Terms of Use

Usage Restrictions

The entire contents of this site are copyrighted under United States law and protected by worldwide copyright laws and treaty provisions. Materials from the www.futuresfundamentals.cmegroup.com World Wide Web site may not be copied, distributed or transmitted in any way without prior written consent of CME Group, as described below. Users of the site may download one copy of any and all materials on the site for personal, non-commercial use provided that they do not modify or alter the materials in any way, nor delete or change any copyright or trademark notice. All materials on this site are provided for lawful purposes only. CME Group reserves complete title and full intellectual property rights for materials downloaded from the site. All CME Group trademarks, logos, service marks, trade dress, slogans, copyrighted designs or other brand features, including hyperlinks to the www.futuresfundamentals.cmegroup.com Website (collectively, "Brand Features"), will be used only as explicitly licensed by CME Group, and only under the terms and conditions and for the purposes described in such License. The other party to the License granted by CME Group is referred to as the "Licensee."

Framing Pages on www.futuresfundamentals.com

The framing of pages is not allowed on www.futuresfundamentals.cmegroup.com without prior written approval by CME Group. You may request approval by contacting CME Group at info@cmegroup.com, (800) 331-3332 or CME Group Internet Marketing, 20 South Wacker Drive, 5 South, Chicago, IL 60606.

Placing Electronic Copies of www.futuresfundamentals.cmegroup.com Content on a non-CME Group Website

Linking to www.futuresfundamentals.cmegroup.com is permissible; the re-publishing of electronic copies of www.futuresfundamentals.cmegroup.com content found on the www.futuresfundamentals.cmegroup.com Website to a non-CME Group Website must be approved in writing in advance by CME Group. You may request approval by contacting CME Group Corporate Communications at info@cmegroup.com, 800-331-3332 or CME Group Corporate Communications, 20 South Wacker Drive, 5 South, Chicago, IL 60606. A complete sample of each proposed use is required. CME Group will typically review the request and respond within ten (10) business days, but is under no obligation to respond. You may not use Brand Features unless and until CME Group has granted its specific approval and any and all conditions of such approval have been fulfilled by the Licensee.

Regulatory and Trading Advice Disclaimer

Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Futures and swaps each are leveraged investments and, because only a percentage of a contract's value is required to trade, it is possible to lose more than the amount of money deposited for either a futures or swaps position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles and only a portion of those funds should be devoted to any one trade because traders cannot expect to profit on every trade.

Any research views expressed are those of the individual author and do not necessarily represent the views of the CME Group or its affiliates. All examples are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience.

All matters pertaining to rules and specifications herein are made subject to and are superseded by the official rulebook of the organizations. Current rules should be consulted in all cases concerning contract specifications.

Trademarks

For related CME Group Trademarks information visit www.cmegroup.com.

Copyright

Except as otherwise noted, the content of www.futuresfundamentals.cmegroup.com, including but not limited to text, graphics and icons, are copyrighted materials of CME Group and contain trademarks, service marks and trade names of the CME Group and/or its affiliates and licensors. ALL RIGHTS RESERVED. You may use the content to learn about, evaluate or acquire services or products of the CME Group. You may not copy or display for redistribution to third parties for commercial purposes any portion.

© 2016 CME Group. All rights reserved.

Notice

While CME Group strives to provide accurate and timely information, there may be inadvertent inaccuracies, errors and omissions, for which we apologize. We reserve the right to make changes and corrections at any time, without notice.

The content is provided "AS IS," "AS AVAILABLE." CME Group does not warrant the accuracy or completeness of the information, text, graphics, links, or other items contained on the site, and CME Group expressly disclaims liability for errors or omissions in these materials. CME Group makes no commitment to update the information contained on the site.

Nothing contained on www.futuresfundamentals.cmegroup.com constitutes investment advice, nor does it constitute the solicitation of the purchase or sale of any futures or options. CME Group expressly disclaims all liability for the use or interpretation by others of information contained in www.futuresfundamentals.cmegroup.com. Decisions involving or incorporating information contained on www.futuresfundamentals.cmegroup.com are the sole responsibility of the visitor, and in exchange for using www.futuresfundamentals.cmegroup.com the visitor agrees to hold the CME Group and its affiliates and licensors harmless against any claims for damages arising from any decisions that the visitor makes involving or incorporating such information.

DHTML menu code was used, in part, in the creation of the graphic user interface on this site. This code is used with the permission of Peter Belesis and internet.com Corp, Copyright © 2000. All rights reserved. For further information about DHTML code, or internet.com Corp, please see: http://www.dhtmlab.com/.

Liability Restrictions

CME Group is not responsible for technical, hardware or software failures of any kind; lost or unavailable network connections; incomplete, garbled or delayed computer transmissions. Under no circumstances will CME Group or its suppliers be liable for any damages or injury that results from the use of the materials on this site. Some jurisdictions prohibit the exclusion or limitation of liability for consequential or incidental damages, in which case the above limitation may not apply to you.

The materials on this site are provided "as is" and without warranties of any kind to the fullest extent permissible pursuant to applicable laws.

Enforcement of Terms and Conditions

These terms and conditions are governed and interpreted pursuant to the laws of the State of Illinois, United States of America, notwithstanding any principles of conflicts of law. If any part of these terms and conditions is unlawful, void or unenforceable, that part will be deemed severable and will not affect the validity and enforceability of remaining provisions. CME Group can revise these terms and conditions at any time by updating this site.

Privacy

For general information on the privacy terms and conditions visit www.cmegroup.com.

© 2016 CME Group. All rights reserved.