Summary

• Commodity markets posted strong performance in the first quarter of 2026, with Bloomberg Commodity Total Return Index up 24.41% and Quantix Commodity Index Total Return up 25.23%.
• The Precious Metals sector also experienced a volatile first quarter. Gold rallied to record highs, briefly pushing above $5,250 per ounce early in the year, only to correct due to overextended positioning and macro factors.
• Shares are bought and sold at market price not net asset value (NAV). A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

Subadvisor (since 02/09/22):

Quantix Commodities LP

Portfolio Manager(s):

Marta Kavchak

Don Casturo

Daniel Cepeda

Tom Glanfield

Benchmark 1 Name: Quantix Commodity Total Return Index

Benchmark 2 Name: Bloomberg Commodity Index Total Return (SM)

Investment