Terms of Service

Edelbridge Alpha (the “Publication”) Published by: Edelbridge Alpha GmbH, a limited liability company incorporated in Switzerland (the “Publisher”, “we”, “us”, “our”) Contact: alpha@edelbridge.capital Registered office: Switzerland Last updated: 12 July 2026

PLEASE READ THESE TERMS CAREFULLY. BY ACCESSING, SUBSCRIBING TO, OR READING THE PUBLICATION, YOU AGREE TO BE BOUND BY THESE TERMS OF SERVICE (THE “TERMS”). IF YOU DO NOT AGREE, DO NOT ACCESS OR USE THE PUBLICATION.

These Terms apply in addition to, and do not replace, the Terms of Use and Privacy Policy of Substack Inc., which govern your use of the Substack platform itself. Where these Terms conflict with Substack’s terms in respect of the platform, Substack’s terms prevail as to the platform; these Terms prevail as to the content of the Publication and your relationship with the Publisher.

1. Nature of the Publication: Not Investment Advice

1.1. The Publication is a journalistic and educational publication of general and regular circulation. All content, including posts, emails, podcasts, videos, charts, comments, chat messages, and any other material published or distributed by the Publisher (together, the “Content”), is provided for informational, educational, and entertainment purposes only.

1.2. Nothing in the Publication constitutes, or should be construed as, financial, investment, legal, tax, or accounting advice, or a personal recommendation. The Content does not take into account your individual objectives, financial situation, risk tolerance, or needs, and is not tailored to any specific reader.

1.3. Nothing in the Publication constitutes an offer, solicitation, inducement, or invitation to buy, sell, hold, or subscribe for any security, financial instrument, cryptoasset, or other investment, or to engage in any investment strategy or transaction, in any jurisdiction. No Content constitutes a prospectus, key information document, offering memorandum, or similar offering document under the laws of any jurisdiction.

1.4. The Publisher is not a regulated financial institution in any jurisdiction. In particular, the Publisher: (a) is not licensed, authorised, or supervised by the Swiss Financial Market Supervisory Authority (FINMA) and is not a financial services provider providing “financial services” or investment advice within the meaning of the Swiss Financial Services Act (FinSA/FIDLEG); (b) is not authorised or regulated by the UK Financial Conduct Authority (FCA); (c) is not registered as an investment adviser, broker-dealer, or in any other capacity with the U.S. Securities and Exchange Commission (SEC) or any U.S. state securities regulator; and (d) holds no equivalent licence, registration, or authorisation from any other financial regulator anywhere in the world. The Publisher is not a member of any investor compensation, deposit protection, or ombudsman scheme.

1.5. Switzerland. The Content constitutes journalistic commentary and general market analysis addressed to an unrestricted public audience. It is not personal investment advice, portfolio management, or any other financial service within the meaning of FinSA, and no client relationship, client segmentation, suitability assessment, or appropriateness assessment under FinSA arises from your reading of, or subscription to, the Publication.

1.6. United States readers. To the extent any exemption is necessary, the Publisher relies on the “publisher’s exclusion” from the definition of “investment adviser” under Section 202(a)(11)(D) of the Investment Advisers Act of 1940 and corresponding state securities laws. The Publication is a bona fide publication of general and regular circulation offering impersonal, disinterested commentary and analysis. It does not provide individualised advice tailored to any subscriber’s portfolio or circumstances, and the Publisher does not manage, and will not accept authority over, any reader’s funds, securities, or accounts.

1.7. United Kingdom and EEA readers. The Content is devised in the capacity of journalism and commentary. The principal purpose of the Publication is the provision of news, analysis, opinion, and commentary of general interest, and not to advise on, or to lead or enable persons to, buy or sell securities or other investments. The Content is not a “financial promotion” approved by an authorised person under UK law, nor marketing material approved under any EEA regime, and no reliance may be placed on it as such.

1.8. No client or fiduciary relationship. Your subscription to, payment for, or reading of the Publication does not create any adviser-client, fiduciary, mandate, agency, or similar relationship between you and the Publisher. The Publisher owes you no duty of suitability, best execution, ongoing monitoring, or any similar duty.

1.9. No personalised responses. The Publisher does not provide, and you agree not to request, individualised investment advice, including via email, comments, chat, direct messages, social media, or any other channel. Any general response to a question is itself impersonal commentary and remains subject to these Terms.

2. Risk Warnings

2.1. All investing involves risk, including the total and permanent loss of capital. The value of investments and any income from them can fall as well as rise, and you may get back less than you invest.

2.2. Past performance is not a reliable indicator of future results. Any historical returns, hypothetical performance, backtests, model portfolios, or projections discussed in the Content are illustrative only, may not reflect fees, taxes, slippage, or real trading conditions, and may never be realised.

2.3. Certain assets and strategies that may be discussed in the Content, including without limitation smaller-company shares, emerging markets, derivatives, structured products, leveraged products, short selling, private markets, commodities, and foreign-exchange instruments, are high risk and may be illiquid, volatile, or unsuitable for most investors.

2.4. Cryptoassets and digital assets. The Publication does not ordinarily cover cryptoassets. However, if and to the extent any Content refers to, mentions, or analyses any cryptoasset, token, stablecoin, DeFi protocol, NFT, or other digital asset, the following applies in full: such Content is general journalistic commentary only and is not a recommendation, promotion, or inducement of any kind; cryptoassets are extremely high risk, largely unregulated, and highly volatile; you could lose all the money you put into them; they may lack any investor protection, compensation scheme, or recourse whatsoever; and their legal and tax treatment is uncertain and varies by jurisdiction. Nothing in the Publication should be understood as a financial promotion of qualifying cryptoassets to UK persons or as marketing of cryptoassets under the EU Markets in Crypto-Assets Regulation (MiCA), FinSA, or any other regime.

2.5. Foreign-currency-denominated investments expose you to exchange-rate risk. Tax treatment depends on your individual circumstances and may change.

2.6. Losses arising from investments mentioned in the Content will not be covered by any deposit insurance or investor compensation scheme, including without limitation esisuisse, the UK Financial Services Compensation Scheme (FSCS), the Financial Ombudsman Service, the U.S. Securities Investor Protection Corporation (SIPC), or any equivalent scheme in any jurisdiction.

3. Your Responsibilities; No Reliance

3.1. You retain absolute and sole discretion over your investment decisions. It is your exclusive responsibility to evaluate the Content and to determine independently whether any investment, strategy, or security is appropriate for you, both initially and on an ongoing basis.

3.2. You agree that you will not treat any Content as a recommendation to you personally and that you will not make any investment decision in reliance on the Content. Before making any investment decision you should conduct your own research and due diligence, review the issuer’s official filings and documents, and consult a duly authorised or licensed financial adviser, as well as legal and tax professionals where appropriate.

3.3. You represent that you are at least 18 years of age and legally capable of entering into binding contracts.

3.4. You are responsible for ensuring that your access to and use of the Publication is lawful in your jurisdiction. The Publication is not directed at any person in any jurisdiction where its publication or availability would be contrary to local law or regulation, and such persons must not access it. Without limitation, the Publication is not directed at persons in any jurisdiction where its distribution would require the Publisher to hold a licence, registration, or approval it does not hold.

4. Accuracy, Opinions, and Forward-Looking Statements

4.1. The Content reflects the personal opinions, impressions, and analysis of its author(s) as at the date of publication and is subject to change without notice. The Publisher is under no obligation to update, correct, or supplement any Content.

4.2. Content may be based on data and information obtained from third-party sources believed to be reliable. The Publisher has not independently verified such information and makes no representation or warranty, express or implied, as to its accuracy, completeness, timeliness, or fitness for any purpose. The Content may contain errors, omissions, or out-of-date information.

4.3. Content may include forward-looking statements, estimates, price targets, and scenarios. These are inherently uncertain and speculative, involve known and unknown risks, and actual outcomes may differ materially. No representation is made that any projected outcome will be achieved.

4.4. Nothing in the Content constitutes “investment research” or a “financial analysis” prepared in accordance with legal or self-regulatory requirements designed to promote the independence of investment research (including the Swiss Bankers Association Directives on the Independence of Financial Research), and the Content is not subject to any prohibition on dealing ahead of its dissemination.

5. Conflicts of Interest

5.1. The Publisher, its author(s), officers, and affiliates may hold, or may buy or sell, positions in securities, cryptoassets, or other instruments discussed in the Content, whether before, at the time of, or after publication. Where the Publisher considers a holding to be material to a specific piece of Content, the Publisher will endeavour to disclose it in that piece, but disclosure may be incomplete, delayed, or omitted in error.

5.2. Unless expressly disclosed, the Publisher does not receive compensation from any issuer, promoter, or third party to feature or recommend any security or asset. Any sponsored, affiliate, or compensated content will be identified as such.

5.3. You acknowledge that such interests may exist and agree that they do not give rise to any claim against the Publisher.

6. Subscriptions, Billing, and Refunds

6.1. The Publication offers free and paid subscription tiers. Paid subscriptions are billed through Substack and its payment processor (currently Stripe) on the recurring cycle you select. By subscribing you authorise recurring charges until you cancel.

6.2. You may cancel at any time via your Substack account settings. Cancellation takes effect at the end of the current billing period; no further charges will be made, and you retain paid access until that period ends.

6.3. All fees are final and non-refundable. Without limitation, no refunds, credits, or pro-rata reimbursements are given for partial billing periods, unused access, failure to use the Publication, dissatisfaction with the Content or its frequency, changes to the scope of paid Content, investment outcomes or losses, or account suspension or termination for breach of these Terms. Any refund the Publisher may nonetheless choose to grant is made purely at its sole and absolute discretion, as a gesture of goodwill, without any obligation to do so, and does not constitute a waiver of this clause or a precedent for any other case. This clause applies to the maximum extent permitted by mandatory applicable law and by the applicable policies of Substack and its payment processor, which the Publisher does not control.

6.4. Immediate access and loss of withdrawal rights. By subscribing to paid content you request and expressly consent to immediate supply of digital content upon payment. If you are a consumer in a jurisdiction that grants a statutory withdrawal or cooling-off right for distance contracts (such as the 14-day right under EU or UK consumer law), you acknowledge that by receiving immediate access you lose that withdrawal right to the fullest extent the applicable law permits such waiver upon commenced supply.

6.5. The Publisher may change subscription prices or the scope of free versus paid Content at any time, with changes applying from your next billing cycle after reasonable notice. Your sole remedy if you disagree with any change is to cancel before the next billing cycle.

6.6. Chargebacks initiated in bad faith or in breach of this clause 6 constitute a material breach of these Terms, and the Publisher may recover reasonable costs incurred in disputing them and terminate your access immediately without refund.

7. Intellectual Property and Permitted Use

7.1. All Content is owned by or licensed to the Publisher and is protected by copyright and other intellectual property laws. All rights are reserved.

7.2. You are granted a limited, personal, non-exclusive, non-transferable, revocable licence to access and read the Content for your own private, non-commercial use.

7.3. You must not, without prior written consent: (a) copy, republish, redistribute, scrape, or systematically extract Content; (b) share, resell, or make available paid Content to non-subscribers, including by forwarding paid emails, posting them publicly, or sharing login access; (c) use the Content to train, fine-tune, or ground any machine learning or AI model; or (d) remove or alter any attribution or notices. Brief quotations with attribution and a link, for commentary or review, are permitted.

7.4. If you submit comments or other material, you grant the Publisher a worldwide, royalty-free, perpetual licence to use, reproduce, and display that material in connection with the Publication, and you warrant that it is lawful and does not infringe third-party rights.

8. Acceptable Use

You must not use the Publication to: post unlawful, defamatory, or infringing material; post or solicit personalised investment advice; promote securities or schemes (”pumping”), spam, or solicit other readers; harass others; attempt to gain unauthorised access to any systems; or impersonate the Publisher. The Publisher may remove content and suspend or terminate access, including paid access without refund, for breach of these Terms.

9. Third-Party Content and Links

The Publication may contain links to, or content from, third-party websites, services, or publications. These are provided for convenience only. The Publisher does not control, endorse, or assume any responsibility for third-party content, products, or services, and your use of them is at your own risk and subject to their terms.

10. Disclaimer of Warranties

10.1. THE PUBLICATION AND ALL CONTENT ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT WARRANTIES, REPRESENTATIONS, CONDITIONS, OR GUARANTEES OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF ACCURACY, COMPLETENESS, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR THAT ANY RESULT, RETURN, OR OUTCOME WILL BE ACHIEVED, IN EACH CASE TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.

10.2. THE PUBLISHER DOES NOT WARRANT THAT THE PUBLICATION WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR THAT THE CONTENT WILL MEET YOUR REQUIREMENTS OR EXPECTATIONS.

11. Limitation of Liability

11.1. Nothing in these Terms excludes or limits any liability that cannot be excluded or limited under mandatory applicable law. In particular, in accordance with Article 100 of the Swiss Code of Obligations, nothing in these Terms excludes the Publisher’s liability for losses caused by its own unlawful intent (Absicht) or gross negligence (grobe Fahrlässigkeit), and nothing excludes liability for fraud or for death or personal injury to the extent such exclusion is prohibited by the law applicable to you.

11.2. Subject to clause 11.1, to the maximum extent permitted by applicable law, the Publisher, its owners, quotaholders, officers, employees, contributors, and agents shall have no liability whatsoever, whether in contract, tort (including negligence), misrepresentation, breach of statutory duty, or otherwise, for: (a) any investment or trading losses, loss of capital, loss of profits, loss of anticipated savings, or loss of opportunity, arising from or connected with any use of, or reliance on, the Publication or any Content; (b) any indirect, incidental, special, consequential, punitive, or exemplary losses or damages; (c) any inaccuracy, error, omission, delay, or unavailability of any Content; (d) losses caused by auxiliary persons (Hilfspersonen) within the meaning of Article 101 of the Swiss Code of Obligations, to the fullest extent such liability may be excluded; or (e) any act or omission of Substack, Stripe, or any other third party.

11.3. Subject to clause 11.1, if and to the extent the Publisher is nonetheless found liable to you, the Publisher’s total aggregate liability arising out of or in connection with the Publication and these Terms shall not exceed the greater of (a) the total subscription fees actually paid by you to the Publisher in the twelve (12) months immediately preceding the event giving rise to the claim, and (b) CHF 100.

11.4. You acknowledge that the disclaimers, risk warnings, and limitations in these Terms are a fair allocation of risk reflecting the nature and price of the Publication, and that the Publisher would not make the Publication available on these terms without them.

11.5. Subject to clause 11.1 and to any longer mandatory limitation period, any claim arising out of or relating to the Publication must be brought within one (1) year after the cause of action accrues, failing which it is permanently barred, to the extent such a contractual limitation is permitted by applicable law.

12. Indemnity

To the maximum extent permitted by applicable law, you agree to indemnify and hold harmless the Publisher and its owners, quotaholders, officers, employees, contributors, and agents from and against any claims, liabilities, losses, and expenses (including reasonable legal fees) arising out of or related to (a) your breach of these Terms, (b) your violation of any law or third-party right, or (c) any investment decision or transaction you make. This clause does not apply to the extent prohibited by mandatory consumer protection law in your jurisdiction.

13. Termination

The Publisher may suspend or terminate your access to all or part of the Publication at any time, with or without notice, for breach of these Terms or where the Publisher reasonably considers it necessary, without any obligation to refund fees except where required by mandatory applicable law. Clauses 1 to 5 and 10 to 17 survive termination.

14. Changes to These Terms

The Publisher may amend these Terms from time to time. The current version will be posted on the Publication with its “Last updated” date, and material changes will be notified by reasonable means (for example, a note in a post or email). Your continued access after changes take effect constitutes acceptance. If you do not agree, you must stop using the Publication and may cancel any subscription.

15. Governing Law and Jurisdiction

15.1. These Terms and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with them or the Publication shall be governed by substantive Swiss law, excluding its conflict-of-laws rules and excluding the UN Convention on Contracts for the International Sale of Goods (CISG).

15.2. The exclusive place of jurisdiction is the registered seat of the Publisher in Switzerland. This is without prejudice to any mandatory place of jurisdiction or mandatory consumer protection provisions available to consumers under the law of their habitual residence (including under the Lugano Convention), which apply only to the extent they cannot be derogated from by agreement.

16. General

16.1. Severability. If any provision of these Terms is held invalid or unenforceable, it shall be modified to the minimum extent necessary to make it enforceable, or if that is not possible, severed, and the remaining provisions shall continue in full force.

16.2. Entire agreement. These Terms (together with the Privacy Policy and any disclosures within individual posts) constitute the entire agreement between you and the Publisher regarding the Publication and supersede all prior understandings. Nothing in this clause limits liability for fraud.

16.3. No waiver. Failure to enforce any provision is not a waiver of it.

16.4. Assignment. You may not assign your rights under these Terms. The Publisher may assign or transfer its rights and obligations, including on a sale or reorganisation of the Publication or the Publisher.

16.5. No third-party rights. Except for the indemnified and protected parties expressly referred to in clauses 11 and 12, these Terms do not confer rights on any third party.

16.6. Language. These Terms are drawn up in English. Any translation is for convenience only; the English version prevails.

17. Contact

Questions about these Terms: alpha@edelbridge.capital Edelbridge Alpha GmbH, Switzerland