MANAGED FUTURES SPOTLIGHT: INTEGRATED MGD. FUTURES CORP.

October 18, 2010

Managed Futures Spotlight: Integrated Managed Futures Corp

With systematic multi-market managers shining of late behind large trends in grains, currencies, metals, and softs (it’s about time… after 18 or
so months of flat to down performance), we have been receiving more calls and emails lately asking about the performers in this section.

Enter Integrated Managed Futures Corp’s IMFC Global Investment Program and smaller IMFC Global Concentrated Program which we first
highlighted in mid-2009. The IMFC Global Investment Program was the second highest ranked systematic multi-market program (behind
Covenant Capital) in our Semi-Annual Top 15 Managed Futures Program rankings released before the breakout for this strategy type in July,
earning a #13 ranking. And the smaller IMFC Global Concentrated program has also enjoyed a fair amount of success over the last year and a
half (it did not have enough data to be included in our last rankings, but will be eligible in January of 2011). [past performance is not necessarily
indicative of future results].

Without further ado, the subject of this month’s managed futures spotlight is Integrated Managed Futures Corp of Toronto, Canada and their two
programs.

Who is the Manager:

Both the larger IMFC Global Investment Program and smaller IMFC Global Concentrated Program are managed by Mr. Roland Austrup, the
President and CEO of IMFC. Mr Austrup is a 22 year veteran of the commodities industry and officially became registered in as a CTA in 1996
when he started Aero Capital Corporation.

Unfortunately, Aero found the sledding quite tough in Canada initially. According to Mr. Austrup “there were some ups and downs in the early
years and the managed futures industry never really made inroads in Canada – with the exception of a few high-fee products and one
discretionary product that was mis-labeled ‘managed futures’. In other words, there was just enough managed futures exposure to sour investor
appetite in Canada Even today, the Canadian industry is very small.”

Given this landscape, Roland went in search of a large partner to help validate managed futures for Canadians, and was introduced to
Integrated Asset Management (IAM) in 2003. IAM is a manager of alternative assets, with over $ 2.3 billion in assets under management in
private equity, private debt, real estate, hedge funds and managed futures; and is a publicly-traded company on the Toronto Stock Exchange
(TSX: IAM). Together IAM and Roland rolled Aero into a newly created company, Integrated Managed Futures Corporation, owned 67.50% by
IAM and the remainder by IMFC management.

IMFC’s investment management team has grown from 4 to 6 individuals since we profiled them in June, 2009. In addition to Austrup; Robert
Koloshuk, Director of Trading and Senior Strategist; Adam Kolkiewicz, Quantitative Research Associate; and James Rider, Portfolio Manager -
joining the team over the past year are the following 2 individuals: Bryan Chuah, Director of Quantitative Research and Jovan Lukovich, Trader
and Research Analyst. Bryan comes from the Master of Quantitative Finance (MQF) program offered at the University of Waterloo, has a
previous degree in Actuarial Science and prior experience as a prop trader in between degrees. Jovan has a Bachelor of Applied Science (BASc)
from the University of Toronto prior to joining IMFC

Roland and his team pride themselves on their market and trading model research, and have built what we believe to be an exceptional research
platform. One unique characteristic is that differentiates the research and model development of IMFC from that of a typical CTA is that they
have exclusive research agreements with both faculty members and participants at the Center for Advanced Studies in Finance (CASF) in the
Faculty of Mathematics (the world’s first and largest faculty of mathematics) at the University of Waterloo, in Waterloo, Ontario. This means the
IMFC team is able to lever the resources of the University into its research efforts, as it includes staff and students from the university and all of
the other resources and research funding sources the University can tap into. In addition to his role at IMFC, Dr. Adam Kolkiewicz is a Professor
of Statistics and Actuarial Sciences at Waterloo and a co-founder and Director of CASF and MQF. Roland Austrup is also a Director of CASF.

One unique piece of the IFMC setup is their relationship with the larger Integrated Asset Management. With IAM as their parent company, IMFC
enjoys all of the benefits of the infrastructure and operational support of a large investment management organization, as well as the
transparency, compliance and oversight associated with a public company. This affords the investment management team the opportunity to
focus on research and trading, while the parent company manages all operational aspects of the business such as fund structure and
administration, compliance, sales and business development and all other general and administrative functions of the business.

On a personal level, CEO Roland Austrup lives in Port Sydney, Ontario, north of Toronto, with his wife and three children. He is an accomplished
amateur chef, using locally sourced ingredients whenever possible, including fish freshly caught from the lake on which he lives. He is also the
only CTA we’ve ever met who wears a watch with a binary readout.

As for the rest of the team when not trading or working on their statistical models: Rob Kolsohuk tells us he is a fly fisherman, windsurfer, white
-water kayaker and rock climber. Most weekends early in spring find him in the freezing waters of Ontario rivers, when the ice has just gone out
and the water levels are at their highest. James Rider seems to be equally as comfortable on the water, sharing that he is “an enthusiastic
sailor, a passion he brought back to Canada when he returned from 10 years in Singapore, where he launched CIBC’s FX options business for
Asia. He is also a scuba diver, cyclist and says that he plays squash (badly, but with energy and enthusiasm.)”

How Does the Program(s) Work:

The flagship IMFC Global Investment Program is described by Mr. Austrup as a “very long-term,” systematic trading program that focuses on
extremely long-term price trends that generally last one-year or more. The portfolio is broadly diversified across more than 60 industrial,
agricultural, and financial sectors, allocated 50% to financial futures (stock index, bond, foreign currency), and 50% to physical commodities.
This 50/50 split is by design, as Roland wanted to make sure that the program had the diversification benefits of commodities included in the
trading portfolio and were not overweight in the financial sectors.

First, and foremost, the IMFC team is focused on managing risk and has strived to build a clearly defined risk management framework that
incorporates the following features:

• Individual risk budgets are allocated to each market based on a targeted level of acceptable portfolio downside volatility over the
medium term of less than 13% and forecasts of future market volatilities and correlations. Any unutilized portion of a market’s risk
budget cannot be allocated to another market, but are invested in cash if unused.

• Actual (versus targeted) portfolio risk is managed through the use of short-term portfolio downside volatility and VaR limits, and
stress testing current positions against known historical events and hypothetical scenarios.

• Risk overrides can reduce initially allowable risk budgets and positions size based on algorithms that identify both abnormal
performance (that often precede tops and bottoms) and abnormal performance degradation.
From within this risk-management framework, each trade is systematically generated by a core trend-based strategy and three diversifying sub-
strategies. The core trend following strategy quantifies and evaluates the primary factors responsible for trend persistence, namely market price
and momentum, and additional factors including implied volatility, the level of interest rates, costs of production and, in the case of equity
indices, book value and earnings. Probability weighted expected RORs ( that are systematically calculated from this information) generate
directional signals, position size, price targets over various time horizons, and price and time stops.

The three diversifying satellite strategies add uncorrelated, and occasionally negatively correlated, sources of market return to the portfolio.
These strategies include:

• A more aggressive short-term interest rate trading strategy generally seeks to be long short-term interest rate futures, avoid rising
interest rate environments other than from very low historical and absolute levels of interest rates and gets long “flight-to-quality”
very quickly.

• An equity value strategy makes unlevered long investments in a basket of equity index futures based on both valuations and
oversold indicators.

• A commodity value strategy makes unlevered long investments in commodities that are both historically inexpensive and where the
cost of carry is either positive or, in the least, not meaningfully negative.

The IMFC Global Concentrated Program is a derivative of the IMFC Global Investment Program in that it selects trades from the IMFC Global
Investment Program by utilizing an additional algorithm that measures the confidence of trading signals and risk budgets generated by the IMFC
Global Investment Program. The IMFC Global Concentrated Program only initiates positions in a market if the underlying trading signals and risk
budgets meet certain threshold levels of confidence or strength.

As a result of the additional “confidence” algorithm, some of the key differences between the IMFC Global Investment Program and the IMFC
Global Concentrated Program include, but are not limited to the following:

• Lower Minimum Account Size: the IMFC Global Concentrated Program can be traded with a nominal trading level of $500,000 versus
a $2 million minimum for the IMFC Global Investment Program.

• Lower Exposure: the IMFC Global Concentrated Program is expected to have lower overall market exposure than the IMFC Global
Investment Program, as measured by both number of contracts held in an account and by margin-to-equity ratios. IMFC believes
that the benefit of this lower level of market exposure will be particularly evident during periods of underperformance for the IMFC
Global Investment Program and managed futures in general, such as what occurred in the first half of 2009, potentially resulting in
fewer left tail events or fewer ‘larger than statistically normal‘ drawdowns.

• Portfolio Concentration: the IMFC Global Concentrated Program is expected to have a greater concentration of positions and,
therefore, less diversification than the IMFC Global Investment Program. As a result, IMFC expects that the IMFC Global
Concentrated Program will likely experience slightly higher volatility than the IMFC Global Investment Program over the long term.

By focusing on the factors responsible for trend-persistence rather than just following trends, IMFC believes that it can more successfully
isolate and evaluate profitable opportunities than traditional trend following strategies that simply rely on price information, while diversifying
strategies that identify uncorrelated sources of positive returns may help dampen volatility. For example, equity value strategies that went long
equity markets from December 2008 to Feb 2010 helped offset the turn in performance experienced by most CTAs in Q1/early Q2 2010.

Roland and his team believe that ongoing research is the cornerstone for persistent competitive advantage; and IMFC’s team , in conjunction
with faculty and graduate students in the Faculty of Mathematics at the University of Waterloo, are engaged in several research initiatives at
present, including but not limited to the following:

• Multi-factor systematic macro strategies

• Short-term mean reversion strategies based on the dynamics of market noise

• Volatility arbitrage and outright volatility strategies.

• Options strategies to manage both initial capital-at-risk and open trade profit.

Attain Comments:

In this day in age of market uncertainty (see our post on the managed futures blog today), risk management needs to be job #1 for any
managed futures program; and we have been nothing short of impressed with the risk management abilities of IMFC over the past few years.
It is easy for any CTA to say they are managing risk acutely on a trade-by-trade basis, but few have the performance (aka avoiding large
drawdowns) to back it up.

Over the past two years while most systematic multi-market programs saw new max drawdowns, the IMFC team has kept max drawdowns to a
minimum at approximately 10% for both programs (Past Performance is Not Indicative of Future Results). Of course, you don’t want to see the
risk controlled so much there is no room for upside, and along those lines the IMFC management team is of the belief that if risk is properly
managed the returns will take care of themselves.

In 2009, IMFC was proven half right, as the IMFC Global Concentrated program outperformed most of its peers with a 13.76% ROR and a 5.78%
max drawdown, while the Global Investment program was down -2.14% with a 9.43% max drawdown; seemingly underperforming until
considering the struggles other systematic multi-market programs went through in 2009 (consider bellwether Transtrend being down -8.4% and
the Newedge CTA Index which was down -4.30%) . [Past Performance is Not Indicative of Future Results]

Another thing we like about IMFC is their desire to continuously research and understand exactly where their returns come from and exactly why
their models work. In other words, Mr. Austrup and his team strive to know exactly why each trade did or did not make money, and are focused
on leaving nothing up to chance or chalking up a nice trade to good luck. In an effort to achieve this goal the IMFC team has gone back and
researched and pinpointed exactly why their systems work both independently and together in a portfolio, while also pinpointing areas that need
improvement. A good example of a recent improvement was when the program switched from analyzing historical market volatility to implied
volatility (using options) as a metric for determining value at risk (VaR) for each trade. This change to the program was implemented in spring
of 2010 after years of development and testing by the IMFC research team.

The filtering used by the smaller Global Concentrated program also has its own unique advantages that were not noticed right away when the
program was under development in 2008. To recap: each trade taken by Global Concentrated has been issued by the flagship Global Investment
program and then put through a series of filters to deem whether it is acceptable for the smaller investor. The advantage of this filtering process
is that it removes many trades that have a low upside (expected return) which in testing shows that this program should outperform other multi
-market CTAs in periods of stress for managed futures. 2009 was definitely a stressful year for many multi-market products and the Global
Concentrated program did outperform most similar products. However, there is a downside to the filtering and it comes at the expense of
diversification. The trades that are being filtered out were issued for a reason and that reason is to help smooth the equity curve of the Global
Investment program. Overtime the manager expects that the Global Concentrated program will be slightly more volatile than Global Investment
due to the fact it is missing a layer of diversification.

Despite all the high level testing, research, and statistical analysis; it is apparent that IMFC still encounters one issue that has plagued other
multi-market CTAs……which is market volatility expansion. Until recently, the lack of market trends caused most multi-market programs
(including IMFC) to fight tooth and nail to generate any type of return at all, with the best performers simply treading water near breakeven. Of
course, by trading 60 markets worldwide and incorporating 3 non-trendfollowing systems into the portfolio, one would expect that these
situations would be rare, but all we have to do is look back to 2009 when nearly every market traded in 1:1 correlation to see a situation where
this could occur.
In conclusion, after following Mr. Austrup and having clients invested in his programs we are very confident in his trading style. In 2009, the
IMFC Global Concentrated program was one of the few bright spots in an otherwise very difficult year for multi-market managed futures
programs. More recently, both programs have taken full advantage of superb trend following conditions across commodities and financials to
head towards new equity highs. We believe the alliances with Integrated Asset Management as well as the University of Waterloo are
competitive advantages, which - when paired with the strong management team in place - we expect to keep IMFC in our Top 15 for some time
to come.

- John Cummings

IMPORTANT RISK DISCLOSURE

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Feature | Week in Review | Chart of the Week |

Chart of the Week : Integrated Global Investment Performance Summary

Feature | Week in Review | Chart of the Week |

Week in Review : Dollar down, stocks & commodities up continues...

U.S. Dollar weakness continued to be the main driver of price activity in most commodity and index futures, although the slowdown in its demise this week led to a
more mixed atmosphere. The marketplace also received several price sensitive headlines in regards to the possibility of further quantitative easing by the U.S. Fed
which was topped off with a speech by Fed Chairman Bernanke indicating a case is building for another round of aid to help stimulate growth.
The beginning of earnings season also provided strong price activity with the past week’s results for Google providing surprising growth. Business readings in
Europe continue to impress, especially in Germany which has given investors a strong confidence boost and alleviated possible sovereign debt issues dotted
throughout the continent. Asian headlines remained consistent with recent economic appraisals, although weaker business readings in Japan did give pause to
recent price activity.

The grain and food sector continued to price in the latest USDA monthly crop production and supply/demand reports with concerns about the supply of corn and the
prospective planting ramification it will have for future crops playing a major part in price discovery. For the week Corn +6.59% put forth the strongest rally followed
by Soybeans +4.41%, Sugar +2.81%, Cotton +2.52%, Coffee +2.33%, Live Cattle +1.26% and Cocoa +0.07%. The laggards of the sector which were hampered by
a heavy supply scenario included Lean Hogs -6.70%, OJ -5.14% and Wheat -2.06%.

Metals continued on their streak of being a strong investment choice with Silver and Gold adding to their recent record high as investors took their cue on strong
indications of more Fed easing and prospects of economic stability and growth from several emerging counties. Silver +5.12% led the way up followed by Gold
+1.98%, Copper +1.71%, Palladium +0.27% with Platinum settling near unchanged levels.

Another impressive week for Stock Index futures as expectations for more Fed action and another round of favorable earnings were the key ingredients for a stable
rally. The leader of the complex was NASDAQ futures +3.67% aided by the strong Google results followed by Russell 2000 futures +1.77%, Mid-Cap 400 futures
+1.44%, S&P 500 futures +1.23% and Dow futures +0.70%.

Activity in the currency futures continued to find guidance from an expected Fed policy change featuring another round of quantitative easing with rhetoric from most
governors and Fed Chairman Bernanke backing such ideas. The headlines continued to weigh on the U.S. Dollar Index -.39% pressuring the market down to eight
months lows versus a basket of foreign currencies. Action in the rest of the complex featured Japanese Yen +0.71%, Swiss Franc +0.61%, Euro +0.33% and British
Pound +0.26%. Price activity for interest rate futures saw U.S. 30-Year Treasury Bonds -2.30% and 10-Year Treasury Notes -0.81% with investors favoring higher
risk returns in other commodity sectors with fixed yields hovering near historical lows.

Energy sector price activity was under pressure from heavier than expected supply indications which more than offset the Fed news of pumping more liquidity into
the system to stem inflation to meet their projected target. Natural Gas -3.18% led the complex down followed by Heating Oil -2.24%, RBOB Gasoline -2.20% and
Crude Oil -1.70%.

Managed Futures

The bull market continues for multi-market CTAs as the weak US Dollar continues to propel commodities higher. Markets like Gold and Soybeans moved higher
again last week and it doesn’t look like they will stop anytime soon as the FOMC seems in the mood to create inflation. Stock index futures have also benefited from
the weak dollar and, of course, foreign currencies have been trending higher against the greenback as well. Overall, it is a very good time to be a trend follower and
not a good time to be a counter trend trader.

The leader this month is Covenant Capital Aggressive who remains hot at +8.00% after a scintillating month of September. Covenant holds long positions across
most market sectors and is in the best position to reap the benefits of the weak USD. Right behind Covenant is Integrated Managed Futures Global Concentrated at
6.55% who also holds a bevy of long trades. Other managers with very impressive starts this month include Accela Capital Management Global Diversified +5.00%,
Clarke Worldwide +4.55%, Robinson-Langley Capital +4.16%, and 2100 Xenon Managed Futures 2X +4.12%.

There are quite a few programs in the +2%-3% range that in any other month might be at the top of our list. Therefore, let’s not discount the returns from Futures
Truth MS4 +3.08%, APA Strategic Diversification +2.45%, APA Modified +2.25%, Auctos Capital Management Global Diversified +2.23%, Hoffman Asset
Management +1.89%, Futures Truth SAM 101 +1.32%, Mesirow Financial Commodities Absolute Return +0.57%, and Mesirow Financial Commodities Low
Volatility +0.11%.

Unfortunately, not everyone has gotten in the profit parade. Most short term traders have struggled recently including Applied Capital Systems -0.65%, Sequential
Capital Management -0.85%, Dominion Capital Management Sapphire -3.68%, and GT Capital -4.20%. Some trend followers have gotten beaten up as well
including Quantum Leap Capital -0.57%, Clarke Global Basic -1.97% and Clarke Global Magnum -7.50%. Global Magnum got hit on the recent limit move in
Soybeans.

Short-term stock index traders are mixed so far in October with Roe Capital Monticello +1.61% and Roe Capital Jefferson +0.61% leading the way while Paskewitz
Asset Management Contrarian 3X Stock Index is down -2.76%.

For some option trading managers the difficulties of September are carrying over into October. Diversified option managers have been the hardest hit while index
only traders have been enjoying the dropping VIX, which is at its lowest level since before the May “flash crash”.

The top performing option trading manager so far in October has been ACE SIPC +3.83%. SIPC just celebrated its 9th year of live trading dating back to October
2001 – the program has struggled to recover from its 2008 high yet continues to support a 17.99% compounded RoR with a max drawdown of -69.54%. Needless
to say, SIPC is the most aggressive option trader we track.

Other option trading estimates are as follows: FCI CPP +1.41%, Crescent Bay PSI +0.27%, Kingsview Management +0.02%, Cervino Diversified 2x -0.09%,
Cervino Diversified Options -0.10%, Crescent Bay BVP -0.74%, FCI OSS -2.28%, Clarity Capital -2.74%, HB Capital -3.32%, ACE DCP -6.39%, and Liberty Funds
Group -7.05%.

Once again, specialty market managers are showing up as the bright star in investor portfolios. This month we’re happy to report that Rosetta Capital Management
is ahead in excess of 20% for the MTD brining their YTD total up over +32%. For investors who have remained patient, this run up represents a full recovery of their
drawdown that started in April 2008 and shows us, once again, the value of strategy diversification.

Other specialty managers ahead for the month include: Cervino Gold +1.31%, Oak Investment Group +0.87%, NDX Shadrach +0.49%, and NDX Abednego
+0.11%. managers down for the month include AFB Forty Eighter Gold Option -0.87% and Emil Van Essen -1.42%.

Trading Systems

Last week was a rough week for day and swing trading systems, unfortunately; as systems struggled to handle the rangy action in the markets and as a result were
often caught on the wrong side when the market began to move.

Two day trading systems last week managed to finish last week with a profit. Leading the way was NPI Traders S, which trades the Soybeans Contract, with a profit
of $715.00. PSI! ERL came in second place with a profit of $220.00. PSI! ERL was long when the FOMC released their minutes from their previous meeting and PSI
benefited from the release and at one point was up 7 points. But as the markets did quite frequently last week, the market reversed direction during the close and
caused PSI to lose some profit.

Compass SP finished in the red last week and most of the time Compass was hurt by the last hour of trading in the equity markets. On Tuesday, Compass SP got
long around 1:30 pm and benefited from the move up that was taking place but then the last hour before the close the market started to sell off and took away the
majority of Compass’s profits. A similar situation happened with Compass on Friday, only this time Compass was short and the market rallied during the closing
period, taking away all of Compass’s profits. Other results in the red were BalancePoint ES at -$215.00, Compass ES at -$340.00, Waugh ERL at -$460.00, NPI
Traders ES at -$490.00, Upper Hand ES at -$767.50, NPI Traders CL at -$820.00, Clipper ERL at -$890.00, Echo-DT ERL at -$1,064.57, NPI Traders NG at -
$1,152.50, NPI Traders US at $1,185.00, EVP 2 US at -$1,189.55, and Compass SP at -$1,412.50.
Unfortunately, things don’t get much prettier on the swing system side. AG Mechwarrior ES struggled throughout the week to find the direction of the market. AG
Mechwarrior got long on Monday but got stopped out on Tuesday which caused it to miss the big move that took place overnight from Tuesday to Wednesday in the
eMini S&P 500 market. On Wednesday, AG Mechwarrior got long again only to get stopped out on Thursday morning. On Friday AG Mechwarrior, got short and
finished the day short. For the week AG Mechwarrior lost -$1,047.50. Other negative results included Jaws US 60 at -$342.50, Strategic ES at -$369.12, Bam 90
Single Contract at -$767.50, Waugh CTO ERL at -$880.00, Jaws US 400 at -$936.25, Bam 90 M Squared ES at -$1,220.42, Bam 90 ES at -$1,385.50, Strategic SP
at -$1,600.00, and MoneyBeans at -$3,930.

The few bright results last week were TurningPoint and TurningPoint X2 which led the way with profits of $1,270.00 each for the week. Both systems were long from
the end of September and rode the upward trend in the eMini S&P 500 market and took profit on Monday. The other positive result for the week was Polaris ES at
$102.50.

IMPORTANT RISK DISCLOSURE

Futures based investments are often complex and can carry the risk of substantial losses. They are intended for sophisticated investors and are not suitable for
everyone. The ability to withstand losses and to adhere to a particular trading program in spite of trading losses are material points which can adversely affect
investor returns.

Past performance is not necessarily indicative of future results. The performance data for the various Commodity Trading Advisor ("CTA") and Managed Forex
programs listed above are compiled from various sources, including Barclay Hedge, Attain Capital Management, LLC's ("Attain") own estimates of performance
based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the
individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes
proprietary results, and other important footnotes on the advisor's track record.

The dollar based performance data for the various trading systems listed above represent the actual profits and losses achieved on a single contract basis in client
accounts, and are inclusive of a $50 per round turn commission ($30 per e-mini contracts). Except where noted, the gains/losses are for closed out trades. The
actual percentage gains/losses experienced by investors will vary depending on many factors, including, but not limited to: starting account balances, market
behavior, the duration and extent of investor's participation (whether or not all signals are taken) in the specified system and money management techniques.
Because of this, actual percentage gains/losses experienced by investors may be materially different than the percentage gains/losses as presented on this
website.

Please read carefully the CFTC required disclaimer regarding hypothetical results below.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION
IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN; IN FACT, THERE ARE
FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY
PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO
HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK OF ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS
WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN
GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION
OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL WHICH CAN ADVERSELY AFFECT TRADING RESULTS.

Feature | Week in Review | Chart of the Week |

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