Footnote diffs consecutive SEC 10-K and 10-Q filings and scores every language change for semantic materiality. Know what companies quietly rewrote before the market reacts.
Any public company or ticker — 10,000+ SEC filers
For example, tensions between governments, including the U.S. and China, have in the past led to tariffs and other restrictions affecting the Company's business. If disputes and conflicts further escalate in the future, actions by governments in response could be significantly more severe and restrictive and could materially adversely affect the Company's business.
Beginning in the second quarter of 2025, new tariffs were announced on imports to the U.S. ("U.S. Tariffs"), including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the European Union ("EU"), among others. In response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the U.S. and other retaliatory measures. Various modifications to the U.S. Tariffs have been announced and further changes could be made in the future, which may include additional sector-based tariffs or other measures. For example, the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962 into imports of semiconductors and their derivative products. The ultimate impact remains uncertain and will depend on whether additional U.S. Tariffs are imposed, to what extent other countries implement retaliatory measures, and the overall magnitude and duration of these measures.
Apple replaced a general reference to past U.S.-China tensions with specific disclosures naming the 2025 tariff announcements, affected countries, and an active Section 232 semiconductor investigation. The shift from past-tense observation to present-tense enumeration of live regulatory actions is substantive.
0bps
per month, documented alpha
Monthly alpha from SEC filing language changes, documented in peer-reviewed research.
Cohen, Malloy & Nguyen (Journal of Finance, 2020): companies that change their 10-K language underperform by 22% annually. Institutional research platforms charge up to $15,000/year for this signal.
How it works
Enter any ticker or company.
Footnote fetches the last 10 years of 10-K and 10-Q filings from SEC EDGAR.
We diff every consecutive pair.
Each changed passage is scored 1-10 for semantic novelty, not just text similarity.
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