We are pleased to inform you that statements are now available on the client portal.

As many of you are aware, we have been diligently negotiating with the Chicago Mercantile Exchange (CME) to secure an exchange fee rebate in recognition of our daily trading volume. Currently, executing a trade incurs two primary costs: 1) the commission paid to our clearing firm, and 2) the exchange fee paid to the CME, the latter of which constitutes approximately 80% of the total transaction costs. Successfully obtaining this rebate would result in a reduction of these exchange fees by approximately 40%, significantly enhancing our bottom line.

To qualify for this rebate, we must meet a specified minimum threshold for our monthly trading volume. There are two potential strategies to achieve this: leveraging our clearing firm or increasing our assets under management (AUM). It is important to note that my partners and I are unequivocally opposed to the use of leverage, rendering this option non-negotiable. Therefore, our focus is solely on increasing our AUM to meet the required volume threshold.

I would like to extend my heartfelt gratitude to those of you who have already contributed towards reaching this target. Although we have not yet met the minimum threshold, we are making significant progress. Our team has developed a model to assess the potential impact of the rebate on our performance last year, revealing that the cost reduction could have enhanced our returns by 6%, a substantial improvement.

Rest assured, we are committed to achieving this goal and appreciate your continued support.