This material is for informational purposes only and should not be considered as advice about risk or the relative risk of a specific security in isolated or portfolio settings. The information shared in this document is generated from the application of approximate mathematical models on price data captured from financial markets. Some of this price data is indicative in nature which leads to distortions in risk and price levels when actual trades hit local markets and significant distortions in risk and price levels when the size of these trades is larger than average volumes.

The basis for these models and the dataset used are shared within the document.

Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue and dependent on the underlying dataset and mathematical models mentioned above.

A reference to a particular investment or security is not a recommendation to buy, sell, or hold such investment or security, nor is it considered to be investment advice. Accordingly, Alchemy does not assess the suitability (or the potential value) of any particular investment or provide tax advice on the impact of an investment decision.

We utilize third-party data. While Alchemy believes such third-party information is reliable, we do not guarantee its accuracy, timeliness or completeness. You should review and consider any recent market or company specific news before taking any action. Stocks go down as well as up and investors (including clients) may lose money, including their original investment. Past history is no indication of future performance and returns are not guaranteed.

Alchemy provides a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

This material is not intended for any specific investor and does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you.

Before acting on any recommendation (if any) in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.