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5i Research (5i) and the ETF & Mutual Fund Update (referred to as 5i herein) is not a registered investment advisor. Any information, recommendations or statements of opinion provided here and throughout the 5i website are for general information purposes only. It is not intended to be personalized investment advice or a solicitation for the purchase or sale of securities. The information contained in this publication are obtained from, or based upon publicly available sources that we believe to be reliable. 5i makes no warranty as to their accuracy or usefulness of the information provided. Past performance is not indicative of future results. You further agree that 5i Research will not be liable for any losses or liabilities that may be occasioned as a result of the information or commentary provided. Do not buy or sell any stock or fund without conducting your own due diligence or consulting an advisor. Employees of 5i Research involved in the research process cannot trade in Canadian traded stocks. Employees, directors, officers and/or partners may hold a financial or other interest in funds or US and international securities mentioned. Employees, directors, officers and/or partners hold a financial or other interest in the i2i Long/Short US Equity Fund (i2i Fund) which from time to time may hold a financial or other interest in non-Canadian securities discussed throughout the website.

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