due to losses magnified by Instruments providing leveraged exposure may require the Fund to liquidate the portfolio positions to meet its obligations or to meet redemption requests when it may not be advantageous to do so. There’s no assurance that the Fund’s use of Instruments offering increased exposure will enable the Fund to realize its investment
objective.

The Fund’s strategy is to trade portfolios frequently, which may result in a higher portfolio turnover rate than a fund with less frequent transactions and, therefore, higher brokerage commissions and other transaction costs, which are borne by the Fund and may have adverse tax consequences. The Advise uses portfolio optimization techniques to determine the trading frequency, taking into account the transaction costs associated with trading each Instrument, and
uses sophisticated proprietary trading techniques with the aim of mitigating trading costs and the impact of execution on the Fund.

A significant portion of the Fund’s assets may be invested directly or indirectly in money market instruments, which may include, but are not limited to, US government securities, US government agency securities, short-term fixed income securities transferable securities, day-to-day and/or fixed-term repurchase agreements, money market UCITS units, short-term interest investment funds, short-term bond fund units and cash and cash equivalents with maturities of one year or less. These cash or near-cash holdings serve as collateral for positions taken by the Fund and also generate income for the Fund. The The Fund may also enter into repurchase and reverse repurchase agreements. Under a repurchase agreement, the Fund purchases
securities that the seller has undertaken to buy back on a specific date and at a specific price. In the context of a reverse buyout agreement, the Fund sells securities to another party and undertakes to buy them back on a given date and at a given price. Leverage may be created when the Fund enters into reverse repurchase agreements, engages in futures and swaps transactions or uses certain other derivative instruments. Although the Fund does not normally borrow directly, leverage is implicit in the futures contracts and other derivatives it trades.

The Fund intends to make investments through the Subsidiary company and may invest up to 25% of its total assets in the Subsidiary company. The Subsidiary company is a wholly owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempt company. Generally, the Subsidiary company will invest primarily in commodity futures, commodity futures, swaps, commodity futures swaps and other commodity-related derivatives, but may also invest in futures, option and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered in accordance with 1940 Actand other investments intended to serve as a margin or guarantee for the Subsidiary company derived positions. The Fund will invest in the Subsidiary company in order to gain exposure to commodity markets within the limits of federal tax laws, rules and regulations that apply to registered investment companies. Unlike the Fund, the Subsidiary company may invest without limitation in commodity-related derivatives, however, the Fund and the
Subsidiary company abide by
with Rule 18f-4 on a consolidated basis with respect to investments in derivatives. In addition, the Fund and the Subsidiary company will be subject to the same fundamental investment restrictions on a consolidated basis and, to the extent applicable to the the investment activities of the Subsidiary companythe Subsidiary company will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary company will not seek to qualify as a regulated investment company within the meaning of sub-chapter M of the Coded. The Fund is the sole shareholder of the Subsidiary company and does not expect actions from the Subsidiary company be offered or sold to
other investors.

Main risks associated with investing in the Fund

Risk is inherent in any investment. The value of your investment in the Fund, as well as the amount of return you receive on your investment, can fluctuate significantly from day to day and over time. You could lose some or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund is not a complete investment program and should only be considered as part of an investment portfolio. The Fund is more suitable for long-term investors who can bear the risk of short-term fluctuations in net asset value, which at times can be large and fast, however, all long or short term investments are subject to the risk of loss. The following is a brief description certain risks associated with an investment in the Fund. The order of the risk factors below does not indicate the importance of any particular factor. risk factor.

Commodity risk: Exposure to commodity markets may subject the Fund to volatility that investments in
traditional titles. The value of investments in commodity-related derivatives may be affected by changes in the wider market movements, commodity index
volatilitychanges in interest rates or factors affecting a particular industry or product, such as drought, floods, weather conditions, embargoes, tariffs and international economic, political and regulatory developments. In addition, the Fund may gain exposure to commodity markets by investing in exchange traded notes, the value of which may be influenced by, among other things, the time to maturity, the level of supply and demand for securities traded on an exchange. Remark, volatility and the lack of liquidity of the underlying markets, the performance of the reference instrument, changes the issuer’s credit rating and economic, legal, political or geographic events affecting the reference instrument.

Common Stock Risk:

The Fund may invest in or have exposure to common stocks. Ordinary shares are subject to greater fluctuations in market value than some other asset classes due to factors such as a company’s activity performance, investor perceptions, stock market trends and general economic conditions.

Counterparty risk:

The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be traded privately on the over-the-counter market. These contracts also involve exposure to credit risk, since the contract the performance depends in part on the financial situation of the counterparty. If an over-the-counter contract traded over-the-counter
calls for payments by the Fund, it must be ready to make these payments when they are due. Moreover, if a
the creditworthiness of the counterparty declines, the Fund may not receive payments due under the contract, or such payments may be delayed in such circumstances and the value of agreements with such counterparty may be liable to diminish,
which may result in losses for the Fund.