References to “expected returns” constitute hypothetical performance information as defined under Rule 206(4)-1 (the “Marketing Rule”) of the Investment Advisers Act of 1940. Hypothetical performance includes, but is not limited to, model performance, back-tested performance, targeted returns, and projected or expected returns.

 

Hypothetical performance results have inherent limitations and should not be viewed as an indication of actual or future performance. Expected returns are based on forward-looking assumptions, financial models, and estimates that are subject to numerous risks, uncertainties, and subjective judgments. They do not reflect actual trading, liquidity constraints, economic events, regulatory changes, fees, expenses, or other market factors that may materially impact on investment results.

 

No representation or warranty is made as to the reasonableness or accuracy of the assumptions, or the likelihood that any expected return will be achieved. Actual investment results may differ—sometimes materially—from those expressed or implied in expected returns. Hypothetical results also fail to reflect the impact that material economic and market factors would have had on the adviser’s decision-making if managing actual client assets.

 

In accordance with the Marketing Rule, expected returns are presented only to eligible recipients who have the resources and financial expertise to independently analyze this information and understand the assumptions and limitations underlying hypothetical performance. Such information is provided solely for illustrative purposes to facilitate discussions of potential risk and return characteristics. It is not a guarantee or prediction of future performance and should not be relied upon as such.

 

Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal.