Performance. This website contains simulated performance results which are model performance results and may be backtested. Backtesting is the process of testing a model trading strategy on prior time periods. Simulated performance results have certain limitations. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown. Often there are differences between backtested and model performance results and the actual results subsequently achieved by any particular trading program. The performance presented includes a model that was developed with the benefit of hindsight using backtested performance results. Backtested performance is a reconstruction based on historical market data accumulated after the end of a given time period. No backtested or model trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of backtested and model performance results, all of which can adversely affect actual trading results. It should not be assumed that investors who invest in Level Two strategies will be profitable, or achieve the performance results presented.

Past performance may not be indicative of future results. Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy will be profitable. No current or prospective client should assume that future performance will be profitable, equal the performance results reflected, or equal any corresponding historical benchmark index. For reasons including variances in fees, differing client investment objectives and/or risk tolerance, market fluctuation, the date on which a client engaged Level Two’s services, and any account contributions or withdrawals, the performance of a specific client’s account may have varied from the referenced performance results. In the event that there has been a change in a client’s investment objectives or financial situation, the client is encouraged to advise us immediately.

Benchmarks. The historical index performance results for all benchmark indexes do not reflect the deduction of transaction or management fees, the incurrence of which would have the effect of decreasing indicated historical performance results. Indexes are unmanaged and are not available for direct investment. The historical performance results for all indices are provided exclusively for comparison purposes only, and may or may not be an appropriate measure to provide general comparative information to assist an individual client or prospective client in determining whether Level Two performance meets, or continues to meet, his/her investment objective(s). The referenced benchmarks may or may not be appropriate benchmarks against which an observer should compare our returns.

Backtested and model returns are presented in US dollars and include the reinvestment of dividends and other account earnings. Backtested and model performance figures presented do not reflect the deduction of investment advisory fees. A client’s returns will be reduced by the advisory fee and does not reflect the impact of taxes.