LEGAL

Disclaimers and Terms of Use

Please read the following terms and conditions (“Terms of Use”) before using the Copal Capital website ("Site"). Your access to and use of the Site is subject to these Terms of Use and all applicable laws and regulations. The Terms of Use constitute a legal agreement between you and the Firm. The Site is available only to, and may only be used by, individuals who can form legally binding contracts under applicable law. By accessing and using the Site, you accept, without qualification, these Terms of Use.
All persons using the Site expressly agree to the foregoing disclaimer as a pre-condition to using this Site for any purpose whatsoever. The materials on the Site including, without limitation, news articles, informational materials and all other manager-specific information, have been prepared for informational purposes only and do not constitute financial, legal, tax or any other advice. All information contained herein is provided "as is" and Copal Capital expressly disclaims making any express or implied warranties with respect to the fitness of the information contained herein for any usage, its merchantability or its application or purpose. Prior to making any investment or hiring any investment manager you should consult with a professional financial advisor, legal and tax advisor to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment. In no event shall Copal Capital be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data. By accessing the password-protected area of this site, you agree not to invest in any posted hedge fund or alternative investment vehicle (other than hedge funds or alternative investment vehicles in which you or your affiliates are already invested, have already been solicited for or are already actively considering an investment in) for thirty (30) days after the approval of your application. Copal Capital reserves the right to terminate, at any time, any registered user's account with Copal Capital (as well as access to the latter's web site), without giving notice or a reason for such termination to the user. Additionally, by accessing the password-protected area of this site, you agree to immediately contact Copal Capital if there is any change in your status as a “qualified client” under Rule 205-3 of the Investment Advisers Act of 1940, as amended.
 Reservation of RightsWe reserve the right, at our discretion, to change, modify, add, or remove portions of these Terms of Use at any time. Your continued use of the Site following reasonable notice of such modifications will be conclusively deemed acceptance of any changes to these Terms of Use. You agree that notice of changes to these Terms of Use posted on the Site constitutes reasonable and sufficient notice. At all times, you are bound by the then-current version of the Terms of Use and of all applicable laws. Use of ContentThe Content (as defined below) of this Site is available for informational purposes only. The posting of Content and access to this Site does not constitute, either explicitly or implicitly, any provision of services or products by Copal Capital. Copyright and TrademarksThis Site (including the software and files), the computers hosting this Site, and content provided on this Site, including any text, music and sound, graphics, images, photographs, audio and video, footage, animations, podcasts, analyses, studies, reports, and downloads (all such content collectively, the “Content”) are the exclusive property of Copal Capital, are licensed to Copal Capital, or are publicly copyrighted, and are protected by law, including United States copyright, database, trade secret, and trademark law, as well as other state, national, and international laws and regulations. Copal Capital reserves all rights with respect to its proprietary information or material on this Site and will enforce such rights to the full extent of applicable copyright and trademark law. Except as expressly provided in these Terms of Use, Copal Capital does not grant any express or implied rights to you. All rights in the pages and Content are owned by Copal Capital and their respective licensors. You agree not to sell, distribute, publish, broadcast, circulate or commercially exploit Content in any manner without the express written consent of Copal Capital. Any downloading or otherwise copying from this Site will not transfer title to any software or material to you. Unless otherwise noted, Copal Capital, and other brands featured on the Site constitute our trade/service marks. You agree not to, directly or indirectly, attempt to register, challenge or contest the validity of Copal Capital’s ownership of, such copyrights, trademarks or any other intellectual property of Copal Capital, or assist any third party in doing so. Grant of LicenseCopal Capital grants to you a personal, revocable, nonexclusive, nontransferable license to use this Site conditioned on your continued compliance with these Terms of Use. Limited portions of the Content available in the public areas of the Site may be accessed, printed and downloaded on an occasional basis for personal, scholarly, research or non-commercial purposes; provided that all hard copies contain all copyright and other applicable proprietary rights notices included in such content and information and/or appropriate attribution to Copal Capital in a form and manner acceptable to Copal Capital. Unless and except as otherwise expressly permitted by these Terms of Use, you may not access, copy, reproduce, modify, create derivative works of, alter, publicly distribute, republish, upload, post, transmit, publicly perform or display, license, transfer, sell, mirror, frame, “deep link,” “scrape,” data mine, or otherwise use any information or material obtained from or through this Site, without written permission from Copal Capital. Any unauthorized use of this Site or the Content, or any violation of applicable laws, will terminate the permission granted herein. No Offer or AdviceNothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service, or the offer to sell or the solicitation of an offer to buy any security; nor shall any such services be provided, or securities be offered or sold, in any jurisdiction in which such an offer, solicitation, provision or sale would be unlawful. All Site Content is subject to applicable statutes and regulations. This Site is published in the United States for residents of the United States. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this Site. U.S. investors are advised that not all investments or services described on this Site are available for sale in all states. Any potential investor should satisfy himself that an investment in a Copal Capital product is permissible under the rules and regulations of his or her domicile. The Site is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Site is prohibited. Persons in respect of whom such prohibitions apply must not access the Site. The information provided is for informational purposes only. It does not constitute any form of advice or recommendation to buy or sell any securities or adopt any investment strategy mentioned. It is intended only to provide observations and views of the author(s) at the time of writing, both of which are subject to change at any time without prior notice. The information provided does not have regard to the specific investment objectives, financial situation or particular needs of any specific person who may read it, and investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation. Please refer to offering documents for further information concerning specific products. Any reference to a particular company or security is not an endorsement by Copal Capital of that company or security or a recommendation by Copal Capital to purchase or sell such security. For a list of all purchases and sales made by Copal Capital for client accounts during the past year that could be considered by the SEC as recommendations, click here. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. Certain of the statements contained herein may be statements of future expectations, opinions, and other forward-looking statements that are based on Copal Capital’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements. The matters discussed herein may also involve risks and uncertainties described from time to time in Copal Capital’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking information contained herein. As a thematic investor, Copal Capital and its related persons uses online activity as part of its investment research process. As a result, Copal Capital and clients as well as its related persons may (but do not necessarily) have financial interests in securities or issuers that we discuss. However, any discussion of securities or issuers by Copal Capital in such conversations is not a recommendation to buy, sell or hold any particular security. InvestmentsPast performance is no guarantee of future results. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment. Any tax benefits referred to on this Site are subject to change and their availability and value will depend on your individual circumstance. Such investments are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not federally insured or guaranteed by the U.S. government, the FDIC, the Federal Reserve Board or any other agency. Some Copal Capital products may not be available in or appropriate for a retirement savings plan. Please contact your financial adviser about any investment restrictions associated with your particular plan. No RelianceAlthough Copal Capital has taken reasonable care to ensure that the information contained within this Site is accurate, no representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by Copal Capital or their contractual partners. Opinions and any other Content are provided by Copal Capital for personal use and informational purposes only and are subject to change without notice. Nothing contained on this Site constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. No WarrantyThe information and opinions contained on this Site, including hyperlinks or references to other sites, are provided ‘as is’ without any warranty of any kind, either expressed or implied, to the fullest extent permissible pursuant to applicable law. You are responsible for evaluating the adequacy, accuracy, reliability, merchantability, non-infringement, completeness of any information or the content available on the Site or fitness for any particular purpose with respect to the Site or any of its Content. Copal Capital further assumes no responsibility for, and makes no warranties that, functions contained on this Site will be uninterrupted or error-free, that defects will be corrected, or that this Site or the servers that make it available will be free of viruses or other harmful components. Liability WaiverNeither Copal Capital nor any of their respective affiliates, directors, officers, registered representatives or employees, nor any third party vendor, will be liable or have any liability, whether in contract, tort, strict liability or otherwise, for any direct, indirect, incidental, consequential, punitive or special damages arising out of or in any way connected with your access or use or inability to access or use the Site or reliance on the Content, or any failure of performance, interruption, defect, delay in transmission, computer viruses or other harmful components, or line or system failure associated with the site, regardless of our knowledge thereof. Where applicable law does not permit the limitation of liability, implied warranties or the exclusion or limitation of certain damages set forth above, the aggregate liability of Copal Capital shall not exceed one hundred dollars ($100). IndemnificationYou hereby indemnify, defend, and hold Copal Capital and any of their respective affiliates, directors, officers, registered representatives or employees, nor any third party vendor harmless from and against any and all liabilities, judgments, fines, damages, settlements and costs (including reasonable attorneys’ fees and disbursements) incurred in connection with any claim arising out of any breach by you of these Terms of Use or claims arising from your use of this Site. You will cooperate with us in the defense of any claim. We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. Events Beyond Copal Capital’s ControlYou expressly absolve and release Copal Capital and all of its officers, directors, employees, registered representatives, shareholders, legal representatives, attorneys, agents, successors and assigns, from any claim of harm resulting from a cause beyond its control including, but not limited to, the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses or software failures, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, acts of domestic or foreign terrorism or governmental restrictions. Copal Capital does not warrant that this Site will be available at any time or that your access to this Site will be uninterrupted, timely or free from viruses or other harmful components. [Copal Capital reserves the right to cease operating this website or to terminate your access and use of any part of this Site at any time without notice and for any reason. User RepresentationsYou represent and warrant to Copal Capital that you will not use this Site for any purpose that is unlawful or prohibited by these Terms of Use, including but not limited to attempting or actually: (a) disrupting, impairing or otherwise interfering with the operation or integrity of the Site or circumventing any Site security system; (b) collecting any information about other users of the Site; (c) systematically, or by any automated means, extracting Content or other information or data contained in the Site to populate databases or other sites; or (d) engaging in any fraudulent or manipulative activity with respect to issuers, securities or markets. Copal Capital may terminate your access and use of any part of the Site for such violations. Linked SitesCertain hyperlinks or referenced websites on the Site may for your convenience forward you to third parties’ websites, which generally are recognized by their top level domain name. Any descriptions of, references to, or links to other products, publications or services do not constitute an endorsement, authorization, sponsorship by or affiliation with Copal Capital with respect to any linked site or its sponsor, unless expressly stated by Copal Capital. Any such information, products or sites have not necessarily been reviewed by Copal Capital and are provided or maintained by third parties over whom Copal Capital exercises no control. Copal Capital expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. Copal Capital reserves the right to terminate any hyperlink or hyperlinking program at any time. Information Submitted By YouCopal Capital’s usage of your personal information is governed by our Privacy Policy, which forms part of these Terms of Use. You should not submit any confidential or proprietary information via the Site. By submitting any information or material to us through the Site, you grant us an unrestricted, irrevocable, worldwide, royalty-free, non-exclusive license to use, reproduce, display, perform, modify, transmit and distribute those materials or information. You also agree that Copal Capital is free to use for any purpose any ideas, concepts, know-how or techniques that you submit to us through the Site. Copal Capital shall not be subject to any obligations of confidentiality regarding submitted information, except as agreed to by Copal Capital or as otherwise specifically agreed or required by law. You agree not to use this Site to upload, display or distribute any materials that are defamatory, threatening, obscene, harassing, or otherwise unlawful, or that incorporate the copyrighted, confidential or proprietary material of any other person or entity. Jurisdiction, SeverabilityAny action arising out of these Terms of Use or the Site shall be litigated in, and only in, courts located in Cyprus, and you agree to submit to the exclusive jurisdiction of those courts and further agree that they are a convenient forum for you. In the event that any provision of these terms is held unenforceable, the validity or enforceability of the remaining provisions will not be affected, and the unenforceable provision will be replaced with an enforceable provision that comes close to the intention underlying the unenforceable provision.  Social Media DisclosureCopal Capital’s social media accounts are run by individual analysts or other Copal Capital team members. Social media posts are not necessarily the opinion of Copal Capital Invest as a whole. As a thematic investor, Copal Capital and its related persons, use conversations via social media as part of its investment research process. As a result, Copal Capital and clients as well as its related persons such may (but do not necessarily) have financial interests in securities or issuers that we discuss. However, any discussion of securities or issuers by Copal Capital in such conversations is not a recommendation to buy, sell or hold any particular security. For a list of all purchases and sales made by Copal Capital for client accounts during the past year that could be considered by the SEC as recommendations, click here. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list.

Nothing in this Site may be considered as an offer or solicitation to purchase or sell securities or other services. If any provision in this Disclaimer Agreement is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect. Users of the Copal Capital Site may view, download and print information and materials on this Site for its personal and internal business use provided that all hard copies contain all copyright and other applicable notices. All information on the Site is subject to confidential treatment and is made available solely for your authorized use in connection with your investment activities.  No user may reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish any information obtained from this Site. Registered Users shall not use this site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using this Site. Copal Capital, and the logos and marks included on the Copal Capital site that identify Copal Capital services and products are proprietary materials. The use of such terms and logos and marks without the express written consent of Copal Capital is strictly prohibited. Copyright in the pages and in the screens of the Site, and in the information and material therein, is proprietary material owned by Copal Capital unless otherwise indicated. The unauthorized use of any material on the Copal Capital Site may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.
SPECIAL PROVISIONS FOR EUROPEAN USERSIf you are an investor domiciled or having a registered office in a member state of the European Economic Area that has implemented the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) in a manner that imposes disclosure, reporting or other obligations on Copal Capital or its affiliates, you or any other person or entity you represent initiated the discussion, correspondence or other communications with Copal Capital or its affiliates or agents, which resulted in your requesting access to the Site and the information regarding any investment funds sponsored or managed by Copal Capital; and none of Copal Capital or its affiliates or agents at any time directly or indirectly contacted you with respect to the provision of investment services or investment in any investment fund sponsored or managed by Copal Capital or its affiliates prior to such unsolicited initiation of discussions, correspondence or other communications.