This Terms of Service Agreement (“Agreement“) is a legal agreement between you and 42 Macro, LLC (“42 Macro,” “Company,” “we,” “us,” or “our“) governing your access to and use of the Services (as defined below). If you access or use the Services on behalf of a corporation, limited liability company, partnership, or other legal entity, you represent and warrant that you have full power and authority to bind such entity to this Agreement, and the terms “you” and “yours” as used in this Agreement refer to both you individually and such entity.
We may modify this Agreement from time to time in our discretion. When we make material changes, we will notify you by posting the updated Agreement on our website with a revised “Last Updated” date. We may also provide additional notice, including by email, in-product notice, or other means. To the fullest extent permitted by law, your continued access to or use of the Services after the effective date of any revised Agreement constitutes your acceptance of the revised Agreement.
PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS IMPORTANT TERMS THAT GOVERN YOUR ACCESS TO AND USE OF THE SERVICES, INCLUDING DISCLAIMERS OF WARRANTIES, LIMITATIONS OF LIABILITY, INDEMNIFICATION OBLIGATIONS, AUTOMATIC RENEWAL AND RECURRING BILLING TERMS (IF APPLICABLE), AND A WAIVER OF YOUR RIGHT TO PARTICIPATE IN CLASS ACTIONS TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW. IT ALSO CONTAINS A LIMITED TIME PERIOD WITHIN WHICH YOU MAY BRING CLAIMS AGAINST COMPANY, SO YOU SHOULD REVIEW IT CAREFULLY.
BY ACCESSING OR USING THE SERVICES, CREATING AN ACCOUNT, OR BY CLICKING TO ACCEPT THIS AGREEMENT WHERE PRESENTED, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTAND, AND AGREE TO BE BOUND BY THIS AGREEMENT, OUR PRIVACY POLICY, AND ANY ADDITIONAL TERMS OR POLICIES THAT ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE. IF YOU DO NOT AGREE TO ALL OF THE FOREGOING, DO NOT ACCESS OR USE THE SERVICES.
1. Definitions
As used in this Agreement, the following terms shall have the meanings set forth below:
“Services” means the products, services, platforms, websites, mobile applications, dashboards, portals, tools, subscriptions, and other offerings made available by Company, together with all related features, functionality, communications, and user experiences, including access to Content.
“Content” means all materials, information, data, works of authorship, and other content made available through or in connection with the Services, whether in visual, written, audio, video, digital, or other form, including research, publications, commentary, text, graphics, charts, recordings, software, code, interfaces, designs, compilations, trademarks, logos, methodologies, models, indicators, tools, dashboards, data displays, downloads, archives, and all 42 Macro Signals and Interactive Research Features, if any.
“42 Macro Signals” means any proprietary ratings, rankings, scores, indicators, alerts, watchlists, model outputs, forecasts, views, trade ideas, asset-class views, allocation outputs, screening results, analytics, frameworks, assessments, or other quantitative, qualitative, algorithmic, or machine-assisted signals, insights, or outputs made available through the Services.
2. Impersonal Publishing; No Personalized Advice; No Advisory or Fiduciary Relationship
2.1. The Services constitute a bona fide business or financial publication of general and regular circulation that provides impersonal investment research, market commentary, educational information, and disinterested analysis for a broad audience. All Content is prepared for general distribution and is not tailored to any subscriber’s or prospective subscriber’s individual circumstances, holdings, portfolio composition, risk tolerance, investment objectives, liquidity needs, tax status, or other particular requirements.
2.2. The Services are provided solely for informational and educational purposes. They do not constitute personalized investment advice, legal advice, tax advice, accounting advice, brokerage services, commodity trading advice, valuation advice, financial planning, or any recommendation or solicitation tailored to any specific person or account. Your access to or use of the Services does not create an investment adviser, fiduciary, broker-dealer, agency, partnership, joint venture, or advisory-client relationship between you and Company.
2.3. Company does not manage assets, execute trades, monitor accounts, act as your adviser of record, or undertake any duty to provide advice adapted to your individual needs. You remain solely and exclusively responsible for evaluating all Content and for all investment, trading, allocation, hedging, tax, legal, compliance, suitability, and business decisions you make.
2.4. Any discussion of securities, asset classes, strategies, themes, allocations, or financial products constitutes impersonal general commentary only and should not be construed as a recommendation to buy, sell, hold, or pursue any course of action. If Company or any affiliate is associated with a separate investment product, fund, managed account, ETF, or other regulated offering, that product or relationship shall be governed exclusively by its own offering documents, disclosures, and written agreements, and nothing in the Services constitutes an offer to buy or sell any security except through official materials where required by law.
2.5. Company is not obligated to respond to subscriber questions, chat messages, comments, support requests, webinar questions, livestream interactions, or similar communications and will not provide individualized advice or recommendations. Any response provided through the Services is for general informational purposes only, may be incomplete or delayed, and is not tailored to your specific facts or circumstances.
2.6. Company has no duty to update, correct, or supplement any Content, or to notify you of market developments, changed views, errors, omissions, or subsequent events, except as Company may choose in its sole discretion.
2.7. To the extent the Services include any interactive, chat-based, search, or retrieval features that allow subscribers to query, browse, or reference previously published Content (an “Interactive Research Feature“), such features are provided solely as a convenience to facilitate access to existing impersonal research and commentary previously published through the Services. Responses generated through any Interactive Research Feature are derived from, and limited to, Content that was originally prepared and published for the general subscriber audience and are not tailored, customized, or adapted to the individual subscriber’s circumstances, portfolio, risk profile, or investment objectives. Company may collect, store, and use query inputs, chat logs, usage patterns, and related metadata generated through your use of Interactive Research Features for the purposes described in the Privacy Policy, including to operate, maintain, improve, and secure the Services and to enforce this Agreement. Company may impose usage limits, rate limits, session limits, or other restrictions on Interactive Research Features at any time in its sole discretion. Interactive Research Features may be modified, suspended, or discontinued at any time without prior notice or liability.
2.8. By using any Interactive Research Feature, you expressly acknowledge and agree that: (a) the Interactive Research Feature does not provide personalized investment advice or recommendations; (b) the availability or use of any Interactive Research Feature does not create an investment advisory, fiduciary, broker-dealer, or other professional relationship between you and Company; and (c) you are solely responsible for evaluating any Content retrieved or surfaced through an Interactive Research Feature and for any investment, trading, or financial decisions you make in connection therewith.
3. Third-Party Materials; Data Sources
3.1. The Services may incorporate, rely upon, use, display, transmit, link to, integrate with, or otherwise make available data, content, software, applications, tools, models, APIs, feeds, links, websites, products, services, and other materials supplied, licensed, or controlled by third parties (collectively, “Third-Party Materials“). Third-Party Materials are provided solely as a convenience and may be modified, suspended, or removed by Company at any time without notice.
3.2. Company does not own or control, and is not responsible for, any Third-Party Materials or any provider thereof. Without limiting the foregoing, Company makes no representation, warranty, or guarantee regarding the accuracy, completeness, timeliness, reliability, legality, security, availability, quality, performance, suitability, or usefulness of any Third-Party Materials, or that any Third-Party Materials will be uninterrupted, error-free, or free of viruses or other harmful components. Any reference to, availability of, or link to Third-Party Materials does not constitute or imply any affiliation, sponsorship, endorsement, recommendation, verification, or approval by Company. Your access to and use of any Third-Party Materials is solely at your own risk.
3.3. Your use of Third-Party Materials may also be subject to separate third-party terms of use, license terms, and privacy policies. You are solely responsible for reviewing and complying with any such terms, and Company has no responsibility or liability arising from such terms or any third party’s acts, omissions, products, services, content, security practices, or data handling practices. To the maximum extent permitted by applicable law, Company shall have no liability whatsoever for any loss, damage, cost, claim, or expense arising out of or relating to any Third-Party Materials, including any inaccuracy, outage, interruption, delay, removal, unauthorized access, infringement claim, or failure of performance thereof.
4. Use of Technology and AI Tools
4.1. Company may use artificial intelligence tools, large language models, machine learning systems, natural language processing tools, and other automated or semi-automated technologies (collectively, “AI Tools“) in connection with its internal research, editorial, analytical, operational, administrative, and content-development processes. AI Tools may be used to assist with drafting, editing, summarizing, formatting, data analysis, ideation, or other internal functions that support the creation, maintenance, administration, security, or delivery of the Services. Company may use, modify, replace, add, suspend, or discontinue any AI Tools at any time in its sole discretion and without notice.
4.2. The use of AI Tools does not alter the nature of the Services as an impersonal financial research publication of general and regular circulation. No AI Tool is used to tailor, personalize, or adapt Content to any individual subscriber’s or prospective subscriber’s circumstances, holdings, portfolio composition, risk tolerance, investment objectives, tax status, or other personal factors.
4.3. You acknowledge and agree that: (a) certain Content may be prepared, in whole or in part, using AI Tools, which may produce inaccurate, incomplete, outdated, biased, misleading, or fabricated outputs; (b) Company makes no representation or warranty regarding the accuracy, reliability, timeliness, legality, non-infringement, or fitness for any purpose of any AI-generated or AI-assisted Content; (c) AI outputs may reflect limitations inherent in third-party models, training data, or algorithms; and (d) you assume all risk associated with reliance on any Content generated, assisted, summarized, or processed using AI Tools. Company’s use of AI Tools does not expand any obligations, duties, representations, or warranties beyond those expressly set forth in this Agreement. To the maximum extent permitted by law, Company shall have no liability arising from or relating to the use of AI Tools or any reliance on Content generated or otherwise processed through AI Tools.
5. Performance and Forward-Looking Statements
5.1. The Services may include statements of opinion and may contain estimates, projections, forecasts, scenarios, and other forward-looking statements. You can generally identify forward-looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” or the negative or comparable versions of such terms.
5.2. Forward-looking statements are inherently uncertain and subject to numerous risks, contingencies, assumptions, and factors (many of which are beyond Company’s control) that could cause actual results or market outcomes to differ materially from those expressed or implied. Such statements reflect judgments, opinions, estimates, or assumptions only as of the date indicated (or, if no date is indicated, as of the date first published) and may change without notice. Company undertakes no obligation to update, revise, or supplement any forward-looking statement.
5.3. The Services may also include hypothetical, model, simulated, estimated, projected, scenario-based, back-tested, or other similar information. Such information is provided solely for illustrative and informational purposes, has significant inherent limitations, and does not represent actual trading, investment decisions, or performance of any account, strategy, or product.
5.4. No representation or warranty is made that any assumptions used in preparing such information are reasonable, realistic, complete, or correct, or that all relevant assumptions, risks, or factors were identified, disclosed, or fully considered. There can be no assurance that any forecast, projection, target, expectation, or hypothetical result will be achieved or that actual outcomes will resemble any illustrative results shown. Past performance is not indicative of future results.
6. Subscription Plans; Fees; Billing; Auto-Renewal; Cancellation
6.1. Unless otherwise stated at checkout or in a separate written agreement, subscriptions to the Services are offered on a recurring monthly, quarterly, or annual basis and automatically renew for successive renewal terms of the same duration until canceled in accordance with this Agreement. By purchasing a subscription, you authorize Company and its third-party payment processors to charge your selected payment method for all subscription fees, applicable taxes, and any other disclosed charges on a recurring basis without further authorization at each renewal.
6.2. You may cancel your subscription at any time before the next renewal date through your account settings or other cancellation method then made available by Company. Unless otherwise expressly stated at checkout or required by applicable law, cancellation will become effective as of the end of the then-current billing period, and you will retain access through that period. No partial-term cancellations or prorated refunds will be provided.
6.3. Except as required by law or expressly stated otherwise by Company in writing, all fees and charges are non-cancelable and non-refundable once paid, including for partial billing periods, unused time, failure to use the Services, dissatisfaction with Content, changes in personal circumstances, or failure to cancel prior to renewal.
6.4. Company may change subscription prices, fees, plan features, billing dates, or subscription terms upon prior notice to you as required by law. Unless otherwise required by law, any price change for an existing subscription will take effect no earlier than the next renewal term following notice. Company may also offer promotional, introductory, trial, legacy, or grandfathered pricing in its sole discretion and may modify or discontinue such pricing at any time subject to applicable law.
6.5. If any payment cannot be completed or is declined, reversed, refunded, disputed, or otherwise fails for any reason, Company may, to the maximum extent permitted by law: (a) retry the charge; (b) update or obtain revised payment credentials through account updater services permitted by your payment provider; (c) suspend or terminate access to the Services; (d) downgrade your subscription; and/or (e) collect amounts owed using lawful collection methods. You remain responsible for all unpaid amounts and any taxes, fees, chargeback costs, collection costs, or expenses incurred by Company as a result of nonpayment.
6.6. For clarity, variations in publication volume, research cadence, analyst availability, release schedules, feature sets, product roadmap, or temporary interruptions, maintenance, outages, delays, or discontinuation of any particular content stream, feature, or functionality do not constitute a breach of this Agreement and do not entitle you to any refund, credit, offset, or extension, except as required by law or expressly agreed by Company in writing.
7. Payment Disputes
If you believe a charge was made in error or wish to dispute any billing matter, you agree to contact Company first and provide a reasonable opportunity to investigate and resolve the issue before initiating a chargeback or payment dispute with your bank, card issuer, or payment provider. In the event of any fraudulent, abusive, bad-faith, or otherwise improper chargeback or payment dispute, Company reserves the right, to the maximum extent permitted by law, to immediately suspend or terminate your account, restrict future purchases, dispute the chargeback, submit evidence to the applicable processor, recover reinstatement or processing fees, and pursue any amounts owed, damages, costs, or expenses available at law or in equity.
8. Disclaimers
8.1. Investing, trading, and asset allocation involve substantial risk, including volatility, illiquidity, market dislocation, tax consequences, and the possible loss of principal. Any model, back-tested, hypothetical, simulated, projected, estimated, or illustrative performance information is subject to significant limitations and does not represent actual results.
8.2. The Services and Content may contain errors, omissions, delays, interruptions, security vulnerabilities, inaccuracies, or outdated information, and may not be complete or suitable for any particular purpose. Market conditions and information sources may change rapidly, and Company does not undertake any duty to update the Services or Content.
8.3. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE SERVICES, CONTENT, AND ALL RELATED FEATURES, OUTPUTS, AND MATERIALS ARE PROVIDED “AS IS,” “AS AVAILABLE,” AND “WITH ALL FAULTS.” COMPANY EXPRESSLY DISCLAIMS ALL REPRESENTATIONS, WARRANTIES, AND CONDITIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, COMPLETENESS, QUIET ENJOYMENT, SYSTEM INTEGRATION, OR THAT THE SERVICES WILL BE UNINTERRUPTED, ERROR-FREE, SECURE, OR FREE OF HARMFUL COMPONENTS.
9. Limitations of Liability; Limitation Period for Claims
9.1. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, COMPANY AND ITS AFFILIATES, LICENSORS, DATA PROVIDERS, SERVICE PROVIDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, MANAGERS, MEMBERS, EMPLOYEES, CONTRACTORS, AGENTS, AND REPRESENTATIVES SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, ENHANCED, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, SAVINGS, DATA, USE, GOODWILL, BUSINESS OPPORTUNITY, TRADING LOSSES, DIMINUTION IN VALUE, OR COST OF COVER, ARISING OUT OF OR RELATING TO THE SERVICES, CONTENT, THIRD-PARTY MATERIALS, OR THIS AGREEMENT, WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, STATUTE, OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
9.2. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, COMPANY’S TOTAL CUMULATIVE AND AGGREGATE LIABILITY ARISING OUT OF OR RELATING TO THE SERVICES, CONTENT, OR THIS AGREEMENT SHALL NOT EXCEED THE GREATER OF: (A) THE TOTAL AMOUNTS PAID BY YOU TO COMPANY FOR THE SERVICES DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE FIRST EVENT GIVING RISE TO THE CLAIM; OR (B) FIVE HUNDRED U.S. DOLLARS (US $500). If you have not paid Company any amounts during such period, Company’s maximum aggregate liability shall be US $100 or the minimum amount required by applicable law, whichever is greater.
9.3. ANY CLAIM ARISING OUT OF OR RELATING TO THE SERVICES, CONTENT, OR THIS AGREEMENT MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE EVENT GIVING RISE TO THE CLAIM, OR THE MAXIMUM SHORTER OR LONGER PERIOD PERMITTED BY APPLICABLE LAW, OR IT IS PERMANENTLY BARRED.
10. Indemnification
You agree to defend, indemnify, and hold harmless Company and its affiliates, licensors, service providers, and their respective officers, directors, managers, members, employees, contractors, and agents from and against any and all third-party claims, demands, actions, proceedings, damages, liabilities, judgments, settlements, losses, costs, and expenses (including reasonable attorneys’ fees and enforcement costs) arising out of or relating to: (a) your breach of this Agreement; (b) your access to, use of, or misuse of the Services, Content, or other 42 Macro IP (defined below); (c) your violation of any applicable law, rule, or regulation; (d) your infringement, misappropriation, or violation of any intellectual property, privacy, publicity, contractual, or other rights of any person or entity; or (e) any User Content, data, information, content, prompts, submissions, or other materials provided by you. Company reserves the right, at your expense, to assume the exclusive defense and control of any matter subject to indemnification, and you agree to cooperate fully in such defense.
11. Privacy
Company’s collection, use, disclosure, and processing of personal information are governed by Company’s Privacy Policy, as updated from time to time.
12. Ownership
The Services, Content, and all proprietary methodologies, models, formulas, quantitative logic, signal-generation processes, weighting schemes, factor analyses, allocation algorithms, datasets, workflows, scoring mechanisms, screeners, taxonomies, interfaces, compilations, and analytical approaches embodied in, reflected by, or underlying any of the foregoing, together with all derivative works, improvements, and all related intellectual property rights therein and thereto (collectively, “42 Macro IP“), are and shall remain the exclusive property of Company and its licensors, and are protected by applicable copyright, trademark, trade secret, patent, and other intellectual property and proprietary rights laws. Except only for the limited right to access and use the Services and Content expressly granted under Section 14 of this Agreement, no right, title, or interest in or to any 42 Macro IP is granted, transferred, assigned, or licensed to you, whether by implication, estoppel, exhaustion, waiver, or otherwise.
13. Feedback
If you provide Company with any suggestions, ideas, comments, proposals, enhancements, improvements, feature requests, corrections, testimonials, ratings, reviews, data, or other feedback regarding any 42 Macro IP or Company’s business (collectively, “Feedback“), you hereby grant to Company a perpetual, irrevocable, worldwide, transferable, sublicensable, non-exclusive, fully paid-up, royalty-free license to use, reproduce, copy, modify, adapt, translate, create derivative works from, distribute, publish, transmit, perform, display, make, have made, sell, offer for sale, import, and otherwise exploit such Feedback, in whole or in part, in any manner and through any media now known or later developed, for any lawful purpose, without restriction, notice, attribution, approval, or compensation to you or any third party. To the extent any ownership rights may vest in you in any Feedback or derivative works thereof, you hereby irrevocably assign, transfer, and convey to Company all right, title, and interest in and to such Feedback, including all intellectual property rights therein, to the fullest extent permitted by applicable law. You agree to execute such further documents and take such further actions as Company may reasonably request to effect, perfect, or evidence the foregoing rights. Company is under no obligation to use, review, implement, acknowledge, return, or maintain any Feedback in confidence.
14. License
14.1. Subject to your compliance with this Agreement and timely payment of all applicable fees, Company grants you a limited, personal, revocable, non-exclusive, non-transferable, non-assignable, and non-sublicensable license to access and use the Services solely during an active subscription term for your own internal, personal, lawful, non-commercial use, subject to the additional terms in Section 18 for Professional Subscribers (defined below). No ownership rights are transferred under this Agreement, and the Services are licensed, not sold.
14.2. Unless expressly authorized in a separate written enterprise, institutional, or commercial agreement signed by Company, you may not permit any other person or entity to access or use your account or the Services, or use the Services for the benefit of any third party. Except for the limited use rights expressly granted in this Agreement, no right or license of any kind is granted to you, whether by implication, estoppel, exhaustion, waiver, or otherwise, with respect to the Services, any Content, or any other 42 Macro IP.
14.3. Company may suspend, restrict, or revoke this license and access to the Services at any time for any breach of this Agreement or misuse of the Services, and all rights granted to you hereunder shall immediately terminate upon expiration or termination of your subscription or this Agreement.
15. Restrictions
You agree not to, and not to permit, assist, or enable any third party to, directly or indirectly: (a) copy, reproduce, download, scrape, republish, distribute, transmit, display, disclose, sell, license, sublicense, rent, lend, share, transfer, assign, syndicate, or otherwise exploit or make available the Services or any other 42 Macro IP, except as expressly permitted under this Agreement; (b) modify, adapt, translate, create derivative works of, reverse engineer, decompile, disassemble, or otherwise attempt to access or derive any source code, data, models, methodologies, logic, formulas, prompts, workflows, or other proprietary elements of the Services or any other 42 Macro IP, except to the limited extent such restriction is prohibited by applicable law; (c) remove, alter, obscure, or circumvent any copyright, trademark, or proprietary notice from the Services or any other 42 Macro IP; (d) use any robot, spider, scraper, crawler, bot, script, browser automation tool, data-mining tool, or other automated or systematic means to access, monitor, query, collect from, test, benchmark, or interact with the Services or any other 42 Macro IP; (e) use the Services or any other 42 Macro IP, including any outputs therefrom, to train, fine-tune, test, validate, benchmark, prompt, ground, retrieve for, or otherwise develop or improve any artificial intelligence, machine learning, algorithmic, predictive, or data-driven model, product, or system; (f) use the Services or any other 42 Macro IP, or outputs therefrom, to develop, support, or offer any product, service, publication, signal set, ranking, model, analytics tool, or other offering that is competitive with or substantially similar to the Services or any Company offering; (g) analyze, monitor, back-test, replicate, infer, or otherwise attempt to determine any proprietary methodology, model logic, weighting scheme, signal-generation process, scoring system, allocation framework, or other confidential or trade secret information of Company; (h) use the Services or any other 42 Macro IP in any unlawful, fraudulent, deceptive, misleading, defamatory, infringing, harassing, abusive, harmful, or unauthorized manner, or in violation of applicable law or third-party rights; (i) use Services or any other 42 Macro IP for the benefit of any third party or for any commercial, institutional, professional, client-facing, advisory, brokerage, consulting, fund, managed account, resale, redistribution, syndication, or similar purpose, except as expressly authorized in a separate written agreement signed by Company; (j) use the Services or any other 42 Macro IP in any manner inconsistent with this Agreement or the intended purpose of the Services; or (k) engage in statistical analysis, output pattern analysis, systematic observation, data harvesting, signal extraction, or any other method or technique aimed at reconstructing, approximating, replicating, or reverse-engineering any proprietary model, quantitative method, signal-generation process, weighting scheme, scoring mechanism, allocation algorithm, or other trade secret of Company, whether through analysis of Content, 42 Macro Signals, or any other outputs. Any violation of this Section constitutes a material breach of this Agreement and may result in immediate suspension or termination of access, in addition to any other remedies available at law or in equity.
16. Confidentiality
16.1. You acknowledge that, in connection with your access to and use of the Services, you may receive or have access to information that is confidential and proprietary to Company, including 42 Macro IP, such as 42 Macro Signals and other Content, pricing, product features, and other non-public business information (collectively, “Confidential Information“). Confidential Information does not include information that: (a) is or becomes publicly available through no fault of yours; (b) was lawfully in your possession prior to disclosure by Company without a duty of confidentiality; or (c) is independently developed by you without use of or reference to Confidential Information.
16.2. You agree to: (a) maintain the confidentiality of all Confidential Information using at least the same degree of care you use to protect your own confidential information, but in no event less than reasonable care; (b) not disclose Confidential Information to any third party without Company’s prior written consent; and (c) access and use Confidential Information only as necessary to exercise your rights or perform your obligations under and in accordance with this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to the limited extent required in order to comply with the order of a court or other governmental body, or as otherwise necessary to comply with applicable law, provided that you shall first have given written notice to Company.
16.3. Your obligations under this Section will expire five years after the expiration or termination of this Agreement; provided, however, with respect to any Confidential Information that constitutes a trade secret (as determined under applicable law), such obligations of non-disclosure will survive the termination or expiration of this Agreement for as long as such Confidential Information remains subject to trade secret protection under applicable law.
17. No Public Reference; No Endorsement; No Use of Name or Marks
Except with Company’s prior express written consent, you shall not, directly or indirectly: (a) use Company’s name, trademarks, service marks, logos, trade dress, screenshots, charts, graphics, excerpts, research summaries, performance references, testimonials, or other brand indicia in any website, pitchbook, factsheet, social media post, advertisement, client communication, RFP response, offering document, press release, marketing material, or other external-facing material; (b) state or imply that Company endorses, sponsors, approves, recommends, is affiliated with, or is partnered with you or any person, product, service, account, strategy, fund, or offering; or (c) describe any product, service, account, strategy, or offering as “powered by,” “based on,” “derived from,” “informed by,” “uses,” “incorporates,” or similar language referencing Company, the Services, or any Content. Any permitted reference to Company, the Services, or any Company marks must comply with Company’s then-current branding, attribution, and usage requirements, shall inure solely to Company’s benefit, and may be withheld, conditioned, limited, or revoked by Company at any time in its sole discretion.
18. Professional Use; No Fund, Product, or Service Creation Without Consent
18.1. Subject to this Agreement and payment of all applicable fees, any subscriber that is a registered investment adviser, exempt reporting adviser, broker-dealer, family office, bank, consultant, allocator, asset manager, wealth manager, institutional investor, or other financial professional (a “Professional Subscriber“) shall access and internally consult the Services and Content solely as one of many inputs in its own independent analysis.
18.2. Except with Company’s prior express written consent, no Professional Subscriber shall, directly or indirectly: (a) use the Services, Content, or any other 42 Macro IP as a model, template, ruleset, benchmark, signal engine, allocation engine, investment committee output, or systematic decision-making framework for any fund, managed account, SMA, model portfolio, index, ETF, structured product, signal service, advisory program, or other product or service; (b) launch, manage, advise, market, promote, distribute, or support any fund, strategy, account, product, publication, or client offering that is described as using, based on, derived from, informed by, incorporating, or powered by Company or the Services, Content, or any other 42 Macro IP; (c) provide, distribute, republish, summarize, forward, present, or communicate any Content or other 42 Macro IP to any client, prospective client, investor, consultant, platform, or other third party, except for incidental, non-substantive references that do not disclose the substance of such materials or imply endorsement or affiliation; (d) use the Services, Content, or any other 42 Macro IP in any pitchbook, investment memorandum, due diligence package, RFP response, factsheet, website, sales deck, social media post, marketing communication, or other promotional material; (e) use the Services, Content, or any other 42 Macro IP in connection with any artificial intelligence, machine learning, or automated system to create, support, optimize, or commercialize any fund, strategy, advisory service, analytics product, or competing offering; or (f) present the Services, Content, or any other 42 Macro IP as a substitute for the Professional Subscriber’s own independent judgment, diligence, disclosures, supervisory procedures, compliance obligations, or suitability obligations.
18.3. For the avoidance of doubt, no Professional Subscriber acquires any right to commercialize, externalize, productize, operationalize, redistribute, or otherwise client-face the Services, Content, or any other 42 Macro IP absent Company’s prior express written consent. Any approved external or commercial use must be set forth in a separate written agreement signed by Company and may be subject to additional fees, attribution requirements, compliance conditions, scope restrictions, monitoring rights, and audit rights.
18.4. Each Professional Subscriber remains solely responsible for all recommendations, allocations, trading decisions, disclosures, investment committee determinations, suitability analyses, client communications, supervisory procedures, and legal or regulatory compliance arising from its business activities or client relationships.
19. Account Security
You are responsible for maintaining the confidentiality and security of your account credentials and for all access to and activity occurring under your account, whether or not authorized by you. You must promptly notify Company of any actual or suspected unauthorized access to or use of your account, loss of credentials, or any other actual or suspected security incident relating to the Services.
20. Suspension; Termination; Investigation; Survival
20.1. Company may, in its sole discretion, suspend, restrict, disable, investigate, or terminate your access to the Services, Content, or any other 42 Macro IP, in whole or in part, immediately and with or without notice, if Company reasonably believes that: (a) you have violated this Agreement or applicable law; (b) your use of the Services, Content, or any other 42 Macro IP creates legal, regulatory, reputational, security, operational, or commercial risk to Company or any third party; (c) your account is being shared, misused, compromised, or used in an unauthorized manner; (d) you are infringing or misappropriating Company’s rights or the rights of any third party; (e) payment is overdue, reversed, disputed, or otherwise fails; or (f) suspension is necessary to protect the Services, Content, any other 42 Macro IP, other users, or Company’s systems or business.
20.2. Company may investigate suspected misconduct, monitor usage, remove or limit access to Content or features, and take any other action it reasonably deems appropriate to enforce this Agreement or protect the Services. Company may cooperate with regulators, law enforcement, courts, payment processors, and other third parties, and may disclose information as Company reasonably deems necessary or appropriate to comply with law, protect rights, or prevent fraud, abuse, or harm.
20.3. Suspension or termination does not limit any other remedies available to Company at law or in equity. Sections 9, 10, 11, 13, 14, 17, 21, 22, 23, 24, 25, 26, 27, 28, and 29, and any other provisions that by their nature should survive, shall survive expiration or termination of this Agreement.
21. User Conduct and Interactive Features
21.1. The Services may include Interactive Research Features, chats, livestreams, Q&A tools, forums, comment areas, messaging functions, or other interactive features through which users may submit, post, transmit, or otherwise make available content, comments, questions, feedback, or other materials (“User Content“). You are solely responsible for your User Content and for any consequences arising from submitting or sharing it.
21.2. You represent and warrant that you own or control all rights necessary to provide your User Content and that your User Content does not and will not violate any law, infringe or misappropriate any intellectual property or other rights, breach any duty or obligation, or contain malicious code or harmful material.
21.3. You hereby grant Company and its affiliates, service providers, and contractors a worldwide, perpetual, non-exclusive, royalty-free, fully paid-up, sublicensable license to host, store, reproduce, modify, adapt, display, distribute, transmit, and otherwise use your User Content as reasonably necessary to operate, provide, improve, secure, moderate, support, and enforce the Services and this Agreement.
21.4. You agree not to submit, post, transmit, or use the interactive features to upload or share any User Content that is unlawful, fraudulent, deceptive, misleading, defamatory, obscene, harassing, abusive, hateful, threatening, invasive of privacy, discriminatory, infringing, confidential, or otherwise objectionable. You further agree not to use the Services or any interactive feature to: (a) provide or solicit personalized investment advice; (b) solicit users for products, services, investments, or other commercial purposes; (c) manipulate or attempt to manipulate the market for any security or asset; (d) impersonate any person or misrepresent your identity or affiliation; (e) spam, disrupt, or interfere with other users or the Services; or (f) collect information about other users without Company’s authorization.
21.5. Company reserves the right, but has no obligation, to monitor, review, screen, edit, refuse, restrict, or remove any User Content or to suspend or terminate access to any user at any time in its sole discretion, with or without notice. Company may preserve and disclose User Content where Company reasonably believes necessary to enforce this Agreement, comply with law, protect rights, or prevent fraud, abuse, or harm.
21.6. Company does not undertake to review all User Content and does not endorse, control, verify, or assume responsibility or liability for any User Content submitted by users. Any views expressed in User Content are solely those of the applicable user and not Company.
22. Governing Law; Venue; Jury Waiver
22.1. This Agreement and any dispute, claim, or controversy arising out of or relating to this Agreement, the Services, the Content, your access to or use of the Services, any 42 Macro IP, or your relationship with Company shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict-of-laws rules.
22.2. Any action or proceeding arising out of or relating to this Agreement shall be brought exclusively in the state or federal courts located in San Francisco County, and each party irrevocably consents to the personal jurisdiction and venue of such courts.
22.3. TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH PARTY KNOWINGLY, VOLUNTARILY, AND IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE SERVICES.
23. Class Action Waiver
TO THE MAXIMUM EXTENT PERMITTED BY LAW, ALL CLAIMS MUST BE BROUGHT SOLELY IN AN INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF, CLASS MEMBER, OR REPRESENTATIVE IN ANY CLASS, COLLECTIVE, CONSOLIDATED, COORDINATED, REPRESENTATIVE, PRIVATE ATTORNEY GENERAL, OR MASS ACTION OR PROCEEDING. Unless Company expressly agrees otherwise in writing, no claim may be joined with another claim or litigated on a class, representative, consolidated, coordinated, or mass basis.
24. Intended Audience
The Services are intended only for adults. You represent and warrant that you are at least eighteen (18) years of age, have the legal capacity and authority to enter into this Agreement, and that all registration, billing, and other information you provide is accurate, current, and complete.
25. Service Changes; Editorial Discretion
Company may modify, enhance, suspend, discontinue, delay, or update any aspect of the Services at any time, with or without notice, including features, tools, research coverage, archives, integrations, compatibility, pricing, and Content availability. Company has no obligation to continue offering any particular feature, functionality, content stream, archive access, or publication schedule, and does not guarantee that any Content will be published, delivered, updated, or made available on any schedule, at any particular time, or with any minimum frequency. Research cadence, publication timing, and Content availability may vary based on market conditions, editorial judgment, personnel availability, or other operational considerations. Company retains sole discretion over the timing, substance, format, and frequency of the Services and all Content. To the maximum extent permitted by law, Company shall not be liable for any loss arising from outages, maintenance, cyber incidents, force majeure events, third-party platform or data-provider failures, personnel unavailability, or discontinuation of any portion of the Services.
26. Injunctive Relief; Equitable Remedies
You acknowledge that any actual or threatened breach of this Agreement, including any unauthorized use, disclosure, commercialization, republication, redistribution, extraction, copying, or other misuse of any Confidential Information or the Services, Content, or any other 42 Macro IP, will cause Company irreparable harm for which monetary damages would be inadequate. Accordingly, in addition to any other remedies available at law or in equity, Company shall be entitled to temporary, preliminary, and permanent injunctive relief, specific performance, and other equitable remedies, without the necessity of posting bond or proving actual damages.
27. Assignment
You shall not assign, delegate, or transfer this Agreement or any rights or obligations hereunder without Company’s prior written consent, and any attempted assignment in violation of the foregoing shall be null and void. Company may assign or transfer this Agreement, in whole or in part, without restriction, including in connection with a merger, acquisition, sale of assets, financing, reorganization, affiliate transfer, or by operation of law. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns.
28. Severability
If any provision of this Agreement is held to be invalid, illegal, or unenforceable, such provision shall be enforced to the maximum extent permitted by law, and the remaining provisions shall remain in full force and effect.
29. Entire Agreement
This Agreement, together with the Privacy Policy and any other terms or policies expressly incorporated by reference, constitutes the entire agreement between you and Company regarding the Services and supersedes all prior or contemporaneous understandings, communications, and agreements relating to that subject matter.
30. Waiver; Electronic Communications
No waiver by Company of any provision of this Agreement or any breach shall be effective unless in writing and signed by an authorized representative of Company. No failure or delay in exercising any right or remedy shall operate as a waiver thereof. You consent to receive notices, disclosures, billing information, renewal notices, legal notices, and other communications electronically, including by email, website posting, account notification, or in-product message, and agree that such electronic communications satisfy any legal requirement that communications be in writing.
Last Updated: May 2026