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Hypothetical Performance Disclosure

Seraphim Quant LLC Effective date: 06/09/2026

A. Standard adjacent disclaimer block (place next to EVERY result)

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN; IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

(A condensed one-line companion may accompany small inline figures, but the full block above must appear at least once on each page/asset that displays results: "Hypothetical/backtested results — not indicative of future results. See full Hypothetical Performance Disclosure.")

B. Full disclosure (standalone page)

1. All results shown are hypothetical and based on backtesting

Every performance figure, chart, statistic, and metric published by Seraphim Quant LLC in connection with S-23 — including but not limited to net result, win rate, profit factor, expectancy, drawdown, equity curves, Monte Carlo simulations, risk-of-ruin estimates, rolling-window analyses, and any statistical test — is derived from a historical backtest performed in NinjaTrader's Strategy Analyzer over a defined past period. These are simulated, hypothetical results. They are not the results of real trading and do not represent actual trading in any live account.

2. Assumptions and limitations of the backtest

The backtest was prepared under specific assumptions that will not match live trading. These include, without limitation:

A fixed round-trip commission assumption of $1.30 per contract, which may differ from a user's actual broker commissions and exchange/regulatory fees.
A simulated fill model (NinjaTrader High Fill Resolution) that estimates fills at bar boundaries and does not fully replicate real order-book depth, queue position, partial fills, or rejected orders.
No modeling of real-world slippage beyond the noise tests shown; actual slippage may be larger and adverse.
Assumptions of available liquidity at all times, which may not hold during fast or thin markets.
A single instrument (MNQ), timeframe, and contract size; different instruments, sizes, account balances, or settings will produce different results.
Market-regime limitations: the test period reflects specific market conditions that may not recur.
Hypothetical trading involves no financial risk and cannot account for the emotional and practical effects of risking real capital, including the ability to adhere to a system through drawdowns.

3. Results were prepared with hindsight

Hypothetical results are generally prepared with the benefit of hindsight. Parameters reflect a configuration identified by reviewing the same historical period being tested. This can overstate how the system would have performed if traded in real time over that period.

4. No guarantee — past does not predict future

No representation is being made that any account will or is likely to achieve results similar to those shown. There are frequently sharp differences between hypothetical results and actual results subsequently achieved. Past performance — and especially hypothetical past performance — is not indicative of and does not guarantee future results. You may lose some or all of your capital.

5. Statistical characteristics are descriptive, not predictive

Statistical measures presented (e.g., significance tests, confidence intervals, robustness and stability descriptions, Monte Carlo and risk-of-ruin estimates) are descriptive characteristics observed in the historical backtest under the assumptions stated above. They are not assurances, ratings, or predictions of future reliability, safety, or profitability. They depend entirely on the assumptions used in the simulation and on the historical data analyzed.

6. Not advice

Nothing in any performance material constitutes investment advice or a recommendation. Seraphim Quant LLC is a software vendor and does not provide commodity trading advice, personalized recommendations, or account management. See our Regulatory Status Disclosure and Risk Disclosure Statement.