This material is provided to qualified institutional and professional investors or their advisors only for informational purposes. The views and opinions in the preceding commentary are as of the date of publication and are subject to change without notice. This material represents an assessment of the market environment at a speciﬁc point in time, should not be relied upon as investment advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an offer for a particular security. We consider the information in this presentation to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment. There is no guarantee that any historical trend illustrated in this commentary will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that a market forecast made in this commentary will be realized. This is not an inducement to buy or sell commodity interests. Strategies and funds that trade in commodity interests involve a risk of loss. Investors should consider whether such services or products are suitable investments
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