First Clearing

Alternate investments carry specific investor qualifications which can include high income and net-worth requirements as well as relatively high investment minimums. They are complex investment vehicles which generally have high costs and substantial risks. The high expenses often associated with these investments must be offset by trading profits and other income. They tend to be more volatile than other types of investments and present an increased risk of investment loss. There may also be a lack of transparency as to the underlying assets. Alternative investments are subject to fewer regulatory requirements than mutual funds and other registered investment company products and thus may offer investors fewer legal protections than they would have with more traditional investments. Additionally, there may be no secondary market for alternative interests and transferability may be limited or even prohibited. Other risks may apply as well, depending on the specific investment product. Individuals need to carefully review the Private Placement Memorandum or other offering documents for complete information regarding terms, including all applicable fees, as well as risks and other factors that should be considered before investing.