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# Disclosures

## Hypothetical results

Papyrus is a simulation tool. Results are hypothetical, are not based on actual trading, and do not predict or represent future results. Hypothetical results have inherent limitations: they do not account for liquidity, spreads, slippage or market impact the way real trading would, and options results from modeled data use a constant volatility assumption.

## No advice, no execution

Papyrus does not provide investment, legal or tax advice, does not execute trades or hold customer funds.

## Third-party data

Market data is provided by third-party sources and may be delayed, incomplete or inaccurate.

## Simulation assumptions

Historical bars carry no bid or ask. Slippage and half-spread are settings chosen by the user, so simulated fills are assumptions rather than the fills a broker would have provided. Expired options are modeled with Black-Scholes using a flat implied volatility supplied by the user.

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