Research Exclusivity

Fundstrat Direct produces research exclusively for its clients. Subscriptions are designated for individual use only, and redistribution of the material is not permitted. For details or inquiries, clients should contact their respective sales representative or visit fundstratdirect.com.

Analyst Certification

Tom Lee, CFA, the analyst who is certified by regulation (Reg AC), asserts that the insights offered in this report genuinely represent his individual perspectives. These views are independent and not influenced by any affiliations with the company’s business ventures or client relationships. It is also disclosed that neither Lee nor a member of his household holds a significant position within the issuer(s) covered in the report.

Conflict of Interest

At the time of publication, Fundstrat Direct is unaware of any material conflicts of interest related to the content of this research. The findings and recommendations presented reflect the organization’s unbiased viewpoint.

General Disclosures

It is essential to note that Fundstrat Direct functions independently and is not registered as an investment advisor nor does it act as a broker-dealer under any federal or state securities law.

Fundstrat Direct partners with IRC Securities’ Research Prime Services Platform. As a FINRA-registered broker-dealer, IRC Securities supports independent research organizations such as Fundstrat Direct. Some personnel at Fundstrat Direct, particularly Research Analysts, are registered representatives of IRC Securities and may receive commissions from transactions initiated by Fundstrat Direct clients through IRC Securities.

Compliance is of utmost importance to Fundstrat Direct. Analysts are required to adhere to the Written Supervisory Procedures set forth by IRC Securities, which include regulations against insider trading, maintaining confidentiality, and proper use of electronic communications, among other compliance policies.

A significant distinction between Fundstrat Direct and traditional sell-side research firms is the absence of conflict of interest, attributed to the lack of investment banking operations and fund management services.

Disclosure Statement

This communication represents the views of Fundstrat Direct and its affiliates, not intended as a personal recommendation, nor an offer to buy or sell any financial instruments. It serves an educational purpose and is not to be construed as legal, tax, accounting, or investment advice.

The document is not prepared to comply with regulations designed to ensure independence in investment research and is not bounded by prohibitions against insider dealings prior to publication.

Intended solely for recipients, this document cannot be further distributed without the explicit consent of Fundstrat Direct.

Fundstrat Direct emphasizes transparency by stating that the information provided is derived from reliable sources; however, no guarantee is made regarding its completeness or accuracy, aside from disclosures related to Fundstrat Direct and its analysts. Information reflects market values as of the last closing unless stated otherwise.

A significant disclaimer includes that historical performance does not guarantee future results, and individual client circumstances should be evaluated independently when making financial decisions.