With this in mind, if Vesper’s Large Cap Short-Term Reversal Index (Symbol UTRNX) had been used as a satellite in combination with a core S&P 500 Total Return Index position, over the trailing 20-,15-, 10- and 5-year periods ending 12/31/2019, returns would have improved and risk reduced relative to just the S&P 500 Total Return Index. See the results for 50% UTRNX/50% SP500TR, 25/75 and 10/90 combinations. In all cases, these combinations would have increased returns and minimized volatility resulting in superior growth relative to the passively managed index. See Growth of 10,000 charts below. Standard Deviation Standard Deviation A CORE/SATELLITE APPROACH IS A METHOD OF PORTFOLIO CONSTRUCTION DESIGNED TO REDUCE RISK AND IMPROVE RETURNS RELATIVE TO THE MAJOR MARKET INDEXES. IN LARGE CAP, THE CORE OF THE PORTFOLIO IS USUALLY THE PASSIVE S&P 500 INDEX, WHILE THE SATELLITE CAN BE ANY VALUE-ADDING/ RISK-MITIGATING ACTIVE STRATEGY. Standard Deviation Standard Deviation

A CORE/SATELLITE APPROACH IS A METHOD OF PORTFOLIO

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Page 1: A CORE/SATELLITE APPROACH IS A METHOD OF PORTFOLIO

With this in mind, if Vesper’s Large Cap Short-Term Reversal Index (Symbol

UTRNX) had been used as a satellite in combination with a core S&P 500

Total Return Index position, over the trailing 20-,15-, 10- and 5-year periods

ending 12/31/2019, returns would have improved and risk reduced relative

to just the S&P 500 Total Return Index. See the results for 50% UTRNX/50%

SP500TR, 25/75 and 10/90 combinations.

In all cases, these combinations would have increased returns and

minimized volatility resulting in superior growth relative to the

passively managed index. See Growth of 10,000 charts below.

Standard Deviation

A CORE/SATELLITE APPROACH IS A METHOD OF PORTFOLIO CONSTRUCTION

DESIGNED TO REDUCE RISK AND IMPROVE RETURNS RELATIVE TO THE MAJOR

MARKET INDEXES. IN LARGE CAP, THE CORE OF THE PORTFOLIO IS USUALLY THE

PASSIVE S&P 500 INDEX, WHILE THE SATELLITE CAN BE ANY VALUE-ADDING/

RISK-MITIGATING ACTIVE STRATEGY.

Standard Deviation

Page 2: A CORE/SATELLITE APPROACH IS A METHOD OF PORTFOLIO

VesperGlobal.com

FOR MORE INFORMATIONIf you have any questions or would like more information on this unique strategy, please visit VesperGlobal.com/UTRNX or contact us directly.

John [email protected]

Darrin [email protected]

In addition, looking at risk measures beyond standard deviation, such as upside/downside capture, Sharpe and Sortino Ratios, confirms returns were improved commensurate with the levels of risk taken.

For financial professionals only. Both the Vesper Large Cap Short-Term Reversal Index (Symbol UTRNX) and the S&P Momentum Index (Symbol SPMO) are indexes. Investors cannot directly invest in indexes. Indexes do not incur management fees and trading costs. SPMO commenced 10/9/15

while UTRNX started 10/31/18. Results referenced before these dates are back-tested. Future performance may be higher or lower than the results quoted. Results for periods greater than one year are annualized. Past performance in no guarantee of future success.