Scarb Terms of Use

Scarb (scarb.cc) is operated by Desmoware Ltd, a private limited company registered in England and Wales under company number 12205425, with its registered office at 3rd Floor, 86-90 Paul Street, London EC2A 4NE ("Desmoware", "we", "us", "our").

These terms form a legally binding agreement between you and us when you create a Scarb account or otherwise use Scarb. Please read them carefully, in particular section 4 (Scarb is not investment advice), section 5 (limits of the analysis) and section 11 (our responsibility to you). If you do not agree to these terms, do not use Scarb.

Our Privacy Notice explains how we handle your personal data. It is provided for your information; it does not form part of this agreement, and accepting these terms is not consent to anything described in it.

To use Scarb you must:

• be at least 18 years old;
• use Scarb only for your own personal, non-commercial purposes, to track and analyse your own investments; and
• give us accurate registration details and keep them up to date.

You may hold only one account, and you must not use Scarb on behalf of anyone else or to provide advisory, portfolio management or other professional services to others. If you would like to use Scarb in a business or professional context, contact us first.

Scarb lets you record portfolios manually (instruments, quantities, acquisition prices and dates, and cash balances), view valuations and charts based on delayed end-of-day prices, compare your portfolio with a benchmark index, view sector and asset-type breakdowns, run portfolio optimisation analysis on instruments you select, and view news headlines about instruments you hold.

Scarb is an information and analysis tool only. We do not hold your money or securities, we are not connected to your brokerage accounts, and we do not place, route or execute trades. Nothing you do in Scarb changes anything in any account you hold elsewhere.

Scarb is currently provided free of charge. If we introduce paid features, we will tell you the price and any additional terms before you are asked to pay, and you will never be charged without your explicit agreement.

Scarb is under active development. We may add, change or remove features from time to time (see section 13).

Scarb provides analytical tools, not investment advice. All figures are mathematical analysis of the instruments and historical window you selected. Past performance does not predict future results.

In particular:

• Desmoware is not registered as an investment adviser with the US Securities and Exchange Commission or any US state, is not a broker-dealer, and is not authorised or regulated by the UK Financial Conduct Authority. We do not provide investment, financial, tax, legal or accounting advice.
• Everything Scarb shows you is impersonal: the same mathematical methods applied to the instruments you chose, the historical period you chose and the parameters you set. Scarb does not take into account your objectives, financial circumstances, tax position, time horizon, risk tolerance, or any assets you have not entered.
• No output of Scarb, including optimised weights, efficient frontier charts, risk metrics or simulated performance, is a recommendation to buy, sell or hold any investment, or a statement that any allocation is suitable for you.
• Words such as "optimal", "efficient" and "maximum Sharpe" are technical terms describing the result of a mathematical model on historical data. They are not a judgement about what you should do.
• Scarb only analyses instruments you have selected, and does not send you unsolicited suggestions to change your portfolio.
• You are solely responsible for your investment decisions. Before making any investment decision you should consider taking advice from a suitably qualified and regulated professional.

Scarb's analysis relies on historical data and standard quantitative models, all of which have significant limitations. By using Scarb you acknowledge that:

• History is not a forecast. Returns, volatility and correlations are estimated from the historical window you choose and may not persist in the future.
• Mean-variance optimisation is sensitive to its inputs. Small changes to the historical window, the instruments included or the risk-free rate can produce very different allocations.
• Results are in-sample. The efficient frontier and optimised weights are calculated from, and evaluated against, the same historical data. They therefore show what would have looked best with hindsight, and overstate what could have been achieved in real time.
• The model is simplified. Optimisation is long-only with weights summing to 100%. Figures may not reflect dividends, fees, taxes, transaction costs, bid-ask spreads or currency effects.
• Eligibility thresholds apply. Instruments without at least five years of daily price history are excluded from optimisation. Scarb tells you which instruments were excluded and why.
• Risk metrics are historical. Value at Risk, Conditional Value at Risk and maximum drawdown describe past behaviour over the chosen window. They are not a prediction of, or limit on, future losses, and actual losses can be larger.
• Simulated performance is hypothetical. Where Scarb shows how an optimised allocation would have performed, the simulation applies the weights once at the start of the window with no rebalancing. It does not represent actual trading or actual results, and hypothetical performance has inherent limitations, including the benefit of hindsight.
• Default assumptions are only defaults. The default risk-free rate is a fixed assumption set by us and may not reflect current rates. You can change it for each analysis.

• Prices are delayed. Prices in Scarb are end-of-day and delayed, not real-time. Do not rely on them for trading.
• Data comes from third parties. Market data and instrument information are obtained from third-party providers. They may be incomplete, inaccurate, delayed, or not fully adjusted for corporate actions such as stock splits. We do not guarantee their accuracy, completeness or availability.
• Valuations are estimates. Portfolio values and profit and loss figures are calculated from the data you enter together with third-party prices. They are not an official record. Always check against your brokerage statements, and do not use Scarb figures for tax reporting.
• News is third-party content. Headlines, summaries and any sentiment labels shown alongside news come from third-party providers. They do not represent our views, are not investment signals, and are not verified by us. Links to third-party websites are provided for convenience; those sites are governed by their own terms.
• Coverage is limited. Scarb supports a defined range of US-listed stocks and ETFs, which we may change.
• No redistribution. Market data is licensed to us for display within Scarb. You must not copy, extract, redistribute or commercially use it. Our data providers' requirements may oblige us to change or withdraw data or features at short notice.

Sign-in for Scarb is managed by Amazon Cognito. Scarb's servers process your password when you register, sign in or change it, and pass it to Cognito, which handles authentication. We do not save your password in Scarb's own database.

You must keep your password and sign-in credentials confidential and tell us promptly at support@scarb.cc if you believe someone else has accessed your account. You are responsible for activity under your account, except where it results from our failure to take reasonable security measures.

We will send you service emails, such as account verification, security notices and notice of changes to these terms. These are part of providing Scarb and are separate from any marketing emails you may opt into.

You own the portfolio information you enter into Scarb. You give us permission to store and process it only as needed to operate, secure and support Scarb and as described in our Privacy Notice. We do not sell your data, and we do not use your portfolio information to trade.

You are responsible for the accuracy of the information you enter. Scarb is not a system of record, so please keep your own records of your investments. Optimisation results are displayed for viewing and are not saved.

Scarb does not require sensitive personal information, such as details of your health, beliefs or political opinions. Please do not include it in your account details, portfolio names or messages to us.

You must not:

• use Scarb in breach of any law or regulation;
• access, or attempt to access, another user's account or data;
• scrape, crawl or access Scarb by automated means, or extract data from it in bulk;
• copy, modify, decompile or reverse engineer Scarb, except to the extent the law allows this and cannot be excluded by contract;
• probe, test or interfere with Scarb's security, or introduce viruses or other harmful code;
• place an unreasonable load on Scarb or disrupt its operation;
• resell, sublicense or otherwise make Scarb available to anyone else;
• use Scarb's outputs to provide investment advice or services to others, or present them as recommendations from you or from us; or
• impersonate anyone or misrepresent your identity.

Scarb, including its software, design, text and branding, is owned by us or our licensors. We give you a personal, non-exclusive, non-transferable, revocable licence to use Scarb in accordance with these terms. You may save or print your own analyses for your personal use. No other rights are granted.

If you send us feedback or suggestions, we may use them without any obligation to you.

What we cannot exclude. Nothing in these terms limits or excludes our liability for death or personal injury caused by our negligence, for fraud or fraudulent misrepresentation, or for anything else that cannot be limited or excluded by law. If you are a consumer, nothing in these terms affects your statutory rights.

Foreseeable loss. If we breach these terms or fail to use reasonable care and skill, we are responsible for loss you suffer that is a foreseeable result of that breach or failure. We are not responsible for loss that was not foreseeable when you started using Scarb.

Investment decisions. Scarb provides information, not advice, and every investment decision is yours. To the fullest extent permitted by law, we are not responsible for any investment gains or losses, trading losses or missed opportunities resulting from decisions you make, whether or not you used Scarb in making them.

Personal use only. Scarb is provided for personal use. We are not liable for any loss of business, profit, revenue or business opportunity.

Overall limit. To the fullest extent permitted by law, our total liability to you arising from or in connection with Scarb or these terms is limited to £100.

Service provided "as is". To the fullest extent permitted by law, Scarb is provided "as is" and "as available". We do not promise that it will be uninterrupted, error-free or secure, or that any data or result will be accurate, complete or fit for any particular purpose. Some jurisdictions do not allow certain warranties to be excluded or liability to be limited; where that applies to you, the exclusions and limits above apply only to the extent that the law allows.

You can stop using Scarb at any time.

To close your account, use Delete Account on your profile page and confirm. This removes your portfolios, holdings and account record from Scarb's application database and deletes your Cognito sign-in account. Some records are kept after closure for the periods and reasons set out in our Privacy Notice; deleted records may also persist in backup history for the backup-retention period described there.

Deletion is not reversible, and we cannot restore a closed account or its contents. If the deletion does not complete, Scarb will show you an error. Tell us at support@scarb.cc if that happens, or if you cannot sign in to delete the account yourself, and we will complete the closure and confirm when it is done.

We may suspend or close your account if you materially breach these terms, if we are required to by law or by our service or data providers, or where necessary to protect Scarb or other users. Where reasonable, we will give you notice and an explanation first.

We may discontinue Scarb entirely. If we do, we will give you reasonable notice, and at least 30 days' notice where we can.

Sections 4, 5, 6, 10, 11, 15 and 16 continue to apply after your account is closed.

We may update Scarb from time to time, including adding, changing or removing features.

We may also update these terms. The version and effective date of the terms currently in force are shown at the top of this page. If we make a material change, we will tell you by email or in Scarb at least 30 days before it takes effect, and we may ask you to accept the new version when you next sign in. If you do not agree to a change, you can close your account before it takes effect. Changes required by law, or made for security reasons, may take effect sooner. Your continued use of Scarb after a change takes effect means the updated terms apply.

If you have a question or complaint about Scarb, contact us at support@scarb.cc. We will look into it and reply.

If your complaint is about how we have handled your personal data, contact privacy@scarb.cc. We will acknowledge it within 30 days, investigate without undue delay, keep you informed and tell you the outcome. You can also complain to the Information Commissioner's Office at any time, as explained in our Privacy Notice.

These terms are governed by the law of England and Wales.

If you are a consumer living in the United Kingdom, you may bring proceedings in the courts of England and Wales, or, if you live in Scotland or Northern Ireland, in the courts of your home nation.

If you live outside the United Kingdom, choosing English law does not deprive you of any mandatory consumer protections that apply under the law of the country where you live, and you may bring proceedings in the courts of that country where its law gives you that right.

• Entire agreement. These terms are the entire agreement between you and us about Scarb.
• Transfer. We may transfer our rights and obligations under these terms to another organisation, and will tell you if we do. Your rights under these terms will not be affected. You may not transfer your rights or obligations without our written consent.
• Third parties. No one other than you and us has any right to enforce these terms.
• Severability. If a court finds any part of these terms invalid or unenforceable, the rest will continue to apply.
• No waiver. If we delay enforcing these terms, we can still enforce them later.
• Events outside our control. We are not responsible for delays or failures caused by events outside our reasonable control, including failures of third-party infrastructure or data providers.