Siprana Capital Disclosures

Siprana Capital, LLC is an Arizona state Registered Investment Advisor. Such registration does not imply any level of skill or training. 

Siprana Capital, LLC previously operated under the names Prana Capital Group, LLC and Probability Capital Group, LLC.

Information provided by Siprana (or any portion thereof) may not be copied or distributed without Siprana prior written approval. All statements are current as of the date written. Nothing contained on this website is an offer to sell or a solicitation of any offer to buy any securities. Offers are made only by the offering materials and only in jurisdictions where an to persons to whom such offer is lawful. To obtain further information, you must complete our investor questionnaire and meet the suitability standards required by law.

The standard fee schedules for Siprana’s strategies are shown in the firm’s Form ADV Part 2. Siprana does not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with Siprana of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.


Past results are not necessarily indicative of future performance and there is no guarantee that our strategy will be successful or that losses will not occur in the future. Future returns are not guaranteed and a loss of principal may occur. Certain statistical measures such as standard deviations, information ratios, allocation targets, may be higher or lower at any time in the future than at the time written. There is no guarantee that these measurements will be achieved in the future. The information provided should not be considered a recommendation to purchase or sell a particular security. Any such offering will only be made solely pursuant to the fund's private placement memorandum. You should not assume that investment decisions we make in the future will be profitable or will equal the investment performance of the past. The performance shown may be compared to many indexes shown as indicated, with the comparison to the S&P 500 as the default. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. The number and types of securities found in the index can differ greatly from our strategy. Investments cannot be made directly in an index

Simulated Performace

Projected back-tested returns were represented from January 2011 to April 2019. Starting in May 2019, the performance shown is actual live unaudited performance. The simulated performance was calculated net of all advisory fees, commissions, and other expenses commensurate with the accounting methodology used by Yulish & Associates, Siprana’s fund administrator, also used for live unaudited results.

The back-tested performance data presented in these materials is for illustrative purposes only and represents results based on a back-tested hypothetical model portfolio which has certain inherent limitations. No representation is being made that any limited partner capital account will or is likely to achieve profits or losses similar to those represented. There are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general and to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

In back-testing the results of Phoenix Systematic Vega, Siprana used the historical daily returns of The VIX Volatility Index (spot price and option pricing), The S&P 500 Index (spot price and option pricing) and VXX (spot price and option pricing). Those historical returns are not a guarantee of future results for the indices mentioned.

Live Performance

Past performance is not indicative of future results. There is no guarantee that the strategy will meet its investment objectives. This report should be used for informational purposes only and should not be deemed an offer to invest in the Fund.

All live return data for Phoenix Systematic Vega are net of fees, commissions, and expenses. Index benchmark returns do not reflect the deduction of any fees, and individuals cannot invest directly in any index. Comparative Benchmark Index Data is provided by Bloomberg Finance, Eureka Hedge, or Interactive Brokers Information System.


In order to simplify the computations, commissions have not been included in the examples provided. Commission costs will impact the outcome of all stock and options transactions and must be considered prior to entering into any transactions. Multiple leg strategies involve multiple commission charges. Any strategies discussed, including examples using actual securities and price data, are strictly for illustrative and educational purposes only and are not to be construed as an endorsement, recommendation, or solicitation to buy or sell securities. Options involve risks and are not suitable for all investors. Prior to buying or selling an option, an individual investor should review copy of Characteristics and Risks of Standardized Options. Copies are available from your broker or advisor, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. Investors considering options should consult their tax advisor as to how taxes may affect the outcome of contemplated options transactions. Please note that any reference to CBOE, Chicago Board Options Exchange, OEX and XEO are registered trademarks. The Options Institute and SPX are service-marks of CBOE. All other trademarks and service-marks are the property of their respective owners.

Research/Outlook Disclosure:

This information was produced by and the opinions expressed are those of Siprana as of the date of writing and are subject to change. Any research is based on Siprana’s proprietary research and analysis of global markets and investing. The information and/or analysis presented have been compiled or arrived at from sources believed to be reliable, however, Siprana does not make any representation as their accuracy or completeness and does not accept liability for any loss arising from the use hereof. Some internally generated information may be considered theoretical in nature and is subject to inherent limitations associated therein.


The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this site. We make no representation as to the completeness or accuracy of information provided at these sites and the information and opinions on this site provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. It is given for informational purposes only and is not a solicitation to buy or sell the securities mentioned. The information is not intended to be used as the primary basis for investment decisions, nor should it be considered as advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.