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THS Capital Management, LLC - Diversified Trend Following

Principal(s): Thomas Silman
Strategy: Systematic with Discretionary Overlay / Diversified
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Statistics & Program Information

Sep 2025 Return 1.03%	Worst Drawdown ⁽²⁾ -25.4%	Minimum Investment $250,000
YTD Return: -6.09%	Losing Streak ⁽³⁾: -23.93%	AUM ⁽⁵⁾: $250,000
Annual Mean Return⁽¹⁾ -0.07%	Sharpe Ratio 4% RF ROR⁽⁴⁾: -1.20	Calmar Ratio ⁽⁶⁾: N/A
1) This CTA reports performance based on a fixed trading level rather than actual equity; therefore, the returns shown are not compounded

Trading Methodology 90% Systematic 10% Discretionary	Style Sub-Categories Momentum Pattern Recognition Quantitative Long Short	Trading Style 100% Trend Following
Market Sector 100% Diversified	Holding Period 20% Medium Term 80% Short Term	Geographic Sector US Contracts: Futures

Start Date Jul-2022	Currency US$	Management Fee 2.00%
Accepting New Accounts Yes	Min Investment $250,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $0	Other Fees $50 Monthly Accounting Fee
NFA Number 0548429	Margin ⁽⁷⁾ 10-15%	Avg Comm ⁽⁸⁾ $0.00
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 2,000	Max Comm ⁽⁹⁾

Starting Date: Jul-2022	Currency: US$
Open to New Investors: Yes	Current Assets: $250,000
Open to US Investors: Yes	Annualized CROR: -7.07%
Minimum Fund Investment: $0
Minimum Managed Account: $250,000	Current Losing Streak: -23.93 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR -1.20
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: $50 Monthly Accounting Fee	Other Memberships: None

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: Compliance Supervisors

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The THS Diversified Trend Following program is a Trend-Following program that is primarily systematic, using a proprietary blend of technical indicators, with a discretionary overlay, that generates specific Buy, Sell or No Entry signals in a basket of domestic futures markets. The Diversified Trend Following Program ($250,000) takes each of the 30 individual derivative markets that are traded. For example, in the energy sector the program could have on crude oil, heating oil, and unleaded gas. There are also multiple markets traded in the grain sector and in the metals sector. Note that during periods of extreme volatility, the system may temporarily reduce position exposure. From time to time the advisor may also utilize long options and option spreads. Once a trade is initiated, strict rules for risk management are implemented which includes, but are not limited to, trailing stop-losses on all positions. The average holding period is between 1 and 15 calendar days and the recommended account minimum is $250,000 with notional funding available. Position sizing is based on volatility and risk. The program has been shown to have a low correlation to traditional asset classes such as stocks and bonds. The Advisor maintains ongoing research into the characteristics of the markets traded.

Risk Strategy

Trades are initiated when the program's algorithm gives a trade signal. The chart is then examined to make sure that certain parameters have been met in order to make the trade. Stops are entered either before or immediately after entry into a market. Stops are adjusted as needed.

Background

THS Capital Management, LLC has been registered with the CFTC and a member of the NFA since May 11, 2022. As of July 1, 2022, it has not managed any customer accounts. Prior to July 2022, Thomas Silman operated and traded under his sole proprietorship THS Capital Management. As of July 2022, all accounts traded under Mr. Silman's sole proprietorship will now be traded under THS Capital Management, LLC. Thomas Silman was born in Great Neck, New York, and attended Cornell University. He received a B.S. degree in Biological Sciences from Virginia Tech and did post-graduate work at Case Western Reserve University. Prior to entering the financial industry, Mr. Silman served in the U.S. Army as a Cryptographer where he held a Top-Secret Cryptologic Clearance. His duties included analysis of code-breaking techniques, as well as encryption and decryption of very sensitive communications. In 1972, Mr. Silman began his financial career with Reynolds Securities (aka Dean Witter Reynolds) as a dually listed Stock and Commodity futures broker and has been actively trading ever since; initially in NY and later in CA. In 2004 he established THS Capital Management Corp as a Commodity Trading Advisor (CTA) and in 2008, Mr. Silman went private, whereby he traded mostly for himself and "Friends and Family" accounts. During this time he developed a trading methodology which he feels has significant merits for investors and in 2018 he began offering his services to the public.

Performance

Performance from February 2022 through May 2022 represents the trading of Thomas Silman's sole proprietorship d.b.a. THS Capital Management.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR*	Max DD
2025	-2.14%	-3.33%	0.27%	-0.32%	-2.56%	1.44%	1.01%	-1.49%	1.03%				-6.09%	-7.87%
2024	-4.24%	2.56%	-5.82%	1.77%	0.74%	-0.34%	-1.34%	-0.81%	1.37%	-0.48%	-1.95%	2.41%	-6.13%	-8.52%
2023	-5.19%	2.35%	-0.93%	0.47%	-0.94%	-1.31%	-4.64%	-2.81%	-0.25%	-3.80%	-0.07%	7.17%	-9.95%	-16.08%
2022		-0.47%	-0.09%	0.34%	-1.18%	-2.72%	4.75%	-4.50%	0.88%	-3.09%	0.50%	2.41%	-3.17%	-6.64%

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.