Terms and Conditions

To Customers of Knowledge Leaders Capital, LLC

Definitions

Active Share is the percentage of stock holdings in a portfolio that differ from the benchmark index. Active Share determines the extent of active management being employed by mutual fund managers: the higher the Active Share, the more likely a fund is to outperform the benchmark index. Researchers in a 2006 Yale School of Management study determined that funds with a higher Active Share will tend to be more consistent in generating high returns against the benchmark indexes.

Alpha is a measure of the portfolio’s risk adjusted performance. When compared to the portfolio’s beta, a positive alpha indicates better-than-expected portfolio performance and a negative alpha worse-than-expected portfolio performance.

The Barclays US Treasury Bond Index is a market capitalization weighted index that is often used to represent investment grade bonds being traded in the United States.

Beta is a measure of the funds sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market and a portfolio with a beta less than 1 is less volatile than the market.

Capital expenditures (or CapEx) are expenditures creating future benefits. A capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset with a useful life that extends beyond the taxable year. CapEx/Sales Ratio Formula: {Net property, plant and equipment (Ending) – Net property, plant and equipment (Beginning) + Net intangible assets (Ending) – Net intangible assets (Beginning) + Depreciation and amortization for the Year} ÷ Total sales revenue for the year.

Correlation is the extent to which the returns of different types of investments move in tandem with one another in response to changing economic and market conditions. Correlation is measured on a scale of -1 (negatively correlated) to +1 (completely correlated). Low correlation or negative correlation to traditional stocks and bonds may help reduce risk in a portfolio and provide downside protection.

Downside Capture is used to evaluate how well or poorly an investment manager performed relative to an index during periods when the index has dropped.

Gross profit margin is gross income as a percent of sales.

Max Drawdown is the maximum single period loss incurred over the interval being measured.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance in 46 developed and emerging markets.

Net profit margin is net income as a percent of sales.

Sharpe Ratio uses a fund’s standard deviation and its excess return (the difference between the fund’s return and the risk‐free return of 90‐day Treasury Bills) to determine reward per unit of risk.

Standard deviation is a calculation used to measure variability of a portfolio’s performance.

Tracking Error is a measure of how closely a portfolio follows the index to which it is benchmarked.

Treynor Ratio is a risk-adjusted measure of return based on systematic risk. It is similar to the Sharpe ratio, with the difference being that the Treynor ratio uses beta as the measurement of volatility.

Upside Capture is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen.

An investor cannot invest directly in an index.

Disclaimer

Investment Information

The information on this section of the website (hereinafter referred to as the “Website”) does not constitute an offer or solicitation.

Knowledge Leaders Funds and Knowledge Leaders Capital (herein referred to as “Knowledge Leaders Capital”) reserves the right to deny you access to the Website, or immediately suspend or terminate your access to the Website. Knowledge Leaders Capital reserves the right to change, modify, add or remove portions of these terms at any time for any reason. We suggest that you review these terms periodically for changes. Such changes shall be effective immediately upon posting.

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Knowledge Leaders Capital does not warrant the accuracy, adequacy or completeness of the information and data contained herein and expressly disclaims liability for errors or omissions in this information and data. No warranty of any kind, implied, expressed or statutory, is given in conjunction with the information and data. Knowledge Leaders Capital accepts no liability for any loss or damage arising out of the use or misuse of or reliance on the information provided including, without limitation, any loss of profits or any other damage, direct or consequential.

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Opinions contained in this website may be changed after issue at any time without notice. The information contained herein is provided for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the securities or products mentioned. The investments and strategies discussed in the Website may not be suitable for all investors and are not obligations of Knowledge Leaders Capital or its affiliates or guaranteed by Knowledge Leaders Capital or its affiliates. Knowledge Leaders Capital makes no representations that the contents are appropriate for use in all locations, or that the transactions, securities, products, instruments, or services discussed on this site are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. By making available information on the Website, Knowledge Leaders Capital does not represent that any investment vehicle is available or suitable for any particular user. All persons and entities accessing the Website do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

Knowledge Leaders Capital is an investment adviser registered with the Securities and Exchange Commission, and only transacts business in those states where it has filed proper notice if required.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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