Investing involves risk. This material does not constitute any representation as to the suitability or appropriateness of any security, financial product or instrument. There is no guarantee that investment in any program or strategy discussed herein will be profitable or will not incur loss. This information is prepared for general information only. It does not have regard to the specific investment objectives, financial situation, and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that security values may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not a guide to future performance. Individual client accounts may vary.

An Exchange Traded Fund, or ETF, is a type of exchange traded security which trades similar to a stock and which the investment objective is to achieve the same return as a particular market index. An ETF will invest in either all of the securities or a representative sample of the securities included in the index. Risks of investing in exchange-traded securities may include, but are not limited to, counterparty risks (including stock lending), conflicts of interest with synthetic exchange traded investments, currency fluctuations for exchange traded securities invested in foreign assets, increased overall risk for short or leveraged exchange-traded securities, market volatility, taxes, and market hours since some exchange traded securities may track an index located in a different time zone.

The MSCI USA Index is a composite index which measures performance of large and mid-caps. The index tracks over 610 constituents covering 85% of the free float-adjusted market capitalization in the United States.

The MSCI USA Momentum Index is a composite index measuring performance of an equity momentum strategy by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity, and moderate index turnover. The index is based on large and mid-caps within the US.

The MSCI USA Growth Index is a composite index which measures securities exhibiting growth characteristics in the US. Variables which define index construction include long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend. The index tracks 357 constituents representing 50% of the free float-adjusted market capitalization of the MSCI USA Index.

Market capitalization, or market cap, refers to the total dollar value of all of an issuer’s outstanding shares of stocks. Each brokerage sets the value of large, mid, and small caps differently. Generally, large-cap securities consist of companies whose market capitalization is over $10 Billion; mid-cap securities generally consist of companies whose market capitalization is between $2 Billion and $10 Billion; and small-cap securities generally consist of companies whose market capitalization is between $300 Million and $2 Billion.

The healthcare sector is composed of stocks representing medical services and manufacturing. Included in this sector are biotech firms, HMOs, and hospital management service providers.

The consumer discretionary sector is a sector composed of enterprises selling goods and services considered nonessential. Examples of this sector include most retailers, the entertainment industry, the automobile industry, etc.

The technology, or information technology, sector is a sector representing enterprises engaged in the research, development, or distribution of technology goods and services. Examples include electronics manufacturers, software creators, computer manufacturers, etc.