Hiive50 Index Disclaimers & Acknowledgments

Copyright; Restrictions on Use

© 2024 The Hiive Company Limited (“THCL” and, together with its affiliates, “Hiive”). All rights reserved. The Hiive50 Index is calculated and disseminated by THCL and is a trademark of THCL.

The Hiive50 Index (including index data and company transaction data) or any part thereof may not be modified, reverse-engineered, reproduced, scraped or distributed in any form or by any means, or stored in a database or retrieval system, without THCL's prior written permission. Redistribution or reproduction of the Hiive50 Index in whole or in party is prohibited without written permission of THCL.

Without a separate license agreement with THCL, you may not:

1. Use the Hiive50 Index or related marks or content in connection with the creation, operation, issuance, marketing or promotion of any financial product, instrument, index, or service;
2. Use any such content/information in the operation of your or a third-party financial database or index business;
3. Use any such content/information to populate any database that is commercial and/or distributed to third parties;
4. Redistribute such content/information outside of your company or firm;
5. Use the Hiive50 Index or related marks or content in connection with any SEC, government or regulatory filing;
6. Use the Hiive50 Index or related marks or content to promote, market or endorse, or to create the impression that Hiive endorses, approves of or is connected to any investment vehicle, product or service marketed, promoted, distributed, offered or sold by or on behalf of you; and
7. Use the Hiive50 Index or related marks or content in any manner or in connection with any activity except for noncommercial informational internal research purposes as permitted hereunder.

Accuracy

The Hiive50 Index is provided for informational and educational purposes only. THCL makes no assurance that any investment products based on or underlying the Hiive50 Index will accurately track index or market performance or provide positive investment returns.

Membership in the Hiive50 Index is determined by a ranked scoring methodology based on the liquidity scores of all securities on the Hiive platform. Each security's liquidity score is based on the number and volume of closed transactions in the 180 days prior to the reconstitution date. Price calculations for individual Hiive50 constituents do not consider the transaction size, share series, or transfer method related to a specific order, accepted bid, or transaction. The Hiive50 Index price is not intended to, and does not necessarily, represent the market price of any securities (I.e., the price at which you could buy or sell such securities).

Not Professional Advice

THCL is not an investment adviser and does not provide advice of any kind, including investment, legal, accounting or tax advice. Past performance of the Hiive50 Index is not an indication or guarantee of future results. The Hiive50 Index is not tailored to the needs of any person, entity, or group of persons. A decision to invest in any private non-reporting issuer or private non-reporting issuer investment fund should not be made in reliance on the Hiive50 Index. While exposure to the private non-reporting issuer asset class represented by the Hiive50 Index may be available through investable instruments, the Hiive50 Index is not an investable instrument.

The Hiive50 Index does not in any way constitute a recommendation to purchase, hold, or sell any securities or to make any investment decisions, and does not address the suitability of investment in any security. THCL does not assume any obligation to update the Hiive50 Index following publication in any form or format. The Hiive50 Index should not be relied on and is not a substitute for the skill, judgment and experience of the user or its management, employees, or legal, financial and tax advisors when making investment and other business decisions.

Risk of Unregistered Securities

Investing in unregistered securities of private non-reporting issuers (“Unregistered Securities”) is highly speculative and very risky. Unregistered Securities are inherently illiquid and there is no guarantee that a market will be available for them. Accordingly, investment in these securities is appropriate only for those investors who can tolerate a high degree of risk, can withstand a total loss of investment, and do not require liquidity of their investment. Each investment carries its own specific risks and there is often limited or incomplete information available to evaluate such risks. Anyone considering buying or selling Unregistered Securities through Hiive must complete his or her independent due diligence regarding a given investment, including obtaining additional information about the company, opinions, financial projections and legal or other investment advice.

Because the market for Unregistered Securities is illiquid, and the attributes of shareholdings are not uniform, the price that a seller can get for his or her shareholding may vary significantly from one day to the next and one transaction to the next, and may be more or less than the "fair market value" for that stock. While Hiive endeavours to provide as much and as accurate information as possible about the "price" or the "market" for a given security, in all cases these are estimates or approximations, and may be based on a small sample size of bids, listings, and transactions. When a shareholder sells Unregistered Securities through Hiive, he or she may find the "price" for those securities appreciates or depreciates following the sale, and by agreeing to sell shares at a specified price, a shareholder is giving up the opportunity to sell at a possible higher price in the future.

Conflicts

Inherent, actual, or potential conflicts of interest may exist between Hiive and some of its affiliates or clients. Hiive does not sponsor, endorse, sell, promote, or manage any investment fund or other investment vehicle itself or that is offered by third parties and that seeks to provide an investment return based on the performance of the Hiive50 Index or to track the Hiive50 Index.

Hiive is not affiliated with, or sponsored by, any of the companies included in the Hiive50 Index. However, affiliates of Hiive receive compensation for facilitating the purchase and sale of Unregistered Securities and private non-reporting issuer funds included in the Hiive50 Index.

Index Calculation

The Hiive50 Index is comprised of data points received by Hiive Markets Limited (an affiliate of THCL). The Hiive50 Index is a proprietary index developed by THCL. The Hiive50 Index is not predictive of actual return, and prospective investors should not rely on the Hiive50 Index for this purpose.

The Hiive50 Index is not an investable instrument or investment vehicle, does not hold any securities and has no operations. Membership in the index is determined quarterly based on a liquidity score incorporating the frequency and volume of closed transactions in the 180 days prior to the reconstitution date. Price calculations for individual Hiive50 constituents do not consider the transaction size, share series, or transfer method related to a specific order, accepted bid, or transaction. Aggregate prices are generated based on THCL's proprietary algorithm and do not reflect any current offers or an indication of future performance. Live order numbers reflect the sum of active buy and sell orders on the Hiive trading platform.

Certain index results, such as those of the Hiive50 Index, are inherently limited. Potential risks include but are not limited to: data risks (including cleanliness of data), validity of assumptions, inappropriate usage of the model, and hardware and software bugs. Unlike indices that track the performance of publicly traded securities, the Hiive50 Index is designed to be a barometer for the direction and momentum of the late stage pre-IPO market. Unregistered Securities are highly illiquid and do not trade in a public marketplace or exchange, and there is limited public data available about their valuation.

The Hiive50 Index calculation methodology is inherently subjective and may be subject to change.

Disclaimer of Liability

Hiive does not guarantee the accuracy, completeness, timeliness, or availability of the Hiive50 Index. Hiive is not responsible for any errors or omissions, regardless of the cause, or any results obtained from the use of the Hiive50 Index.

The Hiive50 Index is provided on an “as-is” basis. Hiive disclaims any and all express or implied warranties, including but not limited to, any warranties of merchantability or fitness for a particular purpose or use, freedom from bugs, software errors or defects, calculation errors, that the content's functioning will be uninterrupted or that the content will operate with any software or hardware configuration.

In no event shall Hiive be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special, or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Hiive50 Index even if advised of the possibility of such damages.