Paragon Global Markets
HiProb Capital Management LLC
Neutral A
Index Option Spreads / Plus Box Option Spreads | Spread Trading, Arbitrage<br>Hedgi
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Month Performance
+0.74%
Sep 2026
YTD Return
+7.46%
Through Sep 2026
AUM
$42,000,000
Assets Under Management
Overview
Neutral-A is an extension of Neutral and augments it by collecting the “risk-free” rate on unused cash required as collateral. Since February 2023, Neutral-A has added box spreads on S&P 500 futures on top of Neutral which has returned about 3-4% per year. A box option spread is intended to be a more flexible and efficient way to capture the “risk-free” rate than similar duration T-bills.
Program Details
| Inception Date | Feb 2023 |
| Trading Style | Spread Trading, Arbitrage<br>Hedgi |
| Holding Period | Long Term, Medium Term, Short Term, Intraday |
| Markets Traded | Stock Indices |
| Margin | 10% to 30% |
| Minimum Investment | $500,000 |
| Management Fee | 2% |
| Performance Fee | 20% |
This is a snapshot only. Investors should read the applicable Disclosure/Offering documents to determine suitability.
GROWTH OF $1,000 VAMI
Program vs. Autumn Gold CTA Index
Hypothetical growth of $1,000 based on reported monthly returns.
Autumn Gold CTA Index:
The Autumn Gold CTA Index is a non-investable index comprised of performance from CTA programs included in the Autumn Gold database and does not represent the complete universe of CTAs.
PERFORMANCE SUMMARY
| YEAR | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| RETURN | +14.45% | +7.36% | +10.41% | N/A |
Maximum Drawdown Since Inception
-0.62%
Past performance is not indicative of future results.
Performance from September 2015 through January 2023 represents the performance of the Neutral Program. Performance from February 2023 represents the performance of the Neutral A Program.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, CRYPTO FUTURES, AND/OR FOREIGN EXCHANGE ("FOREX") IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS, CRYPTO FUTURES, 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. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES. 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. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.