Commodity Trading Advisor Profiles

Le Mans Trading LLC - Adaptive Volatility Edge

Principal(s): JonPaul Jonkheer & Tyler Resch
Strategy: Quantitative, Volatility, Spreads / VIX & S&P 500
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Investment Restrictions: 4.7 Exempt - QEPs Only++
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Statistics & Program Information

Mar Return 0.25%	Worst Drawdown ⁽²⁾ -4.86%	Minimum Investment $300,000
YTD Return -0.55%	Losing Streak ⁽³⁾ -0.55 %	AUM⁽⁵⁾ $4,300,000
Annual CROR⁽¹⁾ N/A	Sharpe Ratio ⁽⁴⁾ 1.32	Calmar Ratio ⁽⁶⁾ 2.33

Trading Methodology 75% Systematic 25% Discretionary	Style Sub-Categories Contrarian Pattern Recognition Volatility Quantitative Trend Anticipatory Spread Absolute Return	Trading Style
Market Sector 10% Stock Indices 90% VIX	Holding Period 100% Short Term	Sector US Contracts

Start Date Oct-2023	Currency US Dollar	Margin ⁽⁷⁾ 10%
New Money Yes	AUM ⁽⁵⁾ $4,300,000	Management Fee 2%
Min Investment $300,000	Annual CROR⁽¹⁾ N/A	Incentive Fee 20%
Fund Minimum $0	Losing Streak ⁽³⁾ -0.55 %	Other Fees None
Notional Funds Yes	Worst Drawdown ⁽²⁾ -4.86 %	Avg Comm ⁽⁸⁾
NFA Member No	Sharpe Ratio ⁽⁴⁾ 1.32	Max Comm ⁽⁹⁾
NFA Number 0531607	Calmar Ratio ⁽⁶⁾ 2.33	Round Turns ⁽¹⁰⁾ 2,500

Starting Date: Oct-2023	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $4,300,000
Open to US Investors: Yes	Annual CROR: 14.31%
Minimum Fund Investment: $0	Worst Monthly Drawdown: -6.34
Minimum Managed Account: $300,000	Current Losing Streak: -0.55 %
Domocile:	Calmar: 2.33
Subscriptions: N/A	Sharpe Ratio: 1.32
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: 0.00%	Auditor: Not Listed
Incentive Fee: 0.00%	NFA Member: No
Other Fees: None	FINRA Member: No
	Other Memberships: None

Type of Fund:	Domicile:	Strategy:

Correlations: AG CTA Index: 0.190 AG Systematic CTA Index: 0.138

P - Proprietary Trading Results * C - Client Trading Result * P&C - Combines Client & Proprietary Trading Results (the accounting notes will identify the time frame for each. 1. Rates of Return: Rate of Returns are calculated from the start date of each program. Usually returns are calculated based on the Annual Compounded Rate of Return method. In some cases returns have been calculated on a Non-Compounded basis. This would occur when a Manager trades based on account unit rather than on account equity. The Annual Compound Rate of Return ("Annual CROR") represents the compounded rate of return or each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. The Annual Rate of Return ("Annual ROR") is the annualized Mean Return. 2. The Worst Peak-to-Valley Drawdown ("Worst Drawdown") is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by the trading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value. 3. Start & End Dates: Indicates the Start and End Dates of the Worst Peak-to-Valley Drawdown. 4. The Current Losing Streak ("Losing Streak") represents the extent of the Advisor's current drawdown. 5. Annualzied Standard Deviation is one way to look at consistency of returns. It measures the degree by which the monthly returns vary from the average (mean) return. 6. Downside Deviation is a measure of downside volatility. It only considers those monthly performance results that are less than the monthly Minimum Acceptable Rate of Return. 7. The Sharpe Ratio is a risk-adjusted ratio that rewards consistency of returns. Traders are penalized for volatility regardless of whether it is on the up or downside. The Sharpe Ratios is calculated using a 1% risk-free rate of return. 8. The Sortino Ratio is a risk-adjusted ratio. The higher the number the better. Results are dependent upon the Minimum Acceptable Rate of Return (currently set at 5%. 9. The Sterling Ratio is a risk-adjusted return measurement calculated by dividing the Annualized Compound ROR by the Average Yearly Maximum Drawdown less an arbitrary 10%. The Sterling Ratio is normally calculated using the last 36 months of data. 10. The Calmar Ratio represents the historical amount gained for each dollar risked. A higher number is better. Unless otherwise denoted the Calmar Ratio is calculated by dividing the 36 month Compounded ROR by the 36 month Peak to Valley Drawdown. Traders with less than 36 months of data or a negative Calmar Ratio will be indicated by N/A. 11. The Omega Function accounts for the non-normal distributions of returns and takes into account the investor's preferences for loss and gain. Omega is computed directly from the returns distribution and measures the total impact of the moments instead of each one of them individually. 12. Minimum Investment represents the minimum account size. 13. Assets Under Management ("AUM") represents the current nominal assets traded by the Manager. 14. The Number of Winning Months represents the months with positive return. 15. The Number of Losing Months represents the months with negative return. 16. The Percentage of Winning Months represents the % of winning months. 17. Margin to Equity ("Margin") represents the average margin as a percent of a fully funded account. 18. Round Turns per Million ("Round Turns") represent the average number of round turns that would be generated in a $1,000,000 account. 19. Average Commission ("Avg Comm") represents the average commission rate of the composite track record. A higher or lower commission rate would increase or decrease the performance accordingly. 20. Maximum Commisions ("Max Comm") is the Maximum Round Turn Rate allowable by the Manager.

Trading Description, Risk Strategy & Background

Trading Description

Under normal circumstances, equity markets tend to exhibit a gradual upward drift with occasional minor corrections. In such environments, the term structure of VIX Futures typically assumes a Contango shape. This means that nearer expiries are perceived as more predictable, while uncertainties increase as we look further into the future. In this scenario, profits can be generated by taking covered short positions in VIX Futures, as they gradually decline along the curve, unless there is a substantial increase in volatility.

Conversely, when equity markets experience significant turmoil, such as a market crash, the implied volatility of options tends to surge. This spike in volatility causes the term structure to shift into a state known as backwardation.

Risk Strategy

The Adaptive Volatility Edge strategy stands out with its innovative approach to trading the Volatility Index (VIX), employing a combination of multiple momentum models and mean reversion-based systems. These systems incorporate key elements such as price, time, level of volatility, and term structure within their dynamic models, enabling a comprehensive and adaptive trading approach.

Our strategy is designed to generate profits by analyzing term structures and strategically positioning ourselves accordingly. Additionally, we make use of the inherent mean-reversion characteristics observed in volatility markets to enhance our trading approach. By capitalizing on these dynamics, we aim to exploit potential opportunities to maximize returns while achieving diversification for risk reduction.

Background

Tyler Resch: Mr. Resch is a senior member of the portfolio management team, he plays a pivotal role in assisting both retail and institutional clients in constructing well-balanced, diversified, and non-correlated portfolios of managed futures. Mr. Resch's deep understanding of alternative investments and portfolio management has earned him recognition in esteemed financial publications, including The Wall Street Journal, CTA Intelligence, and Commodities Now.

Mr. Resch served as a Commodity Trader at Lind-Waldock. Working as part of a dynamic team, he was responsible for trading highly liquid contracts with a specific focus on systematic trading. This experience fortified his knowledge and honed his skills in navigating the complexities of the market. With his extensive background and demonstrated expertise, Mr. Resch is committed to delivering exceptional portfolio management services and guiding clients towards achieving their investment goals.

JonPaul Jonkheer: Mr. Jonkheer plays a pivotal role at Le Mans Trading, overseeing the firm's daily operations and spearheading strategic initiatives. With a focus on business development, he actively cultivates relationships with industry professionals in the managed futures space. His extensive experience includes co-founding IASG Alternatives LLC in March 2015, a boutique broker dealer that offers hedge funds and managed futures funds to qualified investors.

Mr. Jonkheer's profound insights into the managed futures industry have gained recognition and have been featured in prominent financial publications and online platforms, including The Wall Street Journal, Michael Covel, and CTA Intelligence. Before joining IASG, he excelled as a sales and marketing executive for 12 years, bringing valuable expertise and a strong business acumen to his current role. Through his leadership, expertise, and established industry connections, Mr. Jonkheer contributes significantly to Le Mans Trading's growth and success.

Accounting Notes:

The monthly performance trading results are actual and independently verified. Pro Forma results are adjusted for a 2% Management fee calculated monthly and a 20% quarterly Incentive fee. The performance from January 2020 through August 2023 represents the live trading results for an account traded by the developer of the strategy.

Performance

Monthly Performance Since January 2020

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR*	Max DD
2024	-0.76%	-0.04%	0.25%										-0.55%	-0.8%
2023	2.33%	-0.42%	2.55%	2.06%	1.82%	2.77%	1.29%	1.69%	-1.18%	1.39%	2.62%	0.76%	17.68%	-1.18%
2022	0.79%	-0.21%	2.08%	-4.86%	4.47%	-0.55%	3.74%	0.75%	-2.79%	2.48%	2.07%	1.52%	9.49%	-4.86%
2021	-3.81%	4.82%	4.38%	0.57%	1.48%	1.60%	-2.12%	1.96%	-1.58%	2.32%	-1.25%	3.36%	11.73%	-3.81%
2020	-1.78%	-4.64%	10.91%	4.38%	3.44%	1.72%	-0.26%	-3.33%	3.74%	-0.15%	7.03%	-0.27%	20.79%	-6.34%

*The Annual ROR (Rate of Return) for Fixed Trade Level Accounts has been calculated by adding each monthly return.

Annual Performance

Years	2020	2021	2022	2023	2024 YTD
ROR	20.79%	11.73%	9.49%	17.68%	-0.55%
Max DD	-6.34%	-3.81%	-4.86%	-1.18%	-0.80%

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

VAMI, Assets under Management & Worst Drawdown

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Monthly Returns

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++Qualified Eligible Investors Only:

A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

Exemptions:

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

RISK DISCLOSURE

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND/OR FOREIGN EXCHANGE ('FOREX') 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.

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