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Quantitative Investment Mgt LLC - Quantiative Cipher Program

Principal(s): Portfolio Managers: Chris Obenshain & Bland Painter.
Strategy: Quantitative / Diversified
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Investment Restrictions: 4.7 Exempt - Qualified Eligible Persons Only

Statistics & Program Information

Oct 2025 Return 1.05%	Worst Drawdown ⁽²⁾ -12.6%	Minimum Investment $5,000,000
YTD Return: 11.29%	Losing Streak ⁽³⁾: -2.02%	AUM ⁽⁵⁾: $210,000,000
Annualized CROR⁽¹⁾ 5.91%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.32	Calmar Ratio ⁽⁶⁾: N/A
2) Annualized ACROR is based on compounding. Please see Footnotes for more information.

Trading Methodology 95% Systematic 5% Discretionary	Style Sub-Categories Pattern Recognition Quantitative	Trading Style 100% Pattern Recognition
Market Sector 100% Diversified	Holding Period 100% Short Term	Geographic Sector Global Contracts: Futures

Start Date Mar-2019	Currency US Dollar	Management Fee 0.00%
Accepting New Accounts No	Min Investment $5,000,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $250,000	Other Fees None
NFA Number 0337987	Margin ⁽⁷⁾ 13%	Avg Comm ⁽⁸⁾ $4.00
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 1,000	Max Comm ⁽⁹⁾ 0.00

Starting Date: Mar-2019	Currency: US Dollar
Open to New Investors: No	Current Assets: $210,000,000
Open to US Investors: Yes	Annualized CROR: 5.79%
Minimum Fund Investment: $250,000
Minimum Managed Account: $5,000,000	Current Losing Streak: -2.02 %
Domocile:	Calmar: N/A
Subscriptions: Monthly	Sharpe Ratio: 4% RF ROR 0.32
Redemptions: Monthly with 30 days notice	US Attorney: Not Listed
Lock Up: N/A	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: International Fund Services
Administraton Fee: 0.00%	Prime Broker: ADM Investor Services
Management Fee: 0.00%	Auditor: Not Listed
Incentive Fee: 30.00%	NFA Member: Yes
Selling Fee: 6.00%	FINRA Member: No
Other Fees: None	Other Memberships: None

Type of Fund:	Domicile:	Strategy: Aggressive Growth

Track Record Prepared By: N/A

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The Quantitative Cipher Program utilizes machine learning techniques to build a diverse set of models that seek to forecast short-term market movements. The strategy developed by Chris and Bland is a quantitative short-term strategy designed to identify top-down market regimes and systematically uncover patterns in price data. The Program utilizes hundreds of models that make hourly and daily predictions of probable market or security direction over the short-term.

The Quantitative Cipher Program is guided by Co-Portfolio Managers, Chris Obenshain and Bland Painter. Chris has over 20 years of trading experience. In 2005, Chris founded Cipher Capital Management LLC ("CCM"), a commodity trading advisor that traded short-term strategies across multiple futures markets. After many years of managing a discretionary trading system, CCM launched its current strategy in March of 2019. Beginning in January 2024, the Quantitative Cipher Program is managed by Cipher Investment Management, LLC ("CIM"), a newly formed advisor owned by Quantitative Investment Management, LLC ("QIM"), Chris and Bland.

Risk Strategy

Background

QIM's research team is guided by Jaffray Woodriff's overarching philosophy over the past 30 years that evidence - and not investment hypotheses - is the only basis on which models should be built.

Performance

Monthly Performance Since Mar 2019

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	-0.24%	0.23%	3.11%	1.83%	0.74%	0.88%	2.25%	0.48%	0.95%	1.05%			11.83%	-0.24%
2024	0.33%	1.24%	-1.47%	1.32%	1.94%	0.69%	0.59%	-0.26%	-1.31%	-3.10%	-0.80%	-7.41%	-8.27%	-12.39%
2023	0.54%	1.01%	-0.87%	1.06%	-0.67%	0.15%	0.37%	0.24%	0.26%	-0.34%	0.62%	0.14%	2.53%	-0.87%
2022	2.14%	1.05%	1.96%	2.99%	1.97%	2.07%	0.95%	1.07%	1.41%	2.82%	0.17%	0.55%	20.88%	0.00%
2021	1.15%	3.26%	-0.98%	0.92%	-0.75%	-3.18%	-0.95%	3.78%	0.45%	-0.29%	-0.02%	2.24%	5.54%	-4.89%
2020	0.94%	2.51%	1.62%	1.94%	0.21%	1.11%	-1.15%	-0.89%	0.60%	-2.22%	-0.28%	0.71%	5.12%	-3.90%
2019			0.79%	1.38%	1.87%	1.13%	0.66%	-4.70%	2.31%	-1.34%	0.63%	0.59%	3.17%	-4.70%

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.