Performance results have been prepared by Eve Wealth, and have not been compiled, reviewed, or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment principle is possible. Account holdings and related information are for illustrative purposes only and are not to be considered investment recommendations. Additional information, including Eve Wealth's performance methodologies and a complete list showing the contribution of each holding to the performance during the time period, will be provided upon request.

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record based on trading actual client portfolios, simulated results are achieved by means of the retroactive application of a backtested model itself designed with the benefit of hindsight. In real-time conditions, investment decisions would likely be adjusted based on updated information, changes in token fundamentals, or market conditions. This introduces discretion and timing factors that are not captured in the backtest. Taking into account historical events, the backtesting of performance also differs from actual account performance because an actual investment strategy may be adjusted at any time for any reason, including a response to material, economic, or market factors.

The backtests model portfolio returns using historical token prices, rebalanced monthly, and assumes full liquidity and execution at closing prices. The model applies a 0.25% management fee and 0.7% transaction cost but excludes slippage, taxes, and operational frictions. The portfolio is constructed based on defined marketcap/liquidity/price criteria and using a multifactor optimization algorithm.

The hypothetical backtested performance is based on the following assumptions:

1. The returns are shown net of fees and include management fees and transaction fees charged by the Gemini exchange.
2. The management fee represents the maximum amount any Eve Wealth client could be charged and may not represent actual fees charged to client accounts. View our fee schedule for details.
3. The returns do not take into account taxes or other unforeseen fees and expenses that may be incurred by an investor.
4. Hypothetical returns reflecting the use of ETFs are calculated based on historical open prices.

Additional risks specific to crypto-related backtest performance include, but are not limited to, the following:

• Token Selection and Market Cap Fluidity: The categorization of assets by market capitalization (e.g., small, mid, large cap) is not static. Due to the rapid and frequent fluctuations in token prices, trading volumes, and liquidity, an asset's classification may shift materially over time. This fluidity impacts how assets are selected and weighted in the backtest and may not reflect how the portfolio would be constructed or rebalanced in live conditions.
• Liquidity Constraints and Potentially Unrealistic Rebalancing: Backtests may assume perfect rebalancing at predefined intervals, but in practice, this is often impractical—especially during periods of high volatility or low liquidity. A token may experience a short-term price spike or crash, but real-world trading constraints, such as slippage, order book depth, changing price spreads, execution delays, or centralized exchange limits, may prevent timely or cost-effective rebalancing. These frictions are not captured in the backtest.
• Token Availability Across Custodians: Not all digital assets modeled in the backtest may be available through each qualified custodian, centralized exchange, or trading platform used in practice. This limitation can materially impact portfolio construction, execution, and ultimately, real-world performance.
• Limited Historical Data Quality: Many digital assets and trading venues have short track records, inconsistent trading data, and varying levels of transparency. Backtests relying on historical data may therefore include gaps, inaccurate pricing, or survivorship bias—where defunct tokens or exchanges are excluded.
• Volatility and Structural Market Changes: The digital asset market is subject to extreme price swings, technological disruption, and abrupt regulatory actions. These forward-looking risks are not reflected in historical simulations, making it difficult to extrapolate past results into future expectations.
• Illiquidity and Execution Risk: Especially for smaller-cap or newly launched tokens, historical prices may not reflect executable prices in live markets. Thin trading volumes and limited order books increase the risk of slippage, delayed execution, or inability to transact at all—none of which are factored into backtested results.
• Custody and Smart Contract Risks: The backtest assumes seamless custody and trading access, but real-world implementation depends on third-party custodians, centralized exchanges, and smart contracts. These infrastructure elements may fail or be compromised, which would materially impact performance but are not modeled in the backtest.
• Tax, Fees, and Operational Friction: Taxes, network fees, and operational costs associated with trading crypto assets—particularly across multiple chains—are not reflected in the backtested returns.
• Survivorship Bias: The portfolio may include only those tokens that remained viable or performed well during the backtest period, omitting projects that were delisted, exploited, or otherwise failed. The backtest excludes tokens that were delisted, failed, or may have suffered catastrophic losses during the period, which could overstate the viability and success of the modeled portfolios.
• No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar to those shown. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor a guarantee of future returns. Actual results will vary, perhaps materially, from the analysis.

For more information, view the SEC's Investor Bulletin: Performance Claims