RISK DISCLOSURE STATEMENT
THE RISK OF LOSS IN TRADING COMMODITIES CAN BE
SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH
TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.
IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO
TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING:
IF YOU PURCHASE OR SELL A COMMODITY FUTURE OR SELL
A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL
MARGIN FUNDS AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR
BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES
AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TO
DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORT
NOTICE, IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE
THE REQUIRED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY
BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING
DEFICIT IN YOUR ACCOUNT.
UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR
IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR FOR EXAMPLE
WHEN THE MARKET MAKES A "LIMIT MOVE."
THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING
ADVISOR, SUCH AS A "STOP-LOSS' OR "STOP-LIMIT' ORDER,
WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS,
SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH
ORDERS.
A "SPREAD" POSITION MAY NOT BE LESS RISKY THAN A
SIMPLE "LONG" OR "SHORT" POSITION.
THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN
COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE
OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.
IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO
SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE
NECESSARY OF THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO
MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION
OF THEIR ASSETS.
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER
SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS.
YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR
MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS.
TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES,
INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE
SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED
PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE
UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY
AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE
YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU TRADE YOU SHOULD
INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED
TRANSACTIONS AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR
DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL
AND OTHER RELEVANT JURISDICTIONS.
OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU
BEFORE A COMMODITY ACCOUNT MAY BE OPENED FOR YOU.
PLEASE ACKNOWLEDGE YOUR UNDERSTANDING OF THE ABOVE STATEMENT BY
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