Effective Date: May 1, 2026 Last Updated: August 6, 2026 Acceptance of Terms These Terms of Service (“Terms”) govern access to and use of CoShares, including its websites, web applications, mobile applications, Solo environment, Investment Club environment, Circle environment, Social features, AI features, and related tools and services, collectively referred to as the “Platform.” By creating an account, accessing, or using the Platform, you agree to these Terms and the CoShares Privacy Policy. If you do not agree, you may not use the Platform. You must be at least 18 years old and legally able to enter into an agreement to use CoShares. Description of CoShares CoShares provides technology that helps investors organize, analyze, and collaborate around their investments. The Platform includes three primary environments: Solo, Investment Clubs, and Circles. Features may include portfolio tracking, brokerage connections, investment ledgers, reports, contribution tracking, ownership records, governance tools, document storage, AI Coaches, educational content, Social features, polls, and other investment-related organizational tools. CoShares is not a bank, brokerage firm, broker-dealer, investment adviser, custodian, money transmitter, or financial institution. CoShares does not manage investments, select investments for users, execute securities trades, or take custody of securities or brokerage accounts. CoShares provides technology and information. Users remain responsible for their investment and financial decisions. Solo Environment The Solo environment allows individual users to organize and analyze their own investments. Depending on the user’s plan, Solo may support one or more brokerage accounts, portfolio tracking, transaction history, holdings, balances, documents, reports, AI Coach features, and other investment tools. Users are responsible for reviewing their Solo information and confirming that imported or calculated information is accurate. Information displayed in Solo is provided for informational and organizational purposes and should not be treated as an official brokerage record. Investment Club Environment The Club environment provides tools that help investment clubs organize and maintain their activities. Features may include shared portfolio information, contribution tracking, ownership records, allocation periods, governance, voting, brokerage connections, reports, documents, AI Coach features, administration tools, and other Club functions. Each Club is responsible for its own legal structure, membership rules, operating agreement, investment decisions, tax obligations, securities-law obligations, contribution rules, brokerage accounts, financial accounts, and governance. CoShares does not create, manage, control, or legally operate an Investment Club merely because the Club uses the Platform. Club administrators are responsible for maintaining accurate Club information and properly managing member permissions. Circle Environment Circles allow users to collaborate around investing without requiring members to pool their money. Members may use eligible accounts or information connected through their CoShares account within a Circle, subject to applicable permissions and privacy controls. Each Circle member maintains control of their own investments and brokerage accounts. Participation in a Circle does not give other Circle members authority to trade, transfer, manage, or control another member’s investments. Users are responsible for choosing what eligible information they make visible within a Circle. Accounts and Security Users must provide accurate and current information when creating and maintaining an account. You are responsible for protecting your login credentials and for activity performed through your account. You agree to promptly notify CoShares if you believe your account has been accessed without permission. CoShares may use email verification, multi-factor authentication, role-based permissions, access controls, audit logging, session monitoring, security alerts, and other measures designed to protect the Platform. You agree not to bypass or interfere with these controls. Brokerage Connections CoShares may allow eligible users and Clubs to connect one or more brokerage accounts through supported third-party providers, including providers such as SnapTrade, Connect Trade, or other supported services. Brokerage connections are intended to provide information to CoShares. Unless CoShares clearly states otherwise for a specific feature, brokerage connections are read-only and cannot be used through CoShares to execute securities trades. Information received may include holdings, balances, transactions, securities, account information, institution information, and other portfolio data. Some brokerage information, such as balances and holdings, may change with each synchronization. Historical information, including transactions, may remain stored to provide an accurate investment history. CoShares does not guarantee that brokerage information will always be complete, current, accurate, or available. Users are responsible for comparing important information against official brokerage records before relying on it. Brokerage Statements and Documents CoShares may allow users to upload brokerage statements, PDFs, and other documents. The Platform may extract holdings, transactions, balances, ticker symbols, quantities, prices, dates, and other information from uploaded documents. Automated document reading can make mistakes. Users are responsible for reviewing extracted information. Deleting an original document may not delete information that has already become part of a ledger, historical record, report, audit record, or other required Platform record. Ledgers and Historical Records CoShares may use ledgers to organize brokerage data, transactions, portfolios, contributions, ownership information, documents, users, and other Platform information. Some records are designed to be historical. Completed transaction records, ownership history, governance actions, contribution records, and other historical information may remain stored even when current information changes. Current holdings, balances, and similar information may be refreshed as new information becomes available. CoShares does not guarantee that ledger information is free from errors. Users and Club administrators should review important financial records for accuracy. Reports CoShares may generate reports from information available within a particular environment. Club reports should use authorized Club information. Solo reports should use authorized information belonging to the applicable Solo user. Future Circle reporting may use information authorized for that Circle. Reports are informational records generated from available data. They are not official brokerage statements, audited financial statements, tax documents, or professional investment advice unless expressly stated otherwise. Historical reports may be preserved so users can review previous reporting periods. Contributions and Payments CoShares may provide tools for recording, tracking, initiating, or managing Club contributions. Some contribution activity may occur outside CoShares. Certain features may also connect users with third-party payment or financial service providers that perform the actual processing or movement of funds. Unless expressly stated otherwise, CoShares does not take custody of Club investment funds. A contribution status shown inside CoShares may reflect information received from a user, Club administrator, or third-party provider. Users and Clubs remain responsible for confirming important payment information. CoShares is not responsible for failed, delayed, reversed, disputed, incorrectly entered, or incorrectly processed payments caused by users or third-party financial services. No Investment, Financial, Legal, Tax, or Accounting Advice CoShares does not provide personalized investment, financial, legal, tax, accounting, or securities advice. Portfolio information, reports, AI outputs, Social content, market information, educational materials, calculations, polls, analytics, and other Platform information are provided for informational or organizational purposes. Nothing on CoShares should be treated as a recommendation to buy, sell, or hold a security. Users are responsible for their own decisions and should consult qualified professionals when appropriate. All investing involves risk, including possible loss of principal. Past performance does not guarantee future results. Artificial Intelligence CoShares may provide AI Coaches, summaries, analysis, educational content, document assistance, Social content, and other AI-supported features. AI-generated information can be incomplete, incorrect, outdated, or misleading. Users should review important AI-generated information before relying on it. AI features do not provide personalized investment, legal, tax, accounting, or financial advice. An AI Coach may use authorized information from the environment in which it operates when applicable automatic data features are enabled. CoShares is designed to keep access to Club, Solo, and Circle information separated according to permissions and available features. AI interactions may be processed by third-party AI service providers. CoShares may use AI Credits, usage limits, safeguards, filters, monitoring, or other controls to manage AI features. CoShares may change, limit, suspend, or disable AI functionality when reasonably necessary. AI Credits Certain AI features may require AI Credits. AI Credits may be included with an eligible subscription or purchased separately. Credit amounts, pricing, monthly allocations, expiration rules, and eligible uses will be displayed within the Platform or applicable pricing information. Monthly subscription credits may be subject to different rules than separately purchased credits. AI Credits have no cash value and may not be transferred, exchanged for cash, or used outside CoShares unless expressly stated otherwise. CoShares may correct AI Credit balances when necessary to fix errors, fraud, duplicate credits, failed payments, or system problems. Social and Educational Content CoShares may provide a Social or discovery feed containing CoShares-created, AI-generated, AI-assisted, or curated investing content. Content may include Market Briefs, Weekly Market Recaps, Company Spotlights, ETF Spotlights, educational articles, market information, public polls, market milestones, and other informational material. Social content is provided for educational and informational purposes. It does not represent a recommendation to purchase, sell, or hold any investment. Current information may come from third-party sources. CoShares does not guarantee that market information, news, prices, statistics, or other third-party information is complete or error-free. Users may be able to react to content using reactions such as Insightful, Interesting, and Moving Forward. A reaction represents a user interaction only. It should not be interpreted as investment advice, an investment recommendation, a prediction, or proof that the reacting user owns or intends to purchase an investment. Poll results represent participant opinions. They are not scientific surveys, investment recommendations, predictions, or statements by CoShares. Public Articles and Sharing Certain CoShares-created content may have public URLs and may be shared outside the Platform. Public content may display CoShares branding, headlines, descriptions, categories, images, publication dates, and other public information. Users may share public CoShares content through available device or third-party sharing tools. CoShares does not control what happens to public information after it has been shared to a third-party service. Private Club, Solo, Circle, brokerage, report, or user information does not become public merely because someone attempts to copy or share a link. Existing access controls and permissions continue to apply. Users may not attempt to bypass privacy controls or intentionally expose another user’s restricted information. Member Profiles CoShares may provide member profiles using information associated with existing CoShares accounts. Users are responsible for information they choose to make public through their profiles. Private financial information is not intended to be displayed publicly unless CoShares provides a clear feature allowing the authorized user to choose what is shared. Users may not impersonate another person, create misleading identities, or use profile features to deceive or harm others. Ambassador Network and Referral Program Eligible users or Premium Clubs may participate in the CoShares Ambassador Network or Referral Program. Participation may be subject to additional program rules, eligibility requirements, reward conditions, payment requirements, and restrictions displayed within the Platform. Referral or Ambassador rewards are not guaranteed merely because a link is shared or another person visits CoShares. Any reward must satisfy the applicable program requirements. Users may not create fraudulent referrals, misrepresent their relationship with CoShares, make misleading claims about CoShares, use spam, or manipulate the program. CoShares may withhold, reverse, or cancel rewards connected to fraud, abuse, refunds, chargebacks, duplicate accounts, prohibited activity, or violations of program rules. Plans, Subscriptions, and Billing CoShares may offer Free Member, Elite Member, Free Club, Premium Club, AI Credit packages, and other plans or services. Features, prices, usage limits, brokerage connection limits, AI Credit allocations, and other benefits may vary by plan. Paid subscriptions may renew automatically according to the billing terms shown at purchase unless canceled. Users are responsible for canceling subscriptions through the available cancellation process before the applicable renewal date if they do not want the subscription to renew. CoShares may change pricing or plan features. Where required, users will receive appropriate notice before pricing changes affect an existing paid subscription. Third-party payment processors may handle payment information and transactions. Third-Party Services CoShares relies on third-party services for some Platform functionality. These may include brokerage connections, market data, payments, authentication, hosting, AI processing, analytics, communications, and other services. Third-party services operate under their own terms and policies. CoShares is not responsible for third-party outages, errors, security failures, inaccurate information, service changes, delays, or other actions outside CoShares’ reasonable control. Acceptable Use You may not use CoShares for unlawful, fraudulent, abusive, deceptive, harmful, or unauthorized purposes. You may not attempt to bypass security controls, access another person’s private information, manipulate financial records, create fraudulent referrals, interfere with Platform operations, upload malicious software, impersonate another person, abuse AI features, misuse Social features, or attempt to gain unauthorized access to CoShares systems. CoShares may investigate suspected misuse and take reasonable action to protect users and the Platform. User Content Users may provide documents, profile information, Club information, Circle information, records, prompts, and other content. You remain responsible for content you provide and represent that you have the right to provide it. You grant CoShares a limited right to store, process, reproduce, and display your content only as reasonably necessary to provide, secure, improve, and operate the Platform and comply with legal obligations. CoShares does not claim ownership of your private financial records merely because they are stored or processed through the Platform. CoShares Content and Intellectual Property CoShares owns or licenses its software, branding, logos, designs, systems, workflows, templates, AI-generated or commissioned editorial content where legally applicable, and other Platform materials. Users receive a limited, personal, non-exclusive, non-transferable, and revocable right to use CoShares for its intended purpose. Users may share CoShares content using sharing features provided by the Platform, but may not falsely claim CoShares content as their own, remove required branding, commercially resell CoShares content, or copy substantial portions of the Platform without permission. Privacy Use of CoShares is also governed by the CoShares Privacy Policy. The Privacy Policy explains how information is collected, used, stored, shared, and protected. Suspension and Termination CoShares may restrict, suspend, or terminate an account when reasonably necessary because of a violation of these Terms, fraud, suspected unlawful activity, security risks, nonpayment, abuse, misuse of Platform features, or harm to CoShares, users, Clubs, Circles, or third parties. Users may stop using CoShares according to available account controls. Certain records may remain after account termination when required for historical records, security, fraud prevention, audits, Club records, dispute resolution, backups, or legal obligations. Platform Availability and Changes CoShares may add, modify, restrict, replace, suspend, or discontinue Platform features. This may include plans, AI features, brokerage providers, reports, Social features, integrations, payment features, and other services. CoShares does not guarantee that every feature or third-party integration will always remain available. Disclaimers CoShares is provided on an “as-is” and “as-available” basis to the fullest extent permitted by law. CoShares does not guarantee uninterrupted service or that all information will always be accurate, complete, secure, current, or error-free. This includes brokerage data, ledgers, calculations, contribution information, document extraction, reports, AI outputs, Social content, market information, poll results, third-party information, and other Platform information. To the fullest extent permitted by applicable law, CoShares disclaims warranties including implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. Limitation of Liability To the fullest extent permitted by law, CoShares and its owners, officers, employees, contractors, and affiliates will not be liable for indirect, incidental, special, consequential, exemplary, or punitive damages arising from use of the Platform. This includes investment losses, lost profits, lost data, incorrect financial information, reliance on AI outputs, inaccurate reports, brokerage connection failures, payment problems, Social content, third-party failures, or disputes among users, Club members, or Circle members. CoShares is not responsible for losses caused by investment decisions, Club decisions, Circle activity, inaccurate user information, brokerage activity, third-party providers, tax matters, regulatory obligations, or legal noncompliance by users or Clubs. To the fullest extent permitted by law, CoShares’ total liability for a claim will not exceed the amount the claimant paid directly to CoShares during the three months before the event giving rise to the claim, or $100 if the claimant paid nothing. Some jurisdictions do not allow certain limitations of liability, so some limitations may not apply. Indemnification To the extent permitted by law, you agree to defend, indemnify, and hold harmless CoShares and its owners, officers, employees, contractors, affiliates, and service providers from claims, losses, liabilities, damages, and reasonable expenses arising from your misuse of the Platform, violation of these Terms, violation of law, unauthorized content, Club or Circle activity, fraudulent activity, misuse of AI or Social features, or infringement of another person’s rights. Governing Law These Terms are governed by the laws of the jurisdiction in which CoShares is incorporated, without regard to conflict-of-law rules, unless applicable law requires otherwise. Changes to These Terms CoShares may update these Terms as the Platform, its features, or legal requirements change. The updated Terms will show a new “Last Updated” date. Material changes may be communicated through the Platform, email, or another reasonable method. Continued use of CoShares after updated Terms become effective constitutes acceptance where permitted by law. Contact Questions about these Terms may be sent to: CoShares info@co-shares.com