CTA Report

Report Start Date Report End Date

Crypto Asset Management, LLC / The Satoshi Strategy
Accepting New Investors: Yes Fundamental/Physical Crypto/Digital Currency

Performance Since May 2021

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2021					0.00%	0.00%	3.62%	8.91%	-21.76%	24.71%	-7.12%	-19.15%
2022	-27.35%	-4.37%	12.33%	-23.93%	-25.44%	0.59%	13.56%	-16.77%	-5.97%	-3.68%	-12.07%	-1.83%
2023	1.82%	-1.88%	-14.90%	-4.10%	-1.00%	8.11%	3.44%	-17.43%	-3.75%	59.13%	-7.81%	100.00%
2024	-21.75%	15.33%	11.45%	-32.11%	-5.37%	-29.90%	18.98%

	2021	2022	2023	2024 YTD
ROR	-17.32%	-67.10%	110.48%	-46.11%
Max DD	-26.73%	-67.10%	-29.54%	-54.96%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: Compliance Supervisors Inc.

Program Description: The CAM-3 Satoshi Strategy is a passive equity, long-only spot physical digital asset blockchain strategy that trades (BSV)-Bitcoin SV (Satoshi Vision), which is a hard fork of (BTC)-Bitcoin. The program seeks to deliver alpha versus rising appreciation and adoption in Bitcoin as a benchmark. The program is traded on a discretionary basis using a variety of technical tools, fundamental analysis, and supporting metrics based upon market conditions, capital contributions, and price levels. We recommend a time horizon of 1-3 years. There is no guarantee that these objectives will be achieved or that losses will not occur. However, with our extensive research in BSV's utility to scale and process data/ transactions with speed and efficiency, we believe that it has the potential for attractive long-term equity returns in the digital asset space. The CAM-3 Retail Managed Account Program-Strategy One first started trading in July 2021 and is available to US retail investors and institutions.

Investment Information

Program Start Date	Jul-2021
Minimum Investment	2,500
Management Fee	3%
Incentive Fee	30%
Margin
Round Turns per Million	0
Currency	US Dollar
NFA No:	#0523709

Trading Strategy

Market Segment

Loading chart...

Program Statistics
Peak-to-Valley Drawdown (1) (Aug 2021 - Sep 2023)	-82.71%
Worst Monthly Return (Apr 2024)	-32.11%
Current Losing Streak	-72.66%
Average Monthly Return	-0.70%

Annualized Statistics
Annualized Compounded ROR (2)	-30.36%
Standard Deviation	82.84%
Sharpe Ratio (4)	-0.11
36 Month Calmar Ratio (3)	-0.40

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	100%	-0.7%	-32.1%
3 mo	193.4%	-3.2%	-55%
6 mo	195.1%	-2.7%	-64.2%
12 mo	149%	-14.7%	-72.9%
18 mo	76%	-30.3%	-79.9%
24 mo	1.1%	-47.8%	-82%
36 mo	-60.9%	-67%	-74.1%

Historical Drawdown and Recoveries***

Start	Depth	Length	Recovery	End
Sep-21	-82.71%	25 mo	10 mo	n/a

Comparisons	Program	AG CTA Index
Annualized Compound ROR	-30.36%	4.28%
Cumulative Return	-69.14%	14.61%
Cumulative VAMI (5)	309	1146
Largest Monthly Gain	100.00%	2.99%
Largest Monthly Loss	-32.11%	-1.18%
Correlation	—	0.372
Last 12 Months	25.67%	5.49%
Last 36 Months	-70.22%	13.69%

Loading chart...

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: TRADING SPOT VIRTUAL CURRENCY INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS.

** 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 2021-05-31 to 2024-07-31

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