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SpreadEdge Capital, LLC - Diversified Seasonal Spread Program

Principal(s): Darren Carlat
Strategy: Systematic Diversified Spread Trading
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Statistics & Program Information

Nov 2025 Return -2.76%	Worst Drawdown ⁽²⁾ -44.02%	Minimum Investment $100,000
YTD Return: 0.28%	Losing Streak ⁽³⁾: -9.25%	AUM ⁽⁵⁾: $8,011,934
Annualized CROR⁽¹⁾ 12.55%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.30	Calmar Ratio ⁽⁶⁾: 0.27
2) Annualized ACROR is based on compounding. Please see Footnotes for more information.

Trading Methodology 20% Systematic 80% Discretionary	Style Sub-Categories Fundamental Pattern Recognition Quantitative	Trading Style 100% Spread Trading
Market Sector 30% Energies 25% Agriculturals 30% Meats 15% Softs	Holding Period 25% Long Term 25% Medium Term 50% Short Term	Geographic Sector US Contracts: Futures

Start Date Feb-2017	Currency US Dollar	Management Fee 2.00%
Accepting New Accounts Yes	Min Investment $100,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $0	Other Fees None
NFA Number 0480000	Margin ⁽⁷⁾ 7-13%	Avg Comm ⁽⁸⁾
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 8,500	Max Comm ⁽⁹⁾ $2.50

Starting Date: Feb-2017	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $8,011,934
Open to US Investors: Yes	Annualized CROR: 8.78%
Minimum Fund Investment: $0
Minimum Managed Account: $100,000	Current Losing Streak: -9.25 %
Domocile:	Calmar: 0.27
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR 0.30
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: 0.00%	FINRA Member: No
Other Fees: None	Other Memberships: None

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: CTA Services

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The Program is primarily discretionary, but includes systematic components to assist in trade selection and risk management. In employing its trading system methodology, the Advisor analyzes both fundamental and technical factors of the markets in which the Advisor trades.

Risk Strategy

Effective risk management, such as the use of stop-loss orders, is a crucial aspect of the Programs, and the Advisor will at times employ risk management techniques in its discretion. However, prospective clients are cautioned that by their nature, these risk management techniques are not guaranteed to limit losses to pre-determined amounts, so there is no assurance they will be effective during the times they are employed.

Background

SpreadEdge Capital, LLC operations are managed by DARREN CARLAT, who is the sole owner and controlling member of SpreadEdge Capital. Mr. Carlat became a listed principal and associated person of SpreadEdge on October 21, 2014.

In March of 2010, Mr. Carlat finished initial development efforts on a seasonal spread trading strategy which he has continually refined and enhanced as he has used it for his own trading activities. This seasonal spread strategy has become the basis for the programs described.

From February 1986 to February of 2018, Mr. Carlat was employed in various capacities with Frito-Lay, Inc., a large snack food producer and distributor that is a global division of PepsiCo North America. Mr. Carlat most recently served as its Senior Director of Supply Chain Planning in Plano, Texas. His responsibilities included distribution planning and execution.

Mr. Carlat has recently retired from Frito-Lay Inc. and currently operates SpreadEdge Capital full time.

Performance

Monthly Performance Since Dec 2014

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	0.55%	-1.05%	-0.05%	-4.76%	2.99%	2.47%	1.03%	2.37%	0.37%	-0.88%	-2.76%		0.01%	-5.81%
2024	-3.12%	-1.68%	2.27%	0.76%	-2.78%	1.82%	-0.86%	0.09%	0.09%	-5.99%	-0.64%	0.54%	0.13%	-9.26%	-9.86%
2023	4.71%	3.67%	2.42%	-1.15%	1.03%	-1.78%	4.58%	5.55%	1.79%	-4.03%	2.70%	2.10%	23.31%	-4.03%
2022	3.38%	-2.87%	-9.66%	3.94%	9.42%	2.92%	-4.11%	-1.23%	2.34%	4.98%	0.50%	2.81%	11.62%	-12.26%
2021	-4.69%	-3.87%	2.04%	-5.89%	-0.16%	3.93%	-2.04%	2.75%	0.30%	-2.94%	1.31%	1.97%	-7.59%	-12.16%
2020	5.39%	1.16%	7.02%	4.06%	-0.93%	-4.74%	0.34%	-2.71%	-3.10%	-0.59%	-0.79%	-4.14%	0.22%	-15.60%
2019	5.17%	2.69%	0.52%	-0.67%	-0.32%	-2.71%	3.58%	0.06%	-8.66%	4.87%	3.80%	-0.78%	6.92%	-8.81%
2018	3.43%	4.79%	23.76%	-6.01%	15.24%	-0.64%	4.81%	-6.96%	3.54%	13.01%	0.69%	10.39%	83.07%	-6.96%
2017	26.22%	0.02%	-6.77%	15.60%	-0.85%	-6.26%	1.20%	-9.51%	-16.32%	-7.65%	9.63%	7.58%	5.56%	-34.23%
2016	-27.94%	-2.52%	2.15%	3.09%	4.67%	-14.86%	14.20%	8.96%	22.10%	15.85%	9.66%	-22.01%	-0.76%	-34.08%
2015	1.31%	14.48%	-2.46%	-6.36%	-5.36%	-1.52%	-17.02%	8.59%	18.72%	-11.33%	2.65%	2.45%	-1.52%	-29.36%
2014												8.77%	8.77%	0.00%

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

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.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS