Summary

The Commodity Long Short Program, which is currently being offered by Kopis to new clients, commenced trading in May 2015. The Commodity Long Short Program will trade a portfolio of Futures Interest Contracts limited to futures on physical commodities. These Futures Interest Contracts are traded on a highly leveraged basis. The decision to periodically add or subtract markets from the Commodity Long Short Program shall be at the sole discretion of Kopis. Clients will not be informed of these changes as they occur. When the Commodity Long Short program is traded for separately-managed accounts, variations in performance attributable to different fee structures, as well as different levels of leverage, may cause variations in resulting performance.