Regulatory Status & Independent Research

AltQ publishes independent, standardized research and proprietary ratings concerning investment funds, their managers, structures, disclosures, financial characteristics, and portfolio-related risks. AltQ's purpose is to give financial professionals and institutions a consistent research record for their own analysis and due diligence.

AltQ is not registered with the U.S. Securities and Exchange Commission or U.S. state securities regulators as an investment adviser or broker-dealer. AltQ is not a registered investment adviser (RIA), investment adviser representative, placement agent, fund manager, or nationally recognized statistical rating organization (NRSRO). Its AQ Scores are proprietary fund research assessments, not credit ratings.

AltQ does not provide personalized investment advice, determine whether a fund is suitable for an individual investor, manage investment accounts, hold client assets, execute securities transactions, or act as an intermediary in a fund subscription or redemption. AltQ does not undertake a fiduciary advisory relationship with users simply by publishing research or making the platform available.

AltQ research is not an offer to sell or a solicitation to buy securities. A favorable score, research finding, comparison or absence of a risk flag is not a recommendation to purchase, retain or redeem a fund interest.

Section 202(a)(11)(D) of the U.S. Investment Advisers Act of 1940 excludes publishers of bona fide business or financial publications of general and regular circulation from the Act's definition of investment adviser, subject to the facts and circumstances. AltQ intends to organize and conduct its U.S.-facing research publication activities consistently with this publisher's exclusion, as interpreted in Lowe v. SEC, 472 U.S. 181 (1985).

Three principles inform this approach:

1. Impersonal research. An AQ Score or fund research report assesses the subject fund under a standardized methodology, rather than an individual user's investment objectives, personal finances, risk tolerance or particular portfolio.
2. Bona fide and independent research. The published assessment is intended to reflect the evidence and AltQ's research judgment, not disguised fund promotion. Relevant commercial relationships and conflicts should be disclosed under our Editorial Independence & Conflicts Policy.
3. General and regular publication. Research is made available through established publication and subscription channels on generally applicable terms, with documented publication dates, revision records and consistent update practices. A subscription or paywall does not convert standardized research into a personalized advisory service.

This statement describes the intended character of AltQ's publishing activities. It does not mean that the SEC has approved AltQ, endorsed its ratings, issued an exemption order, or determined that a particular service qualifies for the publisher's exclusion. Legal status depends on actual conduct and all applicable law, including potentially applicable state and non-U.S. requirements.

AltQ's published research may include fund and manager identity records; the AQ Score; Data Trust indicators; analysis of fees and expenses; financial and performance history; portfolio, valuation, liquidity, leverage and governance observations; peer or benchmark comparisons; and reviews of changes in public disclosures. The scope, evidence base and limitations of each report may differ.

AQ Score expresses AltQ's independent research assessment. Data Trust separately communicates the strength and coverage of evidence available for that assessment. Neither constitutes a regulatory inspection, audit, certification of compliance, or guarantee of investment outcomes. See AQ Score & Data Trust Methodology.

Research may contain critical or negative assessments of a fund or manager. AltQ does not undertake to cover every fund or continuously monitor every covered fund. We may correct, amend or withdraw assessments as evidence and methodologies change.

Users (including RIAs, investment adviser representatives, institutional allocators and other professional investors) must independently review official fund documents and determine whether any investment is appropriate under their own legal, regulatory, professional and fiduciary obligations. AltQ does not make that determination for them, even where a report is used to support a documented diligence process.

Information in reports may be incomplete or stale, especially for private or semi-liquid investments. Read the Research Disclosures & Risk Limitations and the fund's current prospectus, reports and other applicable offering documents.

AltQ is not registered with any Canadian securities regulatory authority. Its research is general in nature and is not tailored to the needs of any particular person who receives it.

The U.S. publisher's exclusion does not automatically resolve the regulatory classification of research under Canadian provincial law or the laws of other countries. Availability of research in a jurisdiction does not constitute a representation that it complies with every local distribution or presentation rule. Access may be restricted when required by law.

Questions about AltQ's status or reports, or requests to flag apparent errors, may be directed to info@altq.ai. This contact is for research and administrative questions, not personalized investment advice.