The disclaimer: On May 18, 2022 or soon after, your D&D Beyond account will transfer to Wizards of the Coast, at which point (and going forward) the Wizards Terms of Use will apply to your use of D&D Beyond, and the Wizards Privacy Policy will apply to the personal data associated with your account.

6.1. Wizards Ownership. The Websites, Games, and Services (including all Wizards' generated content residing thereon) are the sole property of Wizards, and are protected by copyright, trademark, and other intellectual property laws. We own and reserve all Intellectual Property Rights (defined below) and all other legal and exploitation rights in and to the Websites, Games, Services, and Games and all data and content included therein, including (without limitation) all in-game items and virtual currency, accounts, computer code, titles, themes, characters (including likeness and names), objects, chat logs, stories, dialog, catch phrases, locations, concepts, artwork, character inventories, structural or landscape designs, animations, sounds, audio-visual effects, methods of operation, moral rights, any related documentation, storylines, sounds, music, and gameplay, and methods of operation (collectively, the "Game Content").

DnDBeyond owns all of your characters including the games they come from... WTF???

1. No, they don’t own anything. They get a license to use it, but nothing in that paragraph gives Wizards an ownership interest in your copyrighted content. You are looking at a term that says Wizards owns Wizards’ property, which, yes—they own their own characters, classes, etc. There’s another term that governs your user-submitted content like your characters and homebrew. 

2. You already agreed to these very same terms under Fandom, with one difference - Fandom’s license is actually more broad than Wizards’ as it allows Fandom to transfer the license however they want.

3. This language is required for user submitted content to work. If they don’t have a license to distribute your copyrighted material, they can’t distribute the materials from their server back to you. 

4. If you use any site that allows user input, such as Discord, Reddit, etc. you agree to this same set of terms (though the language might have some differences, the effect will be effectively the same).

This isn’t some kind of “gotcha” - it’s lawyers telling Wizards they have to include this language in order to legally operate the services they operate. 

Including "stories, dialog, catch phrases" was the big uh oh for most folks. As it should be.

Just for reference, here is the language related to your content - which a lot of laypeople are freaking out about, but is really nothing scary or outside of the norm:

5.2. License to Wizards. By posting or submitting any User Content to or through the Websites, Games, or Services, you hereby irrevocably grant to Wizards a worldwide, perpetual, irrevocable, royalty-free, non-exclusive, and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such User Content (in whole or in part) in any media and to incorporate the User Content into other works in any format or medium now known or later developed. The foregoing grants shall include the right to: (i) exploit any proprietary rights in such User Content, including but not limited to, rights under copyright, trademark or patent laws under any relevant jurisdiction; (ii) your name, likeness, and any other information included in your User Content, without any obligation to you. You waive any and all claims that any use by us or our licensees of your User Content violates any of your rights, including moral rights, privacy rights, rights to publicity, proprietary, attribution, or other rights, and rights to any material or ideas contained in your User Content.

Quote from RollMeDice >>

Including "stories, dialog, catch phrases" was the big uh oh for most folks. As it should be.

 
Yes. Wizards owns its own stories, its own dialog, and its own catch phrases. This language is referencing THEIR content, not yours.

Quote from Caerwyn_Glyndwr >>

1. No, they don’t own anything. They get a license to use it, but nothing in that paragraph gives Wizards an ownership interest in your copyrighted content. You are looking at a term that says Wizards owns Wizards’ property, which, yes—they own their own characters, classes, etc. There’s another term that governs your user-submitted content like your characters and homebrew. 

2. You already agreed to these very same terms under Fandom, with one difference - Fandom’s license is actually more broad than Wizards’ as it allows Fandom to transfer the license however they want.

3. This language is required for user submitted content to work. If they don’t have a license to distribute your copyrighted material, they can’t distribute the materials from their server back to you. 

4. If you use any site that allows user input, such as Discord, Reddit, etc. you agree to this same set of terms (though the language might have some differences, the effect will be effectively the same).

This isn’t some kind of “gotcha” - it’s lawyers telling Wizards they have to include this language in order to legally operate the services they operate. 

You should just make that your sig for the next month or so. :P