Risk Disclosure
General Risks
Actual strategy returns from live portfolios may differ materially from theoretical returns. There is no substitute for actual returns from a live portfolio. Theoretical performance is not a guarantee of actual returns. Theoretical performance results have many inherent limitations and no representation is being made that any trade will or is likely to achieve profits or losses similar to those shown or that a market for instruments will exist as shown. There are frequently differences between theoretical performance results and actual results achieved by any particular trading strategy.
It is possible that the markets or pricing will be better or worse than shown in the theoretical models and that actual results of an investor who invests in the manner these theoretical models suggest will be better or worse than the theoretical models and that an investor may lose money by investing in the manner the theoretical models suggest. Theoretical returns may be dependent on market and economic conditions that existed during the period. Future market or economic conditions can adversely affect the returns.
Market Conditions may include but are not limited to volatility, stock price, interest rates and premiums, government action and regulation, and other "Acts of God" such as natural disturbances, public health crises and the threat of war or terrorism.
Toll Booth Trading, LLC does not provide financial, tax, legal, or accounting advice. This information has been provided for informational purposes only, and is not intended to provide, and should not be relied on for, financial, tax, legal, or accounting advice. You should consult your own financial, tax, legal, and accounting advisors before engaging in any investment strategy. It is also the responsibility of the client and/or individual to ensure that the necessary account documents have been completed with the appropriate custodian prior to enabling Toll Booth Trading, LLC to enter trades on the client’s or individual’s behalf. Preparation of such documentation may lead to significant delays from the time in which this analysis has been prepared and when trades may be entered and Toll Booth Trading, LLC will not be liable for any lost profits and/or opportunities caused by delays.

Options Trading Risks
Options involve risk and are not suitable for all investors and is generally not suitable for individuals with limited financial resources, limited investment or trading experience, or a low tolerance for risk. Trading options and other financial instruments can involve significant risk of loss. It is important to evaluate all pertinent risk factors, including your personal financial situation, before engaging in options trading. There is a possibility of incurring substantial losses that could exceed your initial investment in a short period. Therefore, you should only invest money you can afford to lose. It is particularly inadvisable to use retirement savings, emergency funds, or funds needed for necessary expenses to finance options trading activities. If you have any questions or concerns about the risks involved, it is advisable to consult a trusted and independent financial advisor. Please note, information provided by the Company does not constitute an offer or solicitation to trade any option or other investment or security.
While gains are theoretically possible, it's important to treat such claims with skepticism and careful judgment. Be skeptical when viewing claims of large profits in options trading. Often, these claims highlight rare scenarios that don't necessarily represent common outcomes. Remember that trading carries inherent risks, and there are no guarantees of consistent, or exceptional profits.
Options trading results are influenced by many factors, including market conditions, volatility, economic events, and individual decisions. Any potential for profit is accompanied by the risk of loss. Therefore, it's crucial to thoroughly assess the risk-reward balance of any trading strategy.
For additional information, please refer to Characteristics and Risks of Standardized Options, which includes specific Risk Statements and Disclosures, Privacy Policy, and Terms & Conditions.

Option Position Risks
When Users give Toll Booth permission to place rolling and/or closing orders for Covered Calls, Toll Booth will do so for ALL short call positions in the account, whether or not the position was originally opened by an order placed by Toll Booth.

Underlying Security Risks
Options are linked to underlying securities whose features, like ticker symbols, can change unexpectedly. Companies may engage in activities such as stock splits, bankruptcy, reverse stock splits, spin-offs, consolidations, or other corporate actions that can impact the value of their shares independently from market trading. Such changes can also influence the performance or value of your option positions. The Company is not required to inform you of changes to the capital structure or any other alterations involving the underlying issuers. Therefore, it is your responsibility to conduct your own research regarding the issuers related to your options.

General Market Risks
The options market is fundamentally affected by overall economic and market conditions, as well as changes in regulations, monetary policy, and international, national, and regional political and socio-economic factors. Broad economic variations, conditions within specific industries, and geopolitical events and/or Social Media Posts can influence the options market. Elements such as inflation rates, currency exchange rates, industry dynamics, competition, technological advancements, and domestic and global political developments, among other factors beyond both your and the Company's control, can significantly affect the performance of the options market.

Tax Risks
Trading options may lead to tax responsibilities that are complex and vary from person to person. It is strongly recommended that you consult with your tax advisors to understand how options trading could impact your specific tax situation.

Regulation Risks
Future regulations or restrictions on option trading may be implemented by courts, the Securities and Exchange Commission, other regulatory bodies, or the options markets themselves, whether in the U.S. or elsewhere. These changes could negatively impact your current options portfolio or your options trading strategies overall.

Counterparty Risk
When trading options, you face the risk that third parties responsible for providing you with money, securities, or other assets may not fulfill their obligations. These third parties include trading partners, brokers, clearing agents, exchanges, clearinghouses, custodians, and other financial intermediaries. They may fail to meet their obligations to you or others due to reasons such as bankruptcy, liquidity issues, or internal problems. Additionally, some parties like brokers, exchanges, and other intermediaries may charge you commissions or other transaction fees, which you must pay even if the transaction does not yield a profit. Therefore, it is important to consider how much the value of the options must increase to cover all transaction costs and achieve profitability.

Brokerage Risk
The Website is not a trading platform and does not allow you to trade options or other securities directly. It is a tool used to access your personal brokerage account at a third-party broker. Please refer to the brokerage agreement between you and your broker for details on how any losses from these risks are allocated, as the Company is not responsible for them. Delays in your system, your broker's system, or the market may affect the execution, modification, or cancellation of orders in unintended ways. This could lead to incorrect information being received or a lack of information about your orders, positions, or market conditions, potentially resulting in incorrect actions or missed opportunities due to inaccurate or missing data.
The Company provides Application Programming Interface connections with various brokerage firms, allowing users to interact with these brokers, including potentially placing orders. Errors are expected to occur, from time to time, during Integrations, which could result from issues on the Company’s side, the broker’s side, or other unknown factors. While the Company aims to reduce these errors, the complex nature of the process, dependence on external parties, and unforeseen circumstances make it impossible to guarantee that an Integration will always be available or perform without errors. Moreover, the Company cannot ensure that communications through an Integration will always meet user expectations or achieve intended results. Users are responsible for independently verifying that all communications through an Integration have been correctly processed by the broker. Users have the option to cancel or not use an Integration at any time and can continue trading independently. When deciding whether to use an Integration, users should weigh the benefits of these alternatives.
Even if the Company runs an Integration smoothly, there are still risks on the broker's side. The broker's system might face errors, which can delay communications or accidentally change a user’s request. Brokers might not invest enough resources to effectively manage, monitor, and fix issues with Integrations. They might offer limited or no solutions for errors caused by Integrations, such as deleting or changing user orders. Each broker operates independently of the Company, meaning the Company cannot confirm if a broker is properly handling its part of an Integration or correctly managing user communications. Either a broker or the Company can choose to end the Integration at any time with little or no notice to each other or to the user. The responsibility for using an Integration is entirely on the user, who understands that the Company will not offer any refunds or solutions if an Integration is stopped, experiences outages, encounters errors or operational issues, or if its terms change unfavorably for the user.

Brokerage Risk - Schwab Specific
The Company provides an API integration with Charles Schwab Brokerage ("Schwab"). Along with the standard risks associated with broker integrations, Schwab requires that the API token refresh authentication every seven days to remain active, or whenever the token is invalidated, which can occur during a user password reset. Once expired or invalidated, the token must be reactivated through Schwab's "Consent & Grant" process, requiring manual user authentication.
Consequently, Users that use the Schwab API token for trading, must refresh authentication at least every seven days. Failure to do so will cause Company access to Schwab to cease operation without any prior notification from Schwab. This prevents any automated trading strategies provided by the Company from placing orders that may result in financial losses or unintended tax consequences resulting from short call assignment stock sales, or missed opportunities for gains had access been available. Additionally, if the Schwab authentication is refreshed after a prolonged period of expired Schwab API access, existing positions may update to reflect current pricing, potentially causing unexpected results, including significant losses or missed gains. The Company does not assume any responsibility for these outcomes; it is the user's obligation to ensure their Schwab API token remains current throughout their user of Company Services. Although the Company might offer features like timers or notification services, it holds no responsibility for reminding users about re-authentication of their Schwab API token. This responsibility, like other aspects of using Schwab's services, is governed by the User's agreement with Schwab, and the Company is not part of that agreement.
Schwab may also change its policy regarding API token expiration or invalidation, which might include altering the re-authentication period. The Company disclaims any obligation to inform you or other Users about changes to Schwab's policies. Any and all use of the Schwab API for trading is entirely at your own risk.
Toll Booth Trading, LLC is not affiliated with Charles Schwab.

Technology Risk
The Company cannot assure uninterrupted access to the Website and/or other electronic Services provided by the Company. Periodic suspensions or restrictions may occur for reasons including, but not limited to, updates, changes, maintenance, or due to third-party actions and other circumstances beyond Company control. To the fullest extent allowed by law, the Company is not responsible for damages, refunds, or any other solutions if the Services or Website are unavailable, slow, or incomplete due to issues such as hardware failure, internet traffic disruption, upgrades, server overloads, general network failures or delays, or any other factors that might temporarily limit User access or Services provided.

Automation Risk
Company Services include automated option trading strategies. Be aware that the Company and its representatives are not liable for the content, performance, or outcomes of using automated option trading stragies. The Company does not endorse or recommend any particular automated strategy or their use in general. If an automation fails concerning an open position on a brokerage platform, Users understand and agree to manage those positions independently. Automated trading strategies are advanced tools, and by using them, Users confirm that they have the required expertise. The Company does not guarantee access to automated trading strategies and may suspend, terminate, or limit access for any reason. Users acknowledge that using automated trading strategies is entirely at their own risk.

Limited Capabilities Services provided by the Company, including, but not limited to, automated trading strategies, include limitations and are not designed to showcase all the tools and features provided by a trading platform.

Regulatory Disclosure
The Company and its employees and representatives are not certified, licensed, or registered as financial advisors, investment advisors, or a broker-dealer, or a FINRA, SIPC, or NFA member firm. Users acknowledge that they may not be entitled to the protections or benefits that would apply if this were not the case.

No Legal, Accounting, or Financial Advice
The information on this website and through Services provided by the Company is not meant to be taken as legal, accounting, or financial advice. The Company is not a law firm, accounting firm, or financial advisory firm, and does not offer these kinds of advice. The information here should not replace the personalized advice from a lawyer, accountant, or financial advisor.

No Investment Advice
The content on this website, including any details about securities, is intended for informational purposes only. It does not constitute a solicitation or recommendation to buy or sell any particular financial security or product, nor should it be viewed as investment advice. Making investment decisions based only on this information is not recommended. We strongly encourage consulting with licensed financial, investment, tax, legal, or other professional advisors to determine the appropriateness of any investment decision.

No Guarantee of Investment Returns
The Company does not guarantee that you will be able to select, execute, or benefit from trading options in any specific company or group of companies. Additionally, there is no guarantee that you will achieve returns, that any returns will adequately reflect the risks associated with investing in options, or that you will recover your initial investment. Only individuals who are financially capable of losing their entire investment should consider trading stocks or options. The Company does not make any promises regarding potential benefits—including potential income, expenses, profitability, or any losses associated with accessing or using our Information or Website. We do not ensure any specific result—whether positive or negative, financial or otherwise—from your use of our Information or Website.

‍Past Results Are No Guarantee of Future Performance
There is no promise of achieving any specific financial outcomes from using Services provided by the Company. The past performance of any trading strategy shown by our Company does not predict future returns for that trading strategy for you. Likewise, there is no guarantee that the methods, techniques, or indicators found in these products or services will lead to profits or avoid losses. Any income or earnings examples provided are merely theoretical estimates, intended solely for informational, entertainment, and educational purposes.

Errors and Omissions‍
The information on this website might include mistakes or typographical errors. The Company is not liable for any opinions, views, or factual inaccuracies found on this site or associated with it, whether from the Company itself or any affiliates or individuals linked to it. The Company does not accept responsibility for any inaccuracies or omissions related to the Information or website content.

Risks Assumed
Unpredictable individual risks and circumstances may emerge while using the Information and the Website, which might affect User outcomes. Users acknowledge and accept that following any suggestions or recommendations perceived from the Information or the Website is entirely at their own risk, with no responsibility on the part of the Company or its representatives.

Arbitration Risk
This Agreement requires the use of arbitration to resolve disputes arising under or in connection with it, the Company Services, and the Website, rather than a trial by jury or a bench trial. This may limit the remedies available to the User in case of a dispute. By accessing or using the Services and the Website, including signing up, subscribing, or using any of Services provided by the Company, the User fully understands and agrees that they are voluntarily waiving specific legal rights.



Terms of Use
Notice of arbitration
By using these Services, you agree to resolve any disputes through individual arbitration, as outlined in these Terms of Use. We strongly recommend reading the arbitration terms thoroughly. If you do not wish to arbitrate any potential disputes with us, please refrain from using the Services.
This Agreement outlines the terms for using the services offered by Toll Booth Trading, LLC, ("Company"). These services include programs and various types of content like websites, emails, text messages, and more ("Services"). This Agreement applies when you use our services through any of our websites, identified by their root address at this web address (URL):tbt.ai (the “Website”). This Agreement does not modify any other agreements you might have with us or our partners. If you're using the Services on behalf of an organization, you confirm that you're authorized to agree to these terms for that organization. This Agreement is the complete understanding between you, the user or visitor, and us regarding the use of the Services and Website.

Acceptance
This Agreement outlines the terms and conditions for using our Services. By using them, you confirm that you have read, understand, and agree to be legally bound by this Agreement.
Any transfer, copying, sublicense, unauthorized access, retransmission, distribution, reproduction, publication, sale, or any use of any part of the Services, whether for business or other purposes, is strictly forbidden.

Not financial advice
The Company, along with its related entities, owners, managers, employees, shareholders, officers, directors, and other associated personnel, representatives, agents, or independent contractors, does not claim to be accountants, financial advisors, or investment advisors. Furthermore, none of the services or content provided on this website should be considered as accounting, investment, or any other form of professional advice. You understand and agree that the services and content available on this website are not meant to replace the accounting, financial, investment, or other professional advice you receive from your own advisors.

For informational purposes only
The content on this website is intended for informational purposes only, serving as a personal self-help resource. It is not meant to be used for making investment decisions. The company does not guarantee the accuracy or completeness of the services or information provided on the website. We recommend consulting with financial, investment, legal, tax, or other professional advisors to assess the suitability of any investment for your situation.

No guarantee
You understand and agree that neither the Company nor anyone associated with the Company has promised or guaranteed any success or profitability.

No warranty
The company does not provide any guarantees, either explicit or implied, regarding the performance, operation, or content of its website or services. This includes all content, materials, programs, products, or services provided by the Company. To the fullest extent allowed by law, the company disclaims all warranties, including implied warranties of merchantability and suitability for a particular purpose. Specifically, the company does not guarantee that the services will be uninterrupted, meet your expectations, or work with your specific software. You use the services entirely at your own risk. You expressly understand and agree that you use the services and the website at your own risk. The services are provided on an "as is" and "as available" basis.

Termination
The Company reserves the right to suspend or terminate your access to the Services and your account at any time, with or without notice. This may also involve suspending or terminating your access to any Services provided by the Company. You can terminate your account anytime by contacting the Company via email at legal@tbt.ai. The Company is not responsible for any claims or damages resulting from the termination or suspension of the Services. If the Services or your access rights are terminated, this does not affect any legal rights the Company may have, and all permissions granted to you will immediately end and return to the Company.

Security
When you use Services provided by the Company, we may need to collect personal information. This may include your name, email address, billing details, phone number, credit card information, preferences, or other identifiable information ("Confidential Information"). By providing this information, you allow us to use and store it. We commit to making reasonable efforts to keep your information secure and confidential. We apply commercially reasonable security measures to protect your information online and offline. However, we cannot guarantee the security of your data. Submitting any information or data is entirely at your own risk. Services provided by the Company are intended for personal, non-commercial use. They include material owned by the Company and other sources, protected by copyright, trademark, and other laws. Unless you have written permission from us, you agree not to use, copy, download, publish, modify, or distribute any material on our services for anything other than personal, non-commercial use. Using our services or any content for commercial or unauthorized purposes is prohibited. You acknowledge that sharing or transmitting illegal material could lead to legal consequences. We have put in place reasonable security measures to protect the data related to our services. You are responsible for ensuring the security of your devices by using updated software and virus protection when accessing our services. This includes your computers, laptops, and mobile devices.

Assumption of Risk
As a User of Services provided by the Company, you acknowledge that you are using your own discretion when accessing our Services, and you do so at your own risk. These resources are intended solely for informational purposes. You accept and understand that you assume all risks, and we cannot guarantee any specific outcomes from using our Services. These resources are designed to provide tools to assist you in making your own decisions. You are fully responsible for your actions, decisions, and any results stemming from the use, misuse, or non-use of these Services. We implement commercially reasonable measures to safeguard Services provided by the Company. That said, we cannot wholly guarantee security. We do not guarantee protection against any potential loss or damage to you or any other individual, company, or entity arising from the use of our Services, and you agree to accept these risks.

Automation
Services provided by the Company include access to automated tools for options trading. Before using any automated trading strategies, please review the guidance provided by the Company. Keep in mind that the Company and its employees are not responsible for the content, performance, or outcomes resulting from the use of any automated trading strategy. If an automation tool fails to manage your open positions on a brokerage platform, you must handle those positions on your own. Automations are sophisticated tools, and by using them, you confirm that you have the necessary expertise.

Changes and Severability
The Company reserves the right to modify the Terms at its discretion. The latest version of the Terms will replace all previous versions. We encourage you to review the Terms regularly to stay updated on any changes.
If any part of this Agreement is found to be invalid, illegal, or unenforceable under the applicable law, the remaining provisions will still be valid and enforceable. This Agreement applies to and benefits both your and our successors and assigns. We may freely transfer or assign this Agreement, but you need our prior written approval to do the same. This Agreement represents the complete and final understanding between the parties concerning its subject matter, replacing any previous verbal or written agreements and representations related to it. No provision can be waived by either party unless both parties formally agree in writing with a signed document.

Indemnification
You agree to indemnify and hold harmless the Company, along with any associated individuals, against all claims, actions, damages, liabilities, costs, and expenses, including legal fees, that may arise from the Services, Website, or any breach of your obligations or promises stated in this or any other agreement with us.

Release of Claims
By using Services provided by this Company, you agree to release and hold harmless the Company, its affiliates, and associated individuals from any legal claims or disputes, whether past, present, or future, related to your use of the website or services.

Limitation of Liability
The Company is not responsible or liable for any information, or Services requested or received through our Website or related Services. The Company also does not accept liability for any actions or defaults by individuals or businesses associated with the Company, including owners, staff, agents, partners, contractors, vendors, or affiliates. If you use any Services, Website, or any information provided by the Company, the Company is not liable for any consequences. In any situation, the maximum liability of the Company to you relating to the Website, Services, or this Agreement is limited to the amount you may have paid the Company in the twelve months preceding the event that led to the liability.

Damage Exclusion
The Company is not liable for any damage, injury, or financial loss resulting from the use of its Services.



Data Privacy Policy
Data Collection
This Service collects various types of Personal Data, directly and via third-party services. The data collected include, but are not limited to: username, email address, phone number, tracking information, usage data, device type, user agent, and other information provided by the browser uesd to access this site, IP addresses, unique advertising identifiers, payment information, and contact and billing information.
Comprehensive details on each category of Personal Data collected are available in the respective sections of our privacy policy or through specific clarification messages presented prior to data acquisition.
Users voluntarily provide their Personal Data, while Usage Data is automatically collected during interactions with this Service. Data requested by this Service is needed either for the ability to provide services to users, improve security, and provide flexible notification and communication methods. Failure to supply this information may hinder our ability to offer certain services or communicate important information affecting account risk in a timely manner.
This Service and third-party service providers may utilize cookies or other tracking mechanisms to deliver the requested service, as well as for additional purposes outlined below.

Data Location
Data is collected and stored at the Company's offices and at Amazon Web Services Regions located in the United States.

Data Retention
Personal Data is collected and retained for the duration necessary to fulfill the purposes of providing Services to the User and to take reasonable measures to ensure the integrity of services provided. Additionally, it may be stored for a longer period to comply with legal obligations. The User understands that the Company may be required to disclose Personal Data at the request of the Government.

Additional Data
Additional information regarding the collection of Personal Data can be obtained from the Company if requested by the User using the Company Contact Information in this policy.

Policy Changes
The Company retains the right to modify this privacy policy at any given time. Users will be informed of any updates through changes on this page or notifications sent through other contact methods, where technically and legally feasible. Users are advised to review this page frequently and noting the date of the latest update indicated at the bottom.

Company Contact Information
Toll Booth Trading, LLC
1815 S. Meyers Road
Suite 820
Oak Brook Terrace, IL 60181
Email: legal@tbt.ai

Last updated: 5/7/2025
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