Data, not advice.
Read it first.

1. Regulatory Status

The protections provided by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (FOS), do not apply to the use of ApexVol.

2. Not Financial Advice

All information provided through ApexVol is general in nature and provided solely for informational and educational purposes. It does not constitute, and should not be relied upon as, financial, investment, trading, legal, tax, or accounting advice. No Content on ApexVol constitutes:

• a personal recommendation or individualised advice;
• an offer to buy or sell, or a solicitation of an offer to buy or sell, any security, option, futures contract, or other financial instrument;
• a recommendation or endorsement of any investment strategy, portfolio allocation, or course of action.

You are solely responsible for determining the suitability of any investment, strategy, or course of action. If you require personalised advice, consult a licensed and regulated financial professional.

3. Data-Only Service

ApexVol is a data distribution and analytics platform. ApexVol does not:

1. transact, execute, or settle securities or derivatives trades;
2. custody, hold, or control any client assets;
3. place, route, or cancel orders on any exchange or trading venue;
4. provide investment management, discretionary portfolio management, or advisory services;
5. act as an introducing broker, market maker, underwriter, or clearing firm.

4. Options & Derivatives Risk Disclosure

Before trading options, you should carefully consider your financial situation and risk tolerance. You should be aware of the following risks, among others:

• Total Loss of Premium: Purchased options (calls and puts) can expire worthless, resulting in a 100% loss of the premium paid. This can happen even if the underlying asset moves in the anticipated direction but not by a sufficient amount or within the required time frame.
• Leverage Risk: Options provide leverage, meaning a relatively small market movement can lead to a proportionally larger movement in the value of the option, both for and against you. Leverage amplifies both gains and losses.
• Unlimited Loss Potential: Certain options strategies (e.g., uncovered/naked call writing, short straddles) carry theoretically unlimited loss potential. Losses can substantially exceed the initial margin deposited.
• Assignment Risk: Sellers (writers) of American-style options can be assigned at any time before expiration, which may result in obligation to buy or deliver the underlying asset at an unfavourable price.
• Liquidity Risk: Not all options contracts are actively traded. Illiquid options may have wide bid-ask spreads, making it difficult to close positions at favourable prices or at all.
• Time Decay (Theta): Options are wasting assets. All else being equal, an option loses value as it approaches expiration. Time decay accelerates in the final weeks before expiry.
• Volatility Risk: Changes in implied volatility can significantly affect option prices, independent of movements in the underlying asset. A decline in implied volatility can reduce the value of options even when the underlying moves favourably.
• Pin Risk: At expiration, options that are near the money carry uncertainty about whether they will be exercised or assigned, creating unpredictable exposure over the weekend.
• Complex Strategy Risk: Multi-leg strategies (iron condors, butterflies, calendar spreads, etc.) carry unique risks including partial fills, leg risk, and margin requirements that may change unexpectedly.
• Early Exercise Risk: Options on dividend-paying stocks or deeply in-the-money options may be exercised early, altering the expected risk profile of a position.

This list is not exhaustive. You should read and understand the options disclosure documents provided by your broker (such as the OCC's "Characteristics and Risks of Standardized Options") before trading.

5. Model & Analytics Limitations

ApexVol provides analytics outputs including, but not limited to, implied volatility calculations, Greeks (Delta, Gamma, Theta, Vega, and higher-order Greeks), Gamma Exposure (GEX), volatility surfaces, expected moves, and strategy analysis. You should be aware that:

• Models Are Theoretical: Greeks and implied volatility are derived from mathematical models (such as Black-Scholes-Merton) that rely on simplifying assumptions. Real markets frequently violate these assumptions (e.g., lognormal returns, constant volatility, continuous trading, no transaction costs).
• Implied Volatility Is Not a Forecast: Implied volatility reflects the market's current pricing of uncertainty. It is not a prediction of future realised volatility or future price movements.
• GEX Is Estimated: Gamma Exposure calculations rely on estimates of market-maker positioning derived from open interest data. Actual dealer positioning may differ materially from these estimates.
• Expected Moves Are Probabilistic: Expected move calculations represent a statistical range, not a guaranteed outcome. Actual price movements can and do exceed expected moves, particularly during earnings, economic events, or market dislocations.
• Data Latency: Market data may be delayed, stale, or unavailable during periods of high volatility or system maintenance. Options data may not reflect the most recent trades or quotes. Do not rely solely on ApexVol data for time-sensitive trading decisions.
• Strategy Analysis Is Illustrative: Strategy builders, P&L calculators, and optimisation tools show theoretical outcomes based on model inputs. Actual results will differ due to execution prices, commissions, slippage, early assignment, and changing market conditions.

6. General Risk of Loss

Trading and investing in securities, options, futures, derivatives, commodities, digital assets, or other financial instruments involves substantial risk of loss and is not appropriate for every person. You should:

• only risk capital that you can afford to lose entirely;
• understand that past profits do not guarantee future profits;
• consider your financial situation, investment experience, and risk tolerance before trading;
• seek independent professional advice if you are uncertain about your ability to bear financial risk.

7. Do Your Own Research ("DYOR")

Markets are volatile and involve risk. You are solely responsible for your own due diligence, evaluation of data, and investment decisions. Reliance on any Content accessed through ApexVol is at your own risk. ApexVol does not verify, endorse, or take responsibility for the accuracy or completeness of any analysis, signal, or conclusion you derive from the data.

8. No Guarantee of Accuracy or Timeliness

Although ApexVol and its data vendors endeavour to provide accurate and up-to-date information, neither ApexVol nor its licensors warrant or guarantee the accuracy, completeness, reliability, timeliness, availability, or sequencing of any data. Data may contain errors, omissions, or inaccuracies that will not necessarily be corrected. Market data may be delayed (typically 15 minutes or more) unless otherwise specified for your subscription tier.

9. Past Performance & Forward-Looking Statements

Past performance is not indicative of future results. Any projections, estimates, backtests, or forward-looking statements are inherently speculative and involve numerous assumptions and uncertainties. Actual outcomes may differ materially. Backtested performance has inherent limitations: it is designed with the benefit of hindsight, does not reflect actual trading, and does not account for all market factors including liquidity and slippage.

10. Third-Party Content & Links

ApexVol may display or link to Third-Party Content or websites, including data from exchanges, index sponsors, and market data vendors. ApexVol does not endorse, control, or assume responsibility for any Third-Party Content. Any views, data, or opinions expressed therein are solely those of the third parties. Your use of Third-Party Content is subject to those parties' own terms and conditions.

11. Limitation of Liability

To the fullest extent permitted by law, ApexVol Ltd., its affiliates, directors, officers, employees, agents, licensors, and data providers will not be liable for any direct, indirect, incidental, special, consequential, exemplary, or punitive damages, including but not limited to lost profits, lost data, trading losses, cost of substitute services, or any other damages arising from your use of or reliance on any Content or the Services, whether based on warranty, contract, tort (including negligence), strict liability, or any other legal theory, even if ApexVol has been advised of the possibility of such damages.

Nothing in this Disclaimer excludes or limits liability that cannot lawfully be excluded or limited under English law, including liability for death or personal injury caused by negligence, fraud or fraudulent misrepresentation, or any other liability that cannot be excluded by law.

12. Jurisdictional Restrictions

The Services are not directed at, and may not be used by, any person in any jurisdiction where the provision or use thereof would be contrary to applicable laws or regulations or would subject ApexVol to registration, licensing, or other regulatory requirements. It is your responsibility to ensure that your use of ApexVol complies with all applicable laws in your jurisdiction.

13. Acceptance of Risk

By accessing and using ApexVol, you acknowledge and confirm that:

1. you have read, understood, and agree to be bound by this Legal Disclaimer and Risk Disclosure;
2. you understand the risks of trading options and other financial instruments;
3. you are using the Services and Content at your own risk;
4. ApexVol is a data and analytics platform and does not provide financial advice;
5. you will not hold ApexVol responsible for any trading losses or investment decisions you make.