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Adalpha Asset Management, LLC - Core Program

Principal(s): Gary Polony
Strategy: Short Term Systematic / Diversified
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Investment Restrictions: 4.7 Exempt - Qualified Eligible Persons Only

Statistics & Program Information

Oct 2025 Return 11.32%	Worst Drawdown ⁽²⁾ -16.83%	Minimum Investment $250,000
YTD Return: 11.2%	Losing Streak ⁽³⁾: 0%	AUM ⁽⁵⁾: $2,782,970
Annual Mean Return⁽¹⁾ 0.1%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.49	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 100% Systematic	Style Sub-Categories Trend Following Momentum Contrarian Pattern Recognition Volatility Quantitative Trend Anticipatory Mean Reversion Relative Value	Trading Style 50% Trend Following 50% Contrarian
Market Sector 14% Stock Indices 22% Currencies 14% Financials 12% Metals 14% Energies 14% Agriculturals 3% Meats 7% Softs	Holding Period 95% Short Term 5% Intraday	Geographic Sector US Contracts: Futures

Start Date Jan-2007	Currency US Dollar	Management Fee 2.00%
Accepting New Accounts Yes	Min Investment $250,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $0	Other Fees None
NFA Number 0411331	Margin ⁽⁷⁾ 0.04	Avg Comm ⁽⁸⁾
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 4,000	Max Comm ⁽⁹⁾ 0.00

Starting Date: Jan-2007	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $2,782,970
Open to US Investors: Yes	Annualized CROR: 9.87%
Minimum Fund Investment: $0
Minimum Managed Account: $250,000	Current Losing Streak: 0 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR 0.49
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: 6.00%	FINRA Member: No
Other Fees: None	Other Memberships:

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: NAV Consulting, Inc.

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The firm is an alternative investment management company that employs an institutional quality futures program designed to consistently produce high absolute returns adjusted for risk. The program is diversified, short-term and 100% systematic.

Risk Strategy

N/A

Background

Gary Polony is the founder and sole principal of the Advisor. He has been a NFA Associate Member, principal and associated person of the Advisor since June, 2009. He is also a member of the CME, CBOT, NYMEX and COMEX exchanges. Mr. Polony graduated from DePaul University in 1994, receiving a Bachelor of Science in Finance degree. During his undergraduate studies, he began independently researching and trading 100% mechanical trading systems for his own proprietary account. This initial research and trading system development, which has been an ongoing evolution, still heavily influences the current structure that Adalpha operates within today. In April 1990, Mr. Polony founded Advanced Marketing, a sole proprietor marketing firm. The company was renamed and incorporated as Quest Marketing Concepts, Corp. (â€œQuest Marketingâ€) in May 2002. Mr. Polonyâ€™s employment at Quest Marketing ceased as of July 2008. Following the success of Quest Marketing, Mr. Polony founded Chicago, IL based Quest Financial Management Corporation (â€œQFMâ€) which became registered as a CTA on October 10, 2003. QFM functioned as an â€œinformational CTAâ€ and published investment advice on financial markets. The current trading program, now known as the Adalpha Diversified Short-Term Institutional Program, commenced trading in April, 2003. Mr. Polony was registered as an associated person and principal of QFM on October 10, 2003. Mr. Polonyâ€™s employment at QFM ceased as of April 2009. In May 2009, Adalpha Asset Management, LLC was founded to trade both proprietary capital and managed client assets.

Performance

Contains Extracted Performance Results. Please see Accounting Notes.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR*	Max DD
2025	3.10%	0.39%	-1.25%	1.59%	-1.48%	-7.31%	-0.66%	0.70%	4.80%	11.32%			11.20%	-9.28%
2024	2.85%	-2.24%	6.14%	-1.75%	0.30%	1.30%	1.16%	0.25%	-6.42%	0.56%	-1.94%	8.50%	8.70%	-7.73%
2023	-3.39%	-1.40%	-0.99%	-4.37%	-0.20%	1.44%	-0.68%	0.18%	2.27%	2.40%	-1.86%	1.25%	-5.36%	-10.00%
2022	2.25%	-5.36%	4.78%	5.80%	6.09%	1.38%	1.09%	-4.24%	4.56%	-1.52%	-0.99%	2.51%	16.35%	-5.36%
2021	6.57%	4.56%	5.59%	-0.21%	-3.15%	3.86%	3.26%	2.62%	2.26%	3.32%	4.28%	-2.96%	29.99%	-3.36%
2020	0.28%	3.50%	3.80%	-6.05%	-4.69%	7.77%	4.56%	0.40%	-0.46%	-5.17%	-0.09%	0.04%	3.91%	-10.45%
2019	2.53%	-1.64%	2.39%	4.27%	-1.89%	-2.31%	3.06%	8.66%	-1.75%	1.75%	-0.02%	2.95%	18.00%	-4.16%
2018	7.26%	0.02%	1.54%	2.51%	0.46%	0.57%	-2.44%	4.41%	4.93%	7.24%	2.72%	2.29%	31.50%	-2.44%
2017	-3.33%	-3.76%	3.20%	1.13%	9.67%	4.42%	5.93%	-8.22%	0.54%	3.43%	1.90%	6.77%	21.68%	-8.22%
2016	4.42%	2.54%	3.52%	0.10%	-2.91%	8.73%	-2.77%	-5.31%	-0.82%	-0.43%	-2.01%	2.01%	7.06%	-10.91%
2015	0.19%	1.69%	2.10%	-0.29%	1.80%	-1.46%	-2.77%	-4.56%	-0.46%	-3.33%	-0.64%	-1.21%	-8.95%	-13.63%
2014	1.40%	1.37%	-3.75%	-5.04%	2.22%	-1.99%	-2.05%	-1.73%	11.25%	5.68%	2.25%	-0.96%	8.66%	-11.86%
2013	2.96%	1.00%	-0.66%	1.00%	4.70%	0.69%	1.25%	1.59%	3.51%	3.81%	0.04%	-0.10%	19.79%	-0.66%
2012	-0.51%	-2.97%	0.93%	-0.78%	2.29%	-1.93%	-3.41%	-5.90%	-4.87%	-0.20%	6.57%	-2.74%	-13.52%	-16.32%
2011	1.97%	1.35%	0.46%	2.12%	-2.21%	-2.96%	2.30%	4.25%	0.75%	-1.26%	0.97%	1.69%	9.44%	-5.10%
2010	0.25%	0.64%	2.12%	-2.84%	10.02%	0.13%	1.22%	2.29%	0.29%	-5.49%	-3.12%	-0.97%	4.54%	-9.33%
2009	-0.17%	0.65%	-3.21%	0.09%	7.90%	2.11%	-4.31%	-1.35%	-1.35%	0.26%	0.38%	-5.17%	-4.16%	-11.12%
2008	6.35%	0.86%	3.62%	-3.16%	-0.17%	1.55%	-4.51%	4.99%	-7.43%	14.44%	1.20%	2.15%	19.89%	-8.89%
2007	6.20%	-2.84%	-1.50%	4.98%	-1.27%	3.96%	4.30%	-10.79%	2.45%	8.99%	2.00%	-1.64%	14.85%	-10.79%

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

++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.