CTA Report

Report Start Date Report End Date

Opus Futures, LLC / Advanced Ag
Accepting New Investors: Yes Fundamental / Grains & Oilseeds

Performance Since January 2019

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2019	-1.63%	-3.81%	-0.78%	0.17%	-0.52%	-10.99%	-1.84%	0.88%	1.64%	1.88%	-6.39%	-0.48%
2020	1.50%	3.68%	-1.01%	5.78%	0.49%	1.73%	6.50%	2.80%	6.73%	3.43%	6.16%	8.78%
2021	1.31%	5.19%	0.75%	8.39%	2.77%	1.56%	-6.36%	5.24%	1.54%	0.35%	5.00%	-2.56%
2022	2.22%	4.71%	1.96%	0.78%	0.77%	-1.52%	3.02%	-2.70%	2.79%	0.45%	-4.13%	0.60%
2023	1.14%	1.02%	-0.72%	4.86%	3.42%	2.87%	-1.37%	2.64%	1.42%	-0.96%	-1.36%	0.65%
2024	6.16%	6.07%	-1.15%	2.04%	-5.44%	0.99%	4.09%	2.12%	-5.14%	4.41%

	2019	2020	2021	2022	2023	2024 YTD
ROR	-20.45%	57.22%	24.79%	8.95%	14.24%	14.19%
Max DD	-20.45%	-1.01%	-6.36%	-4.13%	-2.31%	-5.44%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: In-house

Program Description: Opus trades futures on a wide range of markets, including agriculture, finance, energy, and others. The program' s primary focus is in agricultural commodities, and specifically grains and oilseeds. Mr. Zelinski has gained a thorough knowledge of these markets while working with Nesvick Trading Group as the primary research analyst for grain and oilseed markets. Mr. Zelinski has traveled around the country to study crop development, as well as to gain a knowledge of US cash grain and oilseed markets. Mr. Zelinski's fundamental analysis also includes forecasting US and world supply and demand tables, monitoring of US and world weather, studying domestic and international freight values, and tracking underlying cash values associated with agricultural futures markets.

Investment Information

Program Start Date	Mar-2011
Minimum Investment	200,000
Management Fee	2.00%
Incentive Fee	20.00%
Margin	3-20%
Round Turns per Million	1,054
Currency	US Dollar
NFA No:	#0427604

Trading Strategy

Market Segment

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Program Statistics
Peak-to-Valley Drawdown (1) (Jan 2019 - Dec 2019)	-20.45%
Worst Monthly Return (Jun 2019)	-10.99%
Current Losing Streak	-0.96%
Average Monthly Return	1.21%

Annualized Statistics
Annualized Compounded ROR (2)	14.63%
Standard Deviation	12.44%
Sharpe Ratio (4)	1.09
36 Month Calmar Ratio (3)	2.44

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com

Time Window Analysis

Length	Best	Average	Worst
1 mo	8.8%	1.2%	-11%
3 mo	19.4%	3.9%	-13.1%
6 mo	39.6%	8.5%	-16.9%
12 mo	69.8%	21.1%	-20.5%
18 mo	91%	36.2%	-10.4%
24 mo	105.5%	51.1%	20.5%
36 mo	114.7%	82%	38.7%

Historical Drawdown and Recoveries***

Start	Depth	Length	Recovery	End
Jan-19	-20.45%	12 mo	9 mo	Sep-20
Jul-21	-6.36%	1 mo	2 mo	Sep-21
May-24	-5.44%	1 mo	3 mo	Aug-24
Sep-24	-5.14%	1 mo	1 mo	n/a
Nov-22	-4.13%	1 mo	5 mo	Apr-23
Aug-22	-2.70%	1 mo	1 mo	Sep-22

Comparisons	Program	AG CTA Index
Annualized Compound ROR	14.63%	4.90%
Cumulative Return	121.82%	32.16%
Cumulative VAMI (5)	2218	1322
Largest Monthly Gain	8.78%	2.99%
Largest Monthly Loss	-10.99%	-1.42%
Correlation	—	0.129
Last 12 Months	13.37%	5.38%
Last 36 Months	45.41%	11.46%

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Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com

+ NOTES:

** The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

Statistical Notes

1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2019-01-31 to 2024-10-31

2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

3. Calmar Ratio Uses last 36 months of Data

ROR = Rate of Return

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com