Overview
Ionic Capital Management LLC (“Ionic”) is a Delaware limited liability company founded in 2006 that
provides advice on a discretionary basis to private investment funds (both commingled funds and funds-
of-one) offered exclusively to sophisticated investors (collectively referred to herein as the “Ionic Funds”)
as well as sub-advisory services to undertakings for collective investments in transferable securities (the
“UCITs Funds”) and a registered investment company (the “Inflation Protection ETF”, referred to
collectively with the UCITS Funds as the “Liquid Alternatives Funds,” and together with the Ionic Funds,
the “Clients,” and each as a “Client”). Bart Baum and Daniel Stone (collectively, the “Principals”), are
the principal beneficial owners of Ionic and collectively control its operations and activities.
Ionic is an alternative asset manager that employs long volatility, relative value arbitrage, and value equity
strategies on behalf of its Clients. Ionic provides investment advisory
services tailored to the investment
objectives and strategies of each Client as described in each Client’s offering or governing documentation
(collectively referred herein as the “Fund Documentation”). Ionic is the investment adviser to the Ionic
Funds and has been delegated primary responsibility for the day-to-day operations of the Ionic Funds.
The Liquid Alternatives Funds have engaged Ionic to serve as a sub-adviser, and Ionic is responsible only
for providing discretionary investment advice for all or a portion of the assets of such funds.
All information relating to Ionic’s Clients in this brochure, including but not limited to the investment
strategies employed, fees and expenses, risk factors, and conflicts of interest, are qualified in their entirety
by reference to such Fund Documentation.
As of December 31, 2023, the total regulatory assets under management of Ionic’s Clients was
approximately $3,030,399,721. Ionic manages assets solely on a discretionary basis.