YOU MUST ACCEPT THESE TERMS OF USE TO VIEW HFR INDICES DATA

Terms of Use - HFR Indices and Index Data

By clicking on the "I ACCEPT" button below and/or by your continued access and use of this website, User ("You") are indicating that You have read, understand and agree to bound to these terms and conditions of use pertaining to Your use of this website ("HFR Site"). If You do not accept these terms and conditions, You may not access the HFR Site or its Content (as defined below).

Additional terms and conditions applicable to specific areas of the HFR Site or to particular Content (as defined below) also are posted in particular areas of the HFR Site and, together with these Terms of Use, govern your use of those areas of the HFR Site and its Content. These Terms of Use, together with all applicable additional terms and conditions posted on the HFR Site, constitute this "Agreement."

HFR reserves the right to modify this Agreement at any time without giving You prior notice. Your use of the HFR Site following any such modification constitutes Your agreement to follow and be bound by the Agreement, as modified. The last date these Terms of Use were revised is set forth below.

Access and Use

HFR grants You a limited non-exclusive, non-transferable, revocable license, without the right to grant sublicenses, to access the HFR Site and use the information, data, compilations of data, tables, graphs, charts, illustrations, and other materials on the HFR Site ("Content") only for noncommercial informational internal research purposes and in compliance with the terms and conditions of this Agreement.

You agree not to reproduce, copy, modify, create derivative works from, perform, distribute, publish, retransmit or sell any of the Content. Notwithstanding this restriction, You may, on an occasional, ad hoc basis, reproduce, distribute, display and transmit an insubstantial portion of the Content, solely for non-commercial internal informational purposes to a limited number of individuals within Your organization, provided You include the following notice: "Source: Hedge Fund Research, Inc. www.hedgefundresearch.com, © 2020 Hedge Fund Research, Inc. All rights reserved."

You agree not to (1) share Your User ID or provide access to the restricted areas of the HFR Site to third parties, (2) use or attempt to use any "deep-link," "scraper," "robot," "bot," "spider," "data-mining," "computer code" or any other automated device, program, tool, algorithm, process, or methodology or manual process having similar processes or functionality, to access, acquire, copy, or monitor any of the Content found on or accessed through the HFR Site (3) violate or attempt to violate the security of the HFR Site or gain or attempt to gain unauthorized access to the HFR Site and its Contents and (4) use the website in a manner that would interfere with any other parties’ use and enjoyment of the website, including in a manner that would impair, disable, damage or overload the website.

HFR reserves the right to discontinue your access to the HFR Site, with or without notice, if HFR has a reasonable basis to believe that You are accessing or using the HFR Site or Contents in violation of this Agreement or any written agreement you may have with HFR regarding Your access to or use of any HFR data, product or service ("Other Content"). HFR may at any time and in its sole discretion make additions, modifications, alterations, corrections, format changes, changes in specifications and nature to, or deletions from the Content contained herein. You agree to not use the HFR Site, HFR Indices, HFR Marks (defined below), or Content contrary to any applicable law or regulation. During Your use of the HFR Site, data may be transmitted over an open network which may allow Your communications to be intercepted by third parties. HFR cannot guarantee the confidentiality or security of any data or communication You may transmit via/to the HFR Site.

Restrictions on Use

Without a separate written license agreement with HFR, You may not:

Use any of the HFR Indices, HFR Marks (defined below) or Content in connection with the creation, operation, issuance, marketing or promotion of any financial product, instrument, index or service;

Use the Content in the operation of Your or a third party financial database or index business;

Use the Content to populate any database that is commercial and/or distributed to third parties;

Redistribute the Content outside of Your company or firm;

Use any of the HFR Indices, HFR Marks, or Content in connection with any SEC, government or regulatory filing;

Use the HFR Indices or HFR Marks to promote, market or endorse, or to create the impression that HFR endorses, approves of or is connected to any investment vehicle, product or service marketed, promoted, distributed, offered or sold by or on behalf of You; and

Use the HFR Indices, HFR Marks, or Content in any manner or in connection with any activity except for noncommercial informational internal research purposes as permitted hereunder.

If You wish to access subscription-only Content or obtain further information about obtaining a license for any of these or other uses, please contact: HFR at INDICES@hfr.com or 1-312-658-0955.

HFR's Proprietary Rights

HFR, HFRI, HFRX, HFRU, HFRL, HFRQ, HFR BANK SYSTEMATIC RISK PREMIA INDICES, HEDGE FUND RESEARCH, WWW.HEDGEFUNDRESEARCH.COM, THE INSTITUTIONAL STANDARD and the names of the HFR Indices are the trademarks and service marks of HFR ("HFR Marks"). All trade names, trademarks, service marks, index names and other product and service names and logos on the HFR Site and within the Content are proprietary to their respective owners and are protected by applicable trademark and copyright laws. Any of the trademarks, service marks, logos or index names displayed on the HFR Site may be registered or unregistered marks of HFR or others. Nothing contained on the HFR Site should be construed as granting You any license or right to use any of the marks or names displayed on the HFR Site without the express written permission of HFR or the third party owner, as applicable.

The HFR Site and Content therein are protected by U.S. and foreign copyright and other intellectual property laws. You understand, acknowledge and agree that HFR has invested considerable time, effort and resources in selecting, compiling, coordinating, arranging, and preparing the HFR Indices and that the process and methodology of creating and maintaining the HFR Indices are valuable confidential proprietary trade secrets of HFR under the applicable federal and state trade secret laws.

Linking

To the extent that You have a link in Your site to the HFR Site, it must be clear to the user that You are directing the user to www.hedgefundresearch.com. You may not link in a manner that suggests or implies any type of sponsorship or endorsement by or affiliation with HFR.

The HFR Site may contain links to third-party websites as a convenience to users of the HFR Site. HFR shall not be responsible for the content or information contained in such third-party website. Links to third-party websites should not be considered as an endorsement or approval by HFR or an affiliation to HFR.

Privacy

HFR's privacy policy applies to the use of the HFR Site and its terms are incorporated into this Agreement by reference. To view HFR's privacy policy, click here.

Indemnification

You agree to indemnify and hold HFR and its affiliates harmless against all liabilities, losses, damages, expenses, and costs (including reasonable attorneys' and other professionals' fees) that they incur as a result of claims related to Your use of the HFR Indices, HFR Marks and Content or a breach or violation of this Agreement or applicable law. HFR reserves the right, at its own expense, to assume the exclusive defense and control of any matter for which it is entitled to indemnification, but You must still indemnify HFR for all liabilities, losses, or damages. You also agree to provide HFR with whatever cooperation it reasonably requests.

Disclaimer

THE HFR INDICES AND CONTENT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION AND DATA INCLUDED IN THE HFR INDICES AND CONTENT ARE OBTAINED FROM VARIOUS THIRD PARTY SOURCES AND ARE PROVIDED ON AN "AS IS" BASIS. HFR DOES NOT PERFORM ANY AUDIT OR VERIFY THE INFORMATION PROVIDED BY THIRD PARTIES. HFR IS NOT RESPONSIBLE FOR AND DOES NOT WARRANT THE CORRECTNESS, ACCURACY, OR RELIABILITY THE DATA IN THE HFR INDICES AND CONTENT. ANY CONSTITUENT INVESTMENT PRODUCT OR VEHICLE USED TO CREATE AN HFR INDEX MAY BE REMOVED AT ANY TIME. THE COMPLETENESS OF THE DATA MAY VARY IN EACH FINANCIAL PRODUCT OR VEHICLE USED TO CREATE THE HFR INDICES AND CONTENT. HFR DOES NOT WARRANT THAT THE DATA USED TO CREATE THE HFR INDICES AND CONTENT WILL BE FREE FROM ANY ERRORS, OMISSIONS OR INACCURACIES. HFR DOES NOT WARRANT THAT THE DELIVERY OF THE DATA RELATING TO THE HFR INDICES AND CONTENT WILL BE UNINTERRUPTED OR FREE FROM ANY VIRUSES OR OTHER HARMFUL COMPONENTS OR DEFECTS.

THE INFORMATION IN THE HFR INDICES AND CONTENT DO NOT CONSTITUTE AN OFFER, SOLICITATION OR A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR FINANCIAL PRODUCT OR VEHICLE WHATSOEVER OR ANY TYPE OF TAX OR INVESTMENT ADVICE OR RECOMMENDATION. PAST PERFORMANCE OF ANY CONSTITUENT INVESTMENT PRODUCT OR VEHICLE USED TO CREATE AN HFR INDEX AND CONTENT IS NO INDICATION OF FUTURE RESULTS. HFR DOES NOT ACT AS AN INVESTMENT ADVISOR OR FIDUCIARY. INCLUSION OF A SECURITY WITHIN ANY HFR INDEX IS NOT A RECOMMENDATION BY HFR TO BUY, SELL, OR HOLD SUCH SECURITY, NOR IS IT CONSIDERED TO BE INVESTMENT ADVICE. IT IS NOT POSSIBLE TO INVEST DIRECTLY IN A FINANCIAL INDEX. EXPOSURE REPRESENTED BY AN HFR INDEX MAY AVAILABLE THROUGH INSTRUMENTS OR INVESTMENT PRODUCTS BASED ON THAT INDEX. HFR DOES NOT SPONSOR, ENDORSE, SELL, PROMOTE OR MANAGE ANY INVESTMENT PRODUCTS OR INSTRUMENTS, INCLUDING INVESTMENT PRODUCTS OR INSTRUMENTS OFFERED BY THIRD PARTIES THAT ARE BASED ON HFR INDICES. NEITHER HFR NOR ITS AFFILIATED COMPANIES MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR THAT INVESTMENT PRODUCTS OR INSTRUMENTS BASED ON HFR INDICES WILL ACCURATELY TRACK THE RELEVANT HFR INDEX’S PERFORMANCE OR PROVIDE POSITIVE INVESTMENT RETURNS.

TO THE MAXIMUM EXTENT PERMISSIBLE BY APPLICABLE LAW, HFR EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. YOU ASSUME ALL RISK OF DAMAGE OR LOSS RESULTING FROM THE USE OF THE HFR INDICES AND CONTENT.

Limitation of Liability

TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, HFR, ITS AFFILIATES, DIRECTORS, OFFICERS, AND EMPLOYEES, ITS SUCCESSORS, ASSIGNS, AND THIRD PARTY VENDORS SHALL NOT BE LIABLE FOR ANY (i) DIRECT, SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PROFITS, ARISING FROM OR RELATED TO A BREACH OF THIS AGREEMENT OR THE USE OF THE HFR SITE, HFR INDICES OR CONTENT, INCLUDING WITHOUT LIMITATION, DAMAGES ARISING FROM LOSS OF DATA OR PROGRAMMING, LOSS OF REVENUE OR PROFITS, FAILURE TO REALIZE SAVINGS AND OTHER BENEFITS, DAMAGE TO EQUIPMENT, AND CLAIMS AGAINST YOU BY ANY THIRD PARTY, EVEN IF HFR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; OR (ii) DAMAGES (REGARDLESS OF THEIR NATURE) FOR ANY DELAY OR FAILURE BY HFR TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT DUE TO ANY CAUSE BEYOND HFR'S REASONABLE CONTROL.

IF YOU ARE DISSATISFIED WITH THE HFR SITE, ITS CONTENT, THE HFR INDICES OR THE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE HFR SITE (INCLUDING THE HFR INDICES AND CONTENT). HFR SHALL NOT BE LIABLE FOR YOUR BROWSING AND USE OF THE HFR SITE AND ANY ACTIVITIES CONDUCTED IN RELATION THERETO. BECAUSE SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU. IN SUCH STATES, HFR’S LIABILITY IS LIMITED AND WARRANTIES ARE EXCLUDED TO THE GREATEST EXTENT PERMITTED BY LAW, BUT SHALL, IN NO EVENT, EXCEED $100.00.

Export Control

You shall not export or re-export any Content into any U.S. embargoed or sanctioned country or to anyone on the U.S. Treasury Department's list of Specially Designated Nationals or the U.S. Department of Commerce Denied Person's List or Entity List. You represent that you are not and will not be located in (i) any U.S. embargoed or sanction country or a country that has been designated by the U.S. Government as a “terrorist supporting” country and (ii) You are not listed on any U.S. Government list of prohibited or restricted entities or individuals.

Disputes

All disputes between HFR and You under this Agreement shall be resolved by binding arbitration to take place in Chicago, Illinois. You agree that no disputes arising under this Agreement shall be conducted in a class, consolidated or representative action. You also agree that HFR may bring suit in court to enjoin an infringement, misappropriation or other misuse of its intellectual property rights. You acknowledge that HFR will suffer irreparable harm as a result of the unauthorized use or distribution of the Content or misuse of the HFR Marks and agree that HFR shall be entitled to preliminary and permanent injunctive relief without the necessity of posting a bond or proof of actual damages.

General Provisions

Unless You have entered into a separate license agreement with HFR regarding Your access to and use of the HFR Site, Content or Other Content, this Agreement constitutes the entire agreement and understanding between You and HFR with respect to your access to and use of the HFR Site and the Content and supersedes any and other agreements, whether oral or written, with respect to the HFR Site and the Content. Subject to applicable law or regulation, HFR may terminate this Agreement and suspend your access to the HFR Site at any time, with or without cause. Upon termination, You must destroy all materials you obtained from the HFR Site and immediately cease usage of the HFR Site. All rights granted to You in this Agreement shall terminate immediately in the event that you breach or fail to comply with any of term and conditions hereunder. No waiver by HFR of any breach or default under this Agreement shall be deemed to be a waiver of any preceding or subsequent breach or default of this Agreement. No failure by HFR to exercise any rights under this Agreement shall constitute a waiver of HFR’s rights, except if there is a written waiver of such rights. If any part of this Agreement is deemed to be invalid or unenforceable, it will not impact any other provision of this Agreement, all of which will remain in full force and effect, or which shall be modified so as to carry out the meaning and intent of this Agreement. This Agreement shall be governed and construed under the laws of the United States and the State of Illinois. The United Nations Convention on Contracts for the International of Sale of Goods shall not govern or be used to construe this Agreement.

Version#: INDXTOU01022019, Dated January 2, 2019