The CTA space has struggled mightily over the past 10 years. We believe a CTA manager with a proprietary trading skill set, proven over time throughout various market regimes, is the necessary future of the industry. Trading proprietary firm capital under an SMA structure can have multiple benefits. This way, firms do not have the overhead and headache of bringing on a new trading team. Both parties are free to focus on what they do best; trading and managing risk.