CFTC Required Disclosure

All performance figures and illustrations were obtained using historical back-testing on a computer and are not the results of an actual account. No guarantee is inferred that future performance will be like the results shown. Futures trading involves risk. There is a risk of loss in Commodity Futures trading.

Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have either under or over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will, or is likely to, achieve profits or losses similar to those shown. Past performance is not indicative of future results. There is a risk of loss in futures trading.

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