The risk in trading and hedging commodities, commodity futures, commodity options, derivative instruments and any other financial instrument can be substantial. Both traders and hedgers can be subject to mark-to-market losses, and the resultant calls for additional margin deposits could potentially exceed the original deposit. Anyone contemplating the use of commodities, commodity futures, commodity options, derivative instruments, or any other financial instrument for either speculative or hedging transactions should therefore carefully consider whether such activity is suitable based upon commercial requirements and the financial condition of the person or organization so engaged.

Information contained herein or otherwise transmitted by Kase and Company, Inc. (Kase) is not to be considered as an offer or advice to sell or a solicitation or advice to buy commodities, commodity futures, commodity options, derivative instruments, or any other financial instrument. Kase makes no guarantees, either express or implied, regarding the application of its software, comments, and communications, either written or oral. In no way is any information transmitted by Kase including but not limited to publications, videos, class materials, any oral comments by Kase, its employees or subcontractors, any of Kase's text or software products, or any other communication by Kase, its employees or subcontractors, directly or indirectly, in person or via media to be construed as Kase's providing advice or as consulting, either directly or indirectly, as to the advisability of buying or selling futures contracts, any physical commodity, commodity options or any other financial instrument, or any other action. Kase will not be responsible for any errors or omissions, typographical or otherwise. Expressions of opinion are not recommendations relating to viewer's actions or nonactions and are subject to change without notice.

Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading or hedging. Also, since the trades or hedges have not actually been executed, the results may have undercompensated or overcompensated for the impact, if any, or certain market factors, such as lack of liquidity. Simulated trading and hedging 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 profits or losses similar to those shown, discussed, or transmitted in any way by Kase. THE RISK OF LOSS IN TRADING AND HEDGING COMMODITIES, ANY SECURITY, OR ANY OTHER FINANCIAL INSTRUMENT CAN BE SUBSTANTIAL. The viewer should, therefore, carefully consider whether such trading or hedging is suitable for the viewer in light of the viewer's financial condition. Information provided through any Kase service is not to be considered as an offer to sell or a solicitation to buy commodities, nor does Kase make any guarantees. Expressions of opinion are subject to change without notice.