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Billing
Policy
We do not expect that all the markets or all the systems will trade all the time. Each has a low volatility shut off. This is reflected in portfolio configuration, historical performance, and subscription pricing. These periods of no or low trading activity are also reflected in the calculations showing what percentage subscription fees are of net trading gain. Note that subscription costs have been overall less than would be CTA performance fees. So don’t feel you have to substitute something when components go thru shut off periods. We provide our portfolios at ‘cut rate’ pricing (count the components) largely to accommodate periods when multiple markets and systems will go thru shut off periods, and because some people will not wish to trade all the markets represented in the portfolios. As you consider what your subscription is costing in relationship to trading performance, use at least 12 months as your time horizon, not just a month or few.
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