This User Agreement ("Agreement") governs your use of the Wove platform, which may include additional web sites, software and/or other information made accessible in connection with the foregoing.
Pershing X, Inc. and its affiliates (collectively "Pershing") have developed this Web site for the Wove platform, comprising certain technology, data, and other services of Pershing and other parties (collectively, the: "System") that allows users to manage their fee-based, managed account business. The services include:
Pershing permits certain clients, including introducing broker dealers and registered investment advisors (“Authorized Firms”), to specifically authorize individuals to access and use the System. Each person that an Authorized Firm has properly authorized to be provided access to the System is referred to herein as an "Authorized User". Pershing also permits prospective Authorized Firms (“Authorized Prospects”) to specifically authorize individuals (“Trial Users”) to access and use a non-production version of the System on a limited trial basis and for evaluation purposes only. Access for Trial Users is at Pershing’s sole discretion and may be terminated at any time without notice.
As used herein, the term “You” means the person entering into this Agreement as either an Authorized User or a Trial User, as applicable.
This Agreement is not intended to alter any other agreement between Pershing and You, between Pershing and the Authorized Firm that designated You as an Authorized User, or between Pershing and the Authorized Prospect that designated You as a Trial User.
You agree that you will not, will not attempt to, and will not knowingly permit or authorize any other person to do or attempt to do, any of the following: (a) use the System for any purpose not specifically set forth in this Agreement; (b) use any System to compete with Pershing in any manner; (c) use the System to develop a service or Web site having any functional attributes, visual expressions or other features similar to those of the System; (d) sell, market, license, sublicense, distribute or otherwise grant to any third party any right to use the System, whether on your behalf or otherwise; (e) use the System to conduct any type of service bureau or time-sharing operation or to provide remote processing, network processing, network telecommunications or similar services to any third party, whether on a fee basis or otherwise; (f) create or recreate the System or re-engineer, reverse engineer, decompile or disassemble any parts of the System; or (g) perform or attempt to perform or conduct any type of vulnerability scan, penetration testing, or ethical hack of any part of the System.
You agree not to use the System to: (i) violate any local, state, or federal law or regulation or the law or regulation of any foreign government; (ii) directly or indirectly, knowingly or intentionally disrupt or interfere with the functioning of the System in any manner that may have a materially adverse effect on Pershing or any user; or (iii) transmit any material that contains software viruses or any other code, files or programs designed or known to disable, interrupt or limit the functionality of any computer hardware, computer software or telecommunications equipment or facilities.
Pershing only permits Authorized Users to use the System for the purposes set forth in the terms and conditions of the agreement(s) between Pershing and the Authorized Firm that designated You as an Authorized User (“Your Authorized Firm”). Pershing only permits Trial Users to use a non-production version of the System on a limited trial basis and duration, for evaluation of the Wove platform only.
If you are an Authorized User, You acknowledge and agree that You will only use the System: (a) in connection with the business of Your Authorized Firm; (b) in accordance with the terms of all agreements between Pershing and Your Authorized Firm; and (c) in accordance with any notices, rules, disclaimers, terms and conditions governing use of the System which Pershing posts on the System, as they may be updated by Pershing from time to time (the "System Rules").
You agree that you have no rights, title or interest in or to the System but only a limited, revocable non-transferable right (subject to your compliance with this Agreement) to access and use the System as set forth above. The System, and all right, title and interest in and to the System are and shall remain the property of Pershing and its third party providers.
Pershing may alter, augment, suspend or terminate this Agreement and/or Your use of the System, in whole or in part, at any time, and from time to time, in its sole discretion. Any amendments or modifications to the System, System Rules or the terms of this Agreement may be notified to You via the System, and shall take immediate effect upon such notification. Your continued use of the System following such notification indicates Your consent to be bound by the amendments or modifications to the System Rules and/or the Agreement. It is Your responsibility to ensure that You are fully aware of and have read and agree to any amendments or modifications to the System Rules and/or the terms of this Agreement. The provision of any access to the System to You does not imply that Pershing has any obligation to provide You access to the System or any components thereof. Any access to the System or any components thereof is subject to change, suspension or termination at any time without notice. You agree that any of the foregoing actions of Pershing may be exercised at Pershing's discretion without any liability or other obligation of Pershing to You or any to third party. This Agreement shall terminate automatically if the applicable agreements between Pershing and Your Authorized Firm or Authorized Prospect are terminated. You agree that you shall cease accessing the System upon termination of this Agreement.
You agree that, as between you and Pershing, you will be responsible for maintaining Your password and user ID (or other security methods or devices that give You access to or use of the System) as confidential, and for any activity that occurs via the use thereof. You agree that you will not share Your password or user ID with any third-party. You further agree that if you become aware: (i) that Your password or user ID is lost or stolen, or (ii) of any unauthorized use of Your password or user ID or of any other breach of security that might affect them, You shall immediately notify Your Authorized Firm or Authorized Prospect, as applicable, and in the event that a Pershing affiliate is the administrator of Your password and user ID You shall also notify such Pershing affiliate.
You agree that, as between You and Pershing, You are responsible for any loss or damage arising from any activity that occurs via the use of your password and/or user ID and any failure by You to comply with the provisions of this section. You agree that You will only access the System with a device with industry standard anti-virus/anti-malware protection, and by use of the standard Pershing-authorized login methods, and will not attempt to circumvent the login methods or create hyperlinks into the System.
To the maximum extent permitted by applicable law, you expressly acknowledge and agree that the access and use of the System is provided "as is" and "as available", without warranties of any kind, either express or implied, including without limitation warranties of merchantability, fitness for a particular purpose, and non-infringement. Pershing, its directors, officers, employees, agents, contractors, affiliates, licensors, or other third party providers (including those providing quotes, news and research data or other information, services or software) expressly disclaim that the Data or services will be uninterrupted or error free and expressly disclaims any warranty as to the results that may be obtained from the use of the services, and the timeliness, quality, sequence, accuracy, completeness, reliability, availability or content of any Data, information, services, or transactions provided hereunder.
To the maximum extent permitted by applicable law and even if the parties have been advised of the possibility of such damages, in no event shall Pershing, any of its affiliates, its third party providers, or any other party be liable to you for any direct, indirect, incidental, special, consequential, punitive or exemplary damages arising from or related to this Agreement and any use of the System, including without limitation: (a) loss of profits or goodwill, trading losses, the cost of procurement of any substitute services, or any other similar losses; and (b) damages resulting from: (i) the use or inability to use the System (whether such damages are incurred or experienced as a result of entering into or relying on this Agreement or otherwise); (ii) any Data, information, or services you obtained, or which you were unable to obtain; (iii) transactions you effected or failed to effect; (iv) procuring, compiling, editing, writing, reporting, or delivering any Data through the System; (v) Pershing's review or failure to review any Data provided through the use of the System; (vi) any link provided in connection with the System; or (vii) any matter otherwise related to your use of the System. You acknowledge and agree that you assume all risk associated with the use of the System.
You agree to defend, indemnify, and hold harmless Pershing, including without limitation its affiliates and third party providers, and its and their respective officers, directors, employees, and agents, from and against any third-party claim, action, or demand ("Claim") and all liabilities and settlements related thereto, including, without limitation, reasonable legal and accounting fees (including defense costs), resulting from or arising out of or in relation to your use of the System in a manner that violates this Agreement. Pershing shall provide notice to you promptly of such claim, and you shall reasonably cooperate with Pershing, at your expense, in the defense of any such claim.
The content of this Agreement, and all nonpublic documentation, operational information, and technical information related to the System are "Confidential Information". The Confidential Information, and all right, title, and interest in and to the Confidential Information is and shall remain the property of Pershing and its third party providers. You agree that you will not disclose any Confidential Information to any third party, or use any Confidential Information for any purpose other than to use the System in accordance with this Agreement.
You agree that this Agreement and the relationship between you and Pershing will be governed by the laws of the State of New York, without respect to its conflicts of law provisions. You agree that the sole and exclusive jurisdiction for all actions and proceedings relating directly or indirectly to this Agreement shall be the Federal and State courts located in the City, County, and State of New York. You acknowledge and agree that such courts are convenient forums and irrevocably submit to the personal jurisdiction of such courts. You and Pershing waive the right to trial by jury in any action arising out of or relating to this Agreement.
You agree that Pershing may (i) provide notice to You by e-mail or regular mail in connection with your usage of the System, and (ii) provide notice of changes to the terms and conditions of this Agreement at any time, and from time to time, by displaying notices to You through the System.
You agree that Pershing shall have no liability for the deletion or failure to store any information, content, or data transmitted using the System. You agree that Pershing may gather system information about your computer and/or other device that accesses the System, which may include data regarding IP address, memory usage, screen resolution, color palette, connection speed, efficiency, user logs, and the like.
In addition to all other remedies available at law or in equity, Pershing shall be entitled to injunctive relief to enforce the terms of this Agreement, and you agree not to raise as a defense in any such action that Pershing would be adequately compensated by monetary damages.
If any provision of this Agreement is found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these terms and conditions, which shall remain in full force and effect. The failure of Pershing to exercise or enforce any right or provision of this Agreement shall not constitute a waiver of such right or condition. This Agreement may not be transferred, assigned or disclosed by You to any other party. This Agreement shall be binding upon and shall inure to the benefit of the respective successors and assigns of Pershing. The section titles of this Agreement are merely for convenience and will not have any effect on the substantive meaning of this Agreement. The terms of articles 3, 6, 7, 8, 9, 10, 11, 14 and 15 shall survive the expiration or termination of this Agreement.
You agree this Agreement and the performance hereof are subject to compliance with any and all applicable United States laws, regulations, or orders, including those that may relate to the export of technical data, and you agree to comply with all such laws, regulations, and orders, including, if applicable, all requirements of the International Traffic in Arms Regulations and/or the Export Administration Act, as may be amended. You agree that you will not disclose or re-export any information, software, or items to any countries for which the United States government requires an export license or other supporting documentation at the time of export or transfer, unless You have obtained prior written authorization from the United States Office of Export Control or other authority responsible for such matters.
Copyright© 2026 Pershing X, Inc. All Rights Reserved
Unless otherwise specified, the content of this service is owned or licensed by Pershing and is protected by the United States Copyright Act of 1976, as amended, and the copyright laws of other countries. Certain materials are used by permission of their respective owners. The material provided in this service, including graphic images, buttons, and text, may not be reproduced, republished, transmitted, or distributed in any way, without the prior written permission of Pershing. Modification of the materials or use of the materials for any other purpose is a violation of Pershing's or its third-party information providers' copyrights and other proprietary rights. Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise, any license or right under any copyright, patent, trademark, or other proprietary interest of Pershing or any third party. Pershing and other providers of materials and content for this service disclaim any warranty of any kind, whether express or implied, as to any matter whatsoever relating to this service, including without limitation any implied warranties of merchantability, fitness for a particular purpose, and noninfringement. Reference to a fund or security included anywhere in this service is not a recommendation to buy, sell or hold that, or any other security. No judgment or warranty is made with respect to the accuracy, timeliness or suitability of the content of any other web site, application or services to which System may link, and neither Pershing, its affiliates, nor any other party take any responsibility, therefore. A link from the System to another web site, application or service outside of the System is not an endorsement of the web site, application or service, its content or its sponsoring organization. By using the System, you accept at your own risk that the internet and online communications medium may not perform as intended despite the efforts of Pershing, your Internet service provider and you.
Portions of the Software are based on SSL Plus: SSL 3.0 Integration Suite, which is Copyright© 1996 by Consensus Development Corporation, All Rights Reserved. Portions are Copyright© 1996 by Netscape Communications Corporation, All Rights Reserved. SSL Plus, a security toolkit ("Toolkit") is a "commercial item" as that term is defined in 48 C.F.R. 2.101 (Oct. 1995), consisting of "commercial computer software" and "commercial computer software documentation" as such terms are used in 48 C.F.R. 12.212 (Sept. 1995). Consistent with 48 C.F.R. 12.212 and 48 C.F.R. 227.7202-1 through 227.7201-4 (June 1995), all U.S. Government end users acquire the Toolkit with only those rights set forth herein. In addition, all technical data relating to the Toolkit or any derivative work is subject to limitations as specified herein, so long as these Terms and Conditions are in effect. Consensus Development Corporation, located at 1563 Solano Avenue, #355, Berkeley, CA 94707-2116, is a third-party beneficiary to these services and conditions to the extent that these services and conditions contain provisions that relate to your use of the Toolkit and documentation, and that designation is expressly for the benefit of Consensus and is enforceable by Consensus in addition to Pershing.
This product features Macromedia Shockwave, the standard for multimedia on the World Wide Web. For further information regarding Shockwave, including upgrades and add-ons that may be available, visit the Shockwave section of the Macromedia World Wide Website at http://www.macromedia.com. The Macromedia software contains software from Shockwave Copyright 1995-1997 Macromedia, Inc. All Rights Reserved. Shockwave is a trademark of Macromedia, Inc. The Macromedia software is "Restricted Computer Software." Use, duplication or disclosure by the U.S. Government is subject to restrictions as set forth in these Terms and Conditions and as provided in DFARS 227.7202-1(a) and 227.7202-3(a) (1995), DFARS 252.227-7013 (OCT 1988), FAR 12.212(a)(1995), FAR 52.227-19 or FAR 52.227-14, as applicable. You agree that you will not copy, redistribute, decompile, reverse engineer, disassemble or reduce to human-readable form the Macromedia software. Macromedia, Inc. retains title to and ownership of the Macromedia software. Macromedia, Inc. disclaims all implied warranties, including, but not limited to, warranties of fitness for a particular purpose, merchantability and non infringement. Macromedia, Inc. limits any and all liability, whether for breach of a warranty of performance, infringement or for any alleged consequential damages, to replacement of the Macromedia Software or a refund of the price paid for it.
Certain data contained herein is Copyright© 2001-2012 The McGraw-Hill Companies, Inc. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc. Reproduction of S&P Marketscope, S&P Snapshot or any other S&P product ("S&P Products") in any form, other than one (1) copy for your personal use, is prohibited except with the written permission of S&P. Because of the possibility of human or mechanical error by S&P's sources, S&P or others, S&P does not guarantee the accuracy, adequacy, completeness or availability of any data and is not responsible for any errors or omissions or for the results obtained from the use of such data. There are no express or implied warranties, including, but not limited to, warranties of merchantability or fitness for a particular purpose or use. In no event shall S&P be liable for any indirect or special or consequential damages in connection with your or others' use of the data. You acknowledge that the S&P Products, including the information, data, analysis, software and other materials contained therein, is compiled, prepared, revised, selected and arranged by S&P and/or its third-party licensors through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort and money. You agree to honor and comply with reasonable requests made by S&P and/or its third-party licensors to protect the copyrights and other proprietary rights in and to the S&P Products and the information, data, analysis, advice, software and other material contained therein. Use of S&P Products is for your internal use only, except that you are permitted to use and promote the S&P Products to customers or potential customers of your business. Such permitted distribution of the S&P Products are subject to the following: (1) the S&P Products cannot be photocopied, (2) the S&P Products must be disseminated on a no-charge basis, (3) the S&P Stock Report must be disseminated in its entirety, (4) only limited excerpts from S&P MarketScope may be distributed, (5) neither of the S&P Products may be distributed later than seven (7) days following the date of reporting. Such information shall not be electronically stored in your computer system.
Certain information herein consists of The Global Industry Classification Standard ("GICS®") industry classification data. GICS® was developed by and is the exclusive property of Morgan Stanley Capital International Inc. ("MSCI") and Standard & Poor's ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by Lockwood Advisors, Inc., Pershing and their affiliates. For purposes of this and the following three paragraphs, "Licensee" shall refer to Lockwood Advisors, Inc. and/or Pershing, as applicable, the "GICS® Service" shall refer to the GICS® industry classification service(s) and data available in the Licensee service, and "Licensee service" shall refer to any information contained herein or on any report printed therefrom.
With respect to GICS® data contained on the Licensee service, you hereby agree to the following: (i) neither Licensee, S&P, their affiliates nor any third-party licensor shall have any liability for the accuracy or completeness of the information or software furnished through the Licensee service, or for delays, interruptions or omissions therein nor for any lost profits, indirect special or consequential damages; (ii) either Licensee, S&P, their affiliates or third-party licensors have exclusive proprietary rights in any information and software received; (iii) you shall not use or permit anyone to use the information or software provided through the Licensee service for any unlawful or unauthorized purpose; (iv) you are not authorized or permitted to furnish such information or software to any person or firm for reuse or retransmission without prior written approval of the source of such information or software; and (v) your use of the GICS® Service will be solely for your personal non-commercial use or internal use for business purposes, as applicable.
In addition, with respect to GICS® Service, you represent that (a) you will not redistribute the GICS® Service in any form or manner to any third party other than to your end clients pursuant to an agreement with Licensee; (b) you will not use or permit anyone else to use the GICS® Service to create any securities products or indices based on the GICS® Service or any portion thereof; (c) you will treat the GICS® Service as proprietary to MSCI and S&P; and (d) you will not, other than as expressly permitted in Licensee's agreement with MSCI or S&P (i) alter, modify or adapt any component of the GICS® Service, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, (ii) use the GICS® Service to verify the accuracy of other data or to correct such other data, or (iii) resell or otherwise transfer or make the GICS® Service, or any part or component thereof, available to any other person or organization (including, without limitation, your present and future any part or component thereof, available to any other person or organization (including, without limitation, your present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement. Further, you acknowledge that (i) Licensee at the direction of S&P or MSCI may, in its sole and absolute discretion and at any time, terminate your right to receive and/or use the GICS® Service; (ii) provision of the GICS® Service is subject to termination in the event that the relevant agreement between Licensee and MSCI or S&P is terminated in accordance with its terms; (iii) MSCI and S&P are the sole and exclusive owners of the GICS® Service (including all trade secrets, copyrights, trademarks and other intellectual property rights in or to the GICS® Service); (iv) S&P or MSCI is a third party beneficiary of this section relating to the GICS® Service; and (v) you agree to indemnify and hold harmless Licensee, its information providers, and any other third party involved in or related to the making or compiling of the GICS® Service, from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as incurred, arising in any manner out of the your or any third party's use of, or inability to use, the GICS® Service or any breach by you of the use restrictions regarding the GICS® Service.
GICS® Data are provided to you on an "as is" basis. Licensee, its information providers, and any other third party involved in or related to the making or compiling of any of the GICS® Data make no representations or warranties of any kind, either express or implied, with respect to the GICS® Data (or the results to be obtained by the use thereof). Without limiting the generality of the foregoing, Licensee, its information providers and any other third party involved in or related to the making or compiling any of the Data expressly disclaim any and all warranties of originality, accuracy, timeliness, completeness, non-infringement, merchantability and fitness for any particular purpose. You assume the entire risk of any use you may make of the GICS® Data. In no event shall Licensee, its information providers or any third party involved in or related to the making or compiling of any of the GICS® Data, be liable to you, or any other person, for any direct or indirect damages, including, without limitation, any lost profits, lost savings or other incidental or consequential damages arising out of this Agreement or your inability to use the GICS® Data, regardless of the form of action, even if Licensee, any of its information providers, or any other third party involved in or related to the making or compiling of any of the GICS® Data has been advised of or otherwise might have anticipated the possibility of such damages.
Some data provided in connection with the services originates from Thomson Investors Network. Copyright Thomson Investors Network, 2001. All Rights Reserved
The Software may contain software or other content adapted from Microsoft patterns & practices Enterprise Library, © 2006 Microsoft Corporation. All rights reserved.
The System may contain data provided to Pershing by Interactive Data Real-Time Services Inc. ("IDC"). Neither Pershing, IDC, their affiliates, nor any third-party licensor shall have any liability for the accuracy or completeness of the information or software furnished through the System, or for delays, interruptions or omissions therein nor for any lost profits, indirect, special or consequential damages. Either Pershing, IDC, their affiliates or third-party licensors have exclusive proprietary rights in any information and software received. You shall not use or permit anyone to use the information or software provided through the System for any unlawful or unauthorized purpose. You are not authorized or permitted to furnish such information or software to any person or firm for reuse or retransmission without prior written approval of the source of such information or software. Where applicable, you will make application to and receive written approval for receipt of the IDC Data from each and every Stock Exchange, Commodity Exchange or other provider or source of the data (collectively the "Sources") prior to commencing receipt of the IDC data and agree to comply with any conditions, restrictions or limitations imposed by any of the Sources, including paying all such fees or charges as such Sources may impose either directly or through IDC or Pershing. Access to the IDC Data is subject to termination in the event that any agreement between you and/or Pershing and IDC and/or any Source is terminated; also, Sources may have the right to terminate provision of data to you with or without notice; neither any such Source, IDC, nor Pershing shall have any liability in connection therewith.
This Software uses iText# (iTextSharp) to generate some of the PDF files. iText# is a part of iText open source java library for PDF generation written entirely in C# for the .NET platform. iText# is released under Affero GPL license. Complete license document of iText# and AGPL license are available as part of the source code which can be downloaded from the following link http://sourceforge.net/projects/itextsharp/files/itextsharp/iTextSharp-5.0.1.1/itextsharp-5.0.1.1.zip/download. In case of any issues in downloading the source code, please contact Pershing.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to Russell Indexes Russell® is a trademark of Russell Investment Group.
@ 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.
The Morningstar Rating™ is provided for those exchange-traded funds ("ETFs") with at least a three-year history. Ratings are based on the ETF's Morningstar Risk-Adjusted Return measure with accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF's risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF. PLEASE NOTE, this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF's risk-adjusted return to the open-end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF's 3, 5, and 10 year rating). The determination of an ETF's rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the ratings for the three-, five- and ten-year (if applicable) time periods. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.
The Morningstar Rating for separate accounts, commonly called the star rating, is a measure of a separate account's risk-adjusted return, relative to other separate accounts in the same Morningstar Category. Separate accounts are rated from 1 to 5 stars, with the best performers receiving 5 stars and the worst performers receiving 1 star. Separate accounts are rated for up to three periods (three, five and 10 years), and ratings are recalculated each quarter. The Morningstar Rating for separate accounts uses an enhanced risk-adjusted return measure, which accounts for all variations in a separate account's monthly performance, with more emphasis on downward variation. Separate accounts are ranked against others in the same category and stars are assigned as follows: Top 10% 5 stars, Next 22.5% 4 stars, Middle 35% 3 stars, Next 22.5% 2 stars, Bottom 10% 1 star.
Fees for separate accounts can vary widely and are negotiated between the asset manager, the separate account program sponsor or advisor, and the investor. Morningstar has chosen to employ the CFA GIPS-approved standard of gross-of-fees performance (before fees have been taken out) to compare separate accounts. Net-of-fees calculations often deduct the highest theoretical fees that an investor may pay. The Morningstar Rating uses an enhanced risk-adjusted return measure based on "expected utility theory," which accounts for all variations in a separate account's monthly performance, with more emphasis on downward variation. Morningstar will not calculate ratings for categories or time periods th at contain fewer than five separate accounts. Each investor in the same separate account can experience slightly different total returns, because investors have different account preferences and restrictions. Therefore, all separate account performance data is reported to Morningstar as a "composite" of similarly managed portfolios. Morningstar encourages investors to contact their financial professional to obtain the separate account sponsor's and/or asset manager's Form ADV Part 2 or its equivalent for specific information about separate account fees and other important information.
Separate accounts that do not have ratings can be divided into two groups: those that do not qualify to be rated and those that did not participate. A separate account will not get a Morningstar Rating if: it is less than three years old, does not provide 36 months of consecutive gross returns, does not provide a recent representative portfolio, the firm is not CFA GIPS-compliant, or the category contains fewer than five separate accounts that are eligible for a rating.
The Morningstar Style Box™ reveals a fund's investment strategy. For equity funds the vertical axis shows the market capabilities of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measures by a bond's duration (short, intermediate or long).
Pershing takes no responsibility for data, in any form, provided by third-party custodians and makes no representations or warranties regarding the accuracy of such third-party custodial data. In no event shall Pershing be liable for any inaccuracies in third party custodial data.
One application available through the Platform is FolioDynamix (the "Contractor"). You acknowledge that Contractor does not check the validity of the Pricing Information against any other source. You further acknowledge and agree that there may be defect(s) in the Pricing Information and that Contractor shall have no responsibility for checking and confirming the validity of such Pricing Information.