Statistical Analysis Report

Report Start Date Report End Date

Trading Strategy: Supply & Demand / Currencies, Gold, WTI & Indices
Non-US Investors Only

Program Description: Chelton Wealth's Currency Alpha program employs supply and demand trading. Supply and demand trading is a trading method where the idea is to find points in the market where price has made a strong advance or decline and mark these areas as supply and demand zones using rectangles. The point in which the price has made a strong advanced is marked by the trader as a demand zone. A point where the market has made a sharp decline is marked as a supply zone. The main premise of supply and demand trading is when the market makes a sharp move up or done and the large institutions (i.e., banks and hedge funds) are not able to get their entire trade placed into the market, therefore they leave pending orders to buy or sell at the zone with the expectation that the market will return to the zone and the rest of their trading position will be filled. The Markets traded include G10 currency majors and crosses, Gold (XAUUSD), WTI and Indices CFDs. (This is also available as a spot FX Only strategy). Managed accounts may be denominated in CHF, EUR, GBP and USD.

Investment Information

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Gross Performance See Accounting Notes+++

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2019	7.23%	5.90%	2.36%	1.56%	2.79%	3.92%	2.55%	-1.13%	2.02%	3.15%	-0.70%	3.45%
2020	2.17%	2.14%	1.29%	2.58%	2.63%	-3.49%	1.26%	1.46%	1.95%	0.51%	1.52%	0.98%
2021	0.41%	1.41%	1.01%	1.28%	-1.41%	-0.98%	2.22%	1.35%	1.96%	1.61%	3.63%	1.58%
2022	2.85%	4.13%	0.99%	1.56%	3.17%	0.10%	2.23%	2.26%	2.08%	1.29%	1.11%	1.21%
2023	1.66%	-0.93%	1.61%	4.36%	-1.04%	-0.84%	0.99%	0.96%	-1.83%	-2.08%	0.79%	-4.83%
2024	2.70%	3.22%	3.13%

	2019	2020	2021	2022	2023	2024 YTD
ROR	38.21%	15.91%	14.90%	25.48%	-1.48%	9.32%
Max DD	-1.13%	-3.49%	-2.38%	0.00%	-7.80%	0.00%

Track Record Prepared By: IQ-EQ Fund Administrator

Program Statistics
Omega Ratio % Threshold	3.95
Peak-to-Valley Drawdown (1) (Aug 2023 - Dec 2023)	-7.80%
Worst Monthly Return (Dec 2023)	-4.83%
Current Losing Streak	0.00%
Average Monthly Return	1.48%
Monthly Std. Deviation	1.99%
# Months with Positive Performance	52
# Months with Negative Performance	11
Gain to Loss Ratio	1.23

Annualized Statistics
Compound ROR (2)	18.96%
Standard Deviation	6.88%
Downside Deviation (3)	3.60%
Sharpe Ratio (4)	2.43
Sortino Ratio (5)	3.50
Calmar Ratio (6)	1.89
Sterling Ratio (7)	1.07
Profit Loss Ratio	5.83

Comparisons	Program	AG CTA Index	SP 500 TR
Annualized Compound ROR (2)	18.96%	5.64%	17.11%
Cumulative Return	148.78%	33.35%	129.11%
Cumulative VAMI(8)	2488	1334	2291
Largest Monthly Gain	7.23%	2.99%	12.82%
Largest Monthly Loss	-4.83%	-1.42%	-12.35%
Profit Loss Ratio	5.83	3.67	1.95
Correlation	—	-0.050	0.098
Last Month	3.13%	2.10%	3.22%
Last 12 Months	5.25%	8.51%	29.88%
Last 36 Months	50.98%	16.38%	38.61%

+++ Accounting Notes: Returns are based on proprietary accounts. Client accounts will be traded in like fashion. Results may differ, i.e., broker's spread and execution charges, fees, swap rates, slippage/execution delay, asset/product offering / deposit and risk settings.

The commissions and fees incurred on the purchase or sale of specific financial product illustrated are not included in the performance shown.

Disclosure
OTC Derivatives trading are high-risk investments. OTC Derivatives are leveraged products that can result in losses exceeding your initial deposit. Trading OTC Derivatives on margin carries a high level of risk, and may not be suitable for all individuals. The high degree of leverage offered can work against you as well as for you.

This is not a solicitation to invest and you should carefully consider your financial situation as to the suitability to your situation prior to making any investment or entering into any transaction. You should make yourself aware of all the risks associated with OTC Derivatives trading and seek advice from an independent financial advisor if you have any questions or concerns.

Past performance is not indicative of future results, returns may vary according to market conditions. Trading OTC Derivatives is speculative and may involve the loss of principal; therefore, funds placed under management should be risk capital funds that if lost will not significantly affect one's personal financial well-being.

No representation is being made that participating in a managed account will necessarily lead to profit. Investors may incur a series of consecutive losses and substantial equity drawdowns that can deplete their funds before the occurrence of any meaningful profit accumulation.

An Important Note on the Start Date and End Dates of this Report. If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. The Inception of this program is Mar 2018

*** Historical Drawdowns & Recoveries: The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Statistical Notes
1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2019-01-31 to 2024-03-31
2. The Compound Annual ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.
3. Downside Deviation uses a 5% Minimum Acceptable ROR
4. Sharpe Ratio uses a 1% Risk Free ROR
5. Sortino Ratio uses a 5% Minimum Acceptable ROR
6. Calmar Ratio Uses last 36 months of Data
7. Sterling Ratio uses last 36 months of Data
8. The hypothetical growth of $1,000 VAMI
ROR = Rate of Return

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document or Fund's Offering Document.