TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THE USE OF THE PHRASE “MANAGED FUTURES” REFERS TO THE ASSET CLASS, AND NOT TO ANY INDIVIDUAL COMMODITY TRADING ADVISORS PROGRAM. BE ADVISED THAT AN INDIVIDUAL PROGRAM COULD HAVE BETTER OR WORSE PERFORMANCE RESULTS WHEN COMPARED TO THE STOCK MARKET. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE STUDIES PRESENTED IN THE BROCHURES ABOVE ARE BASED ON ACTUAL PERFORMANCE OF MANAGED FUTURES AND STOCKS FOR THE PERIODS SHOWN, THEY ARE NOT BASED ON ACADEMIC THEORY.

THIS MATERIAL MENTIONS SERVICES WHICH RANK THE PERFORMANCE OF COMMODITY TRADING ADVISORS. PLEASE NOTE THAT THE RANKINGS APPLY ONLY TO THOSE CTAs WHO SUBMIT THEIR TRADING RESULTS. THE RANKINGS IN NO WAY PURPORT TO BE REPRESENTATIVE OF THE ENTIRE UNIVERSE OF COMMODITY TRADING ADVISORS. THE MATERIAL IN NO WAY IMPLIES THAT THESE RESULTS ARE OFFICIALLY SANCTIONED RESULTS OF THE COMMODITY INDUSTRY. BE ADVISED THAT AN INDIVIDUAL CANNOT INVEST IN THE INDEX ITSELF AND THE ACTUAL RATES OF RETURN FOR AN INDIVIDUAL PROGRAM MAY SIGNIFICANTLY DIFFER AND BE MORE VOLATILE THAN THE INDEX.