1. SPK – mini S&P 500 Option Trading Program
Capital Management.
Oct 2016
Alexander Shpak, Trading Study
414 Wolseley N. Av
H4X1W3, Montreal, QC, Canada
INVESTOR PRESENTATION | CONFIDENTIAL

2. INVESTOR PRESENTATION | CONFIDENTIAL
Disclaimer
THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND/OR FOREIGN EXCHANGE ('FOREX') IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.
Alexander Shpak, Trading Study is registered with the CFTC and is a member of the NFA.
INVESTOR PRESENTATION | CONFIDENTIAL

3. INVESTOR PRESENTATION | CONFIDENTIAL
Executive Summary
Program Description:
SPK is a 100% option trading program (option writing and option strategy).
Inception of trading: October 2012.
Minimum Investment: $15,000 USD (notional funding accepted)
Target performance: 20% annually.
Investment Strategy:
Strategy involves trading various series mini S&P puts and calls on the S&P 500 future (ES, EW, EOM option series).
Trading Methodology: Discretion 100%,
Holding Period: 95% Short Term and 5% Medium Term.
The uniqueness of the program:
The model is based on Scheme Charts and “Risk Movement Matrix” (RMM) personally developed by Alexander Shpak.
Based on Short Term mini S&P 500 Weekly Options. New booming markets.
Separate Managed Accounts offering full liquidity and transparency.
No correlation with the stock market, bonds, real estate, etc.
No correlation to other CTA programs.
No lock up period. Redemption one day notice.
Low initial capital requirements. Notional funding allowed.
INVESTOR PRESENTATION | CONFIDENTIAL

4. INVESTOR PRESENTATION | CONFIDENTIAL
Program Description
SPK option trading is the proprietary model which has personally developed by Alexander Shpak and offered to our clients since September The SPK trading model is based on a technical analysis (Scheme Charts - charts compression technique) and statistical research of the last 20 years (since 1996) of the daily and intra-day changes of the United States stock market. For analyzing the option strike price we also use our unique mathematical model “Risk Movement Matrix” (RMM) personally developed by Alexander Shpak.
The strategy involves the trading of various series mini S&P puts and calls options on the S&P 500 future (ES, EW, EOM option series). The program is relatively simple, with only one traded asset – the S&P 500 options market that is based on the S&P 500 futures which in turn relies on the S&P 500 Index. This index is calculated as a weighted average of the 500 biggest (by market capitalization) public companies in the United States. The trading involves combination of options strategies by buying and selling E-Mini S&P 500 options, usually between 2-6 weeks until expiration and depending on the current market conditions.
The main advantage of this program is that it works across a wide range of market conditions, not depends on market direction and may be great complement to trend-following and other systematic strategies. We hope that this program will be mostly suitable for investors who are seeking an alternative return or diversification, which has the potential to gain consistently over time.
INVESTOR PRESENTATION | CONFIDENTIAL

5. The uniqueness of the program
SP 500 is the most common US stock index high liquidity mini S&P futures and options. Booming ES,
EOM, EW option markets.
Unique trading experience in the future
and options mini S&P 500 markets
starting April 2001
Our Trading Experience
Market Selection
A Clear Formulation of the Problem
Unique Trading Tools
Risk Movement Matrix” (RMM) for
calculating “Break Level Probability”
Scheme Charts for market analysis
Short Term Options
To collect premium
from sold option strategies
INVESTOR PRESENTATION | CONFIDENTIAL

6. Trading Strategy Step 1: Analysis of the current market conditions
Analysis of important economical and political news
Using “Risk Movement Matrix” (RMM) for calculating “Break Level Probability”
Using “Scheme Charts” for market technician analysis
Step 2: Option Strategy Building
INVESTOR PRESENTATION | CONFIDENTIAL

7. Trading Strategy Step 2: Option Strategy Building
Choosing and adjusting the option strategy based on market analysis
Calculating the options strikes and adjusting the option series based on “Risk Movement Matrix” - RMM
Price evaluation of selected options and option strategy
Step 3: Option Strategy Monitoring
INVESTOR PRESENTATION | CONFIDENTIAL

8. INVESTOR PRESENTATION | CONFIDENTIAL
Performance
SPK Monthly Performance
Investment Terms
Minimum Investment $15,000
No Lock –up Period
Notional funding allowed
Redemptions 1 Day Notes
Management Fee: 2% (annual )
Incentive Fee: 20% (Fees charged quarterly ) Subject to High Water Mark
Other Fee: none
Performance and Risk Summary
Annual Compound ROR: %
12 Month ROR: %
Average Monthly %
% Winning Months %
Average Win %
% Losing Months %
Average Loss %
Best Monthly Return %
Worst Monthly Return %
Annualized Volatility %
Sharpe Ratio
Worst Drawdown %
Return Since Inception %
INVESTOR PRESENTATION | CONFIDENTIAL

9. Trading Example INVESTOR PRESENTATION | CONFIDENTIAL
Scheme Chart mini S&P500 future
Analysis of the current market conditions:
Price congestion area 2140 – after bull market, see Scheme Chart
Historically low volatility level
August 25 /2016. Future ESU= Typical situation for August, but September may lead to a change in the current market situation. It can happen market movement with significant price fluctuations. Steady price levels can be broken.
In the next few weeks, the market may unbalance due to the FOMC rate decision meeting on Sept 21/2016, which is likely to increase interest rates.
Rumors before the FOMC meeting could cause the fall of the
08/25/2016
CBOE Volatility Index ($VIX)
Historically low market volatility
First levels of market conditions: Quiet - Low Volatile Market
INVESTOR PRESENTATION | CONFIDENTIAL

10. Trading Example September Option Series Available for Trading
Weekly Option EW1U, 7 working days before expiration
Weekly Option EW2U, 12 working days before expiration
Quarterly Option ESU, 17 working days before expiration
Weekly Option EW4U, 22 working days before expiration
Monthly Option EWU, 27 working days before expiration
Current Date
Holiday (US Stock
Market doesn’t work)
FOMC Meeting
(Rate Decision)
INVESTOR PRESENTATION | CONFIDENTIAL

11. Trading Example: “Risk Movement Matrix” (RMM)
Days Before Expiration:
“Risk Movement Matrix” (RMM) Input Data according Market conditions:
First levels of market conditions: quiet - low volatile market.
Break Level Probability (BLP):
Calls Option BLP<15% Put Options BLP< 5%
EW3U or
ESU
17 days
EW2U,
12 days
EW1U
7 days
Market Type
Break Level Probability (BLP): Put Options BLP< 5%
ATM
Option
Option
Strike
(OTM Put
Options)
Weekly Option EW2U, 12 working days before expiration:
-5% down, Sold Put ew2u strike 2060 or less
INVESTOR PRESENTATION | CONFIDENTIAL

12. Trading Example: Results
08/25/2016 sell Call EW4U, 22 working days before expiration , strike 2245 or more
08/25/2016 sell Put EW2U, 12 working days before expiration , strike 2065 or less
09/01/2016 sell Call EW4U, 16 working days before expiration , strike 2235 or more
09/02/2016 sell Put EW4U, 15 working days before expiration , strike 2035 or less
09/02/2016 Buy Dec Vertical ES Put option spread
(20 point, for example buy es2000 Z put +sell es1980 Z put )
09/08/2016 sold Put EW2U, option expired worthless
09/22/2016 sell Call EW1V, 11 working days before expiration , strike 2220 or more
09/22/2016 sell Put EW1V, 11 working days before expiration , strike 2035 or less
09/23/2016 sold Put and Call options EW4U expired worthless
Reason: price range
Reason: price range
Reason: Bearish bias before FOMC Rate Decision
09/20/2016 profit from 1.6% to 4.5%
Reason: New price range after FOMC Rate Decision
INVESTOR PRESENTATION | CONFIDENTIAL

13. INVESTOR PRESENTATION | CONFIDENTIAL
About Us
Trading Study CTA is a 100% discretionary commodity trading advisor (CTA). We provide unique managed future programs to clients. We offer programs appropriate for various client objectives and risk tolerance levels. Trading Study strategies and objectives are perfectly aligned with the interests of its clients and long term account growth. Our primary goal is to develop and implement alternative investment trading strategies intended to generate better than average growth in a managed futures portfolio.
PRINCIPAL: Alex Shpak
Alexander Shpak is a sole proprietor doing business as Trading Study. The Advisor Is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) since December 5, 2013 and is a Member of National Futures Association (“NFA”) since December 5, 2013.
Mr. Shpak pursued a Bachelor of Arts degree in Management from Open University. During the time Mr. Shpak was studying at Open University, Mr. Shpak studied at BAR-ILAN University where he obtained an Investment Portfolio Manager degree. He has over 10 years of experience in the financial services industry. Starting in July 2006, Mr. Shpak was an Investment Portfolio Manager at Market Place Ltd, and at capital Management Company located in Israel. While working for Market Place Ltd., Mr. Shpak serviced future and option portfolios for clients.
Since 2003, Mr. Shpak began to develop universal trading programs based on the Japanese KAGI, Scheme Charts trading and option time decay. SPK trading programs have been developed on the basis of test results and practical trade programs . In January 2008, Mr. Shpak created the Alias Name of Trading Study and from October 2009 he started to offer his training program.
INVESTOR PRESENTATION | CONFIDENTIAL

14. INVESTOR PRESENTATION | CONFIDENTIAL
Contact Information
For more information, please contact:
Alexander Shpak Phone: Skype: alex_shpak
414 Wolseley N. Av
H4X1W3, Montreal, QC, Canada
INVESTOR PRESENTATION | CONFIDENTIAL