Press Release

FIRM PIONEERS ACTIVE EXCHANGE TRADED FUND INVESTMENT STRATEGY

Innovative Advisor Demonstrates that Market-Beating Returns Do Not Require Stock Picking

SAN FRANCISCO, Calif., Sep. 16, 2003-While exchange traded funds (ETFs) have gained widespread popularity as a passive investment tool since the first ETF was introduced in 1993, a San Francisco-based hedge fund manager has made ETFs the centerpiece of an active investment strategy. Unlike nearly every other actively-managed fund company, the firm believes that stock picking is the least important contributor to overall portfolio performance and, in fact, detracts from long-term results in most cases. Since launching in June of last year, the Financia Global Focus Fund L.P. has primarily invested in ETFs and been able to significantly outperform the benchmark S&P 500 stock index, posting an impressive positive performance even as the stock market has declined in value - and without picking individual stocks.

"Many of the advantages of ETFs are well known - low costs, diversification, and tax efficiency, for example," said Ian Fraley, CEO of Financia Capital, LLC, general partner of the Financia Global Focus Fund L.P. "We set out to take advantage of these attributes while also implementing short-selling and options strategies that are possible with ETFs. More importantly, we have developed an investment methodology - we call it theme rotation - that seeks out the best investment styles, sectors and countries for the current global-economic context. Using ETFs, we can avoid stock-specific risk and instead focus on getting the big investment decisions right."

During the past several months, the Financia Global Focus Fund L.P. has held overweight positions in many of the best performing investment themes, such as Brazil (country selection), small-cap growth (style selection), and internet companies (sector selection). Rather than being forced to study and pick individual stocks from each of these categories, the portfolio manager simply purchased the corresponding ETFs - EWZ, IWO, and HHH (respectively). The decision process for selecting these categories is driven by Contrarian Gap Analysis and historical research, as well as complementary fundamental and technical methodologies.

For example, historically small-cap growth stocks have outperformed the broader market early in bull markets, making this theme especially appropriate right now based on the advisor's opinion that the three-year bear market ended last October. As Enron and numerous other company blow-ups have demonstrated, picking the right stock is a daunting task for even the best financial analysts. Therefore, rather than looking for individual small cap names, yet recognizing the potential for small cap stocks to outperform the general market today, the advisor simply purchased the iShares Russell 2000 small cap growth ETF (IWO) earlier in the year. Through the use of ETFs, the advisor has avoided the problem of stock selection, while focusing time and energy on the analysis of investment themes.

For additional information, including monthly performance reports for the Financia Global Focus Fund L.P., a track record of major market calls published in the company's monthly newsletter and/or the chief investment officer's monthly magazine column, a more detailed description of Theme Rotation and Contrarian Gap Analysis, or to schedule an interview with the principals of Financia Capital, please contact Mr. Fraley.

About Financia Capital:
Financia Capital, LLC is a San Francisco-based Registered Investment Adviser that has pioneered the use of exchange traded funds (ETFs) in an active Theme Rotation investment strategy. Financia Capital serves as the general partner for the Financia Global Focus Fund L.P., a global macro private investment partnership offering sophisticated, qualified investors an alternative to traditional investments. The company also offers separately managed accounts for investors seeking portfolios tailored to specific capital appreciation, income generation, and risk management objectives. The firm employs Contrarian Gap Analysis, fundamental macro-analysis, historical analysis and technical analysis in a Theme Rotation investment strategy that seeks to benefit from the future direction of financial market up or down cycles, as well as stock market leadership exhibited on a country, style and sector basis. Additional information on the company is available on the firm's website at www.financiacapital.com.