Total obligation if all four positions in PUTs are exercised at once: $80,880.\u00a0 However, please note that the Huntington Ingalls Industries position expires in three weeks. The Fund’s Facilitator authorized a deviation from the limit due to the fact that two of the positions in PUTs are more than 28% less than current market prices. It is so unlikely the market will drop this much during the next five months when the Essex Property Trust, Inc. option expires. In addition, the Fund is currently sitting on $44,000 of cash to comply with any fulfillment requirements for the two options currently ‘near the money’, i.e within within 15% of the strike price. The closest being Essex Property Trust, Inc. at 8.5% of the strike price ($260 X 1.085 = $282). The Fund’s Facilitator agrees to hold back a minimum of $20,000 until Huntington Ingalls Industries option expires June 17, 2022. In effect, only $24,000 is currently available to take advantage of any possible opportunities to buy low. Given the resistive nature of high quality companies to mirror the market as it takes deep dives in valuation, it is highly unlikely any of these option positions will have to be exercised. However, it would be welcomed if any of them could come to fruition as value investing is structured around buying securities at extremely low prices.<\/span><\/p>\n

Current market prices (05\/25\/22) for the respective possible commitments are:<\/span><\/p>\n