Investment Objective

The Auspice Commodity Evolution (ACE) strategy aims to capture upward trends in commodity evolution markets while minimizing risk during downtrends. The portfolio is ESG aligned, and seeks to capitalize on opportunities in commodity markets where imbalances in future supply and demand are expected exist.

Investment Strategy

Auspice Commodity Evolution (ACE) is a tactical long-flat trend following strategy designed to deliver superior absolute and risk-adjusted returns relative to passive commodity index investing. The strategy incorporates dynamic risk management and contract rolling methods.

Auspice Commodity Evolution is available via institutional managed accounts ($50mm minimum).

See the May 28th, 2025 Press Release Here.

Monthly Fact Sheet

**ACE launched May 27, 2025. Performance for periods less than one year is not annualized. Performance data shown is for institutional use only, Auspice does not currently have a retail offering. Past results are not necessarily indicative of future results. Performance is presented net of all fees and commissions, based on an institutional managed account. Results may vary across individual accounts.

Auspice Commodity Evolution is based on the established framework of Auspice Broad Commodity, the largest Auspice strategy by AUM (>$500mm) and the #1 Broad Commodity Index since 2010.

Auspice Broad Commodity Total Return (ABCTRI)

*The performance of Auspice Broad Commodity Index prior to 9/30/2010 represents index data simulated prior to third party publishing as calculated by the NYSE from 1/1/2000. Source: Bloomberg and Auspice Investment Operations, as at May 31st, 2025. You cannot invest directly in an index.

Research and Supporting Material

*The performance of Auspice Broad Commodity Index prior to 9/30/2010 represents index data simulated prior to third party publishing as calculated by the NYSE from 1/1/2000. Source: Bloomberg and Auspice Investment Operations. You can not invest directly in an index. Performance as of May 31st, 2025.

DEFINITIONS

Indices

Indices and benchmarks are used for comparison purposes only or to illustrate comparisons against other widely used indices or benchmarks most commonly referenced by investors. Index statistics/data are sourced from Bloomberg. You cannot invest directly in an index.

·         Auspice Broad Commodity is a tactical long strategy that focuses on Momentum and Term Structure to track either long or flat positions in a diversified portfolio of commodity futures which cover the energy, metal, and agricultural sectors. The index incorporates dynamic risk management and contract rolling methods. The index is available in total return (collateralized) and excess return (non-collateralized) versions. Both the NYSE-listed COM (ticker) ETF and the TSX-listed CCOM (ticker) ETFs track the Auspice Broad Commodity Index.

·         The Bloomberg Commodity Index Total Return (BCOM TR) Index is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities on the commodity markets. No one commodity can compose more than 15% of the BCOM ER index, no one commodity and its derived commodities can compose more than 25% of the index, and no sector can represent more than 33% of the index.

·         S&P GSCI Total Return Index (GSCI TR) – A production-weighted commodity index covering a broad range of raw materials, including energy (crude oil, natural gas, gasoline, heating oil), metals (gold, silver, aluminum, copper, lead, nickel, zinc), agriculture (wheat, corn, soybeans, cotton, coffee, sugar, cocoa), and livestock (live cattle, feeder cattle, lean hogs). Its weighting heavily favors energy, making it sensitive to crude oil price movements.

·         S&P/TSX Composite Index (TSX60) – The benchmark Canadian equity index, representing the largest companies listed on the Toronto Stock Exchange by market capitalization. The TSX Composite provides broad exposure to Canada’s equity markets across sectors including financials, energy, industrials, and materials. The index is float-adjusted and market-cap weighted, and it serves as the primary measure of performance for Canadian equity portfolios.

·         MSCI All Country World Index (MSCI ACWI) – A global equity benchmark that tracks the performance of large- and mid-cap companies across 23 developed markets and 24 emerging markets. Covering approximately 85% of the global investable equity universe, the MSCI ACWI is market-cap weighted and includes over 2,800 constituents. The index is commonly used to represent global equity exposure in diversified portfolios.

IMPORTANT DISCLAIMERS AND NOTES

There is a substantial risk of loss in trading futures and options. Past performance is not necessarily indicative of future results.

Commissions, trailing commissions, management fees and expenses may all be associated with investment funds. Please read the prospectus or applicable offering document before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

These materials are provided for informational and educational purposes and are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting and tax. Please consult with your own professional advisor on your particular circumstances.

Futures trading is speculative and is not suitable for all customers. Past results are not necessarily indicative of future results. This document is for information purposes only and should not be construed as an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. Auspice Capital Advisors Ltd. (the “Manager” or “Auspice”) makes no representation or warranty relating to any information herein, which is derived from independent sources. No securities regulatory authority has expressed an opinion about the securities offered herein and it is an offence to claim otherwise. Please read the applicable offering documents before investing.

This material may contain forward-looking statements, which were prepared for the purpose of providing general educational background information and may not be appropriate for other purposes. Certain statements in this document are forward- looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “target”, “seek”, “will” and similar expressions to the extent they relate to an Auspice managed investment fund (the “Fund”), where applicable, and the Manager. Forward- looking statements are not purely historical facts but reflect the current expectations of the Fund, where applicable, and the Manager regarding future results or events. Such forward-looking statements reflect the Fund’s, where applicable, and the Manager’s current, reasonable beliefs and are based on information currently available to them. Forward-looking statements are made with assumptions and involve significant risks and uncertainties. Although the forward-looking statements contained in this document are based upon assumptions that the Fund, where applicable, and the Manager believe to be reasonable, neither the Fund, where applicable, or the Manager can assure investors that actual results will be consistent with these forward-looking statements. There is no guarantee that any forward-looking statement will come to pass. As a result, readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results or events to differ materially from current expectations.

Neither the Fund, where applicable, nor the Manager assumes any obligation to update or revise any forward-looking statement to reflect new events or circumstances, except as required by law.

The information provided may contain hypertext links to web sites owned and controlled by parties other than Auspice.  We have no control over any third-party-owned web sites or content referred to, accessed by or available on such web site and therefore we do not endorse, sponsor, recommend or otherwise accept any responsibility for such third-party web sites or content or for the availability of such web sites.  In particular, we do not accept any liability arising out of any allegation that any third-party-owned content (whether published on this or any other web site) infringes the intellectual property rights of any person, or any liability arising out of any information or opinion contained on such third-party web site or content.

The forward-looking statements contained herein were prepared for the purpose of providing prospective investors with general educational background information about the Funds and may not be appropriate for other purposes. None of the Fund or the Manager assumes any obligation to update or revise them to reflect new events or circumstances, except as required by law.

Auspice is an innovative alternative asset manager that focuses on applying rules-based investment strategies across a broad range of commodity and financial markets. Auspice offers liquid alternative and commodity strategies that provide the benefits of active management and the efficiency of indexing. Auspice works with a wide range of clients and develops solutions to improve their portfolio or product suite. Auspice strategies are available directly to institutions, financial professionals and high-net-worth individual investors as well as retail investors through the Auspice brand along with sub-advisory and licensing arrangements. www.auspicecapital.com