Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| IONIS PHARMACEUTICALS INCIONS · Entity 1182 | EVP, Chief Development Officer | November 05, 2025 | November 07, 2025 |
Disclosed balances
About these balances
Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.
IONIS PHARMACEUTICALS INC
Report date November 05, 2025 · Filed November 07, 2025
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 59,657 |
Ending reported balance
After 2025-11-06 transaction · row 8
8 source rows · reconciled sequenceRow 1 · 2025-11-05 · Exercise / conversion · Acquired 800 · Balance 60,457 Row 2 · 2025-11-05 · Sale · Disposed 800 · Balance 59,657 F1: Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 6, 2025. F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.00 to $75.05 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) on this Form 4. Row 3 · 2025-11-05 · Exercise / conversion · Acquired 801 · Balance 60,458 Row 4 · 2025-11-05 · Sale · Disposed 801 · Balance 59,657 F1: Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 6, 2025. F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.00 to $75.05 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) on this Form 4. Row 5 · 2025-11-06 · Exercise / conversion · Acquired 14,738 · Balance 74,395 Row 6 · 2025-11-06 · Sale · Disposed 14,738 · Balance 59,657 F1: Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 6, 2025. F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.02 to $75.84 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (3) on this Form 4. Row 7 · 2025-11-06 · Exercise / conversion · Acquired 18,300 · Balance 77,957 Row 8 · 2025-11-06 · Sale · Disposed 18,300 · Balance 59,657 F1: Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 6, 2025. F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.84 to $76.65 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (4) on this Form 4. |
| Non-Qualified Stock Option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $56.78 · Expires 2028-01-03 | Direct | 14,738 |
Reported balance
After 2025-11-05 transaction · row 9
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 9 · 2025-11-05 · Exercise / conversion · Disposed 800 · Balance 14,738 |
| Non-Qualified Stock Option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $56.78 · Expires 2028-01-03 | Direct | 0 |
Reported balance
After 2025-11-06 transaction · row 10
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 10 · 2025-11-06 · Exercise / conversion · Disposed 14,738 · Balance 0 |
| Non-Qualified Stock Option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $60.89 · Expires 2027-01-01 | Direct | 18,300 |
Reported balance
After 2025-11-05 transaction · row 11
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 11 · 2025-11-05 · Exercise / conversion · Disposed 801 · Balance 18,300 |
| Non-Qualified Stock Option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $60.89 · Expires 2027-01-01 | Direct | 0 |
Reported balance
After 2025-11-06 transaction · row 12
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 12 · 2025-11-06 · Exercise / conversion · Disposed 18,300 · Balance 0 |
Filing footnotes · ownership attribution and instrument terms
F1: Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 6, 2025.
F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.00 to $75.05 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) on this Form 4.
F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.02 to $75.84 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (3) on this Form 4.
F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.84 to $76.65 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (4) on this Form 4.
Transaction history
JSON APIPurchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”
The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.
| Transaction date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| July 01, 2017 Filed Jul 3, 2017 21:36 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | OtherCommon Stock | 196 | $40.66 | $7,968.48 |
DisclosureSEC source: 0000874015-17-000045 · edgar.xml · nonDerivative · entry 1 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 13,158 F1 · kind: Reporting 196 shares acquired under the Ionis Pharmaceuticals, Inc. Amended and Restated 2000 Employee Stock Purchase Plan on July 1, 2017. These 196 shares may not be sold until January 2, 2018. F1 · shares: Reporting 196 shares acquired under the Ionis Pharmaceuticals, Inc. Amended and Restated 2000 Employee Stock Purchase Plan on July 1, 2017. These 196 shares may not be sold until January 2, 2018. Read SEC document |
| January 17, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | SaleCommon Stock | 623 | $46.29 | $28,839.29 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 8 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 12,962 F8 · kind: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2016. F8 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2016. Read SEC document |
| January 17, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | SaleCommon Stock | 539 | $46.29 | $24,950.31 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 6 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 11,991 F6 · kind: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2015. F6 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2015. Read SEC document |
| January 17, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | SaleCommon Stock | 733 | $46.29 | $33,931.30 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 4 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 11,150 F4 · kind: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2014. F4 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2014. Read SEC document |
| January 17, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | SaleCommon Stock | 546 | $46.29 | $25,274.89 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 2 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 10,008 F2 · kind: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 30, 2013. F2 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 30, 2013. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionRestricted Stock Units · Derivative | 1,594 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · derivative · entry 13 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 4,779 Underlying: Common Stock · 1,594 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F9 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value. F8 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2016. F11 · derivative.exercise_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. F11 · derivative.expiration_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionRestricted Stock Units · Derivative | 1,380 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · derivative · entry 12 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 2,758 Underlying: Common Stock · 1,380 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F9 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value. F6 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2015. F11 · derivative.exercise_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. F11 · derivative.expiration_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionRestricted Stock Units · Derivative | 1,875 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · derivative · entry 11 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 1,875 Underlying: Common Stock · 1,875 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F9 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value. F4 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 15, 2014. F11 · derivative.exercise_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. F11 · derivative.expiration_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionRestricted Stock Units · Derivative | 1,397 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · derivative · entry 10 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 0 Underlying: Common Stock · 1,397 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F9 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value. F2 · shares: The sale was made pursuant to an automatic sale to cover the required tax withholding obligations pursuant to the 2011 Equity Incentive Plan Restricted Stock Unit Agreement and Grant Notice, dated January 30, 2013. F11 · derivative.exercise_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. F11 · derivative.expiration_date: Restricted Stock Units vest in four equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | GrantRestricted Stock Units · Derivative | 7,537 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · derivative · entry 9 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 7,537 Underlying: Common Stock · 7,537 shares Expires not disclosed F9 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value. F10 · derivative.exercise_date: Grant 1/15/2017 to reporting person of Restricted Stock Units under the Ionis Pharmaceuticals, Inc. 2011 Equity Incentive Plan. Restricted Stock Units vest in four equal annual installments, the first installment vesting on January 15, 2018. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. The RSU shall be fully vested on January 15, 2021. The RSU is vested as to 0 shares on January 15, 2017. F10 · derivative.expiration_date: Grant 1/15/2017 to reporting person of Restricted Stock Units under the Ionis Pharmaceuticals, Inc. 2011 Equity Incentive Plan. Restricted Stock Units vest in four equal annual installments, the first installment vesting on January 15, 2018. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company. The RSU shall be fully vested on January 15, 2021. The RSU is vested as to 0 shares on January 15, 2017. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionCommon Stock | 1,594 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 7 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 13,585 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F7 · kind: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 15, 2016. F7 · shares: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 15, 2016. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionCommon Stock | 1,380 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 5 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 12,530 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F5 · kind: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 15, 2015. F5 · shares: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 15, 2015. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionCommon Stock | 1,875 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 3 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 11,883 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F3 · kind: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 15, 2014. F3 · shares: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 15, 2014. Read SEC document |
| January 15, 2017 Filed Jan 18, 2017 23:35 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | Exercise / conversionCommon Stock | 1,397 | $0.00 | $0.00 |
DisclosureSEC source: 0000874015-17-000010 · edgar.xml · nonDerivative · entry 1 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 10,554 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · kind: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 30, 2013. F1 · shares: Acquired pursuant to vesting and release of shares pursuant to a Restricted Stock Unit award granted on January 30, 2013. Read SEC document |
| January 03, 2017 Filed Jan 4, 2017 23:30 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | GrantEmployee Stock Option (right to buy) · Derivative | 45,225 | $0.00 Strike: $47.34 | $0.00 |
DisclosureSEC source: 0000874015-17-000001 · edgar.xml · derivative · entry 2 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 45,225 Underlying: Common Stock · 45,225 shares Expires 2024-01-02 F2 · derivative.exercise_date: Grant of 1/3/2017 to reporting person of stock options under the Ionis Pharmaceuticals, Inc. 2011 Equity Incentive Plan. 25% of the shares subject to the option vest and become exercisable on 1/3/2018. Thereafter, the remaining shares subject to the option vest and become exercisable in 36 equal monthly installments, at the rate of 11,306 shares per year. Following this transaction, the option was exercisable as to 0 on 1/3/2017. Read SEC document |
| January 01, 2017 Filed Jan 4, 2017 23:30 UTC | IONIS PHARMACEUTICALS INC IONS · Entity 1182 | OtherCommon Stock | 640 | $20.76 | $13,284.48 |
DisclosureSEC source: 0000874015-17-000001 · edgar.xml · nonDerivative · entry 1 Geary Richard S · CIK 0001442730 · SVP, Development 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 9,157 F1 · kind: Reporting 640 shares acquired under the Ionis Pharmaceuticals, Inc. Amended and Restated 2000 Employee Stock Purchase Plan on January 1, 2017. These 640 shares may not be sold until July 2, 2017. F1 · shares: Reporting 640 shares acquired under the Ionis Pharmaceuticals, Inc. Amended and Restated 2000 Employee Stock Purchase Plan on January 1, 2017. These 640 shares may not be sold until July 2, 2017. Read SEC document |
Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.