Trade Participation is used to express ownership of the Fund by the Limited Partners. Trade Participation for each of the Limited Partners (§ 1.7) is maintained in the Capital Accounts (§ 6.3) of the Limited Partner. Trade Participation is the ratio used in the Capital Accounts to represent percentage ownership of each trade for the Limited Partner.

For a Next Main Trade (§ 5.9), any Additions and Subscriptions (§ 6.1) on deposit in the Escrow Account (§ 2.3) are transferred and credited to new Annualized Capital Account(s) (§ 6.5) making them part of the Assets under Management (§ 6.6). The Trade Participation of a Limited Partner (§ 1.7) for a Next Main Trade (§ 5.9) is the AUM of the Limited Partner (§ 6.11) divided by the AUM of the Fund (§ 6.13) at the time the trade is initiated. The AUM of the Limited Partner (§ 6.11) is the summation of the balances at the time of the trade in their Yearly Capital Account (§ 6.4) and their Annualized Capital Account(s) (§ 6.5). Therefore, the Trade Participation percentage for each of the Capital accounts is the balance of the Capital Accounts at the time of the trade divided by the AUM of the Fund.