Futures Risk Statement:
This material was prepared for general informational and educational purposes only and should not be construed as investment advice. Terra Nova Trading, L.L.C. (“Terra Nova”) is not soliciting any action based upon this material, and it is not to be construed as an offer to buy or sell any futures contracts. This material is based upon information generally available to the public from sources believed by Terra Nova to be reliable, but Terra Nova makes no representation that it is accurate, complete or current or that the returns indicated in the example transactions will be achieved. 

An investment in futures contracts is speculative, involves a high degree of risk and is suitable only for persons who can assume the risk of loss in excess of their margin deposits. The high degree of leverage that is often obtainable in futures trading can work against you as well as for you and, as a result, can lead to large losses as well as gains. If you purchase or sell a futures contract, you may sustain a total loss of your initial margin funds and any additional funds that you may deposit to establish or maintain your position. If the market moves against your position, you may be called upon to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the requested funds within the prescribed time, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account. Under certain market conditions, you may find it difficult or impossible to liquidate a position. You should carefully consider whether futures trading is appropriate for you in light of your investment experience and objectives, financial resources and other relevant circumstances. Changes to the assumptions made in the example transactions may have a material impact on any returns detailed in such examples. Transaction costs are not included in the calculation of the returns of the example transactions. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND LOSSES ARE POSSIBLE.

“Standard & Poor’s, “”S&P,” “S&P 500,” “Standard & Poor’s 500,” “Standard & Poor’s Depository Receipts,” “SPDRs,” “MidCap 400 IndexTM, "Standard & Poor's Midcap 400 Depositary ReceiptsTM, "Midcap SPDRs"  “Select Sector SPDRs” and “Select Sector Standard and Poor’s Depository Receipts” are trademarks of The McGraw –Hill Companies, Inc. and have been licensed for use in connection with the listing and trading of SPDRs, MidCap SPDRs and Select Sector SPDRs on the American Stock Exchange. These products are not sponsored, endorsed, sold or promoted by S&P, a division of the McGraw-Hill Companies, Inc. and S&P makes no representation regarding the advisability of investing in them. The stocks included in each Select Sector Index (upon which the Select Sector SPDRs are based) were selected by an index compilation agent in consultation with S&P from the universe of companies represented by the S&P 500 Index. The composition and weighting of stocks included in each Select Sector Index can be expected to differ from the composition and weighting of stocks included in any similar S&P 500 sector index that is published and disseminated by S&P.

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