Legal Notices & Disclaimers

Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, SIR does not offer or provide personalized advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalized advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as SIR's solicitation to effect, or attempt to effect, any transaction in a security. Investments in the securities markets, and especially in options and futures, are speculative and involve substantial risk. The information that we provide or that is derived from our website should not be a substitute for advice from an investment professional. We encourage you to obtain personal advice from your professional investment advisor and to make independent investigations before acting on the information that you obtain from SIR or derive from our website. Only you can determine what level of risk is appropriate for you.

Prior to buying or selling an option, an investor should read and understand the booklet "Characteristics and Risks of Standardized Options." You can access and download a copy of the booklet on The Options /Clearing Corporations'(OCC) website at This link reference is provided as a courtesy and does not imply that the OCC is endorsing SIR or its products. This booklet is also available for free from your broker or from any of the U.S. options exchanges or you can call SIR toll-free at 1-800-327-8833 and we will be happy to send one to you. If this is your first service with us, a booklet will be included with your welcome materials.

Prior to buying or selling a future, an investor should read and understand the booklet "Security Futures: An Introduction to Their Use and Risks." You can access and download a copy of the booklet at the National Futures Association website at This link reference is provided as a courtesy and does not imply that the National Futures Association is endorsing SIR or its products. This booklet is available from your broker or from any of the US Futures Exchanges or you can call SIR toll-free at 1-800-327-8833 and we will be happy to send one to you. If this is your first futures service with us, a booklet will be included with your welcome materials.

We encourage our readers to invest carefully and to utilize the information available at the websites of the Securities and Exchange Commission at and the Financial Industry Regulatory Authority at You can review public companies' filings at the SEC's EDGAR page. The FINRA has published information on how to invest carefully at its website.


Due to the exclusive nature of Schaeffer's Investment Research's services, any applicable subscription fees are non-refundable.

Most of the information on our website or that we otherwise provide is derived directly from information published by the companies on which we report and/or from other sources we believe are reliable, without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. The information may contain discussions of, or provide access to, certain positions and recommendations as of a specific date. Due to various factors, including, but not limited to, changing market conditions, such discussions and positions/recommendations may no longer be reflective of current discussions and positions/recommendations. We do not in any way warrant or guarantee the success of or endorse any action which you take in reliance on the information that we provide or that is derived from our website.

As indicated above, SIR makes no representations or warranties about the accuracy or completeness of the information contained on or derived from SIR's website or otherwise provided by SIR. Any links provided to other websites are offered as a matter of convenience and in no way are meant to imply that SIR endorses, sponsors, promotes or is affiliated with the owners of or participants in those sites, or endorses or warrants any information contained on those sites, unless expressly stated. Furthermore, SIR does not endorse, guarantee or warranty any third party products advertised on its site, in its newsletters, in any third party rental of its permission based lists or otherwise referenced in any information provided by SIR or derived from SIR's website, and SIR expressly disclaims any responsibility and accepts no liability with respect to such information and products. SIR may receive a fee from a service provider that has a link on SIR's website or is referenced in the information provided by SIR.

SIR limits the number of subscribers allowed in any one trading service in order to reduce the risk that too many traders will attempt identical trades and influence the market by causing the purchase of an excessive number of contracts. Once the SIR subscriber limit is reached, SIR may create a 'clone' of the fully subscribed trading service under the same strategies, guidelines and policies. However, subscribers to the newly created service 'clone' receive information concerning trades unique to that service. Collectively, these services make up a Series. Any alert service name that contains the word 'Series' is subject to this policy.

Our personnel may own positions and/or trade in the securities mentioned in the information that we provide. However, SIR's policies prohibit all employees of SIR from engaging in any securities transaction that directly or indirectly competes with the interests of our subscribers that are actually known to SIR. We are not compensated in any way for publishing information about companies mentioned in our reports. Testimonials may or may not be representative of actual results.

Performance figures are based on actual recommendations made by SIR. Due to the time critical nature of stock, options and futures trading, brokerage fees, and the activity of other subscribers, SIR cannot guarantee that subscribers will mirror the exact performance stated on our track records or promotions. Performance numbers shown are based on trades subscribers could enter based on our tracking guidelines. Past results are not necessarily indicative of future performance. Therefore, no subscriber or potential subscriber should assume or expect that future performance of any investment or strategy will be profitable or equal historical or anticipated performance levels. The information contained in SIR trading services is intended for use solely by individual subscribers and is not offered to institutional investment organizations.

To the extent not prohibited by law, each subscriber and potential subscriber agrees, as a condition precedent to accessing or using SIR's website or receiving information provided by SIR, to release and hold harmless SIR and its directors, officers, shareholders, employees and agents from any and all liability in connection with accessing or using SIR's website or receiving information provided by SIR. In all other cases, SIR's liability to a subscriber, whether in contract, tort, negligence, or otherwise, shall be limited in the aggregate to direct and actual damages of the subscriber, not to exceed the fees received by SIR from the subscriber. SIR will not be liable for any consequential, incidental, punitive, special, exemplary or indirect damages resulting directly or indirectly from the use of or reliance upon any material provided by SIR or derived from SIR's website. Without limitation, SIR shall not be responsible or liable for any loss or damages related to, either directly or indirectly, (1) any decline in market value or loss of any investment; (2) a subscriber's inability to use or any delay in accessing SIR website or any other source of material provided by SIR; (3) any absence of material on SIR website; (4) SIR's failure to deliver or delay in delivering any material or (5) any kind of error in transmission of material. SIR and each subscriber acknowledge that, without limitation, the above-enumerated conditions cannot be the probable result of any breach of any agreement between SIR and the subscriber.


SIR is not affiliated with any brokerage firm and does not endorse or recommend any specific brokerage firm. SIR is not and will not be responsible for any trades made by a broker on the subscriber's behalf under any circumstances.

Notwithstanding any other agreement or other communications between SIR and Subscriber to the contrary, receipt or use of any material provided by SIR, at any time and through any means, whether directly or indirectly, represents acknowledgement by such person of this disclaimer and agreement with its terms and conditions.

All submissions from outside contributors on SIR's website are the responsibility of their respective authors, creators, and/or owners. SIR is not responsible for such submissions, and the views and opinions expressed are not necessarily those of SIR. SIR does not guarantee the accuracy or validity of the submissions. While SIR may use its best efforts to review contributor submissions for form and format before they are posted on its website, SIR does not review or edit these submissions for content. SIR makes no representations and provides no warranties whatsoever concerning submissions, and the fact that SIR has posted these outside contributions does not constitute an endorsement, authorization, sponsorship, or affiliation by SIR with respect to the author, creator and/or owner of the submissions. SIR expressly disclaims any responsibility and accepts no liability for any information or content provided in these submissions. Please be advised that submissions may be protected by federal and international copyright or other laws, and your right to reprint, republish, modify, reproduce, or distribute this material may be limited accordingly.

Except as otherwise indicated, SIR is the copyright owner of all text and graphics contained on this website. Other parties' trademarks and service marks that may be referred to herein are the property of their respective owners. You may print a copy of the information contained herein for your personal use only, but you may not reproduce or distribute the text or graphics to others or substantially copy the information on your own server, or link to this website, without prior written permission of SIR. Permission to use and reproduce documents and related graphics available from this website is granted, provided that: 1. the below copyright notice appears in all copies and that both the copyright and this permission notice appear; 2. use and reproduction of documents and related graphics available from this website is limited to personal, non-commercial use; 3. no documents or related graphics, including logos, available from this website are modified in any way; and 4. no graphics, including logos, available from this website are used separate from accompanying text. Use or reproduction for any other purpose is expressly prohibited by law, and may result in civil and criminal penalties. Violators will be prosecuted to the maximum extent possible.

Expectational Analysis® and the "three circle" graphic representing Expectational Analysis® are trademarks (TM) of SIR.

Schaeffer's Investment Research, Inc. monitors and records all telephone calls made to or from its offices for quality control and training purposes.


When a Schaeffer's customer submits an order (free or paid), customer completes a digital signature in which customer is agreeing to receive text messages, email messages, and phone calls from Schaeffer's Investment Research. Customer has provided digital signature expressly consenting to recurring contact from Schaeffer's Investment Research at the number provided regarding products or services via telephone call, text message, or email. Customer was informed that their telephone company may impose charges on them for these contacts, and customer is not required to enter into this agreement as a condition of purchasing this subscription. Customer may revoke this consent at any time by emailing


a. Acknowledgment of Arbitration. In this Agreement, “you” and “your” refers to each subscriber and/or potential subscriber.  To the extent not prohibited by law, you agree, as a condition precedent to accessing or using SIR's website or receiving information provided by SIR, to the following arbitration provision. By  accessing or using SIR's website or receiving information provided by SIR, you acknowledge that you are giving up the right to litigate Claims (as defined below) if either party elects arbitration of the Claims pursuant to this provision, except as otherwise expressly provided herein, and you hereby knowingly and voluntarily waive the right to a trial by jury or to participate in a class action of any and all Claims subject to this Agreement. You further acknowledge that you have read this arbitration provision carefully, agree to its terms, and are entering into this Agreement voluntarily and not in reliance on any promises or representations whatsoever except those contained in this Agreement.

b. Arbitration of Claims. Except as expressly provided herein, any claim, dispute, or controversy (whether based upon contract; tort, intentional or otherwise; constitution; statute; common law; or equity and whether pre-existing, present, or future), including initial claims, counter-claims, cross-claims, and third-party claims, arising from or relating to (i) any information contained on or derived from SIR’s website; (ii) any service provided by SIR; (iii) any information otherwise provided by SIR; (iv) this Agreement, including the validity, enforceability, interpretation, scope, or application of this Agreement and this arbitration provision (except for the prohibition on class or other non-individual claims, which will be for a court to decide); and (v) any other agreement or communication relating to information provided by SIR or any related service (“Claim”) will be decided, upon the election of you or SIR (or SIR’s agents, employees, successors, representatives, affiliated companies, or assigns), by binding arbitration. Arbitration replaces the right to litigate a claim in court or to have a jury trial. The American Arbitration Association (“AAA”) will serve as the arbitration administrator. You may obtain copies of the current rules, forms, and instructions for initiating an arbitration with the AAA by contacting the AAA as follows: online at or by writing to the AAA at: American Arbitration Association, Case Filing Services, 1101 Laurel Oak Road, Suite 100, Voorhees, NJ 08043.

c. Other Claims Subject to Arbitration. In addition to Claims brought by either you or SIR, Claims made by or against anyone connected with you or SIR or claiming through you or SIR (including an employee, agent, representative, affiliated company, predecessor or successor, heir, assignee, or trustee in bankruptcy) will be subject to arbitration as described herein.

d. Exceptions. Either you or SIR can seek to have a Claim resolved in small claims court if all the requirements of the small claims court are satisfied. Either you or SIR may seek to have a Claim resolved in small claims court in your county of residence or the small claims court in closest proximity to your residence.

e. Individual Claims Only. Claims may be submitted to arbitration on an individual basis only. Claims subject to this arbitration provision may not be litigated or arbitrated on a class basis, in a representative capacity, on behalf of the general public, or on behalf of any other person, unless waived by SIR. SIR, its officers, directors, employees, agents, and affiliates are considered as one person.  Nothing within the Agreement prohibits the AAA from assigning multiple similar Claims of any other person for decision before one arbitrator (“Panels”) in the interest of administrative efficiency and/or cost efficiency.  

f. Arbitration Fees. If you initiate arbitration, payment of all filing, administration and arbitrator fees will be governed by the AAA Rules. You are required to pay AAA's initial filing fee, but SIR will reimburse you for this filing fee at the conclusion of the arbitration, but only to the extent it exceeds the fee for filing a complaint in a federal or state court nearest your residence with jurisdiction over the Claims. If the arbitrator finds that either the substance of your Claim or the relief sought in your Demand for Arbitration was frivolous or was brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b) and/or AAA Consumer Arbitration Rule 44(c)), then the payment of all fees will be governed by the AAA Rules and SIR will not reimburse your initial filing fee. The parties agree that the AAA has discretion to modify the amount or timing of any intake, administrative or arbitration fees due under the AAA Rules where it deems appropriate, provided that such modification does not increase the AAA fees to you or SIR.  The parties agree that the AAA should modify and reduce the intake, administrative and/or arbitration fees due under the AAA Rules where the AAA has assigned arbitrations in Panels to individual arbitrators.  If SIR initiates or elects arbitration, SIR will pay the entire amount of the arbitration fees, including any required deposit. 

g. Notice of Claim.  If you elect to seek arbitration, you must first send to SIR a written Notice of your Claim ("Notice of Claim"). The Notice of Claim to SIR should be sent in care of its registered agent: Katie Schaeffer, 5151 Pfeiffer Road, Suite 450, Cincinnati, Ohio 45242. The Notice of Claim should include both the mailing address and email address you would like SIR to use to contact you. If SIR elects to seek arbitration, it will send, by certified mail, a written Notice of Claim to your address on file. A Notice of Claim, whether sent by you or by SIR, must (a) describe the nature and basis of the claim or dispute; and (b) set forth the specific amount of damages or other relief sought.  A Notice of Claim must only pertain to your Claims, and a single Notice of Claim may not pertain to any similar Claims of any other person.

You and SIR agree that good-faith informal efforts to resolve disputes often can result in a prompt, low-cost and mutually beneficial outcome. You and SIR therefore agree that, after a Notice of Claim is sent but before either you or SIR commence arbitration or file a claim in small claims court against the other, we will personally meet, via telephone or videoconference, in a good-faith effort to confer with each other and try to resolve informally any Claim covered by this Agreement. If you are represented by counsel, your counsel may participate in the conference as well, but you agree to fully participate in the conference. Likewise, if SIR is represented by counsel, its counsel may participate in the conference as well, but SIR agrees to have a company representative fully participate in the conference. The statute of limitations and any filing fee deadlines shall be tolled while the parties engage in the informal dispute resolution process required by this paragraph.

If we do not reach an agreement to resolve the Claim within sixty (60) days after the Notice of Claim is received, you or SIR may commence an arbitration proceeding by filing a Demand for Arbitration or, alternatively, by filing a Claim in small claims court. You agree that you may not commence any arbitration or file a claim in small claims court unless you and SIR are unable to resolve the claim within 60 days after we receive your completed Notice of Claim and you have made a good faith effort to resolve your claim directly with SIR during that time. If a Claim qualifies for small claims court, but a party commences an arbitration proceeding, you and SIR agree that either party may elect instead to have the Claim resolved in small claims court, and upon written notice of a party's election, the AAA will administratively close the arbitration proceeding. Any dispute about whether a Claim qualifies for small claims court shall be resolved by that court, not by an arbitrator. In the event of any such dispute, the arbitration proceeding shall remain closed unless and until a decision by the small claims court that the Claim should proceed in arbitration. 

h. Procedure. A single arbitrator will resolve the Claims. The arbitrator will be a lawyer with at least ten years’ experience or who is a former or retired judge and will be selected by the parties from the AAA's National Roster of arbitrators. The arbitrator will be selected using the following procedure: (a) the AAA will send the parties a list of five candidates meeting this criteria; (b) if the parties cannot agree on an arbitrator from the list, each party shall return its list to the AAA within 10 days, striking up to two candidates for any reason or for no reason at all, and ranking the remaining candidates in order of preference; (c) the AAA shall appoint as arbitrator the candidate with the highest aggregate ranking; and (d) if for any reason the appointment cannot be made according to this procedure, the AAA may exercise its discretion in appointing the arbitrator. The arbitrator is bound by this Agreement. Except as otherwise provided below, all issues are for the arbitrator to decide, including issues relating to the scope and enforceability of this arbitration provision.

The arbitration will follow the AAA’s rules and procedures in effect on the date the arbitration is filed, except when there is a conflict or inconsistency between the AAA’s rules and procedures and this arbitration provision, in which case this arbitration provision will govern. Any in-person arbitration hearing for a Claim will take place within the federal judicial district in which you live or at such other reasonably convenient location as agreed by the parties. The arbitrator will apply applicable substantive law consistent with the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. (the “FAA”), and will honor all claims of privilege and confidentiality recognized at law. All statutes of limitations that would otherwise be applicable will apply to any arbitration proceeding. The arbitrator will be empowered to grant whatever relief would be available in court under law or in equity. Any appropriate court may enter judgment upon the arbitrator’s award. This arbitration provision is made pursuant to a transaction involving interstate commerce and will be governed by the FAA.