Dynamic Alpha Macro Fund APRIL 2026 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: British Pound, Corn, Strategic Equities                                        
• Short: n/a                         

Detractors                       

• Long: 2-Year Treasury, 5-Year Treasury, Copper, Sugar                                   
• Short: E-Mini NASDAQ 100, Live Cattle                             

Current Positions (as of 4/30/2026)                                      

• Long: 2-Year Treasury, British Pound, Copper, Corn, Sugar, Strategic Equities                       

• Short: n/a                                 

MACRO OBSERVATIONS AND MARKET ANALYSIS

This Month’s Performance

The Dynamic Alpha Macro Fund returned 2.1% in April. The S&P 500 surged 10.49% on the month — one of its strongest performances in recent memory — fueled almost entirely by a historic rally in large-cap technology. Since its inception, the fund has performed in line with equity market returns, consistent with our dual-strategy objective of seeking equity-like returns with lower correlation over a full market cycle.

Derivative thinking

Energy markets have been fully disrupted by the war in the Middle East, and options markets have priced in extreme tail moves that make it clear that crude oil is no longer an easy risk/reward trade. It’s better to look for 2^nd and 3^rd order effects – derivatives of the obvious and direct (energy) implications for markets.

Two of our positions – in corn and copper – are impacted by these derivatives of the conflict.

Corn

At first glance, inventories in the U.S. appear more than adequate, and most farmers have procured the fertilizer supplies they need. Food markets are fungible globally, however, and global demand for U.S. corn, coupled with some reduction in acres planted, lead to a nascent bull market. 

The Spring planting season is well underway in the Western Hemisphere, a critical time for fertilizer applications that will determine the health of this year’s crops. Farmers are facing prices for urea and ammonia that are 50% and 40% higher than last year, respectively. Corn growers are therefore faced with two options: (1) accept higher fertilizer prices to the detriment of their margins; or (2) switch to planting soybeans which deliver less income per acre but require about half the amount of fertilizer as corn. Either option points toward a decline in total corn output for the 2026 season.

Fossil fuel supply disruption from the closure of the Strait of Hormuz leads to the second derivative of higher fertilizer prices and ultimately rising corn prices over the quarters ahead. We continue to be long corn.

Copper

Sulfuric acid is one of the many petroleum byproducts from oil refineries and natural gas processing plants, often used in the processing of raw metal ores through the hydrometallurgical process known as leaching and solvent extraction/electrowinning (SX/EW). This technology enables miners to process low grade ores into high-purity metals and accounts for around 20% of total worldwide production of copper and around 55-60% of uranium extraction (more on the latter below).

Our structural, muti-year bullishness on copper is predicated on greater demand from electrification, artificial intelligence, and frontier markets reaching middle income status. On the supply side, no major copper mine has been discovered in over a decade; for reference it takes two decades to bring a greenfield copper mine from discovery to production.

The chart below from S&P Global indicates what most analysts have penciled in: a growing gap between supply and demand that opens on any long-term time frame. That gap may open in 2030 as indicated in the chart, or it may open in the next few quarters; we lean toward the latter timeframe.

Total copper market balance

Source: S&P Global

We reinstated a long copper position in April. Fossil fuel disruption leads to the derivative of reduced output of necessary byproducts (sulfur) for copper extraction.

Current portfolio

We hold a pared back portfolio with several starter positions, including the derivative themes above. To avoid a single top-down theme driving our P&L, we pair themes that rely on continued global growth (long copper) with themes that benefit from consumer and economic weakness (long 2-year notes), alongside completely independent and uncorrelated trades in agriculture.

[1] Long front-end rates. Despite 7% fiscal deficits for a few years in a row – unprecedented outside of recessions – interest rates have continued to trade in an overall low volatility consolidation over the past four years, with a slight drift toward lower rates since peaking in 2023. To us this price action is a tell that despite the cogent arguments of bond bears – arguments that we share over a decade long time frame – the near-term pressure is for much lower rates, most likely coinciding with an upcoming economic downturn.

[2] Long copper. A position that we’ve had in the past and just reinstated. Could we see a continued rally in copper alongside a U.S. recession? It would be unprecedented and yet logically not so incoherent. As fiscal spending ramps up globally, demand for power distribution, AI, and clean tech may very well replace any lost demand from a downturn driven by reduced consumer spending and a rising unemployment rate.

[3] Long corn and long sugar. These uncorrelated, diversifying positions still appear fundamentally and technically sound to us. Both will be impacted by rising fertilizer prices, with Brazil the hinge country to focus on, as its decision to shift production from food (corn and sugar) to fuel (ethanol) will dictate how quickly existing surpluses are burned through.

[4] Short USD. Long British pound (GBP) is our preferred expression of long-term capital repatriation away from the U.S. to fund domestic spending. Foreign nations are heavily overweight U.S. investment assets and will need to repeatedly trim their positions over many quarters and years, driving the dollar lower over time.

As always, we remain nimble. If the data and/or our views change, we can pivot our positioning and find other trades within the 40+ markets we have available. This is also why we maintain a strategic allocation to U.S. equities in our overall fund strategy, balancing a buy-and-hold approach with active global macro long and short positions.

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.
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• 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.