CFTC RULE 4.41 – hypothetical or simulated performance results have certain 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 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 thatthey are designed with the benefit of hindsight. norepresentation is being made that any account will or is likely to achieve profit or losses similar to those shown.

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