Disclaimer

Effective: October 19, 2026

This page sets out the investment, market, and content disclosures that apply to the liminalmacro.com website and the Liminal Macro product, including the Liminal Private tier (together, the "Site"). It supplements, and is incorporated into, the Terms of Service. By using the Site, you acknowledge and accept everything below.

All content on the Site is provided for general informational and educational purposes only. It is not investment advice, and it is not a recommendation, offer, or solicitation to buy, sell, or hold any security or other financial instrument, or to adopt any investment strategy. Nothing on the Site is tailored to your financial situation, investment objectives, tax position, liquidity needs, time horizon, or risk tolerance, and nothing on the Site should be relied upon as the basis for any investment decision.

Liminal Macro LLC is not registered as an investment adviser or broker-dealer with the U.S. Securities and Exchange Commission, with any state securities regulator, or with any other financial regulatory authority, and is not a commodity trading advisor. It does not manage assets, hold custody of assets, execute trades, or exercise discretionary authority over any account.

No advisory, fiduciary, brokerage, or confidential relationship is created between you and Liminal Macro by your use of the Site, by any communication about the Site, or by providing information to the Site. Liminal Macro does not act as your agent or fiduciary in any capacity.

Liminal Private is an authenticated tier in which content is organized around, and may reference, portfolio holdings entered for an account. Organizing information around holdings is not investment advice and is not a suitability assessment. Liminal Private identifies which market developments touch entered positions and states factual exposure information about them. It does not evaluate whether any position is appropriate for any person, and it does not recommend that any position be bought, sold, held, hedged, or resized.

Access to Liminal Private is provided at no charge and does not create an advisory relationship. Every disclosure on this page applies to Liminal Private in full, without exception.

Content on the Site is generated substantially by artificial intelligence using third-party large language models. AI-generated content can contain errors, omissions, inaccuracies, or outdated information, and can present incorrect statements with apparent confidence. Independently verify any information on the Site before relying on it for any purpose.

Market, economic, and company data on the Site is obtained from third-party providers and public sources. Liminal Macro does not independently verify that data and does not control it. Data may be delayed, incomplete, revised, or inaccurate, and is provided without any warranty as to accuracy, completeness, or timeliness. Prices and values shown may not reflect current market conditions or executable levels.

Liminal Macro does not present a performance record, verified track record, or audited results, and makes no representation about the historical accuracy of its output. Any reference on the Site to a prior observation and what subsequently occurred is an individually selected illustration of the research process. Such examples are not exhaustive, are not a representation of overall accuracy, and are not indicative of future results.

Content may contain forward-looking statements, scenarios, or conditional analysis. These reflect assumptions and judgments that may prove incorrect, are subject to change without notice, and are not predictions or guarantees of any future market outcome.

Investing involves substantial risk, including the possible loss of principal. Past performance is not indicative of future results. The value of investments can fall as well as rise, and you may not recover the amount invested. Different investments carry different risks, and no investment is suitable for every investor. You should consult a qualified, licensed financial, tax, or legal professional regarding your specific circumstances before making any investment decision.

You are solely responsible for your own investment decisions and for any action you take or do not take on the basis of content on the Site. Liminal Macro accepts no responsibility or liability for any such decision or action, or for any loss arising from it, to the fullest extent permitted by law. The limitations of liability in the Terms of Service apply to this page in full.

Liminal Macro, its members, employees, contractors, and affiliates may hold, acquire, or dispose of positions in securities or other instruments referenced on the Site, and may do so at any time without notice and without updating any content that references them. Content on the Site should not be assumed to be independent of those interests. Liminal Macro does not currently receive compensation from any issuer for producing or publishing content about that issuer.

The Site is operated from the United States and is intended for users in jurisdictions where its content may lawfully be provided. Nothing on the Site is an offer or solicitation in any jurisdiction where such an offer or solicitation would be unlawful, or to any person to whom it would be unlawful to make it. If you access the Site from outside the United States, you do so on your own initiative and are responsible for compliance with your local laws.

Content on the Site is prepared by reference to United States markets, instruments, and market conventions. It is not prepared in accordance with the legal or regulatory requirements of any other jurisdiction, including any requirement designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of its dissemination. It is not directed at any person in a jurisdiction where its publication or availability would breach applicable law or regulation.

Liminal Macro is not authorised or regulated by any non-U.S. financial regulator, including the United Kingdom Financial Conduct Authority. Nothing on the Site constitutes a financial promotion, investment recommendation, or investment research within the meaning of the rules of any such regulator, and no protections conferred by any such regulator, including access to compensation or ombudsman schemes, apply to your use of the Site.

Your use of the Site is subject to the assumption of risk, exclusion of damages, cap on liability, and stated exceptions set out in the Terms of Service, which apply to everything on this page. Nothing on this page or in the Terms excludes or limits liability for fraud, for death or personal injury caused by negligence, for gross negligence or willful misconduct, or for anything else that cannot lawfully be excluded. If you are a consumer resident in the European Economic Area or the United Kingdom, your mandatory statutory rights are unaffected.

These disclosures may change as the product changes. Material changes will be reflected on this page with an updated effective date. Continued use of the Site after a change takes effect constitutes acceptance of the updated disclosures.

Questions about these disclosures: hello@liminalmacro.com.