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Exhibit 4 | Adaptive Asset Allocation | 4 choose 2
Today’s Change

A symphony is an automated trading strategy — Learn more about symphonies here

About

Weekly, pick the two strongest among SPY (stocks), TLT (long Treasuries), GLD (gold), and UUP (US dollar) based on ~6‑month gains, then weight them by recent volatility so the calmer asset gets more.
NutHow it works
Each week it reviews four ETFs: SPY (US stocks), TLT (long US Treasuries), GLD (gold), and UUP (US dollar). It looks at ~126 trading days (~6 months) of performance and holds the best two. Sizes are set by ~21‑day volatility: the steadier one gets more, the choppier one less. This lets it adapt across growth, recession, inflation, or dollar‑strength regimes.
CheckmarkValue prop
Risk-adjusted edge: OOS Sharpe 2.17 vs 1.39, drawdown 5.96% vs 18.76%, beta ~0.30, Calmar 3.67, and returns near SPY (OOS ≈21.89% vs SPY ≈22.79%), offering a smoother ride with strong diversification.

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Invest in this strategy
OOS Start Date
Nov 4, 2022
Trading Setting
Weekly
Type
Stocks
Category
Adaptive asset allocation,momentum,multi-asset,weekly rebalance,inverse volatility,macro
Tickers in this symphonyThis symphony trades 4 assets in total
Ticker
Type
GLD
SPDR Gold Trust, SPDR Gold Shares
Stocks
SPY
State Street SPDR S&P 500 ETF Trust
Stocks
TLT
iShares 20+ Year Treasury Bond ETF
Stocks
UUP
Invesco DB US Dollar Index Bullish Fund
Stocks

FAQ

A Composer symphony is an automated trading strategy that executes trades based on parameters of your choice. Some symphonies are similar to holding one ETF in normal conditions and rotating to a different ETF when market conditions shift, for example a 5% drop in the S&P 500, while others use complex rules with dozens of triggers. However, complex doesn’t always mean better. A simple, well-structured symphony can be just as effective as an intricate one. Learn more about how symphonies work here.

The symphony is currently performing the same as yesterday today. Performance updates in real time during market hours.

The symphony is currently allocated toGLDandUUP. Holdings automatically adjust as market conditions change based on the strategy's rules.

Year-to-date, the symphony has returned 19.19%. You can adjust the performance chart above to view returns across different time horizons.

The maximum drawdown for the symphony is 6.47%. The maximum drawdown measures the largest peak-to-trough decline. It's an important metric to evaluate risk and the strategy's behavior during market stress.

To invest in the symphony, simply click the Invest button on this page. You'll need to open an account with Composer if you don't have one yet, then you can start investing. Composer will automatically execute the trades for you based on the strategy's rules. Composer also supports trading individual stocks, ETFs, and options.