Risk & Disclaimers — SPECTRE Markets

01Not Investment Advice / Regulatory Status

Spectre International Ltd. is a publisher of general, impersonal financial and market research. We are not registered as an adviser with the Autorité des marchés financiers (AMF) in Québec, any member of the Canadian Securities Administrators (CSA), the US SEC, or the US CFTC. None of the content provided constitutes a recommendation to buy, sell, or hold any security, derivative, or cryptocurrency.

02Risk of Loss

Trading futures, options, and cryptocurrencies involves a substantial risk of loss and is not suitable for all investors. You may lose more than your initial investment. Past performance is not indicative of future results.

03Hypothetical Performance (NFA Rule 2-29/4.41(b))

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, BECAUSE THE TRADES HAVE NOT ACTUALLY 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 PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

04Conflict of Interest

Operators and employees of Spectre International Ltd. may hold positions in the instruments discussed. Such positions are independent of the published research and do not constitute trading recommendations.