Welcome to Collective2

Follow these tips for a better experience

Ok, let's start

Close
Add to Watch List Create new Watch List
Add
Enter a name for your Watch List.
Watch List name must be less than 60 characters.
You have reached the maximum number of custom Watch Lists.
You have reached the maximum number of strategies in this Watch List.
Strategy added to Watch List. Go to Watch List

Sim is unavailable for this strategy, because you've recently "Simmed" it.

You already have a live, full-featured subscription to this strategy.

Okay, no problem

Reach out to us when you are ready. You can schedule your free training session at any time by clicking the button.

Remember, this training is free, low pressure, and (we hope!) fun.

Got it

Later

You can find it here.

Got it

Video Saved for Later

You can watch this video later. Just click this button at the top of the screen whenever you're ready to watch it.

Got it

Magellan Atlas Navigator

Equity · Stocks · Started Apr 2025

hypothetical · Annual Return (Compounded)
37.0%
Max Drawdown
11.3%
Trades
1194
Win Trades
46.0%
Profit Factor
1.50
Win Months
47.1%
Subscribe Full access for $40/month

About this strategy

Magellan Atlas Navigator – Tactical Asset Allocation (TAA) Models+ Fund
Investor Prospectus (Draft)
Fund Overview
The Magellan Atlas Navigator Tactical Asset Allocation (TAA) Models+ Fund is a multi‑model, multi‑asset investment program engineered for capital preservation, stable compounding, and disciplined risk control. The fund operates without leverage, reflecting its mandate as a wealth‑preservation vehicle rather than an aggressive return‑seeking strategy.

At the core of the fund is a proprietary AI‑driven credit and technical analysis engine, developed and refined over the past year. This system integrates macro‑credit conditions, cross‑asset flows, and technical market structure to guide allocation decisions with consistency and objectivity. The result is a portfolio that adapts dynamically to changing market regimes while maintaining structural stability and low drawdowns.

The fund’s objective is to deliver steady, risk‑adjusted alpha across market cycles through diversified exposure, systematic execution, and a robust quantitative foundation.

Investment Strategy
The strategy employs a stacked tactical asset allocation framework, combining multiple independent models to create a smoother, more resilient return profile. Each model contributes a distinct edge—momentum, relative strength, macro‑credit sensitivity, volatility normalization, and trend stability—while the AI engine synthesizes these signals into unified, risk‑aware positioning.

Key Strategy Pillars
AI‑Enhanced Credit & Technical Analysis
A proprietary machine‑learning model evaluates credit conditions, liquidity flows, and technical market structure to determine risk‑on/risk‑off posture and asset‑level conviction.

Multi‑Asset Diversification
Exposure spans large‑cap equities, Bitcoin, currency ETFs, commodities, fixed income, real estate, and index ETFs.

Systematic Risk Controls
All positions are cash‑funded. No leverage, no margin, no structural amplification of volatility.

Adaptive Rebalancing
Models adjust exposure based on quantitative signals, ensuring the portfolio remains aligned with prevailing market conditions.

Defensive Bias
The strategy prioritizes capital preservation, measured exposure, and controlled drawdowns.

Capital Structure & Allocations
Principal Capital
$35,000 total capital

Maximum of 35 diversified positions

All positions are fully cash‑funded

No leverage or margin employed

Model Allocation Breakdown
Equities & Relative Strength Models

C2 Magellan: $1,000 per position, 35 positions = $35,000

4× Big Cap Relative Strength

4× NFIC Stocks

1× MaxList

1× Alpha Index Model ETF (NFIC)

Futures & Index Models

3× Futures Index Model (0.2 lots each)

2× Futures Index NFIC (0.2 lots each)

Forex Models

4× Forex Model (0.2 lots each)

4× Forex NFIC (0.2 lots each)

Commodities Models

4× Commodities Model

4× Commodities NFIC

Digital Asset Models

2× Bitcoin Model + NFIC

2× Ethereum Model + NFIC

This diversified model stack ensures broad exposure while maintaining strict position‑level risk controls.

Performance & Validation
The fund’s structural framework has been forward‑tested since 2019, with approximately 90% of the original design remaining intact. This long‑term consistency demonstrates:

Durability of the methodology

Robustness across multiple market regimes

Effectiveness of the no‑leverage structure

Stability of the AI‑driven signal engine

The fund’s evolution has focused on refining signal quality, improving risk dispersion, and enhancing the AI credit‑technical model to better anticipate shifts in market conditions.

Risk Management & Disclosures
Risk management is embedded at every level of the strategy:

Position‑level diversification across 30–35 uncorrelated exposures

Systematic hedging through model‑driven risk‑off signals

Fully cash‑funded structure eliminating leverage‑related drawdown amplification

AI‑based credit stress detection to reduce exposure during deteriorating macro conditions

Strict model governance to mitigate drift and degradation

Investor Considerations
Investors should understand that all market exposure carries inherent risk, including:

Model obsolescence or degradation

Unexpected volatility

Drawdowns exceeding historical norms

Structural shifts in macroeconomic conditions

Past performance is not indicative of future results. This document does not constitute financial advice.

Investor Outlook
The Magellan Atlas Navigator TAA Models+ Fund is designed for investors seeking:

Long‑term capital preservation

Stable, risk‑adjusted returns

A transparent, rules‑based investment process

Exposure to a diversified, multi‑asset portfolio

A disciplined, AI‑enhanced tactical allocation framework

The fund’s conservative posture, systematic methodology, and multi‑model architecture position it as a compelling option for investors prioritizing stability, discipline, and data‑driven decision‑making.

Prospective investors are encouraged to conduct thorough due diligence to ensure alignment with their financial goals and risk tolerance.

Hedged Equity Trend-following

Hypothetical Monthly Returns (includes fees/commissions)

YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
2025-2.56.39.31.8-4.315.4-0.2-0.2-0.326.3
2026-0.6-0.2-1.51.315.31.2-4.810.321.2

Statistics

Overview

Strategy began4/21/2025
Suggested Minimum Capital$40,000
Age16 months
C2 RankTop 1.2%
What it tradesStocks
# Trades1194
# Profitable549
% Profitable46.0%
Avg trade duration3.6 days
Max peak-to-valley drawdown11.3%
drawdown periodJune 18, 2026 - July 06, 2026
Annual Return (Compounded)37.0%
Avg win$92
Avg loss$55

Ratios

W:L ratio1.45
Sharpe Ratio1.57
Sortino Ratio2.49
Calmar Ratio7.17

CORRELATION STATISTICS

Correlation to SP5000.20
Return Percent SP500 (cumu) during strategy life48.4%
Return of Strat Pcnt - Return of SP500 Pcnt (cumu)4.7%

Return Statistics

Ann Return (w trading costs)37.0%
Return Pcnt (Compound or Annual, age-based, NFA compliant)0.4%
Return Pcnt Since TOS Status0.0%
Ann Return (Compnd, No Fees)43.5%

Slump

Current Slump as Pcnt Equity1.2%
Current Slump, time of slump as pcnt of strategy life0.1%

Instruments

Percent Trades Forex0.1%
Percent Trades Futures0.1%
Percent Trades Options0.0%
Short Options - Percent Covered100.0%
Percent Trades Stocks0.9%

Risk of Ruin (Monte-Carlo)

Chance of 10% account loss12.0%
Chance of 20% account loss1.0%
Chance of 30% account loss0.0%
Chance of 40% account loss0.0%
Chance of 50% account loss0.0%
Chance of 60% account loss (Monte Carlo)0.0%
Chance of 70% account loss (Monte Carlo)0.0%
Chance of 80% account loss (Monte Carlo)0.0%
Chance of 90% account loss (Monte Carlo)0.0%
Chance of 100% account loss (Monte Carlo)100.0%

Automation

Percentage Signals Automated0.0%

Popularity

Popularity (Today)742
Popularity (Last 6 weeks)941
C2 Score988
Popularity (7 days, Percentile 1000 scale)884

Trading Style

Any stock shorts? 0/11

Trades-Own-System Certification

Trades Own System?0
TOS percent0.0%

Win / Loss

Avg Loss$55
Avg Win$92
# Winners549
Sum Trade PL (losers)$35,239
Sum Trade PL (winners)$50,773
Num Months Winners8
# Losers645
% Winners46.0%

Dividends

Dividends Received in Model Acct125

Age

Num Months filled monthly returns table17

Frequency

Avg Position Time (mins)5246.45
Avg Position Time (hrs)87.44
Avg Trade Length3.60
Last Trade Ago0

Leverage

Daily leverage (average)2.14
Daily leverage (max)10.32

Regression

Alpha0.07
Beta0.26
Treynor Index0.33

Maximum Adverse Excursion (MAE)

MAE:Equity, average, all trades0
MAE:Equity, 95th Percentile Value for this strat0.01
MAE:Equity, average, losing trades0
MAE:Equity, losing trades only, 95th Percentile Value for this strat
MAE:Equity, average, winning trades0
MAE:Equity, win trades only, 95th Percentile Value for this strat
Avg(MAE) / Avg(PL) - All trades5.18
MAE:PL (avg, all trades)-0.74
MAE:PL (avg, losing trades)
MAE:PL (avg, winning trades)
MAE:PL - worst single value for strategy
Avg(MAE) / Avg(PL) - Winning trades0.33
Avg(MAE) / Avg(PL) - Losing trades-1.43
Hold-and-Hope Ratio0.19

RATIO STATISTICS

Mean0.43
SD0.20
Sharpe ratio (Glass type estimate)2.10
Sharpe ratio (Hedges UMVUE)1.94
df10
t2.02
p0.04
Lowerbound of 95% confidence interval for Sharpe Ratio-0.18
Upperbound of 95% confidence interval for Sharpe Ratio4.30
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.27
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation4.16
Sortino ratio10.48
Upside Potential Ratio12.43
Upside part of mean0.50
Downside part of mean-0.08
Upside SD0.22
Downside SD0.04
N nonnegative terms6
N negative terms5
N of observations11
Mean of predictor0.40
Mean of criterion0.43
SD of predictor0.17
SD of criterion0.20
Covariance0.01
r0.40
b (slope, estimate of beta)0.47
a (intercept, estimate of alpha)0.24
Mean Square Error0.04
DF error9
t(b)1.31
p(b)0.11
t(a)0.96
p(a)0.18
Lowerbound of 95% confidence interval for beta-0.34
Upperbound of 95% confidence interval for beta1.28
Lowerbound of 95% confidence interval for alpha-0.32
Upperbound of 95% confidence interval for alpha0.80
Treynor index (mean / b)0.91
Jensen alpha (a)0.24
Mean0.40
SD0.19
Sharpe ratio (Glass type estimate)2.09
Sharpe ratio (Hedges UMVUE)1.92
df10
t2.00
p0.04
Lowerbound of 95% confidence interval for Sharpe Ratio-0.19
Upperbound of 95% confidence interval for Sharpe Ratio4.28
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.29
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation4.14
Sortino ratio9.77
Upside Potential Ratio11.72
Upside part of mean0.48
Downside part of mean-0.08
Upside SD0.21
Downside SD0.04
N nonnegative terms6
N negative terms5
N of observations11
Mean of predictor0.38
Mean of criterion0.40
SD of predictor0.17
SD of criterion0.19
Covariance0.01
r0.42
b (slope, estimate of beta)0.49
a (intercept, estimate of alpha)0.21
Mean Square Error0.03
DF error9
t(b)1.40
p(b)0.10
t(a)0.92
p(a)0.19
Lowerbound of 95% confidence interval for beta-0.30
Upperbound of 95% confidence interval for beta1.28
Lowerbound of 95% confidence interval for alpha-0.31
Upperbound of 95% confidence interval for alpha0.74
Treynor index (mean / b)0.81
Jensen alpha (a)0.21
VaR(95%)0.06
Expected Shortfall on VaR0.08
VaR(95%)0.01
Expected Shortfall on VaR0.03
Mean0.49
SD0.19
Sharpe ratio (Glass type estimate)2.56
Sharpe ratio (Hedges UMVUE)2.55
df255
t2.53
p0.01
Lowerbound of 95% confidence interval for Sharpe Ratio0.56
Upperbound of 95% confidence interval for Sharpe Ratio4.55
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation0.56
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation4.55
Sortino ratio4.28
Upside Potential Ratio11.78
Upside part of mean1.34
Downside part of mean-0.86
Upside SD0.16
Downside SD0.11
N nonnegative terms130
N negative terms126
N of observations256
Mean of predictor0.39
Mean of criterion0.49
SD of predictor0.16
SD of criterion0.19
Covariance0.01
r0.17
b (slope, estimate of beta)0.21
a (intercept, estimate of alpha)0.41
Mean Square Error0.04
DF error254
t(b)2.80
p(b)0.00
t(a)2.11
p(a)0.02
Lowerbound of 95% confidence interval for beta0.06
Upperbound of 95% confidence interval for beta0.36
Lowerbound of 95% confidence interval for alpha0.03
Upperbound of 95% confidence interval for alpha0.78
Treynor index (mean / b)2.30
Jensen alpha (a)0.41
Mean0.47
SD0.19
Sharpe ratio (Glass type estimate)2.47
Sharpe ratio (Hedges UMVUE)2.46
df255
t2.44
p0.01
Lowerbound of 95% confidence interval for Sharpe Ratio0.47
Upperbound of 95% confidence interval for Sharpe Ratio4.46
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation0.47
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation4.46
Sortino ratio4.07
Upside Potential Ratio11.54
Upside part of mean1.33
Downside part of mean-0.86
Upside SD0.15
Downside SD0.12
N nonnegative terms130
N negative terms126
N of observations256
Mean of predictor0.38
Mean of criterion0.47
SD of predictor0.16
SD of criterion0.19
Covariance0.01
r0.17
b (slope, estimate of beta)0.21
a (intercept, estimate of alpha)0.39
Mean Square Error0.04
DF error254
t(b)2.79
p(b)0.00
t(a)2.04
p(a)0.02
Lowerbound of 95% confidence interval for beta0.06
Upperbound of 95% confidence interval for beta0.36
Lowerbound of 95% confidence interval for alpha0.01
Upperbound of 95% confidence interval for alpha0.77
Treynor index (mean / b)2.23
Jensen alpha (a)0.39
VaR(95%)0.02
Expected Shortfall on VaR0.02
VaR(95%)0.01
Expected Shortfall on VaR0.01
Mean0.38
SD0.19
Sharpe ratio (Glass type estimate)2.00
Sharpe ratio (Hedges UMVUE)1.99
df130
t1.42
p0.44
Lowerbound of 95% confidence interval for Sharpe Ratio-0.78
Upperbound of 95% confidence interval for Sharpe Ratio4.78
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.79
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation4.77
Sortino ratio3.29
Upside Potential Ratio10.64
Upside part of mean1.22
Downside part of mean-0.84
Upside SD0.15
Downside SD0.11
N nonnegative terms65
N negative terms66
N of observations131
Mean of predictor0.20
Mean of criterion0.38
SD of predictor0.15
SD of criterion0.19
Covariance0.00
r0.17
b (slope, estimate of beta)0.21
a (intercept, estimate of alpha)0.34
Mean Square Error0.03
DF error129
t(b)1.96
p(b)0.39
t(a)1.27
p(a)0.43
Lowerbound of 95% confidence interval for beta-0.00
Upperbound of 95% confidence interval for beta0.42
Lowerbound of 95% confidence interval for alpha-0.19
Upperbound of 95% confidence interval for alpha0.86
Treynor index (mean / b)1.80
Jensen alpha (a)0.34
Mean0.36
SD0.19
Sharpe ratio (Glass type estimate)1.91
Sharpe ratio (Hedges UMVUE)1.90
df130
t1.35
p0.44
Lowerbound of 95% confidence interval for Sharpe Ratio-0.87
Upperbound of 95% confidence interval for Sharpe Ratio4.69
Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation-0.88
Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation4.68
Sortino ratio3.10
Upside Potential Ratio10.43
Upside part of mean1.21
Downside part of mean-0.85
Upside SD0.15
Downside SD0.12
N nonnegative terms65
N negative terms66
N of observations131
Mean of predictor0.19
Mean of criterion0.36
SD of predictor0.15
SD of criterion0.19
Covariance0.00
r0.17
b (slope, estimate of beta)0.21
a (intercept, estimate of alpha)0.32
Mean Square Error0.03
DF error129
t(b)1.95
p(b)0.39
t(a)1.22
p(a)0.43
Lowerbound of 95% confidence interval for beta-0.00
VAR (95 Confidence Intrvl)0.02
Upperbound of 95% confidence interval for beta0.41
Lowerbound of 95% confidence interval for alpha-0.20
Upperbound of 95% confidence interval for alpha0.84
Treynor index (mean / b)1.75
Jensen alpha (a)0.32
VaR(95%)0.02
Expected Shortfall on VaR0.02
VaR(95%)0.01
Expected Shortfall on VaR0.01

ORDER STATISTICS

Number of observations11
Minimum0.98
Quartile 10.99
Median1.03
Quartile 31.08
Maximum1.14
Mean of quarter 10.98
Mean of quarter 21.01
Mean of quarter 31.05
Mean of quarter 41.12
Inter Quartile Range0.09
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high0
Percentage of outliers high0
Mean of outliers high0
Extreme Value Index (moments method)-77.82
VaR(95%) (moments method)0.02
Expected Shortfall (moments method)0
Extreme Value Index (regression method)-3.29
VaR(95%) (regression method)0.03
Expected Shortfall (regression method)0.03
Number of observations256
Minimum0.96
Quartile 11.00
Median1.00
Quartile 31.01
Maximum1.05
Mean of quarter 10.99
Mean of quarter 21.00
Mean of quarter 31.00
Mean of quarter 41.02
Inter Quartile Range0.01
Number outliers low8
Percentage of outliers low0.03
Mean of outliers low0.97
Number of outliers high6
Percentage of outliers high0.02
Mean of outliers high1.04
Extreme Value Index (moments method)0.17
VaR(95%) (moments method)0.01
Expected Shortfall (moments method)0.02
Extreme Value Index (regression method)-0.03
VaR(95%) (regression method)0.01
Expected Shortfall (regression method)0.02
Number of observations131
Minimum0.97
Quartile 11.00
Median1.00
Quartile 31.01
Maximum1.05
Mean of quarter 10.99
Mean of quarter 21.00
Mean of quarter 31.00
Mean of quarter 41.02
Inter Quartile Range0.01
Number outliers low7
Percentage of outliers low0.05
Mean of outliers low0.97
Number of outliers high9
Percentage of outliers high0.07
Mean of outliers high1.03
Extreme Value Index (moments method)0.42
VaR(95%) (moments method)0.01
Expected Shortfall (moments method)0.02
Extreme Value Index (regression method)0.25
VaR(95%) (regression method)0.01
Expected Shortfall (regression method)0.02

DRAW DOWN STATISTICS

Number of observations3
Minimum0.02
Quartile 10.02
Median0.02
Quartile 30.02
Maximum0.03
Mean of quarter 10.02
Mean of quarter 20.02
Mean of quarter 30
Mean of quarter 40.03
Inter Quartile Range0.00
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high0
Percentage of outliers high0
Mean of outliers high0
Extreme Value Index (moments method)0
VaR(95%) (moments method)0
Expected Shortfall (moments method)0
Extreme Value Index (regression method)0
VaR(95%) (regression method)0
Expected Shortfall (regression method)0
Number of observations22
Minimum0.00
Quartile 10.01
Median0.01
Quartile 30.03
Maximum0.09
Mean of quarter 10.00
Mean of quarter 20.01
Mean of quarter 30.02
Mean of quarter 40.06
Inter Quartile Range0.03
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high1
Percentage of outliers high0.05
Mean of outliers high0.09
Extreme Value Index (moments method)-1.29
VaR(95%) (moments method)0.07
Expected Shortfall (moments method)0.07
Extreme Value Index (regression method)-0.46
VaR(95%) (regression method)0.07
Expected Shortfall (regression method)0.09
Number of observations9
Minimum0.00
Quartile 10.01
Median0.01
Quartile 30.03
Maximum0.09
Mean of quarter 10.00
Mean of quarter 20.01
Mean of quarter 30.02
Mean of quarter 40.08
Inter Quartile Range0.03
Number outliers low0
Percentage of outliers low0
Mean of outliers low0
Number of outliers high1
Percentage of outliers high0.11
Mean of outliers high0.09
Extreme Value Index (moments method)-12.40
VaR(95%) (moments method)0.06
Expected Shortfall (moments method)0.06
Extreme Value Index (regression method)-1.42
VaR(95%) (regression method)0.11
Expected Shortfall (regression method)0.11
Strat Max DD how much worse than SP500 max DD during strat life?-415744320
Max Equity Drawdown (num days)18
Last 4 Months - Pcnt Negative0.2%

COMBINED STATISTICS

Annualized return (arithmetic extrapolation)0.52
Compounded annual return (geometric extrapolation)0.53
Calmar ratio (compounded annual return / max draw down)21.34
Compounded annual return / average of 25% largest draw downs21.34
Compounded annual return / Expected Shortfall lognormal6.89
j156mfCOMBRisPar0
j157mfCOMBRisPar0
Annualized return (arithmetic extrapolation)0.64
Compounded annual return (geometric extrapolation)0.64
Calmar ratio (compounded annual return / max draw down)7.18
Compounded annual return / average of 25% largest draw downs10.87
Compounded annual return / Expected Shortfall lognormal29.08
j313dfCOMBRisPar0
j314dfCOMBRisPar0
Annualized return (arithmetic extrapolation)0.43
Compounded annual return (geometric extrapolation)0.47
Calmar ratio (compounded annual return / max draw down)5.26
Compounded annual return / average of 25% largest draw downs6.05
Compounded annual return / Expected Shortfall lognormal21.21

Trading record

Placed 1101 trades in real-life brokerage accounts.

SymbolSideQtyOpenedClosedP/L
ETHA long111Aug 21, 2026Aug 24, 2026$111
GBTC long33Aug 21, 2026Aug 24, 2026$64
UGL long35Aug 21, 2026Aug 24, 2026$73
IT long10Aug 19, 2026Aug 24, 2026$63
G long54Aug 19, 2026Aug 24, 2026$57
ADBE long10Aug 18, 2026Aug 24, 2026$136
INTU long6Aug 18, 2026Aug 24, 2026$125
CRM long10Aug 18, 2026Aug 24, 2026$138
ADSK long8Aug 18, 2026Aug 24, 2026$53
TYL long6Aug 18, 2026Aug 24, 2026$148
CPRT long63Aug 18, 2026Aug 24, 2026$61
USO long15Aug 21, 2026Aug 24, 2026($34)
CCL long74Aug 19, 2026Aug 24, 2026($96)
DECK long22Aug 19, 2026Aug 24, 2026($4)
PODD long13Aug 19, 2026Aug 24, 2026($54)
ORCL long14Aug 19, 2026Aug 24, 2026($5)
CI long7Aug 19, 2026Aug 24, 2026($9)
AVGO long6Aug 19, 2026Aug 24, 2026($15)
PINS long84Aug 18, 2026Aug 24, 2026($15)
NBIX long13Aug 18, 2026Aug 24, 2026($18)
GMED long23Aug 18, 2026Aug 24, 2026($27)
GAP long100Aug 18, 2026Aug 24, 2026($7)
NVDA long9Aug 18, 2026Aug 24, 2026($90)
BSX long38Aug 19, 2026Aug 24, 2026($114)
UGL long40Aug 18, 2026Aug 19, 2026$111
MRVL long10Aug 18, 2026Aug 19, 2026$208
AMD long5Aug 18, 2026Aug 19, 2026($42)
HPE long40Aug 18, 2026Aug 19, 2026($76)
DELL long5Aug 18, 2026Aug 19, 2026($105)
NTAP long10Aug 18, 2026Aug 18, 2026($12)

Past results are not necessarily indicative of future results.

These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they 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 these being shown.