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    <Program_Release_Year>2009</Program_Release_Year>
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    <Program_System_Requirements>MS Excel 2007/2003/XP/2000</Program_System_Requirements>
    <Program_Category_Class>Business::Investment Tools</Program_Category_Class>
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    <Program_Categories>Investment tools,Investment tool,Stock and Portfolio Tools,Stock &amp; Portfolio Tools,Stocks &amp; Portfolios,Portfolio management,Investment,Stock Market Trading &amp; Investing,Stock exchanges software,Stocks,Stock,Business &amp; Finance,Business Finance,Financial Tools,Finance Software,Accounting &amp; Finance,Finances,Finance</Program_Categories>
    <Limitations>30 day trial period. No more than 10 assets in portfolio</Limitations>
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    <Distribution_Permissions>This software may not be distributed without written permission of Modern Investment Technologies Ltd.</Distribution_Permissions>
    <EULA>END-USER LICENSE AGREEMENT for SmartFolio

INTELLECTUAL PROPERTY
SmartFolio (the "Software") as well as any corresponding copyrights or other intellectual or industrial property rights are the property of Modern Investment Technologies Ltd (the "Licensor") and are protected by copyright laws and international copyright treaties, as well as other intellectual property laws and treaties. 

RESTRICTIONS
You acknowledge and agree that you shall not (a) modify or create any derivative works of the Software or documentation; (b) attempt to disable the Software by any means or in any manner; (c) attempt to decompile, disassemble, reverse engineer, or otherwise attempt to derive the source code of the Software; (d) redistribute, encumber, sell, rent, lease, sublicense, or otherwise transfer or disclose the Software to any third-party; or (e) remove or alter any trademark, logo, copyright or other proprietary notices, legends, symbols or labels in the Software. 

DISCLAIMER OF WARRANTY
THE SOFTWARE AND RELATED DOCUMENTATION ARE PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND. THE LICENSOR DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE. THE LICENSOR DOES NOT WARRANT THAT THE FUNCTIONS CONTAINED IN THE SOFTWARE OR DOCUMENTATION WILL MEET YOUR REQUIREMENTS, OR THAT THE OPERATION OF THE SOFTWARE WILL BE ERROR-FREE, COMPLETE, OR THAT DEFECTS IN THE SOFTWARE OR DOCUMENTATION WILL BE CORRECTED.

LIMITATION OF LIABILITY
UNDER NO CIRCUMSTANCES SHALL THE LICENSOR, NOR ANY OTHER PERSON OR ENTITY INVOLVED IN THE CREATION, PRODUCTION, OR DELIVERY OF THE SOFTWARE BE LIABLE FOR ANY LOST REVENUE OR PROFITS OR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES THAT RESULT FROM THE USE OR INABILITY TO USE THE SOFTWARE OR RELATED PRODUCTS OR DOCUMENTATION, EVEN IF THE LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME STATES DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY.</EULA>
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      <Char_Desc_250>SmartFolio is a state-of-the-art asset allocation software aimed at all types of investors and investment professionals. It contains advanced portfolio optimization and risk management algorithms, based on latest achievements in portfolio theory.</Char_Desc_250>
      <Char_Desc_450>SmartFolio is state-of-the-art powerful asset allocation software aimed at all types of investors and investment professionals. It contains state-of-the-art portfolio optimization and risk management techniques, based on latest achievements in portfolio theory. The software combines highly advanced and innovative analytics with a user-friendly, intuitive interface, perfectly suited to any level of expertise and experience.</Char_Desc_450>
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  - Find the most appropriate asset allocation according to your investment goals, price history and subjective market views;

  - Analyze investment portfolio risks from various perspectives: volatility, Value-at-Risk, target shortfall probabilities;

  - Select the most adequate portfolio rebalancing strategy to minimize rebalancing transaction costs;

  - Supported analytical methods include the most efficient parameter estimators, robust portfolio optimization, walk-forward portfolio optimization, benchmark tracking, the Black-Litterman model, factor models, historical portfolio simulations, and many others;

  - Excel-based - user-friendly, intuitive interface;

  - 30-day free trial available from website without annoying registration process;
 
  - Two licensing options: permanent license ($599) and 1-year subscription ($199).</Char_Desc_2000>
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