Blockforce Capital Multi Strategy Fund

info@blockforcecapital.com
The Blockforce Multi-Strategy Fund is managed by Blockforce Capital Management, LLC, a subsidiary of Reality Shares, Inc. dba Blockforce Capital.
 Disclaimer
FOR ACCREDITED INVESTORS ONLY. MAY NOT BE REDISTRIBUTED.

This material has been created specifically for accredited investors and cannot be copied or redistributed. By accepting this material you acknowledge that you are a sophisticated accredited investor and understand the content of this
material.

This material is presented for general information purposes only, and does not constitute an offer to buy or sell securities.

This publication has been prepared and issued by Reality Shares, Inc., dba Blockforce Capital (“Blockforce Capital”). Blockforce Capital makes no express or implied warranties, and expressly disclaims all warranties of merchantability or
fitness for a particular purpose or use with respect to any data included in this publication. Without limiting any of the foregoing and to the extent permitted by law, in no event shall Blockforce Capital, nor any affiliate, nor any of their
respective officers, directors, partners, or employees, have any liability for (i) any special, punitive, indirect, or consequential damages; or (ii) any lost profits, lost revenue, loss of anticipated savings or loss of opportunity or other
financial loss, even if notified of the possibility of such damages, arising from any use of this publication or its contents.

This publication does not constitute general or personal investment advice or take into account the individual financial circumstances or investment objectives, or financial conditions of the individuals who receive it. This does not
constitute an offer or solicitation to purchase or sell any securities or Funds, nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be unlawful under the
securities laws of such jurisdiction.

Performance returns are for illustrative purposes only and do not represent actual Fund or portfolio performance. Performance returns do not reflect all possible transaction costs or expenses. The information herein is not intended to
predict actual results, which may differ substantially from those reflected. Investing involves risks, including possible loss of principal. Performance data quoted here represents past performance. Past performance is not necessarily
indicative of future results.

Other than disclosures relating to Blockforce Capital, the information and material contained in this publication has been obtained from sources that Blockforce Capital believes to be reliable, but Blockforce Capital does not represent
or warrant that it is accurate or complete.

This publication contains performance data based on back-testing, (i.e.) simulations of performance of a strategy as if it had actually existed during the defined period of time. The results of such data presented here are hypothetical
(does not reflect actual trading), for illustrative purposes only, and constitute the judgment of Blockforce Capital. Actual strategy returns from live investment may differ materially from hypothetical returns. Back-tested performance
does not represent actual performance and should not be interpreted as an indication of such performance.

While the information has been prepared in good faith, there are inherent limitations that recipients must consider carefully. Back-test results do not present the impact that material economic and market factors might have on an
investment adviser’s decision-making process if the adviser were actually managing investor funds. Different models, different market conditions or different assumptions may yield different results. Back-tested performance can also
materially differ from actual performance because it is achieved through the retroactive application of trading models (in this case, Blockforce Capital’s Alpha Predator model) designed with the benefit of hindsight. As a result, the
models theoretically may be changed from time to time and the effect on performance results could be either favorable or unfavorable. Past performance does not guarantee future results.

Blockforce Capital keeps certain activities of its business units separate in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of Blockforce Capital may have information
that is not available to other business units. Blockforce Capital has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. No
representation is being made that any investment product will achieve performance similar to those shown.

Additional important disclosures are included at the end of this presentation. Please read carefully.

Copyright © 2021 Reality Shares, Inc. All rights reserved.

 Multi-Strategy Fund Year-to-Date Performance Summary
Seeking to deliver upside capture with less volatility

Strategy (Gross) Strategy (Net) Bitcoin

2021 Performance 159.0% 142.8% 103.2%

2021 Volatility 84.7% 79.8% 91.6%

1 Represents actual performance since beginning of live trading. Time period from Jan 1, 2020 to March 31, 2021. Past performance does not guarantee future results,. There is no guarantee the model
will have similar returns under different market conditions.
 Firm Overview
Blockforce Capital (BFC) is an innovative US based asset management firm that offers investment products and research in the blockchain and
digital asset industry through an array of proprietary public and private investment vehicles.

Blockforce was founded by Eric Ervin who launched and run the Reality Shares Exchange Traded Funds Company. The organization excels when it
comes to, regulation, risk management and the nuances surrounding alternative assets.

Reality Shares was founded in 2011 to develop innovation in the

Exchange Traded Fund marketplace. After over 15 years at Morgan
Stanley, and Solomon Smith Barney, Eric Ervin left his firm to found
Reality Shares.

Reality Shares Blockforce Capital In 2016 Eric began incubating strategies and building a quantitative
ETF’s Private Funds asset management team to ultimately build the Blockforce Capital
Private Funds Infrastructure. After trading proprietary capital
through 2017 and 2018, the firm launched the Multi-Strategy fund in
March of 2019

1Reality Shares Advisors, LLC, is the investment advisor to the ETFs. Reality Shares Advisors, LLC is a wholly-owned subsidiary of Reality Shares, Inc. dba Blockforce Capital. Nothing in this presentation is an
endorsement or offer to buy or sell ETFs or any other investment products.
 Our Team Finance
Our interdisciplinary team has a diverse skillset Financial veterans proven to use cutting edge technology to build
and construct portfolios for the modern world
with expertise spanning traditional finance,
astrophysics academia, complex derivative
Data Science
trading, and entrepreneurship
Astrophysics PhD’s and Stat masters1 integral in model and
software development which provided the foundation for the
fund strategies. Providing expertise and deep knowledge base in
machine learning, time series analysis, and supercomputing
“we're all working toward the singular goal
of creating innovative and intelligent
Blockchain
alternative asset investment strategies.”
Board of Advisors that include some of the most world-renowned
-- BFC Team names in the digital asset space, including major influencers that
helped shape the growth and maturity of Bitcoin

Compliance & Operations

A team of highly skilled compliance and operations personnel with
experience in both the public and private sectors focused on
operational and regulatory efficiency and risk mitigation2

1,2 Former
employees and consultants from academia were critical during the development phase and are no longer full-time employees as of November,, 2019. Blockforce Capital Management LLC is a
wholly owned subsidiary of Reality Shares, Inc.
Executive
Eric R. Ervin, Co-founder, President, CEO
After nearly 20 years at Morgan Stanley in wealth management, in 2011 Eric Ervin founded Reality Shares a firm known for innovation in Exchange Traded Funds. The
firm’s first ETF, DIVY, was the first ETF based entirely on the dividend swap market. He also pioneered DIVCON™ a quantitative method for analyzing and ranking
companies according to their dividend health. As the portfolio manager on four publicly traded funds as well as other private funds he has demonstrated expertise in
alternatives eg. dividend swaps, long-short equity, and quant-based cryptocurrency strategies. He is passionate about driving innovation in financial markets, he is a
member of the CFTC Virtual Currency Subcommittee for the Technology Advisory Council, he is also regularly featured in the Wall Street Journal, New York Times,
Barron’s CNBC, Bloomberg, and other media outlets.

Kasey Price, CCO, VP of Finance

Kasey is responsible for the administration of the firm’s formal written compliance policies and procedures, and administering the compliance program of the firm.
She administers annual corporate and employee compliance training. Additionally auditing reports, finances, for both internally and externally Setting and adhering
compliance standards for the company, she strives to administer and uphold compliance laws and regulations. Kasey also serves on the Liquidity Risk Management
Committee for the firm.

Zhuokang (Joseph) Feng, CFA, Senior Analyst

Mr. Feng is currently a Managing Member of Reality Shares, where he heads the portfolio management department and assists in quantitative analysis on the
markets, securities, and derivative instrument. Currently serving as Senior Analyst and Chairman of the Reality Shares Index Committee, he leads the creation,
development and management of the Reality Shares index effort, with principle responsibilities focused on portfolio construction, reconstitutions, rebalances and
attribution. Mr. Feng has an MA in International Economics from UC San Diego and holds the Chartered Financial Analyst (CFA®) designation since 2018.

Ali Akhmatov, Analyst

Ali assists the firm with due diligence and fundraising strategies. He has been involved in crypto and blockchain projects before the rush of 2017. Ali also serves as a
channel between the firm and the crypto-curious by educating potential investors on the basic aspects of blockchain technology and the cryptocurrencies. Ali has
been a president of the cryptocurrency club at San Diego State University where he led the events and educated students on how to make their first crypto
investment and not be a victim of ICO (Initial Coin Offering) scams back in 2018. Ali also has a background in entrepreneurship. Ali also serves on the Liquidity Risk
Management Committee for the firm.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. FURTHER DISCLAIMERS & FOOTNOTES LOCATED ON PAGE 23.
 The Investor Dilemma
Most Digital Asset Funds Offer Long Only Exposure Current Offering Landscape by Fund Type1

Digital asset hedge funds are popping up at a

Ecosystem Fund 3%
record pace, but as shown, most are long only Fund of Funds 3%
investment strategies that fail to protect downside Token Basket 8%
AI/Quant 9%
risk. Index Fund 8%
Trading 25%
We believe the institutional investment need for Liquid Venture 44%
exposure to digital assets is currently greater than
the number of firms that can develop unique and
productive solutions in an evolving product and The above mentioned funds - Ecosystem, Token Basket, Index,
regulatory environment. and Liquid Venture Funds, are disproportionately long-only
biased, which may lead to increased volatility exposure when
compared to hedged strategies like AI/Quant, Fund of Funds,
and Trading funds.

1 Research sourced from Autonomous NEXT, April 2018. Blockforce Capital has not evaluated and cannot guarantee the accuracy of the data.
 Opportunity & Risk
Opportunity1 Risk (Volatility)2
84.88%
$100,000
Bitcoin Price (Log Scale)

$10,000

$1,000

$100
17.31%

3.45%
$10
2013 2014 2015 2016 2017 2018 2019 2020 Bond Stocks Bitcoin

We believe there is a growing opportunity for appreciation … but as with any opportunity, there is substantial
within the digital asset space… risk involved in digital asset investments

1. Underlying data sourced from Bloomberg, CoinMarketCap for the time period May 30, 2013 through Mar. 31, 2021.
2. Risk are annualized. Stocks: S&P 500 Total Return Index; Bonds: the Barclays US Aggregate Bond Index. Past performance does not guarantee future results.
 Fund Strategy Overview
To seize these opportunities we believe the best approach is to consider a multi-dimensional portfolio.

Our multi-strategy portfolio aims to

deliver 80% of market upside while
hedging the downside return to 40% of APM Systematic
broader digital asset markets1

Return
Multi-Strat Fund

Market Neutral

Risk
Similar to a traditional allocation model of 2/3 equity with 1/3 fixed income, our multi-
strategy portfolio will include provisions for return enhancers (Systematic and Token
Rotation) and risk reducers (Arbitrage)2

1 Represents the fund’s target objective, however, there is no guarantee the fund will be successful or produce these results.
2 Represents anticipated allocation – subject to change at fund management’s discretion. There is no guarantee these provisions will obtain their intended result.
 Alpha Predator
Our goal is to systematically look for and harvest alpha across inefficient markets1

Risk Management Alpha Identification

Overlay Research team identifies, screens, and
Quantifies and balances the risks ranks various sources of alpha based
in each algorithm and portfolio on our proprietary ranking system.
sleeve seeking to optimize the
entire portfolio’s risk/reward
scenario.1
Testing
Implementation
Algorithmic ideas are researched, tested,
Ideas are presented and, if
and must pass a variety of tests - most
approved, are then added to the
importantly differentiation and portfolio
Alpha Predator automated
efficiency frontier improvement.
trading system.

1 There is no guarantee Alpha Predator will achieve its intended results. The Alpha Predator methodology is subject to change at anytime.
 Risk Overview: Four Classifications1

Operational Risk Regulatory Risk

❖Custodial and Counterparty ❖Adherence to compliance within
❖Internal Operations current regulatory environment

❖Security ❖Attempting to stay ahead of future

❖Personnel regulatory requirements and changes

Portfolio Risk Tail Distribution

❖Position ❖Events that cause risk to move outside of
❖Asset Class three standard deviations

❖Trading Signals ❖Politics, country specific government

❖Market Structure issues, global upheaval

❖Volatility

1Diagram for illustrative purposes only, does not include all possible risks.
 Fund Breakdown

Blockforce Multi-
Strategy Fund

We believe in an institutionally diversified

approach to achieve our goals. The fund currently
balances exposures to long biased strategies and
Directional Exposure Market Neutral market neutral strategies.

Algorithmic/Systematic Long Beta Portfolio

Diagram represents some of the strategies deployed or potentially deployed in the Multi-Strategy fund. They are subject to change. These are merely a sample of the strategies used and may or may not be a
representative sample. They are meant to illustrate some of the capabilities of the Blockforce Capital Team and how they structure their models.
 Fund Breakdown
Multi-Strat Fund Performance

Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
Performance Statistics
Mar 2019– Mar 2021
Net2 Bitcoin 3 HFRXGL
Net Monthly Performance2
80% 2021 Return 142.8% 103.2% 1.3%

60% Since Inception

40%
Performance (cum.) 469.5% 1432.9% 14.3%
20%
Volatility (ann.) 130.1% 269.7% 6.6%
0%

-20% Average Exposure BTC Beta BTC Correlation

-40%
52.52% 0.50 0.67
Mar-19

Apr-20
Apr-19

Jun-19
Jul-19
Aug-19

Oct-19
Nov-19
May-19

Sep-19

Dec-19
Jan-20

Mar-20

Jun-20
Jul-20
Aug-20

Oct-20
Nov-20

Mar-21
Feb-20

May-20

Sep-20

Dec-20
Jan-21
Feb-21 Calculated on Daily Data versus Bitcoin for the period 02/28/2019 – 03/31/2021

BFC Multi-Strat Fund Bitcoin

Net Fund performance data is unaudited, as calculated by the Fund administrator, and is calculated with the management fee (2%) accrued monthly in arrears and performance fee (20%) accrued on a monthly basis. However, while the performance fee is accrued on a
monthly basis, the actual performance fee is calculated and deducted on the last business day of each fiscal year subject to each investor’s “high water mark”, which could have a material positive or negative impact on the Fund’s performance metrics included herein. All
data presented above is unaudited.

Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
 Q1 2021 Highlights
The Blockforce Capital Multi-Strategy Fund remains vigilant in risk management and continues to focus on downside protection as it will play an
important role in our success as markets unfold.
4.6% 1.1%
Performance Comparison and Portfolio Exposure
Crypto Asset Exposure Lending Cash Multi-Strategy Fund Bitcoin

300 100%
11.4%
35.7%

250
80%
19.2%

Portfolio Allocation %
200
60%

150 25.8%
40%
100
Bitcoin Ethereum Binance
20% Cash Lending ChainLink
50
Ripple Bitcoin Cash Uniswap
Stellar Compound Maker
0 0%
12/31 1/7 1/14 1/21 1/28 2/4 2/11 2/18 2/25 3/4 3/11 3/18 3/25 Yearn Finance

Net Fund performance data is unaudited, as calculated by the Fund administrator, and is calculated with the management fee (2%) accrued monthly in arrears and performance fee (20%) accrued on a monthly basis. However, while the performance fee is accrued on a
monthly basis, the actual performance fee is calculated and deducted on the last business day of each fiscal year subject to each investor’s “high water mark”, which could have a material positive or negative impact on the Fund’s performance metrics included herein. All
data presented above is unaudited.

Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
 Uncorrelated to Bitcoin and Traditional Asset Classes
Correlation of daily net fund returns since inception on March 31, 2019 2,3

Fund Correlations to Other Assets1,3 (Since Inception)

0.63

0.23 0.22 0.20 0.21 0.19 0.20

0.17
0.15
0.11
0.07 0.07

Bitcoin Russell 2000 Cannabis Biotech ACWI S&P 500 Emerging HFRX Global Frontier Gold Oil High Yield 2 Year T-bill
Markets Markets

The correlation data presented above is based on daily returns for the time period 2/28/2019 through 03/31/2021. Benchmarks provided for performance comparison are for informational purposes only, the fund manager does not intend for
the Fund to track them. All data presented above is unaudited.

Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
 Active Management Reduces Volatility
Asset Volatility Since Inception1,3 Downside Volatility
240% Multi-Strat, Net Bitcoin
0%

75% -10%

-20%
52%

40% -30%
35%
33%
27% 26% -40%
22% 21%
16%
7% -50%
4%

Oil Bitcoin Cannabis Multi-Strat, Biotech Russell 2000 Emerging S&P 500 Frontier All World Gold High Yield HFRX Global -60%
Net Markets Markets Index

The volatility data presented above is based on daily returns for the time period 2/28/2019 through 03/31/2021. Benchmarks provided for volatility comparison are for informational purposes only, the fund manager does not intend for the Fund to track them. All data
presented above is unaudited.

Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
 Protecting Downside
Fund performance during the largest Bitcoin drawdowns since March 1, 2019 inception

Drawdown Comparisons2,3 Fund Exposure2,3

Multi- Fund Exposure3
Start Date End Date Bitcoin Strategy, 100%
Net 90% 13,000
80%
6/26/2019 7/2/2019 -16.2% -6.5% 11,000
70%

Bitcoin Price
60%

Exposure
7/10/2019 7/29/2019 -21.5% -3.4% 9,000
50%
40%
08/08/2019 09/31/2019 -30.7% -8.3% 7,000
30%
20% 5,000
11/02/2019 11/21/2019 -18.2% -4.3% 10%
0% 3,000
11/29/2019 12/18/2019 -14.4% -3.3%

3/6/2020 3/12/2020 -44.5% -14.5% Fund Exposure BTC Price

The drawdown data presented above is based on performance for the time period 3/1/2019 through 03/31/2021. Represents six largest bitcoin drawdowns that occurred between 3/1/2019 and 03/31/2021. Benchmarks provided for drawdown comparison are for
informational purposes only, the fund manager does not intend for the Fund to track the benchmark(s). All data presented above is unaudited.

Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
Blockforce Multi Strategy Monthly Return Data
Backtest (1/1/2017 - 2/28/2019)1 + Live Fund Return (3/1/2019 - Forward)2
Italicized Numbers = BACKTEST
2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Volatility
BF Multi-Strat. Fund 27.1% 55.7% 22.7% 142.8% 79.8%
HFR Global Hedge Fund Index -0.2% 1.5% 0.0% 1.3% 3.6%
Bitcoin 14.2% 36.3% 30.5% 103.2% 91.6%
2020 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Volatility
BF Multi-Strat. Fund 14.5% -1.1% -11.2% 12.3% -4.3% -1.6% 19.6% 7.3% -4.3% 8.3% 26.4% 21.4% 116.9% 34.8%
HFR Global Hedge Fund Index 0.4% -1.4% -5.9% 2.9% 1.4% 1.8% 1.3% 1.5% -0.2% -0.2% 2.8% 2.3% 6.8% 4.8%
Bitcoin 30.0% -8.0% -25.1% 34.5% 9.3% -3.4% 23.9% 3.2% -7.6% 27.7% 42.4% 47.8% 303.2% 72.0%
2019 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Volatility
BF Multi-Strat. Fund -2.3% 5.4% 2.5% 4.4% 10.1% 7.9% -1.7% -4.0% -2.0% 0.2% -6.6% -1.1% 12.1% 16.7%
HFR Global Hedge Fund Index 2.1% 0.6% -0.2% 0.7% -0.7% 1.6% 0.8% 0.4% 0.4% 0.3% 1.0% 1.2% 8.6% 2.5%
Bitcoin -7.6% 11.5% 7.5% 28.5% 60.9% 26.2% -6.3% -4.8% -13.5% 10.3% -17.5% -5.0% 92.8% 73.9%
2018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Volatility
BF Multi-Strat. Fund 7.1% 9.2% -8.3% 23.2% -4.5% -6.0% 5.0% -5.3% 1.4% -4.2% -1.4% 1.9% 15.1% 29.1%
HFR Global Hedge Fund Index 2.4% -2.4% -1.0% 0.1% 0.3% -0.2% -0.1% 0.5% -0.7% -3.1% -0.6% -1.9% -6.7% 4.8%
Bitcoin -27.8% 1.7% -32.9% 32.5% -18.9% -14.5% 21.5% -9.5% -5.9% -4.6% -36.4% -6.8% -73.5% 67.8%

Net performance is backtest performance from 1/1/2017–2/28/2019, and live Fund performance from 3/1/2019–03/31/2021. Backtest data and results are developed with the benefit of hindsight, there is no guarantee the Fund will achieve these results – and
NO investor actually achieved the backtest results. Backtested net returns are calculated with a yearly 2% management fee and 20% performance fee deducted daily, however, actual fund management fee is accrued monthly in arrears and performance fee is
accrued monthly and deducted at the end of each fiscal year, subject to each investor’s high water mark, which may result in materially different actual performance. All returns presented above are relative to the US Dollar. Benchmarks provided for
performance comparison are for informational purposes only; the fund manager does not intend for the Fund to track them.
Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
Blockforce Capital Multi-Strategy Master Fund
Strategy Attribution Analysis

Backtest data and results are developed with the benefit of hindsight. Past performance is not indicative of future results.
 Historical Allocation of the Sub-Strategies
Allocation of Systematic % Allocation of Beta % Allocation of Market Neutral % Portfolio Return Bitcoin Return
100% $900

90% $800
80% $700
Sub-strategy Allocation

70%
$600

Indexed to 100
60%
$500
50%
$400
40%
$300
30%

20% $200

10% $100

0% $-
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

Sub-Strategy
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Performance
Systematic 15.4% 4.2% -18.8% 18.8% -5.7% 3.4% 10.9% 1.9% -2.6% 9.6% 5.8% 20.7% 18.6% 28.7% 6.1%
Beta 22.9% -9.0% -26.0% 30.9% 4.8% -3.9% 33.1% 13.3% -6.8% 11.9% 38.7% 24.8% 38.0% 79.7% 32.1%
Market Neutral 1.5% 0.5% 0.6% 0.6% 0.6% 0.8% 1.4% 1.1% 1.1% 1.2% 2.3% 2.0% 1.5% 0.6% 1.7%
Bitcoin 25.9% -8.0% -25.1% 34.5% 9.3% -3.4% 23.9% 3.2% -7.6% 27.7% 42.4% 47.8% 14.2% 36.3% 30.5%
The Sub-Strategy performance data presented above is based on performance for the time period 12/31/2019 through 03/31/2021. All data presented above is unaudited.
 Sub-Strategy’s Contribution Return by Month
60% 0.1%

50%

40%
0.1%
0.1% 52.5%
30%
0.2% 0.1%
0.1%
20% 0.1%
0.3% 28.4%
7.8% 0.1% 27.6% 17.0%
20.9% 0.1% 23.3%
10% 5.2%
0.2%
0.1% 0.1% 8.5% 7.6%
8.9% 0.1% 10.0% 0.8% 0.1% 5.3% 3.7% 6.7% 1.3%
0% 2.5% 1.4% 2.9% 2.4% 1.4%
0.5% -0.6%
-1.9% -10.1% -2.8% -2.2%
-4.2%
-10%
-6.1%

-20%
Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020 Jun-2020 Jul-2020 Aug-2020 Sep-2020 Oct-2020 Nov-2020 Dec-2020 Jan-2021 Feb-2021 Mar-2021

Systematic Beta Market Neutral

Sub-Strategy
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Allocation
Systematic 58.0% 59.2% 53.7% 53.2% 49.2% 23.5% 26.3% 24.8% 24.9% 25.6% 24.0% 25.6% 20.1% 23.4% 21.6%
Beta 22.6% 21.5% 23.3% 25.3% 30.2% 56.9% 63.1% 63.9% 62.8% 64.1% 71.3% 68.7% 74.8% 65.9% 72.6%
Market Neutral 19.4% 19.3% 23.0% 21.5% 20.6% 19.6% 10.6% 11.3% 12.3% 10.3% 4.7% 5.7% 5.1% 10.7% 5.8%
The Sub-Strategy performance data presented above is based on performance for the time period 12/31/2019 through 03/31/2021. All data presented above is unaudited.
 Rolling Monthly Contribution of each Sub-Strategy
120%
Systematic Crypto
Strategic Beta
100% BTC Lending
Avg. Rolling Monthly
2.09% 12.04% 0.12%
80% Contribution Return
Volatility of Monthly
4.26% 18.15% 0.02%
Contribution Return
60%

40%

20%

0%

-20%

Systematic Beta Market Neutral

-40%
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

Sub-Strategy
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Allocation
Systematic 58.0% 59.2% 53.7% 53.2% 49.2% 23.5% 26.3% 24.8% 24.9% 25.6% 24.0% 25.6% 20.1% 23.4% 21.6%
Beta 22.6% 21.5% 23.3% 25.3% 30.2% 56.9% 63.1% 63.9% 62.8% 64.1% 71.3% 68.7% 74.8% 65.9% 72.6%
Market Neutral 19.4% 19.3% 23.0% 21.5% 20.6% 19.6% 10.6% 11.3% 12.3% 10.3% 4.7% 5.7% 5.1% 10.7% 5.8%
The Sub-Strategy performance data presented above is based on performance for the time period 12/31/2019 through 03/31/2021. All data presented above is unaudited.
 Cumulative Contribution Return of each Sub-Strategy
500%

450%

400%

Market Neutral Systematic Beta

350%

300%

250%

200%

150%

100%

50%

0%

-50%
Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020 Jun-2020 Jul-2020 Aug-2020 Sep-2020 Oct-2020 Nov-2020 Dec-2020 Jan-2021 Feb-2021 Mar-2021
The Sub-Strategy performance data presented above is based on performance for the time period 12/31/2019 through 03/31/2021. All data presented above is unaudited.
 Appendix
Blockforce Capital™
Market Neutral Strategies
 Digital Asset Lending
Due to the fractured regulatory and exchange infrastructure, the elegance of blockchain technology, and the interest from
speculators to bet on the direction of cryptocurrencies, a robust demand for borrowing and lending digital assets exists.
Facilitating this demand yields high single digit short-term yields.

Cryptocurrency Lending with Hedges in place

USD/BTC
Purchase, hedge and lend crypto
assets EUR/USD BTC/ETH Cryptocurency Miners

Lend Stablecoins to Exchange Arbitrageurs At times cryptocurrency miners prefer to

ETH/EUR

accumulate cryptocurrency either to time the

Arbitrageurs and High Frequency Traders like
market or to aggregate positions for operational
Citadel, Jump, Susquehanna etc. seeking to
Derivative Hedge efficiency. They will borrow stable coins for short
capitalize on the fractured marketplace use
term operating loans to fund operating costs ie.
borrowed digital assets to post capital on each
Electricity, PP&E, payroll, etc.
exchange. Digital Assets
purchased and
loaned

1Risk can never be completely eliminated and all investments carry a certain degree of risk. There is no guarantee that the arbitrage strategy will achieve the intended risk reduction, if any, and could
possibly increase risk.
 Arbitrage
As markets develop, arbitrage becomes more competitive. Currently scale is critical. The operational costs and human
involvement at current asset levels do not justify the rewards. As the fund increases in size and scale, we consider the possibility
of adding it back to the fund. 1

Fund Structure
Exchange Arbitrage Multi-currency Arbitrage
Market neutral trading strategy USD/BTC
Buy on
Seeks to capitalize on Exchange A Seeks to capitalize on
EUR/USD BTC/ETH
fractured marketplace inefficiencies in exchange
Sell on
Exchange B rates ETH/EUR
Derivative Hedge

Market Making Co-Integration

Digital Assets in Strategy Seeks opportunistic market making in Variation of average trading ranges and pairs as
derivatives and swaps on illiquid well as statistical deviation opportunities
marketplaces and offloading exposure on between digital assets
liquid futures exchanges

1Risk can never be completely eliminated and all investments carry a certain degree of risk. There is no guarantee that the arbitrage strategy will achieve the intended risk reduction, if any, and could
possibly increase risk.
 How to Invest

Accredited investors may email us at1

invest@blockforcecapital.com
Blockforce Multi-Strategy Fund - Important Disclosures Part 1
This material cannot be used in a general solicitation or general advertising to offer or sell interest in the Blockforce Multi-Strategy Fund (the “Fund”). As such, the information cannot be included in any advertisement, article, notice or other
communication published in any newspaper, magazine, or similar media or broadcast over television or radio, including any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.
The information contained in these materials is highly confidential and is being delivered to a limited number of accredited investors. These materials are not to be reproduced or distributed to any other persons and are intended solely for the use of
the person(s) to whom it has been delivered. By accepting these materials, the recipient agrees to use the information only to evaluate potential interest in the investments and strategies described herein and for no other purpose.
No offer to purchase or sell securities: This material does not constitute an offer to buy any security and may not be relied upon in connection with the purchase or sale of any security. Any such offer would only be made by means of formal offering
documents, the terms of which would govern in all respects. Prior to any investment in the Fund from a qualifying accredited investor, formal offering documents, including an offering memorandum and subscription documents shall be provided to
each accredited investor. You are cautioned against using this information as the basis for making a decision to purchase any security.
Blockforce Capital Management is the managing entity for the Fund. The information set forth herein has been obtained or derived from sources believed by Blockforce Capital Management to be reliable. However, Blockforce Capital Management does
not make any representation or warranty, express or implied, as to the information’s accuracy or completeness, nor does Blockforce Capital Management recommend that the information presented herein serve as the basis of any investment decision.
The information is given in summary form and does not purport to be complete. The sole purpose of this material is to inform, and in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or services, or to
attract any funds or deposits. Investments may not be suitable for all clients. Any investment in the Fund may be done only after a qualifying client has carefully reviewed the offering memorandum and executed the subscription documents.
All time-sensitive representations and warranties in these materials are made as of the distribution date unless stated otherwise. Blockforce Capital Management has no obligation (express or implied) to update any or all of the information contained
herein or to advise you of any changes; nor does Blockforce Capital Management make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors. The information presented may involve
views, estimates, assumptions, and information from Blockforce Capital Management and other sources that are believed to be accurate and reliable for illustrative purposes only, but does not constitute an exhaustive explanation of the investment
process, investment strategies or risk management.
No sale of securities will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation, or sale. If any offer of securities is made, it will be pursuant to formal
offering documents prepared by Blockforce Capital Management that contain material information not contained herein and which supersedes this information in its entirety. No agency, exchange, or authority has passed upon the accuracy or
adequacy of these materials, or the merits of any potential investment. Any representation to the contrary is a criminal offense. Any securities offered have not been and will not be registered under the U.S. Securities Act of 1933, the securities laws of
any state of the United States, or any non-U.S. securities laws, and will be offered and sold for investment only to qualifying accredited recipients of the formal offering documents. An investment in the Fund involves significant risks, including loss of
entire investment and is suitable only for sophisticated accredited investors.
Certain information contained in these materials constitutes forward-looking statements. Owing to various risks and uncertainties, actual events or the consequences of such events may differ materially from those reflected or contemplated in such
forward-looking statements. While the opinions expressed or implied are based on estimations and assumptions believed to be reasonable at the time of the publication’s initial distribution, there are no assurances that any estimation or assumption
has or will materialize. Such assumptions (and the resulting analysis) may require modification as additional information becomes available and as economic and market conditions change.
Any decision to invest in the Fund should only be made after reviewing the appropriate offering documents, and conducting such investigations as the investor deems necessary, and consulting the investor’s own investment, legal, accounting and tax
advisors in order to make an independent determination of the suitability and consequences of an investment. The information is not to be considered personal investment advice nor does it take into account the individual financial circumstances,
investment objectives, or financial condition of the users receiving it.
Blockforce Multi-Strategy Fund - Important Disclosures Part 2
Performance figures represent backtest data and results for the period 1/1/2017-2/28/2019, and live Fund performance and results for the period 3/1/2019 - 12/31/2020. All performance information is unaudited and presented in relation to initial investment in US Dollars.
1 Backtest results are NOT an indicator of future actual results, and do NOT represent returns that any investor actually attained. Backtest results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions
integral to the model which may or may not be testable and are subject to losses. Backtest performance results may have inherent limitations, and actual returns from live investment may differ materially from the backtest performance presented, which are subject to
certain assumptions, including but not limited to: we would have been able to purchase the assets and/or securities recommended by the model and the markets were sufficiently liquid to permit all trading. Changes in these assumptions may have a material impact on
returns. Certain assumptions have been made for modeling purposes and are unlikely to be realized. No representations or warranties are made as to the reasonableness of the assumptions. While the backtests were prepared in good faith, there are inherent limitations that
recipients must consider carefully. Backtested results do not present the impact that material economic and market factors might have on a trading strategy or an investment adviser’s decision-making process if an adviser were actually managing investor funds. Different
market or economic conditions, different investment sizes, different fees or different assumptions may yield different results. Backtest performance can also materially differ from actual performance because it is achieved through the retroactive application of trading
models designed with the benefit of hindsight. As a result, the models may be changed from time to time and the effect on performance results could be either favorable or unfavorable. Additionally, backtest net figures were calculated with a 2% management fee and 20%
performance fee deducted on a daily basis, which may cause a material negative or positive performance difference than if fees had been accrued/deducted on the same schedule as the live Fund.
2 LiveFund performance net figures were calculated with the Fund’s management fee (2%) accrued monthly in arrears and the Fund’s performance fee (20%) accrued on a monthly basis. However, while the Fund’s performance fee is accrued monthly by the Fund’s
administrator, it is officially calculated on the last business day of each fiscal year, subject to each investor’s “high water mark”, which may have a materially positive or negative impact on the Fund’s performance metrics included herein. Therefore, it should be noted that
the Fund’s performance figures contained herein are estimates based on monthly accrual of the performance fee. Past performance does not guarantee future results.
3 Performance Benchmarks: Benchmarks provided for performance comparison are for informational purposes only; the fund manager does not intend for the Fund to track them. The HFR Crypto Index represents a measure of cryptocurrency hedge fund strategies. HFRX
Global HF Index: HFR Global Hedge Fund Index represents a measure of a broad universe of hedge fund strategies. S&P 500: S&P 500 Total Return Index (tckr: SPXT) represents a measure of the US large-cap market. ACWI: MSCI ACWI Net Total Return USD Index represents a
measure of broad global markets. High Yield Index: Bloomberg Barclays US Corporate High Yield Total Return Index Value Unhedged USD represents a measure of the USD-denominated, high yield, fixed-rate corporate bond market. Bitwise 10: Bitwise 10 Large Cap Crypto
Index (BITX) tracks the total return of the 10 largest cryptoassets, as measured and weighted by free-float and 5-year inflation-adjusted market capitalization. Frontier Markets: MSCI Frontier Markets Index captures large and mid cap representation across 28 Frontier
Markets countries. Russell 2000: the Russell 2000 Index measures the performance of approximately 2,000 of the smallest-cap companies in the Russell 3000 Index, which is made up of 3,000 of the largest US stocks by market-cap. Bitcoin: represents a measure of the largest
cryptocurrency by market capitalization, bitcoin (BTC). Ethereum: represents a measure of the second largest cryptocurrency by market capitalization, ether (ETH). Oil: represents a measure of the WTI Crude Oil futures contracts. Biotech: represents the SPDR S&P Biotech
ETF (XBI), which is a measure of the performance of the S&P Biotechnology Select Industry Index. Emerging Markets: represents the SPDR Portfolio Emerging Markets ETF, which seeks to correspond to the total return performance of the S&P Emerging BMI Index. Cannabis:
represents a measure of the ETFMG Alternative Harvest ETF, which tracks a market cap weighted index of global firms engaged in the legal cultivation, production, marketing or distribution of cannabis, cannabinoids or tobacco products. Gold: represents the gold spot
market as measured by Bloomberg ticker XAU.

Cryptocurrency and digital (tokenized) assets (“Crypto”) are a representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Crypto is sometimes exchanged for U.S. dollars or other currencies
around the world, but they are not currently backed nor supported by any government or central bank. Crypto can have multiple functions, including, but not limited to, decentralized payments, smart contracts, decentralized applications, and fundraising. Their value is
derived generally by market forces of supply and demand and they are more volatile that traditional currencies, such as the US dollar. Crypto may not be insured, as it is not covered by either FDIC or SIPC insurance. Investing in Crypto comes with numerous risks, including
but not limited to, market manipulation, listing risk, liquidity risk, cybersecurity (hacking) risk, regulatory risk, exchange and/or counterparty risk, trading risk, tax classification risk and volatile market swings. The features, functions and other properties of a specific Crypto
may be complex, technical or difficult to evaluate. Any Crypto may change or cease to operate as expected due to changes in its underlying technology, changes to regulations or changes resulting from an attack. These changes can include a “fork”, “airdrop” “rollback” or
“bootstrap”. Such changes may dilute the value of an existing Crypto position, including possible loss of the entire position. At times it may prove to be difficult to sell a portion of or liquidate a position quickly at a reasonable price, which make liquidity risk an important
consideration for any investor. Crypto assets generally operate on markets and exchanges that are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing. As such, Crypto trading can lead to large and
immediate financial losses, including loss of entire investment. There remains various legal and regulatory uncertainties with regards to the classification of nearly every Crypto. This can mean that the legality of holding or trading individual Cryptos is not always clear. The
future formal classification of any particular Crypto as a currency, security or property could also reduce the value and/or liquidity of the Crypto. As the legal and regulatory framework continues to evolve there may be risks that also evolve that have not yet been identified.
There is no guarantees of profit nor of avoiding losses, including total loss, when investing in or trading Crypto. Several federal agencies have published advisories regarding the risks of Crypto. Some, but not all, of those advisories can be found at the websites below:
Consumer Financial Protection Bureau (CFPB): www.consumerfinance.gov/about-us/newsroom/cfpb-warns-consumers-about-bitcoin/
Commodity Futures Trading Commission (CFTC): www.cftc.gov/sites/default/files/idc/groups/public/@customerprotection/documents/file/customeradvisory_urvct121517.pdf
Securities and Exchange Commission (SEC): www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency
Financial Industry Regulatory Authority (FINRA): www.finra.org/investors/alerts/bitcoin-more-bit-risky