Disclaimer:

TRADE ALERTS
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Element Macro Trade Alerts (the "Alerts") provides hypothetical trades in a virtual setting to illustrate how an investor might employ certain Element Macro investment ideas. The Alerts are not actual trades and do not represent an actual portfolio of investments; rather, the Alerts are “Long” and “Short” ideas across various time horizons, based on Element Macro's analysis. The Alerts reflect only prices Element Macro receives from a third-party provider (“Third-Party Price”) and may not correspond to actual transactions executed in the marketplace.

Actual market conditions are likely to differ from information communicated through the Alerts, which merely represents estimated or indicative Third-Party Price information available to Element Macro at the time Element Macro issues an Alert. Actual results are likely to differ from the “realized returns,” “unrealized returns”, and “performance” (collectively the “Alert Statistics”), which are simple mathematical calculation based on Third-Party Prices. The hypothetical “cost basis” reflected in the Alerts are the Third-Party Price for that financial instrument at the time the Alert was issued. “Unrealized return” represents current “performance” of “open Alerts”, while “realized return” represents “performance” of “closed Alerts”.

Differences between the Alerts Statistics and actual results in the marketplace or actual transactions may arise for a number of reasons, including but not limited to: The Alerts Statistics do not account for transaction costs; the Alerts Statistics do not account for margin interest costs; the Alerts Statistics do not account for time delays between the Third-Party Price delivery and the issuance of the Alerts; the Alerts Statistics do not account for the time it takes to effect an actual market transaction, or delays in the delivery of email or other messages; the Alerts Statistics do not account for cash dividends; the Alerts Statistics generally do not account for corporate actions such as stock splits, rights, and warrants, though the “cost basis” or “average cost basis” of positions in the Alerts may occasionally be adjusted for the sake of accuracy, with all such adjustments being described in notes accompanying the positions in the Alerts; the Alerts Statistics do not consider possible lack of liquidity or whether the Third-Party Price is actually available as a transaction price, or how different the Third-Party Price may be from a transaction price available to you; the Alerts do not consider tax consequences; the Alerts do not indicate size of position; and the Alerts do not give asset allocation guidance. Element Macro cannot be responsible for inaccuracies in price provided by its Third-Party Price, and may, from time to time, make corrections to account for technical errors. YOU SHOULD ALWAYS BE AWARE OF THE ACTUAL TRANSACTION COSTS OF ANY SECURITIES TRANSACTIONS BEFORE EFFECTING SUCH TRANSACTION.  

The Alerts are not representative of all of Element Macro’s investment ideas and are based on market factors and strategies that may vary from other Element Macro products and services, which at times, may result in a “position close” in the Alerts while Element Macro may continue to have an opinion about a financial instrument or company in other products or services.
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HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS.  UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY.  SIMULATED TRADING RECORDS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNATED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSS SIMILAR TO THOSE SHOWN.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL RISKS AND OTHER ASPECTS OF TRADING IN FINANCIAL INSTRUMENTS.  YOU SHOULD CONSULT YOUR FINANCIAL ADVISOR PRIOR TO UNDERGOING A TRADING STRATEGY.