Statistical Analysis Report

Edgehill Investment Group LLC - HADES Short-Only Cryptocurrency Strategy

Trading Strategy: Short-Term / Quantitative / Short-Only Cryptocurrency

Investment Restrictions: ACcredited / QEP

Performance Since March 2024 | Track Record Compiled By: N/A

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2026	19.22%	–	–	–	–	–	–	–	–	–	–	–	19.22%	0.00%
2025	23.47%	37.19%	21.04%	1.92%	4.08%	0.73%	-1.98%	2.17%	8.18%	38.95%	29.93%	-1.28%	323.02%	-1.98%
2024	–	–	27.49%	33.21%	17.76%	-11.52%	16.43%	33.60%	-15.40%	14.22%	2.00%	11.29%	201.92%	-15.40%

Program Description: The Edgehill HADES strategy employs a short term, rules-based trading strategy in the spot cryptocurrency markets that is based on a proprietary pattern recognition system. It integrates Bayesian mathematics with Chern-Simons theory in its algorithms. The system identifies certain patterns in markets that are not random, but signify an imbalance between supply and demand, and market sentiment extremes. The program uses strict rules to identify these patterns, based on years of market data, and exploits short-term, hourly directional price movements that often follow. The HADES short-only cryptocurrency strategy uses the same logic as the Prometheus long-short strategy, however, only deploys the short-selling signals, not any of the long signals. However, so long as one side of a â€œcross-rateâ€ trade is short, the signal is allowed.

Program Statistics
Peak-to-Valley Drawdown (2)	-15.40%
From Aug 2024 to Sep 2024
Worst Month (Sep 2024)	-15.40%
Current Losing Streak	0%
Average Monthly Return	13.6%

Annualized Performance
Compound ROR (1)	314.01%
Standard Deviation	53.68%
Sharpe Ratio	3.03
Sterling Ratio	0
Calmar Ratio (3)	N/A

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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISORS CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.

Investment Information

Program Start Date	Mar-2024
Currency Denomination	US Dollar
Minimum Investment	$250,000
Minimum Fund Investment	$250,000
Management Fee	2.5%
Incentive Fee	25.00%
Margin	1/1
Round Turns per Million	5,000
NFA No:	#262585

Trading Methodology

100% Systematic

Trading Style

20% Trend Following
100% 0.80

Market Segment

100% Currencies

Statistical Comparisons	Edgehill Invst Group HADES Short-Only Cryptocurrency Strategy	S&P 500 SP 500 TR	AutumnGold AG CTA Index

Annualized Compound ROR (1)	314.01%	19.01%	4.09%
Cumulative Return	1,422.66%	39.60%	7.99%
Cumulative VAMI(7)	15,227	1,396	1,080
Best Monthly Return	38.95%	6.29%	1.95%
Worst Monthly Return	-15.40%	-5.63%	-1.17%
Annual Standard Deviation	53.68%	10.51%	3.01%
Profit Loss Ratio	11.36	3.31	2.81
Correlation	—	-0.34	0.06
Last Month	19.22%	1.45%	1.61%
Last 12 Months	308.46%	16.36%	5.09%
Last 24 Months	1,422.66%	47.05%	10.33%
Last 36 Months	1,422.66%	77.67%	13.90%

Growth of $1,000 VAMI Comparison

A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA’s DISCLOSURE DOCUMENT. SPECIFICALLY, ONE SHOULD RECOGNIZE THAT YOU MAY BE CHARGED A FRONT-END START-UP FEE OF UP TO 3% OF THE INITIAL CONTRIBUTION. PLEASE NOTE THAT THIS CHARGE IS NOT REFLECTED IN THE PERFORMANCE OF THE COMMODITY TRADING ADVISOR AND COULD HAVE A SIGNIFICANT IMPACT ON THE CUSTOMER’S ABILITY TO ACHIEVE SIMILAR RETURNS. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE SUCCESS.

An Important Note on the Start Date and End Date of this Report
If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. Performance Results reported or amended subsequent to Saturday April 4, 2026 are not reflected in this Report. Monthly ROR and drawdowns are based on end-of-month values and do not reflect intramonth volatility.

Historical Drawdowns and Recoveries
The drawdown begins in the month listed as "start." Length is in months. Recovery begins the following month and ends when full recovery is reached.

Statistical Footnotes
1) The Annualized Compounded Rate of Return (ACROR) represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smooths out the returns by assuming a constant growth.
2) Peak to Valley Drawdown = worst % loss between Mar-2024 and Jan-2026
3) Calmar Ratio uses the last 36 months of data.

Benchmark Descriptions

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.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

This report was prepared from trader-provided information and is believed to be reliable. It should be read alongside each Trader’s Disclosure Document or Fund Offering Document.