Disclosures

IMPORTANT DISCLOSURES
BAIRD STRATEGAS PRIVACY NOTICE
CALIFORNIA PRIVACY NOTICE

BUSINESS CONTINUITY PLAN
FORM 8937 (REPORT OF ORGANIZATIONAL ACTIONS)

IMPORTANT DISCLOSURES – OPTIONS
COOKIE POLICY

IMPORTANT DISCLOSURES
As of July 1, 2026 This communication was prepared for institutional investors only by Baird Strategas LLC (“Baird Strategas” or “we”), a broker-dealer and FINRA member firm and SEC-registered investment adviser. We are affiliated with Strategas Asset Management, LLC, an SEC-registered investment adviser that leverages Baird Strategas analyses to manage and provide investment advice to client accounts and exchange-traded funds. We are also affiliated with Robert W. Baird & Co. Incorporated (“Baird”), a broker-dealer, FINRA member firm and SEC-registered investment adviser. Baird Strategas and Baird conduct separate and distinct businesses and maintain separate research departments. This information is proprietary, and it and any portion hereof may not be copied, reprinted, forwarded, sold, redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of Baird Strategas or if required by law. Any unauthorized use is prohibited. This communication is provided for informational purposes only and is not an offer, recommendation or solicitation to buy or sell any security. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. The intended recipients of this communication are presumed to be capable of conducting their own analysis, risk evaluation, and decision making regarding their investments. For investors subject to MiFID II (European Directive 2014/65/EU and related Delegated Directives) or the UK laws, regulations and measures implementing MiFID II and the Delegated Directives as they form part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and regulations made under that Act: We classify the intended recipients of this communication as “professional clients” or “eligible counterparties” with the meaning of MiFID II and the rules of the UK Financial Conduct Authority. The contents of this report are not provided on an independent basis and are not “investment advice” or “personal recommendations” within the meaning of MiFID II and the rules of the UK Financial Conduct Authority. The performance and other information presented in this communication is not indicative of future results. The information in this communication has been obtained from sources we consider to be reliable, but we cannot guarantee its accuracy. The information is current only as of the date of this communication and we do not undertake to update or revise such information following such date. To the extent that any securities or their issuers are included in this communication, we do not undertake to provide any information about such securities or their issuers in the future. We do not follow, cover or provide any fundamental or technical analyses, investment ratings, price targets, financial models or other guidance on any particular securities or companies. Further, to the extent that any securities or their issuers are included in this communication, each person responsible for the content included in this communication certifies that any views expressed with respect to such securities or their issuers accurately reflect his or her personal views about the same and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this communication. This communication is provided on a “where is, as is” basis, and we expressly disclaim any liability for any losses or other consequences of any person’s use of or reliance on the information contained in this communication. Despite the separation of businesses between Baird Strategas and Baird, to the extent this report mentions any specific companies or their securities, a complete listing of all research disclosures, including disclosures of material conflicts of interest (if any) involving Baird and the companies mentioned herein, can be accessed at http://www.rwbaird.com/research-insights/research/coverage/third-party-research-disclosures.aspx.

IMPORTANT DISCLOSURES

As of July 1, 2026

This communication was prepared for institutional investors only by Baird Strategas LLC (“Baird Strategas” or “we”), a broker-dealer and FINRA member firm and SEC-registered investment adviser. We are affiliated with Strategas Asset Management, LLC, an SEC-registered investment adviser that leverages Baird Strategas analyses to manage and provide investment advice to client accounts and exchange-traded funds. We are also affiliated with Robert W. Baird & Co. Incorporated (“Baird”), a broker-dealer, FINRA member firm and SEC-registered investment adviser. Baird Strategas and Baird conduct separate and distinct businesses and maintain separate research departments.

This information is proprietary, and it and any portion hereof may not be copied, reprinted, forwarded, sold, redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of Baird Strategas or if required by law. Any unauthorized use is prohibited.

This communication is provided for informational purposes only and is not an offer, recommendation or solicitation to buy or sell any security. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. The intended recipients of this communication are presumed to be capable of conducting their own analysis, risk evaluation, and decision making regarding their investments.

For investors subject to MiFID II (European Directive 2014/65/EU and related Delegated Directives) or the UK laws, regulations and measures implementing MiFID II and the Delegated Directives as they form part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and regulations made under that Act: We classify the intended recipients of this communication as “professional clients” or “eligible counterparties” with the meaning of MiFID II and the rules of the UK Financial Conduct Authority. The contents of this report are not provided on an independent basis and are not “investment advice” or “personal recommendations” within the meaning of MiFID II and the rules of the UK Financial Conduct Authority.

The performance and other information presented in this communication is not indicative of future results. The information in this communication has been obtained from sources we consider to be reliable, but we cannot guarantee its accuracy. The information is current only as of the date of this communication and we do not undertake to update or revise such information following such date. To the extent that any securities or their issuers are included in this communication, we do not undertake to provide any information about such securities or their issuers in the future. We do not follow, cover or provide any fundamental or technical analyses, investment ratings, price targets, financial models or other guidance on any particular securities or companies. Further, to the extent that any securities or their issuers are included in this communication, each person responsible for the content included in this communication certifies that any views expressed with respect to such securities or their issuers accurately reflect his or her personal views about the same and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this communication. This communication is provided on a “where is, as is” basis, and we expressly disclaim any liability for any losses or other consequences of any person’s use of or reliance on the information contained in this communication.

Despite the separation of businesses between Baird Strategas and Baird, to the extent this report mentions any specific companies or their securities, a complete listing of all research disclosures, including disclosures of material conflicts of interest (if any) involving Baird and the companies mentioned herein, can be accessed at http://www.rwbaird.com/research-insights/research/coverage/third-party-research-disclosures.aspx.

PRIVACY NOTICE
FACTS	WHAT DOES BAIRD STRATEGAS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies like Baird Strategas LLC or Strategas Asset Management, LLC (collectively the Firm) choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	When we refer to “personal information” we mean any data relating to an identified or identifiable individual. This could include information that could identify an individual, directly or indirectly, in particular, by reference to an identifier such as a name, ID number, location data or online identifier. It also includes factors specific to an individual’s characteristics. The types of personal information the Firm collects and shares depends on the product or service you have with the Firm. This information can include: Name, address, phone numbers, email, business title and functional role Social Security number and/or driver’s license, passport or other government ID number Date of birth Employment information, account balances, and transaction history Income and assets IP address (In connection with your use of the Firm’s website or mobile application) Mobile application usage (limited to date and time of last sign on). No mobile opt-in will be shared with third parties for marketing purposes OS version (in connection with mobile application only) When you are no longer a Firm customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Firm chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Strategas share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	N/A
For our affiliates’ everyday business purposes — information about your experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	N/A
For our affiliates to market to you	No	N/A
For nonaffiliates to market to you	No	N/A

Questions?	Call 212-906-0130 or go to www.bairdstrategas.com or www.strategasasset.com

Who we are
Who is providing this notice?	Baird Strategas LLC and Strategas Asset Management, LLC (the Firm)

What we do
How does the Firm protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does the Firm collect my personal information?	We collect your personal information during the course of your dealings with us. For example, we collect your personal information when you: enter into an agreement with us to receive services. (e.g., to manage your investment account or to obtain research) provide us your contact information use the Firm’s websites or Baird Strategas LLC’s mobile application. We also collect your personal information from affiliates or other companies such as custodians, credit bureaus, LinkedIn or other publicly available sources. We combine information about you from various sources, including the information that you have provided to us directly.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: sharing for affiliates’ everyday business purposes—information about your creditworthiness affiliates from using your information to market to you sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. See “Other Important Information” below for more on your rights under state law.
What happens when I limit sharing for an account I hold jointly with someone else?	Your choices will apply to everyone on your account.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates include Baird Financial Group, Inc., Baird Financial Corporation, Robert W. Baird & Co. Incorporated, Baird Trust Company, Robert W. Baird Group Limited, Robert W. Baird GmbH, and Baird Funds, Inc.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. Nonaffiliates with whom the Firm shares your information for the reason identified above include: service providers that provide services on the Firm’s behalf, including IT service providers; legal and other professional advisors and auditors; regulators and law enforcement agencies.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. The Firm does not have any joint marketing partners.

Other Important Information
For Nevada residents only.We are providing you this notice pursuant to state law. You may be placed on our internal Do Not Call List by following the directions in the “Can you limit this sharing” section by choosing to limit sharing “For our affiliates to market to you.” Nevada law requires that we also provide you with the following contact information: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington Street, Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; e-mail: BCPlNFO@ag.state.nv.us. Baird Strategas LLC, Strategas Asset Management, LLC ("the Firm”) 52 Vanderbilt Ave, New York, NY 10017; Phone Number 212-906-0130; e-mail: Click on “Contact Us” in the top right corner at www.bairdstrategas.com. Vermont: In accordance with Vermont law, we will not share information we collect about Vermont residents with companies outside of our corporate family, except as permitted by law, such as with your consent, to service your accounts or to other financial institutions with which we have joint marketing agreements. We will not share information about your creditworthiness within our corporate family except with your authorization or consent, but we may share information about our transactions or experiences with you within our corporate family without your consent. California:In accordance with California law, we will not disclose information we collect about you with companies outside of the Firm, unless the law allows. For example, we may disclose information, to service your accounts, or to provide rewards or benefits you are entitled to. We will limit disclosures among our companies to the extent required by California law. We collect personally identifiable information from online customers when those customers use the Firm’s websites and/or online services (including Baird Strategas LLC’s mobile application). This information includes, but is not limited to, customer names and e-mail addresses. The fIrm also does not disclose personally identifiable information with third-party persons or entities unless authorized by the customer or permitted by applicable law. If the Firm’s online customers wish to change the contents of the personally identifiable information previously supplied to the Firm, those customers may do so by contacting us and requesting the change. Alternatively, some websites and online services offered by the Firm permit customers to change the contents of their personally identifiable information online. We are aware that some internet browsers have incorporated Do Not Track (“DNT”) features. Most of these features, when turned on, send a signal or preference to the websites you visit indicating that you do not wish to be tracked. The Firm does not currently respond to DNT signals, whether on its websites or other online services. The Firm does not allow other parties to collect personally identifiable information about its online customers’ individual online activities over time or across different websites for such party’s own use. The Firm cannot, however, guarantee protection from web-based criminal conduct that could result in the collection of an online customer’s personally identifiable information by an outside party. Please refer to www.bairdstrategasp.com/Disclosures#cpn for additional information specific to the California Consumer Privacy Act of 2018, as amended, as it relates to personal information collected or processed by the Firm. Retention period: The Firm will only hold your personal information for as long as required to undertake the purposes of our processing, plus a prescribed period of time as required by laws in your jurisdiction. The Firm may change this privacy notice at any time, and any changes or updates will be effective immediately on the date of posting. For a current version, please visit www.strategasasset.com/disclosures or www.bairdstrategas.com/Disclosures

Other Important Information

For Nevada residents only.We are providing you this notice pursuant to state law. You may be placed on our internal Do Not Call List by following the directions in the “Can you limit this sharing” section by choosing to limit sharing “For our affiliates to market to you.” Nevada law requires that we also provide you with the following contact information: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington Street, Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; e-mail: BCPlNFO@ag.state.nv.us. Baird Strategas LLC, Strategas Asset Management, LLC ("the Firm”) 52 Vanderbilt Ave, New York, NY 10017; Phone Number 212-906-0130; e-mail: Click on “Contact Us” in the top right corner at www.bairdstrategas.com.

Vermont: In accordance with Vermont law, we will not share information we collect about Vermont residents with companies outside of our corporate family, except as permitted by law, such as with your consent, to service your accounts or to other financial institutions with which we have joint marketing agreements. We will not share information about your creditworthiness within our corporate family except with your authorization or consent, but we may share information about our transactions or experiences with you within our corporate family without your consent.

California:In accordance with California law, we will not disclose information we collect about you with companies outside of the Firm, unless the law allows. For example, we may disclose information, to service your accounts, or to provide rewards or benefits you are entitled to. We will limit disclosures among our companies to the extent required by California law. We collect personally identifiable information from online customers when those customers use the Firm’s websites and/or online services (including Baird Strategas LLC’s mobile application). This information includes, but is not limited to, customer names and e-mail addresses. The fIrm also does not disclose personally identifiable information with third-party persons or entities unless authorized by the customer or permitted by applicable law. If the Firm’s online customers wish to change the contents of the personally identifiable information previously supplied to the Firm, those customers may do so by contacting us and requesting the change. Alternatively, some websites and online services offered by the Firm permit customers to change the contents of their personally identifiable information online. We are aware that some internet browsers have incorporated Do Not Track (“DNT”) features. Most of these features, when turned on, send a signal or preference to the websites you visit indicating that you do not wish to be tracked. The Firm does not currently respond to DNT signals, whether on its websites or other online services. The Firm does not allow other parties to collect personally identifiable information about its online customers’ individual online activities over time or across different websites for such party’s own use. The Firm cannot, however, guarantee protection from web-based criminal conduct that could result in the collection of an online customer’s personally identifiable information by an outside party. Please refer to www.bairdstrategasp.com/Disclosures#cpn for additional information specific to the California Consumer Privacy Act of 2018, as amended, as it relates to personal information collected or processed by the Firm.

Retention period: The Firm will only hold your personal information for as long as required to undertake the purposes of our processing, plus a prescribed period of time as required by laws in your jurisdiction.

The Firm may change this privacy notice at any time, and any changes or updates will be effective immediately on the date of posting. For a current version, please visit www.strategasasset.com/disclosures or www.bairdstrategas.com/Disclosures

BUSINESS CONTINUITY PLAN

It is mandatory that all FINRA member firms develop business continuity procedures and a summary of such procedures disclose to their customers. FINRA Rule 3510 requires that all member firms create a business continuity plan in the event of a significant business disruption. Baird Strategas LLC, a registered broker-dealer, and SEC-registered Investment Advisor, has procedures in place should a disruption prevent personnel from gaining access to our offices. Baird Strategas undertakes to quickly recover and resume normal business operations as soon as possible should a major disruption to business occur. Baird Strategas undertakes to safeguard our employees and property, to make a full financial and operational assessment, to protect the firm's books and records. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption. Please note that this is a summary of the Baird Strategas Business Continuity Plan. The Plan is subject to modification. As modifications are made to this plan, they will be posted on our website, or you may obtain an updated summary from us upon request.

CONTACTING US

If after a significant business disruption you cannot contact us at (212) 906-0130, you should call our alternative number 1-847-305-3216 or go to our web site at www.bairdstrategas.com..

INDEX DISCLOSURES

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned inthis report may fall against the interests of the investor and the investor may get backless than the amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. When an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment decision. This material is not intended for any specific investor and does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

FORM 8937 (REPORT OF ORGANIZATIONAL ACTIONS)

California Privacy Notice

IMPORTANT DISCLOSURES – OPTIONS
As of July 01,2026 The Options Sales and Trading desk provides Communication that is not a research product and should not be viewed as a research report Derivatives and options are complex instruments that are not suitable for all investors, may involve a high degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. Prior to effecting any options transaction, you should read and understand the Characteristics & Risks of Standardized Options pamphlet found on The Options Clearing Corporation’s website: www.theocc.com/about/publications/character-risks.jsp The Communication was prepared for institutional investors only by Baird Strategas LLC (Baird Strategas, or we), a brand that provides research to institutional investors through Baird Strategas LLC, a broker-dealer and FINRA member firm and an SEC Registered Investment Adviser, and offers investment advisory services through Strategas Asset Management, LLC, an SEC Registered Investment Adviser. The information is proprietary, and it and any portion hereof may not be copied, reprinted, forwarded, sold, or redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of the Firm or if required by law. Any unauthorized use is prohibited. Past or simulated past performance is not a guarantee of future results. The investment information contained in the Communication is subject to changes which may have an adverse effect on the value of such investments. Any forward-looking information herein is intended to illustrate hypothetical results based on assumptions; actual events or conditions may differ materially from those assumptions. Information contained in the Publication is based on data obtained from sources we deem to be reliable, however, it is not guaranteed as to accuracy and does not purport to be complete. The information is current only as of the date of the Communication and we do not undertake to update or revise such information following such date. The Communication is provided for informational purposes only and is not an offer, recommendation or solicitation to buy or sell any security. The Communication does not constitute, nor should it be regarded as investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry or security. Additional analysis would be required to make an investment decision. To the extent that any securities or their issuers are included in the Communication, we do not undertake to provide any information about such securities or their issuers in the future. We do not follow, cover or provide any fundamental or technical analyses, investment ratings, price targets, financial models or other guidance on any particular securities or companies. Further, to the extent that any securities or their issuers are included in the Communication, each person responsible for the content included in the Communication certifies that any views expressed with respect to such securities or their issuers accurately reflect his or her personal views about the same and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in the Communication. The Communication is provided on a “where is, as is” basis, and we expressly disclaim any liability for any losses or other consequences of any person’s use of or reliance on the information contained in the Communication. Baird Strategas does not render advice on tax and tax accounting matters to clients. The Communication is not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal income tax laws. Investors should consult their own legal, tax investment or other advisors, at both the onset of any transaction and on an ongoing basis to determine the laws and analyses applicable to their specific circumstances. Neither Baird Strategas nor any officer, director, employee, agent, advisor or controlling person of Baird Strategas is responsible for and accepts no liability with respect to the use of The Communication or of its contents or for any errors therein or omission therefrom. Baird Strategas further disclaims any civil responsibility for any legal recourse caused by action or omission derived from the information provided herein. For investors subject to MiFID II (European Directive 2014/65/EU and related Delegated Directives) or the UK laws, regulations and measures implementing MiFID II and the Delegated Directives as they form part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and regulations made under that Act: We classify the intended recipients of the Communication as “professional clients” or “eligible counterparties” with the meaning of MiFID II and the rules of the UK Financial Conduct Authority. The contents of the report are not provided on an independent basis and are not “investment advice” or “personal recommendations” within the meaning of MiFID II and the rules of the UK Financial Conduct Authority. Intended for institutional use only/not intended for use by retail clients. The Communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. The intended recipients of the Communication are presumed to be capable of conducting their own analysis, risk evaluation, and decision making regarding their investments. You understand and agree that Baird Strategas is not acting as your agent, fiduciary or advisor with respect to any matters contemplated herein. Please review the following links for full disclaimers and disclosures. www.theocc.com/company-information/documents-and-archives/options-disclosure-document www.bairdstrategas.com/disclosures Baird Strategas LLC and Strategas Asset Management, LLC are affiliated with Robert W. Baird & Co. Incorporated (“Baird”), a broker-dealer and FINRA member firm, although the firms conduct separate and distinct businesses.

IMPORTANT DISCLOSURES – OPTIONS

As of July 01,2026

The Options Sales and Trading desk provides Communication that is not a research product and should not be viewed as a research report

Derivatives and options are complex instruments that are not suitable for all investors, may involve a high degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. Prior to effecting any options transaction, you should read and understand the Characteristics & Risks of Standardized Options pamphlet found on The Options Clearing Corporation’s website: www.theocc.com/about/publications/character-risks.jsp

The Communication was prepared for institutional investors only by Baird Strategas LLC (Baird Strategas, or we), a brand that provides research to institutional investors through Baird Strategas LLC, a broker-dealer and FINRA member firm and an SEC Registered Investment Adviser, and offers investment advisory services through Strategas Asset Management, LLC, an SEC Registered Investment Adviser. The information is proprietary, and it and any portion hereof may not be copied, reprinted, forwarded, sold, or redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of the Firm or if required by law. Any unauthorized use is prohibited.

Past or simulated past performance is not a guarantee of future results. The investment information contained in the Communication is subject to changes which may have an adverse effect on the value of such investments. Any forward-looking information herein is intended to illustrate hypothetical results based on assumptions; actual events or conditions may differ materially from those assumptions.

Information contained in the Publication is based on data obtained from sources we deem to be reliable, however, it is not guaranteed as to accuracy and does not purport to be complete. The information is current only as of the date of the Communication and we do not undertake to update or revise such information following such date.

The Communication is provided for informational purposes only and is not an offer, recommendation or solicitation to buy or sell any security. The Communication does not constitute, nor should it be regarded as investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry or security. Additional analysis would be required to make an investment decision.

To the extent that any securities or their issuers are included in the Communication, we do not undertake to provide any information about such securities or their issuers in the future. We do not follow, cover or provide any fundamental or technical analyses, investment ratings, price targets, financial models or other guidance on any particular securities or companies. Further, to the extent that any securities or their issuers are included in the Communication, each person responsible for the content included in the Communication certifies that any views expressed with respect to such securities or their issuers accurately reflect his or her personal views about the same and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in the Communication. The Communication is provided on a “where is, as is” basis, and we expressly disclaim any liability for any losses or other consequences of any person’s use of or reliance on the information contained in the Communication.

Baird Strategas does not render advice on tax and tax accounting matters to clients. The Communication is not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal income tax laws. Investors should consult their own legal, tax investment or other advisors, at both the onset of any transaction and on an ongoing basis to determine the laws and analyses applicable to their specific circumstances.

Neither Baird Strategas nor any officer, director, employee, agent, advisor or controlling person of Baird Strategas is responsible for and accepts no liability with respect to the use of The Communication or of its contents or for any errors therein or omission therefrom. Baird Strategas further disclaims any civil responsibility for any legal recourse caused by action or omission derived from the information provided herein.

For investors subject to MiFID II (European Directive 2014/65/EU and related Delegated Directives) or the UK laws, regulations and measures implementing MiFID II and the Delegated Directives as they form part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and regulations made under that Act: We classify the intended recipients of the Communication as “professional clients” or “eligible counterparties” with the meaning of MiFID II and the rules of the UK Financial Conduct Authority. The contents of the report are not provided on an independent basis and are not “investment advice” or “personal recommendations” within the meaning of MiFID II and the rules of the UK Financial Conduct Authority.

Intended for institutional use only/not intended for use by retail clients. The Communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. The intended recipients of the Communication are presumed to be capable of conducting their own analysis, risk evaluation, and decision making regarding their investments. You understand and agree that Baird Strategas is not acting as your agent, fiduciary or advisor with respect to any matters contemplated herein.

Please review the following links for full disclaimers and disclosures. www.theocc.com/company-information/documents-and-archives/options-disclosure-document www.bairdstrategas.com/disclosures

Baird Strategas LLC and Strategas Asset Management, LLC are affiliated with Robert W. Baird & Co. Incorporated (“Baird”), a broker-dealer and FINRA member firm, although the firms conduct separate and distinct businesses.

COOKIE POLICY

Our use of cookies and other information-gathering technologies

A "cookie" is a small text file which is stored on the user's hard drive or mobile device. Cookies perform a number of functions associated with browsing websites and are used for a variety of different purposes, such as tracing users from page to page on an internet site, thereby enhancing a user's browsing experience. They are generated by web servers when the user enters an internet page, and are passed to the user's computer or mobile device and stored for subsequent future access.If you are not familiar with cookies, you can find more detailed information about them here: www.aboutcookies.org.

We use our own first-party cookie to collect information about visitor behaviour on our website through Google Analytics. A JavaScript tag stored within the page code of the website collects information including, but not limited to, the pages you visit, how long you are on the site, how you arrive at the site, generic demographic information (not personally identifiable), and links that you click on. This information is then stored by Google Analytics for analysing visitor behaviour on our site. The collected data is not tied to any personally identifiable information, and Baird Strategas does not collect or store personally identifiable information through these cookies and therefore cannot use the data to identify you.

We only use cookies in certain areas of this website (the "Baird Website"), and the purposes for which they are used are detailed below. You may consent to accepting cookies and will do so by continuing to browse the Baird Strategas website. You can modify your browser so that it will not accept cookies; however, if you do so, this may affect your browsing experience and certain functions within the website may not work.

The Baird Strategas websites use the following cookies:

1. Session Cookies

Cookie Name	Purpose	Expiry
ASP.NET_SessionId	Identifies your browser session on the server to ensure an uninterrupted journey through the website.	Session end
pardot	Set by Salesforce Pardot to track session activity for marketing automation purposes.	Session end

2. Authentication & Security Cookies

Cookie Name	Purpose	Expiry
strategasverifylogin	Verifies that a user is authenticated and logged into the Baird Strategas website.	1 year
ste	Supports secure login and authenticated session management on the Baird Strategas website.	1 year
cookie_consent	Stores the user's cookie consent preference to prevent the cookie notice from being displayed on subsequent visits after acceptance.	1 year

3. Google Analytics Cookies

Cookie Name	Purpose	Expiry
_ga	Distinguishes unique users by assigning a randomly generated client ID. Used to calculate visit and session data.	2 years
_ga_94GS0JMGK5	Used by Google Analytics 4 (GA4) to persist session state and track user interactions specific to this site.	2 years
_gid	Distinguishes users and stores information about how the site is used.	24 hours
_gat	Used to throttle the request rate to Google Analytics, limiting data collection on high-traffic sites.	1 minute

4. Salesforce Pardot Cookies (Marketing & Analytics)

Cookie Name	Purpose	Expiry
lpv68612	Tracks the last page view in a session to prevent duplicate page view tracking in Pardot.	Session / Short-term
visitor_id*	Assigns a unique visitor ID to identify and track visitors across Pardot-enabled pages and subdomains.
visitor_id*-hash	A security hash associated with the Pardot visitor ID cookie to verify its authenticity and prevent tampering.

By using our website, you agree to the Baird Strategas Cookies Policy and consent to our use of cookies in accordance with the terms of this policy.

If you do not agree, you can do one of the following:

Stop using our website and delete any cookies that may have been stored on your computer upon visiting our site.
Block all cookies or only third-party cookies, or alternatively clear all cookies once you have closed your browser.
Browse the site using your browser's anonymous usage settings such as Incognito (Chrome), InPrivate (Internet Explorer/Edge), or Private Browsing (Firefox and Safari).

The help section of your specific browser will assist you in selecting these settings.

If you block or delete any cookies, you may have to manually adjust some preferences each time you visit the site, and some services and functionalities may not work properly.