Important Notice to Recipients

Capital Markets IQ, LLC (“CMIQ”) reserves the right to monitor and retain all incoming and outgoing communications as permitted by applicable law.

Erroneous Recipient

If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately.  Unintended recipients shall not review, reproduce, disseminate nor disclose any information contained in this communication.  Erroneous transmission is not intended to waive confidentiality or attorney-client privilege.  Capital Markets IQ, LLC reserves the right, to the extent permitted under applicable law, to monitor electronic communications.  This message is subject to terms available at the following link:   If you cannot access this link, please notify us by reply message and we will send the contents to you.  By messaging with Capital Markets IQ, LLC you consent to the foregoing.


Electronic Requests and Wire Transfers

It is important that you do not use e-mail to request that we purchase or sale any security or commodity.   Any such request or instruction that you send to us will not be accepted and will not be processed.  We will only accept wire transfer instructions sent via e-mail that include properly executed transfer documentation.
Unless otherwise agreed, an electronic message is not intended as an “official” document or confirmation, and we do not accept responsibility for, or guarantee it to be, accurate, timely, secure, error or virus-free. The information in this communication is provided purely as an informational courtesy.  In the event of a conflict between this communication and official communications (i.e., statements, confirmations, etc.), the official communication controls.
This message is not an offer or solicitation of an offer or recommendation to buy or sell the securities or instruments that may be mentioned.   Unless otherwise noted, electronic messages do not constitute CMIQ research even if they refer to a research or analyst report. Advice, suggestions or views presented in this communication are not necessarily those of Capital Markets IQ, LLC nor do they warrant a complete or accurate statement.  Unless otherwise indicated, any views expressed are those of the author alone and may differ from others within CMIQ.  Please contact the sender if you would prefer not to receive further electronic communications.


This is a confidential communication between sender and its intended recipient.  We reserve the right, to the extent permitted by applicable law, to store messages in a manner and at a location within our sole discretion.

Security and Timing

We make no representation or warranty that electronic messages will be confidential.  Electronic messages may be intercepted or accessed by unauthorized or unintended parties, may not arrive at the intended destination, or may not arrive in the form transmitted.  We have the ability to make information available through secure electronic transmissions.  Please contact the sender if you wish to receive secure transmissions.  Electronic message communications cannot be guaranteed to be timely, secure or error free.  Information provided speaks only as of its date. We have not undertaken, and will not undertake, any duty to update the information or otherwise advise you of changes in our opinion or information we make available to you.


We may have a relationship with entities discussed in electronic communications.  We may act as a principal or market maker of the securities or instruments mentioned or may act as an advisor to (or seek to advise) the issuer.

Third Party Data

The data contained in a communication may be obtained from a variety of sources and may be subject to change.  We disclaim any and all liability for the information, including without limitation, any express or implied representations or warranties for information or errors contained in, or omissions from, the information.  CMIQ and its members, manager, officers or representatives shall not be liable for any loss or liability suffered by you resulting from the provision to you of the information or your use or reliance in any way on the information.

U.S. Treasury Circular 230 Tax Notice

CMIQ does not render advice on tax and tax accounting matters to clients.  This communication was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal income tax laws.  Clients should consult their own legal, tax investment or other advisors, at both the onset of any transaction and on an ongoing basis to determine the laws and analyses applicable to their specific circumstances.

Use of Historic, Model or Hypothetical Performance Data Risk Disclosure

Unless stated otherwise, any performance data quoted represents past, model or hypothetical performance.  Past performance is not indicative of future returns.  No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in the analysis which have resulted in any returns detailed herein. Transaction costs may or may not have been included in the calculation of returns.  Changes to the assumptions may have a material impact on any returns detailed.  Clients should be aware that certain legal, accounting and tax restrictions, margin requirements, commissions and other transaction costs and changes to the assumptions set forth herein may significantly affect the economic consequences of the transactions discussed herein.

Futures and Options Risk Disclosure

The trading of futures or options on futures contains inherent risks.  We remind you that these investments are subject to market risk and will fluctuate in value. The investments discussed or recommended by us may be unsuitable for clients depending upon their specific investment objectives and financial position.  Before engaging in the purchasing or writing of options, clients should understand the nature and extent of their rights and obligations and be aware of the risks involved, including the risks pertaining to the business and financial condition of the issuer and the underlying stock. A secondary market may not exist for these securities.
Clients engaging in spreading should understand that spreading may also entail substantial commissions, because it involves at least twice the number of contracts as a long or short position and because spreads are almost invariably closed out prior to expiration.  Clients should be advised that the tax treatment applicable to spread transactions should be carefully reviewed prior to entering into any transaction.  Also, while a client who engages in spread transactions may be reducing risk, the client is also reducing profit potential. The risk/reward ratio should be considered. The risk of exercise in a spread position is the same as that in a short position.  Certain clients may be able to anticipate exercise and execute a "rollover" transaction.  However, should exercise occur, it would clearly mark the end of the spread position and thereby change the risk/reward ratio. Due to early assignments of the short side of the spread, what appears to be a limited risk spread may have more risk than initially perceived.  A client with a spread position in index options that is assigned an exercise is at risk for any adverse movement in the current level between the time the settlement value is determined on the date when the exercise notice is filed with OCC and the time when such client sells or exercises the long leg of the spread. Other multiple-option strategies involving cash settled options, including combinations and straddles, present similar risk.

ETFs Risk Disclosures

ETFs are subject to market risk and will fluctuate in value.  Clients may obtain prospectuses for the funds described in this report from the ETF distributor.  The prospectuses contain more complete and important information about the ETFs and should be read carefully before investing.

Foreign Recipients

This communication and any attachments are intended solely for informational purposes and do not constitute, and should not be interpreted to constitute, the offering, selling or conducting of business with respect to securities, investment products or investment services in the jurisdiction of the intended addressee, if other than the U.S., or the conducting of any brokerage, investment advisory, banking or other similarly regulated activities in the non-U.S. jurisdiction. These materials are private, confidential and are sent by us only for the exclusive use of the intended addressee. The materials must not be publicly distributed and any use of the materials by anyone other than the addressee is not authorized. The addressee is required to comply with all applicable laws in the non-U.S. jurisdiction, including, without limitation, tax laws and exchange control regulations, if any.