Value Line, Inc., and its affiliates (collectively, “Value Line”) provide a variety of products, services and data that may be made available through the web sites (like and, software tools, printed publications, like The Value Line Investment Survey, and other means (collectively, “Value Line Services”).  THE TERMS OF THIS AGREEMENT GOVERN YOUR ACCESS TO AND USE OF THE VALUE LINE SERVICES AND THEIR CONTENT, INCLUDING BUT NOT LIMITED TO, THE DATA, RANKING SYSTEMS AND SOFTWARE PROVIDED WITHIN THE VALUE LINE SERVICES. 


1. Use Content At User’s Own Risk

The Value Line Services include a variety of information and tools, including certain rankings, financial information and explanatory information related to publicly traded equities and investment vehicles, including common stock, options, convertibles, bonds and mutual funds, as well as other content, software, media, and services (collectively, the “Content”).  Your use of the Content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the Content.

2. No Warranty

The Value Line Services and all Content are provided "as is" and on an "as available" basis without warranties of any kind, either expressed or implied, including without limitation warranties of merchantability or fitness for a particular purpose.  Neither Value Line nor any of its Licensors(1) , suppliers, vendors warrants that the Value Line Services and Content will be accurate, complete, uninterrupted, error free or free of viruses, worms, or other harmful components.

 3. Limitation of Liability

Under no circumstances shall Value Line, its Licensors, suppliers, vendors, agents and its officers, directors, employees be liable for any direct, indirect, incidental, special, punitive or consequential damages that result in any way from your use of any Value Line Services, your use, non-use or reliance upon the Content, or that result from mistakes, omissions, interruptions or deletions of files, errors or defects in the Value Line Services or Content, delays in operation, transmission or failure of performance, whether or not such damages might have been foreseeable.  If you are dissatisfied with any of the Value Line Services or Content, or with any of the terms and conditions, your sole and exclusive remedy is to discontinue using the Web Site(s).

4. Sub-licensing and Other Distribution Prohibited

The Value Line Services and Content is provided only for personal use by one non-institutional client or for professional use by one Institutional Client(2) .  All forms of sub-licensing, reselling, republication or other form of distribution, including internet posting, electronic mailing, faxing, archiving in a public database, redistributing via a computer network, or in a printed form, to other parties of any Value Line Services or Content, including username and password information, are strictly prohibited.

 5. Value Line Investment Survey

Officers, directors and employees of Value Line, and EULAV Asset Management (“EULAV”), may hold stocks that are reviewed or recommended in the Value Line Services.  EULAV also manages investment companies and other accounts that use the rankings and recommendations the Value Line Services. These accounts, as well as the officers, directors, and employees of Value Line, may dispose of a security notwithstanding the fact that The Value Line Investment Survey ("The Survey") ranks the issuer favorably; conversely, such accounts or persons may purchase or hold a security that is poorly ranked by The Survey. Some of the investment companies managed by EULAV only hold securities with a specified minimum Timeliness Rank by the Survey and dispose of those positions when the Timeliness Rank declines or is suspended.  Additional rank-related information is made available internally. Value Line’s portfolio managers also may have access to publicly available information that may ultimately result in or influence a change in rankings or recommendations, such as earnings releases, changes in market value or disclosure of corporate transactions. The investment companies or accounts may trade upon such information prior to a change in a ranking. While the rankings in the Survey are intended to be predictive of future relative performance of an issuer's securities, the Survey is not intended to constitute a recommendation of any specific security. Any investment decision with respect to any issuer covered by the Survey should be made as part of a diversified portfolio of equity securities and in light of an investor's particular investment objectives and circumstances.

6. Ownership of Materials on Website

Value Line and its Licensors, suppliers, and assignees, are the sole and exclusive owners of all right, title and interest, including trademarks, copyrights, patents, trade names, trade secrets and other intellectual property rights, in the Content.  All rights are reserved.  You may make one offline copy of the Content for your own personal use; however, you may not otherwise copy, modify, adapt, reproduce, republish, download, translate, reverse engineer, decompile, disassemble, distribute, sublicense, assign or use any aspect of the Value Line Services or Content except as expressly provided in this agreement.  Value Line, the Value Line Logo, The Most Trusted Name in Investment Research, The Value Line Investment Survey, “Smart research. Smarter investing.”, Value Line Select, The Value Line Special Situations Service, Timeliness and Safety are trademarks or registered trademarks of Value Line, Inc. and/or its affiliates in the United States and other countries (“Value Line Trademarks”).  All other brands and names are the property of their respective owners.  You may not use, adopt or attempt to register anywhere in the world, whether alone or together with any other mark, symbol, or name, any trade name or mark or service name or mark that is similar or confusingly similar to the Value Line Trademarks.

7 . Governing Law

This agreement shall for all purposes be governed, interpreted, construed and enforced solely and exclusively in accordance with the law of the State of New York, USA (excluding its law of conflict of laws).  You hereby agree that the courts located in the State and County of New York, USA shall constitute the sole and exclusive forum for the resolution of any and all disputes arising out of or relating to this agreement or its subject matter and you hereby consent to the jurisdiction and venue of such courts and irrevocably waive any objections thereto, including on grounds of forum non conveniens.  You agree to comply with all applicable laws, including those regarding the accessing and exporting of data.

8. Limited Right to Use

Value Line grants you a limited right to use the Value Line Services and Content.  Your right to use the Value Line Services and Content is subject to your agreement to abide by these Terms and Conditions. Value Line may deny you access to all or part of the Value Line Services or Content without notice if you engage in any conduct or activities that Value Line, in its sole discretion, believes violates applicable law or any term of this agreement.

9. Indemnification

You agree to defend, indemnify and hold Value Line, Inc., its affiliates, their suppliers, Licensors, contractors and agents, and their respective officers, directors, shareholders, and employees harmless from any and all claims (including, but not limited to, claims for defamation, trade disparagement, privacy and intellectual property infringement), damages, liabilities, costs and expenses, including reasonable attorneys’ fees, arising from or related to (a) any violation of this agreement or any use of the Value Line Services and Content by you or authorized users of your account, or (b) Value Line’s use of any content or information you provide.

10. User’s Representations and Warranties

You represent and warrant that: (i) you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to these Terms and Conditions; (ii) you have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of these Terms and Conditions; (iii) your use of the Value Line Services and Content is in compliance with law; and (iv) you will not interfere with or delete any Value Line Services and Content.

11. Severability

In the event that any portion of this agreement is held to be unenforceable, the unenforceable portion shall be construed in accordance with applicable laws as nearly as possible to reflect the original intentions of the parties and the remainder of the provisions shall remain in full force and effect.

12. Waiver

Value Line’s failure to insist upon or enforce strict performance of any provision of this agreement shall not be construed as a waiver of any provision or right.  Neither the course of conduct between parties nor trade practice shall act to modify any provision of this agreement. The failure of Value Line to act with respect to a breach of these Terms by you or others does not constitute a waiver and will not limit Value Line’s rights with respect to such breach or any subsequent breaches.

13. Third Party Websites

The Web Sites may contain electronic hyperlinks to other third-party web sites.  Value Line offers these hyperlinks as an accommodation to you and other users, but does not make any representations with respect to the accuracy, quality or suitability of the content provided on web sites located through such hyperlinks, nor are we responsible for the practices of such other sites and sponsoring companies.  When you leave our Web Sites by means of a hyperlink, you are subjecting yourself to policies and practices employed by the operators of the other web sites.

14. Web Site Security

Value Line makes no warranty whatsoever to you, express or implied, regarding the security of the Value Line Services, including with respect to the ability of unauthorized persons to intercept or access information transmitted by you through this service.

You may not violate or attempt to violate the security of the Value Line Services.  Tampering with any portion of the Value Line Services, providing untruthful or inaccurate information, misrepresenting your identity, or conducting fraudulent activities on the Value Line Services, whether or not through the use of agents, are prohibited and constitute a breach of these Terms and Conditions. You are prohibited from violating or attempting to violate the security of the Value Line Services, including, without limitation, (a) accessing data not intended for you or logging onto a server or an account which you are not authorized to access; (b) disabling, removing, defeating, or avoiding any security device or system, including, without limitation, any password and login functionality used to authenticate users; (c) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization; (d) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to any Value Line Services, overloading, "flooding," "spamming," "mailbombing" or "crashing;" (e) sending unsolicited email, including promotions and/or advertising of products or services; (f) forging any TCP/IP packet header or any part of the header information in any email or posting; (g) using or attempting to use any engine, software, tool, agent or other device or mechanism (including, without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Value Line Services other than the search engine and search agents available within the Value Line Services and other than generally available third party web browsers; (h) reverse engineering, decompiling or disassembling the underlying software; (i) removing any notices, warnings, labels, annotations or instructions from any portion of the Value Line Services and Content or any related material, including, without limitation, any patent, trademark, copyright, or other proprietary notices or license provisions; or (j) otherwise invading the privacy of, obtaining the identity of, or obtaining any personal information about any user of the Value Line Services.

Any violations of system or network security including attempts to intentionally access a computer without authorization or exceed your authorized access level may be a violation of law. Value Line may investigate occurrences that might involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.  We may, without prior notice or warning of any kind, restrict or terminate the access of any and all users to the Value Line Services if we reasonably conclude that such restriction or termination is necessary to prevent, or prevent the further spread of, a virus, security breach or system malfunction.

15. Services Availability

Value Line strives to keep the Value Line Services available on a continuous basis.  You acknowledge that the Web Sites may be occasionally unavailable due to such periodic maintenance or to other unexpected interruptions, and Value Line is not responsible for inaccessibility during such downtimes.

16. Updates

Value Line may modify the Value Line Services and Content or this Agreement at any time by notifying you of the change in writing or electronically (including without limitation, by posting a notice on the Web Sites that the terms have been “updated”).  You signify that you agree to be bound by such changes by using the Value Line Services after changes are made to this Agreement.  Value Line makes no guarantee that the Content offered through any Value Line Services will remain available for any specific period of time.

17. Fees and Charges

You agree to pay the subscription fees and any other charges incurred in connection with your user name and password (including any applicable taxes) at the rates in effect when the charges were incurred.  Subscription fees will be billed at the beginning of your subscription or any renewal.  Unless we state in writing otherwise, all fees and charges are nonrefundable.  We may change the fees and charges then in effect, or add new fees or charges, by giving you notice in advance.

18. Privacy

Any use of the Value Line Services is governed by our Privacy Policy, which is incorporated into these Terms of Use by reference. Your use of the Value Line Services constitutes your confirmation that you have read and accepted the Privacy Policy. You expressly acknowledge and agree that the use and storage of any information available through use of the Value Line Services is at your sole risk and responsibility. Registration data and other personal information about you are subject to our Privacy Policy.  If you access a Service using a password, you are solely responsible for maintaining the confidentiality of that password.  You agree to notify us promptly if you change your address or email so we can continue to contact you and send any notices required hereunder.  If you fail to notify us promptly of a change, then any notice we send to your old address or email shall be deemed sufficient notice.

19. Value Line Arithmetic & Geometric Indices

Value Line Arithmetic & Geometric Indices is calculated by Thomson Reuters, and information is supplied by Thomson Reuters.

(1)Licensors include but not limited to TSX Inc., and Standard & Poor’s Financial Services LLC and its affiliates and third-party licensors.

(2)It is Value Line's policy that individuals who are affiliated with firms registered as brokers or investment advisors with the SEC and/or FINRA or are Financial Planners, CPA's, Legal Counsel, academic entities, or offer life insurance products or annuities or are affiliated with banks, trust institutions, government agencies or the representatives of government agencies, or are using Value Line research for commercial purposes are considered Institutional Clients and must have an Institutional subscription. Each professional individual requiring online access to our research must have their own license. 

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