# Persistfolio Historical Dataset License - Release 1 (2026-10-30)

This license covers the single fixed dataset edition named below, delivered under the release ID on your purchase receipt. By downloading or using it you accept these terms. Questions: info@persistfolio.com.

## 1. What you are licensed to use
Historical S&P 500 Quarterly Prices, release `sp500-quarterly-prices-2025-09-30-r1`: fund-filing-implied quarter-end prices, price-only returns, supported corporate actions and cash terminal outcomes for the securities in Historical Cohort Release 1.1, 2004-09-30 to 2025-09-30, with evidence files, documentation and a sample.

## 2. Grant
A non-exclusive, non-transferable right to retain and use this fixed edition indefinitely for the purpose of your licence tier:
- **Individual / Academic:** one named purchasing person, for internal research, professional analysis or academic work. No organization-wide use.
- **Business / Commercial:** one purchasing legal entity, its employees and direct contractors acting solely for it, for internal business and research purposes. No rights extend automatically to affiliates or to the entity's customers.

## 3. Not included
This license does not include updates, corrections, future editions, support, or continued access to the download service. The edition is fixed at the scope above; anything after 2025-09-30 is outside it.

## 4. Restrictions
No redistribution, resale, sublicensing, public download, hosting as a data service, inclusion in a sold or shared raw-data feed, or provision of access to the data or any substantial extract of it to third parties without separate written permission. You may publish independently generated analyses, charts and aggregate results if they do not disclose a substantial extract of the dataset. You may not remove or obscure evidence labels, limitations or attribution when quoting an excerpt.

## 5. What the data is, and is not
- Prices are **fund-filing-implied quarter-end prices**: a fund's filed market value divided by its filed share count, taken as the median across S&P 500 funds that held the security. They are **not exchange closing prices** and say nothing about prices between quarter-ends.
- Returns are **price-only**. This edition contains **no dividend events and no dividend-inclusive (total) returns**, and must not be described as a "Prices & Dividends" dataset.
- Corporate actions are those supported by SEC filings; intervals crossing an unresolved action are not evaluated. Cash terminal outcomes come from completion filings; two are valuation-timing cases. Three separation blockers and all unpriced or not-evaluated items are listed in docs/EXCEPTIONS.csv and docs/QUALITY_REPORT.md.
- No estimated, interpolated or recovered price appears in the data. A price based on a single fund is marked by `n_funds_total`/`n_sp500_funds`.

## 6. Sources and trademarks
Compiled from public SEC EDGAR filings (SEC states that "EDGAR public filing content" is free to access and reuse) and Persistfolio's own research and derivation. No exchange data, index-provider data or third-party vendor feed is included, and CUSIP identifiers are not included. "S&P 500" is a trademark of S&P Dow Jones Indices LLC and/or its affiliates; it is used only to describe the index whose reconstructed membership this dataset covers. Persistfolio is independent and not affiliated with, sponsored or endorsed by S&P Dow Jones Indices. This is not an official S&P 500 constituent file.

## 7. No warranty, no advice
The data is supplied as-is for research. Accuracy, completeness and fitness for a particular purpose are not warranted. Known limits are listed in docs/QUALITY_REPORT.md and docs/EXCEPTIONS.csv; read them before relying on any record. Nothing here is investment, trading, legal or tax advice. You are responsible for your own downstream use. To the extent permitted by law, Persistfolio's liability is limited to the price you paid for this edition.