Meridian is a financial research, information, and publishing service. Meridian is not registered or licensed as an investment adviser, broker or dealer, commodity trading adviser, portfolio manager, exchange, trading venue, or custodian. The Service does not execute trades for you, accept or transmit your orders, hold or safeguard your assets, exercise discretion over your portfolio, connect to or control your brokerage, exchange, wallet, or other financial account, operate a trading venue, or automatically place, mirror, or copy trades. Any position, transaction, order, allocation, portfolio, or Performance shown or described through the Service is hypothetical, simulated, or model-based Financial Content. It does not represent, and need not correspond to, trading, holdings, or results in any actual account. Any price, rate, yield, spread, level, valuation, size, timestamp, target, stop, entry, exit, or other value displayed, recorded, calculated, or referenced in Financial Content may be indicative, modeled, estimated, historical, delayed, composite, closing, settlement, evaluated, or derived. It is not a firm bid, offer, or quote as to price or size and is not evidence that any transaction was executed. All such Performance is hypothetical, simulated, or model-based. It does not represent trading in a funded account, the performance of an actual customer or Meridian account, an audited record, or results achieved by any user. Hypothetical, simulated, backtested, and model-based results have inherent limitations and do not represent or guarantee future results. Any compounded, cumulative, indexed, or otherwise aggregated Performance is a mathematical calculation based on Meridian’s methodology and assumptions. It does not represent portfolio performance and may not reflect position sizing, capital allocation, notional exposure, instrument multipliers, overlapping positions, cash flows, leverage, or capital constraints. Meridian Parties may directly or indirectly hold, acquire, dispose of, or otherwise transact in an issuer, asset, instrument, or related instrument discussed in Financial Content. A Meridian Party’s trading or position need not align with any Financial Content or another Meridian Party’s position or view. Financial Content is general and impersonal information for an audience. It is not individualized investment advice. See Financial Content and Related Risks in the Terms.