Risk Disclosure

Last updated: June 2026

Please read this Risk Disclosure carefully before using the Pulsar platform. By using Pulsar or the SFZ Capital website, you acknowledge that you have read and understood this disclosure.

1. General trading risk

Trading financial instruments — including but not limited to equities, ETFs, derivatives, futures, options, foreign exchange and other leveraged or speculative products — carries a high level of risk and may not be suitable for all investors. You may lose some or all of your invested capital. With leveraged products, losses can exceed your initial deposit.

Past market conditions are not indicative of future conditions. Markets can move rapidly and unpredictably, and no tool, strategy or analytical system can guarantee profitable outcomes.

2. Software, not advice

SFZ Capital provides software and analytical tools, including Pulsar. Pulsar is designed to assist you in designing, testing and monitoring trading strategies. It does not:

• constitute investment advice or a personal recommendation;
• constitute an offer or solicitation to buy or sell any financial instrument;
• take into account your personal financial circumstances, objectives or risk tolerance;
• provide regulated financial services of any kind.

All trading decisions are made solely by you and at your own risk. If you are unsure whether trading is appropriate for your circumstances, seek independent advice from a suitably qualified financial adviser.

3. Backtesting and hypothetical performance

Pulsar’s backtesting engine evaluates strategies against historical market data. Backtested, simulated and hypothetical performance results have significant inherent limitations and are subject to the following:

• Hindsight bias — strategies are often (even unintentionally) optimised with knowledge of historical outcomes that was not available at the time.
• No transaction costs — unless explicitly modelled, backtests do not account for commissions, spreads, financing costs, taxes or other trading expenses.
• No slippage or market impact — backtests assume idealised execution at historical prices; real fills may differ materially, especially for larger positions or illiquid instruments.
• Data quality — backtest results depend on the accuracy and completeness of the underlying historical data, which may contain gaps, errors or survivorship bias.
• Regime change — strategies that performed well in one market regime may perform poorly or fail entirely in different conditions.
• Overfitting — strategies with many parameters tuned to historical data may not generalise to future markets.

Past performance — whether actual or hypothetical — is not indicative of future results. Backtested results shown in Pulsar are for educational and research purposes only.

4. Paper trading limitations

Pulsar includes a paper-trading mode that simulates order execution using real-time market data via Alpaca Markets. Paper trading differs from live trading in important respects:

• Paper orders are not executed in real markets and do not consume real liquidity.
• Fills are simulated and may not reflect the prices, sizes or speeds achievable in live markets.
• Emotional and psychological factors present in live trading are absent in simulation.
• Paper trading results should not be assumed to predict live trading performance.

5. Technical indicators

Pulsar includes a range of technical analysis indicators. These indicators are mathematical calculations derived from historical price and volume data. They are informational tools only and do not predict future price movements. Indicators used in Pulsar include, but are not limited to:

• Moving averages (SMA, EMA, WMA)
• Relative Strength Index (RSI)
• MACD (Moving Average Convergence Divergence)
• Bollinger Bands
• Average True Range (ATR)
• Stochastic Oscillator
• Volume-Weighted Average Price (VWAP)
• Support and resistance levels

No indicator, or combination of indicators, constitutes a reliable signal for future market direction.

6. No guarantee of outcomes

SFZ Capital makes no representation or warranty that:

• any strategy created or tested in Pulsar will be profitable in live trading;
• risk scores, analytics or metrics within Pulsar are comprehensive measures of risk;
• the platform will be free from errors, interruptions or inaccuracies;
• third-party data (including market data from Alpaca Markets) will be accurate or complete.

7. Your responsibility

You are solely responsible for:

• understanding the instruments you intend to trade and the markets in which they trade;
• understanding the rules, margin requirements and risk management practices of any broker or venue you use;
• assessing whether any strategy or approach is appropriate for your financial situation; and
• keeping your own records for tax and regulatory compliance purposes.

Where appropriate, seek advice from an independent and suitably licensed professional before committing real capital to any trading activity.

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Deutsche Zusammenfassung / German summary

Risikohinweis — Zusammenfassung (Deutsch)

1. Allgemeines Handelsrisiko

Der Handel mit Finanzinstrumenten ist mit erheblichen Verlustrisiken verbunden. Sie können das eingesetzte Kapital ganz oder teilweise verlieren. Bei gehebelten Produkten können Verluste die Einlage übersteigen.

2. Software, keine Anlageberatung

SFZ Capital stellt Software und Analysetools bereit. Pulsar stellt keine Anlageberatung, keine persönliche Empfehlung und kein Angebot zum Kauf oder Verkauf von Finanzinstrumenten dar. Sämtliche Handelsentscheidungen treffen Sie eigenverantwortlich.

3. Backtesting und hypothetische Ergebnisse

Backtests basieren auf historischen Daten. Sie berücksichtigen keine Transaktions­kosten, Slippage oder Marktauswirkungen. Vergangene — auch hypothetische — Ergebnisse sind kein Indikator für zukünftige Ergebnisse.

4. Paper-Trading-Einschränkungen

Paper-Trading simuliert die Orderausführung. Simulierte Ergebnisse entsprechen nicht notwendigerweise den im echten Handel erzielbaren Ergebnissen.

5. Ihre Verantwortung

Sie sind allein verantwortlich für Ihre Handelsentscheidungen und deren Folgen. Bei Unsicherheit sollten Sie unabhängigen Rat eines zugelassenen Finanzberaters einholen.

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Questions about this disclosure? Contact us at contact@sfzcapital.com.