CONFIDENTIALITY & PORTFOLIO NOTICE
This offering and its associated documentation are intended solely for the addressee(s) and contain confidential, proprietary information. Any unauthorized use, dissemination, or copying is strictly prohibited. Information regarding the UpDown Capital strategy is provided as part of ET Capital Partners' administrative facilitation and is subject to the non-disclosure provisions of the Strategic Partner Agreement.

HYPOTHETICAL PERFORMANCE DISCLOSURE (2016–2026)
All performance figures presented for the period of January 2016 through May 2026 are hypothetical, backtested, and based on historical simulations. Unlike actual performance records, simulated results do not represent actual trading. Because the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity or slippage.

The strategy was developed with the benefit of hindsight and incorporates machine learning models (example XGBoost) trained on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not indicative of future results.

SYSTEMATIC RISK & DRAWDOWN ANALYSIS
Investors should be prepared for significant short-term volatility. While the historical maximum drawdown for the lead strategy is -17.7%, future drawdowns may exceed this level. Monte Carlo simulations (10,000 paths) indicate a worst-case 1% scenario (p99) drawdown of -27.2%. Commitment of capital should only be made by those who can sustain these periods of drawdown without forced liquidation.

FACILITATOR DISCLOSURE & ADMINISTRATIVE ROLE
ET Capital Partners (“ETCP”) acts solely as an administrative and relationship management facilitator. ETCP is NOT a registered broker-dealer, investment advisor, or legal/tax expert. ETCP does not perform independent audits or forensic verification of the algorithmic models or financial data provided by third-party developers.

Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security. All offers are made exclusively through formal Private Placement Memorandums (PPM) and Limited Partnership Agreements. This offering is available to Accredited Investors only as defined under Rule 501 of Regulation D.

Fund Administration & Accounting
UpDown Capital utilizes a leading third-party institutional administrator to provide independent fund accounting, investor reporting, and administrative oversight. This ensures a professional separation of duties between investment management and capital accounting.

Prime Brokerage & Execution
The Fund’s assets are held at a global Tier-1 Prime Brokerage, providing institutional-grade execution, secure custody, and real-time transparency for all portfolio holdings.