U.S. equities entered a high-level consolidation and structural rebalancing phase in June following the strong recovery in April and May. Although QQQ was broadly flat, intra-month volatility increased and dispersion across semiconductors, AI hardware and large-cap technology became more pronounced. In this environment, the Fund's quantitative framework benefited from both strategic semiconductor exposure and trading opportunities created by range-bound volatility, pullback-recovery patterns and short-cycle trends. More broadly, June reinforced our view that the long-term AI theme remains intact, while market pricing is becoming increasingly selective and placing greater emphasis on earnings delivery, capital efficiency and commercialization. For the Fund, the opportunity in such an environment is not to rely on a single directional view, but to identify changes in volatility structure and dynamically adjust positioning. A market where the long-term industry direction remains constructive but short-term trading rhythms continue to diverge provides a meaningful opportunity set for the model.

Risk disclosure: Market fluctuations may cause investment outcomes to vary. Investors should make rational decisions based on their own risk tolerance. This article is for general information only and does not constitute investment advice, an offer, or a solicitation. Past performance is not indicative of future results.