Market Participation Strategy (MPS) is a strategy for all seasons, providing increasing upside participation as markets rally, while limiting downside risk as markets fall. MPS is particularly compelling during periods of market crises, like during the COVID correction, when asset classes can become highly correlated and the benefits of diversification are less pronounced. During major market downturns MPS’ results have been compelling relative to other risk-mitigation strategies, with lower maximum drawdowns and therefore higher Sharpe ratios. Given the current economic backdrop, and following years of equity markets rallies, market returns may be muted and volatility could remain elevated. In any market scenario, we believe MPS is expected to perform as it has in the past and deliver consistent returns in both up and down markets.