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NAV

$98,523

−1.48% since start

S&P 500 since start

+0.12%

Drawdown

−2.4%

max −2.6%

Exposure

117% / 83%

long / short of NAV

Risk target

10%

realized 6.3%

Last rebalance

2026-10-26

next: first open of the week of 2026-11-02

Bookpositions after the 2026-10-26 rebalance · marked at the 2026-10-28 close

MARKET	TREND VOTES	POSITION	% OF NAV	VALUE	NEXT WEEK	CHANGE	60D VOL
STOCKS
SPY S&P 500	+9 of 9	LONG	+5.3%	$5,251	+5.3%	hold	11%
QQQ Nasdaq 100	+9 of 9	LONG	+3.0%	$2,944	+2.9%	hold	19%
IWM Russell 2000	+9 of 9	LONG	+4.0%	$3,946	+3.9%	hold	14%
EFA International developed stocks	+9 of 9	LONG	+4.7%	$4,582	+4.7%	hold	12%
EEM Emerging market stocks	+9 of 9	LONG	+2.6%	$2,545	+2.5%	hold	23%
VNQ US REITs	+9 of 9	LONG	+4.1%	$3,996	+4.1%	hold	14%
TREASURIES
TLT 20y+ Treasuries	−5 of 9	SHORT	−11.6%	−$11,398	−8.4%	trim	11%
IEF 7-10y Treasuries	−5 of 9	SHORT	−15.7%	−$15,423	−16.2%	hold	6%
CORPORATE BONDS
LQD Investment-grade corporate bonds	−3 of 9	SHORT	−14.2%	−$14,039	−8.8%	trim	6%
HYG High-yield bonds	+7 of 9	LONG	+26.5%	$26,077	+34.5%	add	4%
PRECIOUS METALS
GLD Gold	+1 of 9	SHORT	−0.9%	−$846	+0.9%	flip to long	22%
SLV Silver	+1 of 9	LONG	+0.5%	$458	+0.5%	hold	40%
ENERGY & COMMODITIES
USO Crude oil	+9 of 9	LONG	+4.1%	$4,031	+4.1%	hold	41%
DBC Commodity basket	+9 of 9	LONG	+9.8%	$9,631	+9.9%	hold	17%
AGRICULTURE
DBA Agriculture	+9 of 9	LONG	+29.7%	$29,236	+29.3%	hold	12%
CURRENCIES
UUP US dollar	+9 of 9	LONG	+22.7%	$22,409	+22.8%	hold	5%
FXE Euro	−9 of 9	SHORT	−23.8%	−$23,492	−24.1%	hold	5%
FXY Japanese yen	−7 of 9	SHORT	−11.1%	−$10,955	−11.4%	hold	8%
CRYPTO
BTC Bitcoin	−5 of 9	SHORT	−5.5%	−$5,462	−5.6%	hold	33%

Trend votes: is the price above its level 150, 175 … 350 trading days ago? Ups minus downs, out of 9. "Next week" is what Keel would trade at the next week's first open, from the latest close (2026-10-28). Exposure now: 116.8% long · 82.8% short (cap 2× gross).