The greatest sale on IASG is coming to an end as Adalpha Asset Management is changing their fee structure for new investors from 0/30 management and incentive fee to 1/20 effective January 1st, 2021. Gary Polony quietly traded this program since 2003 alongside his proprietary business before customer assets took off in mid-2019. Despite spending immense time and money since then to build out the technical infrastructure and improve potential slippage, the money to cover these expenses all came out of performance fees. It is rare to see a strategy hold its consistency across as many market cycles as the Short-Term Program and unheard of to see it happen with incentive fees alone. Adding a management fee will allow for continued improvements and the hiring of additional personnel to ensure that success continues for another 20 years and beyond.