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Investors cannot invest directly in an index such as the Product(s). The Product(s) are structured based on, among other things, the general expectation that the futures prices will exhibit tendencies to trend over the intermediate or long term (as applicable). The market features and correlations which the Product(s) has been designed to capture may not be reflected in market price movements over certain periods – particularly over short periods. An investment in a product seeking to replicate the Product(s) is speculative, involves a substantial degree of risk, and should not constitute an investor's entire portfolio. Moreover, performance may be volatile and investors could lose all or substantially all of their investment. Some or all alternative investment programs may not be suitable for certain investors. No assurances can be made that the Product(s) will achieve their objectives or that losses will be avoided. The longer-term an investment the greater the likelihood that the performance potential suggested may be realized. Over the short-term, on the other hand, there is a much greater possibility that the Product(s) may decline substantially causing significant losses. Among the risks associated with the Product(s) are the following: In contrast to traditional "all long" indexes, the Product(s) do not always maintain long positions and may not profit from the cyclical nature of the futures included therein. • The Product(s) are not proxies for "all long" indexes. • The Product(s) are vulnerable to "whipsaw" markets in which market movements may cause the bulk of their components to be positioned in a certain direction (e.g. long, short or no exposure, as the case may be) and then a sudden reversal of prior price trends occurs, causing losses. • The complexity of the different factors which contribute to the results of the Product(s). • The Product(s) could decline in a wide range of different market scenarios, including ones in which other similar products (both all long and long/short) rise substantially. • The Product(s) are based on futures, not cash market prices; those prices may differ materially in general as well as for specific components. • Replication of the Product(s) involves execution costs and position slippage which can be substantial, and may be affected by, among other things, disruption caused by futures market closures and/or trading price or volume limitations imposed by one or more futures markets. • The Products are subject to the risks of, among other things, "trading ranges" (in which there is a lack of sustained, directional price movements in many markets) and "whipsaw" markets (described above). In general, such market conditions are more likely to occur during economic environments of low-growth or static GDP despite very low interest rates, accompanied by low inflation. The "trading ranges" and "whipsaw" experienced by many markets since 2009 (with notable exceptions), along with abrupt changes prompted by government intervention and highly correlated markets, have been adverse to many trend-following indexes and methodologies. The length of time for which such market conditions have persisted is unique in the United States in the last 50 years. There can be no assurances as to such current market conditions will change. No representation is being made that a Product will or is likely to achieve performance consistent with or similar to that set forth in this communication. Similarly, no representation is being made that any product seeking to replicate the Product(s) will generate profits or losses similar to the historical performance of the Product(s). There are numerous factors related to the markets in general and to the implementation of any product seeking to replicate the Product(s) which cannot be, and have not been, accounted for in the preparation of the information on the Product(s) set forth in this communication, all of which can adversely affect actual performance results for any product seeking to replicate the Product(s).
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The Content on this Site is meant to be reviewed in its entirety, including any footnotes, legal disclaimers, restrictions or disclosures and any copyright or proprietary notices. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any Content that you consult or download.
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