Disclosure

Before engaging the Adviser to manage the SMA, you should carefully review the SMA’s investment objectives, risks, charges and expenses. This and other information is in the fact sheet, a copy of which may be obtained by contacting the Adviser and requesting the same. There is no guarantee that the strategy of the SMA (the “Strategy” or “Strategies”) will achieve its investment objective. The Strategy is subject to risk, including the possible loss of principal amount invested. The SMA may invest in (or short) ETFs, ETNs and ETPs. In addition to the risks associated with such vehicles, investments, or reference assets in the case of ETNs, lack of liquidity can result in its value being more volatile than the underlying portfolio investment. Other SMA risks include market risk, equity risk, short sales and leverage risk, large cap risk, early closing risk, liquidity risk and trading risk. Short sales involve leverage because the SMA borrows securities and then sells them, effectively leveraging its assets. [The use of leverage may magnify gains or losses for the SMA. Shares are bought and sold at market price (closing price) not net asset value (“NAV”) and are not individually redeemed from the SMA. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times.

The activity of short sellers covering their positions has the potential to add upward momentum to share price increases.

Past performance is not an indication of future performance.