Risk Factors and Important Legal Information

What are the main risks?

Key considerations related to the Index

  • Historical Performance: The live historical or past simulated performance of each strategy is not a guarantee or an indication of future performance.
  • Use of leverage: Certain strategies may involve the use of leverage, via a leverage factor or volatility targeting, which may exacerbate losses and subsequent deleveraging may increase the time taken to recover from a drawdown event.
  • Use of signals: Certain strategies may utilize timing signals, which determines if the strategy is invested or uninvested at any given time. The impact of such signal inclusion on strategy performance may be positive or negative versus an equivalent strategy that is always invested at all times.
  • Limited operating history: Strategies may have limited operating history (if any), which may have no proven track record in achieving the stated investment objective.
  • Individual strategy cost structure: Certain costs have been embedded in the calculation of each strategy, and there may be additional costs in accessing / trading a particular strategy, which will have an impact on the return an investor may receive from a particular strategy investment.
  • The Index contains embedded transaction costs and holding costs. The impact of these costs will vary through time. Higher turnover among the Index components will result in larger transaction costs and lower Index returns. Larger exposures to the Index components will result in larger holding costs and lower Index returns.
  • Strategy complexity and suitability: Various strategies will have differing levels of complexity and hence certain complex strategies may be less suitable for certain investor types. Investors should make an assessment of the strategy's suitability before any investment.
  • Investment product: The Investor's risk-return profile is a function of the type of strategy-linked product invested. As such, capital may or may not be at risk depending on product type, and the product may or may not employ leverage. For example a capital protected product linked to a strategy will have reduced risk versus a leveraged product which will conversely have increased risk.
  • Currency Risk: If the currency in which the past performance is shown differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations, the performance shown may increase or decrease if converted into your local currency.

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Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. We assume no responsibility for independent verification of such information and have relied on such information being complete and accurate in all material respects. Any commentary in these materials constitutes our preliminary judgment at, and is based solely on the information received by us before, the date hereof and is subject to change without notice.

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Back-tested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical back-test results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis.

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