Red Flags Detected

• ⚠ The Managing Owner Has Not Established Formal Procedures to Resolve All Potential Conflicts of Interest. (new) — The fund's Managing Owner acknowledges it has no formal procedures to resolve conflicts of interest, relying on good faith, which is a governance weakness.
• ⚠ The Principals of the Managing Owner May Trade For Their Own Proprietary Accounts... May Trade Ahead of the Fund, May Compete With the Fund For Positions In the Marketplace and May Give Preferential Treatment to These Proprietary Accounts. (new) — Managing Owner principals can trade for their own accounts while managing the fund, potentially taking opposite positions, trading ahead, or competing with the fund.
• ⚠ The Trustee Has No Duty or Liability to Supervise or Monitor the Performance of the Managing Owner, Nor Does the Trustee Have Any Liability For the Acts or Omissions of the Managing Owner. (new) — The trustee has no oversight responsibility for the Managing Owner's actions, leaving investors without an independent check on management.
• ⚠ As of May 31, 2026, 100% of the Fund’s Assets Were Used For Purposes of Trading On the Lme, a Non-u.s. Futures Exchange. (new) — All fund assets are used for trading on a non-U.S. exchange, exposing the fund to foreign exchange and regulatory differences, and CFTC rules prohibit such funds from being deposited in customer segregated fund accounts.