Morningstar ETF Managed Portfolios Landscape Report Q2 2015 Contents Landscape Highlights ETF Managed Portfolio Attributes Universe Changes Exhibit 3 ETF Managed Portfolio Strategies Exhibit 4 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics Exhibit 5 Selected Return Information Exhibits 6 and 7 Selected Asset Information Exhibits 8, 9, and 10 Summary Return Information Exhibits 11 and 12 Blended Benchmark Information Exhibit 13 Ling-Wei Hew, CFA Analyst ETF Managed Portfolio Research +1 312 348-2721 ling-wei.hew@morningstar.com 2 3 6 8 25 43 45 48 49 Executive Summary ETF managed portfolios are investment strategies that typically have more than 50% of portfolio assets invested in exchange-traded funds. Primarily available as separate accounts, these portfolios represent one of the fastest-growing segments of the managed-account universe. Professional money managers are packaging portfolios of ETFs into investment strategies to meet a wide array of investor and advisor demands. Morningstar’s proprietary, portfolio attribute classification system for ETF managed portfolios consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. This system relies on our analysis of the investment strategy and disclosed portfolios and aids key decision-makers in better understanding the philosophies underlying this growing crop of investment strategies. Growth in assets from advisor demand is being driven by multiple factors. The fiduciary standard continues to move forward as the baseline philosophy for managing client portfolios, and, as a result, growth in the fee-based model is tilting portfolios toward lower-cost, broad-based investments for a larger part of client portfolios, with a focus on asset allocation. Key Takeaways Morningstar is tracking 770 strategies from 153 firms with total assets of USD 80 billion through June 2015. Total assets in these strategies tracked by Morningstar fell 7% in the second quarter of 2015. Global All-Asset strategies retain the top position and collectively accounted for 32% of the universe. F-Squared Investments lost more than USD 11 billion in assets, creating a significant disruption in the size of the landscape. 3 3 3 3
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Executive SummaryETF managed portfolios are investment strategies that typically have more than 50% of portfolio assets invested in exchange-traded funds. Primarily available as separate accounts, these portfolios represent one of the fastest-growing segments of the managed-account universe. Professional money managers are packaging portfolios of ETFs into investment strategies to meet a wide array of investor and advisor demands.
Morningstar’s proprietary, portfolio attribute classification system for ETF managed portfolios consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. This system relies on our analysis of the investment strategy and disclosed portfolios and aids key decision-makers in better understanding the philosophies underlying this growing crop of investment strategies. Growth in assets from advisor demand is being driven by multiple factors. The fiduciary standard continues to move forward as the baseline philosophy for managing client portfolios, and, as a result, growth in the fee-based model is tilting portfolios toward lower-cost, broad-based investments for a larger part of client portfolios, with a focus on asset allocation.
Key TakeawaysMorningstar is tracking 770 strategies from 153 firms with total assets of USD 80 billion through June 2015.
Total assets in these strategies tracked by Morningstar fell 7% in the second quarter of 2015.
Global All-Asset strategies retain the top position and collectively accounted for 32% of the universe.
F-Squared Investments lost more than USD 11 billion in assets, creating a significant disruption in the size of the landscape.
Assets in the ETF managed portfolios space continued to slide this quarter. The decline was primarily driven by the bankruptcy of F-Squared Investments. Over the course of the second quarter, F-Squared lost more than USD 11 billion in assets and is now the sixth-largest firm in Morningstar’s ETF managed portfolios database. Just six months ago, F-Squared was at the top of the leaderboard.
Despite this major disruption, the remaining firms were largely unaffected as collective assets remained roughly steady. The net result was a further flattening of the landscape. As of the end of June, the 10 largest firms held 54% of assets, compared with 68% at the start of the year.
New (Old) Kids on the BlockAnother notable development this quarter is the addition of the Schwab Managed Portfolios suite to our database. These strategies are managed by Charles Schwab Investment Advisory and are distinct from the offerings managed by Schwab subsidiary, Windhaven Investment Management. Assets under management in Schwab Managed Portfolios have grown threefold, to USD 4 billion, since they were incepted in December 2009, making them the fourth-largest manager in our database.
The addition of the Schwab Managed Portfolios follows shortly after Vanguard started reporting its collection of ETF model portfolios to our database at the end of last year. While a large portion of ETF managed portfolio assets continue to reside in wirehouse models not captured by our database, the addition of the Schwab Managed Portfolios demonstrates the growing participation and visibility of traditional asset managers in this space.
Morningstar’s attribute structure for ETF managed portfolios gives investors and primary decision-makers more granular information to better compare one strategy’s portfolio, philosophy,and potential profile with another. The new attribute classifications rely on both our analysis of theinvestment strategy as well as a historical review of disclosed holdings.
Our new structure consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. With better insight into a strategy’s attributes, investors can better understand its broad philosophy. These four attributes are then further broken down into a list of unique classifications. Each strategy is assigned one classification within each attribute.
UniverseThe first attribute describes the starting scope of a strategy’s investment process on aglobal basis. The distinction is based upon the exposure of the underlying securities within the ETFused, not the domicile of the ETF itself. The classifications for this attribute are United States,International, and Global.
United States: U.S. portfolios primarily use ETFs providing exposure to U.S. equity andfixed-income securities.
International: International portfolios primarily use ETFs providing exposure to non-U.S.equity and fixed-income securities.
Global: These strategies have the opportunity to add exposure to any market across the globeand have historically employed such flexibility.
Exhibit 1 Attribute and Classification Summary
Universe Asset Breadth Portfolio Implementation Primary ETF Exposure Type
Global All-Asset Hybrid Broad MarketInternational Alternative Strategic SectorUnited States Balanced Tactical Country/Region
The initial selection of this attribute is based on many factors, included a review of the strategy’scurrent Morningstar Separate Account Category and Institutional Category, as well as ananalysis of available portfolios. Where available, we’ve also reviewed a firm’s deck or descriptionof the investment strategy to note any starting universe or list of available ETFs or asset classesfor investment. In benchmark or starting portfolios, the Global attribute was assigned tostrategies with at least an 80/20 split among U.S. and International exposure. We also took intoaccount, where necessary, the regional exposure of the dominant asset driver designatedin the Asset Breadth attribute.
Asset BreadthThe classifications within this attribute indicate a strategy’s primary asset class exposure orreturns driver. There are five options here: All-Asset, Alternative, Balanced, Equity, and FixedIncome. These selections don’t indicate that the whole portfolio is, for example, invested in equitiesor bonds, but rather sets the expectation for advisors and investors regarding the primary driver ofreturns. Classification within this attribute includes an analysis of historical portfolio assetallocations and a review, if available, of a strategy’s investment policy benchmark, or startingportfolio, or naïve portfolio.
All-Asset: These strategies typically have the widest and most-flexible mandate when investingin ETFs across asset classes. In reviewing the portfolios, we designated this attribute to strategiesthat consistently held more than 10% in “Other” assets as well as in underlying equity andfixed-income securities.
Alternative: Alternative strategies typically seek returns uncorrelated to traditional equity andfixed-income markets by attempting to remove one or more asset betas or return drivers.Strategies with this attribute designation include long/short or other alternative strategies,including currencies.
Balanced: The balanced option indicates strategies in which the return driver is a combination ofequity and fixed-income exposure on a dedicated, ongoing basis. These strategies typically havea 30% to 70% allocation to equities.
Equity: The primary asset driver of these strategies is long or beta-type exposure to equitysecurities. The use of leverage by the underlying ETF is ignored. These strategies typically have atleast a 70% allocation to equities.
Fixed Income: The primary asset driver of these strategies is long or beta-type exposure tofixed-income securities. The use of leverage by the underlying ETF is ignored. These strategiestypically have less than a 30% allocation to equities.
Portfolio ImplementationThis attribute gives insight into the investment manager’s process for implementing a portfolio’sinvestment strategy. Selection decisions for this attribute are based upon a review of thedegree of changes both within and among asset classes in a portfolio. As a result, changes to thecash/equity/fixed income/other allocation, as well as to a portfolio’s U.S./non-U.S. exposure,are considered. The three classifications are Hybrid, Strategic, and Tactical.
Hybrid: This option indicates portfolios that utilize a combination of tactical and strategic elementsin asset allocation. Hybrid portfolios, for example, start with a stated investment policy benchmarkor asset allocation but allow for significant deviations of exposure within and between allocations,similar to “core and satellite” or “hub and spoke” operating models.
Strategic: These are strategies that establish and maintain a long-term allocation plan across eitherasset classes, sectors, or a combination thereof. These portfolios may deviate from the planin short-term periods based on identified opportunities but typically to a smaller degree comparedwith tactical strategies. Strategies for which few historic portfolios have been provided toour database initially default to this classification.
Tactical: Tactical strategies engage in short-term and potentially large changes in the asset mix of aportfolio to capitalize on identified investment opportunities. These changes are typically intendedto be reversed or removed.
Primary ETF Exposure TypeThe last attribute identifies the type of ETF typically used to gain exposure to the Universe and AssetBreadth attributes. Selection is based upon analysis of past portfolios and information regardinga strategy’s starting universe or list of potential investments.
Broad Market: Broad-based ETFs tracking diversified indexes such as the Russell 2000 Index,S&P 500, or Barclays Aggregate Bond.
Sector: Strategies that primarily use individual equity sector ETFs, such as those focusing onfinancials, or more narrowly focused fixed-income ETFs to gain exposure within the AssetBreadth attribute. A sector fixed-income strategy is typically one focused on a single sector suchas municipals or Treasury ETFs.
Country/Region: Similar to the sector option, these strategies utilize single-country, regional,or currency ETFs focused on a geographical region and are typically found in the international orglobal Universe attribute.
All-Inclusive: All ETFs meeting the Universe and Asset Breadth criteria for a strategy arepotential investments.
We believe our attribute classification system gives decision-makers a significant new tool forconducting research on these strategies and provides better expectations for potentialexposures across the ETF universe. For instance, a tactical strategy with a global, balancedmandate that happens to have a large exposure to United States equities at one specificpoint in time has a greater potential for change going forward compared with a strategy with aU.S. equity mandate.
Exhibit 3 Universe Changes, 30 June 2015
Name Firm NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type
Assets USD ($Mil)
Strategies AddedAEPG All-Weather Global 40/60 AEPG Wealth Strategies 1/4/10 Global Balanced Hybrid All-Inclusive 14.2
AEPG All-Weather Global 50/50 AEPG Wealth Strategies 1/4/10 Global Balanced Hybrid All-Inclusive 48.0
AEPG All-Weather Global 60/40 AEPG Wealth Strategies 1/4/10 Global Balanced Hybrid All-Inclusive 75.5
AEPG All-Weather Global 70/30 AEPG Wealth Strategies 1/4/10 Global Balanced Hybrid All-Inclusive 119.6
AEPG All-Weather Global 80/20 AEPG Wealth Strategies 1/4/10 Global Equity Hybrid All-Inclusive 38.8
AEPG All-Weather Global Growth AEPG Wealth Strategies 1/4/10 Global Equity Hybrid All-Inclusive 18.1
AEPG High Quality Bond AEPG Wealth Strategies 1/4/10 Global Fixed Income Hybrid All-Inclusive 3.5
BCM Advantage Diversified Equity Beaumont Capital Management 1/31/14 Global Equity Tactical All-Inclusive 11.9
BCM Advantage Growth Beaumont Capital Management 1/31/14 Global Equity Tactical All-Inclusive 7.2
BCM Advantage Moderate Growth Beaumont Capital Management 1/31/14 Global Balanced Tactical All-Inclusive 4.6
BCM Advantage U.S. Sector Rotation Beaumont Capital Management 1/31/14 United States Equity Tactical Sector 56.9
BCM AlphaDEX Growth Beaumont Capital Management 1/31/14 United States Equity Tactical All-Inclusive 6.1
BCM Decathlon Conservative Aspect(Pro1) Beaumont Capital Management 1/2/15 Global Fixed Income Tactical All-Inclusive 11.9
BCM Decathlon Growth Aspect (Profile 5) Beaumont Capital Management 4/10/14 Global Balanced Tactical Sector 1,050.5
BCM Decathlon Moderate Aspect(Profile3) Beaumont Capital Management 4/10/14 United States Balanced Tactical All-Inclusive 563.2
BCM DynamicBelay Aggressive Grow(QDIA) Beaumont Capital Management 12/2/14 Global Equity Tactical All-Inclusive 0.1
BCM DynamicBelay Balanced Growth (QDIA) Beaumont Capital Management 12/2/14 United States Balanced Tactical All-Inclusive 0.0
BCM DynamicBelay Conservative Gro(QDIA) Beaumont Capital Management 12/2/14 United States Balanced Tactical All-Inclusive 0.2
BCM DynamicBelay Growth (QDIA) Beaumont Capital Management 12/2/14 Global Equity Tactical All-Inclusive 0.1
BCM DynamicBelay Moderate Growth (QDIA) Beaumont Capital Management 12/2/14 Global Balanced Tactical All-Inclusive 0.2
BCM U.S. Small Cap Sector Rotation Beaumont Capital Management 3/10/14 United States Equity Tactical Sector 0.2
Charles Schwab SMP-ETFs Blend – Agg Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 107.0
Charles Schwab SMP-ETFs Blend – Balanced Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 274.7
Charles Schwab SMP-ETFs Blend – Growth Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 368.8
Charles Schwab SMP-ETFs Blend –Cnsrv Inc Charles Schwab Investment Advisory, INC 12/31/09 United States Fixed Income Hybrid All-Inclusive 40.9
Charles Schwab SMP-ETFs Blnd - Bal w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 554.9
Charles Schwab SMP-ETFs Blnd – Inc w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 193.4
Charles Schwab SMP-ETFs Td-Pty–Ic w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 244.8
Charles Schwab SMP-ETFs Thd-Pty – Agg Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 159.9
Charles Schwab SMP-ETFs Thd-Pty–Bl w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 945.2
Exhibit 2 Current Assets (%) by Attribute
Universe All Asset Alternative Balanced Equity Fixed Income Total
Global 31.9 0.4 17.2 17.8 2.2 69.7International 0.0 0.0 0.0 2.1 0.0 2.1United States 0.5 0.7 10.5 14.6 1.9 28.2
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
3D ETF Global 100 Portfolio 7/3/06 Global Equity Hybrid Broad Market 2.56 13.23 13.45 — 205.9 13D ETF Global 20 Portfolio 10/1/08 Global Fixed Income Hybrid Broad Market 1.22 3.45 4.06 — 9.4 13D ETF Global 20 Portfolio - Tax Sen. 6/2/08 Global Fixed Income Hybrid Broad Market 0.59 3.18 3.67 — 3.8 13D ETF Global 40 Portfolio 10/2/06 Global Balanced Hybrid Broad Market 1.73 5.94 6.31 — 32.4 13D ETF Global 40 Portfolio - Tax Sen. 12/1/06 Global Balanced Hybrid Broad Market 0.96 6.10 6.71 — 10.1 1
3D ETF Global 60 Portfolio 8/1/06 Global Balanced Hybrid Broad Market 1.99 8.59 8.78 — 197.0 13D ETF Global 60 Portfolio - Tax Sen. 10/2/06 Global Balanced Hybrid Broad Market 1.36 8.73 8.82 — 48.7 13D ETF Global 80 Portfolio 7/3/06 Global Equity Hybrid Broad Market 2.30 11.37 11.26 — 114.0 13D ETF Global 80 Portfolio - Tax Sen. 10/2/06 Global Equity Hybrid Broad Market 1.98 11.91 11.54 — 28.0 13D Fixed Income ETF Portfolio 11/1/13 United States Fixed Income Tactical All-Inclusive 0.91 — — — 0.4 1
3D Fixed Income ETF Portfolio - Tax Sen. 11/3/08 United States Fixed Income Tactical All-Inclusive 0.49 0.45 1.86 — 0.3 1Accuvest Asian Advantage 8/31/10 International Equity Tactical Country/Region 10.92 11.39 — — 0.4 1Accuvest Global Core Equity 8/1/05 Global Equity Tactical Country/Region 3.55 12.72 12.54 — 104.7 1Accuvest Global Long Short Equity 1/2/12 Global Alternative Tactical Country/Region -0.03 -0.84 — — 13.0 1Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region 4.79 1.87 5.29 — 19.0 1
Accuvest Non US Equity 8/29/08 International Equity Tactical Country/Region 7.76 10.45 8.09 — 21.0 1Acertus Planned Return Strategy 8/31/09 United States Equity Strategic Broad Market 2.28 6.70 8.52 — 380.0 1Advisors Capital Mgt Global Balanced ETF 5/19/08 Global Equity Strategic All-Inclusive 1.32 8.76 — — 6.6 1AEPG All-Weather Global 40/60 1/4/10 Global Balanced Hybrid All-Inclusive 0.93 5.50 5.55 — 14.2 1AEPG All-Weather Global 50/50 1/4/10 Global Balanced Hybrid All-Inclusive 1.12 6.59 6.56 — 48.0 1
AEPG All-Weather Global 60/40 1/4/10 Global Balanced Hybrid All-Inclusive 1.24 7.58 7.40 — 75.5 1AEPG All-Weather Global 70/30 1/4/10 Global Balanced Hybrid All-Inclusive 1.37 8.59 8.41 — 119.6 1AEPG All-Weather Global 80/20 1/4/10 Global Equity Hybrid All-Inclusive 1.52 8.28 8.51 — 38.8 1AEPG All-Weather Global Growth 1/4/10 Global Equity Hybrid All-Inclusive 1.83 11.76 11.27 — 18.1 1AEPG High Quality Bond 1/4/10 Global Fixed Income Hybrid All-Inclusive 0.25 1.33 1.61 — 3.5 1
Alpha Dynamics ODS Dynamic Growth 10/3/11 Global Equity Strategic All-Inclusive -0.69 7.36 — — 1.9 1Alpha Dynamics ODS Robust Growth 10/3/11 Global Equity Strategic All-Inclusive -0.58 5.26 — — 7.0 1Alpha Dynamics ODS Stable Growth 10/3/11 United States Balanced Strategic All-Inclusive -0.14 4.02 — — 6.8 1AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Global Balanced Strategic All-Inclusive -0.32 6.72 — — 0.5 1Appleton Group Managed Income 4/2/12 Global All Asset Strategic All-Inclusive 1.40 3.26 — — 2.1 1
Appleton Group PLUS Portfolio 12/31/99 Global Equity Hybrid Broad Market 1.81 7.65 5.57 3.19 1.9 1Appleton Group PLUS-Moderate 1/3/11 United States Equity Hybrid Broad Market 1.08 5.12 — — 0.5 1Appleton Group Portfolio 12/31/99 Global Equity Hybrid Broad Market 2.09 9.36 8.86 5.78 69.1 1Appleton Group Tax Managed Portfolio 12/31/99 Global Equity Hybrid Broad Market 0.66 6.63 5.01 2.84 28.7 1Appleton Group-Conservative 7/1/11 United States Balanced Hybrid Broad Market 1.69 7.25 — — 6.8 1
Appleton Group-Moderate 4/1/11 United States Equity Hybrid Broad Market 1.58 7.02 — — 22.8 1ARS Sector Rotation Strategy 9/2/14 United States Equity Tactical Sector — — — — 2.1 3Astor Active Income Program 2/28/11 United States Fixed Income Strategic All-Inclusive 0.46 3.39 — — 10.8 1Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 0.64 8.87 7.43 7.02 1169.3 1Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 2.35 16.25 13.28 7.94 522.3 1
Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.46 26.35 — — 69.5 1Auour Instinct Global Balanced 5/1/14 Global Balanced Strategic All-Inclusive 1.37 — — — 6.9 1Auour Instinct Global Equity 12/2/13 Global Equity Strategic All-Inclusive 2.75 — — — 14.6 1Auour Instinct Global Equity Levered 6/11/14 Global Equity Strategic All-Inclusive 2.65 — — — 4.7 1Auour Instinct Global Fixed Income 10/1/13 Global Fixed Income Tactical All-Inclusive -0.77 — — — 2.9 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Auour Instinct Global High Yield 6/2/14 Global All Asset Strategic All-Inclusive -1.75 — — — 2.2 1Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive 3.60 7.99 8.97 — 19.8 1BCM Advantage Diversified Equity 1/31/14 Global Equity Tactical All-Inclusive 0.06 — — — 11.9 1BCM Advantage Growth 1/31/14 Global Equity Tactical All-Inclusive 0.00 — — — 7.2 1BCM Advantage Moderate Growth 1/31/14 Global Balanced Tactical All-Inclusive -0.05 — — — 4.6 1
BCM Advantage U.S. Sector Rotation 1/31/14 United States Equity Tactical Sector 0.10 — — — 56.9 1BCM AlphaDEX Diversified Equity 9/1/11 United States All Asset Tactical All-Inclusive 1.11 11.53 — — 16.0 1BCM AlphaDEX Growth 1/31/14 United States Equity Tactical All-Inclusive 0.80 — — — 6.1 1BCM AlphaDEX Moderate Growth 9/1/11 United States Balanced Hybrid All-Inclusive 0.52 7.46 — — 6.3 1BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector 1.35 16.60 — — 194.4 1
BCM Decathlon Conservative Aspect(Pro1) 1/2/15 Global Fixed Income Tactical All-Inclusive 0.97 — — — 11.9 3BCM Decathlon Conservative Tactics 10/1/12 Global All Asset Tactical All-Inclusive 1.40 — — — 6.8 1BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector 4.22 — — — 1050.5 3BCM Decathlon Growth Tactics 10/1/12 Global All Asset Tactical All-Inclusive 4.72 — — — 121.9 1BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive 3.25 — — — 563.2 3
BCM Decathlon Moderate Tactics 10/1/12 Global All Asset Tactical All-Inclusive 2.55 — — — 84.6 1BCM Diversified Equity 8/7/09 United States All Asset Tactical All-Inclusive -0.38 10.02 11.94 — 107.1 1BCM Diversified Equity (Monthly) 8/3/09 United States All Asset Tactical All-Inclusive -0.44 11.02 12.82 — 11.4 1BCM DynamicBelay Aggressive Grow(QDIA) 12/2/14 Global Equity Tactical All-Inclusive 0.44 — — — 0.1 1BCM DynamicBelay Balanced Growth (QDIA) 12/2/14 United States Balanced Tactical All-Inclusive -0.71 — — — 0.0 1
BCM DynamicBelay Conservative Gro(QDIA) 12/2/14 United States Balanced Tactical All-Inclusive -0.29 — — — 0.2 1BCM DynamicBelay Growth (QDIA) 12/2/14 Global Equity Tactical All-Inclusive -0.11 — — — 0.1 1BCM DynamicBelay Moderate Growth (QDIA) 12/2/14 Global Balanced Tactical All-Inclusive 0.11 — — — 0.2 1BCM Global Sector Rotation 12/1/10 Global Equity Tactical All-Inclusive -0.39 9.38 — — 5.0 1BCM Growth 11/2/09 United States Equity Hybrid All-Inclusive -0.32 8.13 10.04 — 58.8 1
BCM Growth (Monthly) 11/2/09 United States Equity Hybrid All-Inclusive -0.35 8.83 10.76 — 83.6 1BCM Income 12/1/09 Global Fixed Income Tactical All-Inclusive -0.66 1.59 2.92 — 1.2 1BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market 2.41 4.02 — — 1.6 1BCM Moderate Growth 9/1/09 United States Balanced Hybrid All-Inclusive -0.39 6.89 8.82 — 60.2 1BCM Moderate Growth (Monthly) 9/1/09 United States Balanced Hybrid All-Inclusive -0.42 7.19 9.18 — 71.4 1
BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector -0.55 14.67 — — 218.0 1BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector -0.45 15.76 16.34 — 95.3 1BCM U.S. Small Cap Sector Rotation 3/10/14 United States Equity Tactical Sector 4.79 — — — 0.2 1Blue Edge Global Balanced 12/31/10 Global All Asset Hybrid All-Inclusive 2.98 10.35 — — 25.8 1Blue Edge Global Equity 12/31/10 Global Equity Hybrid All-Inclusive 3.91 13.53 — — 31.1 1
Blue Edge Global Growth 12/31/10 Global All Asset Hybrid All-Inclusive 3.45 11.80 — — 48.4 1Blue Edge Global Growth & Income 12/31/10 Global All Asset Hybrid All-Inclusive 2.12 8.00 — — 6.8 1Boston Advisors Broad Allocation Growth 9/30/10 Global All Asset Strategic All-Inclusive — — — — NR 1Boston Advisors Broad Allocation Str 10/31/08 Global All Asset Hybrid All-Inclusive 1.14 1.68 4.01 — 19.8 1Braver Asset Allocation Conservative 12/31/08 Global Balanced Strategic All-Inclusive 1.01 5.94 6.78 — 14.3 1
Braver Asset Allocation Growth 12/31/08 Global Equity Strategic All-Inclusive 2.12 10.17 10.56 — 87.9 1Braver Asset Allocation Moderate 12/31/08 Global Balanced Strategic All-Inclusive 1.46 8.45 9.15 — 108.2 1Braver Conservative Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 0.30 5.02 6.26 — 31.9 1Braver Growth Multi Strategy 4/1/10 Global All Asset Hybrid All-Inclusive 2.41 10.59 10.49 — 10.1 1Braver Moderate Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 1.15 7.50 8.17 — 49.3 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Braver Tactical Balanced 12/31/03 United States Equity Tactical Broad Market 0.40 7.93 7.84 5.70 122.6 1Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 3.96 20.21 17.08 9.24 77.8 1Braver Tactical High Income 10/1/96 United States Fixed Income Tactical Sector 1.77 4.95 6.24 9.63 126.2 1Braver Tactical Opportunity 12/31/85 United States Equity Tactical All-Inclusive -1.49 3.67 4.73 5.17 81.2 1Brinker Capital ACS Int'l Equity ETF 7/1/09 International All Asset Tactical All-Inclusive 3.62 8.75 7.21 — 20.0 1
Brinker Capital ACS Real Assets (Q) 11/1/11 United States All Asset Tactical All-Inclusive -2.39 4.11 — — 7.2 1CAN SLIM Balanced 6/1/09 Global Balanced Tactical Sector -2.30 6.82 8.35 — 72.0 NRCanterbury Portfolio Thermostat 8/31/12 Global All Asset Tactical All-Inclusive 1.39 — — — 285.0 3Capital Advisors Dynamic Allocation 9/30/09 Global All Asset Tactical Broad Market 0.11 9.05 7.66 — 44.2 1Capital Advisors Tactical Global Growth 5/31/07 Global Equity Tactical Broad Market 1.58 11.82 13.13 — 16.6 1
Capital Advisors Tactical Global Income 10/31/07 Global Equity Tactical Broad Market 0.80 10.82 12.53 — 32.9 1Capital Wealth ETF Covered Call Strategy 1/2/08 Global All Asset Hybrid All-Inclusive 1.91 9.01 8.46 — 66.0 1Caprin Core Plus ETF 9/30/10 United States Fixed Income Strategic All-Inclusive -0.68 1.62 — — 8.1 1Caprin Tactical Muni ETF 9/30/10 United States Fixed Income Strategic Sector -0.85 2.59 — — 11.6 1Caprin Tactical Opportunity ETF 9/30/10 United States Fixed Income Strategic All-Inclusive -0.60 2.68 — — 35.2 1
CFGAM S3 Div Agrsv Inflation-Correlated 3/1/11 Global All Asset Strategic All-Inclusive 3.29 5.23 — — 1.3 1CFGAM S3 Div Mod Inflation-Correlated 1/1/10 Global All Asset Strategic All-Inclusive 0.38 3.95 5.57 — 12.9 1CFGAM S3 Diversified Aggressive 1/4/11 Global All Asset Strategic All-Inclusive 0.79 4.36 — — 1.9 1CFGAM S3 Diversified Conservative 1/1/10 Global All Asset Strategic All-Inclusive -0.57 3.86 5.82 — 39.6 1CFGAM S3 Diversified Growth 1/4/10 Global All Asset Strategic All-Inclusive 0.08 4.38 5.86 — 5.7 1
CFGAM S3 Diversified Moderate 1/1/10 Global All Asset Strategic All-Inclusive -0.32 3.96 5.40 — 24.9 1CFGAM S3 Global Income Total Return 12/1/10 Global Balanced Strategic All-Inclusive -1.13 3.20 — — 26.9 1CFGAM S3 Global Income-Income Focus 6/1/10 Global Balanced Strategic All-Inclusive -1.28 3.32 4.29 — 6.2 1CFGAM S3 Municipal ETF 1/4/10 United States Fixed Income Strategic Sector -0.73 1.61 2.72 — 5.3 1Charles Schwab SMP-ETFs Blend – Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive 3.60 12.61 12.18 — 107.0 1
Charles Schwab SMP-ETFs Blend – Balanced 12/31/09 Global All Asset Hybrid All-Inclusive 1.31 5.91 6.85 — 274.7 1Charles Schwab SMP-ETFs Blend – Growth 12/31/09 Global All Asset Hybrid All-Inclusive 2.92 10.52 10.61 — 368.8 1Charles Schwab SMP-ETFs Blend –Cnsrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive -0.23 1.40 3.20 — 40.9 1Charles Schwab SMP-ETFs Blnd - Bal w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 2.18 8.23 8.97 — 554.9 1Charles Schwab SMP-ETFs Blnd – Inc w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 0.60 4.09 5.33 — 193.4 1
Charles Schwab SMP-ETFs Td-Pty–Ic w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 0.70 4.16 5.40 — 244.8 1Charles Schwab SMP-ETFs Thd-Pty – Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive 3.87 12.84 12.41 — 159.9 1Charles Schwab SMP-ETFs Thd-Pty–Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 2.33 8.33 9.07 — 945.2 1Charles Schwab SMP-ETFs Thd-Pty–Csrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive -0.19 1.39 3.18 — 38.3 1Charles Schwab SMP-ETFs Third-Party – Gr 12/31/09 Global All Asset Hybrid All-Inclusive 3.16 10.72 10.76 — 514.3 1
Charles Schwab SMP-ETFs Third-Pty – Bal 12/31/09 Global All Asset Hybrid All-Inclusive 1.46 5.98 6.93 — 473.0 1Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 1.28 18.16 18.50 — 196.4 1Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive 4.74 9.49 7.23 5.86 1177.6 1Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive 3.43 12.22 8.88 6.89 1116.6 1CKW Opportunistic Global Balanced 11/3/03 Global Balanced Hybrid Broad Market 2.39 11.27 10.89 7.56 275.1 1
Clark Navigator Alternative 1/3/07 Global All Asset Tactical All-Inclusive 3.14 4.98 5.89 — 38.7 1Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 2.20 4.83 7.32 9.54 160.6 NRClark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Global Fixed Income Hybrid All-Inclusive 2.06 4.78 6.44 8.48 11.4 NRClark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 1.88 4.71 5.55 7.14 10.9 NRClark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 1.72 4.65 4.64 5.87 21.7 NR
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Clark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Global Equity Hybrid All-Inclusive 1.55 4.55 3.67 4.54 7.9 NRClark Navigator Global Eq ETF Hedged 7/1/04 Global Equity Tactical All-Inclusive 1.88 5.56 3.47 4.12 8.0 NRClark Navigator Global Equity ETF 4/1/04 Global Equity Tactical All-Inclusive 3.48 12.33 10.63 6.80 15.3 NRClark Navigator Global Opportunity 2/1/06 Global Balanced Tactical All-Inclusive -8.51 5.29 5.35 — 15.1 NRClark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region 2.24 9.16 3.22 — 47.5 NR
Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive 3.08 10.64 11.44 9.28 160.0 NRClark Navigator MultiStrategy 75-25(SAI) 6/1/05 United States Balanced Hybrid All-Inclusive 4.08 13.73 13.82 8.64 45.6 NRClark Navigator Sector Opportunity 1/3/07 United States Equity Tactical Sector 3.95 15.26 15.19 — 50.0 1Clark Navigator Strategist Core 5/1/09 United States Balanced Strategic Broad Market 2.49 8.57 8.48 — 2.2 NRClark Navigator Style Preferred Core 9/1/04 United States Equity Tactical Broad Market 3.46 13.43 13.44 7.19 2.3 3
Clark Navigator Style Preferred Inc&Gro 10/1/04 United States Balanced Tactical Broad Market 2.29 10.07 10.57 6.73 3.2 3Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 4.94 16.49 15.98 8.14 61.0 1Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 4.65 16.39 15.92 8.11 61.0 NRClearRock Diversified Aggressive Growth 10/1/09 Global All Asset Strategic All-Inclusive 3.71 10.04 10.59 — 29.4 NRClearRock Diversified Conservative Gr 10/1/09 Global All Asset Strategic All-Inclusive 1.68 7.74 9.20 — 36.2 NR
ClearRock Diversified Income 10/3/11 Global Fixed Income Strategic All-Inclusive 0.21 4.14 — — 8.6 NRClearRock Diversified Moderate Growth 10/1/09 Global All Asset Strategic All-Inclusive 3.02 9.41 10.33 — 28.0 NRClothier Springs Global Hedged 12/31/10 Global Equity Strategic Broad Market 3.27 6.22 — — 1.5 1Clothier Springs Global Hedged Plus 9/30/11 Global All Asset Tactical All-Inclusive 0.86 6.22 — — 4.2 1CLS Active Alternative 8/1/14 Global Alternative Hybrid All-Inclusive 0.19 — — — 0.2 4
CLS Active Growth 11/3/14 Global Equity Hybrid All-Inclusive 3.69 — — — 0.1 4CLS Active Income 3/3/14 Global Balanced Hybrid All-Inclusive -1.09 — — — 1.4 4CLS Active Real 7/1/14 Global All Asset Hybrid Sector -2.01 — — — 0.1 4CLS Active Value 6/2/14 Global Equity Hybrid All-Inclusive 0.33 — — — 0.2 4CLS ETF Risk Budget 100 - Aggressive 3/30/01 Global Equity Hybrid All-Inclusive 2.20 13.38 13.58 7.35 13.2 1
CLS High Quality Strategic 40 8/1/14 Global Balanced Strategic All-Inclusive 0.91 — — — 0.6 4CLS High Quality Strategic 60 4/1/14 Global Balanced Strategic All-Inclusive 1.27 — — — 0.5 4CLS High Quality Strategic 80 5/1/14 Global Equity Strategic All-Inclusive 1.64 — — — 5.7 4CLS Inflation Quad 4/1/14 United States Alternative Tactical All-Inclusive -1.69 — — — 0.1 4CLS International Rotation Quad 7/1/14 International Equity Tactical Country/Region 9.04 — — — 0.9 4
CLS Protection Quad 3/3/14 Global Alternative Tactical Broad Market 2.43 — — — 3.6 4CLS Thematic Growth Quad 5/1/14 Global Equity Tactical Sector 2.08 — — — 0.5 4CMG Opportunistic All Asset ETF Strategy 1/3/07 Global All Asset Tactical All-Inclusive 0.96 7.55 13.34 — 124.5 1CMG Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -3.50 9.08 11.04 — 46.4 1Confluence Aggressive Growth 8/1/08 United States Equity Tactical All-Inclusive 2.62 14.20 12.80 — 6.2 1
Confluence Growth 8/1/08 United States All Asset Tactical All-Inclusive 1.71 13.04 12.72 — 43.1 1Confluence Growth and Income 9/2/08 United States All Asset Tactical All-Inclusive 0.88 10.37 11.12 — 91.2 1Confluence Income and Growth 12/1/08 United States All Asset Tactical All-Inclusive -0.77 8.02 9.31 — 31.5 1Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Global All Asset Tactical Broad Market -1.71 — — — 0.9 1Congress Capital Risk Managed Assets 12/2/13 Global All Asset Tactical Broad Market 1.04 — — — 99.2 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
EAM Asset Allocation Aggressive 2/1/11 Global Equity Strategic All-Inclusive 1.48 12.51 — — 5.8 1EAM Asset Allocation Conservative 2/1/11 United States Balanced Strategic All-Inclusive 0.04 4.49 — — 3.2 1EAM Asset Allocation Moderate 2/1/11 Global Balanced Strategic All-Inclusive 1.08 8.90 — — 0.2 1EAM Asset Allocation Moderate Aggressive 2/1/11 Global Equity Strategic All-Inclusive 0.87 11.69 — — 6.4 1EAM Asset Allocation Moderate Conservati 2/1/11 United States Balanced Strategic All-Inclusive -0.08 6.88 — — 1.5 1
Efficient Market 11-19 Years Aggressive 2/1/05 United States Balanced Hybrid All-Inclusive 3.32 11.85 12.39 7.38 30.1 1Efficient Market 11-19 Years Consvt 4/3/06 United States Balanced Hybrid All-Inclusive 2.98 9.94 10.72 — 29.4 1Efficient Market 11-19 Years Moderate 6/1/05 United States Balanced Hybrid All-Inclusive 3.17 11.21 11.71 7.37 87.0 1Efficient Market 20 Plus Years Consvt 5/1/06 United States Equity Hybrid All-Inclusive 3.28 11.99 12.60 — 7.2 1Efficient Market 20 Plus Years Moderate 1/3/05 United States Equity Hybrid All-Inclusive 3.50 13.43 13.50 7.88 31.3 1
Efficient Market 20 Plus Yrs Aggressive 11/1/04 United States Equity Hybrid All-Inclusive 3.57 13.99 13.07 7.79 31.1 1Efficient Market 2-5 Years Aggressive 4/1/05 United States Balanced Hybrid All-Inclusive 2.67 8.94 9.72 6.32 11.9 1Efficient Market 2-5 Years Conservative 4/3/06 United States Balanced Hybrid All-Inclusive 2.50 6.19 7.23 — 30.1 1Efficient Market 2-5 Years Moderate 1/3/06 United States Balanced Hybrid All-Inclusive 2.61 7.96 9.04 — 63.4 1Efficient Market 6-10 Years Aggressive 9/1/05 United States Balanced Hybrid All-Inclusive 2.76 10.05 10.28 — 20.2 1
Efficient Market 6-10 Years Conservative 7/1/05 United States Balanced Hybrid All-Inclusive 2.78 7.87 8.63 6.46 39.8 1Efficient Market 6-10 Years Moderate 11/1/04 United States Balanced Hybrid All-Inclusive 2.76 9.42 10.18 6.66 118.9 1Efficient Market Taking Income-Aggr 1/3/06 United States Fixed Income Hybrid All-Inclusive 2.48 5.94 6.89 — 11.7 1Efficient Market Taking Income-Consvt 4/3/06 United States Fixed Income Hybrid All-Inclusive 1.88 4.56 5.44 — 26.2 1Efficient Market Taking Income-Moderate 6/1/05 United States Fixed Income Hybrid All-Inclusive 2.22 5.39 6.40 5.92 31.0 1
ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive 5.27 5.45 4.82 0.58 0.9 1Evolution US Equity Absolute Return 8/1/13 United States Equity Tactical Sector — — — — 0.1 1FEG Equity Portfolio 8/1/05 Global Equity Strategic Broad Market 1.20 9.91 10.82 — 8.6 1FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector 1.17 — — — 224.6 4FFCM Dynamic Core Absolute Return 12/31/14 United States Alternative Tactical All-Inclusive -0.41 — — — 5.8 4
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
FFCM Dynamic Global Equity 4/1/14 United States Equity Tactical All-Inclusive 2.78 — — — 64.7 4FFCM Dynamic Large Cap Sector Rotation 4/1/14 United States Equity Tactical Sector 0.57 — — — 1.1 4FFCM Dynamic Multi-Asset 4/1/14 Global All Asset Tactical All-Inclusive 1.45 — — — 41.7 4Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.75 0.88 2.17 3.65 6.1 1First Nat Chapoquoit Aggressive Dynamic 11/1/12 Global All Asset Tactical All-Inclusive -2.61 — — — 3.3 NR
First Nat Chapoquoit Dynamic Cnsrv Port 1/2/13 Global Equity Tactical All-Inclusive 0.13 — — — 1.0 NRFirst Nat Chapoquoit Dynamic Mod Port 1/2/13 Global All Asset Tactical All-Inclusive -1.85 — — — 2.6 NRFirst Trust FTA Ibbotson Mul Disc 20/80* 5/1/09 United States Fixed Income Strategic Broad Market 0.95 5.10 6.00 — 3.4 1First Trust FTA Ibbotson Mul Disc 40/60* 5/1/09 United States Balanced Strategic Broad Market 2.31 7.84 8.57 — 15.5 1First Trust Global Tactical Asset Alloc. 1/2/12 United States Balanced Tactical All-Inclusive -0.97 2.45 — — 0.1 1
Fortunatus Asset Allc Moderate Growth 6/30/10 Global Equity Strategic All-Inclusive 0.59 11.57 11.52 — 37.4 1Fortunatus Asset Allocation Growth 9/30/10 Global Equity Strategic All-Inclusive 0.69 13.00 — — 6.2 1Fortunatus Global ETF Opportunity 6/29/07 Global Balanced Tactical All-Inclusive -0.32 7.77 5.73 — 2.7 1Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive -1.46 1.86 0.26 — 0.4 1Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market -1.01 7.37 5.89 — 828.0 1
Foy SELECTOR Aggressive Growth 5/3/10 Global Equity Strategic All-Inclusive -0.41 16.32 — — 1.8 1Foy SELECTOR Balanced Growth 2/1/08 United States Balanced Strategic All-Inclusive -0.80 8.36 — — 25.8 1Foy SELECTOR Conservative Growth 5/1/08 United States Balanced Strategic All-Inclusive 0.82 12.55 — — 38.1 1Foy SELECTOR Growth 2/1/08 Global Equity Strategic All-Inclusive 2.20 16.17 — — 38.9 1Foy SELECTOR Income 2/1/08 United States Fixed Income Strategic All-Inclusive -1.16 3.94 — — 3.0 1
Foy SELECTOR Income & Growth 2/1/11 United States Balanced Strategic All-Inclusive -1.46 5.63 — — 3.8 1F-Squared Allocator Pre AlphaSector Idx 3/15/11 Global All Asset Hybrid All-Inclusive — — — — NR 4F-Squared AlphaSector All-Cap Index 2/3/14 United States Equity Tactical Sector -4.08 — — — 635.8 4F-Squared AlphaSector Allocator Index 6/1/10 Global All Asset Hybrid All-Inclusive -1.28 7.95 8.86 — 0.7 4F-Squared AlphaSector Allocator Pre Idx 1/1/10 Global All Asset Hybrid All-Inclusive -2.30 7.36 8.77 — 54.9 4
F-Squared AlphaSector Allocator Prm Cpst 4/1/10 Global All Asset Hybrid All-Inclusive -2.21 6.13 7.95 — 114.3 1F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive -0.45 — — — 511.0 1F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 United States Equity Tactical Sector -2.91 16.71 — — 124.5 4F-Squared AlphaSector AlphaDEX Prm Cmpst 9/1/11 United States Equity Tactical Sector -3.32 14.45 — — 323.8 1F-Squared AlphaSector Global Premium Idx 7/1/09 Global Equity Hybrid All-Inclusive -2.75 9.89 10.77 — 9.5 4
F-Squared AlphaSector Global Prm Cmpst 1/1/10 Global Equity Hybrid All-Inclusive -4.84 7.38 9.26 — 6.7 1F-Squared AlphaSector Global Select 9/2/13 Global Equity Hybrid All-Inclusive -0.98 — — — 342.0 1F-Squared AlphaSector Premium Cmpst 10/1/08 United States Equity Tactical Sector -4.42 12.37 14.35 — 127.9 1F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector -4.23 14.28 15.88 — 413.7 4F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector -3.63 14.81 15.68 — 661.7 4
F-Squared AS AlphaDEX Allocator Prm Idx 10/3/11 Global Equity Tactical All-Inclusive -0.85 8.78 — — 13.4 4F-Squared AS AlphaDEX Global Prem Idx 11/1/11 Global Equity Tactical Sector -0.35 12.16 — — 8.9 4F-Squared Dynamic AlphaSector Index 3/1/12 United States Equity Tactical Sector — — — — 0.0 4F-Squared Global Prem AlphaSector Index 3/15/11 Global Equity Hybrid All-Inclusive — — — — 0.0 4F-Squared Premium AlphaSector Index 7/1/10 United States Equity Tactical Sector — — — — 0.0 4
F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector — — — — 0.0 4FTA ETF Asset Allc - Mod Gr Portfolio 1/3/07 Global Equity Strategic All-Inclusive 3.08 12.79 12.53 — 26.5 1FTA ETF Asset Allocation - Gr Portfolio 10/1/07 Global Equity Strategic All-Inclusive 3.87 15.84 14.75 — 10.0 1Fund Architects Global ETF 12/31/07 Global All Asset Tactical All-Inclusive 0.05 8.71 5.96 — 20.3 NRFusion Global Fusion Core Equity 10/2/06 Global Equity Tactical All-Inclusive 4.70 — — — 12.8 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Ibbotson A/P 20/80 Tax Dfd-Fidelity* 8/2/10 Global Fixed Income Strategic Broad Market 0.27 4.14 — — 0.0 4Ibbotson A/P 20/80 Tax Dfd-Pershing* 8/2/10 Global Fixed Income Strategic Broad Market 0.27 4.46 — — 0.0 4Ibbotson A/P 20/80 Tax Dfd-Schwab* 8/2/10 Global Fixed Income Strategic Broad Market 0.33 4.07 — — 0.7 1Ibbotson A/P 20/80 Tax Dfd-TDA* 8/2/10 Global Fixed Income Strategic Broad Market 0.45 4.33 — — 0.1 4Ibbotson A/P 40/60 Tax Dfd-Pershing* 8/2/10 Global Balanced Strategic Broad Market 0.21 6.96 — — 1.2 4
Ibbotson A/P 40/60 Tax Dfd-Schwab* 8/2/10 Global Balanced Strategic Broad Market 0.24 6.74 — — 3.0 1Ibbotson A/P 40/60 Tax Dfd-TDA* 8/2/10 Global Balanced Strategic Broad Market 0.32 6.98 — — 1.0 4Ibbotson Global Tactical* 12/29/10 Global All Asset Tactical Broad Market 1.89 12.03 — — 0.3 1Ibbotson Momentum 20/80* 12/29/10 United States Fixed Income Hybrid Broad Market 0.36 4.13 — — 4.2 1Ibbotson Momentum 40/60* 12/29/10 Global Balanced Hybrid Broad Market 0.83 7.20 — — 27.4 1
Ibbotson Momentum 60/40* 12/29/10 Global Balanced Hybrid Broad Market 1.25 10.15 — — 64.3 1Ibbotson Momentum 80/20* 12/29/10 Global Equity Hybrid Broad Market 1.58 12.25 — — 32.9 1Ibbotson Momentum 95/5* 12/29/10 Global Equity Hybrid Broad Market 1.86 12.85 — — 9.4 1Ibbotson Strategic ETF Cons Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 1.17 6.19 7.01 5.29 365.5 1Ibbotson Strategic ETF Long Term Growth* 4/29/05 Global Equity Strategic Broad Market 2.46 12.85 12.80 6.78 264.3 1
Ibbotson Strategic ETF Moderate Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 1.68 8.70 9.33 6.03 825.4 1Ibbotson Strategic ETF Moderate Growth* 4/29/05 Global Equity Strategic Broad Market 2.05 11.25 11.41 6.66 521.1 1Ibbotson Strategic ETF Moderate Income* 4/29/05 United States Fixed Income Strategic Broad Market 0.69 2.93 4.18 — 105.1 1Ibis Adaptive Allocation 4/2/12 Global All Asset Tactical All-Inclusive -0.27 4.46 — — 8.9 4Ibis Global Balanced Portfolio 4/2/12 Global All Asset Tactical All-Inclusive 1.96 11.42 — — 28.7 4
Ibis Global Growth 4/2/12 Global Equity Tactical All-Inclusive 4.79 15.36 — — 14.4 4Ibis Global Preservation 4/2/12 Global Fixed Income Tactical All-Inclusive -0.71 6.52 — — 38.7 4Ibis Protected Growth 4/2/12 Global All Asset Tactical All-Inclusive 2.62 13.34 — — 49.8 4iCM - Mgd ETF - Aggressive Cap App 1/3/05 Global Equity Strategic Broad Market 2.34 11.16 11.61 6.82 11.4 NRiCM - Mgd ETF - Balanced 1/3/05 Global Balanced Strategic Broad Market 1.06 7.35 8.23 6.24 28.7 NR
iCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 Global Fixed Income Strategic Broad Market -0.04 3.66 5.04 5.76 5.1 NRiCM - Mgd ETF - Conservative Cap App 1/3/05 Global Balanced Strategic Broad Market 1.91 9.44 10.16 6.80 78.6 NRiCM - Mgd ETF - Defensive Growth 1/3/05 Global Balanced Strategic Broad Market 0.79 6.84 7.67 6.22 22.2 NRiCM - Mgd ETF - Equity Completion 1/3/05 Global Equity Strategic Broad Market 2.55 11.66 12.08 6.60 10.9 NRiCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 Global Fixed Income Strategic Broad Market 0.36 4.91 6.07 6.00 22.5 NR
iCM - Mgd ETF - Moderate Cap App 1/3/05 Global Equity Strategic Broad Market 2.14 10.28 10.91 6.56 38.0 NRiCM - Mgd ETF - Risk Controlled Growth 1/3/05 Global Balanced Strategic Broad Market 1.40 8.25 9.09 6.39 60.4 NRInnealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 1.09 2.36 4.13 — 486.3 1Innealta Global All Asset Conservative 12/31/09 Global Balanced Hybrid Broad Market 2.20 4.95 7.62 — 59.5 1Innealta Global All Asset Growth 12/31/09 Global Equity Hybrid Broad Market 2.98 7.45 9.22 — 64.3 1
Innealta Global All Asset Moderate 12/31/09 Global Balanced Hybrid Broad Market 2.45 6.29 8.61 — 117.0 1Innealta Global All Asset Opp Consrv 12/31/09 Global Balanced Hybrid Broad Market 2.18 6.28 9.39 — 29.3 1Innealta Global All Asset Opp Growth 12/31/09 Global Equity Hybrid Broad Market 3.43 8.80 11.22 — 27.5 1Innealta Global All Asset Opp Moderate 12/31/09 Global Balanced Hybrid Broad Market 2.56 7.72 10.58 — 50.4 1Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 2.95 3.88 6.08 — 726.0 1
Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector 0.28 2.91 5.55 — 587.7 1Innealta Tac ETF Sector Rotation Opp 12/31/09 United States Equity Tactical Sector 0.19 2.77 6.23 — 62.7 1IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Global Alternative Strategic Broad Market 0.80 4.60 3.92 — 97.2 NRIRON Global Equity Plus 2/1/11 Global Equity Hybrid Broad Market 2.47 8.34 — — 3.5 1IRON S&P 500 Equity Plus 5/2/11 United States Equity Strategic Broad Market 4.31 13.16 — — 0.9 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
iSectors Capital Preservation Allocation 1/1/10 United States Fixed Income Strategic All-Inclusive 0.16 1.25 2.78 — 18.2 3iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market -0.16 14.94 15.80 — 27.5 3iSectors Endowment Allocation 1/1/09 Global All Asset Strategic All-Inclusive 0.38 5.62 6.26 — 2.8 3iSectors Global Balanced Allocation 4/1/09 Global Balanced Strategic Broad Market -0.15 7.46 9.17 — 6.0 3iSectors Global Conservative Allocation 5/1/09 Global Balanced Strategic Broad Market -0.71 4.77 7.00 — 1.9 3
iSectors Global Equity Allocation 12/1/09 Global Equity Strategic Broad Market 1.04 12.62 13.40 — 2.0 3iSectors Global Fixed Income Allocation 4/1/09 Global Fixed Income Strategic All-Inclusive -1.43 1.14 3.51 — 4.2 3iSectors Global Growth Allocation 1/1/10 Global Equity Strategic Broad Market 0.46 10.09 11.35 — 3.7 3iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -2.48 -3.79 1.94 — 2.6 3iSectors Liquid Alternatives Allocation 4/1/09 Global Alternative Strategic All-Inclusive -0.69 3.34 3.72 — 3.4 3
iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector -1.21 13.50 14.86 8.66 64.2 3iSectors Post-MPT Moderate Allocation 3/3/08 United States Balanced Hybrid Sector 0.61 9.52 11.39 — 33.6 3iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector -3.16 -9.81 — — 2.3 3iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market -1.65 2.65 — — 2.6 3iSectors Tactical International Alloc 10/1/09 International Equity Tactical All-Inclusive -0.25 2.79 1.11 — 0.2 3
JAForlines Global Tactical Allocation 1/2/04 Global All Asset Tactical All-Inclusive 4.05 8.43 8.42 6.25 NR 1Julex Capital Mngt 12/3/12 International Equity Tactical Country/Region 1.73 — — — 2.8 1Julex Capital Mngt Dynamic Diversified 2/1/13 Global All Asset Tactical All-Inclusive 0.09 — — — 0.1 1Julex Capital Mngt Dynamic Income 10/1/12 Global Balanced Tactical Broad Market -0.10 — — — 27.3 1Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Global All Asset Tactical Broad Market -3.26 — — — 70.4 1
Julex Capital Mngt Dynamic Real Asset 4/1/13 Global Balanced Tactical All-Inclusive -1.40 — — — 0.8 1Julex Dynamic Sector Strategy 11/1/12 United States Equity Tactical All-Inclusive 0.93 — — — 56.1 1Keystone Wealth Commodity AlphaRotation 8/1/12 Global Alternative Tactical Broad Market -7.38 — — — 0.1 1Keystone Wealth Glb Bond AlphaRotation 1/1/14 Global Fixed Income Tactical All-Inclusive -5.35 — — — 1.4 1Keystone Wealth Glb Equity AlphaRotation 1/1/13 Global Equity Tactical Broad Market -8.23 — — — 55.2 1
Keystone Wealth Glb Income AlphaRotation 11/1/13 United States All Asset Tactical All-Inclusive -3.64 — — — 0.4 1Keystone Wealth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive -7.38 — — — 0.6 1KeystoneWealthWorld FocusedAlphaRotation 1/1/14 Global Balanced Tactical All-Inclusive 2.23 — — — 0.4 1Ladenburg LAMP ETF Aggressive Growth 3/1/05 Global Equity Strategic Broad Market 2.38 12.50 12.27 7.15 18.6 1Ladenburg LAMP ETF Growth 3/1/05 Global Balanced Strategic Broad Market 2.30 10.60 10.63 6.69 107.7 1
Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market 1.80 9.05 9.38 6.74 282.6 1Ladenburg LAMP ETF Income 12/3/07 Global Fixed Income Strategic Broad Market 0.43 4.09 5.27 — 19.2 1Ladenburg LAMP ETF Income and Growth 6/1/05 Global Balanced Strategic Broad Market 1.16 6.36 7.12 5.83 159.8 1Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive -0.24 3.52 4.68 — 1.2 1Laffer Investments Fix-Inc ETF Strategy 10/2/06 United States Fixed Income Tactical All-Inclusive 0.01 1.86 3.79 — 2.3 1
Laffer Investments Glbl Equity Strategy 9/1/00 International Equity Tactical Country/Region 2.66 12.96 11.06 8.59 49.1 1Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Global Fixed Income Hybrid All-Inclusive -0.38 — — — 15.6 1Lazard Capital Allocator Ser Non-Trdtl 9/1/05 Global All Asset Hybrid All-Inclusive -0.10 8.08 9.08 — 188.6 1Lazard Capital Allocator Series Equity 1/3/06 Global Equity Hybrid All-Inclusive 2.79 10.10 9.85 — 102.6 1Lazard Cptl Allctr Ser Divsfd 25/75 (TE) 7/1/09 Global Fixed Income Hybrid All-Inclusive 0.49 5.16 6.36 — 406.5 1
Lazard Cptl Allctr Ser Divsfd 25/75 (TX) 3/2/09 Global Fixed Income Hybrid All-Inclusive 0.83 5.02 — — Incl. 1Lazard Cptl Allctr Ser Divsfd 40/60 (TX) 2/1/07 Global Balanced Hybrid All-Inclusive 1.11 6.16 6.89 — Incl. 1Lazard Cptl Allctr Ser Divsfd 60/40 (TE) 3/1/06 Global Balanced Hybrid All-Inclusive 1.73 7.91 8.27 — Incl. 1Lazard Cptl Allctr Ser Divsfd 60/40 (TX) 4/1/05 Global Balanced Hybrid All-Inclusive 1.79 7.66 8.06 5.54 Incl. 1Lazard Cptl Allctr Ser Divsfd 75/25 (TE) 11/1/05 Global Equity Hybrid All-Inclusive 1.99 8.73 8.94 — Incl. 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Lazard Cptl Allctr Ser Divsfd 75/25 (TX) 4/1/05 Global Equity Hybrid All-Inclusive 2.13 8.68 8.80 6.05 Incl. 1Lockwood Asset Allocation Portfolios I 12/31/03 United States Fixed Income Strategic Broad Market 0.25 4.04 5.01 4.47 43.5 1Lockwood Asset Allocation Portfolios II 10/1/03 United States Balanced Strategic Broad Market 0.58 6.32 6.97 5.01 113.1 1Longview Capital Dynamic Large Cap SMA 7/12/12 United States Equity Tactical All-Inclusive — — — — NR 1Longview Capital Fixed Income 9/30/11 United States Fixed Income Tactical All-Inclusive — — — — NR 1
Longview Capital Global Allocation 7/1/08 Global All Asset Tactical All-Inclusive — — — — NR 1Longview Capital Tactical Commodity 8/3/09 Global Alternative Tactical All-Inclusive — — — — NR 1Lunt Global Sectors Portfolio 9/4/12 Global Equity Tactical Sector -0.14 — — — 10.1 1Madison ETF Aggressive 1/1/10 United States Equity Strategic All-Inclusive 2.12 13.48 13.04 — 6.7 1Madison ETF Capital Preservation 1/1/10 United States Fixed Income Strategic Broad Market 0.38 3.03 4.27 — 7.7 1
Madison ETF Conservative 1/1/10 United States Fixed Income Strategic Broad Market 0.78 5.18 6.05 — 58.3 1Madison ETF Growth 1/1/10 United States Equity Strategic All-Inclusive 1.75 11.52 11.44 — 53.9 1Madison ETF Income Advantage 1/1/10 United States Fixed Income Strategic Broad Market 0.58 1.86 3.38 — 3.4 1Madison ETF Moderate 1/1/10 United States Balanced Strategic All-Inclusive 0.99 7.36 7.88 — 104.9 1Madison ETF Moderate Growth 1/1/10 United States Balanced Strategic All-Inclusive 1.28 9.28 9.49 — 94.2 1
Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector 4.51 19.04 16.94 9.81 203.6 1Main Management All Asset Global Balance 11/8/06 Global Balanced Strategic All-Inclusive 4.22 10.94 10.87 — 129.0 1Main Management BuyWrite Hedged Equity 9/3/04 Global Alternative Hybrid Broad Market 5.84 9.06 11.15 6.85 210.3 1Main Management International - Non US 12/28/07 International Equity Tactical Country/Region 4.10 8.00 6.58 — 23.4 1Maxim International Lifestyle - Agg Gr 1/3/12 Global Equity Strategic All-Inclusive 2.67 9.87 — — 5.8 1
Maxim International Lifestyle - Balanced 1/3/12 Global Balanced Strategic All-Inclusive 1.05 6.02 — — 28.5 1Maxim International Lifestyle - Growth 1/3/12 Global Balanced Strategic All-Inclusive 1.75 7.51 — — 40.9 1MCM Apto 9/29/06 Global All Asset Tactical All-Inclusive 0.32 12.68 10.73 — 2.0 1Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market 1.29 8.46 8.68 — 317.3 1Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 1.06 7.00 7.61 — 575.0 1
Members Trust Growth ETF 1/3/06 Global Equity Strategic Broad Market 3.08 14.12 13.99 — 35.5 1Members Trust Income ETF 1/3/06 United States Fixed Income Strategic Broad Market 0.62 4.85 5.72 — 278.4 1Members Trust Moderate Growth ETF 1/3/06 Global Equity Strategic Broad Market 1.83 11.24 11.34 — 133.6 1Mench Aggressive Equity 10/2/95 United States Equity Tactical All-Inclusive 0.00 — — — 0.0 1Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive 0.89 1.16 1.81 — 8.7 1
Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive 0.00 0.74 0.91 — 7.3 1MFI Balanced Sector 1/4/99 Global All Asset Hybrid Broad Market 0.38 10.32 10.96 7.41 122.5 1MFI Capital Preservation & Income Sector 1/4/99 Global All Asset Hybrid Broad Market 0.97 9.54 9.65 6.64 22.7 1MFI Global Sector 1/4/99 Global All Asset Hybrid Broad Market 2.02 12.66 13.07 7.34 50.4 1MIS Aggressive Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive 2.44 10.40 11.97 — 77.9 1
MIS Conservative ETF* 10/1/07 United States Fixed Income Hybrid All-Inclusive -0.64 3.36 5.43 — 84.2 1MIS Contrarian & Growth ETF* 12/31/10 Global Equity Hybrid All-Inclusive 2.68 13.66 — — 46.5 1MIS Contrarian & Income ETF* 12/31/10 Global Balanced Hybrid All-Inclusive 1.08 7.10 — — 31.0 1MIS Contrarian ETF* 12/31/10 Global Equity Hybrid All-Inclusive 2.67 13.61 — — 32.9 1MIS Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive 1.96 8.74 10.70 — 327.8 1
MIS Income & Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive -0.18 4.95 6.98 — 375.4 1MIS Moderate Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive 1.14 7.08 9.00 — 317.6 1MRM Dynamic International Strategy 1/2/08 International Equity Tactical Country/Region 0.28 5.95 6.96 — 0.4 NRMRM Dynamic Overlay Strategy 1/2/08 United States Equity Tactical All-Inclusive 0.61 14.89 13.49 — 78.6 NRNatixis / AIA Mgd ETF - Aggressive 11/2/05 Global All Asset Strategic Broad Market 2.36 10.80 11.32 — 1.5 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
New Frontier Moderate Growth 75/25 Tax 10/29/04 Global Equity Strategic Broad Market 2.35 11.29 11.29 6.48 107.6 2New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Global Equity Tactical Broad Market -7.40 4.41 3.92 — 10.9 1Newfound Dynamic Alternatives Cmpst 11/27/13 United States Alternative Hybrid Broad Market -0.70 — — — 0.2 1Newfound Multi Asset Income 11/27/13 Global All Asset Tactical Broad Market -0.89 — — — 104.3 1Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Global Equity Tactical Sector 1.01 — — — 155.7 1
Newfound Risk Managed U.S. Sectors Idx 2/3/14 United States Equity Tactical Sector 0.24 — — — 43.4 4Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 United States Equity Tactical Sector 4.34 — — — 5.3 1Newfound Tailwinds Conservative Idx 6/16/14 Global All Asset Hybrid All-Inclusive 0.85 — — — 0.2 4Newfound Tailwinds Growth Idx 7/1/14 Global All Asset Hybrid All-Inclusive 2.62 — — — 4.6 4Newfound Tailwinds Moderate Cmp 6/2/14 Global All Asset Hybrid All-Inclusive 1.31 — — — 4.2 1
Newfound Target Excess Yield 3% Cmpst 12/31/13 Global Fixed Income Tactical Broad Market 1.04 — — — 0.1 1Newfound Total Return 6/2/14 United States All Asset Hybrid All-Inclusive 0.04 — — — 0.6 1Newfound U.S. Factor Defensive Eqty Cmp 12/30/14 United States Equity Tactical Broad Market 1.00 — — — 61.6 1Niemann Dynamic 2/20/97 United States Equity Tactical Sector 9.85 21.42 17.87 9.08 47.0 1Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive 4.14 8.73 3.90 — 0.8 1
Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 6.49 16.44 16.07 — 6.4 1Niemann Global Opportunity (Equity Plus) 11/12/96 Global Equity Tactical Sector 4.75 13.70 7.22 6.92 135.6 1Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 9.45 20.66 12.50 7.87 66.6 1Niemann Risk Managed Sector 1/24/96 United States Equity Tactical Sector 6.65 14.61 9.65 8.58 80.7 1Niemann Tactical Global Bond 1/25/11 Global Fixed Income Tactical All-Inclusive -2.15 3.17 — — 0.4 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
NorthCoast Tactical ETF 2/1/13 Global All Asset Tactical All-Inclusive 2.09 — — — 267.0 NRNottingham Global All Asset 12/31/04 Global Balanced Hybrid All-Inclusive 1.94 9.76 9.73 5.14 370.1 1Nottingham Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 1.79 7.54 8.32 4.64 170.8 1Nottingham Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 3.21 11.68 11.41 5.13 78.3 1Nottingham Global Income Strategy 12/31/04 Global Balanced Strategic Broad Market 0.02 2.57 2.94 2.69 259.8 1
Nottingham Real Return Strategy 12/2/13 Global All Asset Tactical All-Inclusive -0.83 — — — 1.5 1Nuveen Intelligent Risk Cnsrv Allc 6/1/09 Global All Asset Tactical Broad Market 0.25 2.35 5.56 — 4.9 1Nuveen Intelligent Risk Growth Allc 6/1/09 Global All Asset Tactical Broad Market 1.48 6.44 7.42 — 3.1 1Nuveen Intelligent Risk Mod Allc 6/1/09 Global All Asset Tactical Broad Market 1.62 3.98 7.16 — 6.3 1One Cap Wealth Appreciation 1/30/04 Global Equity Strategic All-Inclusive 2.58 11.35 10.60 5.27 18.3 1
One Cap Wealth Preservation & Growth 11/3/08 Global Balanced Strategic All-Inclusive 0.80 6.53 7.08 — 9.2 1One Capital Agg Wealth Appreciation 5/3/10 Global Equity Strategic All-Inclusive 2.89 13.96 11.78 — 5.5 1One Capital Bal Wealth Appreciation 4/1/05 Global Balanced Strategic All-Inclusive 1.54 8.84 8.76 5.25 30.8 1One Capital Wealth Preservation & Inc 2/2/09 Global Fixed Income Strategic All-Inclusive 0.24 3.58 4.96 — 1.8 1Optimus Bond Allocation Bull/Bear 12/30/11 Global Fixed Income Hybrid All-Inclusive 1.08 2.88 — — 0.0 1
Optimus Bond Rotation 3/3/14 Global Fixed Income Tactical All-Inclusive -1.28 — — — 0.0 1Optimus Eight Baskets Rotation 12/3/12 Global All Asset Hybrid Broad Market -1.85 — — — 0.0 1Optimus Global Advantage All Asset 3/30/12 Global Alternative Tactical Broad Market 2.03 3.17 — — 0.0 1Optimus Global Long/Short 8/1/13 Global Alternative Tactical All-Inclusive 1.55 — — — 6.2 1Optimus Global Rotation 6/3/13 United States Equity Tactical Broad Market 1.20 — — — 0.4 1
Optimus High Yield Bull/Bear 3/1/11 United States Fixed Income Tactical Sector 3.10 5.11 — — 0.1 1Optimus U.S. Rotation 12/2/13 United States Equity Tactical Broad Market -0.62 — — — 0.0 1Palladiem Balanced Growth Core Strategy 1/2/12 Global Balanced Tactical All-Inclusive 0.97 6.27 — — 7.3 4Palladiem Defensive Core Strategy 1/2/12 United States All Asset Strategic Broad Market 0.38 2.44 — — 0.2 4Palladiem Diversified Growth Strategy 1/2/12 Global Equity Tactical All-Inclusive 1.82 8.06 — — 21.6 4
Palladiem Sustainable Income Strategy 1/2/12 United States Fixed Income Tactical All-Inclusive -0.12 3.64 — — 7.6 4Parasol Globally Enh Mgmt Strat (GEMS) 3/1/07 Global All Asset Tactical All-Inclusive — — — — 100.0 1PCM Absolute Bond Composite 5/2/11 Global Fixed Income Tactical All-Inclusive -1.01 -0.57 — — 2.4 1PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive -9.67 -7.71 -10.78 — 1.2 1PCM Absolute Equity Income Composite 1/3/11 Global Equity Tactical All-Inclusive -3.20 2.32 — — 1.0 1
PCM Alpha 1 Total Return Composite 6/1/12 Global Equity Tactical All-Inclusive -1.99 0.13 — — 7.2 1PCM Conservative Portfolio Composite 1/2/12 Global All Asset Tactical All-Inclusive -3.56 0.07 — — 0.1 1PCM Emerald Long-Short Debt HF Composite 10/1/12 Global Fixed Income Tactical All-Inclusive -0.60 — — — 0.1 1PCM Global Bond HF Composite 11/1/12 Global Fixed Income Tactical All-Inclusive -2.54 — — — 1.3 1PCM Global Macro 3M Composite 2/16/12 Global Equity Tactical All-Inclusive -4.33 -1.84 — — 3.6 1
PCM Global Tactical Composite 3/1/12 Global Equity Tactical All-Inclusive -3.03 -1.03 — — 3.7 1PCM Income Opportunity Fund 10/3/11 Global Fixed Income Strategic All-Inclusive -0.35 1.09 — — NR 1PCM Multi Strategy Balanced Growth Fund 10/3/11 Global Balanced Tactical Broad Market 2.63 5.07 — — NR 1PCM Ruby Multi-Strategy HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -2.20 -0.59 — — 2.6 1PCM Sapphire Global Macro HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -2.11 -1.75 — — 0.5 1
PCM Stable Growth Plus+ Composite 11/1/11 Global All Asset Tactical Country/Region -3.40 -0.38 — — 5.8 1PCM Super Global Macro 5/31/12 Global All Asset Tactical All-Inclusive -2.34 -1.74 — — 6.8 1PDAM GLOBAL ALPHA 11/1/05 Global All Asset Hybrid All-Inclusive 7.03 9.84 5.77 — 1.0 NRPVG Dynamic Core ETF 10/1/01 United States Equity Tactical All-Inclusive 1.25 7.74 7.01 5.49 24.9 1QA Global Balanced 40/60 11/3/03 Global Balanced Hybrid All-Inclusive 0.58 6.90 7.39 5.71 19.1 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
QA Global Balanced 60/40 11/1/00 Global Balanced Hybrid All-Inclusive 1.18 9.55 9.68 6.63 67.0 1QA Global Balanced 80/20 10/1/03 Global Equity Hybrid All-Inclusive 1.75 12.13 11.85 7.40 48.0 1QA Global Balanced Flex - Conservative 1/1/10 Global Balanced Hybrid All-Inclusive 0.39 6.62 6.72 — 45.5 1QA Global Balanced Flex - Growth 1/1/10 Global Equity Hybrid All-Inclusive 1.23 11.50 10.27 — 98.2 1QA Global Balanced Flex - Moderate 1/1/10 Global Balanced Hybrid All-Inclusive 0.79 9.04 8.53 — 192.3 1
QA Global Equity 9/1/00 Global Equity Tactical All-Inclusive 2.25 14.49 13.77 7.95 73.5 1QA Global Equity Flex 1/1/10 Global Equity Tactical All-Inclusive 1.67 13.64 11.94 — 120.5 1QA Global Style 9/4/07 Global Equity Tactical Broad Market 2.14 16.22 16.78 — 4.6 1QA Tactical All Market 4/1/09 Global All Asset Tactical All-Inclusive -0.44 3.16 5.65 — 150.8 1QA Tactical Bond 1/1/10 United States Fixed Income Tactical All-Inclusive -0.54 1.80 2.81 — 8.5 1
Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 0.69 16.60 16.95 — 1.0 1Raylor Strategic World Equity 1/3/06 Global Equity Strategic All-Inclusive 1.41 12.49 12.41 — 28.0 1Raylor Strategic World Income 4/3/06 Global Balanced Strategic All-Inclusive 1.63 8.40 8.69 — 24.0 1Raylor Strategic World Opportunity 1/3/07 Global Equity Strategic Country/Region 2.25 7.49 7.98 — 3.0 1RevenueShares Strategic Allocation 7/1/11 United States Equity Tactical Broad Market 5.28 15.49 — — 0.1 1
Richard Bernstein Global Conservative 8/2/10 Global Balanced Tactical All-Inclusive -0.34 4.80 — — 38.0 4Richard Bernstein Global Growth 8/2/10 Global Equity Tactical All-Inclusive 3.48 13.23 — — 119.9 4Richard Bernstein Global Moderate I 8/2/10 Global Balanced Tactical All-Inclusive 1.60 8.90 — — 258.6 4Richard Bernstein Global Moderate II 4/17/13 Global Equity Tactical All-Inclusive 2.39 — — — 375.2 4RIM iFolios Growth 8/31/12 Global Balanced Strategic All-Inclusive -0.81 — — — 58.8 1
RiverFront Conservative Growth 10/1/03 Global Balanced Hybrid All-Inclusive 2.44 9.25 8.95 6.12 87.4 1RiverFront Conservative Income Builder 5/1/09 Global Balanced Hybrid All-Inclusive 1.95 6.68 7.01 — 147.9 1RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 3.68 11.30 11.26 — 939.3 1RiverFront ETF Conservative Income Bldr 10/1/12 Global Balanced Hybrid All-Inclusive 1.76 — — — 15.5 1RiverFront ETF Dynamic Equity Income 10/1/12 Global Equity Hybrid All-Inclusive 3.64 — — — 97.8 1
RiverFront ETF Global Allocation 4/3/06 Global Equity Hybrid All-Inclusive 4.85 12.41 10.93 — 159.3 1RiverFront ETF Global Growth 4/3/06 Global Equity Hybrid All-Inclusive 5.41 13.58 11.85 — 60.3 1RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 2.35 9.28 9.09 — 249.4 1RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive 4.36 12.02 10.65 6.46 681.0 1RiverFront Global Growth 10/1/03 Global Equity Hybrid All-Inclusive 5.07 13.22 11.49 6.44 565.2 1
RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 2.43 9.26 9.03 6.17 2194.9 1Robinson Market Opportunity 12/31/03 United States Equity Tactical Broad Market -4.36 3.18 12.11 6.86 3.2 1RPG AlphaSector Core Domestic Equity 11/1/11 United States Equity Tactical Sector -5.71 12.08 — — 65.7 1RPG AlphaSector Premium FT 3/1/12 United States Equity Tactical Sector -3.87 13.51 — — 8.4 1Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market 1.86 12.21 12.89 6.64 177.9 1
Sage Tactical ETF Conservative 12/31/07 Global Fixed Income Tactical Broad Market -0.09 3.33 5.16 — 76.4 4Sage Tactical ETF Core Plus Fixed Income 12/31/07 Global Fixed Income Tactical Broad Market -0.63 1.13 3.33 — 251.9 4Sage Tactical ETF Growth 12/31/07 Global Equity Tactical Broad Market 1.40 9.96 10.82 — 304.0 4Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market 0.42 5.51 7.03 — 222.1 4Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 1.01 7.90 9.23 — 518.2 1
Sage Tactical ETF Multi Asset Income 6/30/11 Global All Asset Tactical All-Inclusive -1.04 3.08 — — 66.8 1Sage Target Date 2015 Fund 12/31/08 Global Balanced Hybrid Broad Market 0.72 6.17 7.79 — 129.7 1Sage Target Date 2025 Fund 12/31/08 Global Balanced Hybrid Broad Market 1.08 8.38 9.68 — 253.4 1Sage Target Date 2035 Fund 12/31/08 Global Equity Hybrid Broad Market 1.46 10.03 10.96 — 147.7 1Sage Target Date 2045 Fund 12/31/08 Global Equity Hybrid Broad Market 1.67 11.00 11.68 — 53.8 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
SEI Tax-Managed ETF Aggressive 1/2/14 Global Equity Strategic All-Inclusive 2.47 — — — 32.3 4SEI Tax-Managed ETF Conservative 1/2/14 United States Fixed Income Strategic All-Inclusive — — — — 21.4 4SEI Tax-Managed ETF Equity 1/2/14 Global Equity Strategic Broad Market 3.20 — — — 42.5 4SEI Tax-Managed ETF Market Growth 1/2/14 Global Balanced Strategic All-Inclusive 1.90 — — — 106.5 4SEI Tax-Managed ETF Moderate 1/2/14 Global Balanced Strategic All-Inclusive 0.82 — — — 54.8 4
SelectAlts 20 Index Strategy 12/31/14 United States All Asset Strategic All-Inclusive -0.44 — — — 0.1 1SelectAlts Fleet Strategy 5/31/13 Global All Asset Tactical All-Inclusive 7.48 — — — 1.5 1SelectAlts Fortress Strategy 10/1/12 Global All Asset Tactical All-Inclusive 2.74 — — — 1.4 1SFS Tax Efficient Growth 5/23/05 Global Equity Strategic Broad Market 1.53 12.01 11.54 6.76 NR 4SFS Tax Efficient Growth & Income 5/25/05 Global Balanced Strategic Broad Market 0.79 9.20 9.05 5.38 NR 4
Shelton Diversified ETF Balanced 12/31/09 Global Equity Hybrid Broad Market 2.69 7.49 8.68 — 8.9 1Signal Point Signal 10 3/31/09 United States Equity Hybrid Sector 1.78 12.13 12.75 — 18.0 1SignalPoint Balanced Point 3/31/09 United States Balanced Hybrid All-Inclusive 0.16 9.15 10.28 — 54.0 1SignalPoint CU Income Plus 6/30/09 United States Fixed Income Hybrid All-Inclusive -1.19 2.44 5.13 — 0.6 1SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -0.91 -1.98 -0.58 — 0.1 1
SignalPoint Global Signal 9/28/07 Global Equity Hybrid All-Inclusive 3.49 10.85 10.95 — 58.8 1SignalPoint High Income Point 10/31/08 Global All Asset Tactical All-Inclusive -0.05 4.85 6.65 — 1.2 1SignalPoint International Signal 6/30/09 International Equity Hybrid Sector 3.94 7.55 6.14 — 1.9 1SignalPoint Moderate Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive -0.38 3.23 5.19 — 4.1 1SignalPoint Stable Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive -1.61 2.22 5.11 — 22.6 1
SignalPoint Universal Signal 10/31/08 Global Balanced Hybrid All-Inclusive 0.74 6.29 7.76 — 11.9 1Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive — — — — 20.1 1SRCM Aggressive Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 2.27 9.83 10.98 5.97 0.0 4SRCM Growth & Income Blend Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.81 7.07 8.85 5.58 3.6 4SRCM Growth & Income Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.03 5.69 7.52 4.68 2.9 4
SRCM Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 2.08 8.40 9.90 5.60 0.2 4SRCM Income & Preservation Portfolio 1/2/04 Global Balanced Hybrid Broad Market 0.58 4.61 6.52 4.54 1.4 4SSWM Strategic Allocation Model 75/25 8/29/03 United States Equity Strategic Broad Market 1.31 11.54 11.96 6.63 17.1 1Stadion Balanced Strategy 4/2/07 United States Balanced Tactical Broad Market -2.85 3.95 4.44 — 492.5 1Stadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market -1.10 1.75 2.26 — 111.1 1
Stadion Conservative Strategy 4/2/07 United States Balanced Tactical Broad Market -3.50 1.65 2.48 — 214.0 1Stadion Growth Strategy 4/2/07 United States Balanced Tactical Broad Market -1.38 8.15 7.86 — 1492.4 1Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive -8.99 0.66 0.79 3.06 259.3 1Stadion Moderate Strategy 4/2/07 United States Balanced Tactical Broad Market -2.39 5.47 5.95 — 1179.1 1Stadion Tactical Defensive Strategy 3/31/05 Global Equity Tactical All-Inclusive -4.19 7.67 7.89 5.95 89.1 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Stadion Tactical Growth Strategy 4/30/04 United States Equity Tactical All-Inclusive 0.39 11.12 13.64 8.08 205.3 1Steinberg Global - ETF Multi Cap 12/31/02 Global Equity Tactical All-Inclusive 1.33 11.95 13.16 6.94 109.7 1Steinberg Global - Short Duration Taxabl 12/31/92 Global Fixed Income Tactical All-Inclusive 0.99 2.70 4.34 3.02 36.8 1Steinberg Global Fixed Income ETF 1/3/12 Global Fixed Income Tactical All-Inclusive 0.71 2.00 — — 100.1 1Sterling Global Allocation 12/31/10 Global All Asset Hybrid All-Inclusive -3.78 5.30 — — 9.0 1
Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -3.92 8.92 11.11 — 287.4 1Strategic Income Mmgt Dyn Allc Bal Inc 1/3/11 Global Balanced Strategic All-Inclusive — — — — 38.1 1Strategic Income Mmgt Dyn Allc Div Inc 1/3/11 Global Balanced Strategic All-Inclusive — — — — 13.5 1Strategic Income Mmgt Dyn Allc Eq Inc 1/3/11 Global Equity Strategic All-Inclusive — — — — 55.3 1Strategies Conservative 1/31/95 Global Balanced Hybrid All-Inclusive 0.23 4.73 6.01 5.01 1.3 1
Stringer Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.68 12.15 11.81 — 129.5 1Stringer Moderate Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.54 10.10 10.39 — 111.7 1Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.44 8.51 7.96 9.00 901.3 1Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.87 8.41 8.00 8.69 Incl. 1TAG Tactical Conservative 1/3/06 Global All Asset Hybrid Broad Market 0.18 2.79 4.01 — 20.9 1
TAG Tactical Growth 1/3/06 Global All Asset Hybrid Broad Market 3.76 6.43 6.46 — 5.0 1TAG Tactical Income 1/3/12 Global All Asset Tactical All-Inclusive -1.95 3.32 — — 0.5 1TAG Tactical Moderate 1/3/06 Global All Asset Hybrid Broad Market 2.64 4.68 6.00 — 69.4 1TAMP US Tactical ETF Income – BIG 1/2/13 United States Balanced Tactical Broad Market -3.25 — — — 0.0 1TAMP US Tactical ETF L/S – PULSE 1/2/13 United States Alternative Tactical Broad Market -0.94 — — — 0.1 1
TCIA ETF L1 7/29/11 United States All Asset Strategic All-Inclusive -2.50 8.79 — — 7.0 1TCIA ETF L2 7/29/11 United States All Asset Strategic All-Inclusive -1.63 9.69 — — 10.0 1The Capital CMC Global ETF 12/31/07 Global Equity Tactical Country/Region 2.21 12.70 13.15 — 5.8 1Trademark Tactical Risk Strategy 10/1/07 United States Balanced Tactical All-Inclusive -0.30 8.12 8.58 — 22.0 1Transamerica I-Series Portfolio I 1/6/10 United States Fixed Income Strategic All-Inclusive 0.25 2.68 3.82 — 22.6 1
Transamerica I-Series Portfolio II 6/18/07 United States Balanced Strategic All-Inclusive 0.44 4.98 5.92 — 46.0 1Transamerica I-Series Portfolio III 6/18/07 United States Balanced Strategic All-Inclusive 0.80 7.22 8.40 — 98.9 1Transamerica I-Series Portfolio IV 6/18/07 Global Balanced Strategic All-Inclusive 1.19 9.47 10.38 — 169.3 1Transamerica I-Series Portfolio V 6/18/07 Global Equity Strategic All-Inclusive 1.74 11.44 11.91 — 42.6 1Transamerica I-Series Portfolio VI 6/18/07 Global Equity Strategic All-Inclusive 2.38 13.77 13.76 — 17.7 1
TRC Global Core Equity 3/13/13 Global Equity Tactical Broad Market -3.47 — — — 32.0 1TRC Global Income 11/1/11 Global All Asset Tactical All-Inclusive 0.65 10.54 — — 30.0 1TTM 500 Strategy 10/1/12 United States Equity Tactical Broad Market -1.55 — — — 6.6 1TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive -0.46 15.89 11.58 — 2.5 1TTM Tactical Core/Satellite Strategy 6/2/14 United States Balanced Tactical All-Inclusive -0.90 — — — 9.0 1
TTM Trend Aggregation Ultra 1/31/14 Global All Asset Tactical All-Inclusive -2.97 — — — 2.4 1TTM Trend Aggregation-All Asset 11/1/12 Global All Asset Tactical All-Inclusive -2.98 — — — 2.1 1TTM Trend Aggregation-Income 6/1/10 Global All Asset Tactical All-Inclusive -0.56 4.01 5.45 — 2.9 1UBS PWS Diversified Income 6/29/12 Global Balanced Tactical All-Inclusive -0.20 3.88 — — 41.3 1UBS PWS Diversified Income w/ Muni 7/31/12 Global Balanced Tactical All-Inclusive -0.14 — — — 15.4 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 1.83 8.49 — — 795.2 1UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Global Balanced Tactical Broad Market 2.31 — — — 108.6 1Vanguard CORE 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.02 — — — 0.0 4Vanguard CORE 100% Equity 1/3/12 Global Equity Strategic Broad Market 2.92 15.08 — — 6.0 4Vanguard CORE 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.35 1.86 — — 0.9 4
Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 0.36 4.48 — — 4.2 4Vanguard CORE 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.70 — — — 0.0 4Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.04 7.11 — — 8.6 4Vanguard CORE 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market 1.36 — — — 0.2 4Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.67 9.75 — — 31.3 4
Vanguard CORE 70%Equity/30%Fixed Income 1/2/14 Global Equity Strategic Broad Market 1.99 — — — 0.2 4Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 Global Equity Strategic Broad Market 2.30 12.41 — — 25.1 4Vanguard CORE 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.63 — — — 0.0 4Vanguard CRSP 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.00 1.4 4Vanguard CRSP 100% Equity 1/4/10 Global Equity Strategic Broad Market 3.08 15.09 14.50 — 61.3 4
Vanguard CRSP 100% Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market -0.35 1.86 3.29 — 9.8 4Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 0.38 4.47 5.61 — 93.0 4Vanguard CRSP 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.73 — — — 0.2 4Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.10 7.12 7.91 — 221.2 4Vanguard CRSP 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market 1.44 — — — 0.2 4
Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.77 9.75 10.14 — 442.9 4Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market 2.11 11.08 — — 204.9 4Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 2.44 12.43 12.34 — 233.0 4Vanguard CRSP 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.77 — — — 0.0 4Vanguard Russell 10%Equity/90%Fixed Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.01 0.0 4
Vanguard Russell 100% Equity 1/3/12 Global Equity Strategic Broad Market 3.15 15.12 — — 8.3 4Vanguard Russell 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.35 1.86 — — 1.9 4Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market 0.38 4.47 — — 0.2 4Vanguard Russell 30%Equity/70%Fixed Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.76 — — — 0.0 4Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 1.12 7.12 — — 1.4 4
Vanguard Russell 50%Equity/50%Fixed Inc 1/2/14 Global Balanced Strategic Broad Market 1.46 — — — 0.0 4Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 1.81 9.77 — — 4.8 4Vanguard Russell 70%Equity/30%Fixed Inc 1/2/14 Global Equity Strategic Broad Market 2.14 — — — 0.6 4Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Global Equity Strategic Broad Market 2.48 12.44 — — 7.8 4Vanguard Russell 90%Equity/10%Fixed Inc 1/2/14 Global Equity Strategic Broad Market 2.80 — — — 0.1 4
Vanguard S&P 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.01 0.1 4Vanguard S&P 100% Equity 1/3/12 Global Equity Strategic Broad Market 3.18 15.18 — — 13.0 4Vanguard S&P 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.35 1.86 — — 1.7 4Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 0.40 4.49 — — 19.2 4Vanguard S&P 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.76 — — — 0.8 4
Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.13 7.14 — — 65.7 4Vanguard S&P 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market 1.48 — — — 2.8 4Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.83 9.81 — — 157.2 4Vanguard S&P 70%Equity/30%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.17 — — — 4.5 4Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 Global Equity Strategic Broad Market 2.51 12.49 — — 55.2 4
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Vanguard S&P 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.84 — — — 0.5 4Voya GPMM Aggressive Growth ETF 1/2/13 Global Equity Hybrid Broad Market 1.24 — — — 0.0 1Voya GPMM Conservative Growth ETF 1/2/13 Global Balanced Hybrid Broad Market -0.52 — — — 0.0 1Voya GPMM Income ETF 1/2/13 United States Fixed Income Hybrid Broad Market -1.99 — — — 0.0 1Voya GPMM Moderate Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 0.35 — — — 0.0 1
W.E. Donoghue & Co., - Agg Tactical Gr P 9/24/01 Global Equity Tactical All-Inclusive — — — — 8.7 1W.E. Donoghue & Co., - Cnsv Tactical Gr 9/24/01 Global Balanced Hybrid All-Inclusive — — — — 18.0 1W.E. Donoghue & Co., - Moderate Tactical 9/25/01 Global Equity Hybrid All-Inclusive — — — — 54.5 1W.E. Donoghue Power Sector Portfolio 5/8/96 Global Equity Tactical All-Inclusive — — — — 1.2 1WBI Tactical ETF Plus 8/31/92 Global Equity Tactical All-Inclusive 2.61 9.82 9.92 7.33 13.3 1
Wela Agg Yield 5/3/10 Global All Asset Tactical All-Inclusive -2.48 4.09 8.10 — 13.4 1Wela All Growth 12/1/10 Global Equity Tactical All-Inclusive 1.81 12.50 — — 6.3 1Wela Own Your Age (OYA)- 20 12/1/08 Global Equity Hybrid All-Inclusive 1.16 10.26 10.75 — 8.9 1Wela Own Your Age (OYA)- 30 4/1/11 Global Equity Hybrid All-Inclusive 0.76 8.86 — — 3.8 1Wela Own Your Age (OYA)- 40 4/1/11 Global Balanced Hybrid Broad Market -0.69 7.75 — — 12.4 1
Wela Own Your Age (OYA)- 50 12/1/08 Global Balanced Hybrid Broad Market -1.44 6.30 8.15 — 21.6 1Wela Own Your Age (OYA)- 60 12/1/10 Global Balanced Hybrid Broad Market -2.11 4.82 — — 5.4 1Wela Own Your Age (OYA)- 70 11/1/10 United States Fixed Income Hybrid All-Inclusive -1.73 4.08 — — 3.1 1Wela Own Your Age (OYA)- 80 6/1/09 United States Fixed Income Hybrid All-Inclusive -1.63 2.86 5.21 — 9.0 1WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 3.13 12.35 12.76 8.44 104.3 1
WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 4.64 16.48 16.26 9.41 116.3 1WestEnd Advisors US Sector 12/31/12 United States Equity Hybrid Sector 4.67 — — — 3.2 1Westport Res Mgt ETF 12/30/05 Global Equity Tactical All-Inclusive 2.29 12.67 11.35 — 10.9 1Windham Aggressive Portfolio 12/31/09 Global Equity Strategic Broad Market 1.98 8.46 9.43 — 5.1 1Windham Aggressive Portfolio (Tax Mg) 9/30/09 Global Equity Strategic Broad Market 2.14 8.82 9.67 — 29.5 1
Windham Conservative Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 0.29 3.99 5.98 — 28.3 1Windham Conservative Plus Portfolio 5/31/10 Global Balanced Strategic Broad Market 0.37 4.30 6.22 — 1.8 1Windham Conservative Portfolio 9/30/09 Global Fixed Income Strategic Broad Market -0.36 2.65 4.82 — 2.6 1Windham Conservative Portfolio (Tax Mg) 11/30/09 Global Fixed Income Strategic Broad Market -0.55 2.38 4.49 — 2.4 1Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region -0.71 0.39 — — 0.3 1
Windham Global Equities Strategy 8/2/10 Global Equity Tactical All-Inclusive 1.73 9.53 — — 2.5 1Windham Moderate Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 1.64 7.31 8.49 — 15.2 1Windham Moderate Plus Portfolio 12/31/09 Global Balanced Strategic Broad Market 1.37 6.91 8.32 — 10.7 1Windham Moderate Portfolio 9/30/09 Global Balanced Strategic Broad Market 0.59 5.60 7.29 — 7.4 1Windham Moderate Portfolio (Tax Managed) 1/30/09 Global Balanced Strategic Broad Market 0.97 5.76 7.36 — 49.3 1
Windham Multi-Asset Income Portfolio 11/1/10 Global All Asset Strategic Broad Market -0.21 4.27 — — 0.6 1Windham Multi-Sector Bonds Tax Exempt 8/31/10 Global Fixed Income Hybrid All-Inclusive -2.19 0.13 — — 0.1 1Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market -0.79 5.15 6.56 — 350.0 1Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market -0.36 5.98 — — 295.3 1Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.02 7.19 — — 1214.2 1
Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive — — — — 272.7 1Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 0.68 8.05 9.21 7.89 4512.7 1Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive -0.03 3.23 4.40 5.04 2585.8 1Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 0.43 6.10 7.65 6.65 7694.1 1Winterset Active/Edge Diversified Growth 2/1/13 United States Equity Strategic All-Inclusive 0.60 — — — 2.7 1
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc.
Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)
Return % Current
NameInception Date Universe Asset Breadth
Portfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Assets USD Mil
Return Type ID
Winterset Active/Edge Moderate Hybrid 2/1/13 United States All Asset Strategic All-Inclusive -1.74 — — — 5.1 1WST Asset Manager – Adaptive Balanced 12/31/04 Global Balanced Tactical Broad Market -0.62 4.84 3.36 4.39 3.8 1WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector -0.01 4.76 6.47 — 167.3 1WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector 2.04 — — — 241.4 1Zacks International Strategy 4/1/04 International Equity Strategic Country/Region 2.87 7.24 7.02 6.11 85.0 3
Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 30 June 2015
Return % Risk Statistics vs. Selected Benchmark
NamePortfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Global All Asset Median 0.70 6.39 7.95 6.73Hybrid Median 1.31 8.06 8.70 7.00Strategic Median 0.38 4.38 6.26 —Tactical Median 0.10 5.15 7.29 6.73Global All Asset Blended Benchmark 1.01 6.74 8.00 6.13
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Global Equity Median 2.08 11.30 11.26 6.61Hybrid Median 2.09 10.33 10.93 6.05Strategic Median 2.35 12.41 11.85 6.77Tactical Median 1.33 9.89 10.31 6.84Morningstar Global GR USD 3.41 13.95 12.84 7.44
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Global Fixed Income Median 0.25 3.39 4.69 4.64Hybrid Median 0.72 3.45 4.06 8.48Strategic Median 0.21 4.07 5.04 5.20Tactical Median -0.38 2.53 4.23 3.33
Global Fixed Income Blended Benchmark -2.67 -0.38 2.34 3.78
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
United States Equity Median 1.04 13.51 13.05 7.91Hybrid Median 1.35 10.41 12.56 7.79Strategic Median 1.53 13.16 12.50 8.69Tactical Median 0.57 14.67 13.56 8.01Morningstar US Market TR USD 1.85 17.62 17.60 8.33
Incl. = Assets counted in related strategy* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this
portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 30 June 2015 (Continued)
Return % Risk Statistics vs. Selected Benchmark
NamePortfolio Implementation
Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year
United States Balanced Median 0.82 7.86 8.82 6.66Hybrid Median 2.61 8.94 10.18 7.37Strategic Median 0.90 7.47 8.44 5.29Tactical Median -0.94 5.47 6.91 6.73United States Balanced Blended Benchmark 1.22 11.23 11.98 7.15
3D Fixed Income ETF Portfolio - Tax Sen. Tactical All-Inclusive 0.49 0.45 1.86 — 0.3 -0.79 0.77 58.97 91.183D Fixed Income ETF Portfolio Tactical All-Inclusive 0.91 — — — 0.4 — — — —Optimus High Yield Bull/Bear Tactical Sector 3.10 5.11 — — 0.1 — — — —Palladiem Sustainable Income Strategy Tactical All-Inclusive -0.12 3.64 — — 7.6 — — — —Longview Capital Fixed Income Tactical All-Inclusive — — — — NR — — — —
United States Fixed Income Median 0.20 3.13 5.01 5.23Hybrid Median -0.42 3.23 5.19 4.74Strategic Median 0.38 2.93 4.22 4.47Tactical Median 0.49 3.60 3.91 9.54Morningstar Core Bond MCBI TR 0.08 1.99 3.47 4.62
Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy
* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Source: Morningstar Inc. * An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.
Charles Schwab Investment Advisory, INC 3,915.0 447.5 12
Morningstar, Inc.* 3,519.1 243.0 26
F-Squared Investments, Inc. 3,348.6 (20,802.6) 20
Beaumont Capital Management 2,856.4 1,775.9 31
Churchill Management Group 2,490.6 (240.5) 3
Windham Capital Management, LLC 2,288.0 928.6 18
Sage Advisory Services Ltd CO 2,246.1 (34.6) 12
Innealta Capital 2,210.6 (703.6) 10
Astor Investment Management LLC 1,702.4 890.2 3
Vanguard Advisers Inc 1,689.9 1,101.5 44
Cougar Global Investments Limited 1,656.9 401.9 4
Good Harbor Financial, LLC 1,626.3 (7,946.6) 2
NEW Frontier Management Company, LLC 1,505.2 331.5 11
Members Trust Company 1,339.8 397.3 5
SEI Trust Company 967.5 608.3 10
UBS Global Asset Management 960.5 475.3 4
Swan Global Investments, LLC 901.3 460.8 2
Nottingham Advisors Inc. 880.5 105.6 5
Quantitative Advantage 828.0 480.7 11
Forward Management, LLC 828.0 (309.4) 1
Richard Bernstein Advisors LLC 791.7 408.5 4
Hays Advisory LLC 748.3 393.6 4
Source: Morningstar Inc. *Morningstar assets include assets of its three wholly-owned subsidiaries Morningstar Associates, LLC, Ibbotson Associates, Inc., and Morningstar Investment Services Inc.
Source: Morningstar Inc.
Exhibit 12 Return Comparison, 30 June 2015
Return %
Name 2015 3-Year 5-Year 10-Year
Global All Asset Median 0.70 6.39 7.95 6.73
Hybrid Median 1.31 8.06 8.70 7.00
Strategic Median 0.38 4.38 6.26 —
Tactical Median 0.10 5.15 7.29 6.73
Global All Asset Blended Benchmark 1.01 6.74 8.00 6.13
Global Balanced Median 1.08 7.01 8.13 5.85
Hybrid Median 1.29 7.09 8.10 5.60
Strategic Median 1.06 7.12 8.48 6.24
Tactical Median 0.31 5.98 6.67 5.10
Global Balanced Blended Benchmark 0.97 8.16 8.76 6.49
Global Equity Median 2.08 11.30 11.26 6.61
Hybrid Median 2.09 10.33 10.93 6.05
Strategic Median 2.35 12.41 11.85 6.77
Tactical Median 1.33 9.89 10.31 6.84
Morningstar Global Markets GR USD 3.41 13.95 12.84 7.44
Global Fixed Income Median 0.25 3.39 4.69 4.64
Hybrid Median 0.72 3.45 4.06 8.48
Strategic Median 0.21 4.07 5.04 5.20
Tactical Median -0.38 2.53 4.23 3.33
Global Fixed Income Blended Benchmark -2.67 -0.38 2.34 3.78
International Equity Median 2.91 7.39 6.23 8.59
Morningstar Gbl Mkts ex-US GR USD 4.43 9.96 8.45 6.54
United States All Asset Median -0.98 9.85 11.94 —
United States All Asset Blended Benchmark 1.12 9.62 10.99 6.91
United States Equity Median 1.04 13.51 13.05 7.91
Hybrid Median 1.35 10.41 12.56 7.79
Strategic Median 1.53 13.16 12.50 8.69
Tactical Median 0.57 14.67 13.56 8.01
Morningstar US Market TR USD 1.85 17.62 17.60 8.33
United States Balanced Median 0.82 7.86 8.82 6.66
Hybrid Median 2.61 8.94 10.18 7.37
Strategic Median 0.90 7.47 8.44 5.29
Tactical Median -0.94 5.47 6.91 6.73
United States Balanced Blended Benchmark 1.22 11.23 11.98 7.15
United States Fixed Income Median 0.20 3.13 5.01 5.23
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