MULDEN DATA — COMMERCIAL LICENCE ================================================================ Version 1.2 · 2026-09-30 · https://themulden.com/licence/ This is the licence a buyer receives. It is published in full before purchase so nobody pays to find out what the terms are. -------------------------------------------------------------- WHAT IS LICENSED The datasets published at https://themulden.com/data/ and distributed as mulden-datasets.zip: measurements computed from SEC Form N-PORT filings for US-registered funds, together with their documentation and field definitions. Referred to below as "the Data". The Licensor is the operator of themulden.com. The Licensee is the individual or organisation named on the purchase receipt. -------------------------------------------------------------- WHAT YOU MAY DO 1. Use the Data for any purpose, commercial or otherwise. 2. Do so WITHOUT the attribution required by CC BY 4.0. You may put the figures in a product screen, a client deliverable, a regulated filing, an API response or an internal system with no credit line. 3. Modify, combine and derive from the Data freely. 4. Redistribute the Data as a component of your own product or service. 5. Continue using any version of the Data you have received, permanently. This licence does not expire, and it cannot be revoked by the Licensor for a version already delivered. The single exception is a refund, which you choose: see REFUND below. -------------------------------------------------------------- WHAT YOU MAY NOT DO 1. Resell or redistribute the Data as a standalone dataset, or as the substantial part of a product whose purpose is to supply this data to others. Building something that uses the Data is fine; reselling the Data itself is not. 2. Represent the Licensor as having reviewed, endorsed or approved your use, your product, or any conclusion you draw. -------------------------------------------------------------- WHAT THE LICENSOR COMMITS TO 1. ACCURACY OF METHOD. The Data is computed from SEC filings by the published method, with no manual adjustment of any figure. Where two independent readings of the same measurement disagree and neither can be shown correct, the summary figure is withheld and the fund is named publicly rather than an average being published. 2. CORRECTION. If you identify an error, it will be corrected in the published data and you will be told, in writing, what was wrong and what changed. The public correction record at https://themulden.com/verification/ shows this has happened before and how it was handled. 3. NO SILENT DEFINITION CHANGES. Every change to how a figure is computed is dated and recorded in the data dictionary. A number's meaning will not change under you without a record. 4. INDEPENDENCE. The Licensor is not paid by any fund, issuer or index provider covered by the Data. Holding this licence does not influence any measurement. If a figure is unflattering to the Licensee's product it stays as measured — that is the only reason the Data is worth licensing. -------------------------------------------------------------- WHAT THE LICENSOR DOES NOT COMMIT TO 1. The Data is provided AS IS. It describes filings, and a filing can be wrong; where a filer reported something implausible it is passed through and flagged, not silently repaired. 2. NOT INVESTMENT ADVICE. The Data is measurement, not recommendation. The Licensor accepts no liability for investment decisions made using it. 3. NO UPTIME GUARANTEE on the free public endpoints. The delivered archive is yours permanently regardless of what the website does. 4. LIABILITY is limited to the amount paid for this licence. -------------------------------------------------------------- REFUND Fourteen days, no questions asked, no reason required. Write to the address below and the full amount is returned. This is offered rather than restricted, for a reason worth stating. The Data itself is free: the same archive, byte for byte, can be downloaded without paying at https://themulden.com/data/mulden-datasets.zip, and this entire licence text is published before purchase. There is nothing you can discover after paying that was hidden before. What is bought here is terms, not access, so a refund costs the Licensor nothing that was not already free -- and a refund policy that only exists on paper would be worth nothing. A refund ends this licence. On refund, every permission above terminates, including the permanent right in WHAT YOU MAY DO clause 5 -- that clause says the Licensor cannot revoke the licence, and a refund is not the Licensor revoking it but you returning it. You must stop relying on the attribution waiver and remove uses that depend on it. What you keep is what everyone has: the Data under CC BY 4.0, free, with attribution. Refunding does not take the files away from you and is not meant to. It takes back the terms, which is the only thing the money bought. Said plainly, because the question is fair: paying, downloading and refunding leaves you holding a file that was free to download without paying, and holding it under the same CC BY terms as somebody who never paid. It is not a way to obtain the commercial terms for nothing -- those end with the refund. The Licensor accepts that this is not enforceable by surveillance and does not attempt any. It is enforceable the way the rest of this document is: as a contract, against a party who wanted a documented licence in the first place. Anyone willing to misrepresent their rights for this amount would simply take the free file and omit the credit, and was never a buyer. -------------------------------------------------------------- UPDATES The public datasets are rebuilt as new filings arrive. A purchase includes the version delivered plus every update published in the twelve months following. After that the Data remains yours to use; further updates would need a new purchase. There is no subscription and nothing recurring to cancel. -------------------------------------------------------------- IF THE SITE STOPS If themulden.com ceases publishing, this licence survives for the Data already delivered, and the terms above that concern your use of it continue to apply. -------------------------------------------------------------- LAW Governed by the law of the Republic of Korea. Nothing here removes any right you hold under mandatory consumer law in your own jurisdiction. -------------------------------------------------------------- CONTACT stewardwealth.blog@gmail.com You do not need this licence to use the Data under CC BY 4.0, which is free and requires only attribution. If attribution works for your use, use the free version — that answer is given honestly when asked.