Terms of Use
Effective date: September 2026
1. Acceptance of Terms
These Terms of Use (“Terms”) govern your access to and use of the website, products, and services offered by Embedded Markets, Inc. (“Embedded Markets,” “we,” “us,” or “our”), including LeveeBacktest™ Engine, emPortfolioAnalyzer™, and any related software, content, or support (collectively, the “Services”).
By accessing or using our Services, you agree to be bound by these Terms, our Privacy Policy, and our Cookie Policy. If you do not agree, do not use the Services.
2. Key Definitions
For clarity: "Outputs" refers to data, reports, metrics, simulations, or recommendations generated through the Services (e.g., risk assessments, hypothetical risk-adjusted position sizing suggestions). "User Content" means trading strategy inputs, model parameters, portfolio data, and other content you upload to the Services.
3. Eligibility
The Services are intended for professional traders, asset managers, researchers, and institutional users who are at least 18 years old and authorized to enter into binding contracts. By using the Services, you represent that you qualify within one of these categories or that you have access to qualified professional advice sufficient to independently evaluate analytical outputs.
Additional Representations
- You will independently verify all simulation results, risk metrics, and position-sizing recommendations before making investment decisions;
- You will not use the Services as a substitute for professional financial, tax, legal, or compliance advice; and
- If you are a regulated entity (e.g., asset manager), you have internal controls to ensure outputs comply with your jurisdiction’s regulatory requirements.
4. Account Registration & Security
To access certain features, you may be required to create an account. You agree to provide accurate, current, and complete information and keep it updated. You are responsible for maintaining the confidentiality of your login credentials and for all activity that occurs under your account.
5. Services & Subscription
Embedded Markets provides software tools for simulation, backtesting, and portfolio analysis. Access to certain features may require a paid subscription. Pricing, billing terms, and renewal periods are described in the applicable order or subscription agreement.
Prohibited Financial Advisory Activities
- You may not use the Services to provide investment advice, manage third-party funds, or execute trades without independent validation by qualified professionals;
- Using the Services as a substitute for regulated financial advisory services (e.g., portfolio management) requiring registration under laws such as SEC/ESMA/CFTC rules;
- In any manner implying Embedded Markets endorses specific investments, strategies, or outcomes.
6. Acceptable Use
You agree not to:
- Use the Services for any illegal purpose or in violation of applicable securities, commodities, or financial regulations;
- Reverse engineer, decompile, disassemble, or attempt to derive source code from our software except as permitted by law;
- Circumvent security measures, access restricted areas, or probe the vulnerability of any system;
- Use automated scraping, bots, or data harvesting tools without our prior written consent;
- Share account credentials with unauthorized users or resell access to the Services;
- Upload malicious code, viruses, or content that infringes on third-party rights; or
- Use simulation outputs as the sole basis for live trading decisions without independent validation.
7. Privacy & Data Processing
Your use of the Services is also governed by our Privacy Policy and Cookie Policy. By using the Services, you consent to the collection, processing, and transfer of your information as described in those policies.
8. Intellectual Property Rights & License
All software, algorithms, trademarks, logos, documentation, content, and other materials provided through the Services are owned by Embedded Markets or its licensors and are protected by intellectual property laws.
Subject to these Terms, we grant you a limited, non-exclusive, non-transferable, revocable license to access and use the Services for your internal business purposes during your subscription. No ownership interest in the Services or any output format is transferred to you. You own the data you input; we own the tools.
9. User Content & Data
You retain ownership of any trading strategy inputs, model parameters, portfolio data, and other content you upload or generate using the Services (“User Content”).
By using the Services, you grant us a license to process User Content solely as necessary to operate, maintain, and improve the Services. Aggregated and anonymized outputs may be used for research and product development, provided they do not identify you or disclose your confidential strategy details. We own all rights in such aggregated and anonymized statistics, benchmarks, and derived analytics.
As between you and Embedded Markets, analytical outputs generated from your User Content (such as simulation results for your strategies) belong to you; the underlying software, models, algorithms, and methods used to generate them remain ours.
If you provide suggestions, feature requests, or other feedback about the Services (“Feedback”), we may use that Feedback without restriction or compensation, and providing it does not create any obligation on our part.
10. Confidentiality
Each party agrees to keep confidential any non-public, proprietary, or sensitive information disclosed in connection with the Services.
11. No Investment Advice; Analytical Tools Only
Embedded Markets is a software provider only. We are not an investment adviser, broker-dealer, commodity trading advisor, futures commission merchant, or fiduciary, and we are not registered with the U.S. Securities and Exchange Commission (“SEC”), the Commodity Futures Trading Commission (“CFTC”), the National Futures Association (“NFA”), FINRA, or any state securities regulator.
Outputs Are Not Investment Advice
Nothing provided through the Services — including simulation results, backtests, risk metrics, correlation analyses, position-sizing calculations, "hypothetical risk-adjusted position sizing suggestions", or any other output — constitutes investment advice or a recommendation to buy, sell, hold, or otherwise transact in any security, commodity, futures contract, or other financial instrument.
All outputs are generated from inputs and objectives you supply using mathematical models. They do not take into account your particular financial circumstances, risk profile, regulatory obligations, or suitability requirements and must not be treated as personalized recommendations.
The emPortfolioAnalyzer™ generates hypothetical scenarios based on user-defined parameters; these should not be interpreted as assurances of optimal allocations. You retain sole discretion over, and bear all responsibility and risk for, every trading or investment decision made using the Services’ outputs.
12. Hypothetical Performance & Model Limitations
SIMULATION AND BACKTEST RESULTS ARE HYPOTHETICAL AND HAVE MANY INHERENT LIMITATIONS. They are generated using models, assumptions, estimated probabilities, and counterfactual scenarios that may prove incorrect; they do not reflect actual trading, market impact, liquidity constraints, execution costs, or the ability of any person to withstand losses.
Hypothetical results frequently differ materially from actual results subsequently achieved under live market conditions. No representation is made that any account, portfolio, or strategy will achieve profits or losses similar to those shown, or that tail-risk estimates capture all possible extreme outcomes. Past performance — whether real or simulated — is not indicative of future results.
13. Disclaimer of Warranties
THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, COMPLETENESS, OR NON-INFRINGEMENT.
Simulation results, backtests, risk metrics, position-sizing outputs, and other analytical content are provided for analytical and decision-support purposes only. They do not constitute investment advice or guarantees of future performance, and we make no representation that any output is suitable for your intended use.
14. Limitation of Liability
TO THE FULLEST EXTENT PERMITTED BY LAW:
- EMBEDDED MARKETS WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES ARISING OUT OF YOUR USE OF THE SERVICES;
- WITHOUT LIMITING THE FOREGOING, WE WILL NOT BE LIABLE FOR ANY TRADING LOSSES, LOST PROFITS, LOSS OF CAPITAL, OR OTHER FINANCIAL LOSSES ARISING FROM DECISIONS MADE USING THE SERVICES’ OUTPUTS, WHETHER OR NOT SUCH DECISIONS WERE INFORMED BY SIMULATION RESULTS, RISK METRICS, OR POSITION-SIZING CALCULATIONS; AND
- OUR TOTAL AGGREGATE LIABILITY TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE SERVICES WILL NOT EXCEED THE FEES PAID BY YOU TO US IN THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM.
Some jurisdictions do not allow limitations of certain damages; in such jurisdictions, our liability is limited to the fullest extent permitted by applicable law. Nothing in these Terms excludes liability that cannot be excluded by law.
15. Indemnification
You agree to indemnify and hold harmless Embedded Markets, its directors, officers, employees, and affiliates from any claims, losses, liabilities, damages, or expenses (including reasonable attorneys’ fees) arising out of your use of the Services, your User Content, your violation of these Terms, or decisions you make based on the Services’ outputs — including, without limitation, claims brought by your clients, counterparties, investors, or regulators relating to strategies or positions you deploy that were informed by the Services.
16. Termination
We may suspend or terminate your access at any time if we believe you have violated these Terms or engaged in fraudulent conduct. Provisions relating to intellectual property, confidentiality, disclaimers, limitation of liability, and indemnification will survive termination.
17. Governing Law & Disputes
These Terms are governed by the laws of the State of Illinois, United States, without regard to its conflict of laws principles. Any dispute arising out of these Terms will be brought in Cook County, Illinois.
18. Changes to These Terms
We may update these Terms from time to time. The “Effective date” at the top reflects the most recent revision. Continued use after changes become effective constitutes acceptance of the revised Terms.