> ## Documentation Index
> Fetch the complete documentation index at: https://docs.traseq.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Research & Backtest Risk Disclosure

> Important disclosures about the limitations of backtests, simulations, and research outputs in Traseq.

Traseq is research and backtesting software. It helps users develop, compare,
document, and review strategy ideas. Traseq is not a broker, exchange,
custodian, execution venue, clearing firm, or investment adviser, and it does
not provide personalized investment, legal, tax, or accounting advice.

This Risk Disclosure is intended to explain the limits of the Services in plain
language. It should be read together with our
[Terms of Service](/legal/terms-of-service) and
[Privacy Policy](/legal/privacy-policy).

***

## 1. Research Use Only

The Services are provided for research, testing, documentation, workflow
support, and internal analysis.

Nothing in the Services constitutes:

* investment advice or financial advice
* a recommendation to buy, sell, hold, or transact in any asset
* a solicitation or endorsement of any strategy, market, venue, or instrument
* a guarantee that any output is suitable for your objectives, risk tolerance, or constraints

***

## 2. Hypothetical and Simulated Outputs

Backtests, simulations, model outputs, optimization results, and comparative
analytics are hypothetical.

They are generated from historical data, assumptions, parameters, and model
logic. They do not represent actual trading and should not be presented or
interpreted as actual achieved performance.

Actual outcomes can differ materially from hypothetical or simulated results.

***

## 3. Important Limitations of Backtests and Simulations

Hypothetical results may fail to capture or may understate important real-world
factors, including:

* data quality issues, missing data, stale data, or survivorship bias
* commissions, fees, funding, borrowing costs, taxes, and other transaction costs
* slippage, spread variation, market impact, and liquidity constraints
* latency, outages, routing differences, rejected orders, and venue-specific behavior
* operational failures, human error, and execution process differences
* changing market structure, regime shifts, and model instability over time

Because of these limitations, a strong historical result does not mean a
strategy will perform similarly in any live or future environment.

***

## 4. No Guarantee of Future Results

Past performance, simulated performance, and hypothetical performance are not
indicative of future results.

A profitable backtest, favorable simulation, or strong comparative report does
not mean that a strategy will be profitable, reliable, suitable, or safe under
current or future market conditions.

***

## 5. External Data and Third-Party Services

The Services may rely on third-party data sources, cloud providers,
integrations, APIs, and AI providers.

We do not guarantee the accuracy, completeness, availability, or timeliness of
third-party data or services, or of outputs derived from them.

A failure, delay, change, or inaccuracy in a third-party dependency may affect
the Services and any related output.

***

## 6. Your Responsibility

You are solely responsible for:

* deciding whether and how to use any research output
* validating strategy logic, assumptions, parameters, and risk controls
* determining whether a strategy or workflow is appropriate for your own objectives and constraints
* complying with any law, regulation, exchange rule, investor communication rule, or internal policy that applies to your use
* any decisions, actions, losses, claims, or consequences arising from your use of the Services or your reliance on any output

If you choose to use research generated with Traseq in connection with any live
environment, that use is outside the scope of the Services and remains your
responsibility.

***

## 7. No Brokerage, Custody, or Execution Services

Traseq does not:

* accept or route orders
* execute transactions
* hold customer assets
* provide brokerage services
* provide custody services
* provide personalized investment recommendations

The Services are designed to support research and evaluation, not transaction
execution.

***

## 8. No Warranty as to Accuracy or Fitness

We do not warrant that any backtest, simulation, or analysis output will be
accurate, complete, error-free, or fit for a particular purpose.

Research outputs should be treated as inputs to your own review process, not as
substitutes for independent judgment, testing, or compliance review.

***

## 9. Contact

If you have questions about this Risk Disclosure, contact:

**Traseq**\
**[support@traseq.com](mailto:support@traseq.com)**