Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
Neutral-A is an extension of Neutral and augments it by collecting the risk-free rate on unused cash required as collateral. Since February 2023, Neutral-A has added box spreads on S&P 500 futures on top of Neutral to generate extra 'risk-free' profits of about 3-4% per year. A box option spread is a "risk-free" arbitrage strategy to capture the benefits of Fed Funds interest rate.
Risk control is the highest priority for Neutral-A and Neutral. Portfolios are initially hedged to be "market neutral" with both long and short legs of similar value. Notably, Neutral strategies are managed to be "Vega neutral" and optimized with a slightly positive net Vega exposure. To mitigate the risk of an extreme downside market move, further risk management measures will be implemented to fully hedge relevant short legs with corresponding index futures. At expiration, the hedging futures positions would fully offset potential losses. With such risk control measures, Neutral has achieved a low worst peak-to-valley drawdown and has been repeatedly ranked among the top performers by AutumnGold and BarclayHedge.
CHUAN WANG holds a PhD from Rutgers, The State University of New Jersey. Dr. Wang has developed and implemented the trading strategies for the Program since 2008. Said trading strategies used by the program are based on our patent-pending techniques. Prior to founding HiProb, Dr. Wang had a wide spectrum of working experience, including Rutgers University, AT&T/Bell Labs, Merrill Lynch, and State Street Bank. Hiprob Capital Management LLC is a Commodity Trading Advisor registered with the US Commodity Futures Trading Commission, and currently made up of three Series-3 licensed professionals.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.05% | 0.69% | 1.14% | 0.50% | 3.42% | N/A | ||||||||
| 2025 | 0.55% | 0.71% | 0.83% | 5.03% | 0.43% | 1.55% | 1.19% | 0.98% | 1.35% | -0.41% | 0.95% | 0.51% | 14.45% | -0.41% |
| 2024 | 0.38% | 0.96% | 0.52% | 0.60% | 0.59% | 0.61% | 0.78% | -0.62% | 0.87% | 0.72% | 0.66% | 1.07% | 7.36% | -0.62% |
| 2023 | 0.83% | 1.66% | 1.23% | 0.88% | 0.60% | 1.00% | 0.87% | 0.91% | 1.02% | 0.38% | 0.57% | 10.41% | N/A |
Track Record Compiled By: NAV Consulting, Inc.
Accounting Notes: The rates of monthly return are calculated in accordance with CFTC Regulation 4.35 and NFA rule 2-34, net of all fees.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | 3.42% | N/A | $5,000,000 |
| 2025 | 14.45% | -0.41% | $7,000,000 |
| 2024 | 7.36% | -0.62% | $4,250,000 |
| 2023 | 11.40% | N/A | $5,000,000 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | 3.42% | N/A |
| 2025 | 14.45% | -0.41% |
| 2024 | 7.36% | -0.62% |
Accounting Notes:
The rates of monthly return are calculated in accordance with CFTC Regulation 4.35 and NFA rule 2-34, net of all fees.++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 $4,000,000 in securities holdings OR the person must have on deposit with a Futures Commission Merchant at least $400,000 in exchange-specified initial margin and option premiums, and required minimum security deposit for retail forex transactions).
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
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.