and strategies that may vary from other Hedgeye Products and Services. ETF Re-Rank relies upon market predictions about market conditions that are outside of Hedgeye and Mr. McCullough’s control. Due a variety of market conditions, including delays between the time Mr. McCullough’s transactions in his long-only account and publication of the ETF Re-Rank, subscribers should expect to execute transactions at different prices from Mr. McCullough, sometimes better, and sometimes worse, prices.
Risk Range™ Signals & Momentum Stock Tracker
Risk Range™ signals (“RR Signals”) are not investment advisory services and do not purport to tell or suggest which financial instrument(s) subscribers should buy, sell, or hold for his/herself or on behalf of anyone. RR Signals are not a model portfolio and do not provide specific or tailored actionable timing and sizing designed to be relied upon by subscribers.
Rather, RR Signals are daily quantitative outputs and visualizations, of proprietary Hedgeye models using price, volume, and volatility to predict a possible trading price range for a given investable instruments. RR Signals are the result of model predictions as of each morning and published once daily. The model’s trading ranges can, and will, move throughout the day based on market conditions outside of Hedgeye’s control. Hedgeye will not issue updated RR Signals to RR and Momentum Stock Tracker subscribers intraday; however, other Hedgeye products may take into consideration updated model predictions intraday. Neither Hedgeye, nor any market prognosticator, can know for certain the actual price range an investable instrument can or will trade at in the future.
RR Signal are not an offer or solicitation to invest with Hedgeye. Hedgeye does not provide asset management services to individual investors. Hedgeye is not a broker dealer and does not make securities available for purchase. This product is not an offer to buy, or a solicitation to sell, any security.
Hedgeye is not obligated to publish RR Signal daily, nor pursuant to any other pre-set or standard schedule, and Hedgeye disclaims any reliance by subscribers that RR Signals will be published on any regular schedule. Subscribers’ only recourse for failing to receive RR Signals at any frequency is to cancel their subscription.
Momentum Stock Tracker is a dashboard of essential price, volume, volatility, fundamental, sentiment and other market data relating to the listed investable instruments utilizing third-party data (“Third-Party Data”) believed by Hedgeye to be reliable. Momentum Stock Tracker utilizes RR Signals as published that morning. Momentum Stock Tracker does not reflect intraday updates to the ranges.
RR Signals and Momentum Stock Tracker (collectively “Products”) are available as published on Hedgeye’s website under their respective Product categories (“Product Website”) and available to all subscribers of the respective Product, at the same time. Subscribers may also elect to receive email notifications of publications to the Products (“Email Notifications”). A subscriber’s election to receive Email Notifications is at the subscriber’s sole discretion. Subscribers may experience delays between the time a Product is issued on the Product Website and when the subscriber receives the Email Notification (“Latency Periods”). Hedgeye makes no guarantee related to Latency Periods, delivery, or failure to deliver, any Email Notification to any subscriber. At times, Latency Periods may exceed several minutes, and Latency Periods may differ based on the subscriber’s email provider service, internet connection, connection strength, and other variables outside of Hedgeye’s control. The fastest and most reliable way to consume the Product is on the Product Website.
Hedgeye makes no representations or warranty that past results will or can be repeated. Hedgeye relies on Third-Party Data for market price and in calculating price movement and other selected market indicators. Hedgeye has not verified the accuracy of Third-Party Data. The Products do not include results from other Hedgeye products or services relating to these, or other, securities, and are based on market factors and strategies that may vary from other Hedgeye products and services. The Products rely upon market predictions about market conditions that are outside of Hedgeye’s control.
Risk Range™ Signal Visualization
“Downside Potential” is intended to be an expression of the price movement of an investable instrument, per the then-market price, away from the low end of the daily published RR Signal for a that given investable instrument, expressed as percentage away from the published low end of from the market price. Downside Potential is calculated by taking the absolute percent value of the quotient of the low end of the RR Signal and the market price less 1 ((i.e. % = (low end of RR Signal / market price)-1) x 100).
Where market price is below the low end of the Risk Range signal, the value for Downside Potential is set to 0.
“Upside Potential” is intended to be an expression of the price movement of an investable instrument, per the then-market price, away from the high end of the RR Signal for that given investable instrument, expressed as a percentage away from the published high end of the daily published RR Signal from the market price. Upside Potential is calculated by taking the absolute percent value of the quotient of the high end of the RR Signal and the market price less 1 (i.e. % = ((high end of RR Signal / market price) – 1)) x 100)
Where market price is above the top end of the risk range, the value for Upside Potential is set to 0.
Market price used for the above calculations is publicly available price data from a Third-Party Price Data, available to Hedgeye at or around 2:00pm ET. Third-Party Price Data may be subject to delay.
RR Signal used is the RR Signal published that morning for that investable instrument.
Calculations do not include any consideration for trading costs, commissions, or other factors that could impact actual trading results. Signals do not represent actual trades, and therefore, may not correspond to actual transactions executed in the marketplace. Hedgeye is not responsible for the accuracy of Third-Party Feed Prices. Moreover, actual market conditions, including the price at which a transaction may be executed (including transaction costs), are likely to differ from information communicated through Risk Range Signal Visualization and Momentum Stock Tracker, which merely represents estimated or indicative Third-Party Feed Price information available to Hedgeye at the time indicated. Third-Party Feed Prices communicated through Risk Range Visualizations may not represent prices available to subscribers. Periods of fast markets and specific individual financial instruments’ characteristics (such as liquidity, market cap and market interest) may cause significant slippage, less than ideal fills or general unavailability to execute a desired order. Markets may move particularly fast for smaller cap, less liquid financial instruments. Hedgeye does not offer any brokerage services and is not responsible for, and cannot control, a subscriber’s ability or inability to achieve specific entry or exit points. Hedgeye makes no guarantee that a subscriber will have access to any or all financial instruments listed in RR Signals.