Managed futures track-record checklist

Save this sheet with the source records. For each question, record an answer, a dated source and any unresolved limitation.

• [ ] Identify the firm and check its official registration record.
• [ ] Identify actual, proprietary, client and simulated observations separately.
• [ ] Obtain the full return series and its start and end dates.
• [ ] Record the account-value source, currency and calculation convention.
• [ ] Identify trading costs and any advisory fees included or excluded.
• [ ] Trace deposits and withdrawals through valuations and adjustments.
• [ ] Inspect losing periods, maximum drawdown and time to recovery.
• [ ] Record strategy, capital, universe and risk-policy changes.
• [ ] Ask about missing observations, stopped accounts and selection of the displayed record.
• [ ] Identify the broker reconciliation procedure and unresolved discrepancies.
• [ ] Identify any independent review, its reviewer and its exact scope.
• [ ] Distinguish file-integrity checks from verification of original observations.
• [ ] Explain possible account differences in fees, execution, rounding, instruments, capital and custody.
• [ ] Record operator continuity, emergency controls and correction procedures.
• [ ] Retain the final report's date and version with its limitations.

Futures trading involves substantial risk. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. This checklist does not establish suitability or a guarantee of future results.

No hypothetical performance figures are presented in this checklist.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Plaintape LLC is registered with the CFTC as a Commodity Trading Advisor and is an NFA Member (NFA ID 0580378). The firm is not accepting client accounts. Registration and NFA membership do not imply that the CFTC or NFA has approved or endorsed the firm, its trading program, or the material on this site.