Simulation-Only & No-Investment-Advice Disclaimer

Effective date: 2026-07-16 Version: v1

This is the controlling risk statement, incorporated by reference into the Terms of Service. It is linked wherever paid or simulated results are shown (claim page, proof page, footer).

Simulation-only

The kestrel.markets Platform, operated by Longtail Studios, LLC, provides deterministic simulation, historical/derived-data analysis, and certified grading. Everything the Platform produces is a simulation or an evaluation of hypothetical performance. Simulated and "paper" sessions do not involve real orders, real money, or a live market, unless and until you separately establish live or broker authority through a human signer and your own authorized broker relationship.

Not investment advice

Nothing on the Platform — no simulation, metric, grade, certified proof, price sheet, document, or interface — is investment, financial, legal, tax, or accounting advice, or a recommendation, solicitation, or offer to buy or sell any security, future, or other financial instrument. Longtail Studios, LLC does not provide brokerage, broker-dealer, investment-adviser, commodity-trading-advisor, exchange, or fiduciary services, does not act as your broker, adviser, or fiduciary, and does not author, endorse, or evaluate the merits of any strategy you run.

Hypothetical & simulated performance carries inherent limitations

Hypothetical and simulated results have inherent limitations. They are prepared with the benefit of hindsight, do not represent actual trading, and do not account for many real-world factors (including but not limited to liquidity, slippage, latency, fees, market impact, and the emotional and operational realities of live trading). No representation is made that any account will or is likely to achieve results similar to those shown. Past and simulated performance is not indicative of future results.

Your decisions are your own

Any decision to trade, or to deploy any strategy in a live or paper environment, is solely yours. Trading involves substantial risk of loss and is not suitable for every person. You should consult your own licensed financial, legal, and tax advisors before making any investment decision. Longtail Studios, LLC accepts no liability for any trading or investment decision or loss.

Derived data only

Results are computed from derived artifacts. Raw licensed market data is platform-private and is never redistributed; the Platform does not provide a raw market data feed.

Contact

Questions: legal@kestrel.markets, Longtail Studios, LLC.