Use of the Theta Research, LLC (“Theta”) Subscriber Website and its tools, is limited exclusively to individuals and firms who have an active subscription with Theta (“Subscriber” or “You”). Login and password information may not be shared or distributed to other firms or individuals. You agree to hold confidential the login and password information provided to you by Theta as well as any passwords you assign to your own Theta subscription account(s).

Charts, graphs, statistics and other content and materials presented by Theta on its Subscriber Website or on any other materials is copyrighted by Theta and may not be reproduced, copied, duplicated or distributed without the express prior written permission of Theta.

Reports generated on the Theta Subscriber Website for download by the Subscriber are for use only by the Subscriber and are not to be published for general distribution without the express prior written permission of Theta. Theta makes no warranty or representation as to whether any of its reports and printable material meet any compliance and regulatory requirements for any manager or firm. The Subscriber is responsible for any related compliance or regulatory requirements.

Data and statistics and reports contained on the Subscriber Website are prepared from data believed to be reliable, but no representation is made as to the accuracy or completeness of any of this data.

Subscriber agrees that the terms of this agreement apply to all members of the Subscriber’s firm, if applicable.

DATA LICENSE AGREEMENT 

• Theta collects, processes and disburses information about investment managers, investment accounts and investment strategies (“the Data”).
• Theta is not a Registered Investment Advisor with any state or federal governing authority. Under no circumstance is the provision by Theta of the Data to be construed as any type of investment advice. Theta is strictly a publisher of financial data.
• Theta makes no recommendations regarding investment managers, programs, strategies or accounts with regard to their validity, ability, skill or appropriateness for use in managing investment monies. Provision of the Data is not to be construed in any way as a recommendation regarding the manager(s) or program(s) represented by the data.
• You understand that conclusions drawn from your use of the Data provided by Theta are yours alone and are not to be construed as implied recommendation or advice by Theta.

DATA

• The Data are protected by copyright laws and international copyright treaties, as well as other intellectual property laws and treaties.
• The Data are licensed for use and not sold.

GRANT OF LICENSE

This License Agreement grants you the following rights:

• You may use the Data for your own (or your company’s or institution’s) research.
• You may make as many copies of the Data for your own use (or for use within your company or institution, if applicable) as you require.
• All persons within your company or institution or other legal entity, if applicable, are subject to the terms of this license agreement.

DESCRIPTION OF OTHER RIGHTS AND LIMITATIONS 

• Under no circumstances may copies of the Data be distributed to any person or entity other than yourself or those within your company, if applicable.
• The Data are not to be published, printed, presented or otherwise made public or available to anyone other than yourself or those within your company, if applicable, without prior express written permission from Theta.
• Charts and graphs, or photographs or other representation of same or other such pictorial representations of the Data as may be developed by you, may not be published, made public or distributed except as they are fundamentally necessary to the accurate presentation of your research results and only then if full credit is made to Theta as the provider and copyright holder of the Data and a copy of those portions of the final published material, wherein the Data are included, is made available, upon request, to Theta.
• You are free to publish results of your research in any form with use of the Data in such published material limited to the conditions set forth in the above paragraph.

COPYRIGHTS AND PROPERTY RIGHTS

• All title and intellectual property rights in and to the Data (including but not limited to any images, charts, graphs, photographs or scans of the same, animations using, and text files containing same) and any copies of the Data are owned by Theta. All rights not expressly granted are reserved by Theta.
• All title and intellectual property rights in and to the research results and conclusions obtained through use of the Data are the property of you, the researcher and your research entity, if applicable.

WARRANTY 

• Due to the nature of its data collection procedures and reliance on third party provision of transactional data, pricing data and reconciliation data, Theta makes no warranty as to the accuracy of the Data licensed by you.
• Under no circumstances should the Data be used as the sole basis for making decisions with regard to managers or strategies or their appropriateness for use in managing investment monies.
• Non-professional persons using the Data for research should consult with a professional such as a Registered Investment Advisor, Certified Financial Planner, Chartered Financial Analyst or other qualified investment professional who is skilled at understanding statistics, portfolio construction and the use of historical data in the development of investment strategies.

LIMITATION OF LIABILITY

• To the maximum extent permitted by applicable law, in no event shall Theta, its related companies, or its employees be liable for any special, incidental, indirect, consequential damages whatsoever (including without limitation, damages for loss of business profits, business interruption, loss of investment capital, or any other pecuniary loss) arising out of the use of or inability to use the Data. In any case, Theta’s entire liability under any provision of this Data License Agreement shall be limited to the greater of the amount actually paid by you for use of the Data or U.S. $5. Because some states/jurisdictions do not allow the exclusion or limitation of liability, the above limitation may not apply to you.

This Agreement shall be governed by and construed in accordance with the laws of the State of Texas applicable to contracts made in that state without reference to its conflicts of laws and provisions. This Agreement supersedes any previous or contemporaneous agreements between us.

All notices required to be delivered under this Agreement shall be delivered personally, by air courier or by registered or certified mail, postage prepaid, return receipt requested, at the address below.

Theta Research, LLC, 9433 Bee Cave Road, Suite 3-201, Austin, TX 78733.