Terms of Use

IMPORTANT INFORMATION ABOUT ACCESS TO AND USE OF THIS WEBSITE

Please read the Terms of Use below carefully before using this website. By using or accessing this website, you expressly acknowledge that you have read and understood these Terms of Use, and that you hereby accept and agree to comply with these Terms of Use. You acknowledge your understanding that these Terms of Use constitute a binding agreement between you and Steben & Company, Inc. (sometimes referred to as “Steben” or the “Firm”) that governs your access and use of the website, which includes any images, text, illustrations, designs, photographs, graphics, user interfaces, visual interfaces, information, data, tools, products, written materials, services and other content or information (together, "Content"), including but not limited to the design, structure, selection, coordination, expression and arrangement of the Content available on or through the website. If you do not accept or agree to comply with these Terms of Use, you are not permitted to use or access the website.  If you do not agree to these terms and conditions of use, you agree that your sole and exclusive remedy is to discontinue using the website.

Steben may modify these Terms of Use at any time and at its sole discretion, with or without advance notice. Each time you use or access this website, you are responsible for being familiar with, and are bound by, the then-current version of the Terms of Use.  For this reason, each time you use the website, you should visit and review the then-current Terms of Use that apply to your use of the website.

Your compliance with these Terms of Use and all other agreements is a condition to your right to access the website. Your breach of any provision of these Terms of Use or other agreements will automatically, without the requirement of notice or other action, revoke and terminate your right to access the website and you will be fully liable for conversion, misappropriation, trespass to chattels and all other claims and causes, regardless of the identity of claimant or injured party, arising from or relating to your continued use of the website after such breach.

If you use or access (or attempt to use or access) this website in breach of any of the Terms of Use, neither Steben nor any of its associates will be liable to you for any loss or damage that may result to you or a third party (including without limitation, any direct, indirect, incidental or consequential loss or damage, or any loss of revenue, business profits, goodwill, data, or any opportunity) in connection with such use or access (or attempt to use or access) of this website.

TERMS OF USE

Unless otherwise indicated, in these Terms of Use (“Terms of Use”), references to “you” and “your” are references to any person using or accessing (or attempting to use or access) this website (the “Site”).

Some of the individual websites linked to, or pages contained within, the Site may require you to agree to supplemental terms, conditions, disclaimers and/or disclosures (“Supplemental Terms”). In the event of a conflict between these Terms of Use and any Supplemental Terms, the Supplemental Terms will govern for any individual websites or pages on which they appear. By accessing the Site, you agree to be bound by any applicable Supplemental Terms. If you do not agree with any Supplemental Terms, do not continue to use or access any portion of the Site.

Purpose and Accuracy of Information on the Site

 The Content on the Site is directed only at persons or entities in any jurisdiction or country where access to Content and use of such Content is not contrary to local law or regulation. Accordingly, you are responsible for informing yourself of and complying with any such restrictions.

Nothing on the Site is intended to, nor will, constitute an offer (or an invitation to make an offer) to buy, sell or otherwise transact in any investment fund and/or strategy referred to on the Site or any other security or financial instrument, or to provide any investment services or advice in any jurisdiction.

The Content is provided by Steben and certain third parties for information purposes only. The Content has been obtained from, or is based on, sources believed by Steben to be reliable, but is not guaranteed as to its accuracy or completeness. The Content is provided without obligation on the part of Steben on the understanding that any person who acts upon it or changes his or her investment position in reliance on it does so entirely at his or her own risk. The Content is current only as of the date it is first posted and may no longer be true or complete when viewed by you. Opinions and any other Content at the Site are subject to change without notice.

Nothing in these Terms of Use is intended to exclude or restrict any duty or liability that Steben has to its customers under the applicable law.

No Advice

Steben is not utilizing the Site to provide investment or other advice, and no information or material at the Site is to be deemed a recommendation to buy or sell any securities or is to be relied upon for the purpose of making or communicating investment or other decisions. In addition, no information, Content or other materials contained on the Site should be construed or relied upon as investment, legal, accounting, tax or other professional advice or in connection with any offer or sale of securities. Any transactions listed on the Site are included only as representative transactions and are not necessarily reflective of overall performance.

Steben does not advise on the tax consequences of any investment.

Limitations to Use

You warrant that you will not use the Site to conduct or engage in unlawful activities, to violate any law or regulation, or to violate or infringe upon the rights of Steben, or any third party, including without limitation, contractual rights, intellectual property rights, and privacy rights. You shall not use or introduce into the Site any device, software, or routine that could damage or interfere with the proper operation of the Site. You shall not directly or indirectly take any action to unduly stress the Site, including by way of example and not limitation, incurring session lengths or conducting search queries that Steben reasonably determines to be abusive, or use any scraper, robot, spider, or other automated mechanism to access the Site or download the Content.

Steben reserves the right to monitor your use of the Site to provide guidance and assistance in the use of the Site, and to monitor your conformance with these Terms of Use. You acknowledge and hereby consent to such monitoring. Steben reserves the right to terminate your access to and use of the Site if, in Steben’s reasonable belief, you have violated the usage limitations set forth in these Terms of Use.

Site Security

You may not violate or attempt to violate the security of the Site. Tampering with any portion of the Site, providing untruthful or inaccurate information, misrepresenting your identity, or conducting fraudulent activities on the Site, whether or not through the use of agents, are prohibited and constitute a breach of these Terms of Use.

You are prohibited from violating or attempting to violate the security of the Site, including, without limitation, (a) accessing data not intended for you or logging onto a server or an account which you are not authorized to access; (b) disabling, removing, defeating, or avoiding any security device or system, including, without limitation, any password and login functionality used to authenticate users; (c) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization; (d) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to the Site, overloading, "flooding," "spamming," "mailbombing" or "crashing;" (e) sending unsolicited email, including promotions and/or advertising of products or services; (f) forging any TCP/IP packet header or any part of the header information in any email or posting; (g) using or attempting to use any engine, software, tool, agent or other device or mechanism (including, without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Site other than the search engine and search agents available on the Site and other than generally available third party web browsers; (h) reverse engineering, decompiling or disassembling the underlying software; (i) removing any notices, warnings, labels, annotations or instructions from any portion of the Site or any related material, including, without limitation, any patent, trademark, copyright, or other proprietary notices or license provisions; or (j) otherwise invading the privacy of, obtaining the identity of, or obtaining any personal information about any user of the Site.

Any violations of system or network security including attempts to intentionally access a computer without authorization or exceed your authorized access level may result in civil and criminal charges, including but not limited to charges under the Computer Fraud and Abuse Act (18 U.S.C. §1030). Steben may investigate occurrences that might involve such violations and may bring in, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations. We may, without prior notice or warning of any kind, restrict or terminate the access of any and all users to the Site if we reasonably conclude that such restriction or termination is necessary to prevent, or prevent the further spreadof, a virus, security breach or system malfunction.

Risk Factors

INVESTMENT IN ANY OF THE FUNDS AND/OR STRATEGIES DESCRIBED ON THE SITE CARRIES SUBSTANTIAL RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. THERE IS NO GUARANTEE THAT THE INVESTMENT OBJECTIVES OF THE FUNDS AND/OR STRATEGIES WILL BE ACHIEVED AND RETURNS MAY VARY SIGNIFICANTLY OVER TIME. INVESTMENT IN THE FUNDS AND/OR STRATEGIES DESCRIBED ON THE SITE IS NOT SUITABLE FOR ALL INVESTORS.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

FUND OFFERING DOCUMENTS CONTAIN RISK WARNINGS THAT ARE SPECIFIC TO EACH FUND THAT MAY BE DESCRIBED ON THE SITE.

INVESTORS SHOULD ONLY INVEST IN A FUND ONCE THEY HAVE REVIEWED THE PROSPECTUS OR OFFERING DOCUMENTS FOR THAT FUND AND HAVE CAREFULLY CONSIDERED THE RELEVANT INVESTMENT OBJECTIVES, RISKS, CHARGES AND FEES. INVESTORS SHOULD CONSULT AN INDEPENDENT FINANCIAL ADVISOR FOR PERSONAL AND SPECIFIC INVESTMENT ADVICE BEFORE INVESTING.

Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall. The levels and bases of and reliefs from taxation may change. Tax reliefs referred to, if any, are those currently available and their value depends on the circumstances of the individual investor. Investors should consult their own tax adviser in order to understand any applicable tax consequences.

Material Interests

Steben and its officers and/or employees may have holdings in the investment funds that may be referred to on the Site and may otherwise be interested in transactions that you effect in those funds.

Third Party Content and Linked Websites

The Site may be linked to third party websites or contain information provided by third parties. Such links and information are provided as a convenience to you and do not in any way constitute or imply Steben’s endorsement, sponsorship or recommendation of the third party, its information, materials or services.  Steben does not make any representation as to the accuracy or completeness of such websites or information, has not and will not review or update such websites or information, and cautions users that any use made of such websites or information is at their own risk. Steben does not accept any liability arising out of the information contained on any linked website or information on the Site provided by a third party.  If you decided to link to any such third party sites or use such websites and information, you do so entirely at your own risk.

Indemnity

As a condition of your use of the Site, you agree to indemnify, defend, and hold harmless Steben, its affiliates and licensors, and the officers, partners, employees, and agents of Steben and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use, or attempted access or use, of the Site or related services or from your violation of these Terms of Use or otherwise.

Disclaimers

BY USING THIS SITE, YOU EXPRESSLY AGREE THAT SUCH USE IS AT YOUR SOLE RISK.  EXCEPT AS EXPRESSLY PROVIDED HEREUNDER, THE SITE AND RELATED SERVICES, INCLUDING WITHOUT LIMITATION ALL CONTENT AND INFORMATION PROVIDED IN CONNECTION WITH THE SITE, IS PROVIDED “AS IS,” WITH ALL FAULTS, AND WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED. TO THE GREATEST EXTENT PERMITTED BY LAW, STEBEN EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, EXPECTED RESULTS, OR ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE. NO REPRESENTATION, WARRANTY OR UNDERTAKING IS GIVEN AS TO THE ACCURACY OR COMPLETENESS OF THE CONTENT BY STEBEN AND NO LIABILITY IS ACCEPTED BY SUCH PERSONS FOR THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. IN NO EVENT WILL STEBEN OR ANY OF ITS ASSOCIATED COMPANIES BE LIABLE TO YOU FOR ANY CLAIM OR LOSS CLAIMED BY YOU OR ANY THIRD PARTY RELATING TO BUSINESS DECISIONS MADE BY YOU AS A RESULT OF YOUR USE OF THE SITE OR THE CONTENT. THE INTERNET IS NOT A COMPLETELY RELIABLE TRANSMISSION MEDIUM, AND STEBEN SHALL NOT BE LIABLE FOR ANY DATA TRANSMISSION ERRORS SUCH AS DATA LOSS, DAMAGE OR ALTERATION OF ANY KIND. STEBEN DOES NOT GUARANTEE CONTINUOUS, UNINTERRUPTED OR SECURE ACCESS TO THE SITE OR ANY CONTENT CONTAINED THEREIN. UNDER NO CIRCUMSTANCES SHALL STEBEN BE LIABLE TO YOU OR ANY OTHER PARTY FOR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES (EVEN IF SUCH DAMAGES ARE FORESEEABLE OR WHERE STEBEN HAS BEEN ADVISED OR HAS KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES) ARISING FROM YOUR USE OR MISUSE OF THE SITE, ANY CONTENT, OR ANY INFORMATION CONTAINED ON ANY OTHER WEBSITE.

Any Content downloaded or otherwise obtained through the Site is procured so at your own discretion and risk and you are solely responsible for any damage to your computer or other electronic system or loss of data that results from the download of any such Content. The foregoing limitation of liability will apply in any action, whether in contract, tort or any other claim, even if an authorized representative of Steben has been advised of or should have knowledge of the possibility of such damages.

Copyright, Trademarks and Other Rights

You may download or copy Content only to the extent such download or copy is expressly permitted in writing on the Site. No right, title or interest in any downloaded materials or software is transferred to you as a result of any such downloading or copying. You may not reproduce (except as noted above), publish, transmit, distribute, display, modify, create derivative works from, sell or participate in any sale of or exploit in any way, in whole or in part, any of the Content, the Site or any related software.

Nothing on the Site shall be interpreted as granting any license or right to use any image, trademark, trade dress, logo or service mark on the Site. Anything transmitted to the Site by you becomes Steben’s property and may be used by us for any lawful purpose. Steben reserves all rights with respect to copyright and trademark ownership of all material on the Site, and will enforce such rights to the full extent of the law.

Unless otherwise noted, all Contents are copyrights, trademarks, trade dress and/or other intellectual property owned, controlled or licensed by Steben or by third parties who have licensed their materials to Steben and are protected by U.S. and international copyright laws. The compilation of all Contents on the Site is the exclusive property of Steben and is also protected by U.S. and international copyright laws.

All product names, trademarks, logos, service marks and trade names (collectively referred to as “Trademarks”) displayed on the Site are property of Steben, licensors or business partners. The Trademarks are protected under U.S. and/or international law. Except as permitted within these Terms of Use or otherwise indicated in writing by Steben, any use of the Trademarks by you is expressly prohibited.

The layout and design of the Site, as well as images of people or places displayed on the Site, are either property of Steben or used with the permission of the copyright owner. Except as permitted within these Terms of Use or otherwise indicated in writing by Steben, any use of such layout, design or images by you is expressly prohibited.

Cookies

Steben may collect certain aggregate and non-personal information when you visit the Site. Steben may collect this information through "cookie" technology. Cookies are bits of text that can be placed on your computer's hard drive when you visit certain web sites. Cookies may enhance your online experience by saving your preferences while you are visiting a particular site. The "help" portion of the toolbar on most browsers will tell you how to stop accepting new cookies, how to be notified when you receive a new cookie, and how to disable existing cookies. Remember, though, without cookies, you may not be able to take full advantage of all of the Site features.

Enforceability and Governing Law

Headings used in these Terms of Use are for reference purposes only and in no way define or limit the scope of the section.  In the event any provision or portion of these Terms of Use is held to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions and/or portions shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law. Your access to and use of the Site and these Terms of Use are governed by the laws of the State of Maryland and disputes arising from or related to your access to and use of the Site shall be adjudicated exclusively in a forum located in the State of Maryland.  The failure of Steben to act with respect to a breach of these Terms of Use by you or others does not constitute a waiver and will not limit Steben’s rights with respect to such breach or any subsequent breaches.

Force Majeure

Steben’s failure to maintain the Site and/or provide the Content as a result of conditions beyond its control such as, but not limited to, war, strikes, fires, floods, acts of God, governmental restrictions, power failures, natural disasters, acts of terrorism, or damage or destruction of any network facilities or servers, shall not be deemed a breach of these Terms of Use.

Representations and Warranties:

You represent and warrant that: (i) you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to these Terms of Use; (ii) you have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of these Terms of Use; and (iii) you will not delete any Content.

Effect on Other Agreements:

Nothing contained in these Terms of Use is intended to modify or amend any other written agreement you may have with Steben (including without limitation any customer agreement, participation agreement or account agreement) (“Other Agreements”) if any, that may currently be in effect. In the event of any inconsistency between these Terms of Use and any Other Agreements, the Other Agreements will govern. Some pages within the Site contain supplemental terms and conditions and additional disclosure and disclaimers, which are in addition to these Terms of Use. In the event of a conflict, the supplemental terms and conditions and additional disclosures and disclaimers will govern for those sections or pages.

 

Arbitration:

By using the Site, you agree that Steben, at its sole discretion, may require you to submit any disputes arising from the use of the Site, related services or these Terms of Use concerning or, including disputes arising from or concerning their interpretation, violation, nullity, invalidity, non-performance or termination, as well as disputes about filling gaps in this contract or its adaptation to newly arisen circumstances, to final and binding arbitration under the International Rules of Arbitration of the American Arbitration Association, by one or more arbitrators appointed in accordance with the said rules. Notwithstanding these rules, however, such proceeding shall be governed by the laws of the state as set forth in the previous section.