Tracking CTAs since 1994
AP Futures LLC
Volatility Trading Program
Principal(s): Andrew Haleen
Strategy: Spreads / Volatility / Stock Indices
Statistical Reports are Subscription Based
Trading Description, Risk Strategy & Background
The Advisor focuses on the following factors with respect to positioning the portfolio:
- Level of the Volatility Surface
- Steepness of the Volatility Surface
- Curvature of the Volatility Surface
- Beta of Portfolio to Spot Volatility
- Excess Capital Remaining in Stressed Market Scenarios
The Advisor believes that risk management is critical to generating long-term wealth-building returns and that expected returns vary over time. Therefore, the Advisor takes a pro-active approach to risk management by varying the portfolio's exposures during different market environments with the goal of reducing drawdowns and capturing favorable risk/return probabilities as they are presented. The Advisor recommends that clients do not try to time the strategy, but instead consider the offered program to be part of a diversified investment portfolio to be held for many years.
Andrew Haleen is the sole principal, founder, and managing member of AP Futures, LLC. He registered as an associated person with the NFA and listed as a Principal of the Advisor on December 29, 2016. Mr. Haleen began trading client accounts as the Principal of AP Futures, LLC on January 30, 2017 and is responsible for all trading decisions and management of the Advisor. Mr. Haleen has been trading VIX futures since September 2013. He developed this trading program's strategy by combining aspects of various trading strategies from his professional experience in the credit and equity volatility markets that he believes are particularly well suited for VIX Futures.
Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.48% | – | – | – | – | – | – | – | – | – | – | – | -1.48% | -1.48% |
| 2025 | 1.01% | -0.34% | -0.79% | -11.66% | 5.38% | 2.59% | 3.63% | 3.27% | 1.82% | 0.40% | 1.43% | 4.25% | 10.34% | -12.66% |
| 2024 | 0.56% | 1.07% | 1.09% | -1.28% | 1.61% | 0.96% | -0.83% | 4.20% | -1.05% | -4.58% | 6.16% | -5.12% | 2.25% | -5.59% |
| 2023 | 3.16% | -0.20% | -2.90% | 5.71% | 1.56% | 5.16% | 1.76% | 0.62% | -1.80% | -2.71% | 3.30% | 1.99% | 16.33% | -4.46% |
| 2022 | -7.94% | -6.34% | -1.37% | -3.01% | 3.02% | -6.99% | 6.24% | 0.14% | -3.83% | 0.94% | 5.00% | 1.66% | -12.88% | -20.97% |
| 2021 | -4.90% | 13.94% | 7.25% | 2.92% | 0.17% | 2.62% | 1.54% | 3.76% | -2.53% | 6.67% | -2.19% | 8.15% | 42.46% | -4.90% |
| 2020 | -5.78% | -6.93% | 6.62% | -4.55% | 1.69% | -7.09% | 10.05% | -0.48% | 2.82% | -1.98% | 20.62% | 3.45% | 16.14% | -15.68% |
| 2019 | 13.74% | 1.77% | -0.49% | 2.63% | -11.57% | 4.62% | 2.20% | -8.12% | 5.36% | 5.65% | 3.49% | 0.61% | 19.02% | -13.13% |
| 2018 | -3.28% | -12.72% | 0.95% | 11.39% | 4.03% | -0.90% | 3.75% | 1.79% | 1.36% | -17.48% | 9.26% | -27.13% | -31.17% | -34.30% |
| 2017 | – | -2.19% | 3.37% | -0.55% | 3.30% | 0.63% | 0.46% | 0.92% | 4.09% | 3.64% | 0.33% | 1.19% | 16.06% | -2.19% |
Accounting Notes: Performance Shown starts in Feb 2017 which is when AP Futures registered as a CTA. For performance of AP Futures prior to Feb 2017 please contact the Advisor directly.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.>
Risk Disclosure
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.