Backtested across normal and dislocated market cycles, spanning 500+ regime changes, TReg outperformed SPY in every full year except 2008 and 2012 (with 2008 representing a partial year beginning 11/5/2008). Performance was materially stronger in most years, including a 42% outperformance in 2010. Max drawdowns were generally lower than or comparable to SPY, with 2012 being the only year where both return and drawdown trailed the benchmark.