IF YOU TRADE COMMODITY FUTURES, OPTIONS, OR ENGAGE IN OFF-EXCHANGE FOREIGN CURRENCY TRADING, YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS OR SECURITY DEPOSIT AND ANY ADDITIONAL FUNDS DEPOSITED TO ESTABLISH OR MAINTAIN A POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE REQUIRED TO DEPOSIT ADDITIONAL FUNDS ON SHORT NOTICE. FAILURE TO MEET MARGIN REQUIREMENTS MAY RESULT IN LIQUIDATION OF POSITIONS AT A LOSS, AND YOU MAY BE LIABLE FOR ANY RESULTING ACCOUNT DEFICIT.

UNDER CERTAIN MARKET CONDITIONS, IT MAY BE DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS MAY OCCUR DURING PERIODS OF EXTREME VOLATILITY, REDUCED LIQUIDITY, TRADING HALTS, OR RAPID PRICE MOVEMENTS.

THE USE OF CONTINGENT ORDERS, INCLUDING STOP-LOSS OR STOP-LIMIT ORDERS, DOES NOT GUARANTEE THAT LOSSES WILL BE LIMITED. MARKET GAPS, SLIPPAGE, OR LIQUIDITY CONSTRAINTS MAY PREVENT EXECUTION AT EXPECTED PRICES.

SPREAD OR COMBINATION POSITIONS MAY NOT BE LESS RISKY THAN SIMPLE LONG OR SHORT POSITIONS AND MAY EXPOSE TRADERS TO MULTIPLE SOURCES OF RISK.

TRADING COMMODITY INTERESTS AND FOREX OFTEN INVOLVES A HIGH DEGREE OF LEVERAGE. LEVERAGE CAN MAGNIFY BOTH GAINS AND LOSSES AND MAY RESULT IN SIGNIFICANT LOSSES OVER A SHORT PERIOD OF TIME.

ALGORITHMIC TRADING INVOLVES ADDITIONAL RISKS. THESE INCLUDE, BUT ARE NOT LIMITED TO, SOFTWARE DEFECTS, DATA ERRORS, LATENCY, CONNECTIVITY FAILURES, HARDWARE MALFUNCTIONS, AND OTHER TECHNOLOGICAL ISSUES THAT MAY RESULT IN DELAYED, MISSED, OR UNINTENDED TRADE EXECUTION.

TRADING PROGRAMS ALSO INVOLVE OPERATIONAL AND HUMAN RISKS, INCLUDING ERRORS IN SYSTEM DESIGN, CONFIGURATION, MONITORING, OR OVERSIGHT. HUMAN ERROR MAY OCCUR IN STRATEGY DEVELOPMENT, DEPLOYMENT, OR MAINTENANCE AND MAY RESULT IN UNEXPECTED TRADING BEHAVIOR OR LOSSES.

MARKET RISK FACTORS MAY INCLUDE, WITHOUT LIMITATION, INTEREST RATE RISK, SOVEREIGN RISK, CENTRAL BANK ACTIONS, MACROECONOMIC EVENTS, GEOPOLITICAL DEVELOPMENTS, AND REGULATORY CHANGES. SUCH FACTORS MAY CAUSE SUDDEN AND MATERIAL PRICE MOVEMENTS THAT ADVERSELY AFFECT TRADING RESULTS.

THE NEXUS VOLTERRA TRADING PROGRAM OPERATES USING PRE-PROGRAMMED, RULE-BASED ALGORITHMIC MODELS WITHOUT HUMAN DISCRETION. THESE MODELS RELY ON HISTORICAL AND REAL-TIME MARKET DATA AND ARE SUBJECT TO ALL MARKET, SYSTEMIC, OPERATIONAL, AND TECHNOLOGICAL RISKS DESCRIBED ABOVE. THERE IS NO ASSURANCE THAT THE PROGRAM WILL PERFORM AS INTENDED UNDER ALL MARKET CONDITIONS.

ALL FUNDS USED FOR TRADING ARE HELD DIRECTLY WITH U.S.-REGULATED FUTURES COMMISSION MERCHANTS OR RETAIL FOREIGN EXCHANGE DEALERS, AS APPLICABLE. THE TRADING ADVISOR DOES NOT ACCEPT OR HOLD CLIENT FUNDS.