Disclaimers & Disclosures

Last updated: March 4, 2026

1. General Disclaimer

Momentum Wealth Research ("MWR," "we," "us," or "our") provides data-driven research signals, backtested strategy information, momentum rankings, and interactive charts through a subscription-based online dashboard (the "Service"). All content, data, analysis, rankings, signals, model portfolios, and backtested results presented on the Service are for informational and educational purposes only.

Nothing on this Service constitutes investment advice, financial advice, trading advice, tax advice, legal advice, or any other form of professional advice. You should not interpret any content on this Service as a specific recommendation to buy, sell, or hold any security, financial product, or investment strategy.

2. No Investment Advisory Relationship

Momentum Wealth Research is not a registered investment adviser, broker-dealer, financial planner, or fiduciary under the Investment Advisers Act of 1940, the Securities Exchange Act of 1934, or any state securities laws. No registration or exemption from registration is claimed.

Use of the Service does not create an investment advisory, fiduciary, or any other professional relationship between you and Momentum Wealth Research. We do not provide personalized investment recommendations. The information presented is generic and not tailored to the investment needs of any specific individual.

You are solely responsible for evaluating the merits and risks of any investment decision you make. Always consult with a qualified, licensed financial professional who understands your individual circumstances before making investment decisions.

3. Hypothetical & Backtested Performance Disclosure

The backtested results presented on this Service (including but not limited to the M5 Momentum Backtest, Red Line SMA Backtest, and Model Portfolio allocations) are hypothetical in nature and do not represent actual trading. They were designed with the benefit of hindsight and may not reflect the experience of any actual investor.

Limitations of hypothetical results include, but are not limited to:

• Benefit of hindsight: Hypothetical strategies are developed and refined after the fact. The selection of parameters, rules, and time periods may have been influenced by knowledge of what already happened.
• No financial risk: Hypothetical results do not involve actual capital at risk. The ability to withstand losses or adhere to a strategy during drawdowns may differ substantially from actual trading.
• Transaction costs excluded: No brokerage commissions, bid-ask spreads, slippage, market impact costs, or other execution costs are modeled.
• Taxes excluded: No federal, state, or local income taxes, capital gains taxes, or other tax consequences are modeled. Tax treatment can materially affect actual returns.
• Dividends: Both the M5 and Red Line backtests use dividend-adjusted closing prices from Yahoo Finance. Dividends are reflected in the adjusted price series but are not explicitly reinvested as a separate cash flow.
• Cash earns zero: During periods when a strategy is uninvested (e.g., the SMA signal is below the 200-day average), cash is assumed to earn 0% interest. In practice, money market or Treasury bill yields would offset some opportunity cost.
• Execution assumptions: Trades are assumed to execute at specific prices (e.g., the open of the first trading day of each month). Actual execution prices may differ due to market conditions, liquidity, and order timing.
• Survivorship bias: The M5 backtest uses point-in-time PBUS (iShares MSCI USA) monthly holdings files that reflect the actual ETF composition as of each historical date. Despite this mitigation, survivorship bias may still be present: stocks that were delisted, acquired, or went bankrupt during the backtest period may be absent from historical holdings data, which can cause backtested returns to overstate what an investor would have actually experienced. Academic research suggests survivorship bias typically inflates backtested equity returns by 0.5% to 2% per year.

Strategy-Specific Assumptions

M5 Momentum Backtest:

• Holds a concentrated portfolio of only 5 stocks per month
• Equal-weighted each January, positions drift mid-year with trades only on entries and exits
• Prior month-end signals determine next month's holdings (1 trading day execution lag)
• GOOG/GOOGL dual-class shares are deduplicated (GOOGL removed if both present, #6 stock promoted)
• $10,000 starting capital, January 2018 start date
• Price data: dividend-adjusted daily closing prices from Yahoo Finance

Red Line (SMA) Backtest:

• Signal generation: Signals are generated from the S&P 500 Index (^GSPC) using the 200-day simple moving average (SMA) evaluated at each month-end close. Trades are executed on the SPDR S&P 500 ETF (SPY). Because ^GSPC and SPY track the same underlying index, price levels are effectively identical, but minor differences in data sources may exist.
• Value Signal (enhanced variant): The "Red Line + Value Signal" backtest adds a secondary confirmation layer using the 200-week SMA. When the monthly signal turns bearish but price remains above the 200-week average, a weekly monitoring state is entered. Re-entry or exit signals may be generated intra-month based on weekly closes relative to the 200-week SMA. Position sizing is either 100% (invested) or 0% (cash).
• Signal timing: Signals are evaluated at the close of each month-end (or weekly close during 200W monitoring). The resulting signal is effective the following month -- trades execute at the open of the first trading day of the next month.
• Cash earns 0%: During periods when the strategy is uninvested, cash is assumed to earn 0% interest. In practice, Treasury bills or money market funds would provide some yield, which means the uninvested return shown is conservative.
• $10,000 starting capital, 1993 start date (SPY inception)
• Price data: dividend-adjusted daily closing prices from Yahoo Finance

Model Portfolios (Preset & Custom Allocations):

• Purely conceptual allocation frameworks illustrating how different blends of index, momentum, and bond exposure might be structured
• Preset models (Core 80/20, Growth 65/35, Momentum 50/50) and user-defined Custom allocations are all hypothetical -- they are not tracked, traded, or rebalanced in real time
• The "Index" sleeve uses Red Line strategy returns (i.e., SPY with the trend-following signal applied), not buy-and-hold SPY returns. This means the backtest assumes the investor followed the Red Line signal to move between SPY and cash
• The "Bonds" sleeve uses AGG (iShares Core U.S. Aggregate Bond ETF) as a proxy for broad U.S. investment-grade bond exposure. AGG is a single ETF tracking the Bloomberg U.S. Aggregate Bond Index. Past AGG returns do not predict future bond returns, and bond prices can decline when interest rates rise
• Custom allocation statistics (CAGR, Sharpe ratio, max drawdown, etc.) are computed in the browser by blending monthly return streams. These calculations use the same methodology as the server-side backtests but may exhibit minor floating-point differences
• Holdings tables show target weights at a point in time. Actual portfolio weights drift with market movement between rebalancing dates
• No model portfolio presented on this Service is a recommendation to adopt any specific allocation

4. Momentum Rankings & Live Calculator

The M5 Momentum Calculator ranks stocks using a quantitative scoring algorithm based on risk-adjusted returns and volatility. These rankings:

• Are not buy or sell recommendations. A high ranking does not mean a stock will increase in value. A low ranking does not mean a stock will decrease in value.
• Use delayed data. Prices are sourced from Yahoo Finance and may not reflect real-time market conditions. Cached prices can be up to several days old.
• Are based on a specific universe. The stock universe is derived from the PBUS (iShares MSCI USA) ETF holdings list and does not cover all publicly traded securities.
• Reflect a single methodology. Other equally valid methodologies may produce substantially different rankings for the same stocks.
• Carry concentration risk. A portfolio of only 5 stocks carries significantly higher risk than a diversified index fund. Individual stock positions can experience large, sudden losses regardless of their momentum ranking.
• GOOG/GOOGL deduplication. When both Alphabet share classes (GOOG and GOOGL) appear in the top 5, one is removed and the next-ranked stock is promoted. This is a mechanical rule, not a judgment on either share class.

Bubble Watch

The "Bubble Watch" table displays large-cap stocks (by portfolio weight) that currently rank outside the top 125 momentum rankings. The "Target Price" column shows the estimated price level at which a stock would enter the top 125 based on current momentum scoring. These are computational projections for informational purposes only -- they are not price targets, buy signals, or predictions of future price movement.

5. Email Alerts & Notifications

The Service sends automated email notifications to subscribers, including:

• Signal change alerts: Sent when the Red Line regime changes (e.g., from bullish to bearish or vice versa)
• Monthly signal updates: Sent on the 1st of each month with the current Red Line regime and top 5 M5 picks
• Weekly digests: Sent each Friday with a summary of the current regime and holdings

These notifications are informational summaries of systematic signal changes. They are not directives to buy, sell, or trade any security. Receipt of an alert does not create an obligation to act. You are solely responsible for any investment decisions you make, regardless of whether an alert was sent, received, or read.

Email delivery depends on third-party services and may be delayed or fail. We do not guarantee delivery of any notification. You may opt out of specific alert categories through the Email Preferences panel in the dashboard.

6. Data Sources, Freshness & Accuracy

The Service uses data from third-party sources including but not limited to:

• Yahoo Finance: Historical and recent stock price data (unadjusted daily close prices)
• iShares/BlackRock: PBUS ETF holdings files for stock universe and market-cap weights
• U.S. Treasury (^IRX): 13-week Treasury bill rates for risk-free rate calculations

While we make reasonable efforts to ensure accuracy, we do not guarantee the completeness, accuracy, reliability, or timeliness of any data presented. Data may contain errors, omissions, or discrepancies. Third-party data providers may revise or correct their data after publication, which may cause historical results to change.

Price data is sourced using unadjusted close prices. Corporate actions such as stock splits, spin-offs, mergers, and delistings may not be perfectly reflected in all historical calculations.

Data Freshness

Price data and momentum rankings are refreshed on a scheduled basis (typically daily on market days) but are not real-time. Cached prices may be up to several trading days old. The dashboard displays freshness indicators when data is potentially stale. The PBUS stock universe file is updated periodically (approximately monthly); between updates, the scored universe may not reflect the most current ETF composition.

Signal changes, monthly picks, and backtest results are computed from the most recently available data at the time of processing. Delays in data refresh do not trigger alerts or corrections retroactively.

7. Risk Disclosures

General Investment Risks

All investments involve risk, including the possible loss of principal. The value of investments can go down as well as up. There is no guarantee that any investment strategy will achieve its objectives or generate positive returns.

Concentration Risk

The M5 strategy holds a concentrated portfolio of 5 stocks. Concentrated portfolios are subject to significantly higher volatility and risk of loss compared to broadly diversified portfolios. A single stock's poor performance can have a material impact on the entire portfolio.

Momentum Risk

Momentum strategies are subject to sudden and severe reversals. Stocks that have performed well in the past may underperform or experience sharp declines in the future. Momentum crashes -- periods where high-momentum stocks simultaneously decline -- have occurred historically and may occur again.

Market Risk

The strategies presented are primarily invested in U.S. equities and are subject to broad market risk. During periods of market-wide decline (e.g., recessions, financial crises, pandemics), these strategies may experience significant losses regardless of the quality of their signals.

Model Risk

Quantitative strategies are based on mathematical models that may not fully capture the complexity of financial markets. Models can fail during unusual market conditions, regime changes, or structural shifts in market behavior.

Interest Rate & Bond Risk

The Custom allocation feature allows users to include a bond sleeve using AGG (iShares Core U.S. Aggregate Bond ETF) as a proxy. Bond prices are inversely related to interest rates -- when rates rise, bond prices fall. AGG holds a broad mix of U.S. investment-grade bonds (Treasuries, corporates, mortgage-backed securities) and can experience meaningful losses during periods of rising rates. Historical AGG returns reflect a specific interest rate environment that may not recur. A bond allocation does not guarantee capital preservation or positive returns.

8. No Guarantee of Future Results

Past performance is not indicative of future results. Historical returns, whether actual or hypothetical, do not guarantee future performance. Market conditions, economic environments, and other factors change over time, and strategies that performed well historically may not perform well in the future.

The strategies and signals presented on this Service may stop working, produce losses, or underperform simple buy-and-hold approaches at any time and for extended periods.

9. Forward-Looking Statements

The Service may contain forward-looking statements or projections. These statements are based on current expectations and assumptions and are inherently uncertain. Actual results may differ materially from any projections or estimates provided. We undertake no obligation to update or revise any forward-looking statements.

10. Third-Party Content & Links

The Service may contain links to third-party websites, data sources, or content (e.g., Yahoo Finance, iShares). We do not endorse, control, or assume responsibility for any third-party content, products, or services. Use of third-party resources is at your own risk and subject to their respective terms and policies.

11. Limitation of Liability

To the maximum extent permitted by applicable law, Momentum Wealth Research, its operators, affiliates, and service providers shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages arising from or related to:

• Your use of or reliance on any information, data, signals, rankings, or content provided by the Service
• Any investment decisions you make based on information from the Service
• Any errors, inaccuracies, or omissions in the data or content
• Any interruption, delay, or failure of the Service
• Any losses incurred from trading or investing in securities

Your use of the Service and any reliance on the information provided is entirely at your own risk.

12. Indemnification

By using the Service, you agree to indemnify, defend, and hold harmless Momentum Wealth Research, its operators, and affiliates from and against any claims, damages, losses, liabilities, costs, or expenses (including reasonable attorneys' fees) arising from your use of the Service, your reliance on any content provided, or your violation of these disclaimers or any applicable law.

13. Regulatory Status

Momentum Wealth Research is an independent research publication operating under the publisher's exclusion set forth in Section 202(a)(11)(D) of the Investment Advisers Act of 1940. We are not registered with or regulated by the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any state securities regulatory authority as an investment adviser. The Service is not an offer or solicitation to buy or sell any security in any jurisdiction.

All content is general in nature and is distributed to all subscribers without regard to the specific investment needs, objectives, or financial situation of any individual. No content on this Service is adapted or tailored to the investment needs of any specific subscriber.

14. Ownership, Affiliations & Conflicts of Interest

Momentum Wealth Research is operated by principals who also own and operate Momentum Wealth Planning, a registered investment adviser (RIA). Momentum Wealth Research and Momentum Wealth Planning are separate entities with distinct services:

• Momentum Wealth Research (MWR) is a research publication that provides systematic market signals, momentum rankings, and hypothetical backtested data. MWR does not manage client assets, execute trades, or provide personalized investment advice.
• Momentum Wealth Planning is a registered investment adviser that provides investment management and financial planning services to its clients.

Material conflicts of interest:

• The principals and/or clients of Momentum Wealth Planning may hold, buy, or sell positions in securities that appear in MWR's momentum rankings, model portfolios, or research signals.
• Momentum Wealth Planning may use MWR's signals and research as one input in its own investment decision-making process.
• The operators of MWR have a financial interest in both entities and may benefit from the perceived success of MWR's research.

The existence of these relationships does not alter the nature of MWR's Service as an independent research publication. All signals and rankings are generated by systematic, rules-based algorithms — not by discretionary judgment that could be influenced by these relationships. However, subscribers should be aware of these affiliations when evaluating the information presented.

15. Changes to Disclaimers

We reserve the right to update or modify these disclaimers at any time. Changes will be reflected on this page with an updated "Last updated" date. Your continued use of the Service after any changes constitutes acceptance of the revised disclaimers.

16. Governing Law

These disclaimers shall be governed by and construed in accordance with the laws of the State of Florida, without regard to conflict of law principles. Any disputes arising under or in connection with these disclaimers shall be subject to the exclusive jurisdiction of the courts located in the State of Florida.

17. Contact

If you have questions about these disclaimers or any content on the Service, please contact us at:

contact@momentumwealthresearch.com

Momentum Wealth Research
20222 Hartford Blvd
Estero, FL 33928