Doherty Advisors LLC Need help with terms? United States Type: Commodity Pool Operator (CPO)Commodity Trading Advisor (CTA) Registrations: NFA ID: 0345940 Program Past 12 Months Dec 2020 CAROR WDD AUM Min Inv Visits Compass N/A 10.04 -6.40 $ 1,000k 5439 Grey Swan Hedge N/A -1.83 -19.86 $ 10,000k 4266 Orion N/A 9.80 -10.77 $ 1,000k 4140 Relative Value Growth N/A 11.89 -37.25 $ 1,000k 4998 Relative Value Plus N/A 2.24 -9.84 $ 1,000k 3708 Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial. CTA Introduction The trading strategy is discretionary pure relative value (RV) / market neutral arbitrage. Essentially, it trades the shape of the volatility skews in the front two S&P 500 and US Treasury listed options, two of the most liquid markets in the world. The strategy is agnostic as to direction of both the underlying markets and volatility itself. One feature that separates it from other options strategies is that Doherty Advisors RV is a small payer of premium each month, though it remains slightly net short options on a notional basis. Generally, the net delta and gamma exposures are between +10% to -10% over 90% of the time. There is no basis or calendar risk involved.