Important disclosures

02Regulatory status

Zen Trading is not a registered investment adviser, broker-dealer, or financial planner. Nothing on this site is personalised investment advice. We are not a custodian and we never take custody of client assets or funds. Where a service connects to a broker on your instruction, the broker — not us — executes, clears and custodies.

03Not investment advice

Our dashboards, theses, models and commentary are general information and research tools. They are produced without regard to the objectives, financial situation, tax position or particular needs of any recipient, and they are not a personal recommendation. Nothing here creates an advisory or fiduciary relationship. Consult your own financial, legal and tax advisers before acting, and make your own decisions.

04Eligibility and jurisdiction

Access to this site does not mean our services are available to you. Fund interests are offered only to investors who meet the applicable eligibility standards — for example accredited investor or qualified purchaser status in the United States, or the equivalent professional-client tests elsewhere. Our published research is general information directed at no particular investor. Persons who access this site from a jurisdiction in which the services may not lawfully be offered are responsible for observing their local law.

05Performance, backtests and hypothetical results

Past performance is not indicative of, and is no guarantee of, future results. No representation is made that any account will or is likely to achieve results similar to those shown.

Any results identified as backtested, simulated or hypothetical were not achieved with real capital and are subject to well-known limitations. They are constructed with hindsight and with the benefit of knowing which assets and parameters mattered; they do not reflect the effect of real order flow, slippage, financing, borrow availability, capacity constraints or the emotional pressure of live trading; and frictions, fees and taxes are modelled rather than incurred. Results are net or gross of costs as expressly labelled. A strategy that performed well in simulation may perform very differently live.

06Limits of machine reasoning

Our systems use large language models and other statistical methods to read filings and reason about supply chains. Such systems can mis-extract a figure, misread context, or produce a confident conclusion that is wrong. Every thesis we publish is auditable precisely because it should be audited. Output is not verified fact, and should not be relied on as the sole basis for a decision.

07Third-party information

We use data from public filing systems including SEC EDGAR, DART and the Taiwan Stock Exchange, and from third-party market-data vendors. We believe our sources are reliable but we have not independently verified all of it and we make no warranty as to its accuracy, completeness or timeliness. Data may be delayed, revised or withdrawn by its source. Third-party names and marks are the property of their owners and their use does not imply endorsement.

08Forward-looking statements

Statements that are not historical fact — including projections, targets, theses about a company's trajectory, and anything phrased as "expects", "believes" or "should" — are forward-looking. They rest on assumptions that may prove wrong, and actual outcomes may differ materially. We undertake no obligation to update them.

09Risk of loss

Investing involves risk, including the possible loss of all principal. Strategies of the kind we run may use leverage, derivatives and concentrated positions; may be illiquid; and may be exposed to model risk, technology and execution failure, counterparty default, and sudden changes in market liquidity or volatility. Fund interests are not bank deposits, are not insured by any government agency, and may be impossible to redeem at will. A subscription to our research is not an investment; any trading you undertake on the basis of it is entirely at your own risk.

10Conflicts of interest

Zen Trading LLC, its principals and its employees may hold, buy or sell positions in the securities discussed on this site, and those positions may be inconsistent with, or contrary to, the views expressed. We may trade a strategy in our own accounts and in a fund we manage at the same time as we publish research about it to subscribers, and we may act before, alongside or after subscribers act. We are not obliged to update a published view when our positioning changes.

11Questions

Send anything you would like clarified to yvette@zentradings.com, or write to Zen Trading LLC, 700 Leahy Street, Redwood City, CA 94061, United States.