Terms of Service

1. Who provides the service

SGG Research is a brand of DREAVERR Digital Solutions LLP, 1103 - 11871 Horseshoe Way, Richmond, British Columbia, Canada V7A 5H5 ("SGG Research", "we", "us"). These Terms govern our data analytics and research service, including the website, factor datasets, research downloads and factor API. They apply to the person or organisation using the service ("you"). If you act for an organisation, you must be authorised to accept them on its behalf.

Our service is intended for professional research and business use by adults. Review these Terms before downloading data or subscribing. Any order-specific licence we agree in writing forms part of your agreement. Mandatory rights under applicable law remain unaffected.

2. Data analytics and research service

SGG Research provides standardised factor datasets and quantitative research based on earnings-call observations. ECPND measures participation-network patterns and their evolution across companies. The scores are analytical inputs that customers can examine, backtest and combine with their own data and models.

The ECPND early access subscription delivers company-level factor scores through an authenticated API, with score dates, calculation and publication metadata, version identifiers, historical score downloads, API documentation and integration support. Coverage and missing values are explained in the API documentation and the ECPND whitepaper.

The service checks for source changes hourly. A check does not necessarily produce a new score set. Arrival of source data, eligible prices and processing completion determine when updated values become available. This is not an exchange feed or a promise of a particular delivery delay, uninterrupted availability or a score for every security on every date. Integration support concerns use of our API; bespoke model development or consulting is not included.

The free research package contains the published historical score sample, study results, cohort comparisons and a worked selection example. Its two-year sample ends eight weeks before the package release date. ECQDI material included as additional research is separate from the ECPND subscription. Access to ECQDI or a combined product is included only if expressly stated in your order.

2.1 Data sources and preparation

Our research draws on our own observations and research records, publicly accessible earnings-call materials and structured source datasets. Materials may be obtained directly or through data providers and can include company investor-relations publications, call recordings, transcripts and related corporate disclosures. Collection and preparation may be manual, semi-automated or automated, depending on the source and processing task.

We identify the company and call date, extract professional names, affiliations and speaker roles, and organise the observations into participant lists and attributed contributions. This includes linking relevant quotations or excerpts to the speaker and call recorded in the source, normalising recurring identities and connecting observations across companies and dates. These structured records support our participation networks, quantitative analysis and derived factor datasets.

A participant list describes identifiable speakers or participants recorded in the available material; it is not a register of everyone who listened to a call. Attribution reflects the source and our processing and can require correction. A transcript excerpt is not a guarantee of the exact words spoken in the audio. Where precise wording or identity matters, verify it against the original recording or an authoritative source before further use.

2.2 Source rights, quotations and attribution

Use of source material is subject to the rights applicable to that material, including our own rights, any relevant permission or licence, and statutory exceptions where their conditions are met. These may include quotation rights and fair dealing for research, criticism or review under applicable law. Any reliance on an exception must be justified by the particular purpose, extent and manner of use; describing a service as research does not itself establish that an exception applies.

Where we reproduce quotations, the extent used must be appropriate to the supporting research or analytical purpose, with source and author acknowledgements as required by applicable law. Public availability does not by itself put material in the public domain or permit unrestricted copying or redistribution. Copyright, database rights and other rights in source materials remain with their respective holders.

Your subscription provides the factor data and analytical outputs specified in your order. It does not transfer ownership of underlying recordings, transcripts or publications, or grant additional rights to republish them. Naming a company or professional, or attributing a contribution, does not imply their endorsement of our service. For a rights or attribution concern, contact us with the affected record, source and details of the concern. Our Privacy Notice separately explains the handling of identifiable professional information.

3. Data licence and permitted use

3.1 One legal entity per licence

The data, factor scores, API responses and historical downloads are licensed, not sold. Subject to payment and these Terms, we grant a non-exclusive, non-transferable, non-sublicensable licence for the factor identified in your order to one legal entity (the "Licensee"). The Licensee must be identified by its full legal name in the order, billing information or our written licence confirmation before organisational use begins. An account holder acts as its authorised representative; an email domain or a payment on another organisation's behalf does not extend the licence.

"Internal use" means use within that single legal entity. Its employees and officers may use the data for its internal work, subject to access controls and confidentiality. A branch of the same legal entity is covered. Parent companies, subsidiaries, sister companies, affiliates, joint ventures and other separately constituted entities are not covered, even if they share ownership, staff, offices or IT systems. Each additional legal entity that accesses or uses the data requires its own licence. Any wider arrangement must be expressly agreed with us in writing.

3.2 Internal use, copying and storage

The Licensee may retrieve, download, duplicate, cache, store and back up the licensed data in its controlled systems. Use is permitted solely for the Licensee's own internal business purposes within the licensed legal entity, including internal research, backtesting, model development, portfolio analysis and investment decision-making. The Licensee may calculate derived values and develop models for those internal purposes, but may not turn the licensed data or scores into products or services for third parties as described in Section 3.3. Internal copies do not require another licence, and the standard licence does not charge per employee; API request and technical limits still apply.

An investment manager may use the data internally when managing client accounts or funds within its licensed AUM limit. That does not give a client, fund, adviser or other entity access to our data or credentials. This permits the Licensee's own internal decision-making in managing those accounts; it is not permission to supply data, analytics or model services to clients. Necessary execution instructions to brokers and ordinary account statements reporting actual holdings, transactions and account performance are permitted, provided they do not disclose licensed data, scores or derived analytical outputs. This narrow operational permission does not authorise a separately supplied research product, model portfolio, index, benchmark or scoring service.

Cloud hosting, backup and other technical processors may handle the data solely on the Licensee's instructions, under confidentiality and security obligations, without independent analytical, training, distribution or commercial-use rights. They must not retain the material for their own purposes or use it to train shared or third-party models. This is a limited infrastructure permission, not an additional user licence. External researchers, consultants or organisations performing their own analysis with the data require separate permission and licensing.

3.3 No redistribution, derived products or external services

• No onward supply: do not sell, resell, publish, distribute, sublicense, lend or otherwise make the data, scores or API responses available to third parties, including another group company. This applies to files, feeds, dashboards, shared repositories and access through an intermediary or proxy.
• No derived products or services: do not create, offer, sell, license, publish or otherwise provide any product or service for third parties that incorporates, is calculated from, is trained on, or materially relies on the licensed data or scores. This includes derived datasets, adjusted or combined scores, rankings, ratings, indices, benchmarks, model portfolios, research reports, newsletters, dashboards, APIs, analytics services and models or model outputs supplied to others. The restriction applies whether supplied for payment or free of charge, and whether or not the original records can be recovered or the output competes with our service.
• No avoidance through transformation: aggregation, anonymisation, rescaling, blending with other inputs, model training or removal of source labels does not grant external-use rights. Internal derived values, trained models and their analytical outputs must remain within the licensed entity. Do not upload the material to tools that obtain independent rights to reuse, redistribute or train on it.
• No external research distribution: the standard licence does not permit publication or external delivery of customer-generated backtests, evaluation summaries or other research outputs derived from the licensed data, including aggregated results. You may link to our public papers and downloads. Any additional publication, redistribution or derived-product permission requires a separate written agreement with SGG Research before the activity begins.
• Protect credentials: API keys belong to the licensed account and may be used only by its authorised internal users and integrations. Do not transfer or disclose keys outside the Licensee, publish them, or let another legal entity use them. Keep personal login credentials private, use separate keys for integrations where practical, and promptly revoke exposed keys.
• Respect access controls: do not bypass authentication, request limits or factor entitlements, interfere with the service, or access another customer's information. The licence does not grant access to our source code or proprietary score-construction method.

These restrictions concern use of our licensed inputs and outputs derived from them; they do not claim ownership of independently developed materials created without using those inputs. The limited account-management and technical-processing permissions in Section 3.2 remain applicable. Our separate permission for designated press materials also remains applicable, but does not extend to score files, API responses or customer-created derived products. Disclosure strictly required by applicable law or a binding regulatory or court order is permitted to the required extent, with notice to us where lawful and reasonable efforts to preserve confidentiality. Mandatory legal rights remain unaffected.

3.4 Standard licence: up to USD 250 million AUM

The standard early access subscription covers a Licensee with Licence AUM of no more than USD 250,000,000. Above that limit, a separately agreed enterprise licence and individual quotation are required before subscribing or using the paid data. Contact us for a custom licence offer.

For this agreement, "Licence AUM" is the combined net asset value, including cash, of all investment portfolios and mandates the Licensee manages, sub-advises or provides ongoing investment advice for, plus its proprietary investment capital. It includes all its strategies and accounts, not just those using our factor. Count the same underlying assets once and use portfolio net asset values rather than leveraged gross exposure or derivative notional amounts. This is a contractual pricing measure, not a regulatory AUM definition.

Assess eligibility using the most recent normal month-end valuations and review it at least monthly, converting other currencies to USD on a consistent month-end basis. A material new mandate or acquisition must also be considered when it takes effect. A research-only business with no managed, advised or proprietary investment assets may report zero; that does not authorise an external data, model or research-distribution service.

If Licence AUM exceeds the limit stated in your licence, notify us in writing without undue delay and in any event within three calendar months of the date the limit is first exceeded. Monthly review remains your responsibility. State the licensed entity, valuation date, reported AUM and date of the exceedance. This obligation applies to the standard USD 250 million limit and any individually agreed limit.

For an existing standard subscriber, exceeding USD 250 million requires a mutually agreed individual licence. The existing terms permit a temporary transition of up to three calendar months from the first exceedance, during which you must notify us and seek agreement on the revised scope and price. This is not a permanent extension of the early access allowance. Continued use above the limit after that period requires a signed or otherwise expressly accepted written licence, or a written transition extension. If no agreement is reached, use beyond the licensed scope must cease and we may end ongoing delivery under Section 7. There is no automatic upgrade, retrospective AUM surcharge or obligation on either party to accept proposed enterprise terms. Any prepaid service period we end early without a separate material breach is handled under Section 7.

3.5 AUM reporting and proportionate verification

Provide accurate entity and Licence AUM information on application and with any required update. Report AUM in USD, rounded to the nearest USD 1 million, together with the valuation date and the basis of calculation, including the exchange-rate source for non-USD assets. Licence eligibility is determined by the underlying unrounded amount: rounding must not conceal a limit exceedance. Buying several subscriptions does not combine their limits into a larger allowance.

We may request confirmation of the licensed entity, Licence AUM and compliance with the entity and AUM scope no more than twice in any rolling twelve-month period. Requests must be reasonable, proportionate and specific. You must provide sufficient information and supporting evidence to make the declaration understandable and verifiable, normally within 30 calendar days of a written request, or another reasonable period agreed with us. Clarifications concerning the same records form part of that request; a new valuation period or materially expanded scope counts as a new request. This limit does not remove your duty to notify us of an exceedance.

Suitable evidence may include a confirmation from an authorised finance or compliance officer, relevant management-account extracts, published regulatory filings, or an administrator's or auditor's confirmation. Redacted or aggregated documents are acceptable where they allow the relevant totals and entity scope to be checked. We do not routinely require client identities, individual holdings, trading strategies, credentials or access to your systems. Where disclosure would breach a legal or confidentiality obligation, tell us and agree a reasonable alternative form of evidence.

We treat non-public verification material as confidential and use it only for licence administration, compliance and related disputes. Access is limited to personnel and professional advisers who need it and are bound by confidentiality, except where disclosure is required by law. Personal information is handled under our Privacy Notice. If requested verification remains unavailable, we will explain the deficiency and allow a reasonable opportunity to remedy it before considering suspension or termination under Section 7.

3.6 Retained data and free evaluation

You may retain lawfully received datasets, copies and snapshots after ordinary cancellation for internal historical research, backtesting, reproducibility and record keeping. Internal analytical use remains subject to the same entity scope, applicable AUM limit and redistribution restrictions. Retention alone does not entitle you to new data, updates, API access or a transfer to another entity. Confidentiality, internal-use, non-redistribution and derived-product restrictions survive the end of the subscription and continue to apply to retained copies and outputs derived from them.

The free research package may be downloaded and used for internal evaluation and backtesting, including by organisations above the standard AUM limit considering an enterprise licence. It is not a subscription or a licence to an ongoing production feed, external distribution or third-party data service. The same internal-evaluation, non-redistribution and derived-product restrictions apply to the free score sample and other research-package datasets; a free download does not grant external-use rights.

SGG Research and its licensors retain ownership of the service, documentation and proprietary methodology. You retain ownership of your own models, code and analysis, but ownership does not grant a right to distribute, license or commercialise material derived from our licensed inputs outside the permitted internal use. A written enterprise licence may expressly agree a different scope.

4. Price, billing and renewal

The advertised ECPND subscription is USD 1,850 per month, billed as USD 5,550 every three months. The monthly figure is a price equivalent, not a monthly billing option. Applicable taxes are shown before payment. Unless your order states otherwise, the subscription renews automatically for successive three-month periods until cancelled.

Access arrangements and the product being purchased are confirmed before billing. Where you purchase through Paddle, Paddle is the authorised reseller and merchant of record for that transaction. Its Buyer Terms govern the payment relationship; these Terms govern our product licence and service. We do not collect your full payment-card number or card security code.

Failed payments may interrupt access. We do not impose automatic overage charges for exceeding API request limits or automatically move you to a higher AUM tier. A change of product, licensed scope or price requires the applicable order or express agreement before billing.

4.1 Limited early access admission

Early access is a limited allocation of licences, not an unlimited offer. The allocation is managed internally and availability is shown at the point of subscription. Admission of new early access subscribers pauses when either the available licence allocation is exhausted or aggregate Licence AUM reaches USD 1,000,000,000, whichever occurs first. An order that would exceed the remaining AUM capacity cannot be admitted on the standard early access offer. An enquiry, account registration or incomplete checkout does not reserve a licence.

For the aggregate AUM threshold, we use the latest declared and, where requested, verified Licence AUM of admitted early access Licensees, counting the same legal entity once even if it subscribes to more than one factor. This is actual declared Licence AUM, not the sum of the maximum allowances attached to licences. The threshold is an admission limit, not a statement that this amount is invested using our factors. Closing admissions does not terminate or reprice an existing compliant subscription. Later cancellations or reductions in AUM do not automatically reopen the offer.

4.2 Existing early access terms continue

For a subscription purchased as early access, the agreed early access price, quarterly billing arrangement and licensed factor scope continue for as long as that same subscription remains uninterrupted and within its agreed licence limits. For the standard licence, continued eligibility means Licence AUM remains at or below USD 250 million, subject to the temporary transition in Section 3.4. Closure of new admissions, moving the factor into regular commercial availability, changing its marketing label or raising the price for new customers does not by itself change those terms for your existing subscription.

The protected price excludes applicable taxes and any additional product, expanded AUM allowance or other change you expressly agree to purchase. It does not include all future factors, a perpetual API entitlement, a fixed score methodology or an obligation to operate the service indefinitely. Ordinary data, score-version and API updates remain subject to Section 7.

The early access arrangement ends when the subscription actually ends: after cancellation takes effect, after a lapse for non-payment following any applicable payment-recovery period, or upon termination under these Terms. A cancellation request does not remove the agreed terms during the remaining paid period. A later new subscription is subject to the then-available offer unless we agree otherwise in writing. Transfer to a different legal entity or an AUM upgrade requires its own agreed licensing arrangement.

5. Cancellation and refunds

You can cancel future renewals at any time before the next renewal. Access continues until the end of the paid billing period unless the subscription is refunded or otherwise lawfully ended under these Terms. Cancellation alone does not create a right to a refund of the current quarter. Our separate obligations if we discontinue prepaid service are stated in Section 7.

For a Paddle purchase, use the manage-subscription link in your receipt or Paddle's customer support. For an account arranged directly with us, use the cancellation control in your account or contact us. Our Refund Policy explains the applicable refund process. It does not limit statutory withdrawal, cancellation or refund rights.

6. Research purpose and no financial advice

This product and service are provided for data analytics and research purposes and do not constitute financial or investment advice. Factor scores, datasets, visualisations, documentation and studies are general analytical information. They are not recommendations or instructions to buy, sell or hold any security, and they do not assess whether an investment is suitable for you.

The service does not consider your financial circumstances, objectives or risk tolerance. It does not establish an advisory or fiduciary relationship. We do not execute customer orders, hold investment funds or manage customer portfolios through this subscription.

A factor score is neither a probability of a price increase nor a predicted percentage return. The published portfolio rules and selection examples describe research experiments and ways to evaluate the supplied data. Backtests reflect the data, timing rules and assumptions disclosed in each study; historical return differences are not a live track record or a guarantee of future results.

You independently assess the data and its suitability for your research, determine any use in your own models and remain responsible for your investment decisions, execution and risk controls. Any investment decisions should take account of your own analysis and, where appropriate, advice from an appropriately qualified professional.

7. Service operation and changes

We may correct source observations, publish new score versions and maintain the API. Use the timestamps and version fields to identify the records used in your research. We aim to give reasonable notice of material API or product changes; urgent security measures and corrections may require immediate action. Early access does not include a contractual uptime or response-time guarantee.

Computer systems and automated data processing can fail. Source records, calculations, storage, transmission and integrations may contain errors, omissions, duplicates, incorrect identifiers or timestamps, stale values or corrupted records. Software defects, infrastructure failures and third-party outages can also delay updates or interrupt access. Such problems may occur despite validation and monitoring, and may not be detected immediately. A successful API response or a valid file format does not establish that every underlying value is correct or suitable for your intended use.

We may restrict access where reasonably necessary to address security incidents, unlawful use, non-payment or a material breach, including unauthorised redistribution or credential sharing. Where practical, we will explain the issue and allow it to be resolved. Urgent legal or security circumstances may require immediate action.

7.1 Discontinuation and prepaid access

We may discontinue a factor or the service for commercial, technical or legal reasons. For a planned permanent discontinuation, we will give at least 30 days' notice where reasonably possible. Immediate or shorter-notice action may be necessary where continued operation would be unlawful or create a material security risk. The continuation of early access terms does not guarantee that a product will remain available indefinitely.

We will stop future renewal charges for the discontinued service. If we end paid access before the prepaid period expires for reasons other than your material breach, we will arrange a proportionate refund for the unused service period through the merchant of record, including Paddle where applicable. This does not reduce any greater refund or other rights required by law or the applicable purchase terms. Permitted retention of previously delivered data is governed by Section 3.5.

8. Data validation, warranty exclusions and liability

8.1 No guarantee of accuracy or uninterrupted operation

Except for an express commitment in your written agreement and to the extent permitted by law, the service, API, datasets, scores, downloads and research materials are provided "as is" and "as available". We disclaim express and implied warranties of accuracy, completeness, currency, reliability, merchantability and fitness for a particular purpose. We do not guarantee uninterrupted or error-free operation, compatibility with your systems, detection or correction of every defect, or any analytical, commercial or investment outcome.

Quality checks, historical verification and published research results do not constitute a guarantee that an individual record, future delivery or downstream result is correct. This clause remains subject to the rights and obligations preserved in Section 8.5.

8.2 Your obligation to check the data

Before using the data in further processing, analysis, models, reports or decisions, you must perform your own checks for consistency, plausibility, completeness and suitability for the intended use. The depth of those checks should reflect the consequences of an error. In particular, you must:

• Check identifiers, coverage, dates, timestamps, data age, version information, value ranges, missing observations and any reported delivery limitations against the documentation and your expected inputs.
• Investigate material anomalies and compare critical inputs with appropriate independent records or other checks before relying on them. Do not assume that a successful request, a well-formed response or a previous valid delivery establishes correctness.
• Test your integrations and downstream calculations, and maintain appropriate controls for missing, stale, inconsistent or unexpectedly changed data. Keep the snapshots and versions needed to reproduce your own work.
• Suspend reliance on affected records when you identify a material inconsistency or receive a correction notice, investigate the issue and contact support where clarification is needed.

You are responsible for your own processing, model assumptions, interpretation and decisions. Our checks do not replace yours. Failure to validate does not waive a mandatory legal right, but we are not responsible, to the extent permitted by law, for losses caused by your failure to apply these controls or by continued use of data you know to be materially defective.

8.3 Excluded losses and claims

Subject to Section 8.5 and to the fullest extent permitted by law, we exclude liability, and claims against us, for:

• Investment or trading losses, lost profits, revenue, anticipated savings, business opportunities or goodwill arising from use of or reliance on the data, scores or research.
• Indirect, incidental, special or consequential loss, including downstream disruption, loss or corruption of data, and the cost of replacement data or services.
• Loss caused by your own modifications, incorrect integration, unauthorised use, or models, systems and decisions outside our control, including claims brought against you by your customers or other third parties as a result of those activities.

These exclusions apply whether a claim arises in contract, tort, negligence or otherwise, and whether the alleged loss follows a data error, omission, delay, correction, service interruption or other failure. They apply only to the extent permitted by applicable law and do not remove the delivery or refund obligations preserved below.

8.4 Limit on remaining liability

Where liability is not excluded above, and to the extent legally permitted, our total aggregate liability for damages and all other claims arising from or relating to the service shall not exceed the full amount of the payments you made for that service during the twelve (12) months immediately preceding the event giving rise to the claim. This includes payments made through an authorised reseller such as Paddle.

The maximum compensation is therefore limited to an amount equal to reimbursement of those twelve months of payments. This is one combined ceiling for all claims, not a separate allowance for each claim, incident, record or API request. It does not create an automatic right to a refund or compensation and remains subject to the exceptions and mandatory rights in Section 8.5.

8.5 Rights and obligations that remain protected

Nothing in these Terms excludes or limits liability for fraud, fraudulent misrepresentation, wilful misconduct or gross negligence, or liability for death, personal injury or any other matter where exclusion or limitation would be unlawful. Mandatory statutory warranties, consumer protections and other non-excludable rights remain unaffected.

These provisions do not release us from an express written commitment, the obligation to provide the purchased service, or any applicable remedy for non-delivery, including refunds required by law or the applicable purchase terms. They do not alter Paddle's obligations or your rights under its Buyer Terms and Refund Policy.

9. Privacy, updates and governing law

Our Privacy Notice explains how we handle account, usage and research-source information. The version stated on this page identifies these Terms. New orders accepted under this version use its licensing conditions; it does not retrospectively remove rights under an earlier accepted agreement or a separate written licence.

We may update these Terms as the service changes. We will give active customers at least 30 days' notice of material changes where reasonably possible, unless an earlier change is required by law or necessary to address an urgent security issue. Any consent required by law will be obtained. General updates do not override the protected early access price and licence arrangement in Section 4.2 without your express agreement.

These product Terms are governed by the laws of British Columbia and the applicable federal laws of Canada. This choice does not remove protections or rights to bring proceedings that apply mandatorily in your place of residence. If a provision is unenforceable, the remaining provisions continue to apply.

10. Contact

For product access, licences, account help or legal questions, contact our shared support team and include "SGG Research" in your message.