Terms of Service

Effective Date: July 2026

These Terms of Service (the “Terms”) constitute a legally binding agreement between you (“you,” “your,” or “Subscriber”) and Lead-Lag Publishing, LLC, a limited liability company (“Lead-Lag Publishing,” “The Lead-Lag Report,” “we,” “us,” or “our”), governing your access to and use of the website located at leadlagreport.com, all associated subdomains, the Lead-Lag Report newsletter, the Lead-Lag Live podcast and video series, any associated webinars or events, and all related content, features, and services (collectively, the “Service”). Lead-Lag Publishing operates under the umbrella of Lead-Lag Media, an affiliated financial media and sponsor-operations business (“Lead-Lag Media,” and together with Lead-Lag Publishing, the “Company”). By accessing or using the Service, creating an account, or subscribing to any paid or free tier, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy, which is incorporated herein by reference. If you do not agree to these Terms, you must not access or use the Service.

1. Eligibility and Acceptance

You must be at least eighteen (18) years of age and capable of forming a binding contract to use the Service. By using the Service, you represent and warrant that you meet this requirement and that you are not barred from receiving services under the laws of the United States or any other applicable jurisdiction. The Service is intended for a general audience of self-directed investors and financial professionals and is not tailored to the individual circumstances of any subscriber.

2. Description of the Service

The Lead-Lag Report is a financial media publication authored and published by Michael A. Gayed, CFA, providing macroeconomic commentary, intermarket analysis, tactical risk-on/risk-off signal frameworks, sector and asset-class commentary, and related editorial content, distributed through recurring content series including but not limited to Weekly Signals, Macro Observations, Leaders-Laggards, High Yield Spotlight, Global View, and Closing Thoughts for the Week, as well as through the Lead-Lag Live podcast and video interview series, live and recorded webinars, and occasional continuing-education programming for financial professionals. The Service is offered on a tiered basis, including a free tier providing limited access and one or more paid subscription tiers providing expanded or full access, as described on the Service at the time of subscription. The Company reserves the right to modify, expand, contract, or discontinue any aspect of the Service, including specific content series, subscription tiers, or features, at any time and without liability to you, except as expressly required by applicable law.

Nothing published, transmitted, or made available through the Service constitutes investment, legal, tax, or accounting advice, or a recommendation to buy, sell, hold, or otherwise transact in any security, financial instrument, exchange-traded fund, mutual fund, or other investment product. All commentary, analysis, signals, charts, and opinions expressed through the Service represent the personal views of the author as of the date of publication and are subject to change without notice and without obligation to update. The Service does not take into account your individual financial situation, investment objectives, risk tolerance, or any other personal circumstance, and no content available through the Service should be construed as personalized investment advice. You are solely responsible for evaluating the merits and risks associated with any investment decision, and you should consult with a qualified, licensed financial advisor, attorney, or tax professional before making any investment, legal, or tax decision. The Company is not registered as an investment adviser with the Securities and Exchange Commission or any state securities regulator with respect to the Service, and nothing in these Terms or in the Service shall be construed as establishing an investment advisory or fiduciary relationship between you and the Company.

4. Conflicts of Interest and Relationship to Managed Products

You acknowledge and agree that Michael A. Gayed, CFA serves as a portfolio manager or investment strategist to one or more registered investment products, including without limitation the Free Markets ETF (FMKT), the ATAC Credit Rotation ETF (JOJO), and the ATAC Rotation Fund (ATACX) (collectively, the “Managed Products”), each of which is separately registered, distributed, and regulated under applicable securities laws and is offered only pursuant to its own prospectus, statement of additional information, and other regulatory disclosures, which you should read carefully before investing. The editorial content of the Service is produced independently of the Managed Products. The Service is not, and shall not be construed as, an offer to sell or a solicitation of an offer to buy shares or interests in any Managed Product, and no content on the Service should be relied upon in connection with any decision to invest in a Managed Product. Trading signals, model outputs, and commentary published through the Service are independent of, and may differ materially from, the actual positioning, holdings, or trading activity of any Managed Product or any other account managed by Michael A. Gayed, CFA or his affiliates. The Company has adopted internal compliance protocols restricting certain disclosures regarding specific Managed Products in editorial content, including restrictions on disclosing current holdings or positioning of certain funds and mandatory disclosure requirements for others (such as the requirement to disclose a fund's 30-day SEC yield in immediate proximity to any reference to that fund), in order to comply with applicable securities regulations and the requirements of the funds' distributors and compliance providers. Where sponsored content or advertising relating to a Managed Product or any other financial product appears on the Service, it will be clearly and conspicuously labeled as sponsored or paid content in accordance with Section 9 below.

5. No Guarantee of Results; Risk of Loss

Investing in securities involves substantial risk, including the risk of loss of principal, and past performance is not indicative or a guarantee of future results. Any performance figures, backtested results, hypothetical illustrations, or historical signal accuracy statistics presented through the Service are provided for informational and illustrative purposes only, are inherently limited, may not reflect the impact of transaction costs, taxes, or slippage, and should not be relied upon as indicative of future performance. Market conditions change continuously, and a signal, framework, or strategy that has been effective in the past may not be effective in the future. The Company makes no representation or warranty, express or implied, that any subscriber will achieve profits or avoid losses by using or relying upon the Service.

6. Subscription Plans, Billing, and Cancellation

Certain content and features are available only to paid subscribers. Current subscription pricing, billing frequency (monthly or annual), and included benefits are displayed on the Service at the time of purchase and are subject to change prospectively upon notice. By subscribing to a paid plan, you authorize the Company and its third-party payment processor to charge your designated payment method on a recurring basis at the then-current subscription price until you cancel. Subscriptions renew automatically at the end of each billing period unless cancelled prior to the renewal date through your account settings or by contacting the Company directly. Except as required by applicable law or as otherwise expressly stated in a specific promotional offer, all subscription payments are non-refundable, including for partial billing periods, and the Company does not provide prorated refunds upon cancellation. Cancellation will take effect at the end of the then-current billing period, and you will retain access to paid content through the end of that period. The Company reserves the right to change subscription pricing prospectively upon reasonable notice to existing subscribers; continued use of the Service following a price change constitutes acceptance of the new pricing as of your next renewal.

7. Promotional Offers and Discounts

From time to time, the Company may offer promotional pricing, discount codes, free trial periods, or gift subscriptions. Such offers are subject to additional terms disclosed at the time of the offer, may be modified or withdrawn at any time prior to redemption, are limited to one redemption per subscriber unless otherwise stated, and, unless otherwise specified, will automatically convert to a recurring subscription at the then-current standard price upon expiration of the promotional period unless cancelled beforehand.

8. Free Content and Editorial Discretion

The Company retains sole and absolute editorial discretion over which content is made available to free subscribers versus paid subscribers, and may modify the scope of free content at any time without liability to free subscribers.

9. Sponsored Content and Advertising

The Service periodically publishes sponsored content, advertorials, and paid promotional material for which the Company has received compensation from a third party (each, a “Sponsor”). All such content will be clearly labeled as sponsored, paid, or an advertisement, consistent with applicable Federal Trade Commission guidance on endorsements and disclosures. The views, statements, and claims made within sponsored content are solely those of the applicable Sponsor and do not necessarily reflect the views of the Company or of Michael A. Gayed, CFA. The Company does not independently verify, and expressly disclaims any responsibility for, the accuracy or completeness of information provided by Sponsors, and inclusion of sponsored content does not constitute an endorsement or recommendation by the Company of the Sponsor's products or services. You should conduct your own due diligence and consult your own financial, legal, and tax advisors before acting on any information contained within sponsored content, including any investment products, ETFs, funds, or advisory services referenced therein.

10. Financial Advisor and Institutional Programs

The Company, through Lead-Lag Media, operates certain programs directed at financial advisors and institutional users, which may include advisor-introduction services, sponsor-facilitated introductions between advisors and asset managers, continuing-education webinar programming, and related deliverables. Participation in such programs is subject to additional terms that will be provided to participants at the time of enrollment, and nothing in such programs constitutes a recommendation or endorsement by the Company of any particular advisor, asset manager, or financial product. The Company does not guarantee the outcome of any introduction, referral, or matching facilitated through these programs.

11. Webinars, Continuing Education, and Live Events

The Company may host live or recorded webinars, some of which may be eligible for continuing education (“CE”) credit through applicable accrediting bodies, such as the CFP Board. Eligibility for and award of CE credit is subject to the requirements of the applicable accrediting body, including attendance verification requirements, and the Company does not guarantee that any particular webinar will result in awarded CE credit for any individual attendee, nor is the Company responsible for an accrediting body's determination regarding credit eligibility.

12. Podcast and Video Content

The Lead-Lag Live podcast and any associated video content may feature guest interviews with third-party portfolio managers, economists, authors, and market participants. Statements made by guests reflect the views of those individuals and not necessarily the views of the Company. Guest appearances do not constitute an endorsement by the Company of the guest's investment products, strategies, or advice, nor an endorsement by the guest of the Company's content.

13. Intellectual Property

All content made available through the Service, including text, commentary, charts, graphics, logos, audio, video, and the compilation and arrangement thereof (collectively, “Company Content”), is owned by the Company or its licensors and is protected under United States and international copyright, trademark, and other intellectual property laws. Subject to your compliance with these Terms, the Company grants you a limited, non-exclusive, non-transferable, revocable license to access and view Company Content solely for your personal, non-commercial use. You may not reproduce, republish, redistribute, sell, sublicense, publicly display, create derivative works from, or otherwise exploit any Company Content, in whole or in part, without the Company's prior written consent, except that you may share brief excerpts with proper attribution and a link back to the original source for non-commercial purposes. Redistribution of paid subscriber content to non-subscribers, including through screenshots, forwarding, or third-party posting, is expressly prohibited and may result in immediate termination of your subscription without refund, in addition to any other remedies available to the Company.

14. Trademarks

“The Lead-Lag Report,” “Lead-Lag Live,” “Lead-Lag Media,” and associated logos are trademarks or service marks of the Company. You may not use these marks without the Company's prior written permission.

15. User Accounts

You are responsible for maintaining the confidentiality of your account credentials and for all activity that occurs under your account. You agree to provide accurate, current, and complete information when creating an account and to promptly update such information as necessary. You must notify the Company immediately of any unauthorized use of your account or any other breach of security.

16. Acceptable Use

You agree not to: (a) access or attempt to access the Service through any means other than the interfaces expressly provided by the Company; (b) circumvent, disable, or otherwise interfere with any security-related or access-control features of the Service; (c) use any automated means, including bots, scrapers, or crawlers, to access or collect data from the Service without the Company's prior written consent; (d) share your account credentials with, or provide paid content access to, any individual who has not separately subscribed; (e) use the Service for any unlawful purpose or in violation of any applicable law or regulation; (f) impersonate any person or entity or misrepresent your affiliation with any person or entity; or (g) interfere with or disrupt the operation of the Service or the servers or networks used to make the Service available.

17. User Submissions and Community Content

If the Service permits you to submit comments, questions, or other content (“User Content”), you grant the Company a worldwide, non-exclusive, royalty-free, perpetual, irrevocable license to use, reproduce, modify, publish, and display such User Content in connection with the Service. You represent that you own or have the necessary rights to submit any User Content and that such User Content does not violate the rights of any third party. The Company reserves the right, but has no obligation, to monitor, edit, or remove User Content at its sole discretion, including User Content that it deems abusive, defamatory, or otherwise objectionable.

The Service may contain links to third-party websites, products, or services, including those of Sponsors, payment processors, and social media platforms, that are not owned or controlled by the Company. The Company has no control over, and assumes no responsibility for, the content, privacy policies, or practices of any third-party websites or services. Your interactions with any third party accessed through the Service are solely between you and that third party, and you access such third-party resources at your own risk.

19. Disclaimer of Warranties

THE SERVICE AND ALL CONTENT MADE AVAILABLE THROUGH IT ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. THE COMPANY DOES NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, THAT ANY INFORMATION PROVIDED THROUGH THE SERVICE IS ACCURATE, COMPLETE, OR CURRENT, OR THAT DEFECTS WILL BE CORRECTED. YOU ASSUME FULL RESPONSIBILITY AND RISK FOR YOUR USE OF THE SERVICE AND FOR ANY INVESTMENT OR FINANCIAL DECISION MADE IN RELIANCE ON INFORMATION OBTAINED THROUGH THE SERVICE.

20. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE COMPANY, ITS MEMBERS, MANAGERS, OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, OR AFFILIATES BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, DATA, OR INVESTMENT LOSSES, ARISING OUT OF OR RELATING TO YOUR USE OF, OR INABILITY TO USE, THE SERVICE, OR ANY CONTENT OBTAINED THROUGH THE SERVICE, REGARDLESS OF THE THEORY OF LIABILITY (WHETHER CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE) AND EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE FULLEST EXTENT PERMITTED BY LAW, THE COMPANY'S TOTAL AGGREGATE LIABILITY TO YOU FOR ANY CLAIM ARISING OUT OF OR RELATING TO THESE TERMS OR THE SERVICE SHALL NOT EXCEED THE TOTAL AMOUNT YOU PAID TO THE COMPANY FOR THE SERVICE DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES, SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU.

21. Indemnification

You agree to indemnify, defend, and hold harmless the Company and its members, managers, officers, directors, employees, contractors, agents, and affiliates from and against any and all claims, liabilities, damages, losses, costs, and expenses, including reasonable attorneys' fees, arising out of or in any way connected with your access to or use of the Service, your violation of these Terms, or your violation of any rights of a third party.

22. Termination

The Company may suspend or terminate your access to the Service, with or without notice, for any violation of these Terms or for any other reason at the Company's sole discretion, including discontinuation of the Service in its entirety. You may terminate your account at any time by cancelling your subscription and ceasing use of the Service. Sections of these Terms that by their nature should survive termination, including but not limited to Sections 3 through 5, 13 through 14, and 19 through 26, shall survive any termination of your access to the Service.

23. Governing Law and Dispute Resolution

These Terms and any dispute arising out of or relating to the Service shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict-of-laws principles. You agree that any dispute, claim, or controversy arising out of or relating to these Terms or the Service shall be resolved through binding arbitration administered by a mutually agreed arbitration provider in accordance with its applicable rules, rather than in court, except that either party may bring an individual action in small claims court. You and the Company each waive any right to a jury trial and to participate in a class action, collective action, or representative proceeding. This arbitration provision shall be governed by the Federal Arbitration Act.

24. Force Majeure

The Company shall not be liable for any failure or delay in performance under these Terms resulting from causes beyond its reasonable control, including acts of God, natural disaster, war, terrorism, civil unrest, labor disputes, internet or telecommunications failures, or failures of third-party service providers.

25. Severability; Waiver; Entire Agreement

If any provision of these Terms is held to be invalid or unenforceable, that provision shall be limited or eliminated to the minimum extent necessary, and the remaining provisions shall remain in full force and effect. The Company's failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. These Terms, together with the Privacy Policy and any additional terms applicable to specific programs or offers, constitute the entire agreement between you and the Company regarding the Service and supersede any prior agreements.

26. Changes to These Terms

The Company may revise these Terms from time to time. If a revision is material, the Company will provide reasonable notice, such as by email to subscribers or by posting a notice on the Service, prior to the new terms becoming effective. Your continued use of the Service after any revised Terms become effective constitutes your acceptance of the revised Terms.

If you believe that content available through the Service infringes your copyright, please contact the Company at the address below with sufficient information to allow the Company to identify and address the alleged infringement, consistent with the requirements of the Digital Millennium Copyright Act.

28. Contact Information

Questions regarding these Terms should be directed to: Lead-Lag Publishing, LLC, michaelgayed@leadlagmedia.com.