Risk Disclosure

Apex is operated by PT BEHIRE INTERNATIONAL INDONESIA. The business activities recorded on our business registration number (NIB) are commercial web portal and digital platform (KBLI 63122), development of internet trading applications (KBLI 62012), and software publishing (KBLI 58200). That is what we do: we publish information and sell access to software that processes it.

We are also not a broker-dealer, not an investment manager, not a custodian bank and not an exchange. We do not accept funds for investment, do not manage anyone’s portfolio, and cannot execute trades on your behalf. Securities transactions can only be made through an OJK-licensed broker-dealer, and that relationship is between you and that broker, not with us.

We cannot accept trade instructions, cannot hold client securities or funds, and do not promise results. The credits you buy are payment for access to software and information — not a deposit, not an investment, and not a financial product. A credit balance carries no entitlement to any return.

Security prices rise and fall. A price can fall faster than you can exit, and it can fall to zero. Some forms of loss you should understand before using anything here:

• Capital loss. Your investment can become worth far less than you paid, and if the issuer is wound up or delisted, it can become worth nothing.
• Liquidity risk. Many stocks on the Indonesia Stock Exchange trade thinly. You may not be able to sell at the price on your screen, or to sell at all on the day you want out.
• Auto-rejection and suspension. The exchange caps daily price movement and can halt trading in a security. During a halt you cannot exit at any price.
• Concentration risk. Putting most of your capital in one issuer, sector or theme means one bad event is enough to erase most of your portfolio.
• Leverage and margin. If you invest with borrowed money or a margin facility, your losses can exceed your initial capital and you remain liable for the debt.
• Currency risk. For non-rupiah instruments, exchange-rate movement can erase gains or deepen losses even when the instrument price has not moved.
• Costs. Commissions, taxes and bid-ask spreads reduce your result on every trade, and are not always reflected in the figures shown on this screen.

Do not invest money you need for living costs, loan instalments, education or an emergency fund. Do not invest borrowed money.

Apex shows historical figures in many places: creator accuracy, the backtest result of a strategy, a stock’s return over a period. All of them describe what already happened. None of them predicts what will happen, and none of them is a promise.

Backtest results in particular need care. A backtest is a simulation over historical data, not a record of real trades. Limitations that always attach to one:

• Hindsight bias. Strategy rules are written after the data is known, so the rules tend to fit a past that has already happened.
• Survivorship bias. Issuers that were delisted or wound up may be absent from the historical data, making a result look better than reality.
• Execution assumptions. A simulation assumes you can buy and sell at a given price in a given size. In thin markets that assumption often does not hold.
• Costs and taxes. A simulation’s cost model is never identical to the real costs your broker charges.
• Repeated selection. Testing many strategy variants and showing the best one produces good numbers even from random data.

Creator accuracy statistics are computed from picks resolved in a past period, using a method that may change. The figure does not guarantee the next pick, and a creator with high historical accuracy can still be wrong on the next one.

Most analytical text on Apex is generated by third-party large language models (LLMs). We label AI-generated output, but the label is not a quality guarantee. What you should know about this output:

• Models can fabricate facts, figures, dates and quotations that never existed. This is called hallucination and cannot be fully eliminated.
• Models can miscalculate. Arithmetic, units and scale (thousand, million, billion) are a frequent and hard-to-spot source of error.
• Cheaper or free model tiers are generally more error-prone than more expensive ones. Apex shows the model tier used; that is information you should weigh, not a technical detail.
• Output is non-deterministic. The same question can produce different answers, including contradictory ones.
• A model works on the data we send it. If the source data is delayed, incomplete or wrong, so is the output — with no sign that this happened.
• Summaries of news and documents can drop important qualifications, invert meaning, or merge two separate events into one.

AI output on Apex is not reviewed one by one by a human before you see it. Treat it as a starting point for your own checking, not as a conclusion.

Apex publishes the same information to every reader. Rankings, scores, signals, words like "buy", "sell", "hold", price targets and stop levels you may see on screen are descriptions of a method’s output or an author’s opinion. All of it is general. None of it is directed at you personally.

Specifically, we perform no suitability assessment. We do not ask your age, income, net worth, dependants, investment horizon, experience or risk tolerance, and we do not filter what is shown on that basis. Features such as watchlists, portfolios and trading-style preferences are tools for arranging your own view; their existence does not turn general information into personal advice, and you must not read it that way.

There is no fiduciary, agency or advisory relationship between you and us. We are not obliged to put your interests ahead of our own, and we do not pretend otherwise.

Apex carries content from third-party creators: stock picks, ideas, articles and study material. Creators are not our employees and not our representatives. We do not verify the correctness of their opinions, do not endorse them, and do not guarantee them. A pick appearing on Apex does not mean we agree with it.

A creator may hold positions in the securities they discuss. Creators are paid by the platform based on reader engagement with their content, so there is a financial interest in producing content that attracts attention. We disclose this because it is true, not because we think it is unimportant.

Some content on Apex is produced by the platform’s own automated systems rather than by a person. Such content is labelled. Every warning in the AI section above applies to it in full.

• Prices are delayed, not real-time. We do not hold an Indonesia Stock Exchange real-time data licence. Do not use prices on Apex for decisions that depend on the price this second.
• IDX fundamental data coverage is incomplete. Some factors are unavailable for some issuers. Apex marks those gaps rather than hiding them, but derived figures are still computed only from the data that exists.
• Some data comes from third-party providers and public sources. It can contain errors, delays, or adjustments not reflected immediately — for example corporate actions such as splits and dividends.
• Some markets carry prices only, with no fundamentals. The screen marks these as partial coverage.
• The service can be disrupted, delayed or unavailable. Do not make Apex the only source for a decision you cannot postpone.

Apex displays crypto asset data. Crypto assets in Indonesia are subject to a different regulatory regime from securities: originally supervised by the Commodity Futures Trading Regulatory Agency (Bappebti) as commodities, with supervision transferred to the Financial Services Authority under Law No. 4 of 2023. Crypto asset trading may only be conducted through traders registered with the competent authority. We are not a crypto asset trader and do not facilitate crypto trading.

Crypto assets are highly volatile, can lose all value, and are not covered by any deposit guarantee institution. The same applies to futures and other commodity derivatives whose data we may display.

• Our business model is selling prepaid credits. The more analysis you run, the more credits you spend. Our commercial interest is in usage, not in your investment outcome.
• Creators are paid on reader engagement. That incentivises attention-getting content, which is not always the same as the most careful content.
• Our staff, contractors and creators may hold positions in securities discussed on the platform.

We do not give tax, legal or accounting advice. Tax on gains, dividends and transactions is your responsibility, as is compliance with the rules that apply to you — including insider-trading prohibitions and disclosure obligations for issuer affiliates, where applicable.

By registering for or using Apex, you confirm that you have read and understood this disclosure, that you make investment decisions on your own judgement or that of a licensed adviser of your own choosing, and that you do not treat anything on Apex as personal investment advice. This disclosure forms an integral part of the Terms of Service.