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TICKER: EBCIX
CUSIP: 29446A736
INCEPTION DATE: Jun 18, 2014

DAILY PRICING (as of Oct 18, 2017)

NAV: Change: Change: Change YTD:
$7.98 -$0.03 -0.37% -2.68%

The Equinox Systematica Macro Fund is a mutual fund investment that accesses a program which employs systematic core macro trading signals across global asset classes, enhanced with innovative strategies that seek to exploit specific market and sector opportunities  

Prospectus Objective: The Equinox Systematica Macro Fund seeks to achieve long-term capital appreciation.

Approach

  • Access wide array of markets with the ability to generate returns.
    • Fund provides exposure to the Systematica Investments Limited Commodity Trading Advisor (“CTA”) program.
  • Trades more than 150 markets globally across a number of key asset classes, including:
    • Equity indices
    • Fixed Income (bonds and short-term interest rates)
    • Commodities (energy, metal and agricultural products)
    • Currencies
  • Seeks to provide broad diversification across global markets and sectors
  • Uses proprietary signals that seek to identify trends or future market movements
  • Multiple signals operate in each market, seeking to capture expected market movements over various time frames
  • Seeks dynamic allocation of risk depending on opportunity set
  • Vast majority of trades are executed electronically
  • Program seeks to deliver returns with low correlations to traditional asset classes

Futures Trading Style


Trend-Following: A strategy that seeks to profit from buying when models indicate that prices are trending up, and by selling when prices are indicated to be trending down. In general, pure trend-following models focus almost exclusively on the current price relative to some specified measure of historical prices, such as a moving average.



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

The Fund’s investment advisor has contractually agreed to reduce its compensation and/or reimburse expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific fees and expenses, interest, extraordinary items. “Acquired Fund Fees and Expenses” (as defined in the Prospectus or Summary Prospectus) and brokerage commissions, do not exceed 0.79% (on an annual basis of the Fund’s total average daily net assets). The Advisor has contractually agreed to reduce its fees and/or reimburse expenses of the Fund until at least July 29, 2016. This agreement may be terminated only by the Fund’s Board of Trustees on 60 days written notice to the Advisor. Please review the Fund’s Prospectus or Summary Prospectus for more detail on the expense waiver.

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 US 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 one or more trading companies that use a variety of derivative instruments including swap agreements, exchange-traded futures and option contracts and forward contracts to gain exposure to a wide variety of global markets for currencies, interest rates, stock market indices, energy resources, metals and agricultural products and to hedge price risk; (ii) enter into swap agreements that provide exposure to the Systematica Systematic Macro Program (the “Systematica Program”), a managed  futures  program of Systematica Investments Limited acting solely in its capacity as general partner of Systematica Investments LP (“Systematica”), a commodity trading advisor (“CTA”) registered with the U.S. Commodity Futures Trading Commission; 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 level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. The Systematica Program may take a long or short position in such market. The Fund or its Subsidiary may also invest in a variety of derivative instruments.

To the extent the Fund employs derivatives to gain exposure to the Systematica 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 Systematica Program. Any Swap will be based on a notional amount agreed upon by the Advisor and a counterparty. The Advisor will retain the ability to adjust the notional exposure of the Swap at its discretion. Generally, the fees and expenses of a Swap are based on the notional value of the Swap. The value of the Swap typically includes a deduction for fees of he counterparty as well as management, performance and other fees and costs payable to Systematica. Because the Swap is designed to replicate the returns of the Systematica Program after allowing for the factors set out above, the performance of the Fund will primarily depend on the ability of the Systematica Program to generate returns in excess of the costs of the relevant Swap(s).

Prospective investors should note that the Systematica Group (as defined below) is not a sponsor or promoter of the Fund, the Subsidiary or any trading company. The Systematica Group is not responsible for the formation or the  operation of, and does not act as an adviser to, the Fund or the Subsidiary and does not make recommendations or representations with respect to the Fund or the Subsidiary. Other than reviewing the description of the Systematica Program, the Systematica Group has not had any involvement in the preparation of this Prospectus and is not responsible or liable for the contents hereof. Prospective investors will not be investing their funds with the Systematica Group, will not have voting rights or a direct interest in any Systematica fund, and will have no standing or recourse against the Systematica Group with respect to the Fund, its operations or performance. In addition, while the Fund and the Subsidiary may gain exposure to the Systematica Program through one or more trading companies that employ the Systematica Program and/or derivative instruments such as swap agreements that provide exposure to the Systematica Program, neither the Fund nor the Subsidiary intends to take a direct interest in any Systematica fund. Systematica along with Systematica Investments LP and its group are referred to collectively as the “Systematica Group”.

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 Fund Management, LLC, Equinox Institutional 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 or info@equinoxfunds.com.

*Effective August 21, 2015, Equinox Fund Management, LLC (“EFM”) assigned and transferred all of its advisory services responsibilities and obligations for the Fund to its affiliate investment advisor, Equinox Institutional Asset Management, LP (“EIAM”). EIAM has served as the investment advisor for Equinox EquityHedge US Strategy Fund and Equinox IPM Systematic Macro Fund since 2013 and 2015, respectively. EIAM has been registered with the Securities and Exchange Commission as an investment advisor since 2005 and registered with the Commodity Futures Trading Commission as a commodity pool operator since 2010.

On November 13, 2015 the Equinox BlueCrest Systematic Macro Fund was renamed the Equinox Systematica Macro Fund.

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.

5734-NLD-12/01/2015  |  EASP989

The Fund seeks to offer potential diversification benefits through wide-ranging return sources: 

 

  • Strategy trades more than 150 markets across a number of key asset classes around the globe, including commodities, currencies, fixed income and equity indices
  • Seeks to provide returns that have relatively low correlations with traditional asset classes

Futures diversification by sector — as of Aug 31, 2017

Performance attribution by sector — as of Aug 31, 2017


Sector attribution numbers have been rounded for ease of use. Performance includes fixed income and is net of fees.  Past performance does not guarantee future results. 

Fund exposure by futures strategy — as of Aug 31, 2017

Futures Strategy
% Exposure
program description
Info, Notes & Performance
Systematica Investments LP
100.0%
Other

Portfolio holdings are as of the date stated, are subject to change, and should not be considered investment advice.

†Please refer to the glossary for definitions of program 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

The Fund’s investment advisor has contractually agreed to reduce its compensation and/or reimburse expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific fees and expenses, interest, extraordinary items. “Acquired Fund Fees and Expenses” (as defined in the Prospectus or Summary Prospectus) and brokerage commissions, do not exceed 0.79% (on an annual basis of the Fund’s total average daily net assets). The Advisor has contractually agreed to reduce its fees and/or reimburse expenses of the Fund until at least July 29, 2016. This agreement may be terminated only by the Fund’s Board of Trustees on 60 days written notice to the Advisor. Please review the Fund’s Prospectus or Summary Prospectus for more detail on the expense waiver.

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 US 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 one or more trading companies that use a variety of derivative instruments including swap agreements, exchange-traded futures and option contracts and forward contracts to gain exposure to a wide variety of global markets for currencies, interest rates, stock market indices, energy resources, metals and agricultural products and to hedge price risk; (ii) enter into swap agreements that provide exposure to the Systematica Systematic Macro Program (the “Systematica Program”), a managed  futures  program of Systematica Investments Limited acting solely in its capacity as general partner of Systematica Investments LP (“Systematica”), a commodity trading advisor (“CTA”) registered with the U.S. Commodity Futures Trading Commission; 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 level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. The Systematica Program may take a long or short position in such market. The Fund or its Subsidiary may also invest in a variety of derivative instruments.

To the extent the Fund employs derivatives to gain exposure to the Systematica 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 Systematica Program. Any Swap will be based on a notional amount agreed upon by the Advisor and a counterparty. The Advisor will retain the ability to adjust the notional exposure of the Swap at its discretion. Generally, the fees and expenses of a Swap are based on the notional value of the Swap. The value of the Swap typically includes a deduction for fees of he counterparty as well as management, performance and other fees and costs payable to Systematica. Because the Swap is designed to replicate the returns of the Systematica Program after allowing for the factors set out above, the performance of the Fund will primarily depend on the ability of the Systematica Program to generate returns in excess of the costs of the relevant Swap(s).

Prospective investors should note that the Systematica Group (as defined below) is not a sponsor or promoter of the Fund, the Subsidiary or any trading company. The Systematica Group is not responsible for the formation or the  operation of, and does not act as an adviser to, the Fund or the Subsidiary and does not make recommendations or representations with respect to the Fund or the Subsidiary. Other than reviewing the description of the Systematica Program, the Systematica Group has not had any involvement in the preparation of this Prospectus and is not responsible or liable for the contents hereof. Prospective investors will not be investing their funds with the Systematica Group, will not have voting rights or a direct interest in any Systematica fund, and will have no standing or recourse against the Systematica Group with respect to the Fund, its operations or performance. In addition, while the Fund and the Subsidiary may gain exposure to the Systematica Program through one or more trading companies that employ the Systematica Program and/or derivative instruments such as swap agreements that provide exposure to the Systematica Program, neither the Fund nor the Subsidiary intends to take a direct interest in any Systematica fund. Systematica along with Systematica Investments LP and its group are referred to collectively as the “Systematica Group”.

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 Fund Management, LLC, Equinox Institutional 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 or info@equinoxfunds.com.

*Effective August 21, 2015, Equinox Fund Management, LLC (“EFM”) assigned and transferred all of its advisory services responsibilities and obligations for the Fund to its affiliate investment advisor, Equinox Institutional Asset Management, LP (“EIAM”). EIAM has served as the investment advisor for Equinox EquityHedge US Strategy Fund and Equinox IPM Systematic Macro Fund since 2013 and 2015, respectively. EIAM has been registered with the Securities and Exchange Commission as an investment advisor since 2005 and registered with the Commodity Futures Trading Commission as a commodity pool operator since 2010.

On November 13, 2015 the Equinox BlueCrest Systematic Macro Fund was renamed the Equinox Systematica Macro Fund.

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.

5734-NLD-12/01/2015  |  EASP989

Fund Performance

As of Oct 18, 2017 As of Sep 30, 2017
Fund Name 1 month ytd quarter 1 year 3 years 1 5 years 1 since
inception 1
Equinox Systematica Macro Fund
Class I (inception: Jun 18, 2014)
1.79% -2.68% -2.14% -10.52% -1.56% -1.88%

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 Sep 30, 2017

Fund/index 1 month ytd 2014 2015 2016 Cumulative Return Annualized ROR Maximum Drawdown standard deviation Correlation
Vs. Indices
Equinox Systematica Macro Fund
Class I
-3.23% -5.12% 2.10% 5.09% -7.70% -6.04% -1.88% -19.77% 11.72% 1.00
Long Only Commodities 1
3.32% -3.76% -37.00% -32.86% 11.37% -54.66% -21.38% -60.49% 20.33% -0.50
Equities 2
2.06% 14.24% 7.17% 1.38% 11.96% 38.97% 10.53% -8.36% 9.99% 0.01
Managed Futures 3
-1.98% -4.33% 11.78% -0.92% -4.44% 1.25% 0.38% -14.08% 7.50% 0.80
Fixed Income 4
-0.48% 3.14% 2.75% 0.55% 2.65% 9.38% 2.76% -3.28% 2.84% 0.68

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 — Jun 2014 to Sep 2017

Equinox Systematica Macro Fund - Class I ($9,396 as of Sep 2017)
Barclay BTOP50 Index ($10,125 as of Sep 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. DIVERSIFICATION DOES NOT ENSURE A PROFIT OR PROTECT AGAINST LOSSES.

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. Past performance is no guarantee of future results. The Fund’s investment advisor has contractually agreed to reduce its compensation and/or reimburse expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund Fees and Expenses” (as defined in the Prospectus) and brokerage commissions, do not exceed 0.79% (on an annual basis) of the Fund’s average daily net assets. The Advisor has contractually agreed to reduce its fees and/or reimburse expenses of the Fund until at least July 29, 2016. This agreement may be terminated only by the Fund's Board of Trustees on 60 days written notice to the Advisor. 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 (EBCIX): 1.09%/0.79%

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 US 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 one or more trading companies that use a variety of derivative instruments including swap agreements, exchange-traded futures and option contracts and forward contracts to gain exposure to a wide variety of global markets for currencies, interest rates, stock market indices, energy resources, metals and agricultural products and to hedge price risk; (ii) enter into swap agreements that provide exposure to the Systematica Systematic Macro Program (the “Systematica Program”), a managed  futures  program of Systematica Investments Limited acting solely in its capacity as general partner of Systematica Investments LP (“Systematica”), a commodity trading advisor (“CTA”) registered with the U.S. Commodity Futures Trading Commission; 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 level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. The Systematica Program may take a long or short position in such market. The Fund or its Subsidiary may also invest in a variety of derivative instruments.

To the extent the Fund employs derivatives to gain exposure to the Systematica 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 Systematica Program. Any Swap will be based on a notional amount agreed upon by the Advisor and a counterparty. The Advisor will retain the ability to adjust the notional exposure of the Swap at its discretion. Generally, the fees and expenses of a Swap are based on the notional value of the Swap. The value of the Swap typically includes a deduction for fees of he counterparty as well as management, performance and other fees and costs payable to Systematica. Because the Swap is designed to replicate the returns of the Systematica Program after allowing for the factors set out above, the performance of the Fund will primarily depend on the ability of the Systematica Program to generate returns in excess of the costs of the relevant Swap(s).

Prospective investors should note that the Systematica Group (as defined below) is not a sponsor or promoter of the Fund, the Subsidiary or any trading company. The Systematica Group is not responsible for the formation or the  operation of, and does not act as an adviser to, the Fund or the Subsidiary and does not make recommendations or representations with respect to the Fund or the Subsidiary. Other than reviewing the description of the Systematica Program, the Systematica Group has not had any involvement in the preparation of this Prospectus and is not responsible or liable for the contents hereof. Prospective investors will not be investing their funds with the Systematica Group, will not have voting rights or a direct interest in any Systematica fund, and will have no standing or recourse against the Systematica Group with respect to the Fund, its operations or performance. In addition, while the Fund and the Subsidiary may gain exposure to the Systematica Program through one or more trading companies that employ the Systematica Program and/or derivative instruments such as swap agreements that provide exposure to the Systematica Program, neither the Fund nor the Subsidiary intends to take a direct interest in any Systematica fund. Systematica along with Systematica Investments LP and its group are referred to collectively as the “Systematica Group”.

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 Fund Management, LLC, Equinox Institutional 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 or info@equinoxfunds.com.

*Effective August 21, 2015, Equinox Fund Management, LLC (“EFM”) assigned and transferred all of its advisory services responsibilities and obligations for the Fund to its affiliate investment advisor, Equinox Institutional Asset Management, LP (“EIAM”). EIAM has served as the investment advisor for Equinox EquityHedge US Strategy Fund and Equinox IPM Systematic Macro Fund since 2013 and 2015, respectively. EIAM has been registered with the Securities and Exchange Commission as an investment advisor since 2005 and registered with the Commodity Futures Trading Commission as a commodity pool operator since 2010.

On November 13, 2015 the Equinox BlueCrest Systematic Macro Fund was renamed the Equinox Systematica Macro Fund.

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.

5734-NLD-12/01/2015  |  EASP989

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

The Fund’s investment advisor has contractually agreed to reduce its compensation and/or reimburse expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific fees and expenses, interest, extraordinary items. “Acquired Fund Fees and Expenses” (as defined in the Prospectus or Summary Prospectus) and brokerage commissions, do not exceed 0.79% (on an annual basis of the Fund’s total average daily net assets). The Advisor has contractually agreed to reduce its fees and/or reimburse expenses of the Fund until at least July 29, 2016. This agreement may be terminated only by the Fund’s Board of Trustees on 60 days written notice to the Advisor. Please review the Fund’s Prospectus or Summary Prospectus for more detail on the expense waiver.

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 US 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 one or more trading companies that use a variety of derivative instruments including swap agreements, exchange-traded futures and option contracts and forward contracts to gain exposure to a wide variety of global markets for currencies, interest rates, stock market indices, energy resources, metals and agricultural products and to hedge price risk; (ii) enter into swap agreements that provide exposure to the Systematica Systematic Macro Program (the “Systematica Program”), a managed  futures  program of Systematica Investments Limited acting solely in its capacity as general partner of Systematica Investments LP (“Systematica”), a commodity trading advisor (“CTA”) registered with the U.S. Commodity Futures Trading Commission; 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 level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. The Systematica Program may take a long or short position in such market. The Fund or its Subsidiary may also invest in a variety of derivative instruments.

To the extent the Fund employs derivatives to gain exposure to the Systematica 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 Systematica Program. Any Swap will be based on a notional amount agreed upon by the Advisor and a counterparty. The Advisor will retain the ability to adjust the notional exposure of the Swap at its discretion. Generally, the fees and expenses of a Swap are based on the notional value of the Swap. The value of the Swap typically includes a deduction for fees of he counterparty as well as management, performance and other fees and costs payable to Systematica. Because the Swap is designed to replicate the returns of the Systematica Program after allowing for the factors set out above, the performance of the Fund will primarily depend on the ability of the Systematica Program to generate returns in excess of the costs of the relevant Swap(s).

Prospective investors should note that the Systematica Group (as defined below) is not a sponsor or promoter of the Fund, the Subsidiary or any trading company. The Systematica Group is not responsible for the formation or the  operation of, and does not act as an adviser to, the Fund or the Subsidiary and does not make recommendations or representations with respect to the Fund or the Subsidiary. Other than reviewing the description of the Systematica Program, the Systematica Group has not had any involvement in the preparation of this Prospectus and is not responsible or liable for the contents hereof. Prospective investors will not be investing their funds with the Systematica Group, will not have voting rights or a direct interest in any Systematica fund, and will have no standing or recourse against the Systematica Group with respect to the Fund, its operations or performance. In addition, while the Fund and the Subsidiary may gain exposure to the Systematica Program through one or more trading companies that employ the Systematica Program and/or derivative instruments such as swap agreements that provide exposure to the Systematica Program, neither the Fund nor the Subsidiary intends to take a direct interest in any Systematica fund. Systematica along with Systematica Investments LP and its group are referred to collectively as the “Systematica Group”.

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 Fund Management, LLC, Equinox Institutional 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 or info@equinoxfunds.com.

*Effective August 21, 2015, Equinox Fund Management, LLC (“EFM”) assigned and transferred all of its advisory services responsibilities and obligations for the Fund to its affiliate investment advisor, Equinox Institutional Asset Management, LP (“EIAM”). EIAM has served as the investment advisor for Equinox EquityHedge US Strategy Fund and Equinox IPM Systematic Macro Fund since 2013 and 2015, respectively. EIAM has been registered with the Securities and Exchange Commission as an investment advisor since 2005 and registered with the Commodity Futures Trading Commission as a commodity pool operator since 2010.

On November 13, 2015 the Equinox BlueCrest Systematic Macro Fund was renamed the Equinox Systematica Macro Fund.

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.

5734-NLD-12/01/2015  |  EASP989

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

The Fund’s investment advisor has contractually agreed to reduce its compensation and/or reimburse expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific fees and expenses, interest, extraordinary items. “Acquired Fund Fees and Expenses” (as defined in the Prospectus or Summary Prospectus) and brokerage commissions, do not exceed 0.79% (on an annual basis of the Fund’s total average daily net assets). The Advisor has contractually agreed to reduce its fees and/or reimburse expenses of the Fund until at least July 29, 2016. This agreement may be terminated only by the Fund’s Board of Trustees on 60 days written notice to the Advisor. Please review the Fund’s Prospectus or Summary Prospectus for more detail on the expense waiver.

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 US 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 one or more trading companies that use a variety of derivative instruments including swap agreements, exchange-traded futures and option contracts and forward contracts to gain exposure to a wide variety of global markets for currencies, interest rates, stock market indices, energy resources, metals and agricultural products and to hedge price risk; (ii) enter into swap agreements that provide exposure to the Systematica Systematic Macro Program (the “Systematica Program”), a managed  futures  program of Systematica Investments Limited acting solely in its capacity as general partner of Systematica Investments LP (“Systematica”), a commodity trading advisor (“CTA”) registered with the U.S. Commodity Futures Trading Commission; 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 level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. The Systematica Program may take a long or short position in such market. The Fund or its Subsidiary may also invest in a variety of derivative instruments.

To the extent the Fund employs derivatives to gain exposure to the Systematica 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 Systematica Program. Any Swap will be based on a notional amount agreed upon by the Advisor and a counterparty. The Advisor will retain the ability to adjust the notional exposure of the Swap at its discretion. Generally, the fees and expenses of a Swap are based on the notional value of the Swap. The value of the Swap typically includes a deduction for fees of he counterparty as well as management, performance and other fees and costs payable to Systematica. Because the Swap is designed to replicate the returns of the Systematica Program after allowing for the factors set out above, the performance of the Fund will primarily depend on the ability of the Systematica Program to generate returns in excess of the costs of the relevant Swap(s).

Prospective investors should note that the Systematica Group (as defined below) is not a sponsor or promoter of the Fund, the Subsidiary or any trading company. The Systematica Group is not responsible for the formation or the  operation of, and does not act as an adviser to, the Fund or the Subsidiary and does not make recommendations or representations with respect to the Fund or the Subsidiary. Other than reviewing the description of the Systematica Program, the Systematica Group has not had any involvement in the preparation of this Prospectus and is not responsible or liable for the contents hereof. Prospective investors will not be investing their funds with the Systematica Group, will not have voting rights or a direct interest in any Systematica fund, and will have no standing or recourse against the Systematica Group with respect to the Fund, its operations or performance. In addition, while the Fund and the Subsidiary may gain exposure to the Systematica Program through one or more trading companies that employ the Systematica Program and/or derivative instruments such as swap agreements that provide exposure to the Systematica Program, neither the Fund nor the Subsidiary intends to take a direct interest in any Systematica fund. Systematica along with Systematica Investments LP and its group are referred to collectively as the “Systematica Group”.

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 Fund Management, LLC, Equinox Institutional 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 or info@equinoxfunds.com.

*Effective August 21, 2015, Equinox Fund Management, LLC (“EFM”) assigned and transferred all of its advisory services responsibilities and obligations for the Fund to its affiliate investment advisor, Equinox Institutional Asset Management, LP (“EIAM”). EIAM has served as the investment advisor for Equinox EquityHedge US Strategy Fund and Equinox IPM Systematic Macro Fund since 2013 and 2015, respectively. EIAM has been registered with the Securities and Exchange Commission as an investment advisor since 2005 and registered with the Commodity Futures Trading Commission as a commodity pool operator since 2010.

On November 13, 2015 the Equinox BlueCrest Systematic Macro Fund was renamed the Equinox Systematica Macro Fund.

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.

5734-NLD-12/01/2015  |  EASP989