Listed

Terms of use

The agreement that covers your use of Listed: accounts, your content, Pro and export packs, agents, and the limits of our responsibility.

Version 2026-10-17Updated Oct 17, 2026

Draft. This document is awaiting review by counsel and may change. If it does, the new version will be dated and we will say what changed.

Contents, 18 sections
  1. What Listed is
  2. Who can use it
  3. Your account
  4. Acceptable use
  5. Your content
  6. SEC data and our own work
  7. Pro and export packs
  8. Agents acting for you
  9. Leagues
  10. Not investment advice
  11. Suspension and closing an account
  12. Disclaimers
  13. Limits on our liability
  14. If you cause us a loss
  15. Governing law and disputes
  16. Changes to these terms
  17. Other terms
  18. Contact

Listed is a service operated by Valor Security.

Effective Oct 17, 2026. Version 2026-10-17.

These terms are an agreement between you and Valor Security ([registered name, to be confirmed], [registered address, to be confirmed]), called "we" and "us" below. They apply when you use Listed at listed.markets, its public API, its MCP server, its emails and its share cards. We call all of that "the service".

By using the service you agree to these terms. When you create an account you accept them at sign-up, and we record which version you accepted and when.

These documents are part of the same agreement:

The Privacy policy explains what personal data we collect and what we do with it.

What Listed is

Listed publishes research on US-listed companies, built only from filings made to the US Securities and Exchange Commission (SEC) through its EDGAR system. It runs free quarterly forecast leagues, in which members forecast figures that companies will report, and are scored when the filing arrives.

Listed does not show stock prices. It does not give investment advice, and it does not arrange, execute or hold trades. Read the Investment disclaimer before you rely on anything here.

We may add, change or remove features. If we remove a paid feature you have already paid for, we refund the unused part.

Who can use it

  • You must be at least 13 years old to create an account.
  • You must be at least 18 years old to buy Pro or an export pack, or to let an agent spend money for you.
  • If you are under the age of majority where you live, a parent or guardian must agree to these terms for you.
  • If the law where you live sets a higher minimum age for a service like this one, that age applies to you.
  • You may not use the service if the law forbids you to, or if we have closed an account of yours for breaking these terms.

Your account

  • Use an email address you control, and keep it current.
  • One account per person. Do not share, sell or transfer your account.
  • Keep your sign-in methods safe: your password, passkeys, authenticator app, recovery codes and personal API keys.
  • You are responsible for what happens under your account, including what agents you have authorized do there.
  • If you think someone else has used your account, tell us at security@listed.markets.
  • You can delete your account at any time from your account page.

Acceptable use

Follow the Acceptable use policy. In short: do not attack the service or other members, do not scrape beyond the published limits, do not post illegal or harmful material, and do not use forecasts, reasoning, comments or notes to mislead people about a company.

Your content

"Your content" means what you put into the service. That includes your display name and handle, your avatar, your forecasts and their reasoning, your comments, ratings and reports, your research notes and their attachments, your watchlists, alerts and saved screens, files you upload or import, and messages you send us.

You keep ownership of your content. You give us a worldwide, non-exclusive, royalty-free licence to host, store, copy, process, display and transmit it, only as needed to run and secure the service. That includes:

  • showing your display name, handle and avatar wherever you appear on the site;
  • showing your forecasts, their reasoning and the discussion on them on leaderboards, on your public profile, on forecast pages and on share cards, if you have turned on a public profile;
  • showing your comments, and counting your ratings, on the forecasts you comment on or rate;
  • showing a research note to anyone who has its link, if you share it by link;
  • returning public content through the API and the MCP server, to other people and their agents, exactly as you wrote it;
  • keeping copies in backups until those backups expire.

The licence ends when you delete the content or your account, except for copies in backups until they expire, and for anything we must keep by law or for a security investigation.

You confirm that you have the right to post your content, and that posting it does not break the law, anyone's rights or these terms.

We do not review text before it appears. Members can report posts; reported posts can be hidden while we review them. Images wait in a moderation queue before they are shown publicly. We may remove content, or limit who can see it, if it breaks these terms or the law. Forecasts, reasoning, comments, ratings and notes are the opinions of the members who wrote them. They are not our views, and they are not advice.

SEC data and our own work

SEC data. Filings and the data in them come from SEC EDGAR. The SEC treats this information as public, free to copy and redistribute, and asks that it be cited as the source. The Data sources page lists what we use.

Our own work. The site's design, text, glossary and guides, the way we standardize line items, the ratios we compute and the league scores are our work, or our licensors'. You may read them, quote them with a link to the page, and share links and share cards. For bulk reuse, use the API or an export pack, under the Agent and API terms, instead of scraping.

Company names. Company names and tickers belong to their owners. We use them only to say which company a filing is about. We do not show company logos.

Pro and export packs

Pro costs $9 a month, plus any tax that applies. It is billed monthly in US dollars through Stripe and renews each month until you cancel. Pro adds unlimited screens, real-time filing alerts, Excel exports and private leagues.

Cancelling Pro. Cancel at any time in the Stripe customer portal, linked from your account page. Pro stays on until the end of the month you have paid for, then stops. We do not charge you again.

Export packs are one-off purchases of a sector's or a watchlist's financial history as CSV and XLSX files. The price is shown before you pay (currently $5). After payment you can download the pack from your account.

How payment works.

  • Payments are taken by Stripe on Stripe's own pages. We never see or store your full card number. Stripe's terms also apply to your payment.
  • Pro and downloads switch on when Stripe confirms the payment to us, which can take a few moments after you return to the site.
  • Prices do not include tax where tax applies. Any tax due is calculated and shown at checkout.
  • We give at least 30 days' notice by email before a Pro price change. The new price applies from your next billing month, and you can cancel before then.

Refunds.

  • Pro. We do not refund part of a month, except as set out here or where the law requires it.
  • Charged in error. If you were charged twice or by mistake, tell us within 60 days at legal@listed.markets and we refund the charge.
  • Export packs. If a pack fails to download or is materially incomplete, tell us within 14 days and we refund it. When a pack is refunded, its download stops working.
  • Consumers in the EU and the UK. You may have a legal right to withdraw from a purchase within 14 days. For an export pack, you agree at checkout that delivery starts at once, and the right to withdraw ends when the download starts. For Pro, if you cancel within 14 days of first subscribing, we refund your first payment in full.
  • Chargebacks. If you dispute a charge with your card issuer, we may pause the paid features linked to that charge while the dispute is open.

Agents acting for you

You can let software agents use Listed for you, through the OAuth consent screen or a personal API key. An agent acts for you. You are responsible for what it does with the access you gave it, as if you had done it yourself: the forecasts it submits, the watchlists and alerts it creates, and the purchases it makes within the spending cap you set. The Agent and API terms set out the rules. You can revoke an agent's access at any time from your agents page.

Leagues

Leagues are free to join and award badges only, with no prize of any kind. The League rules explain how forecasts lock and how they are scored. We may void a forecast, or remove a member from a league, if they break the rules or the Acceptable use policy.

Not investment advice

Nothing on Listed is investment, financial, legal or tax advice, or a recommendation to buy or sell anything. Figures can be wrong, late or restated. Member forecasts are opinions. The Investment disclaimer explains this in full, and it is part of these terms.

Suspension and closing an account

  • You can stop using the service at any time and delete your account from your account page.
  • We may suspend or close an account, revoke an agent's access or a key, remove content, or block access to the service if you break these terms, if the law requires it, or to protect the service or other people.
  • Where it is reasonable and safe to do so, we tell you why and give you a chance to respond.
  • If we close your account when you have not broken these terms, we refund any Pro time you paid for and did not use.
  • When an account is closed, your right to use the service under it ends, and we handle your data as the Privacy policy describes. The parts of these terms that by their nature should continue (such as ownership, disclaimers, limits on liability and governing law) continue.

Disclaimers

The service is provided "as is" and "as available".

The data on Listed comes from what companies filed with the SEC. Filings can contain mistakes, and companies amend and restate them. Our ingest, standardization and computation can be wrong, incomplete or late. The service can be slow or unavailable.

To the extent the law allows, we make no promise that the service or its data is accurate, complete, current or uninterrupted, and we disclaim implied warranties, including merchantability, fitness for a particular purpose and non-infringement. Some places do not allow these exclusions. Where they are not allowed, they apply only as far as the law permits.

Limits on our liability

To the extent the law allows:

  • we are not liable for indirect, incidental, special, consequential or punitive losses, or for lost profits, investment or trading losses, or lost data;
  • our total liability to you for all claims about the service is limited to the greater of the amount you paid us in the 12 months before the claim, or US$50.

Nothing in these terms limits liability that the law does not allow to be limited, such as liability for fraud, or for death or personal injury caused by negligence. If you are a consumer, you keep the rights that consumer law gives you.

If you cause us a loss

If you break these terms or the law and someone makes a claim against us because of it, you agree to cover our reasonable losses and costs from that claim, to the extent the law allows. This does not apply to consumers where the law forbids it.

Governing law and disputes

The governing law and venue for these terms are: [governing law and venue, to be confirmed].

Before starting a formal dispute, write to us at legal@listed.markets and give us 30 days to try to resolve it. If you are a consumer, you keep any protection that the law where you live gives you, including any right to bring a claim in your local courts.

Changes to these terms

Each version of these terms is dated. For a material change, we give at least 30 days' notice by email and on the site before it takes effect. If you keep using the service after that, the new version applies. If you do not agree to it, stop using the service and delete your account. We record which version each member has accepted. Earlier versions are available on request from legal@listed.markets.

Other terms

  • These terms, with the documents listed at the top, are the whole agreement between you and us about the service.
  • If a court finds part of these terms unenforceable, the rest still applies.
  • If we do not enforce a term straight away, we have not given up the right to enforce it later.
  • We may transfer this agreement to a business that takes over the service, and we will tell you if we do. You may not transfer it without our written consent.

Contact

  • Operator: Valor Security ([registered name, to be confirmed])
  • Address: [registered address, to be confirmed]
  • Email: legal@listed.markets

Other documents