Legal Disclosures

General Information

This website is for informational purposes only. See important Terms of Use and Privacy Policy.

Covestor Ltd is a registered investment adviser under the Investment Advisers Act of 1940. Additional information can be accessed directly from the Informational Brochure.

It should not be assumed that any information discussed herein will prove to be profitable or that decisions in the future will be profitable or provide similar results.

While Covestor does provide investment advice to its clients, the content herein is provided as general and impersonalized investment information and is not a recommendation or solicitation to buy or sell any security. Covestor does not guarantee or certify the quality, accuracy, completeness, or timeliness of any content contained herein. Please take appropriate professional advice in any investment decisions.

Financial Market Data powered by Trading View. All rights reserved. View the Terms of Use.

System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.

Portfolios and Portfolio Managers

All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request.

Performance Returns

Past performance is no guarantee of future results.

Periodic and since inception performance returns for managers and portfolios are calculated daily and presented net of fees. For client accounts, periodic and since inception performance returns are updated continuously throughout the day, with a 15-minute delay on pricing. Monthly vs. S&P 500 return and the corresponding spark chart is calculated to the most recent month end date. Performance of client accounts is calculated by Covestor daily on a time-weighted basis including cash, dividends paid, earnings distributions, broker commissions and Covestor Advisory fees.

The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.

Manager Return

Performance of the Portfolio Manager’s account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and broker commissions. Manager returns include trades and positions that fail Covestor’s trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retro-actively to present the portfolio return "net-of-fees"

Historical Portfolio Manager returns with inception dates prior to launch on Covestor include trading history and positions data provided by the manager. Covestor has reviewed this data and confirmed it is consistent with current portfolio strategy.

Average Client Return

Average client returns are calculated by Covestor and are composed of the average, time-weighted returns of all active client investments (some of which may contain investment restrictions) to the underlying portfolio. These daily average returns are then linked together for the timeframe presented. These returns include cash, dividends, earnings distributions, broker commissions and Covestor advisory fees.

Average client returns are not available for any period in which there were no active investments associated with the portfolio. In addition the first and last day of each individual investment is not included, this is to present the fairest representation of ongoing client performance. Many portfolios have multiple new investments each day, the trades made to open new positions for each of these would significantly mis-represent the average client performance.

Actual performance in your account may differ from Average Client returns, depending on your individual account size, investment amount, broker commissions, investment guidelines and/or restrictions, inception date, and other factors.

Client Return

Performance of client accounts is calculated by Covestor daily on a time-weighted basis including cash, dividends paid, earnings distributions, broker commissions and Covestor advisory fees.

Benchmark Return

Benchmark returns have been calculated by Covestor using daily benchmark prices. For certain portfolios we use an investable ETF as a benchmark, in these cases returns include management fees, transaction costs and expenses.

Benchmarks relevant to each portfolio are assigned by Covestor based on overall strategy, portfolio trade history, and/or other criteria as determined by Covestor.

The S&P 500 Index is intended for comparison to general equity market behavior only. This benchmark may not be suitable for comparison to individual portfolios with specific objectives, such as industry or security types.

Investment Minimum

The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.

Trial Accounts

30-day Trial Accounts simulate the investment of funds to Covestor portfolios through the allocation of virtual dollars. Users are required to register with Covestor and establish a risk score for their account. Trial Accounts are for demonstration purposes only. The activity in a Trial Account does not represent the actual results a Covestor client could achieve in an actual account.

Trial Account valuations are calculated based on the allocated investment amounts and the daily average client returns for each designated portfolio. Trial Accounts do not track individual holdings, transactions, or daily individual security pricing. These estimated account valuations are for demonstration purposes only. Actual results in a Client account will be different than represented in the Trial Account. Additional information can be found here.

Trial Accounts simulate investments in portfolios and do not represent actual results that would be achieved in a Account. Actual results will vary.

Estimated Covestor Fees ("Management Fees") are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. Management Fees range between 0.3%-1.5% per year per investment in a portfolio. Before investing in to a portfolio, you will be advised of the specific management fee (these are displayed on all portfolio profiles). No fees are charged on cash that is not invested. Trial Account Management Fees are applied the first day of each month and calculated based on the valuations for each investment as of the last day of the previous month.

Estimated Broker Commissions are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. This estimate is based on the number of trades in the underlying portfolio(s) and an estimated commission of $1.00 per trade, based on the median commission our clients pay. This figure also reflects broker transaction costs related to establishing or redeeming individual investments. However, this figure does not include any additional broker costs associated with non-trade activity that may occur in an actual brokerage account.

Valuation and Monthly Valuation are calculated using the Average Client return which does incorporate Covestor and broker fees incurred in actual Covestor client accounts. The revised valuation amount shown here is the Trial Account valuation minus the estimated Covestor Fees and simulated broker commissions. Therefore, the impact of these expenses may be overstated. Learn more about client accounts.

Estimated Covestor Fee

Covestor Fees ("Management Fees") are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. Management Fees range between 0.3%-1.5% per year per investment in a portfolio. Before investing in to a portfolio, you will be advised of the specific management fee (these are displayed on all portfolio profiles). No fees are charged on cash that is not invested. Trial Account Management Fees are applied the first day of each month and calculated based on the valuations for each investment as of the last day of the previous month.

Estimated Commissions

Estimated Broker Commissions are not charged on Trial Accounts and are shown as a deduction from the account balance for illustrative purposes only. This estimate is based on the number of trades in the underlying portfolio(s) and an estimated commission of $1.00 per trade, based on the median commission our clients pay. This figure also reflects broker transaction costs related to establishing or redeeming individual investments. However, this figure does not include any additional broker costs associated with non-trade activity that may occur in an actual brokerage account.

Valuation

Trial Account valuations are calculated using the Average Client return which does incorporate Covestor and broker fees incurred in actual Covestor client accounts. The revised valuation amount shown here is the Trial Account valuation minus the estimated Covestor Fees and simulated broker commissions. Therefore, the impact of these expenses may be overstated. Learn more about accounts.

Monthly Gain / Loss

Gain/Loss: Ending valuation - (Beginning valuation + Cashflows)

Monthly Simple Return

Simple return: Gain or Loss / (Beginning Valuation + Cashflows)

Options

Certain manager portfolios on the Covestor platform may include options trading. Options trading involves a high degree of risk, is highly speculative, and is not suitable for all investors. Covestor clients should review this important disclosure before deciding to invest in portfolios trading options.

Please note that your brokerage account must be enabled for options trading to invest in options through your Covestor account.

Covestor clients contemplating options trading should carefully review and understand The Options Clearing Corporation’s ("OCC") disclosure document "Characteristics and Risks of Standardized Options" and Interactive Brokers LLC’s "OCC Risk Disclosure Statement and Acknowledgements."

Trading options may result in the total loss of premiums and transaction costs. Option contracts are traded for a specified period of time and have no value after expiration. Trading halts in the underlying security, or other trading conditions (e.g., volatility, liquidity, system failures) may cause the trading market for one or all options to be unavailable, in which case, the holder or writer of an option would not be able to engage in a closing transaction, and would remain obligated until expiration or assignment.

"Naked" uncovered option trading is the most speculative and riskiest form of trading and exposes investors to potentially significant losses. Uncovered options writing is suitable only for knowledgeable investors who fully understand the risks, have the financial capacity and willingness to incur potentially substantial losses, and have sufficient liquid assets to meet applicable margin requirements.

If you are uncomfortable with the level of risk associated with options trading, you should not trade options and should contact Covestor at 1.866.825.3005 to let us know.

Short selling

Certain manager portfolios on the Covestor platform may sell securities short. Short selling refers to the sale of a security that the seller does not own or a sale consummated by the delivery of a stock borrowed by or for the account of the seller. A short selling strategy hinges on the short seller’s ability to purchase later at a lower price the security he sells without initially owning, and attempts to profit from falling security prices of potentially overvalued stocks.

Short selling is more complex than simply owning securities, involves a high degree of risk, is highly speculative, and is not suitable for all investors. The risk of loss associated with short selling is virtually unlimited. Unlike with stock purchases (where the risk of loss is limited to the amount paid for the stock and the gains are potentially limitless), short selling theoretically carries virtually unlimited risk of loss because there is no limit on the price that a security could reach before the short position is closed. Short selling may also involve additional expenses and risks, including hard-to-borrow stock charges and buy-in risk.

If you are uncomfortable with the level of risk associated with selling securities short, you should not short sell securities and should contact Covestor at 1.866.825.3005 to let us know.

Use of Margin

Certain manager portfolios on the Covestor platform may trade on margin. Margin refers to the use of borrowed funds to fund the investments in an account. Trading on margin involves a high degree of risk, is highly speculative, and is not suitable for all investors. Covestor clients should review this important disclosure before deciding to invest in portfolios trading on margin.

Please note that your brokerage account must be enabled for margin trading to invest borrowed funds through your Covestor account.

Trading on margin makes the value of an investor’s account increase or decrease at a greater rate than if no funds were borrowed. The higher the amount of margin (or leverage) in a portfolio, the larger both the risk of loss and possibility of profit. In addition, you must pay the broker interest on your margin loan and may need to pay other fees and expenses as well, such as hard-to-borrow fees and buy-in costs, and may even lead to a lower rate of return than if funds were not borrowed. Generally, investment strategies involving margin trading are more speculative and carry a greater potential for loss than investment not using margin.

If you are uncomfortable with the level of risk associated with trading on margin in your account, you should not borrow funds to support your positions and should contact Covestor at 1.866.825.3005 to let us know.

Covestor Blog full disclosures

The content of Covestor Blog includes the commentary by Covestor and does not necessarily represent the opinions of Covestor or any of its officers, directors, employees or staff. Transaction history of Covestor Portfolios is available upon request. For additional information or questions about this blog, please contact editorial@covestor.com.

Performance is no guarantee of future results. All investments in financial markets involve risk, including the risk of loss.

Performance for the Portfolio Manager’s account has been calculated by Covestor on a daily time-weighted basis, including cash, reinvested dividends and earnings, and broker commissions.

Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations and do not include cash, dividend or earnings distributions, or transaction costs.

Current use of the S&P 500 Index is intended for comparison to general equity market behavior only. This benchmark may not be suitable for comparison to individual portfolios with specific objectives, such as industry or security types.

Month to Date returns & Since Inception returns are revised daily. All other returns (month, 3 month, year to date, et al) are calculated as of the most recent month end date. All external market data and charts provided by Yahoo Finance or Google Finance. See Yahoo and Google for information on those sites’ data providers.

For more information regarding Covestor performance results, see the individual portfolio profile pages on Covestor as well as our Disclosures page.

Compensation of Authors

Portfolio Managers are compensated separately for licensing their investment data to Covestor and establishing an Investment Portfolio with Covestor. Additional information can be found at http://site.covestor.com/become-a-manager.

No Marketing Outside of the United States

This is an offer of investment services to U.S. persons only. The content of this website is NOT intended to be a solicitation or advertisement in any jurisdiction other than the United States.

This website has been published in the United States exclusively in English and is intended to provide information in compliance with applicable United States laws and regulations.

No redistribution

This content is provided by Covestor for use by users of Covestor.com in compliance with the Terms of Use of this website. No content may be reprinted, sold, or redistributed without the expressed written consent of Covestor.

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