This material is for your private information. The views expressed are the views of Efficient Market Advisors, a Business of Cantor Fitzgerald Investments Advisers, L.P., 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.
Exchange-traded products (ETPs) are derivatively-priced securities that trade on a national stock exchange.  Types of ETPs include closed-end funds, ETFs, exchange-traded notes and exchange-traded derivative contracts.  Index ETFs are passively managed and seek to track a market index, before fees and expenses, and their performance may diverge from the ETF’s underlying index.  An index is a statistical composite of a specified financial market or sector; an index does not actually hold a portfolio of securities.  ETFs do not attempt to outperform during rising markets or take defensive positions during declining markets.
ETFs are considered transparent because their portfolio holdings are disclosed daily.  Liquidity is characterized by a high level of trading activity, but there can be no assurance that a liquid market will be maintained for ETF shares.
ETFs trade like stocks and are subject to market volatility.  They are bought and sold throughout the trading day on an exchange, fluctuate in market value and may trade at prices above or below the ETF’s net asset value.  Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences.  ETFs are not actively managed and are subject to risks including those regarding short selling and margin maintenance requirements.  ETF expenses will reduce returns.
All ETFs are subject to risk, including possible loss of principal.  ETF entail risks similar to direct stock ownership, including market, sector or industry risks.  Additional risks include 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.  Fixed income ETFs are subject to credit risk and interest rate risk, and their value will normally decline as interest rates rise.  ETFs are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
ETFs, like all registered investment companies, are obliged to distribute portfolio gains to shareholders at year’s end regardless of performance. Tax consequences will vary by individual taxpayer. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, EMA recommends consultation with a qualified tax advisor, CPA or financial planner.
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 managed portfolios of Efficient Market Advisors, a Business of Cantor Fitzgerald Investments Advisers, L.P. (collectively, “EMA”) 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.
All returns shown are in U.S. dollars and are net of re-investment of dividends and interest. The returns shown represent composite results net of fees and expenses.  The returns shown on this document represent composite returns of managed portfolios. An investor’s actual results may have varied.
The composite figures illustrated represent the returns only for the time periods indicated. These returns reflect the actual investment results of a composite of clients participating in the managed portfolio program. Accounts are first added to the composite in the third complete month of management by EMA.  All accounts not included in a composite are in the composite EMA “Managed Account.” Managed Account results are available on request. All investments, including investments in the underlying funds in the managed portfolios, involve the risk of potential investment losses as well as investment gains. The performance of the managed portfolios should be viewed in the context of the broad market and general economic conditions prevailing during the periods covered by the performance information.  Due to investment timing, allocation and holding periods for cash and other fund assets, performance may not completely replicate the performance of the funds’ stated benchmark. There is no assurance that any investment or strategy will achieve its investment objective, and the information provided is not intended to be a complete analysis of every material fact respecting any strategy.
Actual client results are impacted by start and end dates, withdrawals, additional deposits, and any charges imposed by the investment custodian, which may materially affect client performance returns. Investing may involve risk including loss of principal.
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.
For current month-end performance figures, please contact EMA at (888) 327-4600.
Efficient Market Advisors is a Business of Cantor Fitzgerald Investments Advisers, L.P., an Registered Investment Adviser with the Securities and Exchange Commission (“SEC”).  Efficient Market Advisors, (EMA) claims compliance with the Global Investment Performance Standards (GIPS).  For GIPS purposes, EMA is the “Firm” mentioned herein.  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.  To obtain a copy of a complaint presentation, a list of EMA’s composite descriptions or the verification report please call 888-327-4600.
 EMA 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.
 Asset allocation and diversification strategies do not protect against market risk or loss of principal.  Neither do they assure a profit nor do they protect against losses in declining markets.  Investments in managed portfolios have additional management fees and expose the investor to the risks inherent within the portfolio and the specific risks of the underlying funds directly proportionate to their fund allocation. Investing involves risk, including the loss of principal.  Investment returns, particularly over shorter time periods, are highly dependent on trends in the various investment markets.  Investors should consider the investment objectives, risks, charges and expenses of the underlying funds that make up the managed portfolios carefully before investing.
 The composite figures illustrated represent the returns only for the time periods indicated. These returns reflect the actual investment results of a composite of clients participating in the managed portfolio program. Accounts are first added to the composite in the third complete month of management by EMA.  All accounts not included in a composite are in the composite EMA “Managed Account.” Managed Account results are available on request. All investments, including investments in the underlying funds in the managed portfolios, involve the risk of potential investment losses as well as investment gains. The performance of the managed portfolios should be viewed in the context of the broad market and general economic conditions prevailing during the periods covered by the performance information.  Due to investment timing, allocation and holding periods for cash and other fund assets, performance may not completely replicate the performance of the funds’ stated benchmark. There is no assurance that any investment or strategy will achieve its investment objective, and the information provided is not intended to be a complete analysis of every material fact respecting any strategy.
 Returns for periods longer than one year are annualized. All returns are expressed in U.S. dollars and are net of re-investment of dividends and interest. The returns shown represent composite results net of fees and expenses.  The returns shown on this document represent composite returns of managed portfolios. An investor’s actual results may have varied.
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.