Item 5. Fees and Compensation market, industry and company data.
Fees for the provision and delivery of Research
Services are separately negotiated with each Research reports and commentaries may be
client. Fees are payable as agreed upon by the modified from time to time without notice and may
parties and, if applicable, as described in a express opinions or provide investment
Research Services Agreement or similar document perspectives that are inconsistent with prior
between a client and Baird Strategas. Fees are opinions and perspectives. Clients must make their
generally paid as invoiced, either in advance or in own independent investigation of the merits of
arrears. If the relationship is terminated, the client their investment decisions. Baird Strategas
may request a pro-rata refund of an advanced expressly disclaims any responsibility for the
payment based on the cancellation date. completeness, accuracy or timeliness of the
Research Services provided to clients, and Baird
Should a client use Baird Strategas or an affiliated Strategas is under no duty to update or revise the
broker‐dealer to execute trades, the client will incur Research Services, the contents thereof or
transaction costs such as commissions, mark ups analyses or opinions expressed therein.
and spreads. Such costs are exclusive to and in Notwithstanding the foregoing, nothing contained
addition to the Baird Strategas hard dollar fee for in this paragraph or elsewhere in this document
the Research Services. shall constitute a waiver by clients of any of their
legal rights under applicable U.S. federal securities
laws or any other laws whose applicability is not
permitted to be contractually waived.
Baird Strategas LLC Baird Strategas LLC Brochure
52 Vanderbilt Avenue, 19th Floor, New York, NY 10017 Rev. 07/1/2026
(212) 906-0130
Baird Strategas may rely on third‐party sources for than other styles or companies in other styles. The
information that it believes to be reliable in equity securities of foreign companies may present
providing the Research Services, but it does not increased risk than those of domestic companies.
guarantee the quality, accuracy, or completeness
of such third‐party information or any other Short Sale Risk – Short selling runs the risk of loss
information or data related thereto. The Research if the price of the securities sold short does not
Department makes no express or implied decline below the price at which they were
warranties with respect to Research Services or originally sold. This risk of loss is theoretically
any other information or data related thereto. unlimited, as there is no cap on the amount that
the price of a security may appreciate. In addition,
Clients should be aware of the following risks a lender may request, or market conditions may
associated with the Research Services offered by dictate, that securities sold short be returned to the
Baird Strategas: lender on short notice, which may result having to
buy the securities sold short at an unfavorable
Research Services Risk – The analyses, price.
perspectives, opinions, investment strategies and
commentaries included in the Research Services Geopolitical Risk – Some areas of research are
reflect the good faith, personal views of the Baird exposed to complex geopolitical risk. Some
Strategas analysts who provided the Research geopolitical risks are normal, while others are in a
Services, using current information available to heightened state. U.S. and international markets
them. It is possible that such analyses, have experienced significant periods of volatility
perspectives, opinions and commentaries, to the due to a number of economic, political and other
extent they offer suggestions, recommendations, global macro factors, including elevated inflation
predictions or beliefs about future outcomes, may levels, trade tensions, tariff arrangements and
prove to be incorrect. wars in Europe and in the Middle East. Geopolitical
risks have increased as the U.S. has taken military
Investment Risk – Investing in securities involves action against Iran. Retaliatory acts against the
risk of loss that clients should be prepared to bear. U.S. or other Middle East countries could lead to a
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