Legal Disclaimer
Last updated: September 15, 2026
1) Scope and relationship to the Terms of Use
This Legal Disclaimer applies to research, strategy pages, backtests, model outputs, reports, alerts, emails, code, tools, data presentations, social-media content, and other materials published or provided by Marquantex LLC through Backtested Strategies™ (“BTS”), including backtestedstrategies.com (collectively, the “Services”).
This Disclaimer explains important limitations concerning securities research, model outputs, historical results, third-party strategies, data, and trading risk. It supplements the BTS Terms of Use. The Terms of Use govern contractual rights and obligations, including account access, paid memberships, intellectual property, warranties, liability limitations, and dispute terms.
2) Standardized financial research; no individualized advice
BTS publishes financial research, strategy analysis, historical studies, and standardized rules-based model outputs. The Services may discuss particular securities and may use action-oriented model labels such as Buy, Sell, Hold, Scale In, or position-size percentages. Those labels describe the output of the applicable BTS model or research methodology; they are not recommendations tailored to your personal circumstances.
BTS does not use your investment objectives, financial condition, holdings, cost basis, tax situation, risk tolerance, brokerage account, or other personal portfolio information to determine what a BTS model publishes for you. Where a tool permits you to enter or select a security, your selection does not cause Marquantex to recommend that security. The applicable model output is generated from the model and market-data inputs, not from an assessment of your suitability.
The Services do not constitute individualized investment, trading, financial, tax, accounting, or legal advice. Nothing in the Services creates a fiduciary, investment adviser–client, broker–customer, agency, or discretionary-management relationship between you and Marquantex.
3) You select and control your trading decisions
Marquantex does not choose a security for you, place or route orders, connect to your brokerage account, hold customer assets, exercise trading discretion, monitor your portfolio, or determine whether a position, strategy, or trade is suitable for you. You decide whether, when, and how to use any BTS research or model output and are responsible for your own order type, execution, position size, risk controls, costs, taxes, and trading results.
Do not assume that a model label, percentage, alert, historical result, score, ranking, or other BTS output is an instruction appropriate for your account. If you require advice based on your individual circumstances, obtain it from an appropriately qualified professional of your choosing.
4) Trading and investment risk
Trading and investing can result in substantial losses, including loss of all capital committed to a position or strategy. A security can decline sharply, gap between prices, become illiquid, be halted or delisted, or otherwise behave differently from historical data or a model’s assumptions. Short selling, leverage, leveraged or inverse products, concentrated positions, and similar techniques can create additional or amplified risks.
No BTS strategy, model, signal, rule, filter, score, or historical result eliminates market risk. Drawdowns can occur even when a strategy ultimately closes a modeled trade profitably. Real-world execution can differ from modeled execution, and no representation is made that a subscriber will obtain any modeled price or result.
5) Historical, hypothetical, and simulated performance
Unless a BTS report expressly states otherwise, performance results shown through the Services are historical, hypothetical, simulated, backtested, or otherwise model-derived and are not actual subscriber account results. They reflect the rules, data, assumptions, and implementation used for the specific BTS study or report.
Backtests benefit from knowledge that the historical data set exists and cannot fully reproduce the conditions, decisions, execution uncertainty, liquidity, market impact, operational constraints, or psychological pressures of live trading. Model results may differ materially from live results. Past performance—whether actual, historical, hypothetical, or simulated—does not guarantee future performance, and no representation is made that any account will achieve comparable returns, drawdowns, volatility, trade frequency, holding periods, or other characteristics.
Different BTS studies and reports may use different execution conventions, cost assumptions, universes, benchmarks, dividend treatment, timing conventions, or other methodology. Report-specific disclosures presented with a table, chart, or study control the interpretation of that result. Do not assume that an assumption used in one BTS study applies to another unless the applicable page says so.
Benchmark comparisons are provided for context. A benchmark may have different holdings, risk, turnover, leverage, exposure, costs, tax consequences, or investability than the strategy being studied. A comparison does not mean the strategy and benchmark are economically equivalent alternatives.
6) UMT Natural Sell methodology does not guarantee a loss-free investment
When BTS states that the Universal Market Timer (“UMT”) Natural Sell logic is designed not to realize a price loss, that statement refers only to the defined model rule for a Natural UMT Sell relative to the model’s accepted average cost basis. Under that rule, an ordinary qualifying exit waits for a modeled execution at or above the accepted average cost basis rather than forcing a Natural Sell below that basis.
This methodology does not mean that a security cannot decline, that a position cannot experience a drawdown, that every position will close through a Natural UMT Sell, that a subscriber will obtain the modeled execution price, or that a subscriber cannot lose money. Forced or non-Natural events, including delisting liquidation, are separate, and real-world commissions, slippage, taxes, spreads, liquidity, timing, and other costs or execution differences can affect actual results.
7) Third-party strategies, authors, and source attribution
BTS may research, describe, implement, adapt, and backtest strategies, indicators, models, or concepts associated with third-party authors, researchers, publishers, academics, organizations, or other sources. A citation, credit, strategy name, paper title, or other reference identifies a source or inspiration for the concept being examined. It does not imply that the cited person or organization is affiliated with Marquantex, sponsored BTS, participated in the BTS implementation, approved the BTS rules, verified the BTS calculations, endorsed the BTS conclusions, or authorized the use of BTS results.
Unless a page expressly states otherwise, a BTS backtest is Marquantex’s independent implementation using the rules, data, assumptions, execution conventions, portfolio construction, constraints, benchmarks, and methodology identified by BTS. A BTS implementation may differ materially from an original paper, book, article, interview, codebase, index methodology, or another implementation of a similarly named strategy.
Results and conclusions published by BTS describe the BTS implementation and evidence shown. They should not be attributed to a cited author as that author’s own reported, realized, approved, or endorsed performance. BTS may publish favorable, unfavorable, or mixed results. Statements that a BTS implementation “passes,” “fails,” underperforms, outperforms, or otherwise meets or does not meet BTS criteria refer to the tested implementation and stated BTS criteria; they are not statements about the competence, integrity, reputation, or overall body of work of a cited person.
Third-party names, marks, publication titles, and other identifiers remain the property of their respective owners and are used for identification, attribution, commentary, or research context.
8) Data, models, status indicators, alerts, and timing
BTS relies on market data, corporate-action data, index or universe membership data, third-party services, and internal calculations that may contain errors, omissions, delays, revisions, or differences from another provider. A correction, revised source record, model change, or data-vendor change may alter a previously displayed result.
No update time, publication time, alert-delivery time, data latency, uptime, or other service level is guaranteed unless Marquantex expressly agrees otherwise in writing. UMT freshness colors, dates, timestamps, “Market Close,” “Update Pending,” “Update Required,” and similar status indicators communicate system status or data freshness only; they are not warranties or promises that an update or alert will occur by a particular time.
Alerts and emails are supplemental communications and may be delayed, duplicated, blocked, filtered, misdirected, unavailable, or not received. You are responsible for independently determining whether information is current before acting on it and for monitoring any position you choose to hold.
9) Personnel trading and financial interests
Marquantex owners, employees, contractors, or other personnel may own, buy, sell, or otherwise trade securities that are discussed in BTS research or to which BTS tools can be applied. Personnel may use investment or trading methods, timeframes, tools, or signals that are separate from BTS and therefore may trade at times or in directions that do not correspond to a BTS model output. A personnel transaction does not mean that BTS has recommended the security to any subscriber.
Unless specifically disclosed in connection with the relevant content, Marquantex does not accept compensation from an issuer for covering a security, transaction-based compensation for subscriber securities trades, brokerage referral compensation tied to subscriber trading, or payment to publish a favorable BTS result concerning a particular security or strategy. If BTS later presents sponsored, affiliate, or otherwise compensated content, any material relationship will be identified as appropriate.
10) Third-party services and links
The Services may reference or depend on third-party websites, market-data providers, index providers, payment processors, hosting providers, analytics services, research sources, brokers, software, or other products and services. A reference or link does not by itself constitute affiliation, sponsorship, endorsement, or a recommendation by Marquantex.
Third parties control their own products, availability, terms, data, security, and privacy practices. Marquantex does not control and is not responsible for those independent practices to the maximum extent permitted by law.
11) Accuracy, corrections, and no warranty
Marquantex uses research, engineering, and quality-control processes intended to improve the accuracy and consistency of BTS publications, but errors, omissions, data defects, coding defects, stale information, methodological differences, or presentation mistakes can occur. BTS may correct, revise, replace, or withdraw content when an issue is identified. The absence of a correction does not constitute a representation that the material has been independently audited or is free from error.
The Services and Content are subject to the warranty disclaimers, liability limitations, and other protections stated in the Terms of Use. Nothing in this Disclaimer expands a warranty, duty, remedy, or liability beyond what applicable law or the Terms of Use require.
12) No brokerage, custody, or discretionary account services
Marquantex does not, through BTS, hold customer securities or funds, maintain brokerage accounts for subscribers, execute or route subscriber orders, exercise discretion over subscriber accounts, or provide individualized portfolio management. BTS Services are separate from any brokerage or other financial institution you may choose to use.
13) Contact and updates
Questions concerning this Disclaimer may be submitted through our Contact BTS page.
Marquantex may revise this Disclaimer as its Services, research practices, or applicable requirements change. The “Last updated” date identifies the current published version. Changes to contractual rights and obligations are governed by the Terms of Use rather than by this informational Disclaimer alone.