The performance results shown above are hypothetical and based on historical backtesting. They are not the result of actual trading.

Hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, because the trades have not been actually executed, the results may have under- or over-compensated for the impact (if any) of certain market factors — including, but not limited to, lack of liquidity, slippage, fees, funding rates, and order execution timing.

Hypothetical trading programs are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

Past performance is not indicative of future results. The information shown should not be interpreted as a guarantee, projection, or forecast of returns. You may lose part or all of your invested capital.

Adapted from U.S. CFTC Rule 4.41 + ESMA Q&A on MiFID II marketing communications. See the full Disclaimer for the complete framework.