Baird Strategas Disclosure

This communication was prepared for institutional investors only by Baird Strategas, LLC (“Baird Strategas” or “we”), a broker-dealer and FINRA member firm and SEC-registered investment adviser. We are affiliated with Strategas Asset Management, LLC, an SEC-registered investment adviser that leverages Baird Strategas analyses to manage and provide investment advice to client accounts and exchange-traded funds. We are also affiliated with Robert W. Baird & Co. Incorporated (“Baird”), a broker-dealer, FINRA member firm and SEC-registered investment adviser.  Baird Strategas and Baird conduct separate and distinct businesses and maintain separate research departments.

This information is proprietary, and it and any portion hereof may not be copied, reprinted, forwarded, sold, redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of Baird Strategas or if required by law.  Any unauthorized use is prohibited. 

This communication is provided for informational purposes only and is not an offer, recommendation or solicitation to buy or sell any security. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. The intended recipients of this communication are presumed to be capable of conducting their own analysis, risk evaluation, and decision making regarding their investments. 

For investors subject to MiFID II (European Directive 2014/65/EU and related Delegated Directives) or the UK laws, regulations and measures implementing MiFID II and the Delegated Directives as they form part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and regulations made under that Act: We classify the intended recipients of this communication as “professional clients” or “eligible counterparties” with the meaning of MiFID II and the rules of the UK Financial Conduct Authority. The contents of this report are not provided on an independent basis and are not “investment advice” or “personal recommendations” within the meaning of MiFID II and the rules of the UK Financial Conduct Authority. 

The performance and other information presented in this communication is not indicative of future results. The information in this communication has been obtained from sources we consider to be reliable, but we cannot guarantee its accuracy. The information is current only as of the date of this communication and we do not undertake to update or revise such information following such date. To the extent that any securities or their issuers are included in this communication, we do not undertake to provide any information about such securities or their issuers in the future. We do not follow, cover or provide any fundamental or technical analyses, investment ratings, price targets, financial models or other guidance on any particular securities or companies. Further, to the extent that any securities or their issuers are included in this communication, each person responsible for the content included in this communication certifies that any views expressed with respect to such securities or their issuers accurately reflect his or her personal views about the same and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this communication. This communication is provided on a “where is, as is” basis, and we expressly disclaim any liability for any losses or other consequences of any person’s use of or reliance on the information contained in this communication.

Despite the separation of businesses between Baird Strategas and Baird, to the extent this report mentions any specific companies or their securities, a complete listing of all research disclosures, including disclosures of material conflicts of interest (if any) involving Baird and the companies mentioned herein, can be accessed at https://researchdisclosures.rwbaird.com/