Notes to Fund Performance

1. Estimated return for the current month-to-date when this report was created. All other returns and statistics are calculated as at the date of this report.
2. Sharpe Ratio is calculated using monthly returns. The numerator is the monthly return of the unit class over the RBA Cash rate. The denominator is the standard deviation from Note 3 below.
3. Standard Deviation uses the monthly return of the unit class, multiplied by the square root of 12 to annualise it.
4. Maximum Drawdown uses the compounded estimated daily return series, from each peak to the next trough.
5. Beta to Equities is the slope of the line of best fit in a linear regression equation with the monthly return of the unit class over the RBA cash rate versus the monthly return of the SPY ETF over the Fed Funds rate.

Important Disclosures

Historical Performance, whether Live or simulated,may not be indicative of Future performance. Trading Equities, FX, &Futures involves significant risks of loss, which may not suitable for allinvestors. Investors should only choose to invest funds they can afford tolose, without negatively impacting lifestyle. Price characteristics are notpredictable or repetitive, thus any strategy developed using historical datawill be equally unpredictable. We do not guarantee nor claim our solutions willperform positively and/or reflect their historical results. In fact, there canbe significant differences between historical & live results. Pleaseconsult your investment professional before choosing a trading or investingstrategy, to ensure it meets your investment objectives & risk tolerances.All metrics and data shared are historically simulated, not live/real, andcannot accurately reflect live trading conditions. As all simulated data isinherently limited in its ability to reflect live actions. All articles, posts,comments, & info displayed is my personal opinion and for educationalpurposes only, not to be considered investment advice, nor a solicitation ofany individual product, service, asset, and/or equity.

This presentation is intended solely for wholesaleclients as defined under the Corporations Act 2001 (Cth) and accreditedinvestors under applicable United States securities laws. Adaptive AlphaResearch Pty Ltd holds an Australian Financial Services Licence (AFSL No.554884) and is also registered or licensed in the United States to providepermitted financial services.