Risk Disclosure
Read this Risk Disclosure carefully before using Apertture. It explains the nature of the Service and the principal risks that apply when you act on any information you receive from it.
1. Not Investment Advice
Apertture publishes general market analysis, model portfolios, and information products. The Service does not provide investment advice tailored to your specific financial situation, objectives, risk tolerance, or constraints.
Nothing in the Service is a recommendation, offer, or solicitation to buy or sell any security, derivative, fund, or other financial instrument, or to engage in any particular trading strategy.
2. Not a Registered Investment Adviser
Apertture is not registered as an investment adviser with the U.S. Securities and Exchange Commission, FINRA, the U.K. Financial Conduct Authority, the Spanish Comisión Nacional del Mercado de Valores, or any other regulatory authority.
Apertture operates under the publisher's exemption of the Investment Advisers Act of 1940 §202(a)(11)(D). Our publications are bona fide, regular, and of general circulation.
3. General Information Only
The Service provides information of general interest. It does not take into account your individual circumstances. The same brief is delivered to every user on a given delivery cycle (subject to your personal portfolio overlay), regardless of differences in age, income, tax position, goals, or risk tolerance.
4. No Fiduciary or Advisory Relationship
Your use of the Service does not create an adviser-client, fiduciary, or any other special relationship between you and Apertture. We have no duty of loyalty, care, or suitability to you in connection with the Service.
5. Past Performance
Past performance, including the historical returns of model portfolios or individual securities discussed in the Service, is not indicative of future results. Returns shown may be hypothetical or backtested and do not include the effects of fees, taxes, or slippage.
6. Market Risk
All investing involves risk, including the possible loss of principal. Markets are volatile; the value of any investment can decline as well as rise. You should be prepared to bear the risk of total loss of any amount you invest.
7. Model Portfolio Risk
Apertture's published model portfolios reflect Apertture's view at the time of publication. Allocations may change over time. The model portfolios may not be appropriate for you. Implementation of a model portfolio in your brokerage account is your decision and your responsibility.
8. AI-Generated Content
Briefs, summaries, signals, and other outputs are generated in part by artificial intelligence agents and large language models. These outputs may contain errors, omissions, outdated facts, or fabricated information ("hallucinations"). You should independently verify any factual claim before acting on it.
9. Data Accuracy and Latency
Apertture relies on third-party data providers (such as Polygon.io) for market prices, fundamentals, headlines, and other inputs. We do not guarantee the accuracy, completeness, timeliness, or availability of third-party data. Outputs based on stale or inaccurate inputs may themselves be stale or inaccurate.
10. Tax and Legal
Apertture does not provide tax, accounting, or legal advice. Consult your tax adviser and legal counsel before acting on any information.
11. Currency Risk
Many products discussed by the Service are denominated in U.S. dollars. If your home currency is different, you take on foreign-exchange risk that is not always hedged.
12. Concentration Risk
Some model portfolios concentrate exposure in particular sectors, themes, or single instruments. Concentrated portfolios can experience larger swings than broadly diversified portfolios.
13. Crypto Risk
Sleeves that reference crypto-asset wrappers (e.g., spot bitcoin or ether ETFs) carry risks not present in traditional securities: extreme price volatility, regulatory uncertainty, custodian risk, the risk of total loss, and limited recourse in the event of failure of an intermediary.
14. Single-Stock and Satellite Risk
Single-stock and "satellite" positions are by design high-conviction, high-volatility allocations. They carry company-specific risk, including the risk of significant or total loss from events affecting a single issuer. These positions are not suitable for every investor.
15. Liquidity Risk
Some instruments may have limited liquidity, particularly during periods of market stress. You may not be able to sell at the price or time you wish.
16. Jurisdictional Restrictions
Some financial instruments mentioned by the Service are not available in every jurisdiction. For example, EU and UK retail investors generally cannot purchase U.S.-domiciled ETFs directly under PRIIPs. You are responsible for verifying that any instrument is lawful for you to purchase in your jurisdiction.
17. No Solicitation in Restricted Jurisdictions
Apertture's content is not directed to any person in any jurisdiction where its publication or availability would be contrary to local law or regulation, or would subject Apertture to any registration requirement within that jurisdiction.
18. Consult a Registered Adviser
Before acting on any information from the Service, consult a registered investment adviser, a tax adviser, and legal counsel licensed in your jurisdiction. Apertture is not a substitute for individualised professional advice.