The stable outlook reflects S&P Global Ratings' expectation that the funds will sustain moderate leverage (with S&P Global Ratings-adjusted VaR to NAV of 20%-35%) and adequate liquidity (with the liquidity reserve representing at least 35% of trading capital) for the next 18-24 months. We could lower the ratings if: Risk-adjusted investment performance deteriorates consistently, The funds' liquidity weakens (with the liquidity reserve below 35% of trading capital on a sustained basis or substantially weakened asset liquidity), Leverage increases so that the S&P Global Ratings-adjusted VaR-to-NAV ratio exceeds 35% on a sustained basis, or Tail risk otherwise increases. We could raise the ratings if: S&P Global Ratings-adjusted VaR to NAV remains below 30%, and We believe the funds' risk framework will
