FINRA Fund Analyzer Terms and Conditions

Effective Date: November 17, 2023

The Financial Industry Regulatory Authority, Inc. ("FINRA") provides digital content pertaining to breakpoint information as populated by mutual fund companies in the NSCC Profile II database through a tool (the "Fund Analyzer Tool"). The Fund Analyzer offers information and analysis on mutual funds, exchange-traded funds (ETFs), exchange-traded notes (ETNs) and money market funds. This tool estimates the value of the funds and impact of fees and expenses on your investment and also allows you the ability to look up applicable fees and available discounts for funds.

  1. Agreement.
     
    1. These Fund Analyzer Terms and Conditions govern access and use of the Fund Analyzer Tool and the Fund Analyzer data. By accessing and using the Fund Analyzer Tool or the Fund Analyzer data, you certify that (1) you have read and understand these Terms and Conditions and (2) you agree to these Terms and Conditions and the terms and conditions displayed at https://www.finra.org/terms-of-use. By agreeing to these Terms and Conditions on behalf of an organization, you certify that you have the authority of that organization to enter into these Terms and Conditions. If you do not agree to these Terms and Conditions, you must cease all use of the Fund Analyzer Tool and the Fund Analyzer data. FINRA reserves any rights, privileges, or immunities not expressly granted under these Terms and Conditions.
    2. FINRA reserves the right to change these Terms and Conditions from time to time at its sole discretion. Your access and use of the Fund Analyzer Tool or the Fund Analyzer data constitutes your acknowledgement of and agreement to the updated Terms and Conditions. Your access and use of the Fund Analyzer Tool and the Fund Analyzer data will be subject to the most current version of the Terms and Conditions posted on the home or login page of the Fund Analyzer Tool at the time of such use. You should periodically check the "Terms and Conditions" link on the home or login page of the Fund Analyzer Tool to view the then-current Terms and Conditions.
       
  2. Changes to the Fund Analyzer Tool. FINRA reserves the right to modify or discontinue the Fund Analyzer Tool with or without notice to you. FINRA will not be liable to you or any third party should it exercise its right to modify or discontinue the Fund Analyzer Tool. If you object to any such changes, your sole recourse will be to cease access to the Fund Analyzer Tool and any data accessed through the Fund Analyzer Tool. Continued use of the Fund Analyzer Tool or Fund Analyzer data following notice of any such changes will indicate your acknowledgement of such changes and satisfaction with the Fund Analyzer Tool as so modified.
     
  3. Ownership. The Fund Analyzer Tool is a proprietary product and employs proprietary software. FINRA reserves all intellectual property and proprietary rights in and to the Fund Analyzer Tool. You acknowledge and agree that FINRA is the exclusive and rightful owner of, and shall retain all worldwide right, title and interest in and to, all registered and unregistered, and any future registered, names, trademarks, trade dress, service marks, domain names, and logos, or any derivation thereof, and all goodwill therein, of FINRA and its affiliates ("Licensed Marks"). Nothing contained in these Terms and Conditions shall serve to transfer to you any ownership or proprietary interest in the Licensed Marks.
     

  4. Permitted Uses. Subject to Section 5 (Restrictions) and any other restrictions in these Terms and Conditions, the data provided through the Fund Analyzer Tool shall be used ONLY for your own personal or professional use, and in accordance with these Terms and Conditions:
     

    1. for providing specific fund content to specific clients, but in no event any other commercial purpose, including as part of a service bureau or similar arrangement;
       
    2. for noncommercial educational and research purposes consistent with the protection of investors and the public interest; and
       
    3. for distribution of the output of the Fund Analyzer Tool via the email function. By using the email function you acknowledge that FINRA may collect report and email-related data for the purposes of improving the tool, traffic analysis, troubleshooting and other purposes. FINRA does not sell personal content to third parties for commercial purposes.
       

    All other uses are prohibited.
     

  5. Restrictions. Notwithstanding the permitted uses of the Fund Analyzer Tool described in Section 4 of these Terms and Conditions, in no case may you:
     

    1. decompile, reverse engineer, disassemble, modify, distribute, or create derivative works or improvements from the Fund Analyzer Tool or any portion thereof, or attempt to discover any source code, protocols, or other trade secrets in the Fund Analyzer Tool;
       
    2. obtain or attempt to obtain unauthorized access to FINRA's network;
       
    3. incorporate the Fund Analyzer Tool into any hardware or software device;
       
    4. use, export, or re-export the Fund Analyzer Tool in violation of applicable laws or regulations;
       
    5. sell, lease, loan, distribute, transfer, or sublicense the Fund Analyzer Tool or the data contained therein or access thereto or derive income from the use or provision thereof, whether for direct commercial or monetary gain or otherwise;
       
    6. develop or create a database of data using the Fund Analyzer Tool or the data contained therein;
       
    7. use any process to monitor or copy the Fund Analyzer Tool in bulk, or to make voluminous, excessive or repetitive requests for data, or use any data mining, scraping or harvesting tools (including robots) or any similar data gathering or extraction tools;
       
    8. use any device, software or routine to bypass any software or hardware that prohibits volume, excessive or repetitive requests for data;
       
    9. attempt to interfere or interfere with the proper working of the Fund Analyzer Tool, including taking any action that imposes an unreasonable or disproportionately large load on the Fund Analyzer Tool or FINRA;
       
    10. alter or modify, or create derivative works or improvements from, the Fund Analyzer Tool data;
       
    11. use the Fund Analyzer Tool or the data contained therein in any unlawful, fraudulent, misleading, obscene, harmful, threatening, harassing, defamatory or hateful manner, that invades the privacy of any third party, for any unlawful purpose, or in any manner inconsistent with these Terms and Conditions;
       
    12. use the Fund Analyzer Tool or Licensed Marks in a manner that infringes, violates or misappropriates FINRA's, its affiliates, or a third party's intellectual property rights;
       
    13. display the Fund Analyzer Tool or the Licensed Marks on any website or in any manner that disparages FINRA or is otherwise threatening, vulgar or inappropriate as FINRA determines, in its sole discretion;
       
    14. use any portion of the Fund Analyzer Tool in the development of any software program or in conjunction with any machine learning, neural network, deep learning, predictive analytics or other artificial intelligence computer or software program, including, without limitation, by using any portion of the Fund Analyzer Tool in conjunction with a model, algorithm, or process that is designed to predict trades for or within an individual portfolio, fund, or other investment vehicle; or
       
    15. use the Fund Analyzer Tool for any purposes for which you have not been granted written permission by FINRA.
       

    FINRA reserves the right to suspend or terminate your access to the Fund Analyzer Tool with or without notice to you, in the event that FINRA believes that you have violated any provision of these Terms and Conditions.
     

  6. Requests. All requests for permission to access or use the Fund Analyzer Tool or the Fund Analyzer Tool data for a purpose or in a manner not otherwise permitted under these Terms and Conditions must be made in writing to FINRA, clearly stating the proposed purpose and manner of the use. Requests must be submitted to FINRA at FINRA, Firm Compliance Tools, 1700 K Street NW, Washington, DC 20006. FINRA, in its sole discretion, may approve or reject any request.
     
  7. Disclaimers; Limitation of Liability.
     
    1. YOU ACKNOWLEDGE AND AGREE THAT THE FUND ANALYZER TOOL IS PROVIDED "AS IS" AND "AS AVAILABLE" WITH ALL FAULTS AND THAT YOUR USE OF THE FUND ANALYZER TOOL SHALL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, FINRA, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AFFILIATES, AND LICENSORS (THE "FINRA PARTIES") DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE FUND ANALYZER TOOL AND YOUR USE THEREOF. FINRA MAKES NO WARRANTIES OR REPRESENTATIONS ABOUT THE QUALITY, ACCURACY OR COMPLETENESS OF THE FUND ANALYZER TOOL AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY: (I) ERRORS OR OMMISSIONS IN ANY CONTENT; (II) TECHNICAL ERRORS AFFECTING THE FUND ANALYZER TOOL IN ANY WAY; (III) BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH THE FUND ANALYZER TOOL BY ANY THIRD PARTY; AND/OR (IV) LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE FUND ANALYZER TOOL.
       
    2. NO ADVICE, INFORMATION, OR DATA, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM FINRA OR THROUGH OR FROM USE OF THE FUND ANALYZER TOOL SHALL BE INTENDED TO PROVIDE ANY LEGAL, TAX, INVESTMENT OR FINANCIAL ADVICE OR TO BE COMPLETE ON ANY SUBJECT MATTER CONTAINED THEREIN.
       
    3. IN NO EVENT WILL THE FINRA PARTIES BE LIABLE TO YOU FOR ANY DIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING LOSS OF USE, DATA, BUSINESS OR PROFITS) OR FOR THE COST OF PROCURING SUBSTITUTE PRODUCTS ARISING OUT OF OR IN CONNECTION WITH THESE TERMS AND CONDITIONS OR THE USE OR DISTRIBUTION OF THE FUND ANALYZER TOOL, WHETHER SUCH LIABILITY ARISES FROM ANY CLAIM BASED THE FUND ANALYZER TOOL UPON CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE, AND WHETHER OR NOT FINRA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE. SOME JURISDICTIONS MAY NOT ALLOW LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THIS RESTRICTION MAY NOT APPLY
       
    4. For Morningstar-sourced data: ©2024 Morningstar. All Rights Reserved. Information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.


       
  8. Privacy. In consideration of your use of the Fund Analyzer Tool, you agree that FINRA may collect generic tracking data related to your or your end users' use of the Fund Analyzer Tool in accordance with the FINRA website Privacy Policy found at http://www.finra.org/privacy-policy.
     
  9. Severability. If a court of competent jurisdiction holds any provision of these Terms and Conditions to be unenforceable, then that provision is to be construed either by modifying it to the minimum extent necessary to make it enforceable (if permitted by law) or disregarding it (if not). If an unenforceable provision is modified or disregarded in accordance with this Section, all other provisions of these Terms and Conditions are to remain in effect as written.
     
  10. Governing Law. These Terms and Conditions constitute the entire agreement between you and FINRA with respect to the subject matter hereof, and supersede all previous agreements between you and FINRA with respect to such subject matter. These Terms and Conditions shall be construed in accordance with the laws of the State of New York, without regard to its conflict of laws rules. You and FINRA agree that any claim arising under these Terms and Conditions shall only be brought in the state or federal courts located in the County and State of New York. You and FINRA agree to submit to personal jurisdiction in that court and expressly waive any right to a jury trial.
     

By selecting the Terms and Conditions box, you certified that you have read and understand the Terms and Conditions set forth above and intend to form a binding agreement with FINRA. If you are accepting these Terms and Conditions on behalf of an organization, you certified that you have the authority of that organization to enter into these Terms and Conditions.