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Disclaimer

Options involve risk and are not suitable for all investors. Trading in options is considered speculative and it is possible to lose all, a portion of, or funds in excess of your initial investment. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD)which can be found at the following link: www.optionsclearing.com/about/publications/character-risks.jsp. Copies of the ODD are also available from Cantor, by calling (212) 938-5000, or writing to Cantor Fitzgerald & Co., 110 E. 59th Street, 5th Floor, New York, NY 10022.

This material is intended for institutional investors only, and as such may not be disseminated, distributed, forwarded or otherwise disclosed to any other party that is not an institutional investor, as defined under the Financial Industry Regulatory Authority (“FINRA”) Rule 2210(a)(4).

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While care has been taken in the preparation of the material presented herein, Cantor Fitzgerald & Co. and its affiliates (collectively, “Cantor”) does not make any representations or warranties, express or implied, as to the accuracy, completeness, or appropriateness of the information contained herein.  This document may contain forward-looking statements, which give current expectations of future activities and performance.  Any or all forward-looking statements in this material may prove to be incorrect and such statements may be affected by inaccurate assumptions or by known or unknown risks and uncertainties.  Cantor does not undertake any obligation to revise such forward-looking statements to reflect the occurrence of unanticipated events or changed circumstances.
Any commentary contained herein may or may not have been prepared by trading desk personnel, who receive compensation based upon various factors, including the overall profitability of Cantor.  Cantor and its partners, officers, directors, or employees may sell to or purchase from customers securities, commodity futures, derivatives, or other financial instruments on a principal basis or as agent for another person, and may have interests different or adverse to the interests of the recipient of this communication.  Cantor’s representatives, other than the author of this communication, may provide oral or written market commentary or trading strategies to Cantor’s clients that reflect opinions that are contrary to the opinions expressed in this communication.  You are cautioned that there is no universally accepted method for analyzing financial instruments.  Past performance is not indicative of future results. Further, Cantor does not guarantee any results and there is no guarantee as to the liquidity of the instruments described in this communication.  As a matter of policy, Cantor does not give tax, accounting, regulatory or legal advice to clients, and the information contained herein should not be considered to constitute such advice. Cantor strongly urges that the recipient seek independent legal, regulatory, accounting and tax advice regarding the contents of this communication and make an independent determination regarding the suitability of any strategy or instrument identified herein. This document is not for distribution in the United Kingdom to persons who would be defined as private customers under the rules of the Financial Conduct Authority.
Cantor disclaims any and all liability for any loss that may arise from use of the information contained herein.