सेवा शर्तें और अस्वीकरण

These Terms govern your use of Masterfolio (the "Service", operated by 【entity name TBD】). By registering, signing in or using the Service you confirm that you have read, understood and agree to these Terms and the Privacy Policy. The Service is intended for users 18 and older.

Effective date: 2026-07-25.

1. Nature of the Service: a research publication

The Service is an information and research publication: we curate public data (SEC 13F filings, published quantitative strategies) with research narration. All content is identical for every subscriber; it is not tailored to anyone's personal circumstances, investment objectives or risk tolerance, and no individualized list of risk factors is provided.

We are not an investment adviser, broker, dealer or fund manager; no fiduciary or adviser-client relationship exists between us and you. We accept no investment accounts, never touch your money, and do not trade on anyone's behalf.

2. No investment advice

Nothing in the Service (including strategy cards, curves, metrics, broadcasts, emails and the portfolio-composer output) constitutes investment, legal, accounting or tax advice, or an offer, solicitation or recommendation to buy or sell any security or pursue any strategy.

Investing involves risk. Any investment decision should rest on your own judgment and the advice of licensed professionals. You should not rely on any content of the Service in making investment decisions; any action you take based on the Service is at your own risk.

3. Performance and data disclaimers (inherent limitations of hypothetical results)

All performance shown is historical backtesting / hypothetical results — it describes a hypothetical portfolio in which no actual money was ever invested, not anyone's actual trading record.

NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. There are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular program.

Hypothetical results have inherent limitations, including: (a) they are prepared with the benefit of hindsight — the rules are tested after the history is known; (b) hypothetical trading involves no financial risk, and no hypothetical record can completely account for the ability to withstand losses or to adhere to a program through drawdowns in actual trading; (c) execution is simplified — fills at historical closing prices with only a flat 10 basis points per side, excluding slippage, market impact, taxes and borrowing costs, with larger deviations for larger capital or less liquid names; (d) halts, liquidity droughts, bid-ask spreads and many other market factors cannot be fully modeled — any of these can make actual results materially worse than those shown.

Portfolio-composer and composite-index outputs are model performance under the same assumptions and cost conventions; weights estimated from historical data (such as mean-variance) are in-sample illustrations, not optimal forecasts.

13F filings contain US long equity positions only and arrive with a lag; they do not represent any institution's complete portfolio, and replication returns are not the institution's actual returns.

Data comes from third-party public sources we believe reliable (including the SEC and market-data services) and is provided "as is"; we do not warrant its accuracy, completeness or timeliness, errors or delays may exist, and we have no obligation to update any historical content. Past performance, real or backtested, does not predict or guarantee future results.

4. Accounts

Registration requires a valid email. You are responsible for safeguarding your sign-in method and for activity under your account. One account per person; accounts may not be shared.

5. Subscriptions, billing and cancellation

Membership bills monthly or yearly via Stripe and renews automatically. Pricing is identical for every subscriber and never scales with your asset size.

You may cancel at any time on the account page; cancellation takes effect at the end of the current billing period. Paid fees follow the refund policy: 【refund policy TBD — e.g., full refund if cancelled within the 7-day trial; no refund of the current period thereafter】.

Price changes will be announced in advance and never affect a period already paid.

6. Intellectual property and license

All content of the Service (narrative text, charts, data curation and presentation, interface and marks) belongs to us or our licensors.

We grant you a personal, non-commercial, non-transferable license to use the Service. Without written permission you may not resell, redistribute or republish paid content, bulk-scrape or systematically download content by automated means, or use content to train machine-learning models. Personal sharing of the share-images the site itself provides is fine.

7. Acceptable use

You may not circumvent the paywall or access controls; share or transfer accounts; interfere with or disrupt the Service; or use the Service unlawfully or in violation of others' rights.

8. Disclaimer of warranties

The Service is provided "as is" and "as available". To the maximum extent permitted by law we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, uninterrupted operation and error-free content.

9. Limitation of liability

To the maximum extent permitted by law: neither we nor our affiliates or suppliers are liable for indirect, incidental, special, consequential or punitive damages (including lost profits, investment losses or data loss); and our total aggregate liability to you is capped at the subscription fees you paid to the Service in the 12 months before the claim arose.

10. Indemnification

You will indemnify us against third-party claims, losses and expenses (including reasonable attorneys' fees) arising from your breach of these Terms or misuse of the Service.

11. Termination and survival

You may stop using the Service and delete your account at any time. We may suspend or terminate accounts that breach these Terms; fees are not refunded on termination for breach.

Provisions that by their nature should survive (including the performance and data disclaimers, warranty disclaimer, limitation of liability, indemnification and governing law) survive termination.

12. Governing law and disputes

These Terms are governed by the laws of 【jurisdiction TBD, e.g., the State of Delaware, USA】, excluding its conflict-of-law rules. Disputes shall first be resolved through good-faith negotiation, failing which they go to 【dispute forum TBD: courts / arbitration; if arbitration, counsel to decide whether to include a class-action waiver】.

13. Changes to the Terms and the Service

We may revise these Terms from time to time; material changes will be announced on-site or by email in advance, and continued use after they take effect constitutes acceptance.

We may also modify, suspend or discontinue any feature of the Service on reasonable notice. Such changes will not deprive you of the core subscription benefits of a period you have already paid for.

14. Copyright complaints

We respect intellectual-property rights. If you believe content on the Service infringes your copyright, send proof of rights and the specific location to [email protected] and we will review and act promptly 【US DMCA designated-agent details TBD — counsel to confirm whether to register】.

15. Miscellaneous

Entire agreement: these Terms and the Privacy Policy are the entire agreement between you and us regarding the Service, superseding all prior understandings.

Severability: if any provision is held invalid or unenforceable, the remainder stays in effect.

No waiver: our failure or delay to exercise any right is not a waiver of it.

Assignment: you may not assign your rights or obligations under these Terms without our written consent; we may assign them in a merger, acquisition or asset sale (with advance notice).

Force majeure: we are not liable for delay or failure caused by events beyond reasonable control (including natural disasters, network or infrastructure failures, and acts of government).

Electronic communications: you agree that notices delivered on-site or to your registered email constitute valid written notice.

16. Contact

General: [email protected]; legal matters: [email protected]; institutional inquiries: [email protected].