morphic Terms of Use, Risk Disclosure and Privacy Notice
The short version. morphic publishes probabilistic research about the S&P 500 index and its futures. It is not investment advice, not a recommendation to buy or sell anything, and not a broker. Its odds are model estimates that can be wrong. Options and futures are high risk and you can lose more than you put in. Every trade you make is your own decision and your own responsibility. The full terms below are what you are signing; this box does not replace them.
1. This agreement
1.1. These Terms of Use, including the Risk Disclosure in section 4 and the Privacy Notice in section 12 (together, the "Terms"), are a binding agreement between you and the individual who operates morphic ("we", "us", "our"), who operates morphic at morphic.trade, the morphic API, the morphic MCP server, the Ask Lens assistant and the emails we send (together, the "Service").
1.2. You accept the Terms by ticking the boxes, typing your full name and pressing the button that says you agree and sign. You agree that your typed name and that action are your electronic signature, that they have the same effect as a handwritten signature, and that this agreement is valid in electronic form. We keep a record of the version you signed, its digital fingerprint, the name you typed, the time, and the network address and browser from which you signed.
1.3. If you do not agree to the Terms, do not create an account and do not use the Service.
2. Who may use morphic
2.1. You must be at least 18 years old and legally able to enter into contracts. You must not use the Service where doing so is against the law that applies to you, and you are responsible for knowing and following that law.
2.2. An account is for one person. Keep your password and your API keys secret, do not share your account, and tell us at once if you think someone else has used it. You are responsible for everything done through your account and your keys.
2.3. The information you give us when you register must be true, and the name you sign with must be your own full legal name.
3. What morphic is, and what it is not
3.1. morphic is market-structure research and education. Before each session it publishes a map of the S&P 500 session ahead, built by a quantitative model from options positioning and market data: probability ranges for the close, the chance of reaching price levels, positioning and volatility profiles, auction and volume profiles, charts and written notes. It also offers Ask Lens, an assistant that explains the published map, and a tool that scores a trade plan you write yourself against the published odds.
3.2. morphic is not investment advice. Nothing in the Service is a recommendation, an offer or a solicitation to buy, sell or hold any security, option, future or other financial instrument, or to follow any strategy. The same published material is made available to every subscriber of a module. It does not take into account your financial situation, objectives, experience, tax position or risk tolerance.
3.3. We are not licensed or registered as an investment adviser, investment marketer, portfolio manager, broker, dealer, commodity trading adviser or any other kind of financial professional, whether by the Israel Securities Authority (including under the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995), the US Securities and Exchange Commission, the US Commodity Futures Trading Commission, FINRA, the NFA or any other regulator. No adviser, fiduciary or client relationship exists between you and us.
3.4. When morphic scores a trade plan, it applies a fixed calculation to the plan you entered and reports what the published odds say about it. It does not propose trades, does not tell you whether to trade, and its output is not a recommendation about your plan.
3.5. morphic does not execute trades, does not connect to your brokerage account, and never holds your money or securities.
3.6. Before making any financial decision, consider getting advice from a professional who is licensed where you live and who knows your circumstances.
4. Risk Disclosure
4.1. Trading is risky. Trading options, futures and other leveraged instruments involves substantial risk and is not suitable for everyone. Short options and futures positions can lose more than the money you put in. Options that expire on the same day can lose their entire value within hours.
4.2. Probabilities are not promises. morphic speaks in odds because the future is uncertain. Every probability, range, level and profile in the Service is an estimate produced by a model from data and assumptions that may be incomplete or wrong. A range described as holding 90% of outcomes is expected to be missed about one session in ten even when the model is working as designed, and it can be missed more often. Unlikely outcomes happen.
4.3. The past does not repeat on schedule. Any description of how the model or a method has behaved in the past, and any hypothetical or simulated result, has limits: it is prepared with the benefit of hindsight, does not involve real money or real fills, and does not reflect costs, slippage, liquidity or the emotional pressure of trading. Past or hypothetical results do not indicate future results.
4.4. Markets move after we publish. The map is published once before the open and is not a live feed. Prices, positioning and volatility change after publication, and news can change them suddenly.
4.5. You should read the document Characteristics and Risks of Standardized Options published by The Options Clearing Corporation, and the risk disclosures of your broker, before trading options or futures.
4.6. You alone decide whether to trade, what to trade and how much. You are solely responsible for your trades and for their results, including all losses.
5. Ask Lens and other automated output
5.1. Ask Lens answers are written by an artificial intelligence model supplied by a third party. They can be inaccurate, incomplete, out of date or inconsistent with the published map, even though the assistant is instructed to use only published numbers. Check anything that matters against the published map and do not rely on an answer as the basis for a financial decision.
5.2. Questions you ask and the answers you receive are stored and may be read by us to operate, review and improve the Service. Do not enter information about yourself or others that you do not want stored, such as account numbers, passwords or identity documents.
6. Data and availability
6.1. The Service relies on data from third parties, including exchange data that may be delayed (for example by about 15 minutes) and other public and commercial sources. Data can be delayed, missing, erroneous or interrupted, and we do not verify every value.
6.2. We aim to publish each session's map before the open but do not guarantee it. The Service may be unavailable, late, changed, or have parts withdrawn at any time, including while it is in private beta.
7. Subscriptions and payment
7.1. Some modules require a paid subscription. The current price is shown on the Pricing page and again before you subscribe. Payments are processed by our payment provider, and we do not receive or store your full card details.
7.2. The free first month. When we offer it, a new subscriber's first month is free (the "free month"). It is offered once per person: if you have had a morphic subscription before, it is not available to you again. To start the free month you give a payment method to our payment provider. Unless you cancel before the free month ends, your subscription then continues as a paid subscription and is charged automatically, at the price shown when you subscribed, at the end of the free month and at the start of each billing period after it. You can cancel at any time during the free month, from your account page or the payment provider's page, and you will not be charged. We will email you at least three days before the free month ends, to remind you that the paid subscription is about to begin and how to cancel.
7.3. Paid subscriptions renew automatically at the end of each billing period until you cancel. You can cancel at any time and the cancellation takes effect at the end of the period already paid. Except as stated in section 7.4 or required by law, fees already paid are not refunded, including for partial periods.
7.4. Nothing in these Terms limits any right you have under consumer protection law that cannot be waived by agreement, including any statutory right to cancel a distance transaction and receive a refund.
7.5. We may change prices for future periods. We will tell you before a change applies to you, and you can cancel before it does.
7.6. Access granted during the private beta, or granted by us without payment, may be changed or ended at any time.
8. Your licence and what you must not do
8.1. While your account is in good standing we give you a personal, limited, non-exclusive, non-transferable, revocable licence to use the Service for your own information and education.
8.2. You must not: (a) copy, republish, redistribute, sell, sublicense or publicly display the Service's maps, levels, odds, charts, notes or answers, in whole or in substantial part, including in chat rooms, social media, newsletters or signal services; (b) share your account or API keys or let anyone else use them; (c) scrape, crawl or extract data from the Service by automated means, except through the API or MCP server with your own key and within normal personal use; (d) reverse engineer, decompile or attempt to reconstruct the models, code or data behind the Service; (e) use the Service or its output to build, train or improve a competing product or a machine learning model; (f) interfere with the Service's security, rate limits or other users; (g) use the Service for anything unlawful, including market manipulation.
8.3. Brief quotations for personal discussion are allowed if you name morphic as the source and do not present them as advice.
9. Ownership
9.1. The Service, its content, models, code, design, names and logos belong to us or our licensors and are protected by intellectual property law. These Terms do not transfer any of those rights to you.
9.2. If you send us suggestions or feedback, we may use them freely without owing you anything.
9.3. Trade plans and notes you enter remain yours. You allow us to store and process them to provide the Service.
10. Third-party services
10.1. The Service links to or works with services we do not control, such as charting platforms, AI clients connected through the MCP server, email providers and payment providers. Their own terms apply to your use of them, and we are not responsible for them.
11. Suspension and ending
11.1. You can close your account at any time from your account page.
11.2. We may suspend or close your account, or revoke your keys, if you break these Terms, if we must for legal or security reasons, or if we stop offering the Service. Where we close a paid account without cause on your part, we will refund the unused part of the current period.
11.3. Sections 3, 4, 5, 8.2, 9, 13, 14, 15, 17 and 18 continue to apply after your account ends.
12. Privacy Notice
12.1. What we collect. Your email address, name, password (stored only as a salted hash), profile and display settings, the record of this agreement, your module access and subscription status, API key records (stored only as hashes), questions you ask Ask Lens and its answers, trade plans you ask us to score, and notification choices. For security we keep network addresses of failed sign-in attempts for up to one day. Page visits are counted without cookies and without identifying you. We use one cookie, to keep you signed in.
12.2. Why. To provide and secure the Service, to manage your account and subscription, to send the emails you ask for and essential account emails, to review and improve the Service, and to keep evidence of this agreement and comply with law.
12.3. Who else processes it. Our hosting provider, the provider of the AI model behind Ask Lens (which receives your questions to answer them), our email delivery provider and our payment provider, each only as needed to provide their service to us. Some of them are outside Israel, including in the United States. We do not sell your information and do not use it for advertising.
12.4. Your choices. You can download all the data we hold about your account, change it, or close your account and delete it, from your account page. We keep the record of this agreement, and any records the law requires, for as long as we need them to establish or defend legal claims or as the law requires, even after the account is closed.
12.5. You can ask us about your information at the contact address in section 19, including to exercise any right you have under the Israeli Protection of Privacy Law, 5741-1981 or other law that applies to you.
12.6. Our Privacy Policy, published at morphic.trade/privacy, describes all of this in full, including how long we keep each kind of information. This section summarises it.
13. No warranties
13.1. To the fullest extent the law allows, the Service is provided "as is" and "as available", without warranties of any kind, express or implied, including warranties of accuracy, completeness, timeliness, fitness for a particular purpose, merchantability and non-infringement. We do not warrant that the Service will be uninterrupted, error free or secure, or that any estimate in it will turn out correct.
14. Limitation of liability
14.1. To the fullest extent the law allows, we are not liable for any trading or investment loss, any loss of profit, revenue, data or opportunity, or any indirect, incidental, special, consequential or punitive damage, arising from or related to the Service or these Terms, however caused, even if we were told it was possible.
14.2. To the fullest extent the law allows, our total liability for all claims arising from or related to the Service or these Terms is limited to the greater of the fees you paid us in the three months before the event giving rise to the claim, or 100 US dollars.
14.3. Nothing in these Terms excludes or limits liability that cannot be excluded or limited by law, including liability for fraud or wilful misconduct.
15. Indemnity
15.1. You will compensate us for any claim, loss, liability and reasonable cost, including legal fees, that arises from your breach of these Terms, your misuse of the Service, or your trading.
16. Changes to these Terms
16.1. We may change these Terms. When we do, we will publish the new version with a new version date and ask you to read and sign it before you continue to use the Service. If you do not accept a new version, you may close your account; the version you signed continues to apply to your use before the change.
17. Governing law and courts
17.1. These Terms and any dispute about them or the Service are governed by the laws of the State of Israel, without regard to its conflict of laws rules.
17.2. The competent courts of Tel Aviv-Jaffo, Israel have exclusive jurisdiction over any such dispute, and you and we submit to them. This does not remove any mandatory right a consumer has to bring proceedings in the courts of the place where they live.
18. General
18.1. These Terms are the entire agreement between you and us about the Service and replace anything said before. If any part is found unenforceable, the rest remains in effect and the unenforceable part is applied as far as the law allows. Not enforcing a right is not a waiver of it.
18.2. You may not transfer your rights or obligations under these Terms. We may transfer ours to a company or other person that takes over the Service, and we will tell you if we do.
18.3. We may send you notices by email to the address on your account or by showing them in the Service. These Terms are written in English; any translation is for convenience and the English version governs.
19. Contact
19.1. The individual who operates morphic, operator of morphic. Contact: morphic <welcome@morphic.trade>.
Version 2026-10-10. Text fingerprint (SHA-256): 2df2efc9de96f3c976968b9e4625f35c503558f46e27dd97f9e98399df6fa2c2