Who is Stone Wall Financial?

Stone Wall Financial is a SEC-Registered Investment Adviser firm, founded by partners who collectively represent many decades of industry experience in technology, risk management, private wealth management, brokerage, private banking, financial planning, and securities analysis. Our firm delivers a full suite of our SHEP solutions as a Sub-Adviser to investment advisers, registered and exempt investment companies.

What is the SHEP Mission?

Our mission is the driving purpose behind all we do. We understand that trust is not built on just verbal platitudes, but through delivering desired outcomes. To do so, we seek to provide access to SHEP solutions through a variety of channels through partnerships we establish with institutions and their financial professionals. Only then are we able to deliver on our mission to provide financial security to individual investors through tactical strategies that may provide downside protection with enhanced upside performance.

SHEP is our proprietary algorithmic trading platform. It combines the power of a robust technology system with our SHEP Edge algorithmic formulae designed to mitigate clients from risk during major market downturns and make an informed rules-based, data driven decision for reentry.

The SHEP platform combines both Modern Portfolio Theory (MPT) and technical analysis to build and manage optimized portfolio constructs capable of addressing any client’s needs or circumstances. Each portfolio is anchored by a highly advanced quantitative technology platform and MPT principles of risk/reward maximization. Through integration to custodial platforms, SHEP is adhering to its strategy and pursuit to successfully protect and enhance portfolio performance. All securities in SHEP portfolios are individually optimized to seek protection and performance across ever-changing market cycles and conditions.

What sets our SHEP quantitative trading platform apart from others?

Our platform leverages proprietary advanced algorithms and real-time data analysis attempts to identify trading opportunities with precision. It’s designed for anticipating and preempting protective actions ahead of major market downturns that seek enhanced performance, while offering unique investment management that may not be available on other platforms.

How does your SHEP platform ensure accuracy in trading decisions?

We use a combination of AI augmented machine learning, statistical models, and historical data to optimize and continuously refine our SHEP algorithms. This helps to ensure that our trading decisions are based on the most accurate and up-to-date information.

How secure is your SHEP platform?

Security is a top priority. We employ state-of-the-art encryption, multi-factor authentication, and other security measures to protect our platform and ensure that our transmissions to manage our SHEP Advantage data transmissions are secure.

Can I gain access as a subscriber to the SHEP platform?

Presently, our SHEP platform is proprietary and not available as a subscription service. Stone Wall Financial operates as a Sub-Adviser, ready to partner with institutions and their financial professionals to provide access to our full suite of SHEP solutions.

How does Augmented Intelligence with machine learning enhance the optimization of your SHEP model parameters?

Our use of Augmented Intelligence with machine learning helps to automate the parameter tuning process in advanced algorithmic models, like the SHEP Edge. This is of great value to support our efforts to ensure that every SHEP security and model is optimized with greater efficiency and accuracy, reducing the risk of human errors in hopes of improving the model’s predictive capabilities.

What advantages does Augmented Intelligence bring to the process of predicting future market trends?

Augmented Intelligence is capable of processing vast amounts of data at high speeds, identifying complex patterns and trends that may not be apparent to human analysts. The ability to analyze and learn from large datasets enables Augmented Intelligence features to make more accurate and timely predictions about future market movements.

Can you provide an example of how your successful implementation of Augmented Intelligence machine learning has brought value to your SHEP investment strategies?

The most notable example is how we leverage Augmented Intelligence machine learning in our portfolio optimization strategy. By using machine learning with our rules-based, data driven algorithms we are able to better analyze historical data and market conditions. Our research has shown great potential for producing significant increases in portfolio returns while minimizing risk. For this reason, our SHEP models will periodically recycle our optimization process. Doing so increases our confidence that these models are better positioned for the opportunity to outperform other traditional methods.

Have the SHEP platform hypotheticals been properly tested and validated for accuracy?

Yes, the platform has undergone extensive and rigorous testing using over 30 years of historical market data. We confidently conclude that the accuracy in displayed hypothetical performances sourced from the SHEP platform has undergone a thorough examination by a highly credible third-party resource; concluding that the SHEP Model is logically constructed, internally consistent, and is, in all material respects, arithmetically accurate in terms of its formulae, algorithms, calculations and performance results. CLICK HERE to review the SHEP Model Audit: Findings Report by BDO.

What is the purpose behind why Stone Wall Financial used both in-sample and out-of-sample testing before releasing SHEP strategies to the market?

We understand and embrace our duty as a fiduciary. With great diligence, we evaluated SHEP’s responses across many market conditions using both in-sample and out-of-sample data. In-sample testing allowed us to “train” our SHEP Models to optimize their ability to identifying patterns and relationships within the historical data. This ensures that SHEP Models performed well under “known conditions.” Out-of-sample testing, most critically, enables us to evaluate the Model’s performance with “unseen data.” By this measure, we are able to realistically conclude, by the measure of SHEP’s robust and predictive nature in real-world scenarios, how SHEP Models are capable of delivering in the future.

Why do so many emphasize the importance of out-of-sample testing for validating the reliability of models like SHEP??

Out-of-sample testing is important because it tests the model’s ability to generalize how it should respond to new unseen future data. This step helps us ensure that we have avoided “overfitting.” Overfitting is an undesirable machine learning behavior that can occur when the use of machine learning models fit too closely to its training data. Through out-of-sample testing, we can affirm if our SHEP Models aren’t responding as intended when faced with new data (the future). Conducting these tests on our Models helps to ensure our SHEP strategies are not just tailored to past data but are likely to make accurate predictions in future market conditions as well.

What key metrics do you use to evaluate the performance of SHEP models during your hypothetical testing?

We use a variety of performance metrics, Sharpe ratio, maximum drawdown, Beta, Alpha, annualized returns, trading analytics and tax leakage, to evaluate our models. These metrics provide a comprehensive view of our SHEP models’ hypothetical results in risk-adjusted returns, stability, and overall effectiveness in different market environments, as measured against its relative benchmarks.

Are the traditional views true that active investment management cannot consistently time the market?

While it’s true that timing the market can be challenging, historical data shows that certain market indicators and economic trends can provide valuable insights. For instance, understanding and using a combination of momentum, trends, and technical analysis can help identify potential entry and exit points. It’s not about predicting the exact highs and lows but about making informed decisions based on data.

How are your SHEP models different from others timing the market with day or swing trading strategies?

Our model strategies are built to seek protection first, intentional on managing or mitigating risks of anticipated major market downturns. Although our trading frequency differs across our SHEP optimized securities, many may go months without a single trade. With precise focus on keeping clients on “the right side of the market,” we don’t rely solely on market timing. We build diversified portfolios using asset allocation, leading with risk management first, and then empowering the SHEP Edge to determine reliable reentry points. Our research has revealed effectiveness capable of increasing the potential for enhancing returns with less risk. The SHEP Edge is intended to be robust and reliable, poised to respond to the ever-changing market conditions without relying solely on timing.

How has the advancement in technology contributed to the success of algorithmic trading platforms like SHEP?

Advancements in technology and machine learning have significantly improved the ability of investment professionals to analyze vast amounts of market data in real-time. Predictive models and algorithms can be very different. Effectively built platforms like SHEP can identify patterns and trends that simply may not be visible to the human eye. There are universally accepted advantages with algorithmic trading platforms. One in particular, is the absolute, purely rules-based, data driven approach to decision-making, is not cloaked by human behavioral biases and subjectivity. With SHEP’s robust and more systematic approach to market timing, while not foolproof, it adds a layer of sophistication to the decision-making process.

What would be the experience of my clients should I choose to partner with Stone Wall Financial to access SHEP model portfolios?

With Stone Wall Financial as a Sub-Adviser, you remain in the driver’s seat as your clients’ primary adviser at all times. You are of course free to enlist or withdraw clients’ from SHEP® Advantage or Custom actively managed solutions at any time. Our role is to ensure timeliness in transmitting model changes through your TAMP or ours, consistent with the mode’s strategies you’ve selected. Your TAMP, in order to execute SHEP models on your behalf, will require your clients to sign a Letter of Authorization (LOA) allowing your TAMP partner to ensure timely trades of SHEP transmissions.

If I don’t have my own TAMP relationship, would I incur any additional expense to work through your partnership alliance with SMArt-X?

No. You would not incur any expenses to work with our partner, SMArt-X. All of the expense for onboarding, training, and migrating your client accounts are all covered by us. Additionally, we also cover the ongoing support costs SMArt-X provides you, as well as your own white-label website solution. The website will be your primary resource for overseeing your clients’ accounts, performance reporting, billing, and investment management needs.

Investment
Strategies

Our investment strategies adhere to a well-rounded approach that combines these Core Beliefs:

SHEP active management wins.

We embrace the use of passive Index ETFs into our actively managed strategies. Empirically, evidence shows that traditional active managers, as measurement periods increase, underperform their relevant index benchmarks. In fact, research has found that more than 87% underperform their Index over a 5-year period. We believe SHEP is poised and ready to “turn the table.”

Source: https://www.spglobal.com/spdji/en/research-insights/spiva/. Past performance is not indicative of future performance.)

Article: SPIVA Report: 21 Years of Data on Active vs Passive | Betashares

How We Build Best-in-Class Investment Models & Strategies

Aspiring to build effective strategies is no small feat. Employing our SHEP tactical strategies, in combination with index investing, modern portfolio theory, and technical analysis all contributes to our mission of “keeping clients on the right side of the market.”

SHEP POWERED Portfolios &
optimized SECURITIES

SHEP-Optimized Securities

Model Portfolios

Risk-Based Models

SHEP Aggressive
SHEP Moderate-Aggressive
SHEP Moderate
SHEP Moderate-Conservative
SHEP Conservative

Focused Models

SHEP Mid-Cap
SHEP Small-Cap
SHEP Technology
SHEP Crypto
SHEP Natural Resources

Equities

Large-Cap

IVV

QQQ
SPY

Small-Cap

IJR
VBK

VBR

Commodities

GDX

GLD

PALL

PPLT

SLV

USO

Mid-Cap

IJH
IJJ
IJK
IWS

Sector
AAPL
AMZN

Fixed Income

Treasuries

SHY
TLT
VGIT

VGLT

Municipals

MUB

SPIB

SUB

TFI

Corporates

LQD
VCIT
VCLT

Convertibles

ICVT

High Yield

JNK

VRP

SHEP® Advantage
Investment Options

Class	Style	Ticker	Name	Description
Model	Tolerance	–	SHEP Aggressive	The Portfolio seeks to achieve its investment objective of aggressive growth by employing an asset allocation strategy between (1) U.S Equity securities, (2) Fixed Income ETFs and (3) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 99%, Fixed Income ETFs can range from 0% to 20%. When and to the extent the Portfolio is not invested in Equity or Fixed Income, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio. Index Coming Soon
Model	Tolerance	–	SHEP Moderate-Aggressive	The Portfolio seeks to achieve its investment objective of moderate-aggressive growth by employing an asset allocation strategy between (1) U.S Equity securities, (2) Fixed Income ETFs and (3) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 85%, Fixed Income ETFs can range from 0% to 25%. When and to the extent the Portfolio is not invested in Equity or Fixed Income, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio. Index Coming Soon
Model	Tolerance	–	SHEP Moderate	The Portfolio seeks to achieve its investment objective of moderate growth by employing an asset allocation strategy between (1) U.S Equity securities, (2) Fixed Income ETFs and (3) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 65%, Fixed Income ETFs can range from 0% to 45%. When and to the extent the Portfolio is not invested in Equity or Fixed Income, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio. Index Coming Soon
Model	Tolerance	–	SHEP Moderate-Conservative	The Portfolio seeks to achieve its investment objective of moderate-conservative growth by employing an asset allocation strategy between (1) U.S Equity securities, (2) Fixed Income ETFs and (3) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 45%, Fixed Income ETFs can range from 0% to 65%. When and to the extent the Portfolio is not invested in Equity or Fixed Income, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio.
Model	Tolerance	–	SHEP Conservative	The Portfolio seeks to achieve its investment objective of conservative growth by employing an asset allocation strategy between (1) U.S Equity securities, (2) Fixed Income ETFs and (3) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 30%, Fixed Income ETFs can range from 0% to 80%. When and to the extent the Portfolio is not invested in Equity or Fixed Income, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio.
Model	Tolerance	–	SHEP Mid-Cap	The Portfolio seeks to achieve its investment objective of aggressive growth by employing an asset allocation strategy between (1) Mid-Cap ETFs or securities and (2) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 99%, When and to the extent the Portfolio is not invested in Equity, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio.
Model	Tolerance	–	SHEP Small-Cap	The Portfolio seeks to achieve its investment objective of aggressive growth by employing an asset allocation strategy between (1) Small-Cap ETFs or securities and (2) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 99%, When and to the extent the Portfolio is not invested in Equity, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio.
Model	Tolerance	–	SHEP Technology	The Portfolio seeks to achieve its investment objective of aggressive growth by employing an asset allocation strategy between (1) Technology sector ETFs or securities and (2) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 99%, When and to the extent the Portfolio is not invested in Equity, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio.
Model	Tolerance	–	SHEP Crypto	The Portfolio seeks to achieve its investment objective of aggressive growth by employing an asset allocation strategy between (1) Crypto Currency ETFs or securities and (2) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 99%, When and to the extent the Portfolio is not invested in Equity, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio.
Model	Tolerance	–	SHEP Natural Resources	The Portfolio seeks to achieve its investment objective of aggressive growth by employing an asset allocation strategy between (1) Natural Resource ETFs or securities and (2) cash or cash-equivalent investments, while attempting to tactically reduce volatility and mitigate draw downs in anticipation of market downturns. Equity securities can range from 0% to 99%, When and to the extent the Portfolio is not invested in Equity, it will invest in cash or cash equivalents, which, at times, could represent 100% of the Fund’s portfolio.
Equity	Large Cap	IVV	iShares Core S&P 500 ETF	The index measures the performance of the large-capitalization sector of the U.S. equity market, as determined by SPDJI.
Equity	Large Cap	SPY	SPDR S&P 500 ETF Trust	The Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the index.
Equity	Mid-Cap	IJJ	iShares S&P Mid-Cap 400 Value ETF	The index measures the performance of the mid-capitalization value sector of the U.S. equity market.
Equity	Mid-Cap	IJH	iShares Core S&P Mid-Cap ETF	The index measures the performance of the mid-capitalization sector of the U.S. equity market, as determined by SPDJI.
Equity	Mid-Cap	IJK	iShares S&P Mid-Cap 400 Growth ETF	The fund generally will invest at least 80% of its assets in the component securities of its index and in investments that have economic characteristics that are substantially identical to the component securities of its index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents.
Equity	Mid-Cap	IWS	iShares Russell Mid-Cap Value ETF	The index measures the performance of the mid-capitalization value sector of the U.S. equity market, as defined by Russell. The fund generally will invest at least 80% of its assets in the component securities of its index and in investments that have economic characteristics that are substantially identical to the component securities of its index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents.
Equity	Small Cap	IJR	iShares Core S&P Small-Cap ETF	The index measures the performance of the small-capitalization sector of the U.S. equity market, as determined by SPDJI.
Equity	Small Cap	VBK	Vanguard Small-Cap Growth Index Fund ETF Shares	The fund advisor employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Growth Index, a broadly diversified index of growth stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
Equity	Sector	QQQ	Invesco QQQ Trust	To maintain the correspondence between the composition and weights of the securities in the trust (the “securities”) and the stocks in the NASDAQ-100 Index®, the adviser adjusts the securities from time to time to conform to periodic changes in the identity and/or relative weights of index securities. The composition and weighting of the securities portion of a portfolio deposit are also adjusted to conform to changes in the index.
Equity	Sector	AAPL	Apple Inc.	Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide.
Equity	Sector	AMZN	Amazon.com, Inc.	Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). Its products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers The company also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Rings, Blink, eero, and Echo; and develops and produces media content. In addition, it offers programs that enable sellers to sell their products in its stores; and programs that allow authors, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content. Further, the company provides compute, storage, database, analytics, machine learning, and other services, as well as fulfillment, advertising, and digital content subscriptions. Additionally, it offers Amazon Prime, a membership program. The company serves consumers, sellers, developers, enterprises, content creators, and advertisers. Amazon.com, Inc. was incorporated in 1994 and is headquartered in Seattle, Washington.
Equity	Sector	NVDA	NVIDIA Corporation	NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. NVIDIA Corporation was incorporated in 1993 and is headquartered in Santa Clara, California.
Equity	Sector	META	Meta Platforms, Inc.	Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately. The Reality Labs segment provides augmented and virtual reality related products comprising consumer hardware, software, and content that help people feel connected, anytime, and anywhere. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. Meta Platforms, Inc. was incorporated in 2004 and is headquartered in Menlo Park, California.
Equity	Sector	MSFT	Microsoft Corporation	Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. The company operates in three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, Microsoft Viva, and Skype for Business; Skype, Outlook.com, OneDrive, and LinkedIn; and Dynamics 365, a set of cloud-based and on-premises business solutions for organizations and enterprise divisions. The Intelligent Cloud segment licenses SQL, Windows Servers, Visual Studio, System Center, and related Client Access Licenses; GitHub that provides a collaboration platform and code hosting service for developers; Nuance provides healthcare and enterprise AI solutions; and Azure, a cloud platform. It also offers enterprise support, Microsoft consulting, and nuance professional services to assist customers in developing, deploying, and managing Microsoft server and desktop solutions; and training and certification on Microsoft products. The More Personal Computing segment provides Windows original equipment manufacturer (OEM) licensing and other non-volume licensing of the Windows operating system; Windows Commercial, such as volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; and Windows Internet of Things. It also offers Surface, PC accessories, PCs, tablets, gaming and entertainment consoles, and other devices; Gaming, including Xbox hardware, and Xbox content and services; video games and third-party video game royalties; and Search, including Bing and Microsoft advertising. The company sells its products through OEMs, distributors, and resellers; and directly through digital marketplaces, online stores, and retail stores. Microsoft Corporation was founded in 1975 and is headquartered in Redmond, Washington.
Equity	Sector	TSLA	Tesla, Inc.	Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. It operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, retail merchandise, and vehicle insurance services. This segment also provides sedans and sport utility vehicles through direct and used vehicle sales, a network of Tesla Superchargers, and in-app upgrades; purchase financing and leasing services; services for electric vehicles through its company-owned service locations and Tesla mobile service technicians; and vehicle limited warranties and extended service plans. The Energy Generation and Storage segment engages in the design, manufacture, installation, sale, and leasing of solar energy generation and energy storage products, and related services to residential, commercial, and industrial customers and utilities through its website, stores, and galleries, as well as through a network of channel partners; and provision of service and repairs to its energy product customers, including under warranty, as well as various financing options to its solar customers. The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was incorporated in 2003 and is headquartered in Austin, Texas.
Fixed Income	US Treasury	BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	The fund invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index.
Fixed Income	US Treasury	SHY	iShares 1-3 Year Treasury Bond ETF	The fund will invest at least 80% of its assets in the component securities of the underlying index and it will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the fund track the underlying index.
Fixed Income	US Treasury	VGIT	Vanguard Intermediate-Term Treasury Index Fund ETF Shares	The fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. Treasury 3-10 Year Index. This index includes fixed income securities issued by the U.S. Treasury (not including inflation-protected bonds, floating rate securities and certain other security types), with maturities between 3 and 10 years.
Fixed Income	US Treasury	VGLT	Vanguard Long-Term Treasury Index Fund ETF Shares	The fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. Long Treasury Index. This index includes fixed income securities issued by the U.S. Treasury (not including inflation-protected bonds, floating rate securities and certain other security types), with maturities greater than 10 years.
Fixed Income	US Treasury	TLT	iShares 20+ Year Treasury Bond ETF	The fund will invest at least 80% of its assets in the component securities of the underlying index, and it will invest at least 90% of its assets in U.S. Treasury securities that the advisor believes will help the fund track the underlying index. The underlying index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than or equal to twenty years.
Fixed Income	Municipal	SUB	iShares Short-Term National Muni Bond ETF	The fund will invest at least 80% of its assets in the component securities of the underlying index, and the fund will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that the advisor believes will help the fund track the underlying index. The underlying index includes municipal bonds, the interest of which is exempt from Federal income taxes and not subject to alternative minimum tax.
Fixed Income	Municipal	TFI	SPDR Nuveen Bloomberg Municipal Bond ETF	The fund invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Sub-Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to track the U.S. fully tax-exempt bond market.
Fixed Income	Municipal	MUB	iShares National Muni Bond ETF	The underlying index includes municipal bonds, the interest of which is exempt from Federal income taxes and not subject to alternative minimum tax. The fund will invest at least 80% of its assets in the component securities of the underlying index and it will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that BFA believes will help the fund track the underlying index.
Fixed Income	Corp Bond	SPIB	SPDR Portfolio Intermediate Term Corporate Bond ETF	The fund invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 1 year and less than 10 years.
Fixed Income	Corp Bond	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	The fund will invest at least 80% of its assets in the component securities of the underlying index, and it will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that the advisor believes will help the fund track the underlying index. The underlying index is designed to provide a broad representation of the U.S. dollar-denominated liquid investment-grade corporate bond market.
Fixed Income	Corp Bond	VCIT	Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares	The fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. 5-10 Year Corporate Bond Index. This index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by U.S. and non-U.S. industrial, utility, and financial companies, with maturities between 5 and 10 years. Under normal circumstances, at least 80% of the fund’s assets will be invested in bonds included in the index.
Fixed Income	Corp Bond	VCLT	Vanguard Long-Term Corporate Bond Index Fund ETF Shares	The fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. 10+ Year Corporate Bond Index. This index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by U.S. and non-U.S. industrial, utility, and financial companies, with maturities greater than 10 years. Under normal circumstances, at least 80% of the fund’s assets will be invested in bonds included in the index.
Fixed Income	High-Yield	JNK	SPDR Bloomberg High Yield Bond ETF	The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity.
Fixed Income	High Yield	VRP	Invesco Variable Rate Preferred ETF	The fund will invest at least 90% of its total assets in the components of the index, as well as ADRs that represent securities in the index. The index provider compiles and calculates the index, a market capitalization-weighted index designed to track the performance of floating and variable rate investment grade and below investment grade U.S. dollar denominated preferred stock, as well as certain types of hybrid securities. It is non-diversified.
Fixed Income	Convertible	ICVT	iShares Convertible Bond ETF	The fund will invest at least 80% of its assets in the component securities of the underlying index, and it will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that BFA believes will help the fund track the underlying index. The underlying index is a subset of the Bloomberg U.S. Convertibles: Cash Pay Bonds Index, which measures the performance of the U.S. dollar-denominated convertibles market.
Alternatives	Metals	GDX	VanEck Gold Miners ETF	The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining of gold and silver. The fund is non-diversified.
Alternatives	Metals	GLD	SPDR Gold Shares	The Trust holds gold bars and from time to time, issues Baskets in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.
Alternatives	Metals	PALL	abrdn Physical Palladium Shares ETF	The fund is designed for investors who want a cost-effective and convenient way to invest in palladium with minimal credit risk.
Alternatives	Metals	PPLT	abrdn Physical Platinum Shares ETF	The fund is designed for investors who want a cost-effective and convenient way to invest in platinum with minimal credit risk. Advantages of investing in the Shares include Ease and Flexibility of Investment, Expenses, Minimal Credit Risk.
Alternatives	Metals	SLV	iShares Silver Trust	The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. It is not actively managed. The Trust does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of silver.
Alternatives	Oil	USO	United States Oil Fund, LP	USO invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.
Alternatives	Currency	GBTC	Grayscale Bitcoin Trust ETF	The trust’s Bitcoins are carried, for financial statement purposes, at fair value as required by U.S. generally accepted accounting principles (“GAAP”). The trust determines the fair value of Bitcoins based on the price provided by the Digital Asset Market that the trust considers its principal market as of 4:00 p.m., New York time, on the valuation date.
Alternatives	Currency	ETHE	Grayscale Ethereum Trust	While an investment in the Shares is not a direct investment in Ether, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to Ether.
Cash	Other	TBIL	US Treasury 3 Month Bill ETF	Under normal market conditions, the Adviser seeks to achieve the investment objective by investing at least 80% of net assets (plus any borrowings for investment purposes) in the component securities of the index. The index is comprised of a single issue purchased at the beginning of the month and held for a full month.

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