IMPORTANT LEGAL INFORMATION
SGS publishes indices for use in portfolio and product benchmarking and portfolio management. The indexes described in this website (each an “Index” and collectively, the “Indexes”) are based on a proprietary methodology developed by SGS. SGS has granted MAI an exclusive license to the Indexes for certain marketing and distribution purposes. The Indexes, and their allocations and data, are subject to change at any time. MAI will not be liable for any errors, omissions or interruptions in calculating the Index. MAI makes no representations or warranties, express or implied and shall have no liability with respect to the adequacy, accuracy, timeliness and/or completeness of the Indexes.
Neither MAI nor the Indexes guarantee future income or protect against loss of principal. There can be no assurance that an investment strategy or financial product based on or in any way tracking the Indexes will be successful. MAI has no liability for any errors, omissions or interruptions of the Indexes. MAI shall not be liable in any way to any party in respect of the use or accuracy of the Indexes or any data included therein. Indexes are unmanaged and one cannot invest directly in an Index.
Third party licensees’ products that seek to track the Indexes are not issued by MAI. MAI is not responsible for the determination of the benefits and charges of licensees’ products that track the Indexes or the timing of the issuance or sale of such products or in the determination or calculation of the equation by which a licensees’ products are to be converted into cash, surrendered or redeemed, as the case may be. Purchasers of an Index licensee’s products acquire all such products from the licensee, and neither acquire any interest in the Index nor enter into any relationship of any kind with MAI upon purchasing such third-party products that may seek to track an Index.
MAI has no responsibilities, obligations or duties to purchasers of such third-party products, and makes no representation or warranty, express or implied, to the owners of any third-party products that seek to track an Index or any member of the public regarding the advisability of investing in such products, or in an Index licensee particularly, or the ability of an Index to track general market performance. Each Index is determined, composed and calculated without regard to an Index licensee, its products, or any purchasers of such products. MAI has no obligation to take the needs of an Index licensee or the owners of such licensee’s products into consideration in determining, composing or calculating an Index. There is no assurance that products based on an Index will accurately track Index performance or provide positive investment returns.
In publishing the Indexes, MAI is not acting as an investment adviser. Inclusion of a security within an Index is not a recommendation by MAI to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, MAI may independently issue and/or sponsor financial products unrelated to an Index licensee’s products, but which may be similar to and competitive with such Index licensee’s product. In addition, MAI may trade financial products which are linked to the performance of an Index.
MAI DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING ANY ORAL, WRITTEN OR ELECTRONIC COMMUNICATION. MAI SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MAI MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY AN INDEX LICENSEE, OWNERS OF PRODUCTS THAT SEEK TO TRACK ANY INDEX, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF AN INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MAI BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING, BUT NOT LIMITATED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.
MAI does not make any representation or warranty, express or implied, to the owners of any third-party licensee’s product or any member of the public regarding the advisability of investing in securities generally or in a licensee’s products particularly or the ability of an Index to track general market performance. MAI is not responsible for the determination of the prices and amount of an Index licensee’s products or the timing of the issuance or sale of such products or in the determination or calculation of the equation by which an Index licensee’s products may converted into cash or other redemption mechanics. MAI has no obligation or liability in connection with the administration, marketing or trading of products that seek to track an Index. MAI is not an investment advisor. Inclusion of a security within an Index is not a recommendation by MAI to buy, sell, or hold such security, nor is it investment advice.
Performance Data (including Back-Tested Data)
Past performance does not guarantee future results. Performance information should not be relied upon as investment advice, research, or a recommendation by MAI. Back-tested performance is developed with the benefit of hindsight and has inherent limitations. Specifically, back-tested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Actual performance may differ significantly from back-tested performance. Back-tested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of back-tested transaction costs, management fees, performance fees or expenses, if applicable.
Each Index’s performance data prior to the inception date is back-tested data (i.e., calculations of how an Index might have performed over that time period had the Index existed) and for illustrative purposes only and does not represent the performance of a specific investment product. Index returns are based on total returns of constituent ETFs tracked by the Index. For underlying ETFs not in existence during the timeframe referenced, proxy benchmark returns are used. Proxy benchmarks are indices that have similar historical exposures and characteristics to the ETFs they represent. Sharpe ratio uses an Index’s standard deviation and its return (which is already net of the risk-free asset) to determine the reward per unit of risk. Actual performance of an Index may vary significantly from that Index’s back-tested data.
Index performance is hypothetical, based on trading at the market close of trade dates, and does not include associated trading fees or account fees. It is assumed that one would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Changes in these assumptions may have a material impact on the back-tested data presented. Certain assumptions have been made for modeling purposes and there can be no assurance that they will be realized. No representations and warranties are made as to the reasonableness of the assumptions. This information is provided for illustrative purposes only.
Authorized Use and Users
Personal use. This Site is intended only for your personal, non-commercial use.
No solicitations. Nothing on this Site shall be considered a solicitation to buy or an offer to sell, or a recommendation for, a security, investment or any other product or service, or to use any index or otherwise participate in any particular trading strategy.
No investment recommendations or advice; use of tools. This Site is for general educational, informational use only and is not intended to provide any tax, legal, insurance or investment advice, and nothing on the Site should be construed as a recommendation, by MAI or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction or to use any index. While certain information available on the Site may provide general investment or financial analyses, such information is not to be construed as our providing investment recommendations or advice. You assume all risk relating to any use of the information on this Site. Your clients are responsible for determining whether any investment, index, security or strategy or any other product or service is appropriate or suitable for them based on their investment objectives and personal and financial situation. Your clients should consult an attorney or tax professional regarding their specific legal or tax situation.
DISCLAIMER OF WARRANTIES. YOU ACKNOWLEDGE AND AGREE THAT THIS SITE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. NONE OF SGS, MAI, THEIR AFFILIATES OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS (COLLECTIVELY, THE “MAI PARTIES”) GUARANTEES THE TIMELINESS, ACCURACY, RELIABILITY, COMPLETENESS, OR USEFULNESS OF ANY OF THE SITE. NONE OF THE MAI PARTIES WARRANT THAT THIS SITE OR DOWNLOADS WILL MEET YOUR NEEDS OR EXPECTATIONS, OR BE UNINTERRUPTED, SECURE OR ERROR FREE OR THAT THIS SITE, ITS SERVER OR ANY FILES AVAILABLE FOR DOWNLOADING THROUGH THIS SITE ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL ELEMENTS. THE MAI PARTIES HAVE NO RESPONSIBILITY FOR VIRUSES OR ANY OTHER DAMAGE THAT MAY BE CAUSED TO YOU AS A RESULT OF USING THIS SITE. PERIODS OF VOLATILE OR UNUSUAL MARKET ACTIVITY, IN PARTICULAR, MAY AFFECT SYSTEMS AVAILABILITY OR RESPONSE TIME.
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No Reliance on Data. Reasonable precautions have been taken to ensure that Site Content is complete and accurate. However, due to the nature of information delivery technology and the necessity of using multiple data sources, including Third Party Content, we are unable to assure the accuracy of the data you access through this Site. In addition, any simulated data shown is subject to numerous assumptions and limitations, and as such, is used for general illustrative purposes only and should not be relied upon by you. Site Content is presented only as of the date published or indicated and may be superseded by subsequent market events or other reasons. MAI has no duty to update this Site or any Site Content. MAI SHALL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGES ARISING FROM ANY ACTIONS OR INVESTMENT DECISIONS TAKEN BY YOU BASED ON THE ACCURACY OF THE DATA PRESENTED THROUGH THIS SITE.
Cautions about future or “forward-looking” statements. Speculation or stated beliefs about future events, such as market and economic conditions, company or security performance, upcoming product offerings or other projections are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. General business, market, economic and political conditions could cause actual results to differ materially from what we presently anticipate or project.
Limitation of Liability
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Governing Law, Forum, Severability, and Miscellaneous