We at Graham Capital Management, L.P. (“Graham”), along with our affiliates, respect your concerns about privacy. This Cookie Policy (“Cookie Policy”) describes the types of personal information we obtain, how we use the information, with whom we share it and the choices available to you regarding our use of the information.

Like many websites, this website uses cookies. When you visit our site(s), open our emails or interact with Graham – related tools, widgets or plug-ins, we may obtain certain information by automated means, such as through cookies, web server logs, web beacons and JavaScript. A cookie is a text file that a website saves on your computer or mobile device when you visit a website. It enables the website to remember your actions and preferences (such as your login) over a period of time, so you don’t have to keep re-entering them whenever you come back to the website or browse from one page to another. A “web beacon,” also known as an Internet tag, pixel tag or clear GIF, links web pages or applications to web servers and may be used to transmit information back to a web server.

How are first party cookies used on this website?

First party cookies are cookies set by us. We use two types of first party cookies on this website: session cookies and persistent cookies. A session cookie is a temporary cookie that remains on your device until you leave the website. Session cookies are essential to make our website work correctly, as they enable you to move around our website and use our features. A persistent cookie remains on your device for much longer, or until you manually delete it (how long the cookie remains on your device will depend on the duration or “lifetime” of the specific cookie and your browser settings). Persistent cookies help us recognize you as a return user to our website so it’s easier and convenient to return to and interact with our website. In addition, persistent cookies also help us recognize and record information about your browsing habits on our website during the lifetime of the persistent cookie.

We use cookies on our website to personalize your experience on the website and to make your future activities and experience on our website more efficient. We also use cookies to track, compile and analyze usage, navigational and other statistical information that allow us to understand how visitors use our website, and to help us improve the structure and content of the website. The cookie-related information is not used to identify you personally. The information we obtain in this manner may include IP addresses, unique device identifiers, browser and operating system characteristics, device characteristics, language preferences, clickstream data, referring/exit URLs, information on actions taken, dates and times of activity and other technical information.

How a third party cookies used on this website?

We also use third party cookies, which are cookies from a domain different than the domain of the website you are visiting, to enable us to better deliver current and future services to you.

More specifically, we use cookies and other tracking technologies for the following purposes:

  • Assisting you in website navigation.
  • Assisting in registration to our events, login, and your ability to provide feedback.
  • Analyzing your use of our products, services, or applications
  • Assisting with our promotional and marketing efforts

Below is a detailed list of the cookies we use on our website.

Cookie List:


id Domain Duration Description




Issued by Microsoft’s ASP.NET Application, this cookie stores session data during a user’s website visit.


id Domain Duration Description
_ga       .grahamcapital.com        2 years The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site’s analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gid     .grahamcapital.com            1 day   Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website’s performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT .youtube.com  2 years YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.


id Domain Duration Description
_gat     .grahamcapital.com        1 minute            This cookie is installed by Google Universal Analytics to restrain request rate and thus limit the collection of data on high traffic sites.
__utma .grahamcapital.com        2 years This cookie is set by Google Analytics and is used to distinguish users and sessions. The cookie is created when the JavaScript library executes and there are no existing __utma cookies. The cookie is updated every time data is sent to Google Analytics.
__utmc .grahamcapital.com        session The cookie is set by Google Analytics and is deleted when the user closes the browser. It is used to enable interoperability with urchin.js, which is an older version of Google Analytics and is used in conjunction with the __utmb cookie to determine new sessions/visits.
__utmz .grahamcapital.com        6 months            Google Analytics sets this cookie to store the traffic source or campaign by which the visitor reached the site.
__utmt .grahamcapital.com        10 minutes            Google Analytics sets this cookie to inhibit request rate.
__utmb .grahamcapital.com        30 minutes            Google Analytics sets this cookie, to determine new sessions/visits. __utmb cookie is created when the JavaScript library executes and there are no existing __utma cookies. It is updated every time data is sent to Google Analytics.


Advertisement – Third Party YouTube

id Domain Duration Description
YSC .youtube.com  session YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
VISITOR_INFO1_LIVE     .youtube.com  5 months 27 days A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
yt-remote-device-id            .youtube.com  never   YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-connected-devices .grahamcapital.com        never YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::requests       youtube.com   never This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::nextId          .grahamcapital.com        never This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.



id Domain Duration Description
DEVICE_INFO     .youtube.com  5 months 27 days     No description.

Other Third Party

id Domain Duration Description
PFCE grahamcapital.ProFundCom.net 6 months Encoding of the email parameter in the last tracked link opened. When an email is opened in an email client it opens a weblink to a url. The contents of the link are encoded in the cookie so that when they access other non-email content we can identify who they are.


PFCT grahamcapital.ProFundCom.net 6 months The time that the cookie was last set by ProFundCom. This cookie enables ProFundCom to track the last time any digital content was accessed and tracked.
PHPSESSID grahamcapital.ProFundCom.net Session The time that the cookie was last set by ProFundCom. This cookie enables ProFundCom to track the last time any digital content was accessed and tracked.


Third-Party Analytics Services

We use third-party web analytics services on the site(s), including Google Analytics, and ProFundCom. The analytics providers that administer these services use technologies such as cookies, web beacons and web server logs to help us analyze how visitors use the Sites. The information obtained for this purpose (including your IP address and other information collected by automated means) will be shared with or collected directly by these third-party service providers, and other relevant third parties who use the information to evaluate use of the site(s). To learn more about these analytics services and how to opt out (where applicable), please visit:

Do we sell your information to third parties? No.

How do I change my cookie settings?

You can control and/or delete cookies as you wish. You can delete all cookies that are already on your computer and you can set most browsers to prevent them from being placed. If you do this, however, you may have to manually adjust some preferences every time you visit our site(s) and certain functionalities may not work.

Most browsers accept cookies automatically, but you can alter the settings of your browser to erase cookies or prevent automatic acceptance if you prefer. Generally, you have the option to see what cookies are active and delete them individually, block third party cookies or cookies from particular sites, accept all cookies, to be notified when a cookie is issued or reject all cookies. Visit the ‘options’ or ‘preferences’ menu on your browser to change settings and check the following links for more browser-specific information.

Cookie settings in Internet Explorer

Cookie settings in Firefox

Cookie settings in Chrome

Cookie settings in Safari

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Welcome to Graham Capital Management

By entering this website you are agreeing to its Terms of Use.

The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in commodity trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains.

In some cases, managed commodity accounts are subject to substantial charges for management and advisory fees. It may be necessary for those accounts that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the commodity trading advisor (“CTA”). The regulations of the commodity futures trading commission (“CFTC”) require that prospective clients of a CTA receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. This brief statement cannot disclose all of the risks and other significant aspects of the commodity markets. Therefore, eligible investors should carefully study the disclosure document to determine whether such trading is appropriate for you in light of your financial condition. Eligible investors are encouraged to access the disclosure document by contacting Graham, which will be provided  at no additional cost. The CFTC has not passed upon the merits of participating in this trading program nor on the adequacy or accuracy of the disclosure document. Other disclosure statements are required to be provided to you before a commodity account may be opened for you.  By accepting the terms of this statement and entering the site you are confirming your understanding of this statement.

Any “benefit plan investor” (e.g. An IRA or other ERISA investor) investor is hereby deemed to represent to Graham Capital Management (“Graham”) that an independent fiduciary (as defined in the ERISA fiduciary rule) is exercising its independent judgment with regard to such investor’s investment in any Graham managed fund and is aware of and acknowledges and agrees that Graham and its affiliates are relying on the exception set forth in clause (c)(1) of the ERISA fiduciary rule (i.e., the “transactions with independent fiduciaries with financial expertise” exception) with respect to any communications made to the investor or the investor’s fiduciary that are considered recommendations concerning any transaction and such benefit plan investor.

Although the site may include investment-related information, nothing on the site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy.

We do not give any advice or make any representations through the site as to whether any investment is suitable to you or will be profitable.

Nothing on the site is intended to be, and you should not consider anything on the site to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants or attorneys regarding your individual circumstances and needs.

The past performance of any investment, investment strategy or investment style is not indicative of future performance.

If you have been provided with a password to access the site you are solely responsible for maintaining the confidentiality and security of your password. You may not disclose your password to any third party. You accept full responsibility for any use of your password. You must notify Graham immediately of any actual or suspected loss, theft or unauthorized use of your password.

We are not obligated to inquire as to the authority or propriety of any use of or action taken under your password. We will not be responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions.

The site, including all content, is provided as is and as available.

We disclaim all representations and warranties, express or implied, of any kind with respect to the site and the content including warranties of merchantability, fitness for a particular purpose and non-infringement of intellectual property and proprietary rights.

Without limiting our general disclaimer, we do not warrant the availability, accuracy, completeness, timeliness, functionality, reliability, sequencing or speed of delivery of the site or the content.