53 slides from Alpha Architect Global Factor Equity ETF's conference presentation, March 2026
Slide 1: HIDE Webinar: An alternative to managed futures
WEBINAR HIDE An alternative to managed futures
Slide 2: Standardized Returns as of 12/31/2025
Different by design Standardized Returns as of 12/31/2025 Annualized 3 Yr. Annualized 5 Yr. Annualized 10 Yr. Annualized Return YTD 1 Yr. Total Return Total Return Total Return Since Inception Expense Ratios Name Ticker Inception Date NAV Mkt. NAV Mkt. NAV Mkt. NAV Mkt. NAV Mkt. NAV Mkt. Gross Net H
Slide 3: Alpha Architect portfolio management
Different by design Wesley R. Gray, PhD | CEO | co-CIO | Portfolio Manager • PhD/MBA from the University of Chicago – Booth School of Business; studied under Nobel Prize Winner Eugene Fama Alpha Architect • • BS The Wharton School of the University of Pennsylvania, magna cum laude United States Mari
Slide 4: Agenda
AGENDA WEBINAR 1. HIDE’s current positioning HIDE 2. Deep dive on HIDE 3. How to allocate to HIDE
Slide 5: Agenda
AGENDA WEBINAR 1. HIDE’s current positioning HIDE 2. Deep dive on HIDE 3. How to allocate to HIDE
Slide 6: Are we about to experience inflation or deflation?
Different by design Are we about to HIDE Trailing Target Allocation | Treasuries, Commodities, REITs, Cash experience inflation or 100% deflation? 90% 80% We believe there are no definitive answers as to 70% whether inflation or deflation will hit next. But 60% narratives abound… and they change wee
Slide 7: No one knows! Use HIDE
No one knows! Use HIDE HIDE may be your simpler, cheaper, lower volatility alternative to managed futures.
Slide 8: How is HIDE currently allocated?
Different by design How is HIDE currently allocated? Cash 0.14% Commodities 25.18% A full allocation is rare. HIDE last rebalance targeted 50% in Treasuries, 25% in REITs and 25% in commodities. While HIDE is a fully systematic ETF, its Treasuries 50.70% target weights may reveal a developing story
Slide 9: Narrative: Is deflation incoming?
Different by design Narrative: “Is deflation incoming?” AI worries have hit the market. The winds have shifted, and what was once a tailwind now feels like a headwind. Date Event Effect Bloomberg reports: Anthropic AI Tool Sparks Selloff From Market drops; focus shifts to potential Feb 3, 2026 Softw
Slide 10: Yields ease in 2026
Different by design Yields ease in 2026 Could treasuries be signaling incoming deflation? HIDE Trailing Target Treasury Allocation Market Yield on U.S. Treasury Securities HIDE has remained fully 60% 4.75 at 10-Year Constant Maturity allocated to Treasuries since November 4.65 50% 4.55 40% 4.45 4.35
Slide 11: Mortgage rates follow lower yields in 2026
Different by design Mortgage rates follow lower yields in 2026 The 30-year mortgage goes below 6% for the first time since 2022. HIDE Trailing Target REIT Allocation Yields across 10-Year Gov’t, 30-Year Mortgage Rates & Spreads 30% HIDE has added or maintained REIT exposure since December 7 2.8 31-D
Slide 12: Key Takeaways: HIDE & Deflation
1. Any increase in unemployment driven by AI-related productivity gains may serve as a tailwind for Treasuries, given it is also met with lower rates. Key Takeaways 2. Given a stable investment environment, REITs may HIDE & Deflation benefit by financing and refinancing at more favorable rates than
Slide 13: Narrative: Is inflation incoming?
Different by design Narrative: “Is inflation incoming?” Supply shocks in the Middle East may signal a new energy crisis. • Oil surged. From February 25th to March 4th, crude oil futures prices jumped roughly 14.12%1 in the span of a week following news of U.S. strikes on Iran. • Iran is a large play
Slide 14: Commodities signal crossroads in 2026
Different by design Commodities signal crossroads in 2026 Metals and energy have led the way so far in 2026 | TTM and YTD returns in commodity futures HIDE Trailing Target Commodity Allocation 84.23% Gold 20.89% 30% HIDE has maintained full commodity 196.16% exposure since December Silver 32.14% 25%
Slide 15: Commodities-a-plenty.
Different by design Commodities-a-plenty. Simple does not mean “not diversified.” HIDE holds a wide basket of commodities. Gold Others • 25 contracts. HIDE holds 25 commodity contracts across three main categories: metals (7), energy (6) and Metals agricultures and softs (12). 8.65% Energy Brent 8.3
Slide 16: Commodities have beaten stocks since 2025
Different by design Commodities have beaten stocks since 2025 Metal trends leads commodities to surpass U.S. stock returns 35% U.S. Lg. Blend1 Commodities2 30% Commodities 29.50% Cumulative 18.15% 29.50% 25% 20% US Lg. Blend 18.15% CAGR 15.66% 25.28% 15% Total Return 10% Standard 5% 17.40% 13.89% De
Slide 17: Key Takeaways: HIDE & Inflation
1. Over the short-to-medium term, oil supply shortages may translate into higher commodity prices, which could in turn lead to a longer-lasting energy trend. Key Takeaways Or they may go lower if supply channels are HIDE & Inflation restored! 2. We believe that following trends may yield better, mor
Slide 18: Agenda
AGENDA WEBINAR 1. HIDE’s current positioning HIDE 2. Deep dive on HIDE 3. How to allocate to HIDE
Slide 19: Fund construction
Different by design Fund construction 19
Slide 20: Managed futures have many moving parts
Different by design Managed futures have many moving parts… …with three principal return drivers Generally, Equities managed futures rely on trends in COLLATERAL real assets, Interest T-Bills, usually equities, and Rates interest rates to generate returns1 Real Assets For illustrative purposes only.
Slide 21: HIDE target allocations
Different by design 25% Real Estate (REITs)5 • Land prices tend to HIDE target appreciate over time 50% Treasuries1 • Rents tend to move in Real Estate allocations • Positive returns when relation to inflation & rates interest rates fall 25% • REITs are relatively • Higher expected returns We believ
Slide 22: Trailing 15-year max drawdowns
Different by design Trailing 15-year max drawdowns Intermediate Gov’t | Real Estate | Commodities Great. So, buy-and- Intermediate Government Real Estate Commodities Broad Basket hold. Great. SoWhy use just own those three, right? Alpha Architect? -17% Buy-and-hold approach has Max drawdown exposed
Slide 23: What is trend-following?
Different by design What is trend- following? 23
Slide 24: What is trend-following?
Different by design Trend-following seeks to invest in an asset after the price has moved in a What is trend-following? consistent direction. Trend-following may mitigate exposure to deep drawdowns and, over time, decrease overall volatility relative to buy-and-hold. Why doesn’t everyone just Trend-
Slide 25: Trend-following vs. Buy-and-Hold
Different by design Trend-following vs. Buy-and-Hold The following pages seek to illustrate the trade-offs associated with a trend-following approach versus a buy-and-hold approach, applied to commodities, REITS, and intermediate government bonds. These examples are for illustrative purposes only an
Slide 26: Buy & Hold vs. Trend-Following | Commodities
Different by design Buy & Hold vs. Trend-Following | Commodities 100% Buy & Trend- Commodities1 Hold2 follow3 75% Trend-following may CAGR 8.54% 7.70% keep up during Buy & Hold Total return 50% rising markets Annualized Trend-follow 15.80% 11.86% volatility 25% And lag during Max volatility -25.24%
Slide 27: Buy & Hold vs. Trend-Following | REITs
Different by design Buy & Hold vs. Trend-Following | REITs Trend-following may avoid 80% sustained drawdowns Buy & Trend- REITs1 Hold2 follow3 60% Trend-follow CAGR 7.46% 8.52% Buy & Hold Total return 40% Annualized 21.11% 11.35% volatility 20% Max -31.30% -12.92% 0% drawdown Dec '18 Dec '19 Dec '20
Slide 28: Buy & Hold vs. Trend-Following | Gov't Bonds
Different by design Buy & Hold vs. Trend-Following | Gov’t Bonds 20% Buy & Trend- Trend-following may avoid Treasuries1 Hold2 follow3 15% sustained drawdowns Trend-follow CAGR 0.46% 2.69% 10% Total return Annualized 5% 5.47% 2.00% Buy & Hold volatility 0% Max Dec '18 Dec '19 Dec '20 Dec '21 Dec '22
Slide 29: Will bonds diversify?
Will bonds diversify? Like they have historically?
Slide 30: Bonds have diversified in the worst years for stocks
Different by design Bonds have diversified in the worst years for stocks… Total return at NAV | Stocks1 | Treasuries2 | Core Bonds3 | Corporates4 2008 2002 2022 2001 2018 9.9% 9.2% 9.5% 8.1% 8.2% 7.7% 8.1% 0.8% 0.0% -2.9% -2.3% -4.8% -8.0% -9.1% -11.2% -13.0% -14.9% -19.9% -18.4% -35.4% Source: YCha
Slide 31: But struggled in 2022 when interest rates rose
Different by design …but struggled in 2022 when interest rates rose Total return at NAV | Treasuries1 | Core Bonds2 | Corporates3 | US Stocks4 5% 0% Jan '22 Feb '22 Mar '22 Apr '22 May '22 Jun '22 Jul '22 Aug '22 Sep '22 Oct '22 Nov '22 Dec '22 -5% Treas. -11.32% Total Return -10% Core. -12.76% -15%
Slide 32: Managed futures outperformed in 2022
Different by design Managed futures outperformed in 2022… Total return at NAV | Managed Futures1 | Treasuries2 | Core Bonds3 | Corporates4 | US Stocks5 40% 30% Mgd. Ftrs. 20% 21.37% Total Return 10% 0% Treas. Jan '22 Feb '22 Mar '22 Apr '22 May '22 Jun '22 Jul '22 Aug '22 Sep '22 Oct '22 Nov '22 Dec
Slide 33: But have underperformed since
Different by design ...but have underperformed since Total cumulative returns at NAV | US Stocks1 | Corporates2 | Core Bonds3 | Treasuries4 | Managed Futures5 90% Stocks 80% 79.76% 70% 60% 50% Total Return 40% Corp. 30% 20.76% Core. 20% 15.83% 10% Treas. 12.90% 0% Mgd. Ftrs. -10%Jan '23 Apr '23 Jul
Slide 34: We think HIDE offers a reasonable compromise
Different by design Adaptability of managed futures We think HIDE offers a reasonable Simplicity of bonds compromise Lower volatility than both 34
Slide 35: HIDE results
Different by design HIDE results 35
Slide 36: HIDE features lower volatility than managed futures
Different by design HIDE features lower volatility than managed futures Total return at NAV | HIDE | Managed Futures1 15% HIDE Cumulative: 13.46% CAGR: 3.92% Std. Dev.: 4.01% 10% Max loss: -5.15% Mgd. Ftrs. Cumulative: 10.46% 5% CAGR: 3.08% Total Return Std. Dev.: 8.77% Max loss: -15.35% 0% Nov '22
Slide 37: HIDE features low correlation to stocks, bonds, and managed futures
Different by design HIDE features low correlation1 to stocks, bonds, and managed futures Since HIDE inception 11/16/2022 – 12/31/2025 HIDE US Stocks Core Bonds Managed futures HIDE 1.00 US Stocks2 0.45 1.00 Core Bonds3 0.41 0.10 1.00 Managed futures4 0.15 0.23 -0.34 1.00 Source: YCharts, Alpha Archi
Slide 38: Active diversification at a reasonable cost
Different by design Active diversification at a reasonable cost Avg. net expense ratio1 | Managed Futures2 | Core Bonds3 | HIDE HIDE is 84% cheaper than 1.82% the average managed futures fund 0.55% 0.29%4 Managed Futures Core Bonds HIDE Source: Alpha Architect. As of 6/30/2025. PAST PERFORMANCE DOES
Slide 39: Agenda
AGENDA WEBINAR 1. HIDE’s current positioning HIDE 2. Deep dive on HIDE 3. How to allocate to HIDE
Slide 40: Diversifiers should address fast and slow downside moves
Different by design In our view, diversifiers should address major downside moves, which we categorize as FAST and SLOW markets. 40
Slide 41: Stock crashes can be FAST or SLOW
Different by design Stocks crashes can be FAST or SLOW Max drawdown1 | US Stocks2 Jan '20 Jan '21 Jan '22 Jan '23 Jan '24 Jan '25 0% -5% -10% -15% Drawdown % -20% FAST: 2025 -25% -18% drawdown SLOW: 2022 in 33 days -30% FAST: 2020 -24% drawdown -35% -34% drawdown in 282 days in 33 days -40% Source:
Slide 42: Optimize for fast and slow market conditions
Different by design Our solution? Optimize for fast and slow market conditions Market Target FAST SLOW condition Ticker Rationale Weighting • General diversification Treasuries Fast crashes Treasuries • Fast crash return potential 25% 25% • Minimal credit risk HIDE 50% • Fast crash return potential
Slide 43: HIDE in a model portfolio
Different by design HIDE in a model portfolio 43
Slide 44: Lower volatility, less downside risk
Different by design Lower volatility, less downside risk The Alpha Architect Diversifier Model seeks to diversify when it matters most Core Bonds 20% Cumulative: 16.43% Diversifier CAGR: 4.75% Model1 Core Bonds2 Std. Dev.: 5.56% Max loss: -6.94% 15% Diversifier Model YTD 3.42% 0.41% Cumulative: 15.1
Slide 45: But diversifiers are not the return-getters
Different by design But… diversifiers are not the “return-getters” We believe in stocks for the long run | Core Bonds1 | U.S. Lg. Blend2 450% 400% U.S. Lg. Blend Cumulative: 383.88% CAGR: 13.70% 350% Std. Dev.: 17.15% Max loss: -33.83% 300% Total Return 250% 200% 150% 100% Core Bonds Cumulative: 34.
Slide 46: Book a Meeting / Register for a Webinar
Different by design Book a Meeting Send us an email to book a meeting with our team. Ready to learn more? Whether you have a few follow-up Register for a Webinar questions or want to discuss a strategy in depth, a call with our team is often the Register for a LIVE Webinar to stay ahead on the faste
Slide 47: Important Information
Different by design IMPORTANT INFORMATION This material has been distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy, or investment product. Information contained herein has been obtained from sources bel
Slide 48: Important Information
Different by design IMPORTANT INFORMATION Investment Company Risk. An investment in other registered investment companies (including other ETFs, affiliated and non-affiliated) is subject to the risks associated with those investment companies, which include, but are not limited to, the risk that suc
Slide 49: Important Information
Different by design IMPORTANT INFORMATION Quantitative Security Selection Risk. The Sub-Adviser uses a quantitative model, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently fr
Slide 50: Important Information
Different by design IMPORTANT INFORMATION FLEX Options Risk. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securi
Slide 51: Note on category average methodology
Different by design Note on category average methodology Constituents of a given category are determined by YCharts. As of 4/30/2024, the calculation method used to determine the category average’s returns changed to account for potentially different inception dates. Previously, a straight average o
Slide 52: Category definitions
Different by design Commodities is represented by the average returns at NAV of the 50 biggest open-ended funds (ETFs and mutual funds) based on assets under management (AUM) in the Commodities Broad Basket category. Commodities Broad Basket portfolios can invest in a diversified basket of commodity
Slide 53: Definitions of return and risk measures
Different by design Cumulative returns (“Cumulative”) measure the total percentage gain or loss of an investment over a period, showing how much it has grown or declined from the starting value, including all compounded gains or losses. CAGR refers to compounded annualized growth rate, which represe