Marketing disclaimer

The content of this material is a marketing communication, rather than independent investment research. Consequently, the legal and regulatory requirements in relation to independent investment research do not apply to this material, and it is not subject to any prohibition on dealing ahead of its dissemination.

The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Although the information set out in this marketing communication is obtained from sources believed to be reliable, neither CMC Markets nor the author guarantees its accuracy or completeness. All information is indicative and subject to change without notice and may be out of date at any given time. Neither CMC Markets nor the author shall be responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.

This material may include charts displaying financial instruments' past performance as well as estimates and forecasts. Any information relating to past performance of an investment does not necessarily guarantee future performance.

Unless otherwise stated, the prices used in the examples are CMC Markets' own prices, and not those of third parties.