PREMIUMFX MANAGED FOREX ACCOUNT
TABLE OF CONTENTS PremiumFX Summary
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Excelsior Trading
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Program Introduction
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Excelsior Philosophy
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Performance History
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Consistent Outperformance
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A Unique Market Edge
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Principal Risk Factors Market & General Economic Conditions Key Persons Risk Volatility Risk Electronic Trading
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Full Transparency & Safety of Funds Ownership of Account Brokerage Partner Investment Process Access To Funds Account Setup
10-12 10 10-11 12 12 12
Fees & Expenses Management Fee Performance Fee Performance Fee Billing
13 13 13 13
Deposits & Withdrawals
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Reporting
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Account Opening
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Additional Information & Risk Disclosure
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PREMIUMFX SUMMARY Minimum Funding Deposit: $3,000 USD Clients maintain full ownership, access, and control of their individually-owned account at all times. Excelsior Trading maintains “trade-only� access. Clients may withdraw funds or remove their account from the management service at any time. Monthly Performance Fee: 35% with high watermark policy. 2% annual Management Fee based upon assets under management. Annual Profit Target: 20%-30% customizable to the client. Maximum Risk to Capital: 10%-15% customizable to the client. NO automated trading. All trading conducted is via manual discretionary executions. Built-in capital protection via customizable fixed-risk threshold
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EXCELSIOR TRADING Excelsior Trading is an exclusively private asset management firm administering a variety of successful Managed Forex Programs servicing a global client base. Excelsior Trading employs a team of established global currency traders with extensively verifiable histories of producing consistently unparalleled profitability. Excelsior traders maintain specialized experience in managing client capital within the spot foreign currency exchange market (“Forex”). Excelsior Trading is an established trade manager with a global client base of private individuals, institutional investors, and asset allocators. Historically, Excelsior’s trade managers have produced an unrivaled level of risk-adjusted profitability with unmatched consistency. Excelsior’s trade managers historically outperform customary and alternative investment vehicles alike (see Performance Records). Excelsior’s traders have engineered and developed elite proprietary trading methodologies geared toward achieving a variety of investment objectives. The PremiumFX program to which you have been in troduced is the flagship product offering of Excelsior Trading geared toward accommodating the uncorrelated risk-adjusted objectives of our institutional clients and high net worth private individuals. Excelsior Trading seeks to produce superior risk-adjusted returns via highly liquid currencies as managed accounts through which our clients maintain full ownership and control. Clients maintain individual fully segregated ownership and control of their trading accounts. Excelsior maintains “tradeonly” access through which the program manager will engage upon activity directly on behalf of the client via a Master Control Platform utilizing PAMM technology. (see Pg.14) Excelsior Trading values integrity, dedication, and the provision of unprecedented opportunity. Excelsior aims to embrace tradition, ambition, pragmatism, and most importantly discipline. It is this set of core values which define our unique business culture and distinguish our firm as a preeminent Managed Forex Provider.
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PROGRAM INTRODUCTION The PremiumFX Managed Forex Program offered by Excelsior Trading aims toward providing outstanding performance in consistent fashion while minimizing the risk and volatility prevalent in other Forex programs to professionally acceptable standards. Given the evolving state of the global economic condition in combination with customary financial investments, seeking uncorrelated risk-adjusted returns in the currency markets have become a viably pertinent aspect of a well-diversified investment portfolio. The Excelsior PremiumFX program satisfies the necessity for diligent investors to benefit from the opportunities prevalent in participating within the Forex market. Consistent capital appreciation is the paramount objective of the PremiumFX program. The underlying methodology employed within the PremiumFX program aims to achieve profitability regardless of the underlying market environment, including whether a particular currency pair is rising or falling. PremiumFX is designed to exploit short term trend-based price movements regardless of direction with bottom-line account performance uncorrelated nature to stocks, bonds, and commodities. All trading activity conducted by the trade manager is discretionary manual trading. Excelsior Trading has implemented within its PremiumFX program sophisticated use of an elite proprietary methodology engaging upon a short-term trend following strategy. The PremiumFX program is continually engaging upon the necessary level of ongoing market research and development in order to continually maintain a perpetual state of relevance with respect to the dynamic nature of market behavior. This includes continuous evaluation of respectively traded currency pairs in combination with ongoing analysis of prospective tradable pairs. Our trade manager recognizes that currency trading provides the opportunity to achieve aggressive profitability while minimizing risk. The PremiumFX program aims to achieve 20% annual profit targets while minimizing risk to 10%. These risk/reward levels are fully customizable to the client, however. The PremiumFX trade manager executes high probability trades during specifically isolated periods of time during which customary price action has been carefully identified as most conducive to the underlying methodology. The particular trading philosophy, in combination with our proprietary tools, forms the foundation of that which Excelsior utilizes on behalf of clients in order to generate unrivaled profits within the Forex market in risk-adjusted fashion.
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EXCELSIOR PHILOSOPHY Excelsior Trading recognizes the fact that consistent risk-adjusted returns can be generated successfully within the Forex market through application of sophisticated trading methodologies which generate performance levels unmatched by other investment vehicles available to investors, customary and alternative alike. Excelsior has developed strong insight into the fact that the Forex market is an extremely liquid, cost-efficient and well developed asset class which adheres to vary particular price action conducive to achieving outsized profit targets while subsequently minimizing risk exposure. It is through intimate knowledge of the nature of the world’s largest financial market that our trade managers successfully employ use of specialized, insight-driven trading systems in order to achieve our aims. The PremiumFX program to which you have been introduced achieves these goals through a persistently disciplined trading approach which effectively minimizes market exposure and risk while seeking to maximize bottom line returns.
PERFORMANCE HISTORY PREMIUMFX MANAGED ACCOUNT PROGRAM PERFORMANCE RESULTS Standard Deviation: 2.70, Sharpe Ratio: 4.85, Profitable Months: 35, Maximum Gain/Loss: +8.42%/-6.74% 2009 2010 2011 2012
JAN 8.23% 8.87% 4.27%
FEB (0.91%) 5.93% 0.51%
MAR 1.01% 5.99% 0.64% 4.63%
APR 5.15% 1.41% 5.50% 0.95%
MAY 5.47% 10.27% 3.06%
35-Month Compound Return: +220.77%
JUN 5.09% 5.07% 0.73%
JUL 7.06% 5.38% 5.80%
AUG 5.07% 8.81% (6.74%)
SEP 6.23% 5.80% 9.46%
OCT 4.10% 6.16% 5.13%
NOV 6.10% 3.69% 9.30%
DEC 7.55% 3.20% 3.67%
CPD 67.10% 79.15% 63.54% 10.69%
* Future trading results will be updated on a monthly basis. CPD = Compound annual return
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PERFORMANCE FIGURES INDICATE NET MONTHLY RETURN AFTER DEDUCTION OF 35% MONTHLY PERFORMANCE FEE NET PERFORMANCE FIGURES PRIOR TO MANAGEMENT FEE. PROGRAM STATISTICS Name of Trading Program: Inception of Trading Program: Total Assets Under Management: Date Manager Began Trading: Monthly Performance Fee: Net Average Monthly Return: Average Annual Compound Return: Largest Monthly Drawdown: support@excelsiorforex.com
PremiumFX March 2009 $7.5M USD March 2009 35% +3.04% +42.42% [program profit-goal customizable to client objective] (-7.14%) 6
CONSISTENT OUTPERFORMANCE Illustrated below is a side-by-side comparison of the PremiumFX Managed Forex Program’s certified account performance versus the S&P 500 and BarclayHedge CTA Index during the past 24-months using an initial investment benchmark of $10,000 USD. It should be of significant note that the PremiumFX performance exemplifies the exponential power of compound interest in combination with achievement of consistent monthly and annualized returns during the investment period.
PREMIUMFX VS. S&P 500 VS. BARCLAYHEDGE CTA INDEX 3,000,000.00 2,500,000.00 2,000,000.00 1,500,000.00 1,000,000.00 500,000.00
Series1
PremiumFX S&P 500 CTA Index
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A UNIQUE MARKET EDGE The PremiumFX trade manager enjoys a unique market edge as the result of his purist approach to market analysis, a proprietary analytic statistical model, alongside rigorously disciplined adherence to stringent risk management principles. The PremiumFX trade manager employs use of a proprietary analytic statistical model in combination with unique market analysis based solely on pure price action. The PremiumFX trade manager does not utilize any form of technical indicators in identifying and executing trade orders. As such, the PremiumFX trade manager has developed an “edge” over other market participants based upon application of an intricate recognition and understanding of the fact that price action reflects the beliefs of all participants trading the market during a specified time. In applying this seemingly simplistic and purist approach to market analysis the PremiumFX manager avoids the distractions inherent in “messy” indicator-based trading. Furthermore, he is able to rise the hindrance of pre-occupation with countless “lagging” technical indicators which discount where the market has already been. In recognizing actual current market sentiment of all participants based upon the price action derived from their resulting actions the PremiumFX manager is able to utilize this uniquely fundamental approach to produce consistently unmatched profitability. Furthermore, the PremiumFX manager maintains a rigorously disciplined approach to risk management absolutely unique to and unrivaled by other asset managers. Maximum annual risk targets are not thresholds intended to be frequently met during the regular course of trading, as with most managers. Rather, the PremiumFX manager establishes a default maximum annual risk target of 15% while designing the underlying trade plan via the customary patterns of historical trading conducted within the program never to exceed 10%. As such, the PremiumFX manager provides for substantial “cushion” in enduring the occasionally inevitable unforeseen market events while also ensuring client capital never breaches the established (and sometimes customized) risk targets. It is this simplistic execution strategy which provides the trader with the ability to exhibit an unwavering focus on the discipline and psychological aspect of trading. It is the psychological aspect of trading which separates the consistent winners from all others and it is this aspect of trading which the PremiumFX manager rigorously masters with unmatched discipline.
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PRINCIPAL RISK FACTORS Managed Forex Accounts are speculative in nature and, because of the leverage utilized, risk of loss is inherent. Each potential investor should consider whether a PremiumFX Managed Forex Account is a suitable investment before deciding whether to apply. Major risk factors may have a significant impact on the performance of a Managed Forex Account including, but not limited to the following: MARKET & GENERAL ECONOMIC CONDITIONS Including, but not limited to: Movement in global interest rates and commodity prices; Extreme movements in any currency pair; Significant changes in worldwide economic conditions; Global tensions; political concerns, wars, terrorist acts, acts of God, etc. and Other factors which cannot be foreseen. KEY PERSONS RISK The operating results of a Managed Forex Account will depend on the trading and analysis of the PremiumFX trade manager. Should the trade manager become physically unable to oversee trading within client accounts a temporary interruption of service may occur. VOLATILITY RISK Currency prices are highly volatile. Price movements for currencies are influenced by, among other things: changing supply-demand relationships; trade, fiscal, monetary, exchange control programs and policies of governments; United States and foreign political and economic events and policies; changes in national and international interest rates and inflation; currency devaluation; and sentiment of the market place. Further, in Forex markets specifically, fiscal, monetary, and exchange control programs and policies of governments play a large role in the fluctuation of currency prices. In addition, governments may from time to time intervene, directly and by regulation, in certain markets, particularly in the currency market. Such intervention is often intended to influence prices directly. ELECTRONIC TRADING The Trade Manager will place trades on the electronic trading platform offered by the specified brokerage partner. In the event that there is a failure or disruption of this platform, it is possible that, for a certain time period, the Manager may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. In addition, a system failure may also result in loss of orders or order priority.
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FULL TRANSPARENCY & SAFETY OF FUNDS Excelsior Trading clients maintain full ownership and control over their accounts. All client accounts are individually owned and segregated. As a result, clients retain real-time access and monitoring 24 hours a day. Furthermore, clients may withdraw their funds at any time or disable their trading account from the Master Control Platform at their own discretion. Excelsior Trading places a high degree of importance upon providing its investors with security of funds, full account transparency, and continuous access to their capital. Investors maintain the ability to monitor their trading accounts in real-time which entails viewing of all currently open positions, account balance and equity statistics, as well as the entirety of their completed trading history. OWNERSHIP OF ACCOUNT Clients who invest capital within a PremiumFX Managed Forex Account enjoy a customary level of transparency, ownership, and control over their funds. The investor maintains full individual ownership and control of funds within their account. Furthermore, the client maintains log-in access in order to monitor and evaluate their trading account performance in real-time. The Trade Manager maintains what is referred to as “trade-only” access to client accounts in overseeing the management of trading activity. BROKERAGE PARTNER Excelsior Trading recognizes that brokerage selection and security of client funds is of paramount importance. Therefore, the firm has engaged upon an extensively dedicated level of diligent evaluation in identifying and establishing partnership with a fully regulated brokerage partner providing a superior level of client services and a professionally efficient market environment. As a result of this committed effort in providing the most favorably secure brokerage environment on behalf of our clients, all accounts are held with, Forex Capital Markets (“FXCM”), our select partner firm. FXCM is a CFTC regulated member of the National Futures Association (NFA ID: 0308179) specializing in offering Forex brokerage services to its clients. FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide. FXCM has a high standard of compliance and quality throughout its organization. As an established FCM, FXCM is required to meet strict financial standards, including capital adequacy requirements. On a regular basis, FCMs are required to submit financial reports to regulators. These standards are enforced by the NFA, which has the right to fine firms and/or terminate an FCM's regulatory status for violations.
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FULL TRANSPARENCY & SAFETY OF FUNDS FXCM has received numerous awards from the investment community, including Best Currency Broker from Shares, Best Retail Foreign Exchange Platform from FX Week and Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities. In addition to currency trading, FXCM offers educational courses on forex trading, and provides research through DailyFX.com.
List of America's Fastest Growing Companies Three Time Honoree: 2004, 2005, 2006
WINNER MoneyAM Online Finance 2010
WINNER Eagle Award: Best FX Broker - Europe Falcon Award: High Broker Satisfaction - Oceania, Americas, Africa Global FX Broker – Overall
Best FX Specialist 2002, 2003, 2004 Readers' Choice Award Top U.S. Forex Brokerage 2008
WINNER Best FX Provider 2010
WINNER Best Retail Platform 2009 & 2010
The PremiumFX Managed Forex program clears all trades through FXCM. Clients deposit funds directly into their individually owned account with the brokerage firm. Excelsior Trading does not directly accept investment funds.
Best Independent Online FX Trading System, 2008 Honorable Mention
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Excelsior Trading has no access to investor capital as the firm is merely authorized to engage upon trade management within investor accounts on their behalf. All performance fees are automatically deducted from client accounts by the brokerage firm on a monthly basis as appropriate.
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FULL TRANSPARENCY & SAFETY OF FUNDS INVESTMENT PROCESS Client opens an individually owned trading account directly with the fully regulated broker. Client funds their newly established trading account. Client authorizes Trade Manager to oversee their account. Client account is synchronized to the PremiumFX Master Control Platform. PremiumFX Program will initiate trading activity on behalf of client. Client maintains full ownership and control of their trading account. Client may withdraw funds at any time. Client may access full suite of account tracking tools to monitor their account. ACCESS TO FUNDS The PremiumFX Managed Forex Program provides clients with fully liquid access to their funds at all times. Therefore, and unlike most investment funds, clients may withdraw all or part of their investment at any time without penalty. ACCOUNT SETUP Individually-owned and segregated client trading accounts are synchronized to the PremiumFX Managed Forex Master Control Platform. The Trade Manager executes trades via the master platform. These trade orders are automatically disseminated to individual client accounts via a percent allocation module. Managed account is owned by an individual investor or institution and fully segregated.
Trades executed on the Master Account are automatically disseminated to individual investor accounts.
PremiumFX MASTER CONTROL ACCOUNT 1...n
MANAGED ACCOUNT1
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MANAGED ACCOUNT2
MANAGED ACCOUNTn
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FEES & EXPENSES MANAGEMENT FEE The PremiumFX Managed Forex Program maintains a 2% annual management fee. PERFORMANCE FEE The PremiumFX Managed Forex Program charges each account a monthly performance fee equal to 35% of the profits generated within each client account for the respective month using a net “high water-mark” policy. Net Profits shall mean the aggregate net trading profit, both realized and unrealized in a managed account during such calendar month, minus brokerage fees and other managed account transaction costs and expenses, and plus or minus the change from the previous month-end in the balance of brokerage commissions necessary to liquidate positions. The existence of a Carry Forward Loss is determined by adding all the Net Losses that have been sustained since the last month-end at which a Monthly Performance Fee was paid and subtracting them from Net Profits for the same time period. The use of a Carry Forward Loss insures that Monthly Performance Fees are paid only on the cumulative increases in the Net Profit of a managed account. The Monthly Performance Fee will not be charged until there are Net Profits. However, Monthly Performance Fees shall not be rebated by virtue of subsequent losses. If a participating client withdraws from the Managed Forex Account Program, the client shall be billed for the Monthly Performance Fee if the managed account has earned a Net Profit in the month of such a withdrawal. If the Managed Forex Account has incurred a loss in the month of withdrawal the client will not be charged a Monthly Performance Fee. PERFORMANCE FEE BILLING The brokerage firm will automatically bill all Performance Fees to each managed account. All fees paid will be retained by Excelsior Trading Group Ltd., even if the managed account subsequently experiences losses. Since the Monthly Performance Fee is payable monthly, substantial Monthly Performance Fees may be paid to Excelsior Trading Group Ltd. during a fiscal year even though the managed account sustains a net trading loss in the fiscal year. The Monthly Performance Fee will not be paid until the account is above its original value. The breakeven point which dictates every subsequent “high water mark” level equates to the original amount deposited in the account minus the Monthly Performance Fee being paid.
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DEPOSITS & WITHDRAWALS Investors may initiate deposits into their Managed Forex Account at any time. All trading efforts will immediately take consideration of newly added funds. Withdrawal requests may also be initiated at any time.
REPORTING Excelsior Trading Group Ltd. and the brokerage partner have continuous monitoring capabilities and will report to each client Net Asset Value on a daily & monthly basis. On-going statements of performance are available in real-time to each client via a login and password directly provided to them by the brokerage firm.
ACCOUNT OPENING Contact support@excelsiorforex.com with respect to your interest in benefiting from our private managed account service. Excelsior Trading will respond within 12 hours in order to discuss with you any outstanding questions you may have as well as your current investment objectives. You will be provided the appropriate application documents necessary in establishing your new managed account. Upon having completed and submitted your new account application, your account will be promptly processed. You will receive a unique Account # and funding instructions directly from the brokerage upon approval of your new account. Your trading account will be synchronized to the Master Control Platform pursuant to the diagram on Pg. 13 and trade management activity will immediately commence on your behalf. You will maintain the ability to monitor and access your trading account in real-time.
ADDITIONAL INFORMATION Please contact support@excelsiorforex.com in order to request additional information about the PremiumFX Managed Forex Program.
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RISK DISCLOSURE STATEMENT THE RIS OF LOSS IN TRADING COMMODITY INTERESTS 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 A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS. IF YOU PURCHASE OR SELL A COMMODITY FUTURES CONTRACT OR SELL A COMMODITY FUTURES CONTRACT OR SELL A COMMODITY OPTION 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 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 REQUESTED 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 INTEREST 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 FOR 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 THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY INTEREST MARKETS. YOU SHOULD THEREFORE CAREFULLY STUDY THIS PROSPECTUS AND COMMODITY INTEREST TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT.
RISK DISCLOSURE STATEMENT YOU SHOULD ALSO BE AWARE THAT THIS TRADING ADVISOR MAY ENGAGE IN OFF-EXCHANGE FOREIGN CURRENCY TRADING. SUCH TRADING IS NOT CONDUCTED IN THE INTERBANK MARKET. THE FUNDS DEPOSITED WITH A COUNTERPARTY FOR SUCH TRANSACTIONS WILL NOT RECEIVE THE SAME PROTECTIONS AS FUNDS USED TO MARGIN OR GUARANTEE EXCHANGE-TRADED FUTURES AND OPTION CONTRACTS. IF THE COUNTERPARTY BECOMES INSOLVENT AND YOU HAVE A CLAIM FOR AMOUNTS DEPOSITED OR PROFITS EARNED ON TRANSACTIONS WITH THE COUNTERPARTY, YOUR CLAIM MAY NOT BE TREATED AS A COMMODITY CUSTOMER CLAIM FOR PURPOSES OF SUBCHAPTER IV OF CHAPTER 7 OF THE BANKRUPTCY CODE AND REGULATIONS THEREUNDER. YOU MAY BE A GENERAL CREDITOR AND YOUR CLAIM MAY BE PAID, ALONG WITH THE CLAIMS OF OTHER GENERAL CREDITORS, FROM ANY MONIES STILL AVAILABLE AFTER PRIORITY CLAIMS ARE PAID. EVEN FUNDS THAT THE COUNTERPARTY KEEPS SEPARATE FROM ITS OWN FUNDS MAY NOT BE SAFE FROM THE CLAIMS OF PRIORITY AND OTHER GENERAL CREDITORS. FURTHER, YOU SHOULD CAREFULLY REVIEW THE INFORMATION CONTAINED IN THE RISK DISCLOSURE STATEMENT OF THE BROKERAGE FIRM THAT YOU SELECT TO CARRY YOUR ACCOUNT.
PREMIUMFX
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