Disclaimer — Legal Notices

Last updated: April 2026

1. Research Producer

[Full legal name] (VAT No.: [___], registered office: [___], legal form: [___]), hereinafter "Adverse Group".

2. Nature of the Service

The content published by Adverse Group constitutes investment research within the meaning of Art. 36 of Commission Delegated Regulation (EU) 2017/565, and qualifies as general recommendations addressed to an undifferentiated public.

It does not constitute, and may not be interpreted as:

  • investment advice within the meaning of Art. 1(5-septies) of Italian Legislative Decree 58/1998 (TUF)
  • personalised recommendations based on the financial situation, objectives, or risk appetite of the user
  • solicitation to buy or sell financial instruments
  • portfolio management services

Adverse Group is not authorised as an investment firm (SIM), asset management company (SGR), bank, or financial intermediary under the TUF and does not provide reserved investment services.

3. Methodology

The analyses are produced using proprietary quantitative models based on price data, implied volatility, and momentum. The models employ statistical and algorithmic techniques to identify recurring configurations and compute price intervals. The specific methodology is proprietary and constitutes a trade secret. The models do not guarantee the accuracy or completeness of results.

4. Time Horizon

The reference time horizon is specified in each published analysis. Unless explicitly stated otherwise, the analysis has daily validity and refers to the market session on the publication date.

5. Past Performance

Important

Past performance is not indicative of future results. The results of Adverse Group's proprietary positions documented through the Risk Adverse Portfolio product reflect exclusively the trading activity of Adverse Group and are not indicative of results achievable by third parties undertaking similar transactions.

6. Conflicts of Interest

Adverse Signals

Adverse Group does not hold proprietary positions in the instruments analysed through the Adverse Signals product. The instruments analysed include equity indices, commodity futures, and forex pairs that are not directly purchasable. The signals represent the output of the Adverse quantitative model and are not positions held by Adverse Group. No conflict of interest exists for this product.

Risk Adverse Portfolio

Adverse Group holds proprietary positions in the same financial instruments (ETFs/ETPs) published through the Risk Adverse Portfolio product. Proprietary positions are documented in full and in real time. Adverse Group may have opened, modified, or closed its positions before, during, or after publication.

Adverse Group does not receive fees, commissions, or incentives from financial institutions, brokers, or issuers for the production of its research.

7. Risk Warning

Important

Investments in financial instruments carry significant risks, including the possibility of total loss of invested capital. The user is solely responsible for their own investment decisions. It is recommended to consult an authorised financial adviser before making any investment decision.

8. Contact

For questions regarding this Disclaimer, please write to [email protected].