Disclaimer and copyright

Not investment advice

Nothing published by Sophos Alpha, on this site, on Substack, on X or in any other channel, is investment, financial, legal or tax advice. All content is for informational and research purposes only. It is not a recommendation to buy, sell or hold any security, derivative or other instrument, and it is not an offer to sell or a solicitation of an offer to buy anything. Every reader is responsible for their own decisions and should consult a qualified professional before acting on anything published here.

Not a registered adviser

Sophos Alpha is not registered as an investment adviser, broker-dealer, commodity trading advisor or commodity pool operator with the Securities and Exchange Commission, the Commodity Futures Trading Commission, the National Futures Association or any other regulator, in the United States, the European Union or elsewhere. The research is a publication: impersonal, the same for every reader, published on a regular schedule and never tailored to any reader's portfolio or circumstances. Reading it does not make anyone a client of Sophos Alpha, and Sophos Alpha does not manage money for others.

Futures, options and leverage

Futures and options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Do not trade with money you cannot afford to lose. Leveraged and derivative products can lose more than the amount invested. Nothing published by Sophos Alpha is a solicitation or an offer to buy or sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this site or in any publication. The past performance of any trading system or methodology is not necessarily indicative of future results.

Simulated and hypothetical results

Some research shows the simulated or hypothetical results of a model. Rule 4.41 of the Commodity Futures Trading Commission prescribes the following statement for such results, and it applies to every simulated or hypothetical result Sophos Alpha publishes:

These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.

Simulated results also carry no financial risk, and no simulated record can fully account for the effect of financial risk in actual trading, such as the ability to withstand losses or to stay with a method through them.

Models and estimates

The positions, flows and levels the desk publishes are estimates produced by models, not observed holdings. Any of them can be wrong, late or revised, and markets can move against every one of them. A level where a cohort is expected to flip from buyer to seller describes what a model expects, not what will happen.

Positions

The desk may hold positions in the markets it writes about, and may change them at any time without notice. Nothing is published with the aim of moving a position the desk holds.

Data, accuracy and liability

Data comes from public and licensed sources. All content is provided as is, without warranty of any kind, and may be changed or withdrawn without notice. To the fullest extent the law allows, Sophos Alpha accepts no liability for any loss or damage, direct or indirect, arising from the use of anything it publishes or from reliance on it.

Copyright

Everything Sophos Alpha publishes, on this site, on Substack, on X and in any other channel, is the property of Sophos Alpha and is protected by copyright: the text, the research, the charts and illustrations, and the code. All rights reserved. No part of it may be copied, reproduced, republished, redistributed, translated, sold, licensed, or used in a product or service, in whole or in part, without the prior written permission of Sophos Alpha, except as the next paragraph allows. The Sophos Alpha name and mark may not be used to suggest a connection with the desk without the same permission.

You are free to share a link to any page or post, and to share our charts as published, on social media, in articles and in newsletters, as long as the chart is not altered or cropped, its source line stays visible, and the post credits Sophos Alpha with a link or a tag. Short quotations with the same credit are welcome too. Anything else, such as republishing a full article or using a chart in a paid product or service, needs permission: write to info@sophosalpha.com. Third-party material, such as the typefaces, belongs to its owners and is used under its own licence.

Changes

This disclaimer may be updated at any time. The version on this page is the one that applies.