Some of the performance results presented on this web page may consist of Hypothetical performance results 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 actual
results achieved by any particular investment program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical investments do not involve financial risks, and no hypothetical
investment program can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular investment program in spite of losses are material
points which can also adversely affect actual investment results. There are numerous other factors related to the markets in general or to the implementation of any specific investment program which cannot be fully
accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual results.