Terms of Use

This www.MacroShares.com web site (“Site”) is owned and operated by MacroMarkets LLC. (“MacroMarkets”, “we”, “our” or “us”) in conjunction with others pursuant to contractual arrangements.

Your right to access this website is subject to the general terms and conditions set forth below. ANY BREACH OF THE TERMS AND CONDITIONS SET FORTH BELOW IMMEDIATELY TERMINATES ALL OF YOUR RIGHTS TO ACCESS AND USE THE CONTENT ON THIS SITE.

We reserve the right at any time to change the terms and conditions set forth below. Any changes we make will be effective immediately upon notice to you of such changes, which we may provide by means including, without limitation, posting notice of such changes on this website. Your continued access to and use of this website after such notice shall constitute your acceptance of all such changes.

We also reserve the right to limit the availability of this website and/or the provision of any content, service, or product described herein to any person, geographic area or jurisdiction, and to limit the quantities of any content, service, or product(s) that we may provide, at any time, in our sole discretion, and without notice.

You use this Site at your sole risk, and you are personally responsible for your use of this Site and for all of your activity on this Site.

Content

The content appearing on this Site (“Content”) is intended for U.S. residents only.

The Content and any and all intellectual property rights therein are and shall remain at all times the property of MacroMarkets or its licensors or suppliers. The S&P/Case-Shiller Home Price Indices are licensed by Standard & Poor’s. The Case-Shiller® Indexes are a product of Fiserv, Inc. MacroShares is an applied-for trademark of MacroMarkets LLC. All other trademarks, service marks or registered trademarks are the property of their respective owners. “Standard & Poor’s®” and “S&P®” are registered trademarks of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. and have been licensed for use by MacroMarkets LLC. CSW®, Case-Shiller®, CS™, Fiserv®, and Case Shiller Indexes® are trademarks of Fiserv Fulfillment Services Inc. (f/k/a Fiserv CSW, Inc.) and have been licensed for use by Standard & Poor’s.

You may download and print the Content for your personal, non-commercial use, keeping all copyright and other notices on such content. You may not resell or commercially exploit the Content, nor may you download or copy Content for the benefit of a third party or use this Site or any of its Content to further any commercial purpose, including any advertising or advertising revenue generation activity on your own website.

Any use of data mining, robots, or similar data gathering and extraction tools is expressly prohibited. You may not create a hyperlink to this Site, frame or utilize framing techniques to enclose any Content without the express written consent of MacroMarkets. Any unauthorized link to, framing, or use of Content immediately terminates your rights to access this Site and to use content appearing on this Site.

Market information used on this website is obtained from non-proprietary market sources, and is subject to frequent change. MacroMarkets LLC and its affiliates cannot attest to the accuracy, completeness, or timeliness of any information obtained from third party sources. In addition, MacroMarkets cannot guarantee that technical difficulties will not occur during the uploading of the Content to your computer or that the Content will upload successfully to your computer.

The Content may contain "forward-looking statements," including projections, forecasts and estimates. These forward-looking statements are based upon certain assumptions. Actual events are difficult to predict and may differ from those assumed herein or used within any pricing calculators. Accordingly, there can be no assurance that the estimated returns or outcomes described or computed herein can be realized, that the factual assumptions upon which forward-looking statements are based will materialize or that actual results will not be materially different than those presented on this Site.

No Advice or Solicitation/Interest in Securities

The information within this website concerning MacroShares is solely for informational purposes and constitutes neither an offer to sell nor the solicitation of an offer to buy securities to any person in any jurisdiction. The information presented herein is not, and is not intended to be, a complete discussion of all material information you should know about MacroShares or any other product.

If you are considering purchasing MacroShares or any security, you should read the relevant prospectus prior to making a purchase thoroughly, and carefully consider the investment objectives and policies, risk considerations, charges and ongoing expenses of any security before investing or sending money. MacroShares are risky investments. In addition to the normal risks associated with securities investing generally, due to their unique structure, underlying benchmarks, terms and attributes, MacroShares investments can trade at premium or discounted prices relative to net asset values (NAV), and may exhibit higher volatility and have less liquidity when compared to more traditional equity or debt instruments. Although liquidity providers and market makers commonly narrow or eliminate differences between the prevailing market price and corresponding NAV corresponding to traded securities through arbitrage, as unique vehicles, investors should expect premium and discounted market prices to prevail over most of the life of a MacroShares investment. Premiums and discounts will be affected by a MacroShare issue’s expected remaining term, interest rates, supply and demand, structural leverage (if any), termination triggers, and other factors. You may lose all of the money that you invest in MacroShares.

Any underwriter or dealer participating in the offering can arrange to send you the prospectus upon request. You can also obtain a prospectus by accessing the “Literature” section of this website, by calling toll-free 888-Macros1 (888-622-7671), or by visiting EDGAR on the SEC website at www.sec.gov and searching for company filings under the name of the applicable depositor. All securities transactions by MacroMarkets LLC are conducted through its broker-dealer affiliate, MacroFinancial LLC, member FINRA.

No Endorsements

Hyperlinks to, descriptions or images of, or references to, third parties, third party products, or third party services, or third party websites, on this Site do not imply MacroMarkets’ endorsement of such third parties, products, services, or websites. The inclusion of content contributed by various third parties does not indicate any approval or endorsement thereof by MacroMarkets.

Similarly, neither MacroShares nor any other financial product mentioned within this website (the “Products”) are sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"), Fiserv, or any of their third party licensors. Neither S&P nor its third party licensors make any representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of any S&P/Case-Shiller Home Price Index to track performance of the residential real estate and housing markets. S&P's and its third party licensors’ only relationship to MacroMarkets is the licensing of certain trademarks and trade names of S&P and the third party licensors and of certain S&P/CS Indices, which are determined, composed and calculated by S&P or its third party licensors without regard to MacroMarkets or the Products. S&P and its third party licensors have no obligation to take the needs of the Licensee or the owners of the Products into consideration in determining, composing or calculating any S&P/CS Index. Neither S&P nor its third party licensors is responsible for and none has participated in determining the pricing, quantities or timing of any issuance or sale of any Products by MacroMarkets or the assessment or method of settlement calculation therefor. S&P has no obligation or liability in connection with the administration, marketing or trading of the Products.

Anti-hacking Provision

You may not, nor may you allow others to, directly or indirectly attempt to or actually disrupt, impair or interfere with, alter or modify this Site or any Content.

No Representations or Warranties

BOTH THIS SITE AND THE CONTENT ARE PROVIDED “AS IS” AND WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, MACROSHARES AND ITS AFFILIATES DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, ACCURACY, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES THAT MAY ARISE FROM COURSE OF DEALING, COURSE OF PERFORMANCE OR USAGE OF TRADE.

WITHOUT LIMITING THE FOREGOING, NONE OF MACROMARKETS, ITS AFFILIATES, S&P, ITS AFFILIATES OR ANY OF THEIR RESPECTIVE THIRD PARTY LICENSORS GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF ANY S&P/CASE-SHILLER HOME PRICE INDEX OR ANY DATA INCLUDED THEREIN, OR ANY COMMUNICATIONS RELATED THERETO. IN ADDITION, S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ANY S&P/CS INDEX OR ANY DATA INCLUDED THEREIN.

IN ADDITION, NEITHER MACROMARKETS NOR ITS AFFILIATES ARE RESPONSIBLE FOR THE CONTENT OR ACCURACY OF ANY OFF-SITE PAGES NOR ARE WE OR THEY RESPONSIBLE FOR THE AVAILABILITY OF SUCH EXTERNAL WEBSITES OR RESOURCES, AND DO NOT ENDORSE AND ARE NOT RESPONSIBLE OR LIABLE, DIRECTLY OR INDIRECTLY, FOR THE PRIVACY PRACTICES OR THE CONTENT OF SUCH WEBSITES, INCLUDING (WITHOUT LIMITATION) ANY ADVERTISING, PRODUCTS OR OTHER MATERIALS OR SERVICES ON OR AVAILABLE FROM SUCH WEBSITES OR RESOURCES, NOR FOR ANY DAMAGE, LOSS OR OFFENCE CAUSED OR ALLEGED TO BE CAUSED BY, OR IN CONNECTION WITH, THE USE OF OR RELIANCE ON ANY SUCH CONTENT, GOODS OR SERVICES AVAILABLE ON SUCH EXTERNAL WEBSITES OR RESOURCES.

Applicable law may not allow the exclusion of implied warranties, so the above exclusions may not apply to you.

Limitation of Liability

IN NO EVENT WHATSOEVER SHALL MACROMARKETS, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS, WHICH INCLUDE S&P AND ITS THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

IN ADDITION, NEITHER MACROMARKETS NOR ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS, WHICH INCLUDE S&P AND ITS THIRD PARTY LICENSORS, SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS OF THE DISSEMINATION OF ANY CONTENT, INCLUDING ANY S&P/CS INDEX.

Some states do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation or exclusion may not apply to you.

Indemnification

You agree fully to defend, indemnify and hold harmless MacroMarkets immediately on demand, its officers, directors, agents, affiliates, licensors, and suppliers, from and against all liabilities, claims, expenses, damages and losses, including legal fees, arising from any breach of these terms and conditions by you or any other liabilities arising out of your use of this Site, or the use by any other persons accessing this Site using your account. We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you hereunder.