In the September 2012 newsletter, the article “VIX Trading Strategies” was the first in a series discussing various technical and quantitative trading strategies beginning with a simple moving average approach to trading the CBOE Volatility Index (VIX) VIX futures contract. This article discusses the use of the Aroon Oscillator.

The VIX futures contract tends to be mean-reverting, thus seeking overbought conditions is a logical approach to trading this market. As we noted in the previous article, VIX futures tends to trade between a major resistance near 40 and a major support of 10 to 15, and within that the market may trend.

Developing trading strategies involves the investigation of a market’s liquidity for various reasons, including the potential for slippage. On October 1, 2012, CBOE Futures Exchange, LLC (CFE) once again reported record volume in VIX futures. In September 2012 the Average Daily Volume reached a new record of 126,345 contracts versus the previous record of 102,587 contracts traded in June 2012. A new record was set in September 2012 of 2,400,552 contracts traded surpassing the previous record of 2,154,325 contracts traded in June 2012. i

For those not familiar with the Aroon Oscillator, it was developed by Tushar Chande in 1995. The oscillator first appeared in the September 1995 issue of Technical Analysis of Stocks and Commodities magazine. The word “Aroon” is Sanskrit for “dawn’s early light”, thus seeking changes in a market. The oscillator is the differential between the Aroon Up and the Aroon Down indicators which creates an oscillator indicating a market’s strength in a trading range.

It is defined as an oscillator because it ranges between READ MORE

Copyright ©2012 Mark Shore. Contact the author for permission for republication at info@shorecapmgmt.com Mark Shore has more than 20 years of experience in the futures markets and managed futures, publishes research, consults on alternative investments and conducts educational workshops. www.shorecapmgmt.com

Mark Shore is also an Adjunct Professor at DePaul University’s Kellstadt Graduate School of Business in Chicago where he teaches a managed futures / global macro course and an Adjunct at the New York Institute of Finance. Mark is a contributing writer to Reuters HedgeWorld.

Past performance is not necessarily indicative of future results.  There is risk of loss when investing in futures and options.  Always review a complete CTA disclosure document before investing in any Managed Futures program.  Managed futures can be a volatile and risky investment; only use appropriate risk capital; this investment is not for everyone.  The opinions expressed are solely those of the author and are only for educational purposes. Please talk to your financial advisor before making any investment decisions.

Our weekly newsletter is out, and this time we’re taking a look at the old standby of safety plays: bonds. You see, in the simplest terms, people tend to be motivated by two competing passions: greed and paranoia. When times are good, economists say that our interest-maximizing caveman brains urge us to try and get our hands on as large a slice of the resource pie as possible. However, when fortunes turn and times get tough, paranoia sets in as we try to protect every last scrap of what we’ve gained. It is this eternal psychological battle between gains and losses, risks and rewards, that shapes the markets we trade.

It’s also why so much is made of talking about risk compared to return, and it’s here that there has always been a demand for safe havens – places where people feel confident in the return OF their capital. And when it comes to safety in the last 30+ years, bonds have definitely been tough to beat. The long decline in rates (and corresponding increase in bond prices) has cemented the appearance of safety and stability. The current bond bull market has been underway for so long, it’s easy to forget that it hasn’t always been this way.

While we’re usually preoccupied with the Treasury bond bubble, our friends over at Welton Investment Corp. recently released an excellent paper as part of their Visual Insight series (click here to view the full piece) focusing on the corporate bond bubble. Like us, they’ve been wondering what the future holds for this “safe” refuge. In reality, that veneer of security is like the surface of a still pond… filled with piranhas. You see, bonds have historically had what Sean Kelly of The Samples called, “a dark side.” Just like the song, everything can be perfect and happy, right up until disaster strikes and a more somber note takes effect. Hand-wringing over our economic future is definitely not new, but in light of Welton’s work now seems like the perfect time to look beneath the placid surface to see what those murky depths contain.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices: such as survivorship and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.

Our weekly newsletter is up and this time we’re talking about some of the smartest people in the industry: the folks at Sunrise Capital. They have long been leaders in the space, with a fierce and admirable dedication to systematic trading and the vigorous research it requires. We’ve got a thing for strong argumentation and debate, and if you’ve ever heard their advocates speak at a conference or event, you know they make a strong case for the systematic approach.

But it’s their most recent work that has our office talking. Revisiting Kat’s Managed Futures and Hedge Funds: A Match Made in Heaven, penned by Sunrise’s Director of New Strategies Development Thomas Rollinger, updates the 2001 work of Professor Harry M. Kat of the Cass Business School – one of the more thorough explanations of the benefits of managed futures in a traditional portfolio allocation. But it also goes beyond Kat’s initial work, providing an in-depth look at how kurtosis and skew can be altered in such a way that make the risk profile of the overall investment portfolio far more attractive.

So, this week, our newsletter will take a look at both Kat’s previous work and the new Sunrise paper, explaining the differences and the major takeaways from the research, explaining how this can apply to your own investment strategy. In a time of heightened economic uncertainty, it’s only fitting to emphasize how, exactly, managed futures is what you truly need in your portfolio. Read on to see what we mean.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices: such as survivorship and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.

In the May 2012 newsletter article “Volatility Futures: Relative Strength: A Family of Futures Products”, we discussed various methods of trading volatility futures products as spreads or indicators, with some discussion of their basic characteristics.

This article will provide discussion of trading methods for individual volatility futures products. The CBOE Volatility Index® (VIX®) futures contract tends to be mean-reverting and trades within a range bound market.

Excluding the 2008 financial crisis, the VIX level tends to fluctuate between 40 and 10. For liquidity seeking traders, hedgers or managers, the chart below demonstrates the increasing volume and open interest in VIX futures, making it a viable choice for a liquid portfolio.

VIX futures trading volume recently reached a new high on three fronts:

1) In August 2012, the VIX futures average daily volume increased by 4.6% to 83,016 contracts versus August 2011 volume of 79,402 contracts.

2) The total volume year to date trading volume in VIX futures has increased by 59% to 13.7 million contracts versus January through August of 2011 volume of 8.6 million contracts.

3) On September 13, 2012 the VIX futures contract reached a new single-day volume record of 190,081 contracts traded. The previous record was 159,744 contracts traded on June 8, 2012.

In a range bound market, long term directional trading may not work as well as it would in other futures markets. Overbought and oversold indicators may have greater utility value. However in the shorter term (duration of days and weeks), directional trades may offer some value.

Read more

Copyright ©2012 Mark Shore. Contact the author for permission for republication at info@shorecapmgmt.com Mark Shore has more than 20 years of experience in the futures markets and managed futures, publishes research, consults on alternative investments and conducts educational workshops. www.shorecapmgmt.com

Mark Shore is also an Adjunct Professor at DePaul University’s Kellstadt Graduate School of Business in Chicago where he teaches a managed futures / global macro course and an Adjunct at the New York Institute of Finance. Mark is a contributing writer to CBOE’s Chicago Futures Exchange and to Reuters HedgeWorld.

Past performance is not necessarily indicative of future results.  There is risk of loss when investing in futures and options.  Always review a complete CTA disclosure document before investing in any Managed Futures program.  Managed futures can be a volatile and risky investment; only use appropriate risk capital; this investment is not for everyone.  The opinions expressed are solely those of the author and are only for educational purposes. Please talk to your financial advisor before making any investment decisions.

Our weekly newsletter is out, and if you follow our newsletter and blog regularly, you know we tend to speak with one voice on a variety of subjects related to managed futures and portfolio construction, but to be fair, it’s never just one person behind the curtain. Our materials are a team effort, with a dozen different hands touching a piece before it heads out the door and to your inbox. And these pieces rarely get put together without some level of debate occurring on different portions. Everyone comes at the subjects from a unique perspective with diverse opinions and input, which is the way we like it. After all, if steel sharpens steel…

But the process behind the construction of our research – how sausage gets made, if you will – belies the portfolio construction process as a whole, and the unique approach taken with each individual investor. As we’ve said before and we’ll say again, if you can afford a managed account investment tailored to your investment goals, risk tolerance and available risk capital, your experience in the managed futures space is going to be a more efficient and satisfying one, in our opinion. When we speak with investors, you’re not hearing a pitch script or the “deal of the day”; our recommendations will change based on the person with whom we’re speaking.

So this week, we’re doing something a little bit different. Instead of resolving differences of opinion into a singular perspective, we’re highlighting those differences, and giving you a glimpse into a few of the minds working on client portfolios on a daily basis. This space, at its best, isn’t about the one-size-fits-all investment; it’s about the investment that fits YOU best, and we wanted to show off some of the custom designs that our portfolio tailors are working on these days. Read on to see what we mean.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices: such as survivorship and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.

Our weekly newsletter is out, and we’ve decided to give up. We’re throwing in the towel and recommending everyone sell their managed futures investments and put it all in the stock market. Ok, not really, but can we really ignore this rally anymore? It is almost begging people to sell everything and get involved.

But would you recommend that to anybody in their right mind? Would anyone in their right mind do that? Given the internet bubble burst, financial crisis, flash crash, and so on; most people we talk to believe a 50% allocation to the stock market is heavy these days. Yet the market goes onwards and upwards.

Whether it is because of just this malaise towards stocks, or because of the hundreds of billions pumped into the U.S. system by Bernanke & Co. – the U.S. stock market has been the best thing going for investors since March of 2009.

While most of us were (smartly) preparing our portfolios for the next leg down in the crash, for the incredible volatility when China’s economy slowed, for the contagion in Europe when countries there started falling like dominoes – the U.S. stock market has laughed it off, returning to the highs attained before the financial crisis.

But, again, does anyone really trust these past 3.5 years? Does anyone really think the next 3.5 years will be that good for stocks? If not, how should you prepare? Read on to find out.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices: such as survivorship and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.

By now, most people have heard about the trustee’s motion yesterday for a distribution. There’s been a lot of confusion and a lot of questions about what different elements mean, and while we had been anticipating further clarification from the trustee’s office, that’s not looking likely, so let us explain what we know so far.

For starters, let’s look at the account classes in question. As the motion indicated, clients in 4d accounts will be receiving 30% of their funds, and clients with 30.7 accounts will be receiving 40% of the funds. What’s the difference between the two? In the beginning, a 4d account referred to funds that were being traded on a domestic exchange exclusively, like ICE or the CME, and held in a U.S. bank. When the trading took place on a foreign exchange, like the Eurex, or was being held in a foreign currency, the funds were held in a 30.7 account, which is considered secured. It is primarily a function of accounting.

Why the difference in the distributions based on account class? It has to do with the amount of funds that have been verified to date. As documents released by the trustee’s office reveal, it appears as though all of the 30.7 funds are currently accounted for, which is good news, and likely the reason these clients will receive a larger portion of their funds. Part is still being held back to insure against glitches in the verification process, as the trustee seems to believe that there may be individual accounts which were used to facilitate the fraud committed by Wasendorf. The shortfall, it appears, is primarily in the 4d funds, which is probably why their distribution amount will be slightly smaller. If you’re a managed futures client, odds are that at least a portion your funds are considered 30.7 funds, which means you will get 40% of some of your money, and 30% of the rest. How much goes where will have to evaluated on an account-by-account basis. If you’re an Attain client, don’t worry – we’re on it.

There are some other issues that need to be addressed, though. For starters, the motion has indicated that there will be two waves of distribution, with the distinguishing factor being account size. The reasoning being provided is that the trustee still needs to verify the larger accounts. This is where we get frustrated. What have you been doing for the past two months? What has the NFA been doing to help? Why didn’t they send in an army of their auditors to do this verification so that the customers would not end up footing the bill to confirm their own money?

We already have all the verification documentation for our clients compiled, and we have offered our assistance to the staff working under the trustee on multiple occasions. This delay is entirely unnecessary, and unfair to our clients. Our clients are invested in managed futures – an asset class for sophisticated investors which is used to help diversify a portfolio and fortify it against periods of volatility. Since the PFGBest bankruptcy, those investments are sitting idle. We are currently headed toward a great deal of potential volatility in the markets, with more questions than answers on the horizon. What will tomorrow’s job report say? Will there be more stimulus from the Fed? Who will win the election? Will we avoid the fiscal cliff? The uncertainty that dogs these sorts of questions is exactly why our clients make allocations to managed futures, and with every day the trustee delays the distribution, their investment portfolios are missing that crucial diversification. We don’t think they should miss out on one more day of diversification because the trustee won’t take help.

Beyond that, the motion has indicated there will be a bidding process among FCMs for the PFGBest business. We understand why the trustee thought it was a good idea – any money that can be used to help make clients whole is appreciated. The only problem is that no FCM in their right mind would make a bid. Attain was one of PFGBest’s largest clients, and we’ve been on the phone with the others in that category all day. Each of the firms in question has already identified the firms they will be working with once the funds are released. Any FCM that makes a successful bid would, in essence, be paying for business that would be immediately transferred out. This whole bidding process is a futile endeavor, and an unnecessary delay in the bulk transfer of funds. Further, many accounts have already submitted transfer instructions to the FCM of their choice, and doing a bulk transfer elsewhere would be in conflict with the wishes of these customers.

Are we happy there’s going to be a distribution? Of course. Do we think this process has been bungled by the trustee? Absolutely. Can we speed things up? If the trustee will FINALLY accept some assistance from the larger players involved – without a doubt.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices: such as survivorship and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.

Here we take a look at the July 2012 and year-to-date through July performance for the top 5 managed futures funds, as tracked by Lipper’s hedge fund database. To see more analysis, including assets under management and domicile information for the top 10 funds, click here. To be truly connected to all the Lipper analytics available on HedgeWorld, become a HedgeWorld Premium Plus member. To find out more about how to do that, visit hedgeworld.com/membership/.

Our weekly newsletter is out, and this time we’re addressing a concern we hear often, but have rarely seen answered. In an age of struggling pension funds, it’s common to hear commentators and spectators in the world finance joke, “Anyone who can find a way to guarantee 7% annual returns will raise a trillion dollars by the end of the year.” Realistic? Absolutely not – unless you’re buying into some sort of scam – which, to be clear, we don’t advise.

That being said, this goal isn’t unique to the world of pensions. Both individual investors and RIAs seem to be in constant search of that silver bullet investment – the one allocation that will guarantee them a life of luxury. In a world absent of such possibilities, the request we get most often is for consistency. If they can’t get a magical 7% return, can they at least get returns they can count on?

This is still a request without a perfect answer, especially in a world where past performance is not necessarily indicative of future results. After hearing the question for about the millionth time, though, we began to wonder – just how consistent has this past performance been in the managed futures space? How, exactly does it stack up to what we’ve seen out of finance’s favorite child – the stock market? We ran the numbers, and what we found may just surprise you.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices: such as survivorship and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.

Our newsletter for the week is out, and this time we’re taking a closer look at the CTAs who stick to the roots of the futures industry. With the majority of U.S. farmland located hundreds to thousands of miles away from Wall Street, it is easy to see how the sheer size of the agriculture sector and its impact on the U.S. economy gets overlooked when discussing the American financial machine. Likewise, most discussions related to managed futures revolve around the systematic trend following CTAs, and rarely their lesser known cousins – Agriculture-focused Commodity Trading Advisors, or as we refer to them in our office, Ag Traders.

Just what is an Ag Trader? They focus on the markets which birthed the futures trade, like Corn, Wheat, Soybeans, Soybean Oil, Hogs, and Cattle. Let the Wintons and Transtrends of the world have their fancy algorithms crunching data on financial futures – Ag Traders want to drive to a farm and stick their hand in the dirt to see what the crop is likely to do.

Now, Ag traders have long held a smaller role in the managed futures portfolio, usually being too small in terms of capacity and staff; and too loose in how and why certain trades are put on to be attractive to large institutional investors. But the recent grain-rallying drought in the U.S. following a similar one in Russia in 2010, and the resulting good performance of Ag Traders during those times (while traditional managed futures programs have mostly struggled) has put the light squarely on these frequently overlooked options. With that enhanced attention has come a slew of inquiries, and we decided it was probably time to take a much deeper look at the Ag Trading strategy within managed futures, breaking down what they look like, what they do, and why you might want to consider an allocation in your current portfolio. Click here to see the full breakdown.

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To read more Managed Futures research pieces, visit Attain’s Managed Futures Newsletter archive and our Managed Futures Blog.

DISCLAIMER

Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts.

The mention of asset class performance is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.) , and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices: such as survivorship and self reporting biases, and instant history.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.

Copyright © 2011 Attain Capital Management, licensed Managed Futures, Trading System & Commodity Brokers. All Rights Reserved. Reprinted with permission.