May was another very volatile month as investors continued to weigh the effects of inflation on the Fed’s monetary policy and the economy. DropShot had one of its best performances since inception, returning 7.03% vs 0.45% for the ACWI. The algorithm was able to capture almost 100% of the market upside while experiencing only 46% of the losses on the downside. DropShot’s risk system did a fantastic job of pulling money off the table at the right times, causing the fund to experience only a -3% intra-month drawdown vs -8.5% for equities. The Fund continues to show very favorable returns and risk profile year-to-date compared to buy and hold cross-asset portfolios.