PLEASE READ THESE TERMS CAREFULLY. DO NOT USE THE SITE IF YOU DO NOT AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH HEREIN. YOUR USE OF THIS SITE CONSTITUTES YOUR IRREVOCABLE ACCEPTANCE TO BE BOUND BY THE TERMS AND CONDITIONS HEREIN.

1.     Introduction

Welcome to the Capital Fund Management website (the "Site"). Any reference to "CFM," "we," "us" below shall refer to Capital Fund Management S.A. and its affiliates. The Site and the information, products, services and other content available on or through the Site (collectively, the "Content") are proprietary to CFM and are protected by copyright.

Capital Fund Management S.A. (“CFM SA”) is a French company incorporated in the form of a société anonyme (RCS Paris B 395 083 504), having its registered office at 23, rue de l'Université, 75007 Paris, France. CFM SA is a French portfolio management company (“société de gestion de portefeuille”) regulated by the Autorité des marchés financiers (the “AMF”) under number GP-01013, with a share capital of 573 200€. CFM SA is also registered with the Commodity Futures Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC”) and is a member of the National Futures Association (“NFA”).

Each time you access the Site you agree that you (i) understand these Terms of Use; (ii) intend these Terms of Use to be the legal equivalent of a signed, written contract and equally binding; (iii) accept these Terms of Use and agree to be legally bound by them; and (iv) are legally authorized to access the Site in the jurisdiction in which the connection is made. CFM may change these Terms of Use at any time without further notice to you, and you are responsible for periodically reviewing these terms for updates. Your continued use of this site constitutes agreement by you to all such changes.

This site is not intended for any person in any jurisdiction where CFM would become subject to licensing or registration regulations of that jurisdiction, or where the publication or availability of the contents is prohibited.

2.     License

The Site and the Content are provided by CFM as a service to you. You are granted a limited, non-exclusive, revocable and non-transferable license to use the Site, conditioned on your continued compliance with these Terms of Use. You may not modify, copy, distribute, display, reproduce, publish, license, create derivative works, transfer, sell or otherwise use, in any medium, any Content, except you may store Content for your sole personal use and information access.

3.     Description of this Site

This Site is for informational purposes only. It is not intended as, and should not be construed as, financial, investment, tax, legal, regulatory or other advice and no information or material at the Site is to be relied upon for the purpose of making or communicating specific investment or other decisions.

The information, products and services described or referred to on this Site are not intended for distribution to, or use by, and are in particular not directed to, any person or entity in any jurisdiction or country where such distribution or use would be prohibited or contrary to any law or regulation or would obligate us to comply with any additional law, regulation, registration or similar requirement within such jurisdiction or country.

4.     Investments

Any description or information involving investment strategies, processes or allocations is provided for illustration purposes only, may not be fully indicative of any present or future investments and is not intended to reflect anticipated performance. Targets or objectives, including with respect to returns, volatility or leverage, if any, are used for measurement or comparison purposes only. Such targets or objectives reflect subjective determinations based on a variety of factors, including, among others, investment strategy, prior performance, volatility and leverage measures and expectations and market conditions. There can be no assurance that such targets or objectives will be met over any particular time horizon. Performance may fluctuate as can volatility and leverage. Targeted returns are not intended to be actual performance and should not be relied upon as an indication of actual or future performance.

Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, involve inherent risks and uncertainties and should therefore not be relied on. Future evidence and actual results could differ materially from those set forth, contemplated by or underlying these statements. In light of these risks and uncertainties, there can be no assurance that these statements are or will prove to be accurate or complete in any way.

The programs and strategies used by CFM are speculative and involve substantial risks, including the risk of loss of the entire investment. The value of any investment may go down as well as up and there may be significant risk of loss. There is no guarantee of trading performance or that any investment will achieve its investment objective. Past performance is not indicative of future results. Persons considering an investment in a product managed or advised by CFM should take into account all the risks involved and carefully review the disclosures and description of risks included in such product’s legal documentation.

5.     Hypothetical performance information.

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

No representation is made about the performance of hypothetical portfolios or their suitability or potential benefits for any client or investor and no advice or recommendation is given with respect to such hypothetical portfolios, the performance of which may be included here for illustration purposes only.

6.     Intellectual property

The Site and Content is a work protected by intellectual property rights, as are the data featuring on the Site, such as trademarks, logos, graphics, photographs, etc. This data is strictly intended for the personal and private use of users and may not be modified, copied, distributed, displayed, reproduced, published, licensed, used to create derivative works, transferred, sold or otherwise used in whole or in part without the prior written agreement of CFM. However, pages and/or sections of the Website may be stored or printed onto paper for personal use only, provided that you do not delete any notes relating to copyright and/or intellectual property rights. CFM will enforce any infringements of its intellectual property rights to the fullest extent permitted by law.

7.     Security of Site

Actual or attempted unauthorized use of the Site may result in criminal and/or civil prosecution. For your protection, we reserve the right to view, monitor, and record activity on the Site without notice or further permission from you. Any information thus obtained is subject to review by appropriate governmental, regulatory and law enforcement organizations in connection with applicable law, including the investigation or prosecution of possible unlawful activity on the Site.

8.     No Warranties

The Site and all Content are provided on an "AS IS" and "AS AVAILABLE" basis. We make no, and hereby disclaim all, representations and warranties, expressed or implied, including the accuracy, timeliness, validity or completeness of the information available via the Site and any warranties of fitness for a particular purpose, merchantability or non-infringement. We reserve the right to make unavailable at any time this Site or the Content.

9.     Limitation of Liability and Indemnity

Under no circumstances, including, but not limited to, negligence, shall CFM or its shareholders, affiliates, officers, directors, employees or agents be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses that result from the use of, or the inability to use, the Content, omission, interruption, defect, computer virus or system failure, even if CFM, or representatives thereof, are advised of the possibility of such damages, losses or expenses.

As a condition of your use of the Site, you agree to indemnify and hold CFM and its affiliates, officers, directors, employees or agents harmless from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorney's fees) arising in connection with your use of the Site, or from your violation of these terms of use.

10. Hyperlinks

The Site may suggest various links to websites published by third parties not belonging to the Capital Fund Management group. CFM disclaims all warranties and liability with regard to such websites or any content, product or service described or offered on such websites.

The creation of any hyperlinks leading to the Site is subject to the express approval of CFM. Requests should be submitted to CFM’s Marketing Department.

11. Severability

The nullity or non-invocability of any provision of the Terms of Use of the Site shall not affected the other provisions thereby. The other provisions shall be interpreted as if the null or non-invocable provision does not exist.

12. Governing Law

These Terms of Use have been made in and will be construed and enforced in accordance with the laws of England and Wales and the Site is subject to English jurisdictions. Your consent to the jurisdiction and venue of such courts is irrevocable. You waive all defenses of lack of jurisdiction, venue, or forum non-convenience.

13. Environmental, Social and Governance Criteria

As CFM develops quantitative investment strategies using statistical methods applied to instruments traded on major global financial markets, CFM’s investment policy does not directly integrate Environmental, Social and Governance issues. However, we have implemented an exclusion policy for companies implicated in unconventional weapons production.

Any modification relative to ESG criteria within CFM's investment policy will be made available to investors on the firm's website.

14. Cookie Policy

Most websites use "cookies" to identify users and improve their browsing experience. Cookies are data packets saved on your hard drive by the servers of websites you visit. They may contain information such as: (i) the name of the server that created them; (ii) a unique numerical identifier which does not personally identify the user; or (iii) in some cases, an expiry date, etc. to speed navigation, keep track of sessions and remember information. Cookies help CFM to understand how the Site is used and if some improvements and updates to the Site services should be made, based on such data (which includes for example the number of users connected on the Site) which are collected by the cookies; or to recognise you when you return to the Site.

Sharing buttons on social media (“Like” on Facebook, “+1” on Google, etc.) allows your activity to be monitored in a similar way with the objective of showing you targeted advertisements.

When you visit a web page that includes one of these buttons, the social network in question can link this page visit with your profile. It can do this even if you do not press the button or are not logged on to the network at the time. This allows the social network to tailor its advertising to match the websites you have visited and suggest groups in line with the interests it has deduced from your browsing habits.

Unless you have adjusted your browser setting so that it will refuse cookies, the Site will issue cookies when you access it. Please note that our partners may also use cookies, over which we have no control.