Version 2026-09-07. Shown at sign-up and linked from every page.
Please read this before you follow or mirror anyone. It is part of our Terms of Service.
Disclosed is an information service
We collect public disclosures and market data and present them. We do not know your financial situation, and nothing on the Service is a recommendation that you buy, sell, or hold any security. A model basket or proposal is a mechanical calculation from someone else's public disclosure. It is the same for every subscriber. Only you decide whether to place any order, and where order placement is offered, you do it by confirming each one. Consider consulting a licensed financial professional before acting on anything you see here.
No affiliation, no endorsement
Disclosed has no relationship with, and no endorsement from, any politician, official, fund, investor, or company shown on the Service. We report what they file. Their names and images identify them; they do not mean they know about, use, or approve of Disclosed.
How we make money, and how we don't
You pay us a flat subscription. That is our only revenue. We receive no commissions, no payment for order flow, no share of brokerage revenue, and no payment from any company or person shown on the Service. We pay our brokerage-connection provider a flat fee. Nothing we show you is chosen because someone paid for it.
You can lose money
Stocks go down. Every trade you place through your brokerage can lose some or all of the money you put in. Politicians and famous investors lose money too; a disclosed trade tells you what they did, not whether it will work.
Disclosures are late, incomplete, and sometimes wrong
Members of Congress have up to 45 days to report a trade, and some report later. By the time a trade is disclosed the price may have moved a great deal. Disclosures state amounts in wide ranges, not exact figures; some are made by a spouse or dependent child; some are amended or corrected later. Fund holdings reports (13F) are filed up to 45 days after a quarter ends and show only certain positions. We present what was filed; we cannot verify it.
Our figures are estimates, made one fixed way
Wherever you see "estimated", "~", "up to", "on paper", or a salary comparison, that number is our calculation, and the method is always the same: we take the top of the disclosed range, multiply it by the percentage change in the stock's closing price from the trade date to the most recent close, and round the result. Where a filing gives an exact figure (a fund's 13F, an insider's Form 4), we use that figure instead of a range. It is not what anyone actually earned or lost; the real amount could be anywhere in the range, and the trade may have been at a different price on a different day. "What if you had mirrored" results are hypothetical: they assume trades at the closing price on the day a disclosure was filed, ignore taxes and fees, and would have been different for a real account. Past results, real or hypothetical, do not predict future results.
Mirroring is not the same as their portfolio
We estimate holdings from disclosures, which never show a complete portfolio. A model basket is capped at a number of positions, uses only stocks and ETFs with tickers, and is expressed as proportions, so it will differ from what the person actually holds. Following a single person concentrates your money in their choices. Following after a delay means you may buy higher or sell lower than they did.
Your brokerage executes, not us
Orders you confirm, where that feature is offered, are sent to your own brokerage through SnapTrade. Your brokerage may reject, delay, or partially fill an order, may charge fees, may not support fractional shares (in which case we round down to whole shares), and may execute at a price different from the preview you saw. Market orders execute at the market price when the market is open. Outages at your brokerage, at SnapTrade, or at Disclosed can delay or prevent orders. If your account closes or the Service ends, your positions stay in your brokerage account and are yours to manage.
Taxes and account rules
Trades have tax consequences, and frequent trading can produce short-term gains. Your brokerage's rules on cash, margin, settlement, and pattern day trading apply to you. We do not give tax advice.
Notifications are information, not instructions
An alert that someone you follow disclosed a trade is news. It is not a signal to trade, and there is no obligation to act on it.
Questions
invest@disclosedhq.com