Hypothetical Performance

Effective August 23, 2026

Backtested and simulated results are hypothetical. They are not returns actually achieved in a subscriber brokerage account and are not a promise, projection, or guarantee.

Inherent limitations

Hypothetical results use historical data and may benefit from hindsight, selection, modification, or optimization after observing past markets. A simulation cannot reproduce all live-trading conditions.

Assumptions and omitted effects

Results depend on assumptions about signal timing, execution, sizing, dividends, corporate actions, borrowing, short availability, data, and rebalancing. Unless expressly stated otherwise, results may not fully include commissions, spreads, slippage, market impact, subscription fees, taxes, liquidity limits, financing costs, or operational errors.

Actual results may differ

Actual results may be materially better or worse. No representation is made that an account will achieve results similar to those shown. Benchmark investments differ in holdings, risk, turnover, leverage, expenses, and investability.

Review the evidence label

Read each page’s description to determine whether information is actual, tracked through a third party, backtested, simulated, or otherwise hypothetical. These categories should not be treated as equivalent.