Dynamic Alpha Macro Fund (DYMIX): November 2025 Overview

Welcome to the Monthly Summary

The Dynamic Alpha Macro Fund aims to outperform its benchmark by employing a dual-strategy approach. The fund combines a fundamental global macro strategy with a balanced portfolio of U.S. equities. This blend of non-correlated assets is designed to manage risk and generate what we refer to as “Dynamic Alpha.”

The portfolio is comprised of U.S. Equity ETFs, a global macro futures strategy, and short-term fixed income. The global macro strategy provides long/short exposure to over 40 diverse and non-correlated markets, including currencies, metals, energy, commodities, and financial indices.

We are committed to our shareholders, keeping you informed and ensuring our strategies align with the ever-evolving financial landscape. If you have any questions, feel free to contact us at info@DynamicWG.com.

peRFORMANCE METRICS

* Expense Ratio is 1.81%.
* Fund inception was 7/31/2023.
Performance data shown represents past performance and is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Updated performance information and daily net asset value per share (“NAV”) is available at no cost by calling toll-free 1-833-462-6344.

Dynamic Alpha Macro Fund PORTFOLIO OVERVIEW

Contributors

• Long: 2-Year Treasury, British Pound, Natural Gas, 10-Year Treasury, Soybean Oil, Strategic Equities
• Short: Live Cattle

Detractors

• Long: None
• Short: Coffee, E-Mini S&P 500, Silver

Current Positions (as of 11/30/2025)

• Long: 2-Year Treasury, British Pound, Natural Gas, 10-Year Treasury
• Short: Coffee, Silver, Live Cattle

Macro Observations and Market Analysis

Market Overview & Positioning Update

Commodities: A Market of Extremes

We have written at length in past letters about our belief that gold is in a structural, decade long bull market. We carried a long position in gold for close to two years, but recently closed it, based on stretched technical positioning that needs time to correct and cool off.

Markets rarely move in unison, and this year is a perfect example of how supply-and-demand dynamics diverge across the commodity complex.

Over the last several years:

• Coffee prices have doubled
• Cattle prices have tripled

But crude oil remains one of the few major commodities still trading at deep value

Our process is not “value investing” in the traditional sense. We don’t buy assets simply because they appear cheap. Instead, we look for situations where:

1. Multi-year fundamentals are mispriced, and
2. Supply–demand assumptions are likely to prove wrong on a 1–3 year horizon.

When that happens, markets can experience powerful, trending price moves—exactly the opportunities DYMIX is designed to capture.

Oil: Still Quietly Undervalued

Understanding backwardation

The crude oil curve offers useful insight into what the market believes future supply–and-demand will look like.

• Backwardation means near-term futures prices are higher than long-term prices—often signaling tight current supply or an expectation of excess supply in the future.
• Contango is the opposite: long-dated prices are higher, implying greater future demand or tighter future supply.

A year ago, the entire oil curve was deeply backwardated.

Today, only the front part of the curve remains backwardated; the back end has shifted into mild contango.

This shift doesn’t predict future price direction—but it does show the market expects tightening conditions over time, even if spot supply currently looks ample.

Where the market is right—and where it may be missing the point

The forward curve correctly reflects:

• Underinvestment in sustaining capital expenditures, especially outside OPEC
• A multi-year decline in global refining and upstream project pipelines

But we believe two important factors are still underpriced:

• U.S. supply rollover
  • The Permian Basin—the last major engine of shale growth—is showing signs of peaking. As extraction rates decline , U.S. crude supply should soften meaningfully.
• Long-tail demand from emerging markets
  • Markets are unlikely to price in incremental demand coming from growth areas of Africa and East Asia where cheap ICE (internal combustion engine) vehicles will likely remain alongside EVs for decades to come.  This dynamic sustains structural demand that many market models underestimate.

In short, oil is one of the few commodities where both valuation and fundamentals align in a favorable way.

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Fixed Income: A Deep-Value Opportunity

The most undervalued major market on our screens today isn’t a commodity—it’s the U.S. Government bond market.

While longer-term fiscal concerns are building (with interest expense now exceeding $1 trillion annually), the more immediate setup is driven by:

• A likely AI-related capital expenditure bust, similar in spirit—though smaller in scale—to the dot-com unwind
• Disinflationary pressures emerging in multiple sectors
• Slowing economic activity beneath the headline data

In this environment, we added a long 10 year treasury position in addition to our existing 2 year treasury position.

We believe the next significant move in yields is lower, driven by cyclical—not structural—forces.

Equities: A Small, Selective Short Position

Valuation compression remains a risk for U.S. equities, especially given:

• Historically elevated multiples
• Slowing earnings growth
• Tightening financial conditions beneath the surface

We initiated a small tactical short in broad U.S. equity indices, designed to complement our long treasury positions.

Other Commodity Positions

Outside of crude, our commodity exposure reflects a mix of deep-value long opportunities and selective short positions:

Short Positions (expensive markets):

• Coffee – Brazilian supply continues to recover
• Cattle – Argentine exports increasing, easing tightness

Long Positions (undervalued markets):

• Silver – Reinitiated due to strength of uptrend.

• Soybean oil – Supported by renewable diesel demand and food/feed use
• Natural gas – Shale supply moderation + LNG export growth + data-center energy demand

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Currencies

We remain short the U.S. dollar, expressed through a long British pound position.
With the dollar recently rallying and consolidating, we expect to increase this exposure as momentum shifts.

Closing Thoughts

As we move toward 2026, market dispersion remains high—creating opportunity for active, multi-asset strategies like the Dynamic Alpha Macro Fund (DYMIX). We continue to focus on areas where long-term fundamentals diverge from short-term pricing, and where mispriced assumptions can lead to powerful trends.

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OUR dynamic alpha macro fund LONG/SHORT INVESTMENT UNIVERSE

The list above is not all inclusive.

CONTACT INFORMATION for the Dynamic Alpha Macro Fund

If you’re an advisor or investor interested in learning more about the Dynamic Alpha Macro Fund, you can get in touch through the “Contact Us” page on their website at https://dynamicalphafunds.com/contact-us/. Alternatively, you can directly email your inquiries to info@dynamicalphafunds.com.

IMPORTANT RISK INFORMATION

Disclaimers:

• An investor should consider the investment objectives, risks, charges, and expenses of the Dynamic Alpha Macro Fund carefully before investing. The Fund and summary prospectus contain this and other information about the Fund and should be read carefully before investing. To obtain a prospectus, please call 1-833-462-6344 or access online at https://regdocs.blugiant.com/dynamic-alpha-macro/
• Expense ratios shown reflect gross/net fund operating expenses including acquired fund fees and expenses as per the Fund’s prospectus dated November 1, 2024. The net expense ratio reflects a contractual fee waiver/reimbursement that is in place until 10/31/2025. Absent such waiver, performance and returns would have been lower. The Adviser may discontinue the waiver after the expiration date. Investors should review the Fund’s prospectus for a complete discussion of fees and expenses.
• All investment strategies and investments involve the risk of loss. Nothing within this communication constitutes financial, legal, tax, or other advice, nor should any investment or strategy be undertaken without fully understanding all the risks associated with such an investment or strategy.
• The views, opinions, or advice contained above are solely those of the author and do not necessarily reflect those of Ceros Financial Services LLC or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors, as the appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
• Ceros Financial Services, Inc., member FINRA/SIPC, distributes the funds and is a commonly held affiliate of Advisors Preferred. Advisors Preferred and Ceros are not affiliated with the funds’ subadvisor, Dynamic Wealth Group, which serves as the subadvisor to the Dynamic Alpha Macro Fund.
• Any performance figures reported are historical and should not be taken as an indication of future performance. Investment in the financial markets involves risk, and there is always the potential of losing money when investing in securities.
• The views expressed about market trends, including opinions on bonds, equities, gold, crude oil, or any other market, are based on current market conditions and are subject to change without notice. These views should not be construed as a recommendation for any specific investment or financial strategy.
• Discussions of supply and demand, including historical context and future forecasts, involve estimates and assumptions subject to significant uncertainties. Actual future conditions (including oil supply, demand, and prices) may vary markedly from the analysis presented.
• The commentary regarding our trading approach and investment views, including short-term trading outcomes and long-term market predictions, represents the opinions of our investment team at the time of writing. Our commentary does not promise or guarantee future investment strategies or performance.
• Our economic outlook, including any predictions of economic conditions or their impact on investments, is speculative and should not be relied upon for making investment decisions. Economic conditions are complex and can be affected by various unforeseen factors.
• Comments made on third-party sites are the views of the individuals and do not represent the opinions or recommendations of Ceros. Ceros does not monitor or endorse these comments.
• Dynamic Wealth Group (“Dynamic”) is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of Dynamic by the SEC, nor does it indicate that Dynamic has attained a particular level of skill or ability. This material prepared by Dynamic is for informational purposes only. It is not intended to substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product.
• Opinions expressed by Dynamic are based on economic or market conditions when this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated.
• Facts presented have been obtained from sources believed to be reliable. Dynamic, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source.
• Any reference to an index is included for illustrative purposes only, as an index is not a security in which an investment can be made. Indices are unmanaged vehicles that serve as market indicators and do not account for the deduction of management fees and/or transaction costs generally associated with investable products. Past performance is no guarantee of future results. Actual returns may be lower.
• S&P 500 Total Return Index: The Standard and Poor’s 500 is a capitalization-weighted index of 500 stocks representing all domestic industry groups. S&P500TR assumes reinvestment of any dividends.
• S&P Target Risk Growth Index: The S&P Target Risk Growth Index is designed to measure the performance of equity allocations, while seeking to provide limited fixed income exposure to diversify risk.
• © 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
• Fund Ranking Disclosure: As of 12/31/24, the fund was ranked #1 in the Morningstar Macro Trading category out of 60 funds for the 1-year period based on total returns. Rankings are based on historical performance and are subject to change.