Market Thoughts

Roy Niederhoffer on
CNBC’s Halftime Report

An investment in the Funds is speculative and involves significant risks including, without limitation, those set forth herein. The Funds’ investments are highly leveraged and performance may be volatile. The Funds engage in futures and options trading, both of which involve substantial risk of loss. The RGN Optimal Alpha ST Futures/Crypto Program trades digital assets, including cryptocurrencies (“Digital Assets”), which have significant risks, including risks discussed in the following paragraph. RGNCM has complete discretion over the investments of the Funds. The fees and expenses of the Funds are high and may offset trading profits. A substantial portion of trades may take place on non-U.S. exchanges and markets which may be subject to less regulatory oversight than trades on U.S. exchanges and markets. Such risks are more fully set forth in the applicable offering document for each Fund.

In August 2017, the RGN Optimal Alpha ST Futures/Crypto Program began trading Digital Assets. There is no assurance that Digital Assets will maintain their long-term value in terms of purchasing power in the future. The Digital Asset exchanges on which Digital Assets trade are relatively new and largely unregulated, and may therefore be more exposed to theft, fraud and failure than established, regulated exchanges for other products. The effect of any future domestic or foreign regulatory changes are impossible to predict, but such changes could be substantial and adverse. Maintaining Digital Assets with RGNCM or with any third party in a custodial relationship has attendant risks. These risks include security breaches, risk of contractual breach, and risk of loss. A full discussion of risks is set forth in the applicable PPM.