CEF Advisors – Terms & Conditions

This website and any related webpages, portals, applications, data displays, research pages, downloadable materials, and services made available through it (collectively, the “Site”) are operated by Closed-End Fund Advisors, Inc. (“CEF Advisors,” “we,” “our,” or “us”). CEFData® is a brand and service of CEF Advisors.

By accessing or using the Site, you agree to be bound by these Terms & Conditions (the “Terms”). If you do not agree to these Terms, do not access or use the Site.

We may revise these Terms at any time by posting an updated version on the Site. The updated Terms will be effective when posted unless a later effective date is stated. Your continued access to or use of the Site after updated Terms are posted constitutes your acceptance of those updated Terms.

Certain data, services, subscriptions, downloads, API access, FTP access, research products, or other offerings may be subject to separate order forms, subscription agreements, data-license agreements, API terms, or other written agreements. If a separate written agreement applies, that agreement controls to the extent of any conflict with these Terms.

The Site is controlled from the Commonwealth of Virginia, United States. We make no representation that Site content is appropriate or available for use in every location. Access to the Site from jurisdictions where its content or use would be unlawful is prohibited.

Subject to these Terms, CEF Advisors grants you a limited, revocable, non-exclusive, non-transferable, non-sublicensable right to access and view publicly available Site content for your personal, internal, and incidental informational use. This limited right does not grant you ownership of, or any license to, any CEF Advisors or CEFData content, data, database, research, index, score, ranking, chart, table, methodology, software, or other material except as expressly stated in these Terms or in a separate written agreement.

You may share a direct link to a publicly available CEFData webpage or article. No other reuse rights are implied.

Information on the Site is provided for general informational purposes only. Nothing on the Site constitutes investment advice, an offer, solicitation, or recommendation to buy or sell any security or other financial product, or accounting, tax, legal, or other professional advice.

You should consult your own qualified financial, legal, tax, and other professional advisers before making investment or other decisions. Past performance is not indicative of future results.

The Site and all content made available through it, including text, graphics, designs, logos, trademarks, service marks, software, databases, data, data compilations, historical datasets, research, analysis, methodologies, calculations, scores, rankings, classifications, indexes, index values, index constituent information, charts, tables, images, reports, articles, tools, and related materials (collectively, “CEFData Content”), are owned by CEF Advisors, its licensors, or other applicable rights holders and are protected by applicable intellectual-property, contract, unfair-competition, and other laws.

CEFData Content includes proprietary compilation, selection, organization, curation, calculation, analysis, methodology, presentation, historical information, score, ranking, index, research output, and other value-added materials. Some underlying market, issuer, or other facts may be publicly available from other sources; however, your access to the Site does not authorize copying, extracting, storing, aggregating, reproducing, redistributing, or commercially exploiting CEFData Content or CEF Advisors’ proprietary compilation and presentation of information.

Except for the narrow permissions expressly stated in these Terms, all rights are reserved.

5.1 General rule

Any permitted use must be accurate, non-misleading, current, isolated, non-recurring, and accompanied by the required attribution in Section 5.6. Permitted use must not reproduce a material or commercially valuable portion of a CEFData dataset, index, ranking, score, research product, proprietary compilation, or other CEFData Content.

5.2 Bona fide editorial use

Bona fide editorial users may cite limited, current CEFData information in a news or editorial item, provided the use complies with these Terms and includes the required attribution.

For purposes of this Section, bona fide editorial users may include recognized news organizations, trade publications, independent editorial publishers, bloggers, newsletters, podcasts, and social-media creators acting in an editorial capacity.

This limited editorial permission does not apply to sponsored content, advertorials, promotional content, fund-sponsor marketing, marketing materials, lead-generation reports, content principally designed to sell a product or service, paid data products, or recurring content that substantially substitutes for CEFData’s research or data services.

Brief quotations from a CEFData article are permitted with attribution. Users may share or link to the original CEFData article or webpage. Reuse beyond brief quotation requires prior written permission from CEF Advisors.

5.3 One-chart / limited-table safe harbor

Subject to all other Terms, a user may use one individual current CEFData chart or one limited current CEFData table containing no more than 10 rows, once in a single article, presentation, or bona fide editorial item, provided that the chart or table is accurately presented and includes the required attribution.

This is a narrow safe harbor, not a grant of broad republication rights. It does not authorize repeated, serial, systematic, or cumulative use; use that recreates or competes with a CEFData research or data product; or use of a material or commercially valuable portion of CEFData Content.

The permission in this Section does not include, among other things:

• full BDC-universe tables or other universe-level tables;
• index constituent information, index values, numerical data displayed on index pages, or index methodology outputs;
• historical datasets or information with an “as of” date more than 90 calendar days before the date of use;
• proprietary scores, rankings, classifications, or material portions of CEFData databases or research products;
• substantial tables or a series of charts, tables, posts, or excerpts that collectively reproduce or substitute for CEFData Content.

5.4 Advisor and client/prospect presentations

An advisor may use one attributed current chart or limited current table in a live, non-public client or prospect presentation, subject to this Section 5.

This permission does not authorize recurring reports, stored client materials, client portals, internal databases, firmwide reuse, marketing collateral, model-portfolio materials, website or application display, distribution of the material, or any other ongoing, multi-user, client-facing, or commercial use without a separate written license.

5.5 Social media

A user may post a direct link, headline, short excerpt, or screenshot of one current chart or limited table on social media only if the post includes the required attribution and a link to the original CEFData page.

This permission does not authorize serial posting, posting substantial tables, posting historical data, creation of a recurring data or research feed, scraping or automated posting, or use that recreates or substitutes for CEFData research or data services.

5.6 Required attribution

Any permitted citation, chart, table, excerpt, or limited data reference must include reasonably prominent attribution substantially in the following form:

Attribution must identify the relevant “as of” date and, where reasonably practicable, link to the original CEFData page. You may not state or imply that CEF Advisors or CEFData endorses you, your organization, your publication, your analysis, your product, your service, or any investment view.

Except as expressly permitted by these Terms or an applicable written agreement, you may not, and may not permit any other person or entity to:

• copy, reproduce, republish, display, distribute, transmit, sell, license, sublicense, rent, lease, assign, transfer, or otherwise make available CEFData Content;
• store, download, archive, cache, aggregate, compile, index, maintain, import, export, or transfer CEFData Content into a spreadsheet, database, research system, CRM system, knowledge base, client portal, website, application, model, product, or service;
• reproduce, publish, distribute, or reuse historical CEFData information with a stated “as of” date more than 90 calendar days before the date of use;
• republish substantial tables, full universe-level tables, index constituent data, index values, numerical index-page data, historical datasets, scores, rankings, or other material portions of CEFData Content;
• create or assist in creating a derivative database, index, benchmark, research product, website, application, platform, data feed, model, or service using CEFData Content;
• use CEFData Content in any client-facing report, recurring publication, marketing material, paid or unpaid product or service, securities analysis platform, investment product, benchmark, data feed, or commercial or institutional offering;
• provide CEFData Content to multiple users within a business, firm, institution, affiliated organization, or other group except as expressly authorized by a written multi-user license;
• remove, obscure, alter, or bypass any copyright notice, trademark, attribution, technical control, access restriction, or other proprietary notice; or
• use CEFData Content in any manner that exceeds the narrow permissions in these Terms.

Student, faculty, academic, and research users are not automatically exempt from these Terms or from licensing requirements. CEF Advisors may offer lower-cost data access or research licensing arrangements for qualified students, faculty members, and researchers.

Absent an applicable written agreement, student, faculty, academic, and research users may not scrape, store, redistribute, systematically collect, publish, or otherwise use CEFData Content beyond the limited permissions expressly stated in these Terms.

You may not use robots, spiders, crawlers, bots, scrapers, browser automation, web agents, scripts, software, data-mining tools, screen-scraping tools, automated queries, or any similar automated means to access, monitor, copy, extract, harvest, index, download, aggregate, or collect any portion of the Site or CEFData Content without CEF Advisors’ prior written permission.

You may not bypass, circumvent, disable, interfere with, or attempt to bypass, circumvent, disable, or interfere with any login controls, paywalls, rate limits, robots.txt directives, subscription restrictions, API restrictions, technical barriers, access controls, or other protective measures used by CEF Advisors.

Ordinary search-engine indexing of publicly available editorial pages may be permitted only to the extent authorized by CEF Advisors’ technical controls, including robots.txt directives. Such indexing does not authorize bulk storage, dataset creation, data extraction, commercial reuse, or use for artificial intelligence or machine learning.

No artificial-intelligence system, automated agent, crawler, model developer, AI provider, or other automated technology may scrape, crawl, extract, store, index, train on, fine-tune on, retrieve from, vectorize, embed, reproduce, distribute, or otherwise use CEFData Content without CEF Advisors’ prior written permission and an applicable commercial license.

This restriction includes, without limitation, use of CEFData Content for generative-AI training, model fine-tuning, retrieval-augmented generation, vector databases, embeddings, dataset creation, automated answer generation, model evaluation, benchmarking, synthetic-data generation, automated browser or agent use, and commercial AI-enabled products or services.

No right to use CEFData Content for artificial-intelligence or machine-learning purposes is granted by public availability of the Site, by ordinary search-engine indexing, or by any other implication.

CEF Advisors sells and licenses CEFData data and research for individuals, financial advisors, registered investment advisers, institutions, law firms, fund sponsors, accounting firms, publishers, technology companies, and other business users.

Licensing may include, as approved by CEF Advisors, individual access, multi-user firm access, internal research, client-facing display, website display, application use, data feeds, publications, custom datasets, API access, AI rights, and other authorized uses.

CEF Advisors may deliver licensed data through email, Excel files, FTP, API, or other approved delivery methods. Any such delivery is governed by the applicable order form, subscription agreement, data-license agreement, API terms, or other written agreement. That agreement controls the authorized user or users, user count, delivery method, downloading, storage, internal systems, research use, external display, client use, redistribution, sublicensing, security, confidentiality, audit rights, reporting, and all other permitted and prohibited use.

Any use beyond light or incidental use generally requires prior written approval and may require a subscription agreement or commercial data license.

For permission, licensing, student/faculty/research access, institutional use, multi-user access, publication rights, data feeds, FTP, API, or AI rights, contact Sales@CEFData.com.

All Site information is provided “AS IS” and “AS AVAILABLE.” To the maximum extent permitted by law, CEF Advisors makes no representation or warranty that Site content is accurate, complete, current, uninterrupted, error-free, secure, or free of viruses or other harmful components. We are not obligated to update any content.

You use the Site at your own risk. Data, research, analyses, indexes, scores, rankings, calculations, and other information may change without notice.

To the maximum extent permitted by applicable law, CEF Advisors, its affiliates, licensors, officers, directors, employees, agents, and service providers will not be liable for any direct, indirect, incidental, special, consequential, exemplary, or punitive damages arising from or related to your access to, use of, or inability to use the Site or CEFData Content, even if advised of the possibility of such damages.

You agree not to:

• use the Site or CEFData Content for any unlawful purpose or in violation of these Terms;
• impersonate any person or entity or misrepresent your identity or affiliation;
• upload, transmit, or introduce harmful, infringing, unauthorized, or malicious content or code;
• interfere with the operation, security, integrity, or availability of the Site;
• collect or harvest personal information of others without authorization; or
• violate any applicable law, regulation, third-party right, or contractual obligation.

CEF Advisors is committed to protecting your privacy. We may collect non-public personal information from forms, emails, webinar registrations, data subscription requests, or other interactions. This information may include your name, firm, email address, phone number, and service history.

We use your information to:

• deliver advisory, consulting, or data services;
• administer research events and webinar registrations;
• send occasional updates on relevant offerings or insights.

We do not sell or rent your personal information. We may share limited contact details with our affiliated nonprofit, the Active Investment Company Alliance (AICA), only if you have subscribed to our public lists, joined a webinar, or downloaded educational content. We do not share advisory-client account data unless separately authorized or required by law.

We restrict access to non-public personal information to employees and vendors who need it to provide services. We maintain appropriate physical, electronic, and procedural safeguards to protect your information.

You may unsubscribe from communications at any time using the link provided in our emails or by contacting privacy@cefadvisors.com or (804) 288-2482.

We reserve the right to amend our Privacy Policy. Material changes may be communicated by email or on the Site.

CEF Advisors maintains a business continuity plan designed to minimize disruption in services and support recovery of critical functions in the event of a business interruption. This plan may include redundant systems, communication protocols, and off-site data backups. We evaluate and update the plan from time to time to address operational risks and changing guidance.

The Site may contain links to third-party websites for convenience only. CEF Advisors does not control, endorse, or assume responsibility for third-party websites, their content, privacy practices, security, availability, or accuracy.

If you believe that any material on the Site infringes your copyright, please contact:

John Cole Scott
Closed-End Fund Advisors, Inc.
2711 Buford Road, Suite #382
Richmond, Virginia 23235
United States
(804) 288-2482
cefa@cefadvisors.com

Your notice must comply with 17 U.S.C. § 512. We will investigate and respond as appropriate.

CEF Advisors may suspend, restrict, or terminate your access to the Site at any time, with or without notice, if we reasonably believe you have violated these Terms, applicable law, or the rights of CEF Advisors or a third party.

You acknowledge that unauthorized use, copying, scraping, extraction, storage, redistribution, or exploitation of CEFData Content may cause irreparable harm for which monetary damages may be inadequate. Accordingly, CEF Advisors may seek injunctive or other equitable relief, in addition to any other remedies available at law or in equity.

Sections that by their nature should survive termination, including provisions concerning intellectual property, data restrictions, scraping, AI use, limitations of liability, remedies, and governing law, will survive termination of these Terms.

These Terms are governed by the laws of the Commonwealth of Virginia, without regard to its conflict-of-law principles.

Any dispute arising out of or relating to these Terms, the Site, or CEFData Content must be brought exclusively in the state or federal courts located in Richmond, Virginia, and you consent to the personal jurisdiction and venue of those courts.

For general questions about these Terms, contact:

Closed-End Fund Advisors, Inc.
2711 Buford Road, Suite #382
Richmond, Virginia 23235
(804) 288-2482

For data-use permissions and licensing inquiries, contact Sales@CEFData.com.