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This Document is Current as of September 30, 2015 Soaring Pelican, LLC 5577 Medberry Close Sooke, B.C V9Z0C6 Phone: (805) 322-7393 Email: [email protected] NFA ID # 489228 Presents: Diversified S&P Program $100,000 minimum initial investment required * Soaring Pelican, LLC (“Soaring Pelican”) will begin offering the “Soaring Pelican Diversified S&P Program” to potential clients after this document has been filed and accepted with the National Futures Association. All information contained within this document is current to the best of Soaring Pelican, LLC’s knowledge as of: September 30, 2015. * Soaring Pelican, LLC reserves the right to accept smaller investment amounts at its sole discretion. THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS TRADING PROGRAM NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT. Page | 1 Soaring Pelican, LLC September 30, 2015

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Page 1: Soaring Pelican, LLC · Soaring Pelican, LLC (“Soaring Pelican”) ... All information contained within this document is current to the best of ... business into an official

This Document is Current as of September 30, 2015

Soaring Pelican, LLC 5577 Medberry CloseSooke, B.C V9Z0C6

Phone: (805) 322-7393Email: [email protected]

NFA ID # 489228

Presents:

Diversified S&P Program $100,000 minimum initial investment required *

Soaring Pelican, LLC (“Soaring Pelican”) will begin offering the “Soaring Pelican Diversified S&PProgram” to potential clients after this document has been filed and accepted with the NationalFutures Association. All information contained within this document is current to the best of SoaringPelican, LLC’s knowledge as of: September 30, 2015. * Soaring Pelican, LLC reserves the right toaccept smaller investment amounts at its sole discretion.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THEMERITS OF PARTICIPATING IN THIS TRADING PROGRAM NOR HAS THE COMMISSIONPASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

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RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOUSHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLEFOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TOTRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BEAWARE OF THE FOLLOWING:

IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THEPREMIUM AND OF ALL TRANSACTION COSTS.

IF YOU PURCHASE OR SELL A COMMODITY FUTURES CONTRACT OR SELL ACOMMODITY OPTION OR ENGAGE IN OFF EXCHANGE FOREIGN CURRENCYTRADING YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS ORSECURITY DEPOSIT AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOURBROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVESAGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TODEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORTNOTICE, IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THEREQUESTED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BELIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT INYOUR ACCOUNT.

UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT ORIMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHENTHE MARKET MAKES A ‘‘LIMIT MOVE.’’

THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR,SUCH AS A ‘‘STOP-LOSS’’ OR ‘‘STOP-LIMIT’’ ORDER, WILL NOT NECESSARILY LIMITYOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAYMAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS.

A ‘‘SPREAD’’ POSITION MAY NOT BE LESS RISKY THAN A SIMPLE ‘‘LONG’’ OR‘‘SHORT’’ POSITION.

THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITYINTEREST TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OFLEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.

IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIALCHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FORTHOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIALTRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THISDISCLOSURE DOCUMENT CONTAINS, AT PAGE 12, A COMPLETE DESCRIPTION OFEACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADINGADVISOR.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHERSIGNIFICANT ASPECTS OF THE COMMODITY INTEREST MARKETS. YOU SHOULDTHEREFORE CAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITYINTEREST TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE

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PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGE 6.

THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTINGFUNDS IN THE TRADING ADVISOR’S NAME FROM A CLIENT FOR TRADINGCOMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING IN THISTRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT ORRETAIL FOREIGN EXCHAANGE DEALER, AS APPLICABLE

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ContentsBusiness Background.......................................................................................................................5

Financial Companies Utilized..........................................................................................................6

Principal Risk Factors of Trading....................................................................................................6

Market Risks................................................................................................................................6

Risks Specific to Trading with Soaring Pelican, LLC.................................................................7

Trading Program Description.........................................................................................................11

Fees and Costs Associated with Trading This Program.................................................................12

Conflicts of Interest........................................................................................................................14

Litigation History...........................................................................................................................15

Trading Performance and History..................................................................................................16

Acknowledgement of Receipt........................................................................................................18

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Business BackgroundSoaring Pelican, LLC

Soaring Pelican, LLC (“Soaring Pelican”) was formed as a Limited Liability Company in the state ofDelaware on July 6, 2015 by Sam Beckers. (“Mr. Beckers”). Soaring Pelican was created to register as aCommodity Trading Advisor (“CTA”) with the Commodity Futures Trading Commission (“CFTC”). Thecompany has never been used for any other business purpose and has no other outside operating history.

The main business address and location of records is: 5577 Medberry Close Sooke, B.C. V9Z0C6.Telephone number: (805) 322-7393

Soaring Pelican, LLC registered with the CFTC as a Commodity Trading Advisor on August 10, 2015 andalso became a member of the National Futures Association (“NFA”) on that date (NFA ID #489228). Asof the date of this document firm principal, Sam Beckers, is the only individual with authority to trade forthe company. Previously, Mr. Beckers operated as a sole-proprietor CTA using the names Samuel Beckersand Soaring Pelican Automated Systems (NFA ID 419995). He operated as a sole proprietor starting fromMarch 14, 2012 through the date of this document. During this time, Samuel Beckers operated pursuant toan exemption under Section 4.7 of the Commodity Exchange Act. For more information on SoaringPelican’s principal, please see the biography details provided below. Past performance can be found onpage 16 of this disclosure document.

Samuel Beckers Mr. Beckers is the Trading Principal of Soaring Pelican, LLC. Mr. Beckers was listed as a principal onAugust 3, 2015 and became registered as an associated person of Soaring Pelican, LLC on August 10,2015.

Mr. Beckers began his career in February 1998 as an Associate for Marion Advisory Partners, LLC, aregistered investment advisor. In this role, he executed trades and completed back office responsibilities.In March 1999, Mr. Beckers started as the assistant head trader for RS Funds, a multi-strategy mutual andhedge fund company with upwards of $3 billion in assets. Subsequently, in November 2001, Mr. Beckersleft both positions to start for Reina Capital Management, LLC, a boutique portfolio management firm, inDecember of 2001. In this position, he acted as the owner and portfolio manager where he managed aportfolio of stocks based on short-term market momentum principles. He held this position untilDecember 2002.

From December 2002 through May 2006, Mr. Beckers acted as an independent researcher andprofessional trader. During this time, he spent many hours researching a variety of trading methodologiesthat had been developed by others. Through his research he determined many of these trading approachesto have fatal flaws. Beckers then purchased and tested various software platforms and algorithms. Heretoo he found automated and electronic systems to be faulty in the way they were designed andimplemented. During that same time period, Mr. Beckers also served as a consultant for Michael J.Parsons, a trading educational provider. In this role, he edited newsletters which provided detailed dailyanalysis of the financial markets. From May 2006 to March 2010, Mr. Beckers utilized what he hadlearned by evaluating the trading systems and techniques of others to begin his own trading operation. Atthat time he started and was the head trader and portfolio manager of Soaring Pelican Investment Capital,L.P., which was a limited partnership fund that performed short term trades in highly liquid ExchangeTraded Funds (ETFs).

In March 2010, Mr. Beckers founded Soaring Pelican Automated Systems. He has been a CommodityTrading Advisor (CTA) registered with the CFTC and a member of the National Futures Association since

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March of 2012. In July of 2015 he formed Soaring Pelican, LLC to transition his sole proprietorship CTAbusiness into an official company. Mr. Beckers is the sole developer of the algorithms that drive thequantitative studies that are used by the advisor. He holds a Bachelor of Arts in International Businessfrom San Diego State University and possesses his FINRA series 3 license.

Financial Companies Utilized

Clients of Soaring Pelican can generally select the futures commission merchant (“FCM”) at which tomaintain their accounts and, if desired, an introducing broker (“IB”) to introduce their accounts. SoaringPelican reserves the right to disapprove any FCM or IB chosen by the client. Such disapproval willgenerally be based on the past performance, execution capabilities, product limitations and commissionstructure of the FCM or IB they client has selected. Generally, commission and other transaction basedfees (including give up fees of approximately $1 to $3 per round turn) should not exceed $12 per round-turn regardless of the firm or firms you choose to work with.

Principal Risk Factors of Trading

Prospective investors should consider the following risks before deciding to invest with Soaring Pelican.The risk factors below are not intended to include all possible risks of investing in commodities, nor arethe summaries intended to provide complete descriptions of the risks that are included. There is a highdegree of risk associated with trading in commodity futures and options and any such investment decisionshould be made only after careful consideration of the risks associated with such transactions. No personshould consider trading more than they can comfortably afford to lose. There is no assurance that SoaringPelican’s investments will be successful or that trading objectives will be attained. Prospective investorswho would like more details about any risk factor should contact Soaring Pelican directly via the contactinformation provided on the first page of this document.

Market Risks

Volatility RiskThe futures markets are speculative, prices are volatile, and market movements are difficult to predict.Supply and demand for futures contracts can change rapidly and are affected by a variety of factors,including interest rates, merger activities, and general trends in the overall economy or particularindustrial, agricultural, or other economic sectors. Government actions, especially those of the USFederal Reserve Board and other central banks can have a profound effect on global interest rates, whichaffect the price of futures contracts. In addition, a variety of other factors that are inherently difficult topredict such as domestic and international political developments, governmental trade and fiscal policies,patterns of trade, war and or other military conflict can also have significant effects on the markets.Soaring Pelican may have only limited ability to vary its investment strategy in response to changingeconomic financial and investment conditions. No assurance can be given as to when or whether adverseevents might occur that could cause significant and immediate loss in value to your account. Even in theabsence of such events, trading futures contracts can quickly lead to large losses. Such trading lossescould sharply reduce the value of your account and your ability to continue trading in the market.

Prices of futures contracts are highly volatile; Soaring Pelican will trade in these markets on a purelyspeculative basis. No assurance can be given that the speculative trading conducted on behalf of youraccount will result in profitable trades for your account or that your account will not incur substantial orunrecoverable losses.

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Liquidity RiskMost futures contracts are subject to daily price limitations, which mean that the exchanges a commodityis traded on have prohibited the trading of futures contracts if the price fluctuates by a certain amount. Ifthis occurs, it may be impossible to liquidate a position. Futures prices have occasionally moved the dailylimit for several consecutive days with little or no trading. Similar occurrences in markets in whichSoaring Pelican may decide to trade your account and hold positions at that time may prevent SoaringPelican from promptly liquidating unfavorable positions and subject you to substantial losses. Dailylimits may reduce liquidity, but they do not limit ultimate losses, as such limits apply only on a day-to-day basis. In addition, even if contract prices have not moved the daily limit, Soaring Pelican may not beable to execute trades at favorable prices if there is only light trading in the contracts being held for youraccount.

Leverage and Margin RiskA futures position can be established with margin that typically represents a relatively small percentage ofthe total face value of the futures contract being traded. Thus, a small movement in the price of theunderlying commodity asset can result in a substantial price movement relative to the margin deposit andmay result in immediate and substantial losses to your account. Although the use of leverage cansubstantially improve the return on invested capital, it may also increase any losses which your accountmay experience, and it is possible that your account could lose most, all, or even more than the value ofthe balance on deposit with your FCM due to the effects of leverage combined with price volatility.

Speculative Position LimitsThe CFTC and the commodity exchanges have established position limits on the maximum net long ornet short futures positions which any person or group of persons acting together may hold, own or controlin a particular futures contract. All futures contract accounts owned, held, managed, and controlled by theSoaring Pelican, its principal, and their affiliates, including your account, are aggregated for speculativeposition limit purposes. Soaring Pelican believes that the current position limits will not adversely affectits trading, however it is possible that the trading decisions of Soaring Pelican may have to be modifiedand positions managed by Soaring Pelican may have to be liquidated in order to avoid exceedingapplicable position limits.

Custody RiskFutures Commission Merchants (“FCM”) are required to segregate customer funds pursuant to the UnitedStates Commodity Exchange Act (“CEA”). If an FCM fails to do so, clients may be subject to a risk ofloss of funds in the event of FCM bankruptcy. Even if such funds are properly segregated, a client maystill be subject to a risk of loss of the funds on deposit with the FCM should another customer of the FCMor the FCM itself fail to satisfy account deficiencies. In the case of any such bankruptcy or customerloss, a participating customer might recover, even in respect of property specifically traceable to thecustomer, only a pro rata share of all property available for distribution to all of the FCM’s customers, orno amount of money at all. There is no equivalent of the Securities Investors Protection Corporation(“SIPC”) or Federal Deposit Insurance Corporation (“FDIC”) as is commonly applicable in the case ofsecurities broker dealer or banking insolvencies.

Risks Specific to Trading with Soaring Pelican, LLC

Compensation RisksSoaring Pelican, LLC is compensated through the entitlement of an incentive fee, which is based onprofits. This motivate Soaring Pelican to take greater risks with your account in an effort to generateprofits, and thus its compensation. Because an incentive fee is based on both the unrealized and realizedgains in your account, it is possible that the manager could earn an incentive fee based on positions thatwere profitable at the end of a quarter, but which may not be profitable when later liquidated.

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Trading UnpredictabilityDepending on market volatility Soaring Pelican’s trading activities may involve substantial positionturnover in your account which would correspond to high transactional costs. In addition, tradingdecisions will be made solely on the techniques and strategies of Soaring Pelican. There can be noassurance that the decisions made by Soaring Pelican will produce profits or not result in losses.

Substantial Fees and Expenses Your account will be subject to brokerage commissions and other transaction costs, as well asmanagement and incentive fees. Your account may have to earn substantial trading profits to avoiddepletion of the funds due to such commissions, costs and fees. Each client is responsible for paying theirFCM all commissions, fees, and other transaction costs and expenses incurred in connection withtransactions effected for the client’s account by Soaring Pelican.

Reliance on Key Personnel Soaring Pelican is dependent on the services and skills of its principal Sam Beckers. The loss of Mr.Beckers’s skills or services may make it difficult if not impossible for Soaring Pelican to continue tomanage your account. Such a setback may result in large losses if no one is available to tend to any openpositions which may be in your account.

Strategy Risk - Day TradingThis strategy from time to time will hold positions for minutes, hours, or other time periods less than aday. This type of investing is commonly referred to as day trading and may not be appropriate forsomeone of limited resources and/or low risk tolerance. Day trading also requires an in-depthunderstanding of the financial markets as well as trading strategies and techniques to be implementedsuccessfully. This type of trading involves relatively aggressive trading techniques that will generallyincrease the overall commission costs paid by your account. Such an increase in your trading costs willadd to any losses sustained and can significantly reduce the rate of return and overall earnings potential ofyour account. This type of trading may also increase the risk and frequency of margin calls on youraccount due to increased market exposure.

Option TradingPurchasing of call or put options entail risks. Although an option buyer’s risk is limited to the amount ofthe purchase price of the option, an investment in an option may be subject to greater fluctuation than aninvestment in the underlying security. Selling an option creates the potential for unlimited risk. The sellermay be liable for substantially more than the initial premium sold if the price of the underlying securitymoves dramatically.

ConcentrationThe Advisor trades a limited number of markets, which does not provide broad diversification. Tradingmarkets that are correlated or otherwise move in relationship with one another results in concentration risk,which can exacerbate both positive and negative returns, and increase performance volatility.

Stop Loss Orders May Not Limit LossesThe use of certain trading techniques to reduce risk, specifically the placement of "stop loss" and “takeprofit” orders which are intended to limit losses or collect gains at pre-determined pricing levels, may notalways be effective. Market conditions may make it difficult if not impossible to execute such ordersduring periods of extreme market volatility or low liquidity. Accordingly, any strategy using such tradingtechniques may be just as risky as a strategy using simple "long" or "short" positions. There is no way forSoaring Pelican to guarantee that any type of risk reducing trade will provide protection against adverseprice movements. There is also no way to guarantee that a stop loss or take profit order will be filled atthe market price requested and desired for your account.

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Electronic Trading Soaring Pelican will be executing your trades through an electronic trading platform and order routingsystem offered by an FCM. Trading in this fashion differs from traditional open outcry pit trading in thatit poses electronic and technological trading risks. Specifically, as a result of trading electronically it ispossible for Soaring Pelican to encounter system related issues and or system failures when attempting toexecute orders for your account. In addition your trades may be materially affected by a failure ofSoaring Pelican’s computer hardware or through a failure or loss of internet connectivity to an FCM. It isalso possible that an FCM may experience technical difficulties beyond the control of Soaring Pelicanwhich may affect your account. Soaring Pelican’s use of electronic trading systems, in certain instances,may also limit your ability to pursue damages for system failures and trading delays related totechnological problems.

Uncertainty Concerning Future Regulatory ChangesIn addition to possible changes in the regulation of the futures markets, other regulatory changes couldhave a material and adverse effect on the prospects for profitability within this strategy. The U.S.securities and commodities markets are subject to ongoing and substantial regulatory changes, and it isimpossible to predict what statutory, administrative or exchange-imposed restrictions may becomeapplicable in the future. Particularly in light of the general turmoil that has engulfed the financial marketsover the past several years, Congress, the Treasury Department, the SEC and the CFTC among others,have or are considering measures, including but not limited to, bans and limits on speculative trading thatcould limit or negate the ability to trade profitably.

Give-Up and Clearing Risks Clients of Soaring Pelican can generally select the futures commission merchant (“FCM”) at which tomaintain their accounts and, if desired an introducing broker (“IB”) through which they will introducetheir accounts to Soaring Pelican. Soaring Pelican reserves the right to disapprove any FCM or IB chosenby the client. Such disapproval will generally be based on the past performance, execution capabilities,product limitations and commission structure of the FCM or IB. Generally, commission and othertransaction based fees (including give-up fees of $1 to $3 per round turn) should not exceed $12 perround-turn.

Partial or Notional FundingYou should request Soaring Pelican to advise you of the amount of cash or other assets, in other words thelevel of actual funds, which should be deposited to the advisor's trading strategy for your account to beconsidered “fully-funded". This is the amount upon which Soaring Pelican will determine the number ofcontracts traded in your account and should be an amount sufficient to make it unlikely that any furthercash deposits would be required from you over the course of your participation in the program.

Soaring Pelican recommends that clients open their account as a fully-funded. We will consider a client'sdesire to open a notionally-funded account on a case-by-case basis. Generally, Soaring Pelican willrequire a minimum of $50,000 cash to be deposited with your FCM.

“Notional Funds” are quantified in the “Notional Funding Agreement” and held constant. Any changes tonotional funding must be in writing. Notional Funds, together with the Actual Funds in the account makeup the “nominal account size,” which determines the number of contracts traded in your account. ActualFunds include additions and withdrawals to the account, as well as net performance. Subsequently,nominal account size changes with additions, withdrawals, and net performance.

It is important to recognize that the account size you have agreed to in providing the “nominal accountsize” is not the maximum possible loss that your account may experience in the course of your tradingwithin this strategy. You should consult the account statements received from your FCM in order to

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determine the actual activity in your account, including but not limited to your profits, losses, and currentavailable cash balance on a regular basis.

To the extent that the equity in your account is at any time less than the nominal account size you shouldbe aware of the following:

(i) Although gains and losses, fees and commissions measured in dollars, will be the same, they will begreater when expressed as a percentage of account equity.

(ii) Notionally funded accounts may receive more frequent and larger margin calls.

(iii) The amount of losses and gains for notionally funded accounts will be amplified by the specific levelof funding utilized.

(iv) Draw-downs and run-ups will be greater when expressed as a percentage of actual funds than whenexpressed as a percentage of nominal account size for partially-funded accounts.

(v) Trading will be determined by the account’s nominal account size, which equals actual funds,including cash additions, withdrawals, and net performance, plus any notional funds.

(vi) Management fees are based on the nominal account size, which includes notional funds. Clientswith notionally funded accounts will pay management and other fees at a higher rate as a percentage ofactual funds than clients whose accounts are fully funded. For example, a client account with 50%notional funds and 50% actual funds, and a stated management fee of two percent will pay a managementfee of four percent based on actual funds.

Clients considering opening a notionally funded account with Soaring Pelican should be certain that theyfully understand the implications of the increased leverage inherent in this type of trading. They shouldcarefully consider the risk return profile of their desired funding before opening such an account. Clientsare urged to consider the differences between a notionally funded and a fully funded account. It isimperative for clients to recognize that due to increased leverage, notionally funded accounts willexperience greater percentage losses as well as greater percentage gains, in terms of actual funds, thanfully funded accounts.

The following table attempts to illustrate the impact that partially funding your account has on your rateof return. The table presents a generic matrix representing potential rates of return relative to variousnotional funding levels. This table should be used to evaluate the affects that partial funding can have onyour account’s trading performance. It is important to recognize that this table should be used as areference only and that any actual gains or losses which occur in a client notionally funded accountshould be calculated independently, on an account-by-account basis.

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Actual Rate ofReturn Rates of Return Based On Various Funding Levels

50.00% 50.00% 66.67% 75.00% 100.00% 125.00% 150.00%40.00% 40.00% 53.33% 60.00% 80.00% 100.00% 120.00%30.00% 30.00% 40.00% 45.00% 60.00% 75.00% 90.00%20.00% 20.00% 26.67% 30.00% 40.00% 50.00% 60.00%10.00% 10.00% 13.33% 15.00% 20.00% 25.00% 30.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

-10.00% -10.00% -13.33% -15.00% -20.00% -25.00% -30.00%-20.00% -20.00% -26.67% -30.00% -40.00% -50.00% -60.00%-30.00% -30.00% -40.00% -45.00% -60.00% -75.00% -90.00%-40.00% -40.00% -53.33% -60.00% -80.00% -100.00% -120.00%-50.00% -50.00% -66.67% -75.00% -100.00% -125.00% -150.00%

100.00% 75.00% 66.67% 50.00% 40.00% 33.33%Level Of Funding

THE FOREGOING RISK FACTORS DO NOT PURPORT TO BE A COMPLETEEXPLANATION OF ALL RISKS ASSOCIATED WITH COMMODITIES TRADING ORTRADING BY SOARING PELICAN, LLC. PROSPECTIVE INVESTORS SHOULD READSOARING PELICAN, LLC’s DISCLOSURE DOCUMENT IN ITS ENTIRETY AND CONSULTWITH AN INDEPENDENT INVESTMENT, TAX, AND LEGAL ADVISOR(S) BEFOREDETERMINING WHETHER TO INVEST IN THE PROGRAM.

Trading Program DescriptionSoaring Pelican Diversified S&P Program

The Soaring Pelican Diversified S&P Program leverages multiple years’ research into the short-termnature of large and liquid futures markets. The strategy focuses on day trading the S&P 500 full sizeand/or mini index futures contract and intends to liquidate all positions by the end of each day’s regularlytraded market session. The advisor has created proprietary methodologies to execute short-term tradesbased on, what we believe will be statistically advantageous scenarios. The program’s methodology seeksto profit partially from the notion that markets operate in a mean-reversion nature in the short-term. It alsohopes to benefit from the concept that a low-volatility environment may often spawn trending marketpatterns. Within the strategy certain risk management techniques are incorporated. More specificallySoaring Pelican will attempt to control position size while also identifying strict predetermined risk limitsrelative to that position. These risk limits may include but are not necessarily limited to placing stops inthe market to reduce exposure to adverse price movements.

Over the course of a medium to long-term price change, we believe that there will be times when risk inthe market does not appear to be justified relative to the potential reward. In such circumstances, some ofSoaring Pelican’s trading models may exit a winning position prior to the end of a price move. While theadvisor normally follows a disciplined systematic approach to trading, on occasion it may override thesignals generated by the trading models. For example when an extreme short-term market pattern orannouncement arises regularly reliable trading signals may not account for this event. As a result the thenprevailing market conditions may dictate making an alternative trading decision relative to what thestrategies signals might suggests. In other words Soaring Pelican retains discretion to override itssystematic approach to trading in times of extreme or extraordinary market stress.

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From time to time the advisor may increase or decrease the total number of contracts held for youraccount based on increases or decreases to the account’s assets, changes in market conditions, perceivedchanges in market risk factors, or other conditions that Soaring Pelican may deem to be relevant. Theadvisor estimates that, based on the amount of margin required to maintain positions in the marketscurrently traded, aggregate margin for all positions held in a client’s account will range between 0% and10% of the accounts underlying net assets.

Allocations and Blocked OrdersSoaring Pelican will generally place a block, or bunched, order for all participating client accounts andproprietary accounts, in which the same commodity interest is being traded through the same FCM. In ablock order, trades for all accounts are placed for execution together, and then are allocated to individualaccounts when the order has been completed or at the end of the trading day. This process improves theefficiency of trade placement, and is intended to provide better pricing and execution of orders for allaccounts. To aid in transparency Soaring Pelican will make available to any client upon request (1) thegeneral nature of the allocation methodology Soaring Pelican uses; and (2) summary or compositeexecution and allocation data sufficient for that client to compare the results of execution and allocationfor its account with those of the accounts of comparable clients and any proprietary account participatingin the bunched order process.

Fees and Costs Associated with Trading This Program

As compensation for trading and risk management services of Soaring Pelican, a monthly managementfee and quarterly incentive fee may be charged to your account. Soaring Pelican reserves the right tostructure each account to meet specific client needs.

At the end of any applicable period Soaring Pelican will calculate all fees, including any incentive ormanagement fees due from your account. After this calculation is made, a notice will be provided to yourFCM of fees due to Soaring Pelican and monies owed by your account will be debited directly from youraccount. Also, unless otherwise agreed to in writing, all fractional dollar amounts for any fee payable toSoaring Pelican will be rounded to the nearest dollar up or down. The following is a comprehensivelisting of the types of fees you are likely to incur while trading the Soaring Pelican Diversified S&PProgram.

Brokerage and Trading FeesTo trade with Soaring Pelican through your FCM according to the methodologies described within thisdocument you will be responsible for all brokerage commissions and fees charged by your FCM. SoaringPelican recommends that your account pay a total brokerage fee of less than $12 per “round turn”transaction. This suggested rate range is inclusive of all exchange clearing fees, regulatory fees, andbrokerage commissions, give up fees and any other applicable transaction fee.

Management FeeSoaring Pelican will charge a monthly management fee ranging from 0% to 0.167% (2% annually) of the"Nominal Account Size" of the client's account unless specified otherwise in writing by Soaring Pelican.In assessing the value of your account Soaring Pelican will rely on the clearing brokerage statements andother reports received from your FCM. Nominal Account Size is the total of Gross Ending Equity plus allNotional Funds. Gross Ending Equity is defined as the Beginning Equity plus any Additions minus anyWithdrawals plus Gross Trading Performance plus Interest minus any fees or charges. Gross TradingPerformance is defined as the sum of the realized and unrealized trading profits credited to the accountduring the period. Management fees will be prorated for partial month participation in the tradingprogram.

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Clients with accounts that are notionally funded (that is, where actual funds are less than the nominalaccount value) will pay management and other fees at a higher rate as a percentage of actual funds thanclients whose accounts are fully funded. For example, a client account with 50 percent of its trading levelin actual funds and a stated management fee of two percent per annum will pay a management fee of fourpercent per annum based on actual funds. Depending on an account’s exact level of funding, themanagement fee may be higher or lower than that set forth in the foregoing example.

Incentive FeesSoaring Pelican will require each account to pay a quarterly incentive fee based on the profitability ofSoaring Pelican’s trading for that account. This fee will range from twenty percent (20%) to thirtypercent (30%) of net new profits unless specified otherwise in writing by Soaring Pelican.

In this context, net new profits will be defined as the excess, if any, of cumulative net profits at the end ofa quarter over the highest prior cumulative net profit reached during the lifetime of your account. For thepurposes of cumulative net profits, any trading losses from prior periods must be recouped and a newhigh profit must be achieved before further incentive fees will be payable.

Within the incentive fee calculation profits shall include both realized and unrealized gains as well asinterest received on your account assets. In the event net new profits for a period are negative, a "CarryForward Loss" will be applied to the beginning of the next quarter. To the extent any funds are withdrawnfrom your account, any loss attributed to those funds may be deducted from the Carry Forward Loss.Under this scenario, Soaring Pelican will not be entitled to incentive fees unless trading profits for anensuing period exceeds all applicable carry forward losses.

The incentive fee calculation includes unrealized gain or loss on open positions. As a result it is possiblethat unrealized appreciation that causes an incentive fee, in part, to be paid may never be realized in youraccount. For example, if at the end of a quarter your account had unrealized profit on open positions,Soaring Pelican may receive an incentive fee based on such unrealized gains. Following such a payment,those open positions might, due to adverse market conditions, be closed out at no profit or even a loss.Nevertheless if a client’s account incurs such a loss after an incentive fee has been paid, such fess will notbe rebated and Soaring Pelican will retain the collected fee. However, in subsequent quarters no furtherincentive fee will be paid unless your account value once again has net new profits.

Sample Incentive Fee CalculationThe following are general representations and definitions related to how Soaring Pelican will calculateincentive fees on your account. Soaring Pelican will rely on the account statements provided by yourFCM to determine if net new profits have been generated.

The term net new profits shall be defined as: (a) net realized trading profits and losses for the period, plus(b) the change in unrealized trading profits and losses for the fee period, minus (c) any net trading lossescarried forward from previous fee periods that have not been recouped, minus (d) management feescharged or accrued to your account if applicable. The term net new profits also includes interest incomeearned or credited to your account. As noted above, net new profits will be determined from the end ofthe last incentive fee period for which an incentive fee was earned by Soaring Pelican to the currentperiod.

Should your account determine to leave the program as of any date which is not the end of an incentivefee period, the incentive fee described above, if applicable, will be determined as if such termination datewere at the end of a natural incentive fee period. If any payment of incentive fees is made to SoaringPelican on account of net new profits and your account thereafter fails to earn further net new profits orexperiences losses for any subsequent incentive fee period, Soaring Pelican will be entitled to retain suchamounts of incentive fees previously paid. Under such a scenario no subsequent incentive fees will be

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payable to Soaring Pelican until your account has overcome any carry forward losses being carriedforward to achieve net new profits.

Similarly if any withdrawals from your account occur as of any date that is not at the end of an incentivefee period, an incentive fee will be paid, if applicable, with respect to such withdrawn amount as if suchwithdrawal occurred as of the end of an incentive fee period. Withdrawals from your account will resultin a proportional reduction of any carry forward losses as of the date of such withdrawal.

For simplicity Soaring Pelican will calculate net period performance using the following basic equation:

Realized Gain or Loss for period+ Change in Unrealized Gain or Loss - Net Trading Losses Carried Forward

-Management Fees (if applicable)Net New Profits

To obtain an incentive fee value, the agreed upon fee percentage for your specific account will then be multiplied against net new profits.

Soaring Pelican will not be responsible for creating or validating the accuracy of the reports provided bythe FCM that you have chosen. You will also be responsible for ensuring your individual trade statementsare made available to the firm. As a result the firm shall not incur any liability for any determinationmade, or other action taken or omitted, in good faith, relative to valuing your account for reasons ofdetermining your monthly management or quarterly incentive fee.

TerminationIt is recommended that you notify Soaring Pelican of your intent to exit the program and terminate yourrelationship at least 5 business days prior to requesting funds from your FCM, so that open positions maybe offset in an orderly manner. Notice of termination must be in writing, either via email or handwrittencorrespondence. Management fees will be prorated for partial month participation in the trading program.

Conflicts of Interest

The trading principal of Soaring Pelican, LLC, Sam Beckers, will be the trader on your account. BecauseSoaring Pelican is paid on a performance fee basis, he may have an interest to take large risks with youraccount in an attempt to generate larger profits, and thus more revenue for Soaring Pelican. SoaringPelican and its employees may also have an incentive to encourage increased monetary participation ofyour account in the program even if it may not be in your best interests. Sam Beckers and any otherpersons who may be employed by Soaring Pelican are not restricted from holding outside employment.As a result any person holding outside employment may have an incentive to offer your account lessattention than necessary to properly trade this strategy.

Soaring Pelican, its trading principal, and other employees of the firm may trade for their own accounts.Orders of such proprietary accounts may be the same or similar to orders for client accounts, and thuswould compete for positions. A conflict of interest may exist in that it may be advantageous to SoaringPelican to not place certain trades in client accounts in an effort to benefit positions in proprietaryaccounts. It is possible that Soaring Pelican, its principal and employees may trade proprietary accountsindependently of the trading program offered. Should this occur, proprietary account trading may receivepreferential treatment, may trade ahead of or against client accounts, or take positions in markets orcontracts that are opposite or different from those in client accounts. Soaring Pelican will make theperformance of proprietary trading, and written policies related to such trading, available to clients uponrequest.

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All commodity positions held by accounts directed by Soaring Pelican will be required to be aggregatedfor the purposes of complying with speculative position limits. If this were to occur and Soaring Pelicandirected accounts were required to reduce positions as a result of speculative position limits, SoaringPelican may have an incentive to reduce positions within client accounts prior to reducing positionswithin proprietary accounts.

Soaring Pelican may share incentive and/or management fees with a brokers that introduce accounts.This sharing arrangement between these brokers and Soaring Pelican will not add additional costs to yourtrading in the program. You should however be aware that such arrangements may incentivize thesebrokers to suggest an investment in this program even if it is not in your best interest as their client.

Litigation History

As of the date of this document, to the best of the knowledge available to Soaring Pelican, LLC and itsprincipal, neither Soaring Pelican nor Mr. Beckers are currently involved in and have not been involved inany material litigation during the last 5 years.

NFA’s BASIC System

To evaluate the regulatory history of your FCM, Introducing Broker, or Soaring Pelican, LLC, pleaseaccess the Basic System of the National Futures Association via www.nfa.futures.org. For yourconvenience the NFA ID number of Soaring Pelican, LLC is: 489228.

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Trading Performance and History

Soaring Pelican, LLCSoaring Pelican Diversified S&P Program

The tables on the following pages represent the past performance results, in capsule format, for acomposite of all client accounts traded by the Advisor and/or its principal Sam Beckers, within the last 5calendar years. Specifically, the principal of the Advisor, Sam Beckers, previously operated as a soleproprietor Commodity Trading Advisor from March 14, 2012 and continues to do so through the date ofthis document. While Mr. Beckers was operating as a sole proprietorship he established and branded thename “Soaring Pelican Automated Systems” as a “doing business as” identity. This name wouldeventually be utilized when forming “Soaring Pelican, LLC” which is the current advisor presenting thestrategy included within this document. For all intents and purposes the strategy offered in this documentis identical to that which was offered by Mr. Beckers as a sole proprietorship CTA doing business as“Soaring Pelican Automated Systems.”

During the period Mr. Beckers traded as a sole proprietorship, he operated pursuant to what is known as a4.7 exemption under the Commodity Exchange Act (“CEA”). A 4.7 exemption is for managers whoadvise only qualified eligible persons. Previous to Mr. Beckers being regulated, that is prior to March 14,2012, Sam Beckers as an unregistered individual, traded customer accounts but was exempt fromregistration with NFA pursuant to section 4m(1) of the CEA. Section 4m(1) is utilized by traders whoadvise less than 15 customer accounts and do not publically hold themselves out as a commodity tradingadvisor. Accordingly, the composite information presented in the capsules on the following pages prior toMr. Becker’s being registered with the CFTC on March 14, 2012.

All accounts included in the capsules presented on the following pages were charged similar brokerage,management, and incentive fee rates relative to those presented within this document. It is SoaringPelican’s belief that had potential customer accounts been trading during the time period presented, theymay have experienced results similar to those presented below. Returns may vary on an account byaccount basis dependent upon the underlying commissions charged to an account as well as the specificadvisory fee rates negotiated with the Advisor for his or her account(s). Please ensure you fullyunderstand this performance presentation before choosing to invest with Soaring Pelican. Any questionsor concerns regarding the returns presented within this document should be addressed directly by SamBeckers of Soaring Pelican, LLC.

Soaring Pelican, LLC

NO ACTUAL CUSTOMER TRADING RESULTS AVAILABLE

THIS TRADING ADVISOR PREVIOUSLY HAS NOT DIRECTED ANY ACCOUNTS.

PLEASE SEE THE FOLLOWING PAGE FOR MR. BECKER’S PAST TRADINGPERFORMANCE HISTORY AS A SOLE PROPRIETOR CTA UTILIZING THE STRATEGYOFFERED WITHIN THIS DOCUMENT. SEE ABOVE FOR A DETAILED EXPLANATION OFMR. BECKERS PREVIOUS REGULATORY HISTORY.

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Soaring Pelican Automated Systems CTA(Sole Proprietorship Period)

As of September 30 2015

Name of Trading Advisor: Soaring Pelican Automated SystemsName of trading program: Diversified S&P ProgramInception of trading by CTA: Jan 2011Inception of trading in program: Jan 2011Number of accounts traded pursuant to the program: 33Total CTA assets under management: $9,239,898Total assets traded pursuant to this program: $9,239,898

Largest monthly drawdown: -7.90% (April 2011)Worst peak-to-valley drawdown: -10.43% (May 2013 – Sep. 2013)

Open and Closed Accounts Range of ReturnsProfitable: 12 0.34% to 1.56%Unprofitable: 16 -4.27% to -5.12%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Rates of ReturnMonth 2015 2014 2013 2012 2011 Jan. -1.46% 8.95% -2.53% -3.21% -0.59%Feb. -0.90% -2.13% 0.09% -1.31% 2.03%Mar. 2.09% 1.29% -0.24% 5.88% 8.39%Apr. -0.43% -1.17% 5.41% 2.33% -7.90%May 0.36% 3.54% 0.11% 0.98% 2.08%June 7.50% 1.69% -6.91% 6.30% 0.99%July -2.57% 2.09% -1.56% -6.36% 1.99%Aug. 3.66% 0.13% -1.42% 1.22% 12.72%Sept. 3.29% -0.85% 0.00% -4.34%Oct. 2.23% 1.98% -3.34% 4.10%Nov. -0.04% -1.06% 4.87% 4.83%Dec. -3.65% -0.86% 1.34% 5.01% Year 8.16% 16.83% -7.98% 8.17% 31.55%

Notes:1. Drawdown means losses experienced by the composite over a specified period

2. Client accounts that are presented in this composite were traded while the advisor operated pursuant to the 4.7 exemption of the Commodity Exchange act with respect to advising qualified eligible persons

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Acknowledgement of Receipt

I hereby acknowledge receipt of Soaring Pelican, LLC’s disclosure document dated September 30, 2015 which was read and understood. I also affirm that I have read and understood the following required risk statement:

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THEMERITS OF PARTICIPATING IN THIS TRADING PROGRAM NOR HAS THE COMMISSIONPASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

IF INDIVIDUAL PERSON(S)

________________________________________ ________________________________________First Client’s Signature Second Client’s Signature (if a joint account)

________________________________________ ________________________________________Name (Please Print) Name (Please Print)

________________________________________ ________________________________________Date Date

IF AN ENTITY

________________________________________ ________________________________________Name of Owner of Managed Account Authorized Person’s Signature

________________________________________ ________________________________________Date Authorized Person’s Name (Please Print)

________________________________________Title (Please Print)

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