Advocate Asset Management,

LLC (EVO Zebra Aggressive)

Fund Investment Objectives

The EVO ZEBRA strategy seeks aggressive growth and non-correlated returns from VIX futures basis via long or short positions in volatility (VIX) futures. In normal market environments, EVO positions to exploit substantial basis common in VIX futures during these periods. In stressed markets, EVO seeks to profit from sharp rises in volatility. Quantitative process determines long or short volatility positioning. The portfolio is typically flat (no positions) during transitional periods. EVO is a purely futures-based strategy that does not rely on options and is NOT a naked premium seller.