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Understudy — Terms of Service

Effective date: September 3, 2026

Last updated: September 3, 2026

These Terms are a binding agreement between you and Berto Labs LLC (“Berto Labs”, “we”, “us”), covering the Understudy iOS application and any related services (the “App”). By downloading, installing, or using the App, you agree to them. If you do not agree, do not use the App.

1. Understudy is educational software. Nothing in it is advice.

Understudy is an educational simulator. It exists so you can practice making investing decisions and see what they would have done, using simulated scenarios built from your own self-reported figures.

Nothing in the App is investment, financial, tax, or legal advice. Using the App does not create an advisory, brokerage, fiduciary, or professional relationship of any kind between you and Berto Labs. We do not recommend, endorse, or advise for or against any security, fund, asset class, strategy, transaction, or course of action, and nothing in the App should be read as doing so — including any figure, chart, comparison, scenario, generated explanation, or ordering of options.

Consult a qualified, licensed professional before making any decision involving real money. You are solely responsible for your own financial decisions.

2. Nothing in Understudy is real.

The App contains no real money, no real securities, no real accounts, and no real transactions.

  • Balances, contributions, positions, orders, fills, and outcomes shown in the App are simulated.
  • The App is not a broker-dealer, investment adviser, bank, or money transmitter, and is not registered as any of those. It is not affiliated with, connected to, or integrated with any brokerage or financial institution.
  • Nothing you do in the App can be executed in, transmitted to, or settled in a real market. No funds ever move.
  • The App never asks for, and must never be given, bank or brokerage credentials, account numbers, or payment card details. The only payments the App is involved in are Apple-processed subscription purchases (see §8).

Account types and institution names that appear in the App are labels you pick for your own record-keeping. Picking one connects nothing.

3. Every figure is hypothetical.

All results the App shows are historical, modeled, or simulated, and are not a prediction of the performance of any real investment.

  • Hypothetical and simulated results have inherent limitations. They are prepared with the benefit of hindsight, do not reflect actual trading, and cannot account for the financial risk, liquidity, timing, taxes, fees, or emotional pressure of real investing.
  • Past performance does not indicate or guarantee future results.
  • Simulations draw on bundled historical statistics — broad-market return and volatility figures for stocks, a home-price index for real estate, and government yield series for bonds. These are aggregate statistics, not per-security data, and they are refreshed periodically rather than continuously.
  • The Business path is explicitly illustrative. No public dataset does for small businesses what an index does for stocks or bonds, so that path uses a distribution modeled from published small-business survival research. It is labelled in the App, and it should not be read with the same precision as the other three paths.

4. The App simplifies reality, and the real world changes.

The App models investing mechanics to be realistic enough to teach, and deliberately simpler than the real thing. Rules, thresholds, timing, tax treatment, and market structure change over time and vary by jurisdiction, account type, and provider.

Verify anything you plan to act on with your actual brokerage or a licensed professional before acting. Do not treat a mechanic as it appears in the App as an accurate statement of the rules that will apply to your real account.

5. Third-party names and marks.

Names of funds, indices, institutions, and companies may appear for educational realism and are used nominatively — to identify the real thing being described. All trademarks and service marks belong to their respective owners.

No affiliation, sponsorship, endorsement, partnership, or approval is implied or exists between Berto Labs and any such party, in either direction.

6. AI-generated explanations.

Some explanatory text in the App is generated on your device by Apple’s on-device language model. Where that happens, it is optional, marked, and always accompanied by static content that stands on its own.

Generated text explains mechanics and restates your own figures. It is never a recommendation, and like any generated text it may contain errors or omissions. Treat it as an explanation to check, not an authority. Generated content is subject to §1 and §3 in full.

7. Your account and your data.

Understudy creates an anonymous, pseudonymous account for you silently at first launch so your data can survive a reinstall. You may optionally link an Apple or Google identity for cross-device sync. There is no email-and-password sign-in.

Every financial figure in the App is self-reported by you, unverified, and never connected to any real account. You are responsible for the accuracy of what you enter, and for keeping your device and any linked identity secure.

How data is collected, used, stored, and deleted is described in our Privacy Policy, which forms part of these Terms.

8. Subscriptions and payment.

Understudy offers an optional premium subscription (weekly, annual, and one-time lifetime options). Free features remain available without purchase.

  • Price, term, and renewal are shown in the App before purchase and are charged to your Apple Account at confirmation.
  • Auto-renewing subscriptions renew automatically at the then-current price unless cancelled at least 24 hours before the end of the current period. Your Apple Account is charged for renewal within 24 hours before the period ends. The lifetime option is a single purchase and does not renew.
  • Free trials, where offered, convert to a paid subscription at the end of the trial unless cancelled at least 24 hours before the trial ends. Any unused portion of a free trial is forfeited if you purchase a subscription during the trial.
  • Manage or cancel at any time in your Apple Account settings. Uninstalling the App does not cancel a subscription.
  • Refunds are handled by Apple under Apple’s policies. We cannot issue refunds for App Store purchases.
  • Restore purchases is available in the App outside of any purchase flow.
  • Prices may change; we will not change the price of an active term without the notice Apple requires.

9. Acceptable use.

Do not: use the App for anything unlawful; reverse-engineer, decompile, or attempt to extract source code except where that restriction is unenforceable by law; circumvent entitlement or subscription checks; interfere with or overload the App or its supporting services; or present output from the App to anyone else as financial advice, as a real account, or as an actual investment result.

10. Intellectual property.

The App, its content, design, illustrations, and educational copy are owned by Berto Labs and its licensors and are protected by intellectual-property law. These Terms grant you a personal, limited, non-exclusive, non-transferable, revocable licence to use the App on devices you own or control, as permitted by the App Store Terms of Service. No other rights are granted.

11. Your content.

The App does not currently accept user-generated content for publication or sharing. The figures and selections you enter are yours; we process them only to run the App and provide the features described in the Privacy Policy.

12. Disclaimer of warranties.

The App is provided “as is” and “as available”, without warranties of any kind, express or implied, including implied warranties of merchantability, fitness for a particular purpose, accuracy, and non-infringement. We do not warrant that the App will be uninterrupted, error-free, or that any figure, model, or explanation in it is accurate, complete, or current. Some jurisdictions do not allow the exclusion of certain warranties, so parts of this section may not apply to you.

13. Limitation of liability.

To the maximum extent permitted by law, Berto Labs is not liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or for any loss of profits, revenue, savings, data, or goodwill, arising out of or related to your use of the App — including any real-world financial decision you make, or decline to make, in reliance on anything in it.

To the maximum extent permitted by law, our total aggregate liability arising out of or related to the App will not exceed the greater of (a) the amount you paid us for the App in the twelve months before the claim, or (b) US $100. Some jurisdictions do not allow these limitations, so parts of this section may not apply to you.

14. Indemnity.

You agree to indemnify and hold harmless Berto Labs from any claim, demand, loss, or expense (including reasonable legal fees) arising from your misuse of the App, your breach of these Terms, or your violation of any law or third-party right.

15. Age.

You must be at least 13 years old to use the App. This threshold is chosen so that the App does not knowingly collect information from children under 13, and it must stay in step with the App Store age rating and the Privacy Policy’s children section.

16. Termination.

You may stop using the App at any time and may delete your account from Settings. We may suspend or terminate access if you materially breach these Terms or if we discontinue the App. Sections 1–6 and 12–14 survive termination.

17. Changes to these Terms.

We may update these Terms. The effective date at the top will change, and material changes will be communicated in the App. Continuing to use the App after an update means you accept the updated Terms.

18. Governing law and disputes.

These Terms are governed by the laws of the State of California, without regard to its conflict-of-laws rules. Any dispute will be brought in the state or federal courts located in Sacramento County, California, and you and Berto Labs each consent to that jurisdiction. Nothing here removes any right you have to bring a claim in your local small-claims court, or any consumer protection you cannot waive under the law where you live.

19. Apple.

These Terms are between you and Berto Labs, not Apple. Apple is not responsible for the App or its content and has no obligation to provide support for it. Apple and its subsidiaries are third-party beneficiaries of these Terms and may enforce them against you.

20. Contact.

Berto Labs LLC 2108 N St, Ste N, Sacramento, CA 95816, USA info@bertolabs.com