Important Remarks and Disclaimer

S&P 500. S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. The S&P 500 is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE, NASDAQ, or the CBOE Exchange. The S&P 500 was developed and continues to be maintained by S&P Dow Jones Indices, a joint venture majority-owned by S&P Global Ltd.

Benchmarks. Benchmarks and financial indices are shown for illustrative purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, do not reflect the impact of any management or incentive fees and have limitations when used for comparison or other purposes because they may have different volatility, credit, or other material characteristics (such as number and types of securities). The statistical data regarding the indices shown has been obtained from sources believed to be reliable but has not been independently verified.

Investment Risks. we kindly remind you that investing in securities involves significant risks. You may lose all the capital you invested or more if you use leverage. Investing in stocks, bonds, exchange-traded funds, mutual funds, and money market funds involves risk of loss. Loss of 100% of your principal is possible. Some financial instruments, such as futures, options and swaps, may use leverage, which will accentuate gains and losses. An investment method past investment performance is not a guarantee or a predictor of future investment performance.

The information provided does not constitute a piece of investment advice, an investment advice, a recommendation or a solicitation to buy or sell securities or conduct an investment strategy. You should not construe the information provided as an investment / trading / asset allocation advice, or other advice. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Merlin’s representatives to buy or sell any securities or other financial instruments. Nothing herein constitutes professional and/or financial advice, nor does any information constitute a comprehensive or a complete statement of the matters discussed. Merlin and its representatives / employees are not registered as professional investment advisers.

The material provided includes simulations. Back-tested, hypothetical, or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a backtested model itself designed with the benefit of hindsight. The backtesting of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance.

Forward-Looking Statements: Any assumptions, assessments, intended target (including but not limited to target of performance, volatility, drawdown, run-up, expected /possible /potential gain or loss in total, per position or per theme), statements or the like (collectively, “Statements”) regarding future events or which are forward-looking constitute only subjective views, outlooks, estimations or intentions, are based upon ours expectations, intentions or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond our control. Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these Statements. In light of these risks and uncertainties, there can be no assurance and no representation is given that these Statements are now or will prove to be accurate or complete in any way. We undertake no responsibility or obligation to revise or update such Statements.