Terms & Conditions

Last updated: June 2026

These Terms & Conditions (the “Terms”) govern your access to and use of LevFunds Research (the “Service”), available at levfunds.com and operated by Asym Research LLC (“Asym Research”, “we”, or “us”). By accessing or using the Service, you agree to be bound by these Terms. If you do not agree, do not use the Service.

1. The Service

The Service provides data, charts, visualizations, metrics, and accompanying commentary regarding the leveraged and inverse exchange-traded product market (the “Content”). The Content is informational and analytical in nature. It is made available on a subscription basis and may change, be updated, or be discontinued at any time.

2. Not investment advice

The Content is not investment advice and does not constitute an offer, solicitation, or recommendation to buy, sell, or hold any security or to adopt any investment strategy. Asym Research is not acting as your fiduciary, broker, dealer, or investment adviser. You are solely responsible for your own investment decisions and should consult your own professional advisers. Past performance and historical relationships are not indicative of future results.

3. Data sources and “as is” nature of the Content

The Content is derived from data we believe to be reliable, including third-party market-data sources, and from our own estimates and models (for example, estimated rebalancing flows). Estimates are inherently uncertain. The Content is provided “as is” and “as available,” without warranty of any kind, express or implied, including as to accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose. We do not warrant that the Service will be uninterrupted or error-free.

4. Subscriptions and billing

Access to the Fund Tracker and other subscriber Content requires a paid subscription or recognized institutional entitlement. Paid subscriptions are billed in advance at $597 every 3 months and renew automatically each billing period until cancelled. You may cancel at any time, effective at the end of the then-current billing period; fees already paid are non-refundable except where required by law. Prices may change on renewal with prior notice. Payments are processed by our third-party payment processor; your use of payment services is subject to their terms.

5. License and restrictions

Subject to these Terms, we grant you a limited, non-exclusive, non-transferable, revocable license to access and use the Content for your own internal business or personal use. You may not:

• copy, redistribute, republish, resell, sublicense, or otherwise make the Content available to any person who is not an authorized user under your subscription;
• scrape, harvest, or use automated means to extract the Content except as expressly permitted;
• remove or obscure any proprietary notices, or use the Content to build or train a competing product or dataset;
• share login credentials or access the Service other than through the interfaces we provide.

6. Intellectual property

The Service and all Content, including the data compilations, charts, methodologies, software, text, and design, together with the LevFunds Research and Asym Research names and logos, are owned by Asym Research LLC or its licensors and are protected by intellectual-property laws. Except for the limited license above, no rights are granted to you. Our compilations and methodologies are the product of substantial investment and constitute our proprietary and trade-secret information.

7. Acceptable use

You agree not to use the Service in any way that is unlawful, infringing, or harmful, to attempt to gain unauthorized access to the Service or its systems, to impersonate Asym Research or any other person, or to interfere with the operation of the Service.

8. Limitation of liability

To the fullest extent permitted by law, Asym Research and its affiliates, and their respective officers, employees, and licensors, will not be liable for any indirect, incidental, consequential, special, or punitive damages, or for any loss of profits, trading losses, data, or goodwill, arising out of or relating to your use of (or inability to use) the Service or the Content, even if advised of the possibility of such damages. Our aggregate liability for any claim relating to the Service will not exceed the amounts you paid to us for the Service in the twelve months preceding the claim.

9. Indemnification

You agree to indemnify and hold harmless Asym Research and its affiliates from any claims, damages, liabilities, and expenses (including reasonable legal fees) arising out of your use of the Service, your violation of these Terms, or your violation of any law or the rights of any third party.

10. Feedback

Any feedback or suggestions you provide regarding the Service are provided on a non-confidential basis and may be used by Asym Research without restriction or obligation to you.

11. Termination

We may suspend or terminate your access to the Service at any time if you breach these Terms or if we discontinue the Service. Upon termination, the license granted to you ends and you must stop using the Content. Sections that by their nature should survive termination will survive.

12. Changes to these Terms

We may revise these Terms from time to time by posting the updated Terms on the Service. Your continued use of the Service after changes become effective constitutes acceptance of the revised Terms.

13. Governing law

These Terms are governed by the laws of the State of New York, without regard to its conflict-of-laws principles, and you consent to the exclusive jurisdiction of the state and federal courts located in New York County, New York.

14. Entire agreement

These Terms, together with the Privacy Policy and any subscription agreement between you and Asym Research, constitute the entire agreement between you and Asym Research regarding the Service and supersede any prior agreements on that subject.

15. Contact

Questions about these Terms may be directed to rfishman@asymresearch.com.