4002 | 7/11/2022

Appendix A to CFTC Rule 1.55(c) ­ Generic Risk DisclosureStatement Risk Disclosure Statement for Futures and Options
This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks,
you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you
are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. Youshould carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and otherrelevant circumstances.

Futures
1. Effect of "Leverage" or "Gearing"Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of thefutures contract so that transactions are 'leveraged' or 'geared'. A relatively small market movement will have a
proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you aswell as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm tomaintain your position. If the market moves against your position or margin levels are increased, you may be called
upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request
for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any
resulting deficit.
2. Risk­reducing orders or strategies
The placing of certain orders (e.g. 'stop­loss' orders, where permitted under local law, or 'stop­limit' orders) which areintended to limit losses to certain amounts may not be effective because market conditions may make it impossible toexecute such orders. Strategies using combinations of positions, such as 'spread' and 'straddle' positions may be as
risky as taking simple 'long' or 'short' positions.

Options
3. Variable degree of risk
Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselveswith the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate
the extent to which the value of the options must increase for your position to become profitable, taking into accountthe premium and all transaction costs.
The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option
results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is ona future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures
above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of
the option premium plus transaction costs. If you are contemplating purchasing deep­out­of­the­money options, you
should be aware that the chance of such options becoming profitable ordinarily is remote.
Selling ('writing' or 'granting') an option generally entails considerably greater risk than purchasing options. Although
the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will
be liable for additional margin to maintain the position if the market moves unfavorably. The seller will also beexposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in
cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in afuture with associated liabilities for margin (see the section on Futures above). If the option is 'covered' by the seller
holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. Ifthe option is not covered, the risk of loss can be unlimited.
Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser
to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk oflosing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible forany unpaid premium outstanding at that time.

Additional Risks Common to Futures and Options
4. Terms and conditions of contracts
You should ask the firm with which you deal about the terms and conditions of the specific futures or options which
you are trading and associated obligations (e.g. the circumstances under which you may become obligated to make ortake delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions
on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including theexercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying
interest.
5. Suspension or restriction of trading and pricing relationships
Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading inany contract or contract month because of price limits or "circuit breakers") may increase the risk of loss by making it
difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase therisk of loss.
Further, normal pricing relationships between the underlying interest and the future, and the underlying interest andthe option may not exist. This can occur when, for example, the futures contract underlying the option is subject toprice limits while the option is not. The absence of an underlying reference price may make it difficult to judge "fair"value.
6. Deposited cash and property
You should familiarize yourself with the protections accorded money or other property you deposit for domestic andforeign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover
your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which
had been specifically identifiable as your own will be pro­rated in the same manner as cash for purposes ordistribution in the event of a shortfall.
7. Commission and other charges
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which
you will be liable. These charges will affect your net profit (if any) or increase your loss.
8. Transactions in other jurisdictions
Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose
you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor
protection. Before you trade you should enquire about any rules relevant to your particular transactions. Your local
regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in otherjurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about
the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

9. Currency risks
The profit or loss in transactions in foreign currency­denominated contracts (whether they are traded in your own oranother jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency
denomination of the contract to another currency.
10. Trading facilities
Most open­outcry and electronic trading facilities are supported by computer­based component systems for theorder­routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they arevulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability
imposed by the system provider, the market, the clearing house and/or member firms. Such limits may vary: you
should ask the firm with which you deal for details in this respect.
11. Electronic trading
Trading on an electronic trading system may differ not only from trading in an open­outcry market but also fromtrading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be
exposed to risks associated with the system including the failure of hardware and software. The result of any system
failure may be that your order is either not executed according to your instructions or is not executed at all.
12. Off­exchange transactions
In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off­exchangetransactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or
impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure torisk. For these reasons, these transactions may involve increased risks. Off­exchange transactions may be lessregulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize
yourself with applicable rules and attendant risks.
I hereby acknowledge that I have received and understood this risk disclosure statement.