T
he performance of the TipRanks Smart Score is based on backtested results, which are not a guarantee of future actual outcomes. These results reflect a hypothetical strategy that may not have been available to investors and do not represent real returns achieved by any investor. Backtesting involves applying a model to historical data with assumptions that may or may not be realistic and are subject to losses.

    Key assumptions include the ability to purchase recommended securities and sufficient market liquidity for all trades, which can significantly impact backtested returns. Certain modeling assumptions are unlikely to occur in reality, and no guarantees are made regarding their reasonableness. This information is provided solely for illustrative purposes.

    Backtesting has inherent limitations, as it relies on hindsight and does not account for actual trading or the influence of significant market factors on decision-making. Since trades were not executed, results may have underestimated or overestimated the impact of certain market conditions, such as liquidity issues. Additionally, backtesting allows for adjustments to be made until past returns are maximized, which can result in significantly different actual performance.

    Backtested results include dividend reinvestment and are presented gross-of fees, excluding transaction costs, management fees, performance fees, or expenses that may apply. Regulatory considerations regarding fee presentation must be taken into account, and no cash balance or cash flow is included in the calculation.