Terms of Service

QVL operates a technology platform providing proprietary market intelligence, market-specific trading models, portfolio tools, market and risk analytics, educational content, backtesting, research functionality, and AI-assisted tools.

QVL’s proprietary volatility-intelligence engine powers multiple retail-facing market-specific QVL models.

Depending on your account, subscription, location, and product availability, the Services may include:

• QVL market-specific models;
• model signals and model commentary;
• paper portfolios and simulated trading;
• connected live brokerage portfolios;
• trade staging and user-approved order routing;
• portfolio and risk analytics;
• market data and research;
• QVL Copilot;
• QVL Education;
• strategy development and backtesting;
• alerts and notifications;
• model, application, or education subscriptions; and
• related account and portfolio tools.

Not every feature is available to every user, account, brokerage, device, jurisdiction, or subscription level.

QVL may add, remove, modify, suspend, replace, or discontinue Services or individual features from time to time.

QVL Models may generate signals, model positions, allocations, commentary, analytics, or other outputs using proprietary quantitative processes and market information.

Model outputs can change as market conditions, data, model inputs, or QVL systems change.

A QVL model does not represent your actual brokerage account.

Model-level transactions, portfolio values, performance, or positions may differ materially from results achieved by an individual user because of factors including:

• account size;
• available capital;
• brokerage availability;
• execution timing;
• option availability;
• bid/ask spreads;
• commissions or fees;
• taxes;
• slippage;
• liquidity;
• partial fills;
• rejected orders;
• user-selected allocations;
• market movements; and
• trades made outside QVL.

You should not assume that you can obtain the same prices or results as a QVL model.

Past performance and model performance do not guarantee future results.

Unless QVL expressly states otherwise in writing and is appropriately authorized or registered where required, the Services are provided as technology, informational, analytical, and educational tools.

QVL Models, signals, model commentary, Copilot responses, analytics, backtests, education, and other Service content are not guarantees of investment performance.

Certain features may use information specific to your QVL account or portfolio to calculate values such as position sizing, exposure, risk, or other analytics. These mechanical or analytical outputs should not be understood as a guarantee that a transaction is appropriate for your individual circumstances.

You remain responsible for deciding whether to:

• follow a signal;
• allocate capital;
• enter or exit a position;
• submit a live order;
• connect a financial account; or
• otherwise act on information provided through QVL.

Use of the Services does not by itself create a fiduciary relationship between you and QVL.

You should consult appropriately qualified independent professionals regarding investment, tax, legal, or accounting matters where appropriate.

Trading stocks, options, ETFs, indices, and other financial instruments involves substantial risk.

You may lose some or all of the capital committed to a transaction or strategy.

Options can involve particularly significant risks, including rapid loss of premium, leverage, assignment, exercise, liquidity constraints, spread risk, volatility changes, and losses arising from complex multi-leg positions.

Market conditions can change rapidly and may make it difficult or impossible to execute a transaction at an expected price.

Before using trading-related Services, you must review and accept QVL’s applicable Risk Disclosure.

The Risk Disclosure forms an important part of the conditions under which trading-related QVL Services are offered.

QVL may allow you to create paper portfolios or execute simulated trades.

Paper trading:

• does not involve real money;
• does not cause an actual brokerage transaction;
• may use market information or simulated pricing;
• may assume fills or execution conditions that would not occur in a live account; and
• may not accurately reflect liquidity, slippage, commissions, taxes, market impact, order priority, rejected orders, or other real-world conditions.

Paper results are hypothetical.

Successful paper performance does not indicate that comparable results would have been achieved in live trading.

Values shown in a paper portfolio should not be interpreted as an actual account balance or actual investment performance.

QVL may allow you to connect supported brokerage or investment accounts through third-party providers such as Plaid and SnapTrade.

You represent that you are authorized to connect and use any financial account you link to QVL.

Your use of a brokerage, bank, financial institution, Plaid, SnapTrade, or another third-party provider is also governed by that party’s own agreements.

Brokerage Credentials

Authentication generally occurs through the applicable brokerage, financial institution, or connection provider.

QVL does not receive or store your brokerage password.

QVL may receive provider-issued credentials or tokens required to maintain the connection and provide the functionality you authorized.

Plaid

Plaid may be used for supported read-only financial or investment-account functionality and identity-verification functionality.

A read-only Plaid investment connection is not used by QVL to submit brokerage orders.

SnapTrade

SnapTrade may be used for supported brokerage synchronization and, for eligible accounts, trade-capable connectivity.

Availability depends on the brokerage, account, jurisdiction, provider support, and permissions available.

Third-Party Availability

QVL does not control:

• whether a brokerage supports a particular security;
• account restrictions imposed by a broker;
• brokerage maintenance or outages;
• provider authentication;
• trading permissions;
• market hours;
• brokerage risk checks;
• rejected orders;
• brokerage fees;
• account freezes; or
• other actions taken by your broker or connection provider.

QVL is not the custodian of assets in a connected brokerage account.

Connecting a brokerage account does not authorize QVL to automatically submit every QVL signal to your broker.

A:

• model signal;
• modeled trade;
• QVL alert;
• portfolio calculation;
• staged trade;
• Copilot response; or
• background process

does not by itself constitute authorization for a live brokerage order.

For supported live trading, QVL prepares or stages order information before submission.

You must provide the applicable explicit approval or confirmation before a live order is submitted to your broker.

You are responsible for reviewing the order before approval, including information such as:

• security or contract;
• transaction direction;
• quantity;
• account;
• order type;
• price information where applicable; and
• other displayed order details.

Once submitted, an order is subject to the brokerage’s systems, rules, execution practices, and market conditions.

QVL cannot guarantee that an approved order will:

• be accepted;
• be executed;
• execute immediately;
• execute completely;
• execute at the displayed price; or
• be cancellable after submission.

Your brokerage is the authoritative source for your actual:

• securities and positions;
• cash;
• balances;
• buying power;
• open orders;
• order status;
• fills;
• transaction history; and
• account activity.

QVL may receive brokerage information with a delay or may display information that temporarily differs from your brokerage because of:

• synchronization timing;
• provider delays;
• network failures;
• market-data timing;
• stale data;
• transactions initiated outside QVL; or
• other technical conditions.

If QVL and your broker display different information concerning the actual state of your brokerage account, you should rely on the brokerage’s records.

QVL Copilot uses artificial-intelligence systems to assist users with supported market, product, portfolio, education, research, and backtesting tasks.

AI-generated output can be incomplete, inaccurate, outdated, misleading, or incorrect.

You should independently evaluate important information before relying on it.

Market and Portfolio Information

Copilot may use public information, market information, QVL information, paper-portfolio information, and, where authorized, selected connected live-portfolio information.

The existence of a broker connection does not itself mean Copilot receives unrestricted access to all brokerage information.

No Independent Trading Authority

Copilot does not independently authorize a live trade.

A conversational instruction, generated response, draft workflow, or Copilot suggestion is not a substitute for the confirmation required by QVL’s live-order workflow.

Copilot also does not independently authorize sensitive account actions such as changing authentication, connecting a brokerage, purchasing a subscription, or deleting an account.

Copilot Memory and Saved Chats

Where available, QVL may provide saved conversation history and optional Memory functionality.

You are responsible for information you choose to provide to Copilot.

Do not intentionally provide passwords, security codes, brokerage credentials, or other secrets through Copilot.

Additional information about processing of Copilot information appears in the QVL Privacy Policy.

QVL may display or use information obtained from third-party providers, including:

• market prices;
• historical market information;
• option information;
• fundamentals;
• economic data;
• news;
• research;
• corporate information; and
• other financial-market data.

Such information may be:

• delayed;
• incomplete;
• unavailable;
• inaccurate;
• corrected after publication; or
• inconsistent across providers.

QVL does not guarantee the accuracy, completeness, timeliness, or continued availability of third-party information.

A displayed quote or market value is not a guarantee that you can trade at that price.

QVL may provide tools that allow you to backtest strategies using historical information and specified assumptions.

Backtest results are hypothetical.

They do not represent actual trading unless expressly identified as an actual historical trading record.

Backtests may differ from real-world results because of assumptions or limitations involving matters such as:

• available historical data;
• option data;
• price selection;
• transaction costs;
• commissions;
• slippage;
• liquidity;
• bid/ask spreads;
• dividends;
• corporate actions;
• tax effects;
• order execution;
• contract availability;
• strike selection;
• volatility;
• timing; or
• data quality.

Backtests can also be affected by strategy design choices, parameter selection, hindsight, or overfitting.

No backtest can predict future performance.

You should not assume that a strategy producing favorable historical results will produce favorable live results.

QVL Education provides educational content intended to help users understand markets, trading concepts, risk, QVL functionality, and related subjects.

Education materials may include:

• lessons;
• examples;
• quizzes;
• simulations;
• practical exercises;
• model demonstrations; and
• educational access to QVL functionality.

Educational examples are provided for learning purposes.

They do not guarantee results and should not be interpreted as promises concerning the performance of any security, portfolio, model, or strategy.

Completion of QVL Education does not represent professional accreditation, licensing, certification, or qualification to provide financial advice unless QVL expressly states otherwise.

You are responsible for maintaining the security of your QVL account.

You agree to:

• provide accurate information;
• keep account details reasonably current;
• maintain control over your authentication credentials;
• use only your own account unless QVL expressly permits otherwise;
• promptly report suspected unauthorized access; and
• comply with authentication and security requirements presented by QVL.

You may not share authentication credentials in a manner that permits unauthorized account use.

Where QVL provides multi-factor authentication, passkeys, device approval, or other security tools, you are responsible for maintaining reasonable control over registered devices.

QVL may require additional authentication, suspend sessions, or restrict access where we detect or reasonably suspect a security risk.

Certain Services require a paid subscription.

QVL subscriptions may include, depending on availability:

• application or feature tiers;
• individual or bundled QVL model plans;
• QVL Education; and
• other paid products or entitlements.

Some Services may also be provided through promotional, bundled, complimentary, administrative, or trial access.

Pricing, included features, billing frequency, currency, and applicable taxes are presented at or before checkout.

Automatic Renewal

Unless otherwise stated at purchase, recurring subscriptions automatically renew until cancelled.

By purchasing a recurring subscription, you authorize the applicable payment provider to charge the payment method associated with your subscription for recurring fees and applicable taxes.

Billing Entity and Currency

QVL may use different affiliated billing entities or payment accounts depending on your jurisdiction or billing currency.

The applicable billing entity may be identified on your checkout, payment receipt, subscription record, or invoice.

Once a payment-provider customer profile is established, QVL may maintain that billing relationship through the applicable entity or payment account.

Cancellation

For ordinary self-service recurring subscriptions, cancellation may take effect at the end of the current paid billing period unless QVL expressly states otherwise.

Where cancellation is scheduled for the end of a billing period, access may continue until that period ends.

Specific products, promotional arrangements, administrative grants, bundled products, or legal requirements may result in different cancellation treatment.

Refunds

Except where required by applicable law or expressly stated in an applicable offer, purchase terms, or refund policy, fees already paid are generally non-refundable.

QVL may choose to issue refunds or credits in particular circumstances without creating an obligation to do so in other cases.

Trials and Promotions

If QVL offers a free trial, promotional period, discount, or complimentary access, additional terms presented with that offer apply.

QVL may restrict eligibility for trials or promotions and may prevent repeated use intended to circumvent payment requirements.

Price Changes

QVL may change pricing prospectively.

Where required or appropriate, QVL will provide notice before a changed recurring price applies to a future billing period.

The Services and QVL content are owned by QVL or its licensors and are protected by intellectual-property and other applicable laws.

This includes, without limitation:

• QVL software;
• source code and interfaces;
• QVL branding;
• trademarks and logos;
• proprietary model architecture;
• model methodologies;
• volatility-intelligence technology;
• model signals;
• model commentary;
• QVL-generated research;
• proprietary analytics;
• databases and compilations;
• educational content;
• graphics and visualizations;
• Copilot interfaces and proprietary workflows;
• backtesting interfaces;
• reports;
• documentation; and
• other QVL-created content.

Your subscription gives you a limited, revocable, non-exclusive, non-transferable right to use the applicable Services for your own authorized purposes.

It does not transfer ownership of QVL intellectual property to you.

You may not use the Services to:

• violate applicable law;
• access another person’s account without authorization;
• connect a financial account you are not authorized to use;
• circumvent subscription, entitlement, geographic, regulatory, or security restrictions;
• interfere with or disrupt QVL systems;
• probe or attack QVL systems without authorization;
• introduce malicious code;
• misuse APIs;
• scrape or systematically extract QVL content except where expressly permitted;
• redistribute, publish, resell, sublicense, or commercially distribute QVL signals, model output, education, or proprietary content without permission;
• reverse engineer or attempt to derive proprietary QVL models or methodologies except to the extent such restriction is prohibited by law;
• use QVL content or output to build, train, benchmark, or materially improve a competing commercial model, signal service, AI system, or financial product without written authorization;
• falsify identity or eligibility information;
• manipulate or abuse trials, promotions, or subscriptions;
• use automated systems in a manner that creates unreasonable load or bypasses usage limits; or
• use the Services to facilitate fraud, market manipulation, unlawful trading, or other prohibited conduct.

QVL may impose reasonable technical limits to protect the Services and enforce these Terms.

The Services depend on third parties that may include:

• brokerage firms;
• Plaid;
• SnapTrade;
• Stripe;
• Microsoft and Azure;
• mobile-platform providers;
• communication providers;
• market-data providers;
• news providers; and
• other technology or information services.

Third-party products and services are governed by their own terms and policies.

QVL does not control and is not responsible for a third party’s independent:

• systems;
• acts or omissions;
• service availability;
• pricing;
• security;
• market data;
• brokerage execution;
• policies;
• account restrictions; or
• legal obligations.

QVL may change third-party providers or integrations over time.

QVL does not guarantee uninterrupted availability of the Services.

Services may be unavailable or impaired because of:

• scheduled maintenance;
• emergency maintenance;
• software defects;
• market-data outages;
• brokerage or provider outages;
• Internet failures;
• cloud-service interruptions;
• market events;
• cybersecurity incidents;
• capacity limits;
• governmental or regulatory action; or
• circumstances outside QVL’s reasonable control.

QVL may change:

• models;
• model availability;
• features;
• interfaces;
• providers;
• subscription structures;
• entitlements;
• supported brokerages; or
• technical requirements.

Where reasonably practicable, QVL may provide notice of significant changes, but immediate changes may be necessary for security, legal, regulatory, market, or operational reasons.

You may stop using QVL at any time and may cancel eligible subscriptions as described in these Terms.

QVL may suspend, restrict, or terminate all or part of your access where reasonably necessary, including where:

• you violate these Terms;
• you misuse the Services;
• payment fails or is reversed;
• QVL reasonably suspects fraud or unauthorized activity;
• your account creates a security risk;
• required information cannot be verified;
• QVL believes continued access would violate law or regulatory requirements;
• your location or eligibility no longer permits a feature;
• a third-party provider or brokerage relationship necessary for the feature ends;
• you redistribute or misuse protected QVL content; or
• QVL discontinues the applicable Service.

Where appropriate, QVL may provide notice or an opportunity to correct an issue.

Immediate suspension may occur when necessary to protect users, financial accounts, QVL, third parties, or system security.

Termination does not eliminate payment obligations or legal obligations that arose before termination.

Sections that by their nature should survive termination, including intellectual property, disclaimers, limitation of liability, dispute provisions, and accrued payment obligations, remain effective.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.”

QVL DISCLAIMS WARRANTIES, REPRESENTATIONS, AND CONDITIONS THAT ARE NOT EXPRESSLY PROVIDED IN THESE TERMS, INCLUDING IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT, TO THE EXTENT SUCH DISCLAIMERS ARE PERMITTED BY LAW.

WITHOUT LIMITING THE FOREGOING, QVL DOES NOT WARRANT THAT:

• THE SERVICES WILL ALWAYS BE AVAILABLE;
• DATA WILL ALWAYS BE ACCURATE OR CURRENT;
• A MODEL OR SIGNAL WILL BE CORRECT;
• A TRADE WILL BE PROFITABLE;
• A BACKTEST WILL PREDICT FUTURE PERFORMANCE;
• AN AI RESPONSE WILL BE ACCURATE;
• AN ORDER WILL EXECUTE AT A PARTICULAR PRICE;
• A THIRD-PARTY PROVIDER WILL BE AVAILABLE; OR
• THE SERVICES WILL BE COMPLETELY FREE OF ERRORS, INTERRUPTIONS, OR SECURITY RISKS.

NOTHING IN THESE TERMS EXCLUDES A WARRANTY OR RIGHT THAT CANNOT LAWFULLY BE EXCLUDED.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, QVL AND ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, CONTRACTORS, LICENSORS, AND SERVICE PROVIDERS WILL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THE SERVICES.

THIS INCLUDES, TO THE EXTENT PERMITTED BY LAW, DAMAGES ARISING FROM:

• TRADING LOSSES;
• LOST PROFITS;
• LOST OPPORTUNITIES;
• LOSS OF DATA;
• BUSINESS INTERRUPTION;
• MODEL PERFORMANCE;
• AI OUTPUT;
• THIRD-PARTY DATA;
• BROKERAGE EXECUTION;
• FAILED OR DELAYED ORDERS;
• MARKET MOVEMENTS;
• THIRD-PARTY OUTAGES; OR
• UNAVAILABILITY OF THE SERVICES.

TO THE MAXIMUM EXTENT PERMITTED BY LAW, QVL’S AGGREGATE LIABILITY ARISING OUT OF OR RELATING TO THE SERVICES OR THESE TERMS WILL NOT EXCEED THE GREATER OF:

(A) THE AMOUNT YOU PAID TO QVL FOR THE APPLICABLE SERVICE DURING THE TWELVE (12) MONTHS BEFORE THE EVENT GIVING RISE TO THE CLAIM; OR

(B) CAD $100, OR ITS APPROXIMATE EQUIVALENT IN THE CURRENCY IN WHICH YOU WERE BILLED.

The limitations in this section apply only to the extent permitted by applicable law.

Nothing in these Terms limits liability that cannot legally be limited or excluded.

To the extent permitted by applicable law, you agree to indemnify and hold harmless QVL and its affiliates, directors, officers, employees, and representatives from third-party claims, damages, losses, liabilities, and reasonable legal expenses arising from:

• your unlawful use of the Services;
• your material breach of these Terms;
• your infringement of another person’s rights;
• your unauthorized use of a third-party financial account; or
• content or information you submit in violation of applicable law or another person’s rights.

This section does not require you to indemnify QVL for claims resulting solely from QVL’s own unlawful conduct to the extent such a limitation would be prohibited by law.

The law applicable to these Terms may depend on the QVL entity providing the applicable paid Service, your jurisdiction, and mandatory consumer-protection law.

The applicable contracting or billing entity may be identified on your checkout, subscription record, receipt, or invoice.

Nothing in these Terms deprives you of mandatory rights or remedies that cannot lawfully be waived under the laws applicable to you.

Before commencing formal proceedings, you and QVL are encouraged to attempt to resolve a dispute by contacting:

legal@qvlmodels.com

and providing sufficient information for the issue to be investigated.

Unless QVL and the user agree otherwise, disputes may be brought before a court or other tribunal having jurisdiction under applicable law.

QVL does not impose a mandatory arbitration or class-action waiver through this version of the Terms.

QVL’s collection and handling of personal information is governed by the QVL Privacy Policy.

The Privacy Policy explains, among other things:

• what information QVL collects;
• connected brokerage information;
• QVL Copilot and AI processing;
• passkey information;
• billing information;
• third-party service providers;
• data retention;
• international processing; and
• privacy rights.

The Privacy Policy is incorporated into your use of the Services as applicable.

QVL may update these Terms to reflect changes in:

• the Services;
• technology;
• business practices;
• pricing or subscriptions;
• third-party providers;
• security requirements;
• applicable law; or
• regulatory requirements.

When QVL updates these Terms, we will update the version and effective date.

If a change is material, QVL may provide additional notice by:

• email;
• website notice;
• in-product notice;
• mobile notification; or
• another appropriate method.

Where required or appropriate, QVL may require you to review and affirmatively accept updated Terms before continuing to use some or all of the Services.

QVL may maintain records showing the version of the Terms you accepted and the date of acceptance.

If any provision of these Terms is found unenforceable, the remaining provisions remain in effect to the extent permitted by law.

QVL’s failure to enforce a provision does not waive its right to enforce that provision later.

You may not assign or transfer your rights under these Terms without QVL’s consent, except where applicable law provides otherwise.

QVL may assign these Terms in connection with a merger, acquisition, restructuring, sale of assets, corporate reorganization, or transfer of the applicable Service.

These Terms, together with applicable QVL policies, disclosures, checkout terms, and product-specific terms, constitute the agreement governing your use of the applicable Services.

If a product-specific term expressly conflicts with these general Terms, the more specific term controls for that product to the extent of the conflict.

Questions about these Terms may be sent to:

QVL Models, Inc.
Legal: legal@qvlmodels.com
Privacy: privacy@qvlmodels.com
Support: the applicable QVL customer-support channel