# 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 Security Crosswalk, release `sp500-security-crosswalk-2025-09-30-r1`: dated identity windows (ticker and issuer CIK) for the securities in Historical Cohort Release 1.1, 2004-09-30 to 2025-09-30, with evidence tiers, a provenance file, 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
Every row carries an evidence tier. You must keep these labels with the data:
- **A** (9 days in total): a single day documented in an SEC filing.
- **B**: an interval supported by original SEC filings that bracket it. 327 of these rows (95,823 days) are **provisional research windows**: SEC filings show the identity at points inside the window, but the window bounds were set by Persistfolio research and were not verified day by day.
- **B2_FTD**: weaker than B; SEC ownership filings plus fails-to-deliver observations under a frozen rule.
- **INFERRED**: **not observed in any filing.** The identity is carried across a gap of 366 days or less between two SEC-evidenced anchors with the same issuer CIK and ticker. Corporate actions, symbol or class changes may exist inside the gap. INFERRED rows are provided as **labelled research evidence only**, at Persistfolio's decision to include every tier in this edition; they must not be described as observed.
- **C_UNRESOLVED**: no accepted evidence; ticker and CIK are blank by design.

This dataset does **not** certify exchange-listed identity, trading continuity, point-in-time price joins or corporate-action rights, and `exchange_listing_certified` is NO on every row. Do not use it, and in particular not the INFERRED or provisional rows, as evidence that a security traded under a symbol on a given day, or to join prices, without your own verification. A ticker shows the symbol the issuer's SEC filings used.

## 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.