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TICKER: EQIPX
CUSIP: 29446A710
INCEPTION DATE: Jul 6, 2015

DAILY PRICING (as of Apr 28, 2017)

NAV: Change: Change: Change YTD:
$10.47 +$0.06 +0.58% +5.76%

The Equinox IPM Systematic Macro Fund is a mutual fund with a systematic, global macro approach to managed futures investing. The strategy invests in a diverse portfolio of futures and forward contracts using predominantly fundamental information while employing a systematic implementation. 

Prospectus Objective: The Equinox IPM Systematic Macro Fund seeks long-term capital appreciation through access to the IPM Systematic Macro Trading Program, a systematic, global macro managed futures trading strategy developed by IPM Informed Portfolio Management AB.

Approach

  • Fundamentally driven investment strategy rooted in financial and macroeconomic theory with a systematic implementation.
  • Invests in a diverse portfolio of liquid futures and forward contracts across currencies (developed and emerging markets), equity indices and fixed-income markets. 
  • Combines a large number of uncorrelated investment ideas derived from four broad fundamental themes: value, risk premia, macroeconomic, and market dynamics
  • Evaluates the relative attractiveness of global financial instruments over the medium to long term and seek to provide insights into how fundamental drivers interact with the dynamics of asset price return.
  • Employs multi-layer risk management techniques throughout the investment process. 

Futures Trading Style

For more information on futures trading styles, see the following links:

Please refer to the glossary for futures trading style descriptions.  

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Many of the derivative contracts entered into by the Fund, the Subsidiary or a trading company will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part of the financial condition of the counterparty. Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Derivative instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options on futures contracts, options, swaps, and forward currency exchange contracts. Derivatives typically have economic leverage inherent in their terms. The use of leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities or other investments. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations.

Investments in foreign securities could subject the Fund to greater risks including currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. In general, the price of a fixed income security falls when interest rates rise. Non-diversification is a risk, as the Funds are more vulnerable to events affecting a single issuer. Over-the-counter transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default. Higher portfolio turnover may result in the fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

As a principal investment strategy, the Fund or the Subsidiary will either (i) invest in a diversified portfolio of futures contracts and futures-related instruments such as forwards and swaps to gain exposure to a wide variety of global markets for currencies, interest rates and stock market indices and to hedge price risk, (ii) enter into swap agreements that provide exposure to the IPM Program, or (iii) invest in some combination of (i) and (ii). In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the market price of a security, the value of a currency or the level of a financial rate, benchmark or index in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. To the extent the Fund employs derivatives to gain exposure to the IPM Program, it is anticipated that the Fund will utilize a total return swap (a “Swap”), a type of derivative instrument designed to replicate the aggregate returns of the IPM Program.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1-888-643-3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor.  SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600. info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5235-NLD-04/22/2016

The Equinox IPM Systematic Macro Fund trades liquid futures and forward contracts across equity indices, fixed-income markets and currencies in developed and emerging markets.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Many of the derivative contracts entered into by the Fund, the Subsidiary or a trading company will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part of the financial condition of the counterparty. Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Derivative instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options on futures contracts, options, swaps, and forward currency exchange contracts. Derivatives typically have economic leverage inherent in their terms. The use of leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities or other investments. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations.

Investments in foreign securities could subject the Fund to greater risks including currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. In general, the price of a fixed income security falls when interest rates rise. Non-diversification is a risk, as the Funds are more vulnerable to events affecting a single issuer. Over-the-counter transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default. Higher portfolio turnover may result in the fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

As a principal investment strategy, the Fund or the Subsidiary will either (i) invest in a diversified portfolio of futures contracts and futures-related instruments such as forwards and swaps to gain exposure to a wide variety of global markets for currencies, interest rates and stock market indices and to hedge price risk, (ii) enter into swap agreements that provide exposure to the IPM Program, or (iii) invest in some combination of (i) and (ii). In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the market price of a security, the value of a currency or the level of a financial rate, benchmark or index in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. To the extent the Fund employs derivatives to gain exposure to the IPM Program, it is anticipated that the Fund will utilize a total return swap (a “Swap”), a type of derivative instrument designed to replicate the aggregate returns of the IPM Program.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1-888-643-3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor.  SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600. info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5235-NLD-04/22/2016

Fund Performance

As of Apr 28, 2017 As of Mar 31, 2017
Fund Name 1 month ytd quarter 1 year 3 years 1 5 years 1 since
inception 1
Equinox IPM Systematic Macro Fund
Class I (inception: Jul 6, 2015)
3.46% 5.76% 2.32% 0.47% 3.92%

1Annualized, unless the Fund has less than a year of performance where the numbers shown are cumulative total return.

SEE PERFORMANCE AND EXPENSE DISCLOSURES BELOW.

Performance and risk versus benchmarks — as of Mar 31, 2017

Fund/index 1 month ytd 2014 2015 2016 Cumulative Return Annualized ROR Maximum Drawdown standard deviation Correlation
Vs. Indices
Equinox IPM Systematic Macro Fund
Class I
4.11% 2.32% -1.10% 5.64% 6.90% 3.92% -7.57% 10.72% 1.00
Long Only Commodities 1
-3.91% -5.05% -28.12% 11.37% -24.00% -14.62% -27.43% 17.86% -0.02
Equities 2
0.12% 6.07% -0.15% 11.96% 18.57% 10.31% -8.36% 12.07% -0.56
HFRI Macro (Total) Index 3
-0.93% -1.79% 2.31% -4.44% -3.98% -2.32% -10.81% 6.57% 0.01
Fixed Income 4
-0.05% 0.82% 0.35% 2.65% 3.85% 2.20% -3.28% 2.95% 0.29

S&P500 GSCI® Index
S&P 500® Total Return Index
Barclay BTOP50 Index®.  The index does not encompass the whole universe of CTAs. The CTAs that comprise the index have submitted their information voluntarily. Investors      cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
4Barclays Capital Aggregate Bond Index®

ROR is Rate of Return. Standard Deviation is annualized.  See glossary for definitions of drawdown, standard deviation and correlation.

Investors are not able to invest directly in the indices referenced in this illustration and unmanaged index returns do not reflect any fees, expenses or sales charges. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. 

SEE PERFORMANCE AND EXPENSE DISCLOSURES BELOW.

Performance of a hypothetical $10,000 investment — Jul 2016 to Mar 2017

Equinox IPM Systematic Macro Fund - Class I ($10,690 as of Mar 2017)
Barclay BTOP50 Index ($9,602 as of Mar 2017)

Managed Futures: Barclay BTOP50 Index®. The Barclay BTOP50 Index® does not encompass the whole universe of CTAs. The CTAs that comprise the index have submitted their information voluntarily. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

SEE PEFORMANCE AND EXPENSE DISCLOSURES BELOW.

 Sources: Gemini Fund Services, LLC, PerTrac Fund Solutions, LLC.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The Adviser has contractually agreed to reduce its advisory fee and/or reimburse certain expenses of the Fund, to ensure that the Fund’s total annual operating expenses, excluding (i) taxes, (ii) interest, (iii) extraordinary items, (iv) “Acquired Fund Fees and Expenses,” and (v) brokerage commissions, do not exceed, on an annual basis, 1.89% of the Fund’s average daily net assets. This expense limitation will remain in effect until November 30, 2016 but can be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Adviser. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such waived or reimbursed amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The fee table reflects only expense limitations in effect until July 7, 2016. No recoupment by the Adviser will occur unless the Fund’s operating expenses are below the expense limitation amount. Please review the Fund’s Prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call toll-free 1-888-643-3431.

Gross/Net expense Ratio: Class I (EQIPX): 1.98%/1.89%

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Many of the derivative contracts entered into by the Fund, the Subsidiary or a trading company will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part of the financial condition of the counterparty. Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Derivative instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options on futures contracts, options, swaps, and forward currency exchange contracts. Derivatives typically have economic leverage inherent in their terms. The use of leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities or other investments. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations.

Investments in foreign securities could subject the Fund to greater risks including currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. In general, the price of a fixed income security falls when interest rates rise. Non-diversification is a risk, as the Funds are more vulnerable to events affecting a single issuer. Over-the-counter transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default. Higher portfolio turnover may result in the fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

As a principal investment strategy, the Fund or the Subsidiary will either (i) invest in a diversified portfolio of futures contracts and futures-related instruments such as forwards and swaps to gain exposure to a wide variety of global markets for currencies, interest rates and stock market indices and to hedge price risk, (ii) enter into swap agreements that provide exposure to the IPM Program, or (iii) invest in some combination of (i) and (ii). In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the market price of a security, the value of a currency or the level of a financial rate, benchmark or index in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. To the extent the Fund employs derivatives to gain exposure to the IPM Program, it is anticipated that the Fund will utilize a total return swap (a “Swap”), a type of derivative instrument designed to replicate the aggregate returns of the IPM Program.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1-888-643-3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor.  SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600. info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5235-NLD-04/22/2016

Equinox Investment Philosophy and Process

At Equinox Funds, we believe that alternative and traditional investment portfolios built around rigorous diversification and dynamic risk management can add long-term value to an investment strategy. With this philosophy in mind, the Equinox portfolio management team employs the following six-step investment process:

Equinox Investment Process Overview

Step 1 SCREEN
After determining a Fund or Program’s goals and objectives, the Portfolio Team screens the manager universe for suitable candidates.
Step 2 ANALYZE
During this stage, the Portfolio Team seeks to rigorously evaluate historical performance and portfolio attributes as they relate to performance, volatility and strategy discipline.
Step 3 SELECT
The next step involves performing exhaustive due diligence on organization, personnel, investment process and operations.
Step 4 CONSTRUCT
At this stage of the process the anticipated portfolio is stressed using simulation tools for optimal return, risk, correlation and drawdown metrics.
Step 5 MANAGE
Once the initial candidates are identified, the Portfolio Team continually rebuilds the universe of managers and retests the portfolio dynamics.
Step 6 REBALANCE
Continuous monitoring of existing managers’ trading and performance seeks to detect style drift or other potential issues and rebalancing occurs as necessary.

Throughout the process, our goal is to provide investors with high-quality alternative investment portfolios that — when added to an asset allocation strategy — can potentially reduce risk and enhance returns over time.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Many of the derivative contracts entered into by the Fund, the Subsidiary or a trading company will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part of the financial condition of the counterparty. Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Derivative instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options on futures contracts, options, swaps, and forward currency exchange contracts. Derivatives typically have economic leverage inherent in their terms. The use of leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities or other investments. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations.

Investments in foreign securities could subject the Fund to greater risks including currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. In general, the price of a fixed income security falls when interest rates rise. Non-diversification is a risk, as the Funds are more vulnerable to events affecting a single issuer. Over-the-counter transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default. Higher portfolio turnover may result in the fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

As a principal investment strategy, the Fund or the Subsidiary will either (i) invest in a diversified portfolio of futures contracts and futures-related instruments such as forwards and swaps to gain exposure to a wide variety of global markets for currencies, interest rates and stock market indices and to hedge price risk, (ii) enter into swap agreements that provide exposure to the IPM Program, or (iii) invest in some combination of (i) and (ii). In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the market price of a security, the value of a currency or the level of a financial rate, benchmark or index in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. To the extent the Fund employs derivatives to gain exposure to the IPM Program, it is anticipated that the Fund will utilize a total return swap (a “Swap”), a type of derivative instrument designed to replicate the aggregate returns of the IPM Program.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1-888-643-3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor.  SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600. info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5235-NLD-04/22/2016

Portfolio Management Team

 

Dr. Ajay Dravid

Chief Investment Officer, Equinox Institutional Asset Management, LP

Managing Director of Portfolio Strategy, Equinox Fund Management, LLC

As Managing Director of Portfolio Strategy at Equinox Fund Management, Dr. Dravid is involved in day-to-day portfolio and risk management for all of Equinox Funds' offerings.  In addition, Dr. Dravid is involved in the development and the structuring of new products... | MORE

Dr. Rufus Rankin

Director of Portfolio Management, Equinox Fund Management, LLC

Dr. Rankin is the Director of Portfolio Strategy of Equinox Fund Management.  In addition, Dr. Rankin also assists with the conception, development and implementation of new products... | MORE

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

IMPORTANT RISK DISCLOSURE

Mutual funds involve risk including possible loss of principal.

There is no assurance that the Fund will achieve its investment objective.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Many of the derivative contracts entered into by the Fund, the Subsidiary or a trading company will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part of the financial condition of the counterparty. Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Derivative instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options on futures contracts, options, swaps, and forward currency exchange contracts. Derivatives typically have economic leverage inherent in their terms. The use of leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities or other investments. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations.

Investments in foreign securities could subject the Fund to greater risks including currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. In general, the price of a fixed income security falls when interest rates rise. Non-diversification is a risk, as the Funds are more vulnerable to events affecting a single issuer. Over-the-counter transactions are subject to little, if any, regulation and may be subject to the risk of counterparty default. Higher portfolio turnover may result in the fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

As a principal investment strategy, the Fund or the Subsidiary will either (i) invest in a diversified portfolio of futures contracts and futures-related instruments such as forwards and swaps to gain exposure to a wide variety of global markets for currencies, interest rates and stock market indices and to hedge price risk, (ii) enter into swap agreements that provide exposure to the IPM Program, or (iii) invest in some combination of (i) and (ii). In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the market price of a security, the value of a currency or the level of a financial rate, benchmark or index in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. To the extent the Fund employs derivatives to gain exposure to the IPM Program, it is anticipated that the Fund will utilize a total return swap (a “Swap”), a type of derivative instrument designed to replicate the aggregate returns of the IPM Program.

Investors should carefully consider the investment objectives, risk, changes, and expenses of the Fund. This and other important information about the Fund are contained in the respective Prospectus or Summary Prospectus, which can be obtained by calling 1-888-643-3431. The Prospectus or Summary Prospectus should be read carefully before investing.


The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Insitutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor.  SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600. info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.

5235-NLD-04/22/2016