Disclaimer

The information, data, signals, scores, trade proposals, research dossiers, AI-generated commentary, and all other content available on or through the ZE Capitals platform (collectively, "Research Output") are provided for informational and educational purposes only. Research Output does not constitute, and should not be construed as, investment advice, financial advice, trading advice, or any other type of professional advice.

ZE Capitals is not a registered investment adviser under the Investment Advisers Act of 1940 or any equivalent state or international statute. We do not provide personalised investment advice or act as a fiduciary in any capacity. You should seek the counsel of a qualified, licensed financial professional before making any investment or trading decision.

Your access to and use of the Platform is entirely at your own risk. ZE Capitals and its officers, directors, employees, and affiliates shall not be held liable for any loss or damage, including trading losses, arising from your use of or reliance on any Research Output.

Research Output explicitly does not constitute:

• A personalised recommendation to buy, sell, hold, or short any security or financial instrument.
• A solicitation or offer to engage in any investment transaction.
• An endorsement of any security, company, strategy, or market outlook.
• A guarantee, prediction, or projection of future market performance or returns.
• Tax, legal, or regulatory advice of any kind.

You are solely and exclusively responsible for all investment and trading decisions you make and for ensuring that those decisions comply with all applicable laws, regulations, and your own financial circumstances.

Research Output may include forward-looking statements, projections, estimates, or expectations regarding the future performance of securities, sectors, or strategies. These statements are based on models, assumptions, and historical data that may prove incorrect and are subject to significant risks and uncertainties, including:

• Changes in macroeconomic conditions, interest rates, or geopolitical events.
• Company-specific developments such as earnings surprises, management changes, or legal actions.
• Market structure changes, regulatory actions, or exchange rule amendments.
• Factor regime shifts in which historically profitable signals reverse or decay.
• Model mis-specification or data errors in the underlying quantitative scoring system.

Actual outcomes may differ materially from any forward-looking statements produced by the Platform. You should not place undue reliance on any forward-looking output.

Backtested and hypothetical results have inherent limitations. They are calculated in hindsight with knowledge of the data, do not account for the impact of actual trading on market prices, and may be subject to survivorship bias. Actual live trading results may differ significantly and negatively from any backtested or simulated figures.

Equity curves, P&L charts, and portfolio history shown on the Platform reflect the specific account connected to the Platform and are not representative of results you may achieve in a different account, strategy, or time period.

The Platform uses a multi-factor quantitative scoring model and AI-powered analytical tools to generate Research Output. You acknowledge and accept the following limitations:

• Model risk: Quantitative models are built on historical factor relationships that may not persist. Any model may be wrong, mis-specified, overfit to historical data, or fail under market conditions not present during its development.
• AI hallucination: AI-generated research commentary (including JARVIS responses and factor score dossiers) may contain factual errors, outdated information, or "hallucinated" content that appears plausible but is incorrect. All AI-generated output must be independently verified before being acted upon.
• Signal decay: Quantitative factors and signals historically associated with outperformance can and do lose their predictive power over time as they become widely adopted or as market regimes change.
• Staleness: Scores and proposals are computed on a nightly cycle after market close. Intraday price movements, breaking news, or after-hours developments are not reflected until the next pipeline run.
• Data quality: The model depends on third-party market data, fundamental data, and SEC filings that may be delayed, inaccurate, restated, or incomplete. Outputs computed on erroneous data are the user's responsibility to identify and discard.

Risks specific to strategies supported by this Platform include:

• Equity market risk: Stock prices can and do fall to zero. Broad market downturns can produce losses across long positions simultaneously.
• Short-selling risk: Short positions carry theoretically unlimited loss potential if the price of the shorted security rises. Borrowed shares may be recalled at any time, forcing an unplanned buyback. Hard-to-borrow fees and financing costs erode short-side returns.
• Long/short strategy risk: A long/short equity strategy is not market-neutral and does not eliminate market risk. Both the long book and the short book can lose money simultaneously.
• Concentration risk: The model may produce portfolios concentrated in specific sectors, market-cap bands, or correlated securities, increasing sensitivity to sector-specific or idiosyncratic shocks.
• Liquidity risk: Certain securities, particularly smaller-cap names, may have limited trading volume, making it difficult to enter or exit positions at quoted prices.
• Execution risk: Approved orders are routed to Alpaca Markets, a third-party broker. Order fills, partial fills, rejections, delays, or broker outages are outside ZE Capitals' control and may result in positions that differ from proposals.
• Leverage and margin risk: Holding simultaneous long and short positions involves implicit leverage. Adverse moves can require margin calls or forced liquidation.

ZE Capitals makes reasonable efforts to present accurate information but does not warrant that any data, price, score, metric, or other content displayed on the Platform is accurate, complete, current, or fit for any particular purpose. Market data, fundamental data, earnings estimates, SEC filings, and other third-party data are sourced from external providers that ZE Capitals does not control.

You should independently verify all material facts, figures, and data before making any investment decision. ZE Capitals accepts no liability for decisions made on the basis of inaccurate, incomplete, or delayed data displayed on the Platform.

The Platform integrates with and may link to third-party services including Alpaca Markets (broker), Anthropic (AI processing), and market-data providers. ZE Capitals is not responsible for the content, accuracy, availability, or practices of any third-party service.

Any third-party links or integrations are provided for convenience only. Their inclusion does not imply endorsement or warranty by ZE Capitals. Your use of any third-party service is governed solely by that service's own terms and conditions.

ZE Capitals is not affiliated with, sponsored by, or endorsed by Alpaca Markets, Anthropic, or any market-data provider referenced on the Platform.

Use of the Platform does not create a fiduciary, advisory, brokerage, agency, or any other professional relationship between you and ZE Capitals. We are a provider of software tools and Research Output only. We have no obligation to act in your financial interest, no duty to monitor your portfolio, and no obligation to inform you of changes in market conditions or to update Research Output in real time.

ZE Capitals is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any other regulatory authority in any jurisdiction. No employee or representative of ZE Capitals is authorised to provide personalised investment advice.

The Platform is intended for use by individuals who are permitted to access it under the laws and regulations of their jurisdiction. It is your responsibility to ensure that your use of the Platform, and any trading activity undertaken as a result, complies with all applicable laws, including securities laws, tax laws, and any regulations applicable to you as an investor or financial professional.

The Platform is not intended to be used in any jurisdiction where its distribution or use would be contrary to local law or regulation. Nothing on the Platform constitutes an offer or solicitation in any jurisdiction where such offer or solicitation is not permitted.

If you are subject to insider-trading restrictions (as an employee of a publicly-traded company, regulated financial institution, or similar), you are solely responsible for ensuring your use of the Platform and any resulting trading activity complies with those restrictions. ZE Capitals does not monitor users for compliance with such restrictions.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ZE CAPITALS AND ITS OFFICERS, DIRECTORS, EMPLOYEES, SHAREHOLDERS, AND AFFILIATES SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES ARISING FROM OR RELATED TO YOUR USE OF OR RELIANCE ON THE PLATFORM OR ANY RESEARCH OUTPUT, INCLUDING BUT NOT LIMITED TO:

• Trading losses or missed investment opportunities.
• Loss of profits, revenue, or business.
• Inaccurate, delayed, or incomplete data or Research Output.
• Platform unavailability, pipeline failures, or system errors.
• Actions or omissions of any third-party broker or service provider.
• Errors, omissions, or inaccuracies in AI-generated content.

THIS LIMITATION APPLIES REGARDLESS OF WHETHER ZE CAPITALS WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF THE THEORY OF LIABILITY (CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE).

ZE Capitals reserves the right to modify this Disclaimer at any time. Changes will be effective upon posting the updated Disclaimer on the Platform with a revised effective date. Your continued use of the Platform after any changes constitutes your acceptance of the revised Disclaimer. You should review this page periodically.

If you have questions about this Disclaimer, please contact: legal@zecapitals.com