The market commentary contained herein represents the subjective views of certain Capstone personnel and does not necessarily reflect the collective view of Capstone Investment Advisors, LLC (“Capstone”), or the investment strategy of any particular Capstone fund or account. Such views may be subject to change without notice. You should not rely on the information discussed herein in making any investment decision. Not investment research.

The market data and financial instruments highlighted or discussed in these posts has been selected to illustrate Capstone’s investment approach and/or market outlook and is not intended to represent fund performance or be an indicator for how funds have performed or may perform in the future. Each illustration discussed in this document has been selected solely for this purpose and has not been selected on the basis of performance or any performance-related criteria.

These posts are not an offer to sell or the solicitation of any offer to buy securities. The content herein is based upon information we deem reliable but there is no guarantee as to its reliability, which may alter some or all of the conclusions contained herein. These posts may not be reproduced or distributed without the express written permission of Capstone.

These posts contain certain forward looking statements, opinions and projections that are based on the assumptions and judgments of Capstone with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Capstone. Other events which were not taken into account in formulating such projections, targets or estimates may occur and may significantly affect the returns or performance of any funds managed by Capstone. Because of the significant uncertainties inherent in these assumptions and judgments, you should not place undue reliance on these forward looking statements, nor should you regard the inclusion of these statements as a representation by Capstone that the funds will achieve any strategy, objectives or other plans. For the avoidance of doubt, any such forward looking statements, opinions, assumptions and/or judgments made by Capstone may not prove to be accurate or correct.

Certain information and statistical data contained herein have been obtained from third party sources which we believe are reliable but in no way are warranted by us to accuracy or completeness.