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Schindler Capital Management, LLC - Dairy Advantage Program

Principal(s): Daniel Schindler
Strategy: Fundamental / Ag & Livestock
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Statistics & Program Information

Nov 2025 Return -0.14%	Worst Drawdown ⁽²⁾ -41.49%	Minimum Investment $400,000
YTD Return: -13.83%	Losing Streak ⁽³⁾: -33.96%	AUM ⁽⁵⁾: $652,170
Annualized CROR⁽¹⁾ 28.78%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.46	Calmar Ratio ⁽⁶⁾: N/A
2) Annualized ACROR is based on compounding. Please see Footnotes for more information.

Trading Methodology 100% Discretionary	Style Sub-Categories Fundamental	Trading Style 100% Trend Following
Market Sector 100% Dairy - Class III Mil Futures	Holding Period 45% Long Term 45% Medium Term 10% Short Term	Geographic Sector US Contracts: Futures

Start Date Aug-2005	Currency US Dollar	Management Fee 2.00%
Accepting New Accounts Yes	Min Investment $400,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $0	Other Fees None
NFA Number 0410568	Margin ⁽⁷⁾ 5-10%	Avg Comm ⁽⁸⁾ $50.00
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 250	Max Comm ⁽⁹⁾ 0.00

Starting Date: Aug-2005	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $652,170
Open to US Investors: Yes	Annualized CROR: 19.15%
Minimum Fund Investment: $0
Minimum Managed Account: $400,000	Current Losing Streak: -33.96 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR 0.46
Redemptions: N/A	US Attorney: Not Listed
Lock Up: N/A	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: Not Listed
Administraton Fee: 0.00%	Prime Broker: Not Listed
Management Fee: 2.00%	Auditor: Not Listed
Incentive Fee: 20.00%	NFA Member: Yes
Selling Fee: 0.00%	FINRA Member: No
Other Fees: None	Other Memberships:

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: CTA Services LLC

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The Advisor focuses on factors that affect the supply and demand of a particular commodity which are examined in order to predict future prices for markets included in its Advantage trading programs. For example, some of the fundamental factors affecting the dairy markets include milk production statistics, dairy cow slaughter numbers, cost of feed, crop production, yield statistics, planting intentions and weather. Fundamental factors affecting demand include commercial disappearance of dairy end-products, dairy exports, historic and seasonal patterns, and general U.S. and world economic conditions. In addition to USDA and NASS weekly and monthly reports, the Advisor has developed a network of individual dairy farmers across the country, commercial cheese operations and traders that help him come up with his bias on the market. Trade volume is expected to be quite low, since this is a trend-following approach. Positions are typically held several days, and even weeks to months are not uncommon. However, there may be times when trade volume increases for short periods, such as when positions are exited or reversed due to a sudden change in the trend.

Risk Strategy

N/A

Background

Daniel Scott Schindler was born in 1966 and is the sole principal, registered associated person, and managing member of the Advisor. He is responsible for all trading decisions and the general management of the firm. Mr.Â Schindler earned a Bachelor of Science degree in Applied Mathematics from the University of Wisconsin-Stout in 1991. From February 2004 through December 2020, Mr. Schindler was a full-time futures trader and broker at KDM Trading, Inc., a boutique dairy-risk management brokerage, holding the position of Vice President. Mr. Schindler has been a listed principal of the Advisor since May 7, 2009 and a registered associated person of the Advisor since June 30, 2009.

Performance

Monthly Performance Since Aug 2005

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	-3.82%	-2.87%	-0.14%	-0.16%	7.62%	-7.73%	-7.98%	1.67%	-0.14%	-0.14%	-0.14%		-13.83%	-15.09%
2024	0.77%	-1.48%	-5.96%	2.58%	13.16%	-3.85%	6.26%	13.73%	4.79%	-9.86%	-6.01%	-0.14%	11.64%	-15.40%
2023	-6.38%	-0.62%	-1.19%	-3.33%	-1.01%	0.00%	-0.56%	4.18%	-3.07%	-0.27%	-0.02%	-0.09%	-12.00%	-12.52%
2022	-0.52%	1.81%	4.53%	0.37%	2.64%	-5.06%	-16.33%	-2.69%	4.11%	-3.67%	1.77%	-1.12%	-14.92%	-22.70%
2021	-0.12%	-0.33%	0.03%	-0.78%	-8.04%	-5.31%	-0.09%	0.66%	3.48%	1.12%	-0.66%	10.13%	-0.95%	-14.04%
2020	-0.15%	-0.25%	-3.65%	-0.07%	10.27%	13.23%	-0.14%	-7.91%	-0.27%	2.42%	-1.09%	-0.02%	11.21%	-8.29%
2019	-0.66%	0.26%	0.95%	2.54%	0.16%	2.20%	-0.03%	-1.07%	5.06%	8.37%	0.81%	0.28%	20.14%	-1.10%
2018	0.34%	-0.19%	0.19%	0.47%	-1.33%	-2.61%	-0.15%	1.40%	-4.87%	-2.72%	-0.14%	-0.12%	-9.47%	-10.20%
2017	-1.61%	-0.15%	-0.12%	-0.72%	3.40%	-5.36%	0.74%	-4.22%	-0.12%	0.60%	-0.11%	-0.49%	-8.12%	-8.79%
2016	0.40%	-0.40%	-0.85%	1.59%	-0.17%	6.13%	1.37%	-0.92%	-0.16%	-0.24%	1.98%	1.22%	10.19%	-1.32%
2015	-0.68%	-0.50%	-0.22%	-0.09%	-0.38%	0.11%	-0.18%	-0.16%	-1.94%	-0.10%	-0.19%	0.85%	-3.44%	-4.26%
2014	17.07%	-0.80%	10.86%	-0.13%	-0.18%	-0.11%	0.91%	10.80%	1.64%	-0.19%	0.91%	1.53%	48.99%	-0.80%
2013	-0.23%	0.77%	-0.12%	2.12%	1.42%	-10.80%	-0.31%	2.05%	-1.44%	7.59%	-1.40%	2.52%	1.18%	-11.08%
2012	0.12%	3.14%	-1.10%	-1.07%	3.42%	11.92%	-5.16%	1.67%	3.67%	-3.30%	-10.73%	-3.73%	-2.87%	-16.94%
2011	14.55%	20.17%	5.78%	6.10%	16.82%	-7.88%	33.75%	-13.89%	-4.32%	6.89%	-0.13%	-0.13%	95.32%	-17.61%
2010	-22.82%	-6.26%	2.96%	4.54%	-10.74%	-1.00%	4.86%	6.98%	6.10%	-3.71%	-2.66%	-5.48%	-27.44%	-31.19%
2009	12.34%	-0.70%	16.32%	-7.84%	6.33%	-4.81%	4.90%	-22.09%	21.52%	22.54%	7.98%	-14.97%	35.25%	-23.76%
2008	-7.61%	13.68%	-26.00%	45.19%	4.93%	19.32%	-9.97%	3.61%	-5.92%	-11.61%	1.85%	42.82%	59.42%	-26.00%
2007	21.36%	4.32%	36.91%	138.10%	14.81%	3.10%	-24.20%	77.52%	-6.14%	3.00%	-1.45%	13.44%	610.45%	-24.20%
2006	13.99%	47.51%	3.85%	-1.29%	-8.15%	6.85%	-2.10%	0.38%	-6.03%	-1.56%	9.25%	4.82%	76.10%	-11.93%
2005								-11.20%	3.20%	-6.67%	-13.73%	1.22%	-25.31%	-26.21%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

Footnotes

1. The Annualized Compounded ROR ("Rate of Return") is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth. 2. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % the time-period. 3. Sharpe Ratio uses a 4% Risk Free ROR (Rate of Return) 4. Calmar Ratio Uses last 36 months of Data 5. The hypothetical growth of $1,000

RISK DISCLOSURE

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, FOREIGN EXCHANGE ('FOREX') AND/OR CRYPTOCURRENCIES IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.

THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.

AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.