Client Access Disclosure
Important Information and Disclosures:
"Closing Market Value" is the sum of client assets held at Oppenheimer & Co. Inc. ("Oppenheimer" or the ''Firm") (Cash, Cash Equivalents and Security Holdings) and "Direct Investments", which are generally not held by the Firm. ''Today's Change in Value" is calculated by comparing an intraday price quote against the closing price, except for infrequently traded securities and direct investments, which are calculated differently. "Today's Change in Value" and "Today's Account Value" reflect account values calculated using intraday price quotes but do not reflect intraday account activity (such as purchases or sales). "Unrealized Gain/Loss" does not include investment results for Direct Investments, which are generally not held by Oppenheimer and are illiquid. Account values do not contain unearned accrued interest yet to be credited to your account. These metrics are estimated using intraday price quotes or the most recent available closing price of securities and are therefore subject to revision.
The intraday pricing of securities is calculated using quotes provided to the Firm from third parties. lntraday price quotes are provided on delay and do not purport to represent the true value of a security in real time. The Firm does not guarantee the accuracy of particular intraday quotes and provides this information to clients purely as a convenience for informational purposes. You acknowledge that the Firm offers the intraday pricing quote as a convenience and disclaim any expectation of complete accuracy or substantive reliance on the listed quoted price. You also acknowledge that the intraday price quote does not constitute an offer to sell or purchase a security by the Firm or any other party.
For some instruments, including but not limited to fixed income securities, money market securities and direct investments, an intraday pricing quote cannot be provided. Instead, the Firm lists the most recent available closing price for these instruments. The most recent closing prices are provided on delay and do not purport to represent the true value of an instrument in real time. The Firm does not guarantee the accuracy of particular closing prices for these instruments and provides them to clients purely as a convenience for informational purposes. You acknowledge that the Firm offers the most recent available closing price for these instruments as a convenience and disclaim any expectation of complete accuracy or substantive reliance on the listed price. You also acknowledge that the most recent closing prices do not constitute an offer to sell or purchase a security by the Firm or any other party.
Direct investments include but are not limited to investment partnerships, private equity partnerships, investment pools, Certificate of Deposit Registry Service ("CDARS"), annuities and insurance products processed through your account. These investments may or may not reflect all direct investment products purchased or currently being serviced through the Firm.
Generally, these direct investments are not held by the Firm. Valuations and tax forms relating to these direct investments are provided by the entity that issued the direct investment. There is no active secondary market for direct investments; these securities are generally illiquid, and values listed may not be realized if you seek to liquidate the securities. The estimated values of direct investments are provided only as a convenience for informational purposes. You acknowledge that the Firm offers estimates for these instruments as a convenience and disclaim any expectation of complete accuracy or substantive reliance on the listed price. You also acknowledge that the most recent closing prices do not constitute an offer to sell or purchase a security by the Firm or any other party. For further information, please contact your Financial Professional or refer to the communications or statements provided to you directly from the entity that issued or manages the direct investment.
Important Risk Disclosures:
Investing involves risk, including the possible loss of principal.
Investment funds are subject to market volatility and the risks of their underlying securities. In addition, each fund has its own specific risk profile and investment strategies detailed in its prospectus or other offering material (which for certain ETFs includes the risk of leverage and/or inverse exposure to an underlying basket of securities), which must be considered carefully before making an investment decision.
Investments in sector funds, including technology or real estate stocks, are subject to substantial volatility due to adverse political, economic or other developments and may carry additional risk resulting from lack of industry diversification.
International investing presents certain risks not associated with investing solely in the U.S. These include, for instance, risks related to fluctuations in value of the U.S. dollar relative to the value of other currencies, custody arrangements made for a fund's foreign holdings, political and economic risk, differences in accounting procedures, and the lesser degree of public information required to be provided by non-U.S. companies. Foreign securities may also be less liquid, more volatile and harder to value, and may be subject to additional risks relating to U.S. and foreign laws relating to foreign investment. These risks are heightened when the issuer of the securities is in a country with an emerging capital market.
Funds that invest in small or mid-capitalization companies experience a greater degree of market volatility than those of large-capitalization stocks and are riskier investments.
Bond funds have the same interest rate, inflation, and credit risks associated with the underlying bonds owned by the fund. Generally, the value of bond funds rises when prevailing interest rates fall and falls when interest rates rise. Investing in lower-grade debt securities (“junk” bonds) may be subject to greater market fluctuations and risk of loss of income and principal than securities in higher rated categories. There are ongoing fees and expenses associated with investing. Please note that higher return potential is accompanied by higher risk. Income from investing in municipal bonds is generally exempt from Federal and state taxes for residents of the issuing state. While the interest income is tax-exempt, any capital gains distributed are taxable to the investor. Income for some investors may be subject to the Federal Alternative Minimum Tax (AMT).
Investing in fixed income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yields and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.
Some of the risks involved with equities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad.
There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes, and the impact of adverse political or financial factors.