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LeanVal Asset Management AG - Athena UI Fond

Principal(s):
Strategy: Absolute Return Fund / Options
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Investment Restrictions: Non US Investors Only

Statistics & Program Information

Oct 2025 Return 0.35%	Worst Drawdown ⁽²⁾ -11.47%	Minimum Investment €1
YTD Return: 0.37%	Losing Streak ⁽³⁾: -0.74%	AUM ⁽⁵⁾: €80,000,000
Annualized CROR⁽¹⁾ 4.53%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.11	Calmar Ratio ⁽⁶⁾: N/A
2) Annualized ACROR is based on compounding. Please see Footnotes for more information.

Trading Methodology 60% Systematic 40% Discretionary	Style Sub-Categories Option Writer	Trading Style 100% Option Trading
Market Sector 100% Stock Indices	Holding Period	Geographic Sector US Contracts: Futures Options

Start Date Jun-2006	Currency Euros	Management Fee 0.95%
Accepting New Accounts Yes	Min Investment €1	Incentive Fee 0.00
NFA Member No	Fund Minimum €1	Other Fees Up to 5% Upfront Fee
NFA Number Non NFA-Member	Margin ⁽⁷⁾ 30%	Avg Comm ⁽⁸⁾ 0.00
Notional Funds No	Round Turns Per Million ⁽¹⁰⁾ 1,500	Max Comm ⁽⁹⁾ 0.00

Starting Date: Jun-2006	Currency: Euros
Open to New Investors: Yes	Current Assets: €80,000,000
Open to US Investors: Yes	Annualized CROR: 4.43%
Minimum Fund Investment: €1
Minimum Managed Account: €1	Current Losing Streak: -0.74 %
Domocile: Cayman	Calmar: N/A
Subscriptions: Weekly Pricing	Sharpe Ratio: 4% RF ROR 0.11
Redemptions: N/A	US Attorney: N/A
Lock Up: none	Offshore Attorney: N/A
Hurdle Rate: N/A	Administrator: Universal-Investment-Gesellschaft mbH
Administraton Fee: 0.00%	Prime Broker: Goldman Sachs International, Morgan Stanley, & Internat
Management Fee: 1.90%	Auditor: KPMG Deutsche Treuhand-Gesellschaft AG
Incentive Fee: 20.00%	NFA Member: No
Selling Fee: 5.00%	FINRA Member: No
Other Fees: Up to 5% Upfront Fee	Other Memberships: BAFIN

Type of Fund: Hedge Fund Futures Fund Single Advisor Fund	Domicile: Cayman	Strategy: Absolute Return / Options Strategies

Track Record Prepared By: N/A

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

Athena UI is an Absolute Return Fund trading option strategies on equity indices since June 2008. The Athena strategy is based on a set of options strategies which are implemented step by step following our investment process. The Athena UI Fund is protected by a sophisticated risk management system that controls internal and external risk parameters real time. Additionally, we use static and quantitative rules meeting the requirements of a state-of-the-art risk and money management. We only trade listed derivatives (options and futures) which offer high liquidity. Uncorrelated, consistent returns and a low volatility characterise the Athena UI Fund. We offer the highest possible transparency and daily liquidity. Athena's low correlation to equity and bond markets provides a high potential of diversification. Therefore, Athena fits well to investors who set value on stability.

Risk Strategy

N/A

Background

Performance

Monthly Performance Since Aug 2002

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	0.54%	0.54%	-0.55%	-2.05%	0.64%	0.24%	0.14%	0.00%	0.50%	0.35%			0.34%	-2.59%
2024	0.15%	0.31%	0.30%	0.58%	0.46%	0.41%	0.69%	0.40%	0.80%	0.30%	0.60%	1.00%	6.14%	0.00%
2023	0.73%	0.28%	0.15%	0.39%	0.19%	0.08%	0.43%	1.03%	0.77%	0.93%	0.89%	0.91%	6.99%	0.00%
2022	2.30%	0.34%	0.34%	-0.46%	0.49%	0.38%	1.78%	0.10%	-0.39%	0.60%	0.20%	-0.82%	4.93%	-0.82%
2021	1.04%	-0.36%	-0.32%	-0.43%	0.49%	-0.15%	0.02%	-0.87%	1.92%	-1.12%	-0.07%	-0.11%	-0.01%	-1.62%
2020	0.48%	-0.85%	5.47%	0.35%	0.40%	-0.01%	-0.71%	-1.07%	3.42%	1.23%	-0.86%	-0.62%	7.25%	-1.78%
2019	-0.62%	-0.57%	-0.28%	-0.83%	1.86%	-0.68%	-0.09%	1.71%	-0.87%	-0.97%	-1.05%	-0.28%	-2.70%	-3.14%
2018	-0.33%	-2.04%	1.13%	-0.11%	-0.57%	0.84%	-0.50%	-0.49%	-0.39%	3.95%	-0.32%	2.63%	3.72%	-2.46%
2017	-0.94%	-0.33%	-0.28%	-0.45%	-0.22%	-0.20%	-0.36%	0.56%	-0.38%	-0.05%	-0.67%	-0.38%	-3.65%	-3.65%
2016	1.49%	-0.15%	-0.52%	-0.09%	-0.29%	0.06%	-0.12%	-0.50%	-0.19%	-0.32%	-0.51%	-0.09%	-1.24%	-2.69%
2015	1.42%	-0.54%	0.23%	-0.26%	-0.26%	-0.41%	-0.44%	1.41%	-0.42%	-0.39%	0.06%	-0.42%	-0.06%	-1.68%
2014	0.21%	-0.53%	-0.17%	0.81%	-0.49%	-0.45%	0.33%	-0.40%	0.02%	1.81%	-0.36%	1.92%	2.68%	-1.01%
2013	-0.47%	-0.45%	-0.47%	0.78%	-0.25%	1.41%	-0.37%	0.47%	-0.37%	-0.46%	-0.62%	-0.65%	-1.45%	-2.08%
2012	-0.69%	-0.59%	-0.33%	0.63%	2.07%	-0.12%	-0.08%	-0.45%	-0.37%	0.91%	1.39%	-0.23%	2.10%	-1.61%
2011	-0.57%	0.13%	0.28%	0.73%	0.62%	0.52%	0.49%	-0.11%	0.51%	0.32%	0.21%	0.69%	3.88%	-0.57%
2010	0.36%	-0.25%	-1.14%	-0.64%	-1.77%	0.32%	-0.48%	2.56%	-0.59%	-0.94%	0.28%	0.13%	-2.20%	-3.91%
2009	1.09%	0.58%	-0.15%	-0.19%	-0.56%	0.99%	-0.08%	0.04%	-0.46%	-0.68%	-0.36%	-0.05%	0.15%	-1.58%
2008	2.18%	0.88%	1.23%	0.59%	1.07%	1.37%	0.66%	0.85%	0.83%	-0.23%	0.24%	0.89%	11.07%	-0.23%
2007	1.82%	-5.84%	-5.45%	-0.56%	1.99%	2.21%	-0.42%	1.81%	1.69%	0.39%	1.88%	2.43%	1.48%	-11.47%
2006	-0.09%	1.64%	0.90%	0.88%	1.24%	1.53%	-0.28%	0.41%	0.53%	0.55%	-0.14%	0.62%	8.05%	-0.28%
2005	3.40%	0.24%	2.17%	-1.30%	0.21%	1.23%	-0.06%	2.22%	1.65%	-0.27%	0.42%	2.36%	12.87%	-1.30%
2004	1.61%	3.79%	-4.72%	3.56%	0.44%	-0.42%	3.98%	2.00%	-0.80%	-0.29%	0.87%	-0.33%	9.77%	-4.72%
2003	2.48%	7.76%	2.69%	5.82%	-2.70%	1.23%	0.46%	1.03%	2.22%	1.43%	1.54%	0.14%	26.46%	-2.70%
2002								-2.27%	4.19%	2.66%	1.00%	5.19%	11.06%	-2.27%

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

THERE IS UNLIMITED RISK OF LOSS ASSOCIATED WITH WRITING SHORT OPTION CONTRACTS.

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.