Systematic Trader Index For September 2015 Need help with terms? Monthly Rankings Show ranking for: January February March April May June July August September October November December 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 Rank CTA/Program Sep 2015 Min Inv Inception 252 Kinkopf Capital Management KCM S&P (Proprietary) -24.01 100k 1/1/1999 251 Pacific Capital Advisors Vanguard Program -12.66 100k 4/1/2007 250 Pacific Capital Advisors Agilis Program -11.23 100k 12/1/2012 249 Ritenour Investment Group, LLC RIG_ES_Client -10.01 25k 3/1/2013 248 Cardwell Investment Technologies Cardwell Investment Technologies 3x Program -8.40 4,000k 2/1/2011 247 Superfund Group Superfund Blue SPC Class A (Gold) -8.26 50k 12/1/2007 246 SinoPac Asset Management SinoPac Multi Strategy Quant Fund -7.46 250k 10/1/2009 245 Superfund Group Superfund Blue SPC Class A (EUR) -7.34 50k 4/1/2005 244 Mehnert Capital Management, LLC DTP (Client) -6.39 1,000k 3/1/2012 243 Claughton Capital Institutional Program -6.34 1,000k 10/1/2005 242 RAM Management Group MRTP Aggressive -6.33 1,000k 2/1/1998 241 Coloma Capital Futures(r), LLC Hedged Volatility Strategy -6.20 250k 5/1/2013 240 Turning Wheel Capital, Inc. Pure Alpha Aggressive -6.01 5,000k 1/1/2012 239 White Indian Trading Co. STAIRS - Futures Program (Client) -5.75 250k 10/1/2008 238 Qbasis Invest Futures Fund A -5.64 100k 4/1/2008 237 Brandywine Asset Management Brandywine Symphony Preferred Fund, LP -5.47 100k 7/1/2011 236 Emil van Essen Spread Trading Program -5.40 5,000k 12/1/2006 235 Qbasis Invest Futures Fund B -5.34 100k 3/1/2009 234 Alder Capital DAC Alder Global 20 -5.00 2,500k 2/1/2001 233 ALFAKRAFT ALFA Commodity Fund -4.95 16k 6/1/2010 232 Neural Capital Ltd Sentinel Trading Program -4.88 2,000k 1/1/2006 231 Hawksbill Capital Management Global Diversified -4.83 5,000k 11/1/1988 230 County Cork LLC County Cork Fusion Equity -4.67 1,000k 10/1/2013 229 Paskewitz Asset Management LLC Multi-strategy Futures Program -4.49 3,000k 5/1/2010 228 QTS Capital Management, LLC FX Managed Account -4.28 100k 1/1/2011 227 Acorn Global Investments Inc. Acorn Diversified Program -4.19 10k 7/1/2005 226 Adamah Capital LLC Asset Allocator Program -4.10 50k 3/1/2011 225 Insch Capital Management SA Interbank Currency Program - 3X Leverage -4.08 100k 1/1/2000 224 GaveKal Investments S.A. GaveKal Dynamic Futures Fund -3.90 20k 2/1/2013 223 Alee Capital Management, LLC Poniente Program -3.85 2,500k 1/1/1999 222 GaveKal Investments S.A. Gavekal Dynamic Futures Euro Currency Fund -3.68 20k 9/1/2013 221 Manning & Napier MN Xenon Futures Alpha Program -3.50 7,500k 6/1/2013 220 Manning & Napier MN Xenon Global Fixed Income (2x) Program -3.37 1,000k 5/1/2010 219 Alee Capital Management, LLC Mistral Program -3.11 2,500k 1/1/1999 218 Cardwell Investment Technologies Cardwell Investment Technologies 1x Program -2.79 4,000k 11/1/2008 217 TMS Capital Limited Arktos Global Currency Program II -2.75 100k 2/1/2008 216 Manning & Napier MN Xenon Managed Futures (2x) Program -2.74 5,000k 6/1/2006 215 Quantmetrics Capital Management LLP Directional 10V Strategy -2.73 10,000k 1/1/2007 214 Superfund Group Superfund Red EUR SICAV -2.39 10k 3/1/2013 213 Urban Tree Capital, LLC UTC Plus (Client) -2.38 100k 3/1/2013 212 IKOS IKOS FX Fund -2.37 1,000k 3/1/2008 211 Superfund Group Superfund Red USD SICAV -2.26 10k 3/1/2013 210 RAM Management Group RAM MRTP 1X-Conservative -2.15 1,000k 9/1/1993 209 Clarke Capital Management Global Basic -2.14 50k 2/1/1996 208 Mondiale Asset Management Mondiale Trading Program -2.11 0k 9/1/1997 207 Turning Wheel Capital, Inc. Pure Alpha -2.02 10,000k 1/1/2012 206 John Locke Investments JL Commodity Long Flat Program -2.02 5,000k 12/1/2007 205 Typhon Capital Management, LLC Chiron Currency Program -1.82 250k 2/1/2008 204 White Indian Trading Co. STAIRS (Client) -1.82 250k 5/1/2009 203 Superfund Group Superfund Green Gold A (SPC) -1.72 5k 10/1/2005 202 Manning & Napier MN Xenon Global Fixed Income Program -1.57 2,000k 8/1/2004 201 Clarke Capital Management Worldwide -1.51 250k 1/1/1996 200 Typhon Capital Management, LLC Proteus Dynamic Volatility Program -1.46 250k 10/1/2011 199 Superfund Group Superfund Green Gold B (SPC) -1.42 50k 10/1/2005 198 Cambridge Capital Management UK LLP CCM Program -1.40 2,000k 11/1/2012 197 Dominion Capital Sapphire Program -1.39 3,000k 5/1/2005 196 Quantmetrics Capital Management LLP Quantmetrics Multi Strategy Fund -1.29 1,000k 5/1/2006 195 Blue Diamond Asset Management Blue Diamond Non-Directional Strategy -1.24 100k 10/1/2011 194 Emil van Essen EvE Systematic Global Opportunities -1.23 1,000k 9/1/2007 193 Superfund Group Superfund Green Gold C (SPC) -1.23 100k 10/1/2005 192 Cambridge Strategy Asset Management LTD Extended Markets Alpha Program -1.12 10,000k 4/1/2004 191 Hehmeyer Capital Management, LLC Hehmeyer Systematic Treasury & Equity Strategy -1.08 250k 3/1/2010 190 Romanesco Capital Management B.V Persistence Program -1.06 5,000k 9/1/2005 189 Superfund Group Superfund Green L.P. Series B -1.04 5k 10/1/2002 188 Glendorn Capital Management LLC Diversified Short-Term Trading Strategy -1.02 2,000k 7/1/2013 187 Wavefront Global Asset Management IMFC Global Concentrated -0.96 500k 4/1/2009 186 ALFAKRAFT ALFA Edge Fund -0.93 16k 12/1/2011 185 The Tidal Group M2 SP500 Emini Futures Program -0.93 50k 1/1/2013 184 1OAK Capital Limited ACORN Commodity -0.92 5,000k 5/1/2012 183 Mobius Asset Management Custom Trading Program -0.90 100k 1/1/2002 182 Mobius Asset Management Diversified Program -0.90 250k 3/1/2004 181 NovoDyn Advisors LLC NDC Mean Reversion FT - A -0.79 100k 3/1/2013 180 W.G. Wealth Guardian Ltd. SAFI2 Program -0.78 1,000k 9/1/1997 179 Robust Methods LLC Macro Managed Account -0.74 5,000k 1/1/2005 178 UNISystems Research Inc. ODINET -0.69 10k 12/1/2012 177 Vivienne Investissement OUESSANT UCITS FUND -0.68 100k 5/1/2012 176 Trigon Investment Advisors, LLC Foreign Exchange Program -0.63 5,000k 8/1/2000 175 Mobius Asset Management Energy Weighted Program -0.60 250k 1/1/2005 174 dormouse Limited dormouse - Managed Account -0.54 10,000k 7/1/2011 173 Crescent Bay Capital Management Premium Stock Index Program -0.53 10k 10/1/2005 172 Superfund Group Superfund Green L.P. Series A -0.51 5k 10/1/2002 171 Dixon Midland Company LLC Dixon Midland Diversified LLC -0.45 250k 5/1/2011 170 Revolution Capital Management Mosaic Institutional Program -0.32 25,000k 9/1/2009 169 IDS Capital IDS F&F Systematic Trading -0.27 50k 7/1/2013 168 Hoss Capital Management, LLC Hoss Agricultural Futures Program -0.21 100k 8/1/2011 167 John Locke Investments Cyril Systematic Program -0.21 8,000k 7/1/2000 166 Clarke Capital Management Global Magnum -0.18 100k 8/1/1997 165 Double Helix Capital Management Double Helix -0.17 50k 1/1/2012 164 R Best LLC R Best Private Client Program -0.17 50k 2/1/2010 163 Cambridge Strategy Asset Management LTD Emerging Markets Alpha Programme -0.16 10,000k 2/1/2008 162 DynexCorp Ltd Dynex Regular - Tetra FX Macro High Beta -0.16 1,000k 7/1/2009 161 3D Bull Program (Client) -0.15 10k 11/1/2010 160 Salus Alpha Capital Ltd Salus Alpha Global Alpha (GAX) -0.15 1,000k 3/1/2003 159 Ring Capital Management LLC S&P E-Mini Select -0.15 100k 1/1/2012 158 Paradox Capital Management Sentiment Program (1X) -0.12 1,000k 1/1/2013 157 Abraham Investment Management Formula 72 H -0.04 150k 8/1/2012 156 Metolius Capital LLC Metolius Diversified -0.01 100k 6/1/2010 155 Superfund Group Superfund Green Q-AG -0.01 2k 3/1/1996 153 Diversified Capital Management Alpha Index 0.00 50k 8/1/2013 154 Jaguar Investments Ltd Vario Capital Strategy 0.00 1,000k 5/1/2016 152 QERI LLC QERI LLC Fundamental Commodity Strategy 0.02 2,000k 7/1/2012 151 Futures Truth Company, FTC-CTA MS4 0.10 250k 10/1/2007 150 Jaguar Investments Ltd Aegir Capital Strategy 0.12 1,000k 1/1/2012 149 Blake Capital Management, Inc. SRD Currencies 0.23 100k 3/1/2013 148 Saxon Investment Corporation Diversified Program 0.23 3,000k 9/1/1988 147 Auspice Capital Advisors Ltd Auspice Diversified Program 0.26 1,500k 4/1/2006 146 Fenja Fund Multi Strategy Ltd. Fenja Fund Multi Strategy Ltd. 0.33 50k 10/1/2010 145 Wavefront Global Asset Management IMFC Global Investment Program 0.34 2,000k 2/1/2007 144 Typhon Capital Management, LLC Metis Momentum Macro Program 0.36 500k 4/1/2013 143 Hyman Beck and Company Global Portfolio 0.37 1,000k 3/1/1991 142 Saxon Investment Corporation Aggressive Diversified Program 0.37 2,000k 11/1/1993 141 JLC Futures Management Company JLC Managed Futures Fund I, LP. 0.38 100k 8/1/2009 140 Soaring Pelican, LLC Diversified S&P Program 0.38 100k 1/1/2011 139 Glider Trading LLP Glider Trading Strategy (Class C) 0.45 500k 9/1/2013 138 Emil van Essen Long-Short Commodity Program 0.52 1,000k 6/1/2013 137 Diversified Capital Management Diversified Strategies Investment Fund 0.54 100k 11/1/2012 136 Quality Capital Management Global Diversified Programme 0.55 10,000k 12/1/1995 135 TRYCON G.C.M. AG Tungsten TRYCON Basic Invest HAIG, Class C (UCITS IV) 0.62 100k 2/1/2010 134 Red Rock Capital, LLC Commodity Long-Short 0.63 500k 9/1/2013 133 Conquest Capital Group Conquest Macro 0.64 250k 5/1/1999 132 Hansa Capital Management, LLC Hansa Investment & Trading, LLC - Long / Short Option Trading Strategy 0.64 6/1/2012 131 Amplitude Capital International Limited Klassik Strategy 0.66 1,000k 9/1/2009 130 Systematic Alpha Management Systematic Alpha Futures Program 0.69 100k 6/1/2004 129 Bridgeton Fund Management, LLC Bridgeton Tactical Advisors Fund 0.74 25k 4/1/1991 128 MERIT Alternative Investments GmbH Futures Portfolio 0.74 2,000k 6/1/1998 127 Chesapeake Capital Diversified (LV) 0.75 100k 2/1/1988 126 Paskewitz Asset Management LLC Contrarian S&P Stock Index 0.79 500k 12/1/2003 125 Tomas Capital Pty Ltd GCAF | AUD (managed by Tomas Capital Australia Pty Ltd) 0.82 50k 7/1/2011 124 Quality Capital Management Alpha Financials Program 0.86 10,000k 6/1/2012 123 Mark J. Walsh Company Standard Program 0.87 2,000k 9/1/1985 122 Campbell & Company, LP Campbell Managed Futures Composite (f/k/a FME Large) 0.90 50,000k 4/1/1983 121 IKOS IKOS Futures Fund 1.01 1,000k 2/1/2010 120 Quantmetrics Capital Management LLP Premier 12V Strategy 1.07 10,000k 4/1/2003 119 Witter & Lester, Inc. Redstone 1.07 500k 9/1/1994 118 Cauldron Investments, LLC Stock Index Plus 1.08 1,000k 10/1/2009 117 ROW Asset Managment Row Currency Program 1.12 1,000k 11/1/2010 116 EMC Capital Advisors, LLC EMC Alpha Program 1.12 5,000k 6/1/2013 115 Diamond Capital Management Enhanced S&P Program 1.12 100k 10/1/2009 114 ALFAKRAFT ALFA Rubicon Fund 1.12 16k 8/1/2011 113 Certeza Asset Management Macro Vega 1.15 200k 1/1/2012 112 Dendrich Ltd QEP 1.18 50k 12/1/2005 111 Rabar Market Research Diversified Program 1.30 2,000k 1/1/1989 110 Briarwood Capital Management, Inc. Diversified Trading Program 1.31 3,000k 7/1/2001 109 Auspice Capital Advisors Ltd Auspice Managed Futures Excess Return Index 1.40 5,000k 12/1/2010 108 Auctos Capital Management Auctos Global Diversified 1.41 3,000k 11/1/2007 107 SEB Asset Management SEB Asset Selection Fund C (EUR) 1.43 1k 10/1/2006 106 Covenant Capital Management Original Program 1.44 5,000k 9/1/1999 105 Pinstripe Trading, LLC Standard 1.48 125k 8/1/2009 104 Superfund Group Superfund Green Master 1.50 2,000k 5/1/2001 103 Red Rock Capital, LLC Systematic Global Macro 1.54 500k 9/1/2003 102 Covenant Capital Management Aggressive Program 1.55 3,000k 2/1/2004 101 Estlander & Partners Freedom 1.56 20,000k 8/1/2010 100 Future Trade AG Thales Swing Trading Programme 1.56 250k 6/1/2007 99 QMS Capital Management LP QMS Diversified Global Macro Strategy 1.59 5,000k 6/1/2010 98 Salus Alpha Capital Ltd Salus Alpha Directional Markets (DMX) 1.61 1,000k 3/1/2003 97 Eagle Trading Systems Inc. Eagle Global Financials 1.69 10,000k 1/1/1996 96 Kaiser Trading Group Kaiser Global Diversified Program - Class B 1.73 1,000k 3/1/1998 95 ROW Asset Managment Row Diversified Fund, L.P. 1.74 1,000k 11/1/2011 94 Matic Capital Allocation, LLC Matic Program 1.81 250k 1/1/2013 93 NordIX NordIX AG - Government Bond Strategy (GBS) - (Advisory Mandates, not available for US investors) 1.82 1,000k 9/1/2011 92 Deep Field Capital AG SINGULARITY Fund 1.83 100k 9/1/2011 91 Witter & Lester, Inc. Stock Index Futures Trading Program 1.85 400k 1/1/1988 90 Eagle Trading Systems Inc. Eagle Quantitative Macro 1.87 10,000k 10/1/2006 89 Sandpiper Asset Management Sandpiper Global Macro Program 1.89 1,000k 8/1/2012 88 Crabel Capital Management WPD Crabel Futures Program 1.92 1,000k 7/1/2008 87 3D S&P Program (Client) 1.94 100k 11/1/2010 86 Argus Capital Management Pty Ltd Dynamic Multi-strategy Program 1.95 1,000k 10/1/1996 85 Molinero Capital Management LLP Briarwood Molinero Combined Futures Program 2.08 1,500k 7/1/2005 84 Aquantum Aquantum Commodity Spread Program (ACS) 2.09 5,000k 7/1/2013 83 Abraham Trading Company Diversified Program 2.11 10,000k 1/1/1988 82 Wimmer Horizon LLP Managed Account 2.12 5,000k 5/1/2005 81 Crabel Capital Management Crabel Multi-Product 2.15 1,000k 3/1/1998 80 Kontra Asset Management Ltd Pure Currency 2.15 100k 10/1/2013 79 Aquantum Aquantum Global Systematic UCITS Fund (I) 2.16 500k 3/1/2013 78 Vision Capital Management Global Futures 2.17 500k 2/1/2012 77 Molinero Capital Management LLP Global Markets Program 2.18 2,000k 7/1/2005 76 Endeavour Capital LLP Endeavour Pembroke 2.20 2,000k 7/1/2007 75 Aquantum Aquantum Global Systematic Program (AGS) 2.24 5,000k 7/1/2013 74 Tactical Investment Management Tactical Institutional Commodity Program 2.27 10,000k 4/1/1993 73 Intex Capital Covered Options Program 2.32 50k 1/1/2012 72 Seven Capital Management Seven Absolute Return 2.36 100k 6/1/2009 71 Rotella Capital Management Rotella Orion (Short-Term) Program 2.40 10,000k 3/1/2006 70 SEB Asset Management SEB Asset Selection Opportunistic Fund C (EUR) 2.40 1k 6/1/2009 69 Somers Brothers Capital Diversified Futures Program #1 2.56 100k 1/1/2005 68 Briarwood Capital Management, Inc. Diversified 2XL 2.59 250k 11/1/2004 67 SMN Investment Services GmbH smn Diversified Futures Fund (1996) 2.60 0k 11/1/1996 66 Millburn Corporation Commodity Program 2.66 25,000k 3/1/2005 65 Blackwater Capital Management Tactical Equity 2.67 500k 12/1/2013 64 IStar Capital B.V. IStar Systematic Fund 2.78 1,000k 9/1/2011 63 Global Sigma Group, LLC Global Sigma Plus 2.79 3,000k 11/1/2009 62 Estlander & Partners Alpha Trend 2.82 30,000k 10/1/1991 61 AIMhedge Management Ltd. AIM Classic Fund EUR (Institutional) 2.84 100k 1/1/2005 60 GIC Trading LLC Global Diversified Trading Program 2.86 500k 11/1/1998 59 Southwest Managed Investments, LLC Global Diversified 2.97 200k 1/1/2002 58 Quantica Capital AG Quantica Managed Futures 3.00 5,000k 1/1/2005 57 White Indian Trading Co. SCS Program (Client) 3.03 250k 2/1/2011 56 Eckhardt Trading Company Evolution Strategies 3.06 20,000k 8/1/1991 55 HB Capital Management Inc. Diversified Program 3.10 50k 3/1/2008 54 Welton Investment Partners Welton Global 3.18 10,000k 6/1/2004 53 Non Correlated Capital Positive Theta Program 3.23 250k 10/1/2007 52 Zoi Capital, LLC Telio Program (Client) 3.25 200k 4/1/2010 51 Transtrend B.V. DTP – Standard Risk (EUR) 3.26 10,000k 2/1/1999 50 Millburn Corporation Diversified Program 3.30 20,000k 2/1/1977 49 Clarke Capital Management FX Plus 3.42 1,000k 5/1/2004 48 JKI-Futures, LLC ETIRON Large 2x (Client) 3.42 1,000k 8/1/2012 47 Millburn Corporation Multi-Markets Program 3.45 25,000k 10/1/2004 46 Kaiser Trading Group Kaiser Trading Fund 2X SPC - Share Class B 3.47 1,000k 10/1/2006 45 Eckhardt Trading Company Evolution Strategies 1.2X 3.49 10,000k 10/1/1991 44 Esulep LLC MAX Esulep LLC MAX 3.52 500k 5/1/2008 43 Non Correlated Capital Positive Theta Fund 3.53 50k 10/1/2007 42 Rotella Capital Management Rotella Polaris Program (Diversified) 3.56 10,000k 1/1/1991 41 AI1 CTA Euro Invest AI1 CTA Euro Invest 3.57 125k 5/1/2010 40 FORT LP Fort Global Contrarian 3.58 2,000k 10/1/2002 39 Garraway Capital Management LLP Garraway Financial Trends 3.71 100k 9/1/2012 38 Camkay Capital Management LLC Stock Indices Short-Term 3.71 100k 3/1/2012 37 3D Intraday Program (Client) 3.72 100k 2/1/2012 36 Revolution Capital Management Alpha Program 3.73 5,000k 6/1/2007 35 Degraves Capital Management Pty Ltd Degraves Global Diversified Program 3.85 1,000k 1/1/2013 34 Kelly Angle Inc. Genesis Program 3.87 2,000k 4/1/2000 33 EMC Capital Advisors, LLC Classic 3.90 5,000k 1/1/1985 32 Revolution Capital Management Alpha Fund 3.93 50k 1/1/2005 31 Conquest Capital Group Conquest Select 4.00 250k 6/1/2004 30 Drury Capital Diversified Trend-Following Program 4.15 5,000k 5/1/1997 29 QQFund.com Investment Program 1 4.18 500k 9/1/2008 28 Sona Trading Strategies LLC. Diversified Program 4.31 1,000k 9/1/2006 27 Purple Valley Capital, Inc. Diversified Trend 1 4.45 100k 8/1/2008 26 Clarke Capital Management Millennium 4.60 1,000k 1/1/1998 25 Quantitative Investment Management Quantitative Global Program 4.60 20,000k 10/1/2003 24 M.S. Capital Management Global Diversified Program 4.63 2,000k 11/1/1998 23 Silicon Valley Quantitative Advisors US Quantitative Portfolio (UQP) 4.94 200k 11/1/1999 22 Eclipse Capital Management Global Monetary 4.95 5,000k 8/1/1990 21 Melissinos Trading Eupatrid Program 4.97 50k 1/1/2011 20 DUNN Capital Management World Monetary and Agriculture Program (WMA) 4.97 100k 11/1/1984 19 Transtrend B.V. DTP – Enhanced Risk (USD) 5.02 10,000k 1/1/1995 18 Transtrend B.V. DTP – Enhanced Risk (EUR) 5.14 10,000k 8/1/1999 17 FORT LP Fort Global Diversified 5.20 2,000k 10/1/1993 16 Candriam Investor Group Alternative Return Systemat 5.28 125k 1/1/2007 15 Ancile Capital Management Global Markets Program 5.30 2,000k 4/1/2005 14 Transtrend B.V. DTP – Enhanced Risk (JPY) 5.45 10,000k 8/1/2004 13 Global Vista Advisors, LLC Global Vista Options ("GVO") 5.67 50k 10/1/2010 12 Mulvaney Capital Management The Mulvaney Global Markets Fund 6.15 100k 5/1/1999 11 Angle Capital Management LLC AIP Program 6.24 100k 1/1/2010 10 ISAM ISAM Systematic Trend Fund 6.29 1,000k 6/1/2001 9 Gladius Asset Management Fulham Program 6.31 2,000k 1/1/2008 8 Parizek Capital Futures Trading Program 7.02 500k 4/1/2000 7 Estlander & Partners Alpha Trend II - Class P 8.00 100k 12/1/2008 6 NuWave Investment Management, LLC NuWave Investment Partners LP 8.24 250k 6/1/2001 5 NuWave Investment Management, LLC Combined Futures Portfolio 8.37 5,000k 6/1/2001 4 DUNN Capital Management D'Best Futures Fund, L.P. 8.62 100k 6/1/1994 3 Keck Capital Management LLC The Keck Program 8.96 2,000k 12/1/2003 2 Clarke Capital Management Jupiter 9.12 3,000k 5/1/2005 1 Dreiss Research Corporation Diversified Program 10.73 1,000k 5/1/1991 Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial. IASG indexes are generated daily based on CTA manager supplied sector focus, investment strategy and performance. To participate in the IASG index, a program must have a minimum track record of 3 year's performance. Other indexes require a minimum two year track record. Strategy based indexes require the program's composition be more than 50% of the specific strategy. It is not possible for an investor to invest in any of the IASG indexes.