Past performance is not indicative of future results. Every investment carries the risk of potential loss. This content is provided for informational purposes only, and none of the information presented should be construed as investment, legal, accounting, or tax advice, or as a recommendation to buy, sell, or hold any security. No specific advice or recommendation is being offered regarding the suitability of any investment for a particular investor. It should not be assumed that any investments in securities, companies, sectors, or markets mentioned were or will be profitable. All information is accurate as of the date provided and is subject to change without notice. The views or opinions expressed may not represent those of the entire firm. The provider of this information is not a licensed securities dealer, broker, U.S. investment adviser, or investment bank. The estimated returns are based on hypothetical portfolios comprising stocks with a certain rank or other estimable metric, rebalanced monthly or daily (refer to additional details on rebalancing below), and incurring zero transaction costs. They do not represent the returns of actual stock portfolios. Stocks may change throughout the month or day. Some stocks, due to the unavailability of month-end prices or other reasons, can be excluded from these calculations.