What were the largest historical losses experienced by the strategy?

Based on the available operating history, the largest drawdown of the underlying strategy was approximately 1.205%.

The main source of this drawdown was not directional market exposure, but execution-related costs, including:

• Transaction fees

• Slippage

• Bid-ask spread costs

• Initial position building costs

• Rebalancing costs

• Position reduction costs

Since the strategy is designed to maintain market-neutral exposure, there has been no substantive directional strategy loss recorded during the operating period reviewed.

For institutional investors, more detailed single-day, single-week, and monthly performance records may be reviewed through account statements, NAV records, or third-party reporting materials where available.