2. PURPOSE OF THIS SITE
This Site is intended to provide an introduction to AFT and certain of AFT’s indexes, indicators, methodologies and other financial products (the “Products”); however it does not purport to provide complete details on such Products. This Site is for information purposes only, and should not be construed as investment, legal or tax advice. AFT does not provide any form of investment advice and receives no compensation from any client or clients in such regard. Rather, AFT solely receives a license fee from licensees of its Products. None of the information or material on this website is intended, or should be used, as any form of advice or recommendation. In particular, AFT does not direct client accounts or provide commodity trading advice based on or tailored to the commodity interests or cash markets or other circumstances of a particular client. Prospective licensees of AFT’s Products or investors in products based on AFT’s Products are urged to consult with their own advisers regarding an investment therein.
AFT makes no representations that the Content on this Site is appropriate for use in all locations. Those who access this Site do so on their own initiative, and are responsible for compliance with applicable local laws or regulations.
This Site is not directed at or intended for distribution to or used by, any person or entity that is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject AFT to any registration or licensing requirement within such jurisdiction. If you are such a person you are not authorized to enter this Site.
Neither this Site nor any Content constitutes an offer to sell (nor the solicitation of an offer to buy) any security. Any such offer may only be made by the offering memorandum and/or other disclosure document prepared by the issuer or sponsor of each such security, which contains important disclosures and risk factors and which all investors must receive in conjunction with the offering thereof. Prospective licensees of a Product or investors in a product based on an AFT Product shall solely rely upon such disclosure document in making an investment decision and not on the Content contained on this Site.
The statistical information is based on data compiled by AFT. Unless otherwise indicated, AFT derived all other data from Bloomberg, Standard & Poor’s, Ibbotson Associates or Ryan Labs, respected third-party research companies. The information provided by such entities is subject to adjustment, which may require AFT to make adjustments to the information provided on this Site. In addition, rounding differences between the various computer programs utilized in computing the data on this Site, may result in minor inaccuracies in the data presented. Opinions and any other contents on this Site are subject to change without notice. AFT is not utilizing this Site to provide investment or other advice to you or any other party, and no information or material on this Site is to be relied upon for the purpose of making or communicating investment or other decisions.
3. SUMMARY OF RISK FACTORS
Investors cannot invest directly in an index such as the Product(s). The Product(s) are structured based on, among other things, the general expectation that the prices for the futures included therein will exhibit tendencies to trend over the intermediate or long term (as applicable). The market features and correlations which the Product(s) has been designed to capture may not be reflected in market price movements over certain periods – particularly over short periods. An investment in a product seeking to replicate the Product(s) is speculative, involves a substantial degree of risk, and should not constitute an investor’s entire portfolio. Moreover, performance may be volatile and investors could lose all or substantially all of their investment. Some or all alternative investment programs may not be suitable for certain investors. No assurances can be made that the Product(s) will achieve their investment objectives or that losses will be avoided. The longer-term an investment the greater the likelihood that the performance potential suggested may be realized. Over the short-term, on the other hand, there is a much greater possibility that the Product(s) may decline substantially causing significant losses. Among the risks associated with the Product(s) are the following: In contrast to traditional “all long” indexes, the Product(s) do not always maintain long positions and may not profit from the cyclical nature of the futures included therein. • The Product(s) are not proxies for “all long” indexes. • The Product(s) are vulnerable to “whipsaw” markets in which market movements may cause the bulk of their components to be positioned in a certain direction (e.g. long, short or flat, as the case may be) and then a sudden reversal of prior price trends occurs, causing losses. • The complexity of the different factors which contribute to the results of the Product(s). • The Product(s) could decline in a wide range of different market scenarios, including ones in which other similar products (both all long and long/short) rise substantially. • The Product(s) are based on futures, not cash market prices; those prices may differ materially in general as well as for specific components. • Replication of the Product(s) involves execution costs and position slippage which can be substantial, and may be affected by, among other things, disruption caused by futures market closures and/or trading price or volume limitations imposed by one or more futures markets. • The Products are subject to the risks of, among other things, “trading ranges” (in which there is a lack of sustained, directional price movements in many markets) and “whipsaw” markets (described above). In general, such market conditions are more likely to occur during economic environments of low-growth or static GDP despite very low interest rates, accompanied by low inflation (e.g. economic environments similar to that experienced by Japan since 1989). The “trading ranges” and “whipsaw” experienced by many U.S. markets since 2009 (with notable exceptions), along with abrupt changes prompted by government intervention and highly correlated markets, have been adverse to many trend-following indexes and methodologies. The length of time for which such market conditions have persisted is unique in the United States in the last 50 years. There can be no assurances as to such current market conditions will change. No representation is being made that a Product will or is likely to achieve performance consistent with or similar to that set forth in this communication. Similarly, no representation is being made that any product seeking to replicate the Product(s) will generate profits or losses similar to the historical performance of the Product(s). There are numerous factors related to the markets in general and to the implementation of any product seeking to replicate the Product(s) which cannot be, and have not been, accounted for in the preparation of the information on the Product(s) set forth in this communication, all of which can adversely affect actual performance results.
4. INTELLECTUAL PROPERTY RIGHTS
This Site is owned, maintained and published by AFT. Copyright © 2016. The Content is the property of AFT and is protected by copyright and other intellectual property laws. AFT claims a copyright in all proprietary and copyrightable text, graphics and computer code on this Site. All trade names, trademarks, service marks and other product and service names and logos in this Site and within the Content are proprietary to AFT and its affiliates, as applicable, and are protected by applicable trademark and copyright laws. Any of the trademarks, service marks or logos (collectively, the “Marks”) in this Site and within the Content may be registered or unregistered marks of AFT or its affiliates. Nothing contained in this Site or within the Content should be construed as granting any license or right to use any of the Marks in this Site or within the Content without the express written permission of AFT or its affiliates, as applicable. Illegal or unauthorized use of the Marks or any other Content included in this Site or within its Content is strictly prohibited.
Except as stated herein, none of the Content may be modified, altered, copied, reproduced, distributed, republished, downloaded, displayed, posted or transmitted in any form or by any means, including, but not limited to, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of AFT or the copyright owner. You may not use the Site or any of the Content for any unlawful purpose or any purpose prohibited by this Agreement, nor may you use the Site to solicit any illegal activity or any activity that may infringe upon the rights of others. You also may not, without AFT’s permission, “mirror” this Site or any Content contained on the Site on any other server. Any unauthorized use of any Content contained on the Site may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes.
5. OTHER DISCLAIMERS AND LIMITATION OF LIABILITY
While AFT uses reasonable efforts to obtain information from reliable sources, AFT makes no representations or warranties as to the accuracy, reliability, completeness or currentness of any Content on this Site. Furthermore, this Site may contain references to certain laws and regulations, which may change over time. Opinions and any other Content on this Site are subject to change without notice.
This Site is operated by AFT on an “AS IS,” “AS AVAILABLE” basis, without representations or warranties of any kind. AFT DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THIS SITE AND ITS CONTENT, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE, MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. Without limiting the foregoing, AFT does not represent or warrant that the Content on this Site is without error or defect or that this Site will operate without interruption or error. AFT makes reasonable efforts to avoid technological problems, but at any time this Site may have and may cause problems, such as viruses or other harmful components.
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES, SHALL AFT AND ITS AFFILIATES OR ANY OF THEIR EMPLOYEES, MANAGERS, OFFICERS, AGENTS, VENDORS OR SUPPLIERS BE LIABLE TO ANY PERSON OR ENTITY FOR ANY LOSS, LIABILITY OR OTHER DAMAGE, DIRECT OR INDIRECT, ARISING OUT OF OR RELATING TO THE USE OR THE INABILITY TO USE THIS SITE, OR THE INACCURACY OR INCOMPLETENESS IN, ERRORS OR OMISSION IN THE DELIVERY OF, THE CONTENT ON THIS SITE. This is a comprehensive limitation of liability that applies to all losses and damages of any kind (whether general, special, consequential, incidental, exemplary or otherwise, including, without limitation, loss of data, income or profits), whether by statute, law or in contract, negligence or other tortuous action, even if an authorized representative of AFT or its affiliates has been advised or should have known of the possibility of such damages. Applicable law may not allow the limitation of liability set forth above, so this limitation of liability may not apply to you. In no event shall the total liability of AFT or any of its affiliates for any and all damages and causes of action exceed the amount paid by you, if any, for the use of this Site.
The Content on this Site is meant to be reviewed in its entirety, including any footnotes, legal disclaimers, restrictions or disclosures and any copyright or proprietary notices. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any Content that you consult or download.
6. NO ENDORSEMENTS
References on this Site to any names, marks, products or services of third parties or hypertext links to third party sites or information do not constitute or imply an endorsement, sponsorship, or recommendation by AFT of the third party, its website or any of its policies, activities, products or services. AFT and its affiliates do not endorse or make any warranties or representations about any site you may access through this Site. Any links to other sites are provided for convenience only. If you access any third party web site through this Site or otherwise, you do so at your own risk. If this Site links to a third party site that references AFT, its affiliates or any investment product seeking to replicate a Product, please note that the link is provided for your convenience only, and should not be construed as investment, legal or tax advice. Prospective investors are urged to consult with their own advisers regarding any investment product seeking to replicate an AFT product. The links do not constitute an offer to sell (nor the solicitation of an offer to buy) the securities of any investment product. Any such offer may only be made by the prospectus or similar offering document prepared by the issuer of any investment product, which contains important disclosures and risk factors.
7. MONITORING THIS SITE
AFT reserves the right to monitor and record activity on this Site at its sole discretion, and may report any activity that it suspects may violate any law or regulation as it deems appropriate.
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