AS
Amer Sports, Inc.
NYSEUSDEQUITY
Consumer Cyclical
DELAYED
Neutral
-20/100
Last price
27.89
▲ 0.42 (1.52%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
28.00
Prev close
27.47
Day high
28.01
Day low
27.30
Volume
4.86M
Market cap
$16.15B
P/E (TTM)
28.92
52W range
26.10 – 42.76
Day trading desk
Gap from prior close
+1.93%
Prior close 27.47
VWAP
27.75
+0.52% from price
Relative volume
1.47×
Normal
Session range
2.58%
27.30 – 28.00
Position in range
83%
Near session high
ATR (14D)
0.82
2.96% of price
Prior day high
27.54
PDH
Prior day low
26.84
PDL
Bid / ask spread
—
Quote not published
Session volume
9.20M
Avg 6.25M
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
+1.91%
-0.0%
1M
-5.99%
-7.1%
3M
-18.06%
-22.6%
6M
-15.03%
-33.2%
YTD
-25.68%
-39.9%
1Y
-19.21%
-35.6%
3Y
—
-82.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on AS open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+338.32K
Net buying
Buy transactions
14
1.31M shares
Sell transactions
9
971.17K shares
Net transactions
+23
Buys less sells
Sell : buy shares
0.7 : 1
Mixed
Insider-held shares
385.79M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 15, 26 | CHEN WEN-CHANG VICTOR Officer |
SELL | 117.46K | $3.12M | Direct |
| Sep 15, 26 | CHEN WEN-CHANG VICTOR Officer |
CONVERSION | 402.50K | $3.09M | Direct |
| Sep 2, 26 | PAGE ANDREW E Chief Financial Officer |
SELL | 2.02K | $57.89K | Direct |
| Sep 1, 26 | PAGE ANDREW E Chief Financial Officer |
— | 4.51K | — | Direct |
| Jun 3, 26 | ZHENG JIE Chief Executive Officer |
SELL | 500.00K | $17.21M | Direct |
| Jun 3, 26 | ZHENG JIE Chief Executive Officer |
CONVERSION | 500.00K | $3.84M | Direct |
| Jun 1, 26 | HASELDEN STUART C Officer |
SELL | 215.28K | $7.66M | Direct |
| Jun 1, 26 | HASELDEN STUART C Officer |
CONVERSION | 200.00K | $2.50M | Direct |
| Jun 1, 26 | CHEN WEN-CHANG VICTOR Officer |
SELL | 13.07K | $465.76K | Direct |
| May 26, 26 | PAGE ANDREW E Chief Financial Officer |
SELL | 105.23K | $3.87M | Direct |
| May 26, 26 | PAGE ANDREW E Chief Financial Officer |
CONVERSION | 97.48K | $1.38M | Direct |
| May 8, 26 | TEFFNER CARRIE W Director |
— | 7.26K | — | Direct |
| May 8, 26 | SPEAR CATHERINE EVA Director |
— | 7.26K | — | Direct |
| May 8, 26 | YIU KIN WAH STEPHEN Director |
— | 7.26K | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
CHEN WEN-CHANG VICTOR |
Officer | 434.86K | Sale |
HASELDEN STUART C |
Officer | 0 | Sale |
JUTTA KARLSSON C |
General Counsel | 11.79K | Sale |
PAGE ANDREW E |
Chief Financial Officer | 6.58K | Sale |
SPEAR CATHERINE EVA |
Director | 22.34K | Conversion of Exercise of derivative security |
TEFFNER CARRIE W |
Director | 22.34K | Conversion of Exercise of derivative security |
YIU KIN WAH STEPHEN |
Director | 31.34K | Conversion of Exercise of derivative security |
ZHENG JIE |
Chief Executive Officer | 1.26M | Sale |
Fundamentals
Market cap$16.15B
Enterprise value$16.58B
Revenue (TTM)$7.44B
Gross profit$4.45B
EBITDA$1.21B
Net income$546.40M
EPS (TTM)$0.96
Free cash flow$547.69M
Total cash$720.40M
Total debt$1.10B
Book value / share$11.79
Shares outstanding581.82M
Float190.92M
Short % of float9.45%
Dividend yield0.00%
Beta (5Y)2.03
Valuation & profitability ratios
Trailing P/E28.92
Forward P/E16.84
PEG ratio0.45
Price / sales—
Price / book2.36
EV / revenue2.23
EV / EBITDA13.69
Gross margin59.81%
Operating margin7.93%
Profit margin7.35%
Return on equity9.15%
Return on assets6.29%
Debt / equity15.99
Current ratio1.76
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $6.57B | $5.18B | $4.40B | $3.57B | +26.7% |
| Operating revenue | $6.57B | $5.18B | $4.40B | $3.57B | +26.7% |
| Cost of revenue | $2.78B | $2.31B | $2.09B | $1.79B | +20.4% |
| Gross profit | $3.78B | $2.87B | $2.31B | $1.79B | +31.8% |
| Selling, general & admin | $3.10B | $2.43B | $2.01B | $1.54B | +27.7% |
| Total operating expense | $3.07B | $2.40B | $2.00B | $1.53B | +27.8% |
| Operating income | $714.30M | $469.90M | $303.60M | $251.90M | +52.0% |
| Net interest income | -$96.60M | -$222.50M | -$399.30M | -$246.20M | +56.6% |
| Pre-tax income | $624.50M | $161.20M | -$104.60M | -$182.60M | +287.4% |
| Tax provision | $184.10M | $82.80M | $104.20M | $48.30M | +122.3% |
| Net income | $427.40M | $72.60M | -$208.60M | -$252.70M | +488.7% |
| Net income to common | $427.40M | $72.60M | -$208.60M | -$252.70M | +488.7% |
| Basic EPS | 0.77 | 0.15 | -0.43 | -0.52 | +413.3% |
| Diluted EPS | 0.76 | 0.14 | -0.43 | -0.52 | +442.9% |
| EBIT | $722.20M | $380.20M | $294.90M | $61.30M | +90.0% |
| EBITDA | $1.11B | $654.00M | $515.80M | $258.30M | +69.2% |
| Basic shares | 555.61M | 498.03M | 489.50M | 489.50M | +11.6% |
| Diluted shares | 563.08M | 501.75M | 489.50M | 489.50M | +12.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $652.30M | $345.40M | $483.40M | $402.00M | +88.9% |
| Cash & short-term investments | $652.30M | $345.40M | $483.40M | $402.00M | +88.9% |
| Accounts receivable | $809.30M | $666.90M | $599.80M | $675.40M | +21.4% |
| Inventory | $1.62B | $1.22B | $1.10B | $912.50M | +32.6% |
| Total current assets | $3.30B | $2.46B | $2.35B | $2.17B | +34.4% |
| Property, plant & equipment | $1.46B | $1.07B | $759.10M | $545.60M | +36.1% |
| Goodwill & intangibles | $5.12B | $4.72B | $5.02B | $5.00B | +8.5% |
| Total assets | $10.06B | $8.40B | $8.37B | $7.90B | +19.9% |
| Total current liabilities | $2.21B | $1.61B | $1.57B | $1.28B | +36.9% |
| Current debt | $142.80M | $136.50M | $381.00M | $208.30M | +4.6% |
| Long-term debt | $792.30M | $790.80M | $5.94B | $5.83B | +0.2% |
| Total debt | $1.75B | $1.48B | $6.66B | $6.24B | +18.2% |
| Total liabilities | $4.24B | $3.39B | $8.53B | $7.97B | +25.3% |
| Retained earnings | -$213.60M | -$1.02B | -$1.06B | -$848.90M | +79.0% |
| Shareholder equity | $5.80B | $5.00B | -$160.20M | -$73.90M | +16.1% |
| Working capital | $1.09B | $844.90M | $777.80M | $893.30M | +29.6% |
| Net tangible assets | $681.70M | $281.50M | -$5.18B | -$5.07B | +142.2% |
| Shares issued | 557.67M | 553.63M | 489.50M | 489.50M | +0.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $440.40M | $78.40M | -$208.80M | -$252.70M | +461.7% |
| Depreciation & amortisation | $384.20M | $273.80M | $220.90M | $197.00M | +40.3% |
| Stock-based compensation | $37.20M | $19.50M | $10.70M | $0 | +90.8% |
| Change in working capital | -$110.80M | $15.90M | -$91.70M | -$354.90M | -796.9% |
| Operating cash flow | $729.80M | $424.70M | $199.00M | -$91.70M | +71.8% |
| Capital expenditure | -$292.70M | -$288.00M | -$151.80M | -$119.70M | -1.6% |
| Investing cash flow | -$338.10M | -$268.30M | -$154.80M | -$118.60M | -26.0% |
| Financing cash flow | -$124.00M | -$266.00M | $35.00M | $81.10M | +53.4% |
| Free cash flow | $437.10M | $136.70M | $47.20M | -$211.40M | +219.8% |
| End cash position | $652.30M | $345.40M | $483.40M | $402.00M | +88.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $1.63B | $1.95B | $2.10B | $1.76B | $1.24B | -16.1% |
| Operating revenue | $1.63B | $1.95B | $2.10B | $1.76B | $1.24B | -16.1% |
| Cost of revenue | $561.00M | $780.10M | $889.00M | $758.10M | $513.40M | -28.1% |
| Gross profit | $1.07B | $1.17B | $1.21B | $998.20M | $722.90M | -8.0% |
| Selling, general & admin | $909.20M | $856.20M | $988.30M | $776.60M | $697.80M | +6.2% |
| Total operating expense | $877.60M | $843.60M | $984.70M | $772.10M | $676.60M | +4.0% |
| Operating income | $194.00M | $321.80M | $227.40M | $226.10M | $46.30M | -39.7% |
| Net interest income | -$24.30M | -$22.20M | -$23.40M | -$24.10M | -$30.50M | -9.5% |
| Pre-tax income | $160.80M | $240.60M | $207.40M | $197.70M | $21.80M | -33.2% |
| Tax provision | $43.00M | $70.50M | $73.90M | $51.30M | -$600.00K | -39.0% |
| Net income | $107.20M | $164.60M | $131.50M | $143.10M | $18.20M | -34.9% |
| Net income to common | $107.20M | $164.60M | $131.50M | $143.10M | $18.20M | -34.9% |
| Basic EPS | 0.18 | 0.28 | 0.24 | 0.26 | 0.03 | -36.4% |
| Diluted EPS | 0.18 | 0.28 | 0.23 | 0.25 | 0.03 | -36.4% |
| EBIT | $180.80M | $265.50M | $227.50M | $223.30M | $51.80M | -31.9% |
| EBITDA | $180.80M | $368.10M | $227.50M | $223.30M | $133.20M | -50.9% |
| Basic shares | 582.58M | 581.82M | 556.80M | 556.20M | 555.40M | +0.1% |
| Diluted shares | 589.09M | 581.82M | 563.69M | 563.53M | 560.80M | +1.2% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $720.40M | $683.70M | $652.30M | $353.30M | $303.40M | — | +5.4% |
| Cash & short-term investments | $720.40M | $683.70M | $652.30M | $353.30M | $303.40M | — | +5.4% |
| Accounts receivable | $575.20M | $703.90M | $809.30M | $880.60M | $464.90M | — | -18.3% |
| Inventory | $1.90B | $1.69B | $1.62B | $1.71B | $1.60B | — | +12.4% |
| Total current assets | $3.47B | $3.32B | $3.30B | $3.17B | $2.58B | — | +4.7% |
| Property, plant & equipment | $1.58B | $1.48B | $1.46B | $1.31B | $1.22B | — | +6.8% |
| Goodwill & intangibles | $4.99B | $5.03B | $5.12B | $5.07B | $5.07B | — | -0.9% |
| Total assets | $10.23B | $10.01B | $10.06B | $9.71B | $9.02B | — | +2.2% |
| Total current liabilities | $1.97B | $1.99B | $2.21B | $2.10B | $1.61B | — | -1.0% |
| Current debt | $147.40M | $144.90M | $142.80M | $353.40M | $143.20M | — | +1.7% |
| Long-term debt | — | — | $792.30M | $791.90M | $791.50M | $791.20M | — |
| Total debt | $1.10B | $1.00B | $1.75B | $1.87B | $1.58B | — | +10.0% |
| Total liabilities | $3.34B | $3.25B | $4.24B | $4.04B | $3.50B | — | +2.6% |
| Retained earnings | -$70.70M | -$135.80M | -$213.60M | -$339.00M | -$464.20M | — | +47.9% |
| Shareholder equity | $6.87B | $6.74B | $5.80B | $5.65B | $5.51B | — | +1.8% |
| Working capital | $1.50B | $1.32B | $1.09B | $1.07B | $964.60M | — | +13.2% |
| Net tangible assets | $1.88B | $1.71B | $681.70M | $578.10M | $441.00M | — | +9.8% |
| Shares issued | — | 581.82M | 557.67M | 554.57M | 554.57M | 554.50M | — |
| Line item | 2026-06-30 | 2026-03-31 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|
| Net income | $117.70M | $170.10M | $22.40M | $138.10M | -30.8% |
| Depreciation & amortisation | $112.50M | $102.60M | $81.40M | $77.70M | +9.6% |
| Stock-based compensation | $17.20M | $12.70M | $10.40M | $6.50M | +35.4% |
| Change in working capital | -$59.50M | -$169.60M | -$132.40M | -$65.80M | +64.9% |
| Operating cash flow | $167.00M | $171.50M | -$56.20M | $163.70M | -2.6% |
| Capital expenditure | -$87.90M | -$89.30M | -$66.00M | -$69.20M | +1.6% |
| Investing cash flow | -$93.40M | -$89.30M | -$66.00M | -$69.20M | -4.6% |
| Financing cash flow | -$40.70M | -$47.30M | -$10.90M | -$27.40M | +14.0% |
| Free cash flow | $79.10M | $82.20M | -$122.20M | $94.50M | -3.8% |
| End cash position | $720.40M | $683.70M | $303.40M | $422.10M | +5.4% |
Options analytics
Put / call volume
1.13
Put-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
18.00
-35.2% from spot
ATM implied vol
3.1%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
64
Contracts, this expiry
Put volume
72
Contracts, this expiry
Heaviest call OI
18.00
0 contracts
Heaviest put OI
22.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.11 | 0.22 | +109.3% |
| Mar 2026 | 0.31 | 0.38 | +24.3% |
| Dec 2025 | 0.28 | 0.31 | +10.9% |
| Sep 2025 | 0.25 | 0.33 | +31.6% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.35 | 15 | $2.14B | +21.7% |
| Next quarter | 0.41 | 15 | $2.50B | +19.2% |
| Current year | 1.33 | 20 | $8.21B | +25.0% |
| Next year | 1.65 | 20 | $9.45B | +15.1% |
Analyst targets & ownership
Mean target$47.45
High target$67.00
Low target$31.00
Implied upside70.14%
Analyst count25
ConsensusSTRONG BUY
Strong buy / Buy6 / 19
Hold1
Sell / Strong sell0 / 0
Held by insiders66.22%
Held by institutions40.92%
Institutions holding500
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
27.31
+2.13% from price
SMA 20
27.29
+1.74% from price
SMA 50
30.73
-9.67% from price
SMA 100
32.78
-14.91% from price
SMA 200
34.52
-19.58% from price
EMA 12
27.45
+1.60% from price
EMA 26
28.26
-1.32% from price
EMA 50
29.84
-6.55% from price
RSI (14)
45.3
Neutral
MACD (12,26,9)
-0.81
Hist 0.28
ATR (14)
0.82
2.97% of price
Realised vol 30D
33.8%
Annualised
Bollinger upper
28.18
20, 2σ
Bollinger lower
26.39
20, 2σ
50 / 200 cross
Death
30.73 vs 34.52
Trend bias
Below 200
-19.58%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.51
More volatile than market
Correlation to SPY
0.49
Loosely linked
Realised vol 30D
33.8%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-37.4%
Peak to trough
Max drawdown 5Y
-40.7%
Peak to trough
ATR 14
0.82
2.97% of price
Beta (reported)
2.03
5Y monthly, from filing
Short interest
Shares short
13.33M
Prior 10.28M
Change vs prior
+29.7%
Shorts adding
% of float
9.45%
Normal
% of shares out
2.29%
Against total outstanding
Days to cover
1.6
Liquid
Float
190.92M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 18, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| Sep 18, 26 | BTIG | MAINTAINED | Buy | Buy |
| Sep 10, 26 | BTIG | INITIATED | — | Buy |
| Sep 9, 26 | BMO Capital | INITIATED | — | Outperform |
| Aug 19, 26 | Truist Securities | MAINTAINED | Buy | Buy |
| Aug 19, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| Aug 4, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| May 20, 26 | Truist Securities | MAINTAINED | Buy | Buy |
| May 20, 26 | UBS | MAINTAINED | Buy | Buy |
| Feb 25, 26 | Evercore ISI Group | MAINTAINED | Outperform | Outperform |
| Feb 19, 26 | Evercore ISI Group | MAINTAINED | Outperform | Outperform |
| Feb 10, 26 | UBS | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
6-K · 2026-09-16
Corporate Changes & Voting Matters
6-K · 2026-08-18
Corporate Changes & Voting Matters
6-K · 2026-05-19
Corporate Changes & Voting Matters
6-K · 2026-05-14
Corporate Changes & Voting Matters
6-K · 2026-04-01
Corporate Changes & Voting Matters
6-K · 2026-03-25
Periodic Financial Reports
20-F · 2026-02-26
Corporate Changes & Voting Matters
6-K · 2026-02-24
Headlines
Nike’s Weak First Quarter Report Ripples Across Footwear Sector
Footwear News · 5d ago
Sales Growth and Margin Expansion Improve Amer Sports’ (AS) Profit Outlook
Insider Monkey · 13d ago
Why Did On Holding Stock Jump If Its Near-Term Guidance Did Not Change?
Trefis · 13d ago
Amer Sports' Salomon Faces Solid Long-Term Growth Opportunities, UBS Securities Says
MT Newswires · 19d ago
Winter Sports Equipment Market Outlook 2026-2035 - Featuring Profiles of Amer Sports, Rossignol Group, and Head Sport GmbH
GlobeNewswire · 19d ago
Amer Sports (AS) Went From Beating To Raising
Insider Monkey · 19d ago
Amer Sports' 2026 Outlook: Margin Expansion Drives Growth as Direct-to-Consumer Model Scales
Motley Fool · 19d ago
Why Amer Sports (AS) Is Getting Fresh Attention Today
Simply Wall St. · 19d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.