Terms of Service

1. The Service

Apertture publishes general market analysis, model portfolios, and information products delivered through the web and by email. Apertture operates under the publisher's exemption of the Investment Advisers Act of 1940 §202(a)(11)(D). Apertture is not a registered investment adviser. The Service provides general information only and does not constitute investment, tax, or legal advice.

2. Eligibility

You must be at least 18 years old and have the legal capacity to enter into a binding contract to use the Service. By using the Service, you represent that you meet these requirements.

3. Your Account

You are responsible for keeping your account credentials secure and for all activity that occurs under your account.

You agree to provide accurate, current information when you register, and to keep it accurate over time.

One account per person. You may not share, sell, or transfer your account.

4. Acceptable Use

You agree not to:

• Use the Service to violate any law or third-party right.
• Scrape, crawl, or use automated means to access the Service except as expressly permitted.
• Reverse engineer, decompile, or attempt to derive source code or training data.
• Resell, republish, or redistribute Apertture content, in whole or in part, without written permission.
• Use the Service to build or train a competing product.
• Upload malicious code, attempt to interfere with the Service, or probe for vulnerabilities outside a coordinated disclosure process.
• Impersonate another person or misrepresent your affiliation.

5. Intellectual Property

Apertture and its licensors own all rights in the Service, including the software, brand, name, logos, model portfolios, briefs, agent prompts, and visual design. We grant you a personal, non-exclusive, non-transferable, revocable license to use the Service for your own informational purposes during your subscription.

Apertture's brand, name, and logos may not be used without prior written consent.

6. Your Content

You retain ownership of the information you provide to the Service (your holdings, preferences, settings — "Your Content"). You grant Apertture a worldwide, non-exclusive, royalty-free license to process Your Content solely as needed to operate, secure, and improve the Service.

We may use de-identified, aggregated data derived from Your Content to improve the Service and to publish general statistics. We will not publish or share information that identifies you without your consent.

7. Subscriptions and Payments

Some features of the Service are offered on a paid subscription basis. Subscription terms (price, billing period, renewal, refunds) are disclosed at the point of purchase and form part of these Terms.

Unless otherwise stated, subscriptions automatically renew at the end of each billing period at the then-current price. You may cancel at any time; cancellation takes effect at the end of the current billing period. Fees already paid for the current period are non-refundable except where required by law.

We reserve the right to change subscription pricing on at least 30 days' notice; price changes take effect at your next renewal.

8. Free Tier

The free tier is provided as-is and may be limited, modified, or discontinued at any time without notice. Limits (such as the number of holdings, brief cadence, or delivery channels) may change as we evolve the Service.

9. Third-Party Services

The Service relies on third-party providers to operate (hosting, email delivery, market data, AI inference, payments). Their terms and privacy policies apply to your use of those services through ours.

We are not responsible for the availability, accuracy, content, products, or services of third-party providers.

10. Disclaimers

THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE". TO THE MAXIMUM EXTENT PERMITTED BY LAW, APERTTURE DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

Apertture does not warrant that the Service will be uninterrupted, error-free, or secure, or that market data, model portfolios, or brief content will be accurate, current, complete, or suitable for any purpose.

Briefs, signals, and other outputs are generated in part by automated agents and large language models. They may contain errors, omissions, outdated information, or other inaccuracies. You are responsible for verifying any information before acting on it.

11. Not Investment Advice

Nothing in the Service is an offer, solicitation, or recommendation to buy or sell any security, or to engage in any particular trading strategy. The Service does not take into account your specific financial situation, objectives, risk tolerance, or needs.

Past performance is not indicative of future results. All investing involves risk, including possible loss of principal. Consult a registered investment adviser, tax adviser, and legal counsel before acting on any information provided by the Service.

See the Risk Disclosure for further detail.

12. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, APERTTURE AND ITS AFFILIATES, OFFICERS, EMPLOYEES, AND AGENTS WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, DATA, OR GOODWILL, ARISING OUT OF OR RELATING TO THE SERVICE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

APERTTURE'S TOTAL CUMULATIVE LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS OR THE SERVICE WILL NOT EXCEED THE GREATER OF (A) THE AMOUNT YOU PAID APERTTURE IN THE 12 MONTHS BEFORE THE CLAIM AROSE, OR (B) ONE HUNDRED U.S. DOLLARS ($100).

SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES; IN THOSE JURISDICTIONS THE ABOVE EXCLUSIONS AND LIMITATIONS APPLY TO THE FULLEST EXTENT PERMITTED BY LAW.

13. Indemnification

You will defend, indemnify, and hold harmless Apertture and its affiliates, officers, employees, and agents from any claim, demand, loss, or expense (including reasonable attorneys' fees) arising out of your use of the Service, your breach of these Terms, your violation of law, or your infringement of any third-party right.

14. Termination

You may stop using the Service and delete your account at any time. We may suspend or terminate your access immediately if we reasonably believe you have breached these Terms, used the Service unlawfully, or created risk to other users or to Apertture.

Sections 1, 5, 6, 9, 10, 11, 12, 13, 16, 17, and 18 survive termination.

15. Changes to the Service

We may modify, add, or discontinue features of the Service at any time. We will use reasonable efforts to provide advance notice of material changes that adversely affect paid features.

16. Changes to These Terms

We may update these Terms from time to time. Material changes will be notified to you by email at the address on your account and through an in-app notice at least 30 days before they take effect. Continued use of the Service after the effective date constitutes acceptance of the updated Terms.

17. Governing Law

These Terms are governed by the laws of the State of Delaware, United States, without regard to its conflict-of-laws principles. The United Nations Convention on Contracts for the International Sale of Goods does not apply.

18. Dispute Resolution; Arbitration; Class Action Waiver

Any dispute arising out of or relating to these Terms or the Service will be resolved by binding arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, seated in Wilmington, Delaware. Judgment on the award may be entered in any court of competent jurisdiction.

YOU AND APERTTURE EACH WAIVE THE RIGHT TO A JURY TRIAL AND THE RIGHT TO BRING OR PARTICIPATE IN ANY CLASS, COLLECTIVE, OR REPRESENTATIVE ACTION.

You may opt out of this arbitration agreement by sending written notice to legal@apertture.com within 30 days of first accepting these Terms. The notice must include your name, account email, and a clear statement that you wish to opt out of arbitration.

Nothing in this section prevents either party from seeking injunctive relief in a court of competent jurisdiction to protect intellectual property or confidential information.

19. Miscellaneous

These Terms, together with the Privacy Policy and the Risk Disclosure, are the entire agreement between you and Apertture regarding the Service and supersede any prior agreement.

If any provision is held unenforceable, the remaining provisions remain in full force.

Failure to enforce any provision is not a waiver of that provision.

You may not assign these Terms without our consent; we may assign them as part of a merger, acquisition, or sale of assets.

20. Contact

Questions about these Terms: legal@apertture.com.