Backtesting, Simulation & Hypothetical Performance Disclosure

1. Hypothetical Nature

Backtests, simulations, paper trading, model results, projected returns, probability estimates and similar outputs are hypothetical unless expressly identified as actual live performance. They do not represent results of real-money trading.

2. Methodology Limitations

• Historical data may contain errors, revisions, survivorship bias, selection bias, stale prices or missing corporate actions.
• Assumptions about spread, liquidity, commissions, fees, financing, margin, borrow, exercise/assignment and slippage may differ from real markets.
• The model may include look-ahead, timing or fill assumptions that cannot be replicated in live markets.
• A backtest can omit behavioral factors such as hesitation, inability to obtain a fill, order queue position, broker restrictions or capital constraints.

3. No Guarantee

Past simulated results do not guarantee future results. The user should evaluate out-of-sample behavior and understand assumptions before enabling live trading.

4. Performance Presentation

Greeks Vault must not market hypothetical performance in a misleading manner. Where applicable law or a regulated-service rule imposes additional requirements on advertising performance, the higher standard applies.