Important information. Returns are net of fees and time-weighted (reported quarterly net ROI, chain-linked, flow-neutral) unless labeled gross. Combined-record figures span CMFDH I and CMFDH II from July 1, 2019 and derive from the firm’s combined history workbook; CMFDH II figures derive from the fund’s quarterly reports from January 1, 2023. All figures derive from Nicholas Levenstein & Company’s quarterly accounting; an independent audit is underway, and figures are not yet independently audited. Bitcoin and S&P 500 comparisons are provided for context only and reflect price performance over the identical window. Past performance is not indicative of future results. Digital-asset strategies involve substantial risk, including possible loss of capital; the fund’s partial hedge reduces, but does not eliminate, exposure to Bitcoin drawdowns, and it costs return in strong rallies. This document is for information only and does not constitute an offer to sell or a solicitation of an offer to buy any security or investment product; any offer is made solely through the fund’s official documents. Current strategy detail: levenstein.net/cmfdh-ii-current-status-and-tactics.