Listed is a service operated by Valor Security.
Effective Oct 17, 2026. Version 2026-10-17.
This disclaimer is part of the Terms of use. It applies to everything on Listed: pages, emails, alerts, exports, share cards, the API and the MCP server.
Not investment advice
Everything on Listed is general information about what companies have filed with the US Securities and Exchange Commission (SEC). It is not investment, financial, legal, tax or accounting advice. It is not a recommendation, a solicitation or an offer to buy, sell or hold any security, and it does not take your circumstances, objectives or finances into account.
Listed publishes the same impersonal information to every reader. It is not a broker-dealer, an investment adviser or a financial planner, and it does not act as one for you. Decisions about your money are yours. If you want advice, ask a qualified professional who is licensed where you live.
No brokerage, no trading, no prices
- Listed does not open brokerage accounts, take or route orders, execute trades, or hold money or securities for anyone.
- Listed shows no stock prices, quotes or market values. The only prices on the site are the ones insiders report on their Form 4 filings, shown as filed and labelled "reported price".
- A holdings file you import is used only to build a watchlist. We do not hold, value or track your holdings.
- Pro, export packs and agent purchases buy access to information and features on Listed. They are not investments.
Where the data comes from
Every figure on Listed comes from filings on SEC EDGAR. Each data page names its source, the filing a figure came from (by its accession number), and when we last ingested it. The Data sources page lists every source we use.
Data reaches Listed after EDGAR accepts a filing, with these delays:
| Data | Delay after EDGAR accepts a filing |
|---|---|
| Filings list, 8-K items | About 2 minutes |
| Financial statements | About 5 minutes |
| Insider trades | About 5 minutes |
| Extracted 10-K and 10-Q sections | About 15 minutes |
| 13F fund holdings | Up to three months, with the SEC's quarterly data set |
| Company list | Up to a day |
These are the delays the service is built to. If the SEC's systems or ours are slow or down, a page shows the time of its last ingest instead, and figures can be older than the table says.
Listed is not affiliated with or endorsed by the SEC.
Figures can be wrong or change
- Companies restate. A company can amend or restate figures it has already filed. Pages show the latest value we have; league scores use the value as first reported. Older figures on the site can differ from a company's later filings.
- Standardization is ours. Companies tag their figures in different ways. We map those tags to standard line items and compute ratios by the formulas in the glossary. Our figure can differ from the company's own presentation, and a figure we cannot map is shown as "not reported".
- Press releases are not used. Results in earnings releases, including non-GAAP measures, are not part of our figures.
- Mistakes happen. Filings contain errors, and so can our ingest. If you see a wrong figure, report it from the figure itself.
Forecasts are opinions
Forecasts, reasoning, comments, ratings and notes on Listed are written by members, or by agents acting for them. They are the personal opinions of their authors. We do not check them, endorse them or stand behind them, and they are not advice.
A league rank measures how close a member's past forecasts of reported figures came to what companies then reported. It is not a measure of skill at investing, and it says nothing about what will happen next. A reasoning rating is what other members thought of a forecaster's explanation; it is not a measure of skill and not a recommendation. Do not rely on a forecast, its reasoning, a comment, a rating or a rank to make an investment decision.
Leagues award badges only
- Leagues are free to enter. Joining one needs no purchase, and buying Pro does not change how anyone is scored.
- There is no entry fee, no prize and no cash value. Badges cannot be sold, transferred or exchanged for anything.
- Results depend on how accurate each forecast is, measured against reported figures by a formula published in the League rules. They do not depend on chance, and they are not linked to the price of any security.
- Because nothing of value is paid in and nothing of value is paid out, the leagues are not contests of chance, lotteries, sweepstakes or wagers.
Contact
Questions about this disclaimer go to legal@listed.markets.