Important Disclosures

This material is for your private information. The views expressed are the views of Efficient Market Advisors, LLC and are subject to change based on market and other conditions. The opinions expressed may differ from those with different investment philosophies. The information provided does not constitute investment advice, and it should not be relied on as such. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon.

There are risks involved in investing in ETFs, including the possible loss of money invested. ETFs involve risks for investors, including market risk, supply and demand, tracking error and excessive trading. Since an ETF’s share price is determined by market supply and demand forces, investors may purchase shares at a premium or discount to their net asset value. Investments in common equity ETFs are subject to systematic risk of a declining economy, any industry specific risk, and have a low priority in terms of recovery of assets in the event of a company’s liquidation.

Past performance is not indicative of future results, and there can be no assurance, and clients should not assume, that future performance of any EMA managed portfolios will be comparable to their past performance. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.

Efficient Market Advisors, LLC (EMA) claims compliance with the Global Investment Performance Standards (GIPS). EMA has been independently verified for the periods November 1, 2004 through September 30, 2014. Verification assesses whether (1) EMA has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis, and (2) EMA’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. EMA’s Verification Report and its policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request by calling EMA at 888-327-4600.

EMA is an SEC-registered investment advisor that constructs investment portfolios using Exchange-Traded Funds (ETFs). Founded in 2004 for the sole purpose of managing ETF based separate accounts, EMA serves high net-worth investors, trusts, foundations, retirement plans and institutions. EMA has one of the longest pure-ETF investment track records in the investment management industry. EMA utilizes proprietary and third-party research to construct ETF portfolios that offer investors highly-diversified asset class exposure that is transparent, liquid, low-cost and tax-efficient. EMA’s mission is to deliver superior investment returns over full market cycles through the implementation of propriety asset allocation processes.

The content of Informa Investment Solutions’ (IIS) PSN Top Guns manager rankings is intended for use by qualified investment professionals. Please consult with an investment professional before making any investment using content or implied content from any PSN Top Guns.

Because of the possibility of human or mechanical error by Informa Investment Solutions’ sources or others, IIS does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IIS makes NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall IIS be liable for any indirect, special or consequential damages in connection with use of any information or derived using information based on any PSN Top Guns results.

The one-year period peer groups were created using the information collected through the PSN investment manager questionnaire and use only gross of fee returns. These top performers are strictly based on returns for one-year period.

The three-year peer groups were created using the information collected through the PSN investment manager questionnaire and use only gross of fee returns. These top performers are strictly based on returns for three-year period.

The three-year Entire US Balanced Universe peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. The top ten returns for the latest three-year period then become the Top Guns.

Morningstar depends upon investment firms to provide it with accurate and complete data. To the extent that Morningstar receives data deficient in any way, the data and statistics provided by Morningstar may be compromised. In addition, because the data contained in Morningstar’s database are primarily backward looking (i.e., they are comprised of historical performance statistics), neither the data nor Morningstar’s analysis of them can be relied upon to predict or assess future performance of an individual investment, any particular industry segment or the totality of all strategies or investment vehicles in a particular industry. As a general matter, any return or related statistics that are based upon a limited number of data points are considered statistically suspect and, therefore, may be of limited value.

Morningstar does not provide investment advice or act as an investment advisor to anyone in any jurisdiction with respect to any information, data, analyses or opinions contained herein. All such information, data, analyses and opinions are subject to change without notice. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of the content of this report or any information contained in or derived from it.