Wow! No upgrade for me...

Microsoft will collect any file you have, aside the ones you “provide”, including anything in your private folders, including any password, of any nature belonging to you, not limited to the computer and devices running Windows 10, or any Microsoft service. If you encrypt a drive, Microsoft gets the key.

There is no clause forcing Microsoft to limit or obey any opt out, or choice you make.

In case of doubt, Microsoft gets the right to change the contract.