Terms and Conditions for Field Notes on Chaos and associated publications

Effective Date: August 1, 2025

1. Agreement to Terms

By accessing or using the "Field Notes on Chaos" website and its content (the "Site"), you agree to be bound by these Terms and Conditions and our Privacy Policy. If you do not agree to all of these terms, do not access or use the Site.

2. Intellectual Property Rights

The content on this Site, including but not limited to text, articles, graphics, logos, and the underlying investment philosophy and proprietary concepts discussed, is the property of Adaptive Resonance Technologies LLC and its affiliates, including the Licensing Company which legally owns the proprietary trading algorithm. This content is protected by United States and international copyright, trademark, and other intellectual property laws. You may not reproduce, distribute, modify, or create derivative works from our content without our express prior written consent.

3. No Investment Advice Disclaimer

This Site is a publication for educational and informational purposes only. The content is intended to communicate our investment philosophy, which is focused on exploiting structural inefficiencies in public equities.

• Not Advice: The content is impersonal and not tailored to the investment needs of any specific person. It does not constitute investment, financial, legal, or tax advice, nor is it a recommendation or solicitation to buy, sell, or hold any security or investment product.

• Publisher's Exclusion: Adaptive Resonance Technologies LLC is currently a proprietary trading firm. As such, it relies on the "publisher's exclusion" from the definition of an investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940.

• Risk of Loss: All investing involves risk, including the possible loss of principal. The theoretical concepts discussed here do not guarantee any results.

4. No Warranties

The Site and its content are provided on an "as is" and "as available" basis without any warranties of any kind, either express or implied. Adaptive Resonance Technologies LLC does not warrant that the content is accurate, reliable, or correct; that the Site will be available at any particular time or location; or that the content is free of viruses or other harmful components.

5. Limitation of Liability

To the fullest extent permitted by law, in no event shall Adaptive Resonance Technologies LLC, its owners, employees, or affiliates be liable for any direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, this Site and its content.

6. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of law principles.

7. Changes to Terms

We reserve the right to amend these Terms and Conditions at any time. We will notify you of any changes by posting the new Terms and Conditions on this page. Your continued use of the Site after any such change constitutes your acceptance of the new Terms.