Disclaimer

1. No personalized investment advice

All content published by Quark Research — including the Model Portfolio Live dashboard, the Signal Brief, research papers, dashboards, emails, and any other communication — describes the output of the firm's quantitative models applied to a forward-prospective tracked record. The posture, target weights, and band states described are the model's positions, not recommendations to any particular reader. Readers should consult their own financial, tax, and legal advisers before making investment decisions.

2. Hypothetical and forward-prospective performance

All performance shown by Quark Research is hypothetical, derived from a forward-prospective simulated record of the strategy operated by the firm in real time against live market data. No actual client capital was deployed during the tracked period. Hypothetical performance has inherent limitations, including but not limited to:

• It does not reflect the impact of actual trading on market prices, including slippage and market impact at the size a real account would trade.
• It does not reflect the actual liquidity constraints, borrow availability, or margin availability that would apply to a real account.
• It does not reflect actual fee, commission, or financing-cost structures that a specific client account would incur.
• It is constructed with the benefit of contemporaneous market data; a real account in the same period might have experienced execution at less favorable prices.

Past or simulated performance is not a guarantee or indication of future results. Investment involves risk of loss, including the loss of principal. There is no assurance that the strategies described will achieve their objectives or that they will perform as they have in the tracked record.

3. Forward-looking statements

Statements describing the model's current classifier output, posture, or band states are descriptions of the model's present position, not predictions about future market movements. The model's output is not a forecast of asset prices, indices, or any other market quantity.

4. Methodology

Detailed methodology documents are available under non-disclosure agreement to qualified prospects who request them. Public marketing materials describe the framework at a high level only and are not sufficient for independent reproduction of the model's output.

5. Third-party content and benchmarks

Where Quark Research references third-party benchmarks (such as the S&P 500), the comparison is for reference only and does not represent a claim of outperformance, attribution to any component of the strategy, or a guarantee that the strategy will outperform such benchmarks in the future. Index data is provided by the index publisher and may be subject to revision.

6. Subscription products

The Model Portfolio Live dashboard, Signal Brief, and other paid subscription products provide information about the firm's tracked model, not personalized advice for any subscriber's specific financial situation. Subscribers may be sophisticated investors, registered investment advisers, family-office staff, or research-curious individuals; the content is the same in every case and is offered as research content, not as personalized advice. Subscription does not establish an advisory relationship between Quark Research and the subscriber.

7. No solicitation

Nothing on this site is an offer to sell, or a solicitation of an offer to buy, any security, investment product, or investment advisory service. Where the firm intends to offer registered investment advisory services in the future, those services will be offered separately, with Form ADV Part 2A Brochure available to prospective clients before any advisory relationship is established.

8. Risk of error

Quark Research uses automated systems to compute and publish content. We work hard to keep these systems accurate, but errors can occur. We do not warrant the accuracy, completeness, or timeliness of any specific number, label, or chart. Readers should verify any number that is material to their decision-making with the firm directly before acting on it.

9. Jurisdictions

Content is provided from the United States and is intended primarily for readers in the United States. Subscribers and readers in other jurisdictions are responsible for compliance with their own local laws, including any restrictions on receipt of investment-related content from foreign publishers.

10. Contact

Questions about this disclaimer or any specific piece of published content can be sent to [email protected].