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Morningstar ETF Managed Portfolios Landscape Report Q1 2016 Contents Landscape Highlights ETF Managed Portfolio Attributes Universe Changes Exhibit 3 ETF Managed Portfolio Strategies Exhibit 4 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics Exhibit 5 Selected Return Information Exhibits 6 and 7 Selected Asset Information Exhibits 8, 9, and 10 Summary Return Information Exhibits 11 and 12 Blended Benchmark Information Exhibit 13 Ling-Wei Hew, CFA Analyst ETF Managed Portfolio Research +1 312 348-2721 ling-wei.hew@morningstar.com 2 3 6 7 25 43 45 48 49 Executive Summary ETF managed portfolios are investment strategies that typically have more than 50% of portfolio assets invested in exchange-traded funds. Primarily available as separate accounts, these portfolios represent one of the fastest-growing segments of the managed-account universe. Professional money managers are packaging portfolios of ETFs into investment strategies to meet a wide array of investor and advisor demands. Morningstar’s proprietary, portfolio attribute classification system for ETF managed portfolios consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. This system relies on our analysis of the investment strategy and disclosed portfolios and aids key decision-makers in better understanding the philosophies underlying this growing crop of investment strategies. Growth in assets from advisor demand is being driven by multiple factors. The fiduciary standard continues to move forward as the baseline philosophy for managing client portfolios, and, as a result, growth in the fee-based model is tilting portfolios toward lower-cost, broad-based investments for a larger part of client portfolios, with a focus on asset allocation. Key Takeaways Morningstar is tracking 770 strategies from 156 firms with total assets of $76 billion through March 2016. Total assets in these strategies as reported to Morningstar rose 4% in the first quarter of 2016. Global All-Asset strategies retain the top position, collectively accounting for 32% of the universe. This is the first quarter that assets in Morningstar’s database have increased since the first quarter of 2014. 3 3 3 3

Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

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Page 1: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape ReportQ1 2016

ContentsLandscape Highlights

ETF Managed Portfolio Attributes

Universe ChangesExhibit 3

ETF Managed Portfolio Strategies Exhibit 4

Attribute Groupings (Ranked by 5-Year Return) and Selected Risk StatisticsExhibit 5

Selected Return InformationExhibits 6 and 7

Selected Asset InformationExhibits 8, 9, and 10

Summary Return InformationExhibits 11 and 12

Blended Benchmark InformationExhibit 13

Ling-Wei Hew, CFA AnalystETF Managed Portfolio Research+1 312 348-2721 [email protected]

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Executive SummaryETF managed portfolios are investment strategies that typically have more than 50% of portfolio assets invested in exchange-traded funds. Primarily available as separate accounts, these portfolios represent one of the fastest-growing segments of the managed-account universe. Professional money managers are packaging portfolios of ETFs into investment strategies to meet a wide array of investor and advisor demands.

Morningstar’s proprietary, portfolio attribute classification system for ETF managed portfolios consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. This system relies on our analysis of the investment strategy and disclosed portfolios and aids key decision-makers in better understanding the philosophies underlying this growing crop of investment strategies. Growth in assets from advisor demand is being driven by multiple factors. The fiduciary standard continues to move forward as the baseline philosophy for managing client portfolios, and, as a result, growth in the fee-based model is tilting portfolios toward lower-cost, broad-based investments for a larger part of client portfolios, with a focus on asset allocation.

Key TakeawaysMorningstar is tracking 770 strategies from 156 firms with total assets of $76 billion through March 2016.

Total assets in these strategies as reported to Morningstar rose 4% in the first quarter of 2016.

Global All-Asset strategies retain the top position, collectively accounting for 32% of the universe.

This is the first quarter that assets in Morningstar’s database have increased since the first quarter of 2014.

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Page 2: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 2 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Landscape Highlights

Assets in exchange-traded fund managed portfolios saw a slight uptick in the first quarter of 2016. At the end of March, strategies in Morningstar’s database had collective assets under management and assets under advisement of $76 billion. This is the first quarter that assets in this segment of the universe captured by Morningstar’s database have increased since early 2014.

The first quarter of 2016 was a positive one for managers of emerging-markets and Global All-Asset strategies. The MSCI Emerging Markets Index gained 5.7% during the quarter as most of its constituent countries’ stock markets rallied—with the notable exceptions of China, India, and Egypt. Emerging-markets bonds also surged. The J.P. Morgan EMBI Global Diversified Total Return Index rose 5% during the quarter.

State Street Global Advisors is now the third major ETF provider, after Vanguard and Charles Schwab, to report its strategies to Morningstar’s database. The firm added two of its strategies to our database this quarter, contributing over $3.5 billion in assets. Both strategies are tactical in nature and are based on a quantitative process, fine-tuned with a fundamental overlay. State Street Global Advisors’ strategies are distributed primarily through third-party platforms.

Page 3: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 3 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

ETF Managed Portfolio Attributes

Morningstar’s attribute structure for ETF managed portfolios gives investors and primary decision-makers more granular information to better compare one strategy’s portfolio, philosophy,and potential profile with another. The new attribute classifications rely on both our analysis of theinvestment strategy as well as a historical review of disclosed holdings.

Our new structure consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. With better insight into a strategy’s attributes, investors can better understand its broad philosophy. These four attributes are then further broken down into a list of unique classifications. Each strategy is assigned one classification within each attribute.

UniverseThe first attribute describes the starting scope of a strategy’s investment process on aglobal basis. The distinction is based upon the exposure of the underlying securities within the ETFused, not the domicile of the ETF itself. The classifications for this attribute are United States,International, and Global.

United States: U.S. portfolios primarily use ETFs providing exposure to U.S. equity andfixed-income securities.

International: International portfolios primarily use ETFs providing exposure to non-U.S.equity and fixed-income securities.

Global: These strategies have the opportunity to add exposure to any market across the globeand have historically employed such flexibility.

Exhibit 1 Attribute and Classification Summary

Universe Asset Breadth Portfolio Implementation Primary ETF Exposure Type

Global All-Asset Hybrid Broad MarketInternational Alternative Strategic SectorUnited States Balanced Tactical Country/Region

Equity All-Inclusive

Fixed Income

Source: Morningstar Inc.

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Page 4: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 4 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

The initial selection of this attribute is based on many factors, included a review of the strategy’scurrent Morningstar Separate Account Category and Institutional Category, as well as ananalysis of available portfolios. Where available, we’ve also reviewed a firm’s deck or descriptionof the investment strategy to note any starting universe or list of available ETFs or asset classesfor investment. In benchmark or starting portfolios, the Global attribute was assigned tostrategies with at least an 80/20 split among U.S. and International exposure. We also took intoaccount, where necessary, the regional exposure of the dominant asset driver designatedin the Asset Breadth attribute.

Asset BreadthThe classifications within this attribute indicate a strategy’s primary asset class exposure orreturns driver. There are five options here: All-Asset, Alternative, Balanced, Equity, and FixedIncome. These selections don’t indicate that the whole portfolio is, for example, invested in equitiesor bonds, but rather sets the expectation for advisors and investors regarding the primary driver ofreturns. Classification within this attribute includes an analysis of historical portfolio assetallocations and a review, if available, of a strategy’s investment policy benchmark, or startingportfolio, or naïve portfolio.

All-Asset: These strategies typically have the widest and most-flexible mandate when investingin ETFs across asset classes. In reviewing the portfolios, we designated this attribute to strategiesthat consistently held more than 10% in “Other” assets as well as in underlying equity andfixed-income securities.

Alternative: Alternative strategies typically seek returns uncorrelated to traditional equity andfixed-income markets by attempting to remove one or more asset betas or return drivers.Strategies with this attribute designation include long/short or other alternative strategies,including currencies.

Balanced: The balanced option indicates strategies in which the return driver is a combination ofequity and fixed-income exposure on a dedicated, ongoing basis. These strategies typically havea 30% to 70% allocation to equities.

Equity: The primary asset driver of these strategies is long or beta-type exposure to equitysecurities. The use of leverage by the underlying ETF is ignored. These strategies typically have atleast a 70% allocation to equities.

Fixed Income: The primary asset driver of these strategies is long or beta-type exposure tofixed-income securities. The use of leverage by the underlying ETF is ignored. These strategiestypically have less than a 30% allocation to equities.

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Page 5: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 5 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Portfolio ImplementationThis attribute gives insight into the investment manager’s process for implementing a portfolio’sinvestment strategy. Selection decisions for this attribute are based upon a review of thedegree of changes both within and among asset classes in a portfolio. As a result, changes to thecash/equity/fixed income/other allocation, as well as to a portfolio’s U.S./non-U.S. exposure,are considered. The three classifications are Hybrid, Strategic, and Tactical.

Hybrid: This option indicates portfolios that utilize a combination of tactical and strategic elementsin asset allocation. Hybrid portfolios, for example, start with a stated investment policy benchmarkor asset allocation but allow for significant deviations of exposure within and between allocations,similar to “core and satellite” or “hub and spoke” operating models.

Strategic: These are strategies that establish and maintain a long-term allocation plan across eitherasset classes, sectors, or a combination thereof. These portfolios may deviate from the planin short-term periods based on identified opportunities but typically to a smaller degree comparedwith tactical strategies. Strategies for which few historic portfolios have been provided toour database initially default to this classification.

Tactical: Tactical strategies engage in short-term and potentially large changes in the asset mix of aportfolio to capitalize on identified investment opportunities. These changes are typically intendedto be reversed or removed.

Primary ETF Exposure TypeThe last attribute identifies the type of ETF typically used to gain exposure to the Universe and AssetBreadth attributes. Selection is based upon analysis of past portfolios and information regardinga strategy’s starting universe or list of potential investments.

Broad Market: Broad-based ETFs tracking diversified indexes such as the Russell 2000 Index,S&P 500, or Barclays Aggregate Bond.

Sector: Strategies that primarily use individual equity sector ETFs, such as those focusing onfinancials, or more narrowly focused fixed-income ETFs to gain exposure within the AssetBreadth attribute. A sector fixed-income strategy is typically one focused on a single sector suchas municipals or Treasury ETFs.

Country/Region: Similar to the sector option, these strategies utilize single-country, regional,or currency ETFs focused on a geographical region and are typically found in the international orglobal Universe attribute.

All-Inclusive: All ETFs meeting the Universe and Asset Breadth criteria for a strategy arepotential investments.

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Page 6: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 6 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

We believe our attribute classification system gives decision-makers a significant new tool forconducting research on these strategies and provides better expectations for potentialexposures across the ETF universe. For instance, a tactical strategy with a global, balancedmandate that happens to have a large exposure to United States equities at one specificpoint in time has a greater potential for change going forward compared with a strategy with aU.S. equity mandate.

Exhibit 3 Universe Changes, 31 March 2016

Name Firm NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type

Assets USD ($Mil)

Strategies Added3D Targeted Fixed Income 2021 3D Asset Management Inc 2/1/16 United States Fixed Income Strategic All-Inclusive 0.1

3D Targeted Fixed Income 2025 3D Asset Management Inc 2/1/16 United States Fixed Income Strategic All-Inclusive 0.1

Cantu Tactical Global ETF Strategy Cantu Tactical Wealth Management Inc. 10/1/15 Global All Asset Tactical All-Inclusive 0.5

First Ascent Global Explorer 40 First Ascent Asset Management, LLC 12/31/15 Global Balanced Hybrid All-Inclusive 0.9

First Ascent Global Explorer 60 First Ascent Asset Management, LLC 12/31/15 Global Balanced Hybrid All-Inclusive 0.7

First Ascent Global Explorer 80 First Ascent Asset Management, LLC 12/31/15 Global Equity Hybrid All-Inclusive 0.1

Glovista Global Tactical Asset Alloc Glovista Investments LLC 10/1/07 Global All Asset Tactical All-Inclusive 192.2

Optimus Dynamic Equity Optimus Advisory Group 1/1/16 United States Equity Tactical Sector 0.0

Optimus Equity Rotation Optimus Advisory Group 1/1/16 United States Equity Tactical All-Inclusive 0.0

Optimus Hedged Equity Optimus Advisory Group 1/1/16 United States Equity Tactical Sector 3.9

PVG Dynamic Core ETF PVG Asset Management Corp 10/1/01 United States Equity Tactical All-Inclusive 27.5

SEI Tactical ETF Core Market SEI Trust Company 9/30/15 Global Balanced Strategic All-Inclusive 49.3

SEI Tactical ETF Income SEI Trust Company 9/30/15 Global Fixed Income Strategic All-Inclusive 4.6

SEI Tax-Managed ETF Core Market SEI Trust Company 9/30/15 Global Balanced Strategic All-Inclusive 14.0

SEI Tax-Managed ETF Income SEI Trust Company 9/30/15 Global Fixed Income Strategic All-Inclusive 2.9

SSGA Aggressive Tactical State Street Global Advisors 9/2/08 Global All Asset Tactical All-Inclusive 910.2

SSGA Moderate Tactical State Street Global Advisors 9/2/08 Global All Asset Tactical All-Inclusive 2,651.3

Stadion Master Cyclical Trend Stadion Money Management,LLC 12/31/15 Global Equity Tactical All-Inclusive 275.6

Stadion Master Domestic Equity Stadion Money Management,LLC 12/31/15 United States Equity Strategic Broad Market 359.0

Stadion Master Dynamic Trend Stadion Money Management,LLC 12/31/15 Global Equity Tactical All-Inclusive 281.0

Stadion Master International Equity Stadion Money Management,LLC 12/31/15 International Equity Strategic Broad Market 119.6

Stadion Master Long Duration Fix Inc Stadion Money Management,LLC 12/31/15 United States Fixed Income Strategic Sector 60.6

Stadion Master Short Duration Fix Inc Stadion Money Management,LLC 12/31/15 Global Fixed Income Strategic Sector 169.7

Stadion Sharpe Sector Rotation Strategy Stadion Money Management,LLC 12/31/15 United States Equity Tactical All-Inclusive 0.0

Sterling Tactical US. Sector Rotation Sterling Global Strategies 2/29/16 United States All Asset Tactical All-Inclusive 0.0

WST Asset Manager - All Strategy Wilbanks, Smith & Thomas Asset Mgmt, LLC 2/28/06 Global All Asset Tactical All-Inclusive 5.9

WST Asset Manager - Diversified Income Wilbanks, Smith & Thomas Asset Mgmt, LLC 7/2/13 Global All Asset Tactical All-Inclusive 4.5

WST Asset Manager - Focused Intl Equity Wilbanks, Smith & Thomas Asset Mgmt, LLC 9/30/13 International Equity Tactical All-Inclusive 6.9

WST Asset Manager - Global Balanced Wilbanks, Smith & Thomas Asset Mgmt, LLC 12/31/14 Global Balanced Tactical All-Inclusive 33.8

Exhibit 2 Current Assets (%) by Attribute

Universe All Asset Alternative Balanced Equity Fixed Income Total

Global 31.7 0.5 20.3 18.3 2.4 73.3

International 0.0 0.0 0.0 1.6 0.0 1.6United States 0.5 1.7 8.9 10.7 3.3 25.1

Total 32.2 2.2 29.2 30.7 5.7 100

Source: Morningstar Inc.

Page 7: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 7 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 3 Universe Changes, 31 March 2016 (Continued)

Name Firm NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type

Assets USD ($Mil)

Strategies Removed

3D Fixed Income ETF Portfolio - Tax Sen. 3D Asset Management Inc 11/3/08 Global Fixed Income Tactical All-Inclusive —

Fortunatus Asset Allc Moderate Growth Fortunatus Investments 6/30/10 Global Fixed Income Strategic All-Inclusive —

Fortunatus Asset Allocation Growth Fortunatus Investments 9/30/10 Global Balanced Strategic All-Inclusive —

Fortunatus International ETF Opportunity Fortunatus Investments 2/29/08 Global Balanced Tactical All-Inclusive —

Ibis Adaptive Allocation Ibis Capital 7/1/13 Global Balanced Tactical All-Inclusive —

Ibis Global Balanced Portfolio Ibis Capital 7/1/13 Global Balanced Tactical All-Inclusive —

Ibis Global Growth Ibis Capital 7/1/13 Global Equity Tactical All-Inclusive —

Ibis Global Preservation Ibis Capital 7/1/13 Global Equity Tactical All-Inclusive —

Ibis Protected Growth Ibis Capital 7/1/13 United States Fixed Income Tactical All-Inclusive —

TRC Global Income Two Rivers Capital Consulting LLC 11/1/11 International Equity Tactical All-Inclusive —

GRW Partners GRW Partners T|Equity 6/30/15 Global Equity Tactical Sector —

iSectors Tactical Intl Allocation iSectors, LLC 10/1/09 Global Equity Tactical All-Inclusive —

Mench Aggressive Equity Mench Financial, Inc. 10/2/95 International Equity Tactical All-Inclusive —

Parasol Globally Enh Mgmt Strat (GEMS) Parasol Investment Management, LLC 3/1/07 United States Equity Tactical All-Inclusive —

Source: Morningstar Inc.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

3D ETF Global 100 Portfolio 7/3/06 Global Equity Hybrid Broad Market 1.72 6.22 6.01 — 192.0 13D ETF Global 20 Portfolio 10/1/08 Global Fixed Income Hybrid Broad Market 2.05 1.76 2.63 — 8.9 13D ETF Global 20 Portfolio - Tax Sen. 6/2/08 Global Fixed Income Hybrid Broad Market 1.42 1.93 2.78 — 3.4 13D ETF Global 40 Portfolio 10/2/06 Global Balanced Hybrid Broad Market 2.12 3.04 3.47 — 30.6 13D ETF Global 40 Portfolio - Tax Sen. 12/1/06 Global Balanced Hybrid Broad Market 1.78 3.45 4.16 — 10.6 1

3D ETF Global 60 Portfolio 8/1/06 Global Balanced Hybrid Broad Market 2.07 4.31 4.57 — 190.7 13D ETF Global 60 Portfolio - Tax Sen. 10/2/06 Global Balanced Hybrid Broad Market 2.09 4.56 4.92 — 49.1 13D ETF Global 80 Portfolio 7/3/06 Global Equity Hybrid Broad Market 2.05 5.71 5.68 — 113.5 13D ETF Global 80 Portfolio - Tax Sen. 10/2/06 Global Equity Hybrid Broad Market 2.08 6.15 6.10 — 24.9 13D Fixed Income ETF Portfolio 11/1/13 United States Fixed Income Tactical All-Inclusive — — — — 0.3 1

3D Targeted Fixed Income 2021 2/1/16 United States Fixed Income Strategic All-Inclusive — — — — 0.1 13D Targeted Fixed Income 2025 2/1/16 United States Fixed Income Strategic All-Inclusive — — — — 0.1 1Accuvest Asian Advantage 8/31/10 International Equity Tactical Country/Region -4.93 0.96 -0.26 — 0.3 1Accuvest Global Core Equity 8/1/05 Global Equity Tactical Country/Region -0.07 4.89 5.04 4.52 110.5 1Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region -1.67 -8.08 -5.27 0.81 15.5 1

Accuvest Non US Equity 8/29/08 International Equity Tactical Country/Region -3.62 0.06 -0.64 — 15.8 1Acertus Planned Return Strategy 8/31/09 United States Equity Strategic Broad Market — — — — 348.1 1Advisors Capital Mgt Global Balanced ETF 5/19/08 Global Equity Strategic All-Inclusive -0.17 2.49 2.42 — 6.6 1AEPG All-Weather Global 40/60 1/4/10 Global Balanced Hybrid All-Inclusive 1.49 3.72 3.43 — 7.3 1AEPG All-Weather Global 50/50 1/4/10 Global Balanced Hybrid All-Inclusive 1.34 4.21 3.84 — 24.8 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

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Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 8 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

AEPG All-Weather Global 60/40 1/4/10 Global Balanced Hybrid All-Inclusive 1.18 4.64 4.06 — 37.6 1AEPG All-Weather Global 70/30 1/4/10 Global Balanced Hybrid All-Inclusive 0.98 5.03 4.41 — 57.4 1AEPG All-Weather Global 80/20 1/4/10 Global Equity Hybrid All-Inclusive 0.70 4.15 3.87 — 21.5 1AEPG All-Weather Global Growth 1/4/10 Global Equity Hybrid All-Inclusive 0.25 6.34 5.28 — 7.1 1AEPG High Quality Bond 1/4/10 Global Fixed Income Hybrid All-Inclusive 2.26 1.85 2.01 — 0.9 1

Alpha Dynamics ODS Dynamic Growth 10/3/11 Global Equity Strategic All-Inclusive — — — — 0.0 1Alpha Dynamics ODS Robust Growth 10/3/11 Global Equity Strategic All-Inclusive — — — — 0.0 1Alpha Dynamics ODS Stable Growth 10/3/11 United States Balanced Strategic All-Inclusive — — — — 0.0 1AlphaDEX® Country Rotation Portfolio 6/29/12 International Equity Tactical Country/Region 0.64 -0.26 — — 8.5 1AlphaDEX® Sector Rotation Portfolio 12/30/11 United States Equity Tactical Sector 4.29 0.89 — — 1.1 1

AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Global Balanced Strategic All-Inclusive — — — — 0.0 1Appleton Group Managed Income 4/2/12 Global All Asset Strategic All-Inclusive 4.06 1.84 — — 2.5 1Appleton Group PLUS Portfolio 12/31/99 Global Equity Hybrid Broad Market -4.37 2.33 1.21 1.61 1.7 1Appleton Group PLUS-Moderate 1/3/11 United States Equity Hybrid Broad Market -2.31 1.17 0.60 — 0.4 1Appleton Group Portfolio 12/31/99 Global Equity Hybrid Broad Market -2.18 3.84 3.80 4.39 61.5 1Appleton Group Tax Managed Portfolio 12/31/99 Global Equity Hybrid Broad Market -2.46 2.01 0.98 1.52 26.9 1Appleton Group-Conservative 7/1/11 United States Balanced Hybrid Broad Market -0.69 3.42 — — 7.4 1Appleton Group-Moderate 4/1/11 United States Equity Hybrid Broad Market -0.97 3.33 2.76 — 21.6 1ARS Sector Rotation Strategy 9/2/14 United States Equity Tactical Sector -0.58 — — — 0.7 3Astor Active Income Program 2/28/11 United States Fixed Income Strategic All-Inclusive 1.59 1.14 3.31 — 18.0 1

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.78 6.07 3.56 5.95 1,302.4 1Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive -1.84 6.83 6.33 6.20 527.9 1Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.22 17.28 15.65 — 91.7 1Auour Instinct Global Balanced 5/1/14 Global Balanced Strategic All-Inclusive 3.15 — — — 10.7 1Auour Instinct Global Equity 12/2/13 Global Equity Strategic All-Inclusive 2.54 — — — 20.1 1

Auour Instinct Global Equity Levered 6/11/14 Global Equity Strategic All-Inclusive 4.40 — — — 5.6 1Auour Instinct Global Fixed Income 10/1/13 Global Fixed Income Tactical All-Inclusive 3.46 — — — 3.9 1Auour Instinct Global High Yield 6/2/14 Global All Asset Strategic All-Inclusive 3.38 — — — 1.2 1Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive -0.03 4.35 5.01 — 257.1 1BCM Advantage Diversified Equity 1/31/14 Global Equity Tactical All-Inclusive -0.52 — — — 9.7 1

BCM Advantage Growth 1/31/14 Global Equity Tactical All-Inclusive 0.01 — — — 10.7 1BCM Advantage Moderate Growth 1/31/14 Global Balanced Tactical All-Inclusive 0.54 — — — 6.4 1BCM Advantage U.S. Sector Rotation 1/31/14 United States Equity Tactical Sector 1.30 — — — 68.3 1BCM AlphaDEX Diversified Equity 9/1/11 United States All Asset Tactical All-Inclusive -0.86 3.13 — — 9.1 1BCM AlphaDEX Growth 1/31/14 United States Equity Tactical All-Inclusive -0.30 — — — 1.9 1

BCM AlphaDEX Moderate Growth 9/1/11 United States Balanced Hybrid All-Inclusive 0.27 2.21 — — 3.4 1BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector 0.75 6.75 — — 132.9 1BCM Decathlon Conservative Aspect(Pro1) 1/2/15 Global Fixed Income Tactical All-Inclusive 0.53 — — — 34.8 3BCM Decathlon Conservative Tactics 10/1/12 Global All Asset Tactical All-Inclusive -0.40 -0.08 — — 8.0 1BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector -5.47 — — — 1,069.8 3

BCM Decathlon Growth Tactics 10/1/12 Global All Asset Tactical All-Inclusive -8.27 2.06 — — 57.0 1BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive -0.83 — — — 695.6 3BCM Decathlon Moderate Tactics 10/1/12 Global All Asset Tactical All-Inclusive -3.56 1.36 — — 63.2 1BCM Diversified Equity 8/7/09 United States All Asset Tactical All-Inclusive 0.18 4.48 4.76 — 108.6 1BCM Diversified Equity (Monthly) 8/3/09 United States All Asset Tactical All-Inclusive -1.98 4.00 5.11 — 9.4 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 9: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 9 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

BCM DynamicBelay Aggressive Grow(QDIA) 12/2/14 Global Equity Tactical All-Inclusive 1.37 — — — 0.1 1BCM DynamicBelay Balanced Growth (QDIA) 12/2/14 United States Balanced Tactical All-Inclusive 2.81 — — — 0.1 1BCM DynamicBelay Conservative Gro(QDIA) 12/2/14 United States Balanced Tactical All-Inclusive 2.47 — — — 0.1 1BCM DynamicBelay Growth (QDIA) 12/2/14 Global Equity Tactical All-Inclusive 1.49 — — — 0.1 1BCM DynamicBelay Moderate Growth (QDIA) 12/2/14 Global Balanced Tactical All-Inclusive 1.80 — — — 0.8 1

BCM Global Sector Rotation 12/1/10 Global Equity Tactical All-Inclusive -0.44 2.51 3.47 — 3.9 1BCM Growth 11/2/09 United States Equity Hybrid All-Inclusive 0.62 3.67 4.27 — 47.8 1BCM Growth (Monthly) 11/2/09 United States Equity Hybrid All-Inclusive -1.10 3.28 4.53 — 57.5 1BCM Income 12/1/09 Global Fixed Income Tactical All-Inclusive 1.89 1.48 2.24 — 2.1 1BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market -1.00 -3.68 -2.71 — 1.0 1

BCM Moderate Growth 9/1/09 United States Balanced Hybrid All-Inclusive 0.95 3.40 4.07 — 54.2 1BCM Moderate Growth (Monthly) 9/1/09 United States Balanced Hybrid All-Inclusive -0.39 2.82 4.10 — 49.9 1BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector 2.31 8.76 8.92 — 173.0 1BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector -1.31 7.13 8.60 — 56.3 1BCM U.S. Small Cap Sector Rotation 3/10/14 United States Equity Tactical Sector -0.83 — — — 0.3 1

Blue Edge Global Balanced 12/31/10 Global All Asset Hybrid All-Inclusive 0.26 4.65 4.97 — 21.5 1Blue Edge Global Equity 12/31/10 Global Equity Hybrid All-Inclusive -0.41 5.80 5.63 — 30.4 1Blue Edge Global Growth 12/31/10 Global All Asset Hybrid All-Inclusive -0.14 5.23 5.30 — 48.6 1Blue Edge Global Growth & Income 12/31/10 Global All Asset Hybrid All-Inclusive 0.97 3.69 4.51 — 9.1 1Boston Advisors Broad Allocation Str 10/31/08 Global All Asset Hybrid All-Inclusive 2.35 -0.76 0.54 — 12.9 1

Braver Asset Allocation Conservative 12/31/08 Global Balanced Strategic All-Inclusive 1.58 3.39 4.07 — 15.5 1Braver Asset Allocation Growth 12/31/08 Global Equity Strategic All-Inclusive 1.27 5.36 5.40 — 84.5 1Braver Asset Allocation Moderate 12/31/08 Global Balanced Strategic All-Inclusive 1.54 4.65 5.04 — 108.5 1Braver Conservative Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 1.76 1.90 3.23 — 33.7 1Braver Growth Multi Strategy 4/1/10 Global All Asset Hybrid All-Inclusive 0.56 4.84 4.99 — 11.9 1

Braver Moderate Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 0.72 3.15 3.83 — 43.7 1Braver Tactical Balanced 12/31/03 United States Equity Tactical Broad Market -0.75 3.58 3.35 4.88 55.0 1Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector -0.02 7.90 7.54 5.17 31.6 1Braver Tactical High Income 10/1/96 United States Fixed Income Tactical Sector 3.67 2.02 4.01 9.20 99.8 1Braver Tactical Opportunity 12/31/85 United States Equity Tactical All-Inclusive 8.75 1.06 1.88 4.36 44.9 1

Brinker Capital ACS Int'l Equity ETF 7/1/09 International All Asset Tactical All-Inclusive -0.75 -0.30 -0.58 — 10.2 1Brinker Capital ACS Real Assets (Q) 11/1/11 United States All Asset Tactical All-Inclusive 0.55 -2.37 — — 4.7 1Broadmeadow Enhanced Global Commodity 9/30/13 Global Alternative Tactical All-Inclusive 1.23 — — — 0.0 1Broadmeadow Enhanced Global Equity 9/30/13 Global Equity Tactical All-Inclusive 4.48 — — — 0.2 1Broadmeadow Enhanced Global Fixed Income 9/30/13 Global Fixed Income Tactical All-Inclusive 4.07 — — — 0.1 1

CAN SLIM Balanced 1/3/07 Global Balanced Tactical Sector 1.22 4.54 4.56 — 59.2 NRCanterbury Portfolio Thermostat 8/31/12 Global All Asset Tactical All-Inclusive 2.16 6.15 — — 266.0 3Cantu Tactical Global ETF Strategy 10/1/15 Global All Asset Tactical All-Inclusive 9.24 — — — 0.5 1Capital Advisors Dynamic Allocation 9/30/09 Global All Asset Tactical Broad Market 2.25 4.15 3.52 — 54.5 1Capital Advisors Tactical Global Growth 5/31/07 Global Equity Tactical Broad Market 1.17 6.95 6.60 — 24.0 1

Capital Advisors Tactical Global Income 10/31/07 Global Equity Tactical Broad Market 1.22 5.73 6.57 — 33.6 1Capital Wealth ETF Covered Call Strategy 1/2/08 Global All Asset Hybrid All-Inclusive 0.73 6.08 5.72 — 62.0 1Caprin Core Plus ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 3.12 2.10 3.55 — 5.7 1Caprin Tactical Muni ETF 9/30/10 United States Fixed Income Strategic Sector 1.11 3.18 5.80 — 14.5 1Caprin Tactical Opportunity ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 2.03 2.95 4.98 — 37.5 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 10: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 10 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Charles Schwab SMP-ETFs Blend - Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 94.1 1Charles Schwab SMP-ETFs Blend - Balanced 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 289.8 1Charles Schwab SMP-ETFs Blend - Growth 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 350.2 1Charles Schwab SMP-ETFs Blend -Cnsrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive — — — — 40.1 1Charles Schwab SMP-ETFs Blnd - Bal w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 518.6 1

Charles Schwab SMP-ETFs Blnd - Inc w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 202.8 1Charles Schwab SMP-ETFs Td-Pty-Ic w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 265.1 1Charles Schwab SMP-ETFs Thd-Pty - Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 162.5 1Charles Schwab SMP-ETFs Thd-Pty-Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 944.4 1Charles Schwab SMP-ETFs Thd-Pty-Csrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive — — — — 45.7 1

Charles Schwab SMP-ETFs Third-Party - Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 517.3 1Charles Schwab SMP-ETFs Third-Pty - Bal 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 511.6 1Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 0.33 12.08 11.88 — 226.0 1Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive -3.08 5.87 3.04 4.43 981.3 1Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -1.74 7.85 4.83 5.32 1,380.9 1

CKW Opportunistic Global Balanced 11/3/03 Global Balanced Hybrid Broad Market 0.90 5.87 5.70 5.92 267.9 1Clark Navigator Alternative 8/31/07 Global All Asset Tactical All-Inclusive -0.03 3.15 1.30 — 34.1 1Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 6.38 2.96 4.88 9.42 1,120.9 NRClark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Global Fixed Income Hybrid All-Inclusive 4.85 2.48 3.71 7.98 31.2 NRClark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 3.31 1.99 2.52 6.27 19.1 NR

Clark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 1.78 1.49 1.31 4.63 25.3 NRClark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Global Equity Hybrid All-Inclusive 0.25 0.97 0.05 2.94 9.5 NRClark Navigator Global Eq ETF Hedged 7/1/04 Global Equity Tactical All-Inclusive -1.34 1.47 -0.59 2.15 6.8 NRClark Navigator Global Equity ETF 4/1/04 Global Equity Tactical All-Inclusive -0.30 5.82 3.93 4.56 13.9 NRClark Navigator Global Opportunity 2/1/06 Global Balanced Tactical All-Inclusive -4.30 -0.44 -0.94 2.72 13.3 NR

Clark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region -1.49 1.40 -2.79 — 36.8 NRClark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive 4.00 6.85 7.13 8.41 216.1 NRClark Navigator MultiStrategy 75-25(SAI) 6/1/05 United States Balanced Hybrid All-Inclusive 2.55 8.76 8.32 7.42 68.2 NRClark Navigator Sector Opportunity 1/3/07 United States Equity Tactical Sector -0.08 9.83 8.02 — 37.2 1Clark Navigator Strategist Core 5/1/09 United States Balanced Strategic Broad Market 1.18 5.81 5.32 — 2.1 NR

Clark Navigator Style Preferred Core 9/1/04 United States Equity Tactical Broad Market 1.59 8.68 8.07 5.91 1.6 3Clark Navigator Style Preferred Inc&Gro 10/1/04 United States Balanced Tactical Broad Market 1.89 6.74 6.65 5.96 2.3 3Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 1.25 10.39 9.01 6.54 52.0 1Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 1.25 10.29 8.95 6.51 52.0 NRClearRock Diversified Aggressive Growth 10/1/09 Global All Asset Strategic All-Inclusive -1.35 3.95 3.61 — 24.2 NR

ClearRock Diversified Conservative Gr 10/1/09 Global All Asset Strategic All-Inclusive -0.32 2.93 3.86 — 38.5 NRClearRock Diversified Income 10/3/11 Global Fixed Income Strategic All-Inclusive -0.07 1.13 — — 9.2 NRClearRock Diversified Moderate Growth 10/1/09 Global All Asset Strategic All-Inclusive -0.99 3.86 4.21 — 24.5 NRClothier Springs Global Hedged 12/31/10 Global Equity Strategic Broad Market -1.87 2.98 5.23 — 0.8 1Clothier Springs Global Hedged Plus 9/30/11 Global All Asset Tactical All-Inclusive 2.13 3.83 — — 12.4 1

CLS Active Alternative 8/1/14 Global Alternative Hybrid All-Inclusive 0.84 — — — 8.4 4CLS Active Growth 11/3/14 Global Equity Hybrid All-Inclusive 0.00 — — — 0.4 4CLS Active Income 3/3/14 Global Balanced Hybrid All-Inclusive 1.77 — — — 1.7 4CLS Active Real 7/1/14 Global All Asset Hybrid Sector 2.32 — — — 0.1 4CLS Active Value 6/2/14 Global Equity Hybrid All-Inclusive 1.36 — — — 0.1 4

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 11: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 11 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

CLS ETF Risk Budget 100 - Aggressive 3/30/01 Global Equity Hybrid All-Inclusive 0.45 6.08 6.01 5.02 20.6 1CLS ETF Risk Budget 30 - Conservative 7/1/11 Global Fixed Income Hybrid All-Inclusive 1.61 1.44 — — 13.0 1CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Global Balanced Hybrid All-Inclusive 0.96 3.74 4.63 4.90 177.6 1CLS ETF Risk Budget 75 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive 0.76 4.25 5.06 4.56 148.5 1CLS ETF Risk Budget 80 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive 0.60 4.82 5.20 4.32 108.3 1

CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 Global Equity Hybrid All-Inclusive 0.67 5.46 5.61 4.40 46.1 1CLS High Quality Strategic 40 8/1/14 Global Balanced Strategic All-Inclusive 2.80 — — — 0.6 4CLS High Quality Strategic 60 4/1/14 Global Balanced Strategic All-Inclusive 2.61 — — — 0.5 4CLS High Quality Strategic 80 5/1/14 Global Equity Strategic All-Inclusive 2.42 — — — 1.7 4CLS Inflation Quad 4/1/14 United States Alternative Tactical All-Inclusive 1.62 — — — 0.1 4

CLS International Rotation Quad 7/1/14 International Equity Tactical Country/Region -4.05 — — — 0.7 4CLS Protection Quad 3/3/14 Global Alternative Tactical Broad Market 2.19 — — — 8.3 4CLS Thematic Growth Quad 5/1/14 Global Equity Tactical Sector 1.96 — — — 0.4 4CMG Opportunistic All Asset ETF Strategy 1/3/07 Global All Asset Tactical All-Inclusive 1.66 3.81 6.80 — 22.0 1CMG Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -4.17 2.62 4.85 — 8.6 1

Confluence Aggressive Growth 8/1/08 United States Equity Tactical All-Inclusive 0.86 7.59 5.89 — 6.8 1Confluence Growth 8/1/08 United States All Asset Tactical All-Inclusive 2.23 8.47 7.24 — 48.0 1Confluence Growth and Income 9/2/08 United States All Asset Tactical All-Inclusive 3.67 7.32 6.96 — 101.2 1Confluence Income and Growth 12/1/08 United States All Asset Tactical All-Inclusive 4.30 6.54 7.00 — 32.0 1Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Global All Asset Tactical Broad Market 0.33 — — — 0.2 1

Congress Capital Risk Managed Assets 12/2/13 Global All Asset Tactical Broad Market -2.12 — — — 72.8 1Cookson Peirce All-Cap World Equity 9/30/03 Global Equity Tactical All-Inclusive -2.59 6.08 6.42 5.55 9.0 1Cougar Global GTS w/ Cons Growth (MAR 8) 10/31/01 Global All Asset Tactical All-Inclusive 1.52 3.43 3.46 4.70 682.8 1Cougar Global GTS w/ Growth (MAR 12) 12/30/11 Global All Asset Tactical All-Inclusive -0.53 3.68 — — 28.4 1Cougar Global GTS w/ Income (MAR 6) 12/30/99 Global All Asset Tactical All-Inclusive 1.86 2.89 2.43 4.33 262.5 1

Cougar Global GTS w/ Mod Growth (MAR 10) 3/1/11 Global All Asset Tactical All-Inclusive -0.15 4.41 4.13 — 329.9 1Cumberland - Intl Equity ETF 3/31/03 International Equity Tactical All-Inclusive -4.86 0.00 -1.04 1.73 25.8 1Cumberland - US Equity ETF 12/31/99 United States Equity Tactical All-Inclusive 3.77 9.65 8.99 6.00 58.3 1Cumberland Total Return Balanced Port 12/31/08 United States Balanced Strategic All-Inclusive 3.47 7.74 8.43 — 40.7 1Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive 1.78 8.16 5.32 — 68.0 1

DT Conservative Growth & Income 9/30/08 United States Balanced Strategic All-Inclusive 1.75 4.28 5.08 — 131.2 1DT Intermediate Fixed Income 9/30/08 United States Fixed Income Strategic Broad Market 2.40 1.92 3.18 — 22.7 1DT Moderate Growth & Income 9/19/08 United States Balanced Strategic All-Inclusive 1.60 4.42 5.18 — 94.0 1DT Ultra-Conservative Growth & Income 3/31/09 United States Fixed Income Strategic All-Inclusive 1.75 2.96 4.01 — 25.3 1Dunn Warren Aggressive ETF Portfolio 1/2/03 Global Equity Tactical All-Inclusive -1.40 4.18 -0.82 4.53 0.6 3

Dunn Warren Conservative ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive -2.09 2.21 0.03 3.36 1.8 3Dunn Warren Growth ETF Portfolio 1/2/04 Global Equity Tactical All-Inclusive -1.47 3.65 -0.31 4.50 3.6 3Dunn Warren Moderate ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive -1.72 2.22 -0.40 3.78 1.4 3Dynamic Conservative Portfolio 1/1/14 Global Fixed Income Tactical All-Inclusive 1.24 — — — 17.7 1Dynamic Moderate Portfolio 1/2/14 Global Balanced Tactical All-Inclusive 2.16 — — — 21.6 1

EAM Asset Allocation Aggressive 2/1/11 Global Equity Strategic All-Inclusive 2.26 5.35 5.86 — 5.9 1EAM Asset Allocation Conservative 2/1/11 United States Balanced Strategic All-Inclusive 3.09 2.27 3.59 — 7.6 1EAM Asset Allocation Moderate 2/1/11 Global Balanced Strategic All-Inclusive 2.80 4.26 5.25 — 5.5 1EAM Asset Allocation Moderate Aggressive 2/1/11 Global Equity Strategic All-Inclusive 2.44 4.92 5.60 — 9.5 1EAM Asset Allocation Moderate Conservati 2/1/11 United States Balanced Strategic All-Inclusive 2.94 3.41 4.73 — 3.6 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 12: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 12 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Efficient Market 11-19 Years Aggressive 2/1/05 United States Balanced Hybrid All-Inclusive 0.88 5.16 6.24 5.34 34.8 1Efficient Market 11-19 Years Consvt 4/3/06 United States Balanced Hybrid All-Inclusive 0.97 4.10 5.44 5.84 31.8 1Efficient Market 11-19 Years Moderate 6/1/05 United States Balanced Hybrid All-Inclusive 1.06 4.77 5.98 5.48 112.5 1Efficient Market 20 Plus Years Consvt 5/1/06 United States Equity Hybrid All-Inclusive 0.86 5.33 6.38 — 31.6 1Efficient Market 20 Plus Years Moderate 1/3/05 United States Equity Hybrid All-Inclusive 0.87 5.95 6.87 5.76 54.9 1

Efficient Market 20 Plus Yrs Aggressive 11/1/04 United States Equity Hybrid All-Inclusive 0.80 6.30 7.25 5.61 39.5 1Efficient Market 2-5 Years Aggressive 4/1/05 United States Balanced Hybrid All-Inclusive 1.26 3.66 5.02 4.92 17.6 1Efficient Market 2-5 Years Conservative 4/3/06 United States Balanced Hybrid All-Inclusive 1.24 2.34 3.92 5.12 33.7 1Efficient Market 2-5 Years Moderate 1/3/06 United States Balanced Hybrid All-Inclusive 1.07 3.16 4.82 5.56 79.9 1Efficient Market 6-10 Years Aggressive 9/1/05 United States Balanced Hybrid All-Inclusive 1.11 4.42 4.85 5.85 68.6 1

Efficient Market 6-10 Years Conservative 7/1/05 United States Balanced Hybrid All-Inclusive 1.11 3.17 4.51 5.30 50.6 1Efficient Market 6-10 Years Moderate 11/1/04 United States Balanced Hybrid All-Inclusive 1.09 3.95 5.21 5.25 149.7 1Efficient Market Taking Income-Aggr 1/3/06 United States Fixed Income Hybrid All-Inclusive 1.23 2.33 3.88 4.95 17.0 1Efficient Market Taking Income-Consvt 4/3/06 United States Fixed Income Hybrid All-Inclusive 1.31 1.85 3.26 4.43 25.0 1Efficient Market Taking Income-Moderate 6/1/05 United States Fixed Income Hybrid All-Inclusive 1.26 2.25 3.81 4.97 40.1 1

ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive -1.34 2.24 -0.30 -1.52 0.9 1FEG Equity Portfolio 8/1/05 Global Equity Strategic Broad Market 0.77 2.22 4.14 3.62 1.7 1FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector -0.65 — — — 111.5 4FFCM Dynamic Core Absolute Return 12/31/14 United States Alternative Tactical All-Inclusive 2.15 — — — 5.8 4FFCM Dynamic Global Equity 4/1/14 United States Equity Tactical All-Inclusive -1.86 — — — 31.5 4

FFCM Dynamic Large Cap Sector Rotation 4/1/14 United States Equity Tactical Sector -4.14 — — — 412.4 4FFCM Dynamic Multi-Asset 4/1/14 Global All Asset Tactical All-Inclusive -0.47 — — — 16.6 4Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.70 -0.62 0.89 3.50 13.3 1First Ascent Global Explorer 40 12/31/15 Global Balanced Hybrid All-Inclusive 2.10 — — — 0.9 1First Ascent Global Explorer 60 12/31/15 Global Balanced Hybrid All-Inclusive 1.59 — — — 0.7 1

First Ascent Global Explorer 80 12/31/15 Global Equity Hybrid All-Inclusive 1.07 — — — 0.1 1First Nat Chapoquoit Aggressive Dynamic 11/1/12 Global All Asset Tactical All-Inclusive 4.47 13.88 — — 4.9 NRFirst Nat Chapoquoit Dynamic Cnsrv Port 1/2/13 Global Equity Tactical All-Inclusive 1.88 12.15 — — 3.7 NRFirst Nat Chapoquoit Dynamic Mod Port 1/2/13 Global All Asset Tactical All-Inclusive 3.55 13.18 — — 0.9 NRFirst Trust ETF Asset Alloc Growth 10/1/07 Global Equity Strategic All-Inclusive -0.50 7.31 6.86 — 8.4 1

First Trust ETF Asset Alloc Mod Growth 1/3/07 Global Equity Strategic All-Inclusive 0.15 6.12 6.32 — 22.3 1First Trust Global Tactical Asset All 1/2/12 United States Balanced Tactical All-Inclusive 4.75 -0.92 — — 0.1 1First Trust Morningstar 20/80 5/1/09 United States Fixed Income Strategic Broad Market 2.07 3.58 4.90 — 3.1 1First Trust Morningstar 40/60* 5/1/09 United States Balanced Strategic Broad Market 1.46 4.93 6.01 — 17.6 1Fortunatus Global ETF Opportunity 6/29/07 Global Balanced Tactical All-Inclusive — — — — 0.0 1

Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market -0.71 4.98 4.32 — 707.3 1Foy SELECTOR Aggressive Growth 5/3/10 Global Equity Strategic All-Inclusive 0.70 9.61 — — 0.8 1Foy SELECTOR Balanced Growth 2/1/08 United States Balanced Strategic All-Inclusive 1.56 4.29 — — 20.2 1Foy SELECTOR Conservative Growth 5/1/08 United States Balanced Strategic All-Inclusive 0.96 6.79 — — 31.5 1Foy SELECTOR Growth 2/1/08 Global Equity Strategic All-Inclusive 0.82 8.77 — — 33.0 1

Foy SELECTOR Income 2/1/08 United States Fixed Income Strategic All-Inclusive 4.41 0.80 — — 3.6 1Foy SELECTOR Income & Growth 2/1/11 United States Balanced Strategic All-Inclusive 2.68 2.54 — — 3.0 1Fund Architects Global ETF 12/31/07 Global All Asset Tactical All-Inclusive — — — — 0.0 NRFusion Global Fusion Core Equity 10/2/06 Global Equity Tactical All-Inclusive 1.30 — — — 11.0 1Fusion Global Fusion Tactical Equity 10/2/06 Global Balanced Tactical All-Inclusive 0.01 -0.40 -0.41 — 4.0 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 13: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 13 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Fusion Global Fusion Total Return 8/2/10 Global Balanced Tactical All-Inclusive 3.08 -0.26 1.76 — 1.0 1GLOBALT innovatETF Stratg Balnc Wrap 12/31/03 Global Balanced Hybrid All-Inclusive 1.38 6.06 6.31 5.85 383.7 1GLOBALT innovatETF Stratg Consrvt Wrap 3/31/04 Global Balanced Hybrid All-Inclusive 1.92 5.53 6.06 6.00 42.3 1GLOBALT innovatETF Stratg Gro Wrap 9/30/03 Global Equity Hybrid All-Inclusive 1.13 7.07 6.99 5.96 282.3 1GLOBALT innovatETF Stratg Hig Gro Wrap 6/30/03 Global Equity Hybrid All-Inclusive 0.83 7.81 7.48 5.80 43.9 1

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region 2.47 -4.35 -4.24 10.33 447.3 1Glovista Global Tactical Asset Alloc 10/1/07 Global All Asset Tactical All-Inclusive 4.12 1.42 2.94 — 192.2 0Good Harbor Tactical Core Intl Moderate 12/1/11 International Equity Tactical Broad Market -0.17 -4.41 — — 0.1 1Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -0.14 -5.74 1.43 8.48 509.2 1Gratry International ETF Alloc Strat 6/30/05 International Equity Strategic Country/Region -3.26 -0.06 0.07 2.63 0.6 1

Green Inv Mgt - Guardian Bal 7/2/90 Global Balanced Hybrid Broad Market 1.02 3.47 3.46 3.68 11.0 1Green Inv Mgt - Guardian Bal Gr 7/1/94 Global Equity Hybrid Broad Market 0.13 2.99 3.17 2.98 13.0 1Green Inv Mgt - Guardian Bal Inc 7/1/96 Global Balanced Hybrid Broad Market 1.72 2.68 3.13 4.14 4.0 1Green Inv Mgt - Guardian Bal Mosaic 7/3/00 Global Equity Hybrid All-Inclusive 1.15 5.00 4.76 4.07 3.0 1Green Inv Mgt - Guardian Cnsv Bal 6/1/94 Global Balanced Hybrid Broad Market 0.92 2.70 2.96 3.21 6.0 1

Green Inv Mgt - Guardian Fix-Inc 7/1/91 United States Fixed Income Tactical All-Inclusive 2.72 1.80 2.36 4.27 17.0 1Green Inv Mgt - Guardian Mosaic 7/3/00 United States Equity Hybrid All-Inclusive 0.75 6.72 5.72 4.19 0.3 1Green Inv Mgt - Guardian Sector 7/1/93 United States Equity Tactical Sector 1.79 11.01 9.57 4.81 0.6 1Green Inv Mgt - Guardian Stk 7/2/90 Global Equity Hybrid Broad Market 0.00 3.31 2.87 2.20 1.0 1Green Inv Mgt - Guardian Tax Free 10/31/01 United States Fixed Income Hybrid Sector 1.13 2.28 4.29 3.83 0.3 1

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive 1.20 -9.26 -9.87 — 0.7 1Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region -4.70 -1.87 -4.14 3.66 2.0 1Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 Global Balanced Hybrid Broad Market 2.40 3.61 4.19 — 2.0 1Green Inv Mgt Strategic Global Balanced 6/1/10 Global Balanced Hybrid Broad Market 2.55 3.56 3.93 — 7.0 1Hays Advisory Domestic Equity ETF 4/2/12 United States Equity Tactical Sector -1.46 6.63 — — 43.5 1

Hays Advisory Global ETF 1/31/06 Global Equity Tactical All-Inclusive -0.80 2.54 2.64 3.27 65.1 1Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive -0.30 -1.39 -2.20 3.51 8.4 1Hays Advisory TMAC Equity Focused 5/31/10 Global Equity Tactical All-Inclusive 0.12 3.74 3.72 — 259.4 1Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive 1.11 3.15 3.15 — 412.6 1High Beta Low Volatility Rotation Port. 9/4/12 Global Equity Tactical All-Inclusive 6.17 3.88 — — 9.1 1

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.39 12.91 12.56 — 106.0 1Horizon Conservation Plus ETF Portfolio 1/1/09 Global Fixed Income Tactical All-Inclusive 1.81 3.44 4.92 — 20.5 1Horizon Conservative ETF Portfolio 1/1/09 Global Balanced Tactical All-Inclusive 1.55 4.39 5.29 — 32.0 1Horizon Focused ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 0.53 7.03 7.58 — 422.0 1Horizon Growth ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 0.82 6.42 7.14 — 75.7 1

Horizon Moderate ETF Portfolio 1/2/09 Global Balanced Tactical All-Inclusive 1.20 5.57 6.47 — 109.3 1Ibbotson Global Tactical* 12/29/10 Global All Asset Tactical Broad Market 1.06 5.79 3.93 — 0.0 1iCM - Mgd ETF - Aggressive Cap App 1/3/05 Global Equity Strategic Broad Market 1.32 4.29 5.09 4.91 0.7 NRiCM - Mgd ETF - Balanced 1/3/05 Global Balanced Strategic Broad Market 1.97 3.68 4.57 5.34 3.7 NRiCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 Global Fixed Income Strategic Broad Market 2.43 2.93 4.06 5.97 0.2 NR

iCM - Mgd ETF - Conservative Cap App 1/3/05 Global Balanced Strategic Broad Market 1.86 4.17 5.06 5.42 4.4 NRiCM - Mgd ETF - Defensive Growth 1/3/05 Global Balanced Strategic Broad Market 2.20 4.41 5.21 5.72 3.6 NRiCM - Mgd ETF - Equity Completion 1/3/05 Global Equity Strategic Broad Market 1.09 4.11 4.97 4.37 2.7 NRiCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 Global Fixed Income Strategic Broad Market 2.33 3.42 4.48 5.95 3.3 NRiCM - Mgd ETF - Moderate Cap App 1/3/05 Global Equity Strategic Broad Market 1.56 4.21 5.04 4.81 2.0 NR

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 14: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 14 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

iCM - Mgd ETF - Risk Controlled Growth 1/3/05 Global Balanced Strategic Broad Market 1.71 3.72 4.64 5.19 8.9 NRInnealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 1.85 0.31 3.35 — 347.4 1Innealta Global All Asset Conservative 12/31/09 Global Balanced Hybrid Broad Market 2.36 1.10 4.13 — 41.6 1Innealta Global All Asset Growth 12/31/09 Global Equity Hybrid Broad Market 1.59 0.85 2.97 — 49.2 1Innealta Global All Asset Moderate 12/31/09 Global Balanced Hybrid Broad Market 1.97 1.04 3.59 — 79.2 1

Innealta Global All Asset Opp Consrv 12/31/09 Global Balanced Hybrid Broad Market 2.31 2.08 5.28 — 17.3 1Innealta Global All Asset Opp Growth 12/31/09 Global Equity Hybrid Broad Market 1.61 1.31 3.99 — 15.8 1Innealta Global All Asset Opp Moderate 12/31/09 Global Balanced Hybrid Broad Market 1.92 1.92 4.86 — 28.0 1Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 1.60 -0.03 3.81 — 426.6 1Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector 5.30 1.57 4.30 — 383.3 1

Innealta Tac ETF Sector Rotation Opp 12/31/09 United States Equity Tactical Sector — — — — 36.2 1IPS Absolute Return Strategy 2/1/11 Global Alternative Tactical All-Inclusive — — — — 60.0 1IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Global Alternative Strategic Broad Market 1.64 3.04 2.76 — 80.4 NRIRON Global Equity Plus 2/1/11 Global Equity Hybrid Broad Market -1.68 1.88 4.86 — 2.8 1IRON S&P 500 Equity Plus 5/2/11 United States Equity Strategic Broad Market -0.46 8.72 — — 1.6 1

iSectors Capital Preservation Allocation 1/1/10 United States Fixed Income Strategic All-Inclusive 0.85 0.14 2.35 — 34.2 3iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market 5.05 11.32 10.78 — 27.3 3iSectors Endowment Allocation 1/1/09 Global All Asset Strategic All-Inclusive 2.91 1.32 1.74 — 1.3 3iSectors Global Balanced Allocation 4/1/09 Global Balanced Strategic Broad Market 3.57 3.33 5.13 — 5.2 3iSectors Global Conservative Allocation 5/1/09 Global Balanced Strategic Broad Market 3.09 1.40 3.87 — 5.9 3

iSectors Global Equity Allocation 12/1/09 Global Equity Strategic Broad Market 4.65 7.04 7.49 — 1.1 3iSectors Global Fixed Income Allocation 4/1/09 Global Fixed Income Strategic All-Inclusive 2.57 -0.54 2.37 — 3.0 3iSectors Global Growth Allocation 1/1/10 Global Equity Strategic Broad Market 4.13 5.22 6.41 — 2.6 3iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive 7.78 -5.95 -3.48 — 1.6 3iSectors Liquid Alternatives Allocation 4/1/09 Global Alternative Strategic All-Inclusive 1.76 -0.43 -0.38 — 1.8 3

iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector 2.64 10.34 11.68 7.81 62.2 3iSectors Post-MPT Moderate Allocation 3/3/08 United States Balanced Hybrid Sector 4.87 7.24 9.23 — 31.1 3iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector 15.16 -11.43 -7.46 — 2.5 3iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market -0.40 -0.17 -0.52 — 1.9 3JAForlines Global Tactical Allocation 1/2/04 Global All Asset Tactical All-Inclusive 2.43 5.22 4.46 5.27 303.5 1

JAForlines Global Tactical Conservative 1/2/04 Global All Asset Tactical All-Inclusive 3.06 4.94 4.44 5.49 22.9 1JAForlines Global Tactical Income 9/4/12 Global All Asset Tactical All-Inclusive 4.24 2.17 — — 10.4 1Julex Capital Mngt 12/3/12 International Equity Tactical Country/Region 4.27 -8.83 — — 0.9 1Julex Capital Mngt Dynamic Income 10/1/12 Global Balanced Tactical Broad Market 0.97 2.42 — — 39.9 1Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Global All Asset Tactical Broad Market — — — — 77.2 1

Julex Capital Mngt Dynamic Real Asset 4/1/13 Global Balanced Tactical All-Inclusive 2.03 -2.00 — — 0.8 1Julex Dynamic Sector Strategy 11/1/12 United States Equity Tactical All-Inclusive -1.03 7.44 — — 0.0 1Keystone Wealth Cmdty AlphaRotation 8/1/12 Global Alternative Tactical Broad Market -5.33 -23.04 — — 0.0 1Keystone Wealth Glb Bond AlphaRotation 1/1/14 Global Fixed Income Tactical All-Inclusive 2.18 — — — 0.6 1Keystone Wealth Glb Equity AlphaRotation 1/1/13 Global Equity Tactical Broad Market -1.77 4.59 — — 26.6 1

Keystone Wlth Glb Income AlphaRotation 11/1/13 United States All Asset Tactical All-Inclusive 4.03 — — — 0.3 1Keystone Wlth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive -1.35 -4.28 — — 0.3 1KeystoneWlthWorld FocusedAlphaRotation1/1/14 Global Balanced Tactical All-Inclusive -0.87 — — — 0.4 1KKM Enhanced U.S. Equity 6/11/14 United States Equity Tactical Broad Market — — — — 0.0 1Ladenburg LAMP ETF Aggressive Growth 3/1/05 Global Equity Strategic Broad Market 0.72 5.61 5.68 4.85 NR 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 15: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 15 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Ladenburg LAMP ETF Growth 3/1/05 Global Balanced Strategic Broad Market 0.78 4.50 5.11 4.75 NR 1Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market 0.97 3.95 4.72 5.14 NR 1Ladenburg LAMP ETF Income 12/3/07 Global Fixed Income Strategic Broad Market 1.52 1.52 3.15 — NR 1Ladenburg LAMP ETF Income and Growth 6/1/05 Global Balanced Strategic Broad Market 1.13 2.70 3.91 5.03 NR 1Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive 0.17 -3.28 -1.90 — NR 1

Laffer Investments Fix-Inc ETF Strategy 10/2/06 United States Fixed Income Tactical All-Inclusive 2.11 1.26 3.35 — 0.2 1Laffer Investments Glbl Equity Strategy 9/1/00 International Equity Tactical Country/Region -4.09 1.70 2.41 4.50 39.6 1Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Global Fixed Income Hybrid All-Inclusive 1.54 — — — 14.2 1Lazard Capital Allocator Ser Non-Trdtl 9/1/05 Global All Asset Hybrid All-Inclusive -1.02 3.56 3.63 5.40 185.3 1Lazard Capital Allocator Series Equity 1/3/06 Global Equity Hybrid All-Inclusive -0.15 3.47 3.30 3.68 91.3 1

Lazard Cptl Allctr Ser Divsfd 25/75 (TE) 7/1/09 Global Fixed Income Hybrid All-Inclusive 0.97 2.53 3.39 — 342.5 1Lazard Cptl Allctr Ser Divsfd 25/75 (TX) 3/2/09 Global Fixed Income Hybrid All-Inclusive — — — — Incl. 1Lazard Cptl Allctr Ser Divsfd 40/60 (TX) 2/1/07 Global Balanced Hybrid All-Inclusive -0.32 2.29 2.88 — Incl. 1Lazard Cptl Allctr Ser Divsfd 60/40 (TE) 3/1/06 Global Balanced Hybrid All-Inclusive 0.46 3.32 3.51 4.32 Incl. 1Lazard Cptl Allctr Ser Divsfd 60/40 (TX) 4/1/05 Global Balanced Hybrid All-Inclusive -0.40 2.72 3.08 3.83 Incl. 1

Lazard Cptl Allctr Ser Divsfd 75/25 (TE) 11/1/05 Global Equity Hybrid All-Inclusive 0.20 3.19 3.39 4.07 Incl. 1Lazard Cptl Allctr Ser Divsfd 75/25 (TX) 4/1/05 Global Equity Hybrid All-Inclusive -0.39 2.95 3.14 3.87 Incl. 1Lockwood Asset Allocation Portfolios I 12/31/03 United States Fixed Income Strategic Broad Market 2.37 2.31 3.82 4.32 34.9 1Lockwood Asset Allocation Portfolios II 10/1/03 United States Balanced Strategic Broad Market 2.20 3.42 4.74 4.56 94.8 1Longview Capital Dynamic Large Cap SMA 7/12/12 United States Equity Tactical All-Inclusive 3.60 — — — NR 1

Longview Capital Fixed Income 9/30/11 United States Fixed Income Tactical All-Inclusive 1.43 — — — NR 1Longview Capital Global Allocation 7/1/08 Global All Asset Tactical All-Inclusive 4.09 — — — NR 1Longview Capital Tactical Commodity 8/3/09 Global Alternative Tactical All-Inclusive — — — — NR 1Lunt Global Sectors Portfolio 9/4/12 Global Equity Tactical Sector 2.88 5.21 — — 7.1 1Madison ETF Aggressive 1/1/10 United States Equity Strategic All-Inclusive 0.95 7.82 7.64 — 5.4 1

Madison ETF Capital Preservation 1/1/10 United States Fixed Income Strategic Broad Market 2.11 2.31 3.54 — 7.8 1Madison ETF Conservative 1/1/10 United States Fixed Income Strategic Broad Market 1.94 3.46 4.54 — 62.5 1Madison ETF Growth 1/1/10 United States Equity Strategic All-Inclusive 1.27 6.95 7.07 — 51.1 1Madison ETF Income Advantage 1/1/10 United States Fixed Income Strategic Broad Market 2.32 1.68 3.15 — 2.8 1Madison ETF Moderate 1/1/10 United States Balanced Strategic All-Inclusive 1.72 4.70 5.41 — 116.0 1

Madison ETF Moderate Growth 1/1/10 United States Balanced Strategic All-Inclusive 1.65 5.88 6.15 — 101.5 1Main Mgmt Active–US Large Cap 9/30/02 United States Equity Tactical Sector -2.34 11.33 9.95 8.20 189.1 1Main Mgmt All Asset Global Balance 11/8/06 Global Balanced Strategic All-Inclusive 1.04 6.77 6.41 — 125.1 1Main Mgmt BuyWrite Hedged Equity 9/3/04 Global Alternative Hybrid Broad Market -1.65 6.14 6.30 5.59 187.7 1Main Management Internationa–Non US 12/28/07 International Equity Tactical Country/Region 0.29 -1.45 -0.96 — 18.5 1

Maxim International Lifestyle - Agg Gr 1/3/12 Global Equity Strategic All-Inclusive 2.07 3.62 — — 5.0 1Maxim International Lifestyle - Balanced 1/3/12 Global Balanced Strategic All-Inclusive 2.57 2.17 — — 29.2 1Maxim International Lifestyle - Growth 1/3/12 Global Balanced Strategic All-Inclusive 2.40 2.83 — — 40.3 1MCM Apto 9/29/06 Global All Asset Tactical All-Inclusive -1.79 6.71 5.38 — 1.6 1Mellon Capital Defensive Multi-Asset 3/31/10 Global All Asset Tactical All-Inclusive — — — — NR 4

Mellon Capital Defensive Multi-Asset Inc 2/28/11 Global All Asset Tactical All-Inclusive — — — — NR 4Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market 2.56 5.31 5.71 5.86 330.0 1Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 2.49 4.51 5.30 — 634.0 1Members Trust Growth ETF 1/3/06 Global Equity Strategic Broad Market 2.63 8.05 7.97 6.19 69.0 1Members Trust Income ETF 1/3/06 United States Fixed Income Strategic Broad Market 1.85 3.56 4.50 4.98 261.0 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 16: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 16 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Members Trust Moderate Growth ETF 1/3/06 Global Equity Strategic Broad Market 2.62 6.51 6.86 5.79 165.0 1Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive 1.39 1.17 -0.07 6.94 24.8 1Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive 0.06 -0.51 -0.89 5.23 10.1 1MFI Balanced Sector 1/4/99 Global All Asset Hybrid Broad Market 2.51 6.47 6.67 6.15 115.6 1MFI Capital Preservation & Income Sector 1/4/99 Global All Asset Hybrid Broad Market 2.34 6.36 6.43 5.62 23.0 1

MFI Global Sector 1/4/99 Global All Asset Hybrid Broad Market 1.46 7.61 7.02 5.55 42.3 1Morningstar A/P Conservative - FIWS* 8/2/10 Global Fixed Income Strategic Broad Market 2.28 1.91 3.45 — 0.0 4Morningstar A/P Conservative - Pershing* 8/2/10 Global Fixed Income Strategic Broad Market 2.28 2.23 3.64 — 0.0 4Morningstar A/P Conservative - Schwab* 8/2/10 Global Fixed Income Strategic Broad Market 2.24 1.83 3.39 — 0.7 1Morningstar A/P Conservative - TDA* 8/2/10 Global Fixed Income Strategic Broad Market 2.21 2.05 3.57 — 0.1 4

Morningstar A/P Inc & Growth–Schwab* 8/2/10 Global Balanced Strategic Broad Market 2.45 3.13 4.62 — 2.7 1Morningstar A/P Income & Growth - TDA* 8/2/10 Global Balanced Strategic Broad Market 2.47 3.32 4.74 — 1.0 4Morningstar A/P Inc & Growth-Pershing* 8/2/10 Global Balanced Strategic Broad Market 2.50 3.35 4.73 — 0.1 4Morningstar ETF Aggressive Growth* 10/1/07 Global Equity Hybrid All-Inclusive 1.53 3.01 4.93 — 69.0 1Morningstar ETF Conservative* 10/1/07 United States Fixed Income Hybrid All-Inclusive 2.51 0.64 3.17 — 60.0 1

Morningstar ETF Contrarian & Growth* 12/31/10 Global Equity Hybrid All-Inclusive 1.63 7.08 7.20 — 49.7 1Morningstar ETF Contrarian & Income* 12/31/10 Global Balanced Hybrid All-Inclusive 2.71 3.89 5.10 — 36.2 1Morningstar ETF Contrarian* 12/31/10 Global Equity Hybrid All-Inclusive 2.14 7.25 7.51 — 47.6 1Morningstar ETF Growth* 10/1/07 Global Equity Hybrid All-Inclusive 1.86 2.54 4.90 — 227.6 1Morningstar ETF Income & Growth* 10/1/07 United States Balanced Hybrid All-Inclusive 2.44 1.21 3.69 — 253.3 1

Morningstar ETF Moderate Growth* 10/1/07 United States Balanced Hybrid All-Inclusive 2.03 2.11 4.34 — 246.1 1Morningstar ETF Momentum Agg Growth* 12/29/10 Global Equity Hybrid Broad Market 1.00 6.30 5.74 — 15.0 1Morningstar ETF Momentum Conservative*12/29/10 United States Fixed Income Hybrid Broad Market 2.82 2.78 3.51 — 8.2 1Morningstar ETF Momentum Growth* 12/29/10 Global Equity Hybrid Broad Market 1.12 6.06 5.50 — 42.3 1Morningstar ETF Momentum Inc & Growth*12/29/10 Global Balanced Hybrid Broad Market 2.13 4.25 4.53 — 37.1 1

Morningstar ETF Momentum Mod Growth* 12/29/10 Global Balanced Hybrid Broad Market 1.59 5.69 5.26 — 86.8 1Morningstar ETF Strategic Cons Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 2.16 3.33 4.17 4.58 365.2 1Morningstar ETF Strategic LT Growth* 4/29/05 Global Equity Strategic Broad Market 1.39 6.00 6.12 4.85 245.1 1Morningstar ETF Strategic Mod Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 1.97 4.80 5.29 4.98 808.6 1Morningstar ETF Strategic Mod Growth* 4/29/05 Global Equity Strategic Broad Market 1.67 5.58 5.87 5.14 515.5 1

Morningstar ETF Strategic Mod Income* 4/29/05 United States Fixed Income Strategic Broad Market 2.20 1.97 3.02 3.99 102.0 1MRM Dynamic International Strategy 1/2/08 International Equity Tactical Country/Region -2.33 0.03 1.01 — 0.4 NRMRM Dynamic Overlay Strategy 1/2/08 United States Equity Tactical All-Inclusive -5.96 5.49 7.83 — 75.4 NRNatixis / AIA Mgd ETF - Aggressive 11/2/05 Global All Asset Strategic Broad Market 1.74 3.92 4.66 4.66 1.4 1Natixis / AIA Mgd ETF - China 4/28/06 International Equity Strategic Country/Region -0.86 -0.75 -0.90 — 1.3 1

Natixis / AIA Mgd ETF - Conservative 6/30/06 Global Balanced Strategic Broad Market 2.26 3.78 4.80 — 4.1 1Natixis / AIA Mgd ETF - Glob Equity 3/31/06 Global Equity Strategic Broad Market 1.22 6.11 6.07 4.92 1.6 1Natixis / AIA Mgd ETF - Inc. Cons 6/30/06 Global Balanced Strategic Broad Market 4.29 4.42 5.81 — 3.2 1Natixis / AIA Mgd ETF - Moderate Strat 1/3/06 Global Balanced Strategic Broad Market 2.11 4.85 5.71 5.47 8.3 1Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 Global Equity Strategic All-Inclusive 4.94 5.10 — — 3.0 1Nav Tactical Glbl Alloc Plus 2/1/13 Global Equity Strategic All-Inclusive 5.15 5.40 — — 0.4 1Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 United States Equity Strategic Sector 4.11 12.43 — — 20.5 1Nav Tactical US Equity Sector Plus 2/1/13 United States Equity Strategic Sector 4.58 12.65 — — 14.7 1Navellier Dynamic Libertas 10 7/1/13 United States All Asset Tactical All-Inclusive 5.15 — — — 2.5 1Navellier Dynamic Libertas 20 7/1/13 United States All Asset Tactical All-Inclusive 5.32 — — — 3.3 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 17: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 17 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Navellier Dynamic Libertas 30 7/1/13 United States All Asset Tactical All-Inclusive 5.18 — — — 18.8 1New Frontier ETF Global Bal Growth (Tax) 10/29/04 Global Balanced Strategic Broad Market 1.16 5.91 6.38 4.88 115.5 2New Frontier ETF Global Bal Income (Tax) 10/29/04 Global Balanced Strategic Broad Market 2.17 4.95 6.17 4.91 48.0 2New Frontier ETF Global Balanced 10/29/04 Global Balanced Strategic Broad Market 2.47 5.41 6.73 5.42 447.1 2New Frontier ETF Global Balanced (Tax) 10/29/04 Global Balanced Strategic Broad Market 1.71 5.63 6.47 5.01 152.5 2

New Frontier ETF Global Balanced Growth 10/29/04 Global Balanced Strategic Broad Market 1.78 5.77 6.59 5.11 325.3 2New Frontier ETF Global Balanced Income 10/29/04 Global Balanced Strategic Broad Market 2.93 4.42 6.21 5.43 122.6 2New Frontier ETF Global Equity 10/29/04 Global Equity Strategic Broad Market 0.50 5.70 5.55 4.44 94.2 2New Frontier ETF Global Equity (Tax) 10/29/04 Global Equity Strategic Broad Market 0.39 5.75 5.63 4.66 31.5 2New Frontier ETF Global Growth 10/29/04 Global Equity Strategic Broad Market 0.82 5.70 5.80 4.76 223.7 2

New Frontier ETF Global Growth (Tax) 10/29/04 Global Equity Strategic Broad Market 0.61 5.97 6.01 4.67 55.0 2New Frontier ETF Global Income 10/29/04 Global Fixed Income Strategic Broad Market 2.65 2.83 4.37 4.54 21.1 2New Frontier ETF Global Income (Tax) 10/29/04 Global Fixed Income Strategic Broad Market 1.77 3.58 4.95 4.12 9.5 2New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Global Equity Tactical Broad Market — — — — 4.7 1Newfound Dynamic Alternatives Cmpst 11/27/13 United States Alternative Hybrid Broad Market -1.23 — — — 0.2 1

Newfound Multi Asset Income 11/27/13 Global All Asset Tactical Broad Market 1.32 — — — 105.5 1Newfound Risk Mgd Glb Sectors Cmpst 11/27/13 Global Equity Tactical Sector -0.05 — — — 101.5 1Newfound Risk Managed U.S. Sectors Idx 2/3/14 United States Equity Tactical Sector -2.32 — — — 210.8 4Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 United States Equity Tactical Sector -2.28 — — — 4.4 1Newfound Tailwinds Conservative Idx 6/16/14 Global All Asset Hybrid All-Inclusive 0.75 — — — 0.1 4

Newfound Tailwinds Growth Idx 7/1/14 Global All Asset Hybrid All-Inclusive 0.33 — — — 4.2 4Newfound Tailwinds Moderate Cmp 6/2/14 Global All Asset Hybrid All-Inclusive -0.12 — — — 3.1 1Newfound Target Excess Yield 3% Cmpst 12/31/13 Global Fixed Income Tactical Broad Market 2.47 — — — 0.1 1Newfound Total Return 6/2/14 United States All Asset Hybrid All-Inclusive 2.33 — — — 0.6 1Newfound U.S. Factor Defensive Eqty Cmp 12/30/14 United States Equity Tactical Broad Market -1.32 — — — 34.2 1

NewSquare ETF Tax Exempt Bond 1/4/10 United States Fixed Income Strategic Sector 1.61 2.67 4.08 — 8.4 1NewSquare Income Focus ETF 6/1/10 Global Balanced Strategic All-Inclusive 4.59 3.20 4.51 — 6.1 1NewSquare MACRO Aggressive 1/4/11 Global All Asset Strategic All-Inclusive 2.13 1.22 2.56 — 0.7 1NewSquare MACRO Agr Infl-Correlated 3/1/11 Global All Asset Strategic All-Inclusive 2.70 0.69 1.78 — 1.2 1NewSquare MACRO Conservative 1/1/10 Global All Asset Strategic All-Inclusive 3.73 2.64 3.97 — 51.3 1

NewSquare MACRO Growth 1/4/10 Global All Asset Strategic All-Inclusive 3.21 2.36 2.73 — 5.0 1NewSquare MACRO Mod Infl-Correlated 1/1/10 Global All Asset Strategic All-Inclusive 2.83 1.38 1.89 — 6.1 1NewSquare MACRO Moderate 1/1/10 Global All Asset Strategic All-Inclusive 3.44 2.32 2.89 — 17.0 1NewSquare Total Return ETF 12/1/10 Global Balanced Strategic All-Inclusive 4.68 3.22 4.33 — 35.4 1Niemann Dynamic 2/20/97 United States Equity Tactical Sector -1.48 9.80 10.23 6.34 49.7 1

Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive -3.41 -2.40 -4.39 — 0.8 1Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector -1.65 6.21 7.87 — 3.8 1Niemann Global Opportunity (Equity Plus) 11/12/96 Global Equity Tactical Sector 0.31 6.47 2.79 3.77 124.9 1Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 0.44 12.80 7.84 5.89 72.2 1Niemann Risk Managed Sector 1/24/96 United States Equity Tactical Sector 0.46 8.50 5.11 5.22 131.5 1

Niemann Tactical Global Bond 1/25/11 Global Fixed Income Tactical All-Inclusive 3.54 1.86 3.89 — 0.5 1NorthCoast Tactical Growth 2/1/13 Global All Asset Tactical All-Inclusive 0.91 4.66 — — 219.0 NRNottingham Global All Asset 12/31/04 Global Balanced Hybrid All-Inclusive 1.22 5.79 6.15 4.35 372.0 1Nottingham Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 1.28 4.30 5.16 4.04 166.5 1Nottingham Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -0.74 5.23 5.49 3.84 72.4 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 18: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 18 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Nottingham Global Income Strategy 12/31/04 Global Balanced Strategic Broad Market 1.82 2.24 3.03 2.72 267.1 1Nottingham Real Return Strategy 12/2/13 Global All Asset Tactical All-Inclusive 3.38 — — — 1.5 1Nuveen Intelligent Risk Cnsrv Allc 6/1/09 Global All Asset Tactical Broad Market 3.69 -0.08 3.41 — 1.5 1Nuveen Intelligent Risk Growth Allc 6/1/09 Global All Asset Tactical Broad Market 3.21 -2.08 0.06 — 1.6 1Nuveen Intelligent Risk Mod Allc 6/1/09 Global All Asset Tactical Broad Market 5.18 -0.63 2.78 — 2.7 1

One Cap Wealth Appreciation 1/30/04 Global Equity Strategic All-Inclusive 0.92 5.91 5.85 3.91 16.6 1One Cap Wealth Preservation & Growth 11/3/08 Global Balanced Strategic All-Inclusive 1.25 3.43 4.40 — 6.1 1One Capital Agg Wealth Appreciation 5/3/10 Global Equity Strategic All-Inclusive 0.13 6.85 6.10 — 4.7 1One Capital Bal Wealth Appreciation 4/1/05 Global Balanced Strategic All-Inclusive 1.53 4.62 5.29 3.99 27.7 1One Capital Wealth Preservation & Inc 2/2/09 Global Fixed Income Strategic All-Inclusive 1.45 2.11 4.12 — 2.1 1

Optimus Bond Allocation Bull/Bear 12/30/11 Global Fixed Income Hybrid All-Inclusive 3.89 1.80 — — 0.0 1Optimus Bond Rotation 3/3/14 Global Fixed Income Tactical All-Inclusive 2.33 — — — 0.8 1Optimus Dynamic Equity 1/1/16 United States Equity Tactical Sector 9.66 — — — 0.0 1Optimus Eight Baskets Rotation 12/3/12 Global All Asset Hybrid Broad Market 2.18 2.88 — — 0.0 1Optimus Equity Rotation 1/1/16 United States Equity Tactical All-Inclusive 9.69 — — — 0.0 1

Optimus Global Advantage All Asset 3/30/12 Global Alternative Tactical Broad Market 9.14 4.16 — — 0.0 1Optimus Global Long/Short 8/1/13 Global Alternative Tactical All-Inclusive 5.48 — — — 1.1 1Optimus Global Rotation 6/3/13 United States Equity Tactical Broad Market 1.79 — — — 0.5 1Optimus Hedged Equity 1/1/16 United States Equity Tactical Sector 11.61 — — — 3.9 1Optimus High Yield Bull/Bear 3/1/11 United States Fixed Income Tactical Sector 5.80 5.54 5.11 — 0.0 1

Palladiem Balanced Endowment Model 1/2/12 Global Balanced Tactical All-Inclusive 0.71 3.51 — — 7.1 4Palladiem Defensive Core Strategy 1/2/12 United States All Asset Strategic Broad Market 2.00 1.73 — — 0.1 4Palladiem Diversified Income Model 1/2/12 United States Fixed Income Tactical All-Inclusive 2.79 2.03 — — 4.9 4Palladiem Growth Endowment Model 1/2/12 Global Equity Tactical All-Inclusive -1.12 3.82 — — 19.8 4Paritas Alpha Foundations 7/1/15 Global Balanced Tactical All-Inclusive 3.03 — — — 4.1 1

PCM Absolute Bond Composite 5/2/11 Global Fixed Income Tactical All-Inclusive 4.69 -2.44 — — 1.5 1PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive 1.85 -9.56 -14.00 — 0.9 1PCM Absolute Equity Income Composite 1/3/11 Global Equity Tactical All-Inclusive 4.33 1.31 2.74 — 0.9 1PCM Alpha 1 Total Return Composite 6/1/12 Global Equity Tactical All-Inclusive 2.70 -4.04 — — 6.1 1PCM Conservative Portfolio Composite 1/2/12 Global All Asset Tactical All-Inclusive 2.27 -2.53 — — 0.1 1

PCM Emerald Long-Shrt Debt HF Composite10/1/12 Global Fixed Income Tactical All-Inclusive 2.45 -2.10 — — 0.1 1PCM Global Bond HF Composite 11/1/12 Global Fixed Income Tactical All-Inclusive 3.64 -1.66 — — 0.5 1PCM Global Macro 3M Composite 2/16/12 Global Equity Tactical All-Inclusive 1.54 -3.38 — — 4.3 1PCM Global Tactical Composite 3/1/12 Global Equity Tactical All-Inclusive -1.17 -3.90 — — 2.9 1PCM Income Opportunity Fund 10/3/11 Global Fixed Income Strategic All-Inclusive 2.89 1.23 — — 61.0 1

PCM Multi Strategy Balanced Growth Fund 10/3/11 Global Balanced Tactical Broad Market 4.44 4.81 — — 46.0 1PCM Ruby Multi-Strategy HF Composite 5/1/12 Global All Asset Tactical All-Inclusive 1.75 -2.75 — — 2.6 1PCM Sapphire Global Macro HF Composite 5/1/12 Global All Asset Tactical All-Inclusive 0.73 -4.03 — — 0.5 1PCM Stable Growth Plus+ Composite 11/1/11 Global All Asset Tactical Country/Region 0.53 -3.47 — — 5.0 1PCM Super Global Macro 5/31/12 Global All Asset Tactical All-Inclusive 1.58 -4.04 — — 5.6 1

PDAM GLOBAL ALPHA 11/1/05 Global All Asset Hybrid All-Inclusive -5.48 2.14 0.85 5.16 0.8 NRPVG Dynamic Core ETF 10/1/01 United States Equity Tactical All-Inclusive 0.58 1.79 3.03 3.70 27.5 1PWG Intelligent Equity 8/1/12 Global Equity Tactical All-Inclusive -1.01 4.66 — — 24.1 1QA Global Balanced 40/60 11/3/03 Global Balanced Hybrid All-Inclusive 1.47 4.03 5.02 4.91 14.9 1QA Global Balanced 60/40 11/1/00 Global Balanced Hybrid All-Inclusive 0.85 5.21 5.66 5.30 53.9 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 19: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 19 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

QA Global Balanced 80/20 10/1/03 Global Equity Hybrid All-Inclusive 0.23 6.31 6.24 5.54 42.8 1QA Global Balanced Flex - Conservative 1/1/10 Global Balanced Hybrid All-Inclusive 0.85 3.40 4.30 — 41.2 1QA Global Balanced Flex - Growth 1/1/10 Global Equity Hybrid All-Inclusive -0.76 5.46 4.91 — 89.5 1QA Global Balanced Flex - Moderate 1/1/10 Global Balanced Hybrid All-Inclusive 0.07 4.44 4.64 — 173.8 1QA Global Equity 9/1/00 Global Equity Tactical All-Inclusive -0.25 7.42 6.69 5.67 59.9 1

QA Global Equity Flex 1/1/10 Global Equity Tactical All-Inclusive -1.71 6.14 5.10 — 98.4 1QA Global Style 9/4/07 Global Equity Tactical Broad Market 0.61 9.82 9.57 — 4.1 1QA Tactical All Market 4/1/09 Global All Asset Tactical All-Inclusive 1.33 2.37 1.44 — 125.3 1QA Tactical Bond 1/1/10 United States Fixed Income Tactical All-Inclusive 2.57 1.46 3.55 — 7.1 1Quartz Equity 3/2/15 Global Equity Tactical All-Inclusive -0.04 — — — 0.2 1

Quartz High Yield Legacy 3/2/15 United States Fixed Income Tactical Sector 0.02 — — — 1.6 1Quartz Spectrum 3/2/15 Global All Asset Tactical All-Inclusive -0.04 — — — 8.5 1Quartz Yield Plus 3/2/15 United States Fixed Income Tactical All-Inclusive 0.03 — — — 10.6 1Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 2.50 10.98 11.17 7.34 1.0 1Raylor Strategic World Equity 1/3/06 Global Equity Strategic All-Inclusive 2.21 6.21 6.40 4.61 33.0 1

Raylor Strategic World Income 4/3/06 Global Balanced Strategic All-Inclusive 1.46 4.75 5.28 4.63 25.0 1Raylor Strategic World Opportunity 1/3/07 Global Equity Strategic Country/Region 3.19 0.23 1.03 — 3.0 1RevenueShares Strategic Allocation 7/1/11 United States Equity Tactical Broad Market 4.80 7.83 — — 0.2 1Richard Bernstein Global ETF Aggressive 8/2/10 Global Equity Tactical All-Inclusive -1.50 6.32 6.51 — 123.2 4Richard Bernstein Global ETF Conservativ 8/2/10 Global Balanced Tactical All-Inclusive 1.56 3.49 5.39 — 9.2 4

Richard Bernstein Global ETF Moderate 8/2/10 Global Balanced Tactical All-Inclusive -0.34 4.77 5.81 — 263.7 4Richard Bernstein Global Risk-Balanced 4/17/13 Global Equity Tactical All-Inclusive -0.84 — — — 529.0 4RiverFront Conservative Growth 10/1/03 Global Balanced Hybrid All-Inclusive 0.26 5.35 5.25 4.90 73.6 1RiverFront Conservative Income Builder 5/1/09 Global Balanced Hybrid All-Inclusive 0.86 4.13 4.85 — 156.6 1RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive -0.35 5.93 5.80 — 979.8 1

RiverFront ETF Conservative Income Bldr 10/1/12 Global Balanced Hybrid All-Inclusive 0.87 3.89 — — 18.2 1RiverFront ETF Dynamic Equity Income 10/1/12 Global Equity Hybrid All-Inclusive -0.34 5.60 — — 126.3 1RiverFront ETF Global Allocation 4/3/06 Global Equity Hybrid All-Inclusive -2.11 5.49 4.93 4.35 160.9 1RiverFront ETF Global Growth 4/3/06 Global Equity Hybrid All-Inclusive -2.17 5.78 4.99 3.91 61.2 1RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 0.47 5.25 5.34 4.88 298.9 1

RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive -2.21 5.36 4.71 4.30 666.7 1RiverFront Global Growth 10/1/03 Global Equity Hybrid All-Inclusive -2.33 5.61 4.71 3.86 526.1 1RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 0.27 5.36 5.67 5.43 2,393.3 1Robinson Market Opportunity 12/31/03 United States Equity Tactical Broad Market -8.30 1.27 3.18 5.31 2.9 1RPg Tactical US Equity 11/1/11 United States Equity Tactical Sector 1.21 4.82 — — 39.2 1

RPg Tactical US Equity FT 3/1/12 United States Equity Tactical Sector 0.98 2.88 — — 2.6 1Ryan Investments iFolios Growth 8/31/12 Global Balanced Strategic All-Inclusive 2.61 2.91 — — 56.2 1SA ETF Portfolio VI 9/1/14 Global Balanced Hybrid All-Inclusive 1.21 — — — 0.1 1Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market 0.95 6.85 6.60 4.94 249.1 1Sage Tactical ETF Conservative 12/31/07 Global Fixed Income Tactical Broad Market 1.43 2.63 3.87 — 105.2 4

Sage Tactical ETF Core Plus Fixed Income 12/31/07 Global Fixed Income Tactical Broad Market 1.49 1.31 3.02 — 237.7 4Sage Tactical ETF Growth 12/31/07 Global Equity Tactical Broad Market 1.10 5.95 5.90 — 357.3 4Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market 1.33 3.75 4.61 — 284.0 4Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 1.26 4.86 5.34 — 662.7 1Sage Tactical ETF Multi Asset Income 6/30/11 Global All Asset Tactical All-Inclusive 1.03 1.72 — — 38.7 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 20: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 20 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Sage Target Date 2015 Fund 12/31/08 Global Balanced Hybrid Broad Market 1.34 4.06 4.76 — 123.6 1Sage Target Date 2025 Fund 12/31/08 Global Balanced Hybrid Broad Market 1.37 5.19 5.58 — 259.5 1Sage Target Date 2035 Fund 12/31/08 Global Equity Hybrid Broad Market 1.24 5.91 6.11 — 153.9 1Sage Target Date 2045 Fund 12/31/08 Global Equity Hybrid Broad Market 1.15 6.36 6.43 — 59.0 1Sage Target Date Retirement Income Fund 12/31/08 Global Balanced Hybrid Broad Market 1.35 3.44 4.38 — 41.2 1

SAM Aggressive Global Growth 12/31/99 Global Equity Strategic All-Inclusive 2.09 2.32 3.10 5.28 0.0 NRSAM Conservative Global Growth 12/31/99 Global Balanced Strategic All-Inclusive 1.06 1.25 3.28 4.84 0.0 NRSAM Moderate Global Growth 12/31/99 Global Balanced Strategic All-Inclusive 1.67 2.12 3.72 5.20 0.0 NRSEI Tactical ETF Aggressive Strategy 1/2/13 Global Equity Hybrid Broad Market 1.35 6.26 — — 180.1 4SEI Tactical ETF Conservative Strategy 1/2/13 Global Fixed Income Hybrid Broad Market 2.27 2.51 — — 56.0 4

SEI Tactical ETF Core Market 9/30/15 Global Balanced Strategic All-Inclusive 2.17 — — — 49.3 4SEI Tactical ETF Equity Strategy 1/2/13 Global Equity Hybrid Broad Market 0.41 7.90 — — 139.7 4SEI Tactical ETF Income 9/30/15 Global Fixed Income Strategic All-Inclusive 3.85 — — — 4.6 4SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 1.93 5.13 — — 436.3 4SEI Tactical ETF Moderate Strategy 1/2/13 Global Balanced Hybrid Broad Market 3.43 4.21 — — 276.5 4

SEI Tax-Managed ETF Aggressive 1/2/14 Global Equity Strategic All-Inclusive 1.45 — — — 62.9 4SEI Tax-Managed ETF Conservative 1/2/14 United States Fixed Income Strategic All-Inclusive 1.82 — — — 41.5 4SEI Tax-Managed ETF Core Market 9/30/15 Global Balanced Strategic All-Inclusive 1.85 — — — 14.0 4SEI Tax-Managed ETF Equity 1/2/14 Global Equity Strategic Broad Market 0.84 — — — 84.3 4SEI Tax-Managed ETF Income 9/30/15 Global Fixed Income Strategic All-Inclusive 3.79 — — — 2.9 4

SEI Tax-Managed ETF Market Growth 1/2/14 Global Balanced Strategic All-Inclusive 1.87 — — — 178.9 4SEI Tax-Managed ETF Moderate 1/2/14 Global Balanced Strategic All-Inclusive 2.86 — — — 108.8 4SelectAlts Fleet Strategy 5/31/13 Global All Asset Tactical All-Inclusive -12.80 — — — 1.4 1Sheaff Brock SSB Conservative Balanced 6/1/09 Global Balanced Tactical All-Inclusive 0.96 6.06 6.83 — 29.6 1Sheaff Brock SSB Growth 10/1/09 Global Equity Tactical All-Inclusive -0.29 9.00 8.85 — 17.4 1

Sheaff Brock SSB Growth & Income 6/1/09 Global Equity Tactical All-Inclusive 0.07 7.96 8.43 — 41.2 1Sheaff Brock SSB Moderate Balanced 4/1/09 Global Balanced Tactical All-Inclusive 0.67 7.45 8.10 — 27.0 1Sheaff SPM In or Out 9/26/14 United States Equity Tactical Broad Market — — — — 0.0 1Sheaff SPM Long or Short 9/26/14 United States Equity Tactical Broad Market -8.49 — — — 0.6 1Shelton Diversified ETF Balanced 12/31/09 Global Equity Hybrid Broad Market -0.35 3.35 5.02 — 9.9 1

Signal Point Signal 10 3/31/09 United States Equity Hybrid Sector 1.57 4.66 6.32 — 14.8 1SignalPoint Balanced Point 3/31/09 United States Balanced Hybrid All-Inclusive 2.19 4.30 6.10 — 42.2 1SignalPoint CU Income Plus 6/30/09 United States Fixed Income Hybrid All-Inclusive 3.26 2.96 4.93 — 0.6 1SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region 3.52 -2.38 -1.73 — 0.1 1SignalPoint Global Signal 9/28/07 Global Equity Hybrid All-Inclusive 0.01 2.67 3.91 — 37.6 1

SignalPoint High Income Point 10/31/08 Global All Asset Tactical All-Inclusive 4.60 2.84 4.57 — 1.2 1SignalPoint International Signal 6/30/09 International Equity Hybrid Sector 1.54 2.25 1.82 — 1.7 1SignalPoint Moderate Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive 3.59 2.18 3.93 — 6.0 1SignalPoint Stable Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive 3.65 2.90 5.03 — 43.6 1SignalPoint Universal Signal 10/31/08 Global Balanced Hybrid All-Inclusive 3.07 3.15 4.27 — 10.2 1

Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive — — — — 0.0 1SRCM Aggressive Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 1.37 4.15 4.21 3.97 0.0 4SRCM Growth & Income Blend Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.60 3.41 4.46 4.46 3.3 4SRCM Growth & Income Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.13 2.45 4.13 3.95 3.3 4SRCM Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 1.53 3.73 4.31 4.09 0.2 4

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 21: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 21 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

SRCM Income & Preservation Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.11 2.12 4.26 4.25 1.4 4SSGA Aggressive Tactical 9/2/08 Global All Asset Tactical All-Inclusive 1.09 5.68 6.35 — 910.2 1SSGA Moderate Tactical 9/2/08 Global All Asset Tactical All-Inclusive 1.45 4.88 6.03 — 2,651.3 1SSI Flexible Allocation Strategy 5/1/09 United States Balanced Tactical All-Inclusive 0.31 6.00 5.59 — 107.4 1SSWM Strategic Allocation Model 75/25 8/29/03 United States Equity Strategic Broad Market 1.69 6.49 6.89 5.31 13.5 1

Stadion Balanced Strategy 4/2/07 United States Balanced Tactical Broad Market 2.27 0.72 2.09 — 259.6 1Stadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market 2.29 0.29 1.36 — 59.4 1Stadion Conservative Strategy 4/2/07 United States Balanced Tactical Broad Market 2.35 -0.37 1.10 — 106.7 1Stadion Defensive International 1/3/12 International Equity Tactical All-Inclusive 5.61 -0.38 — — 8.2 1Stadion Growth Strategy 4/2/07 United States Balanced Tactical Broad Market 2.02 3.27 3.99 — 526.6 1

Stadion International Tactical Growth 9/1/14 International Equity Tactical All-Inclusive 0.04 — — — 0.0 1Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive 5.38 -4.07 -1.71 2.71 151.1 1Stadion Master Cyclical Trend 12/31/15 Global Equity Tactical All-Inclusive 1.98 — — — 275.6 1Stadion Master Domestic Equity 12/31/15 United States Equity Strategic Broad Market 1.80 — — — 359.0 1Stadion Master Dynamic Trend 12/31/15 Global Equity Tactical All-Inclusive 5.37 — — — 281.0 1

Stadion Master International Equity 12/31/15 International Equity Strategic Broad Market -1.18 — — — 119.6 1Stadion Master Long Duration Fix Inc 12/31/15 United States Fixed Income Strategic Sector 5.73 — — — 60.6 1Stadion Master Short Duration Fix Inc 12/31/15 Global Fixed Income Strategic Sector 2.52 — — — 169.7 1Stadion Maximum Growth Strategy 6/1/15 United States Equity Tactical All-Inclusive 1.59 — — — 134.3 1Stadion Moderate Strategy 4/2/07 United States Balanced Tactical Broad Market 2.28 1.30 2.55 — 605.3 1

Stadion Sharpe Sector Rotation Strategy 12/31/15 United States Equity Tactical All-Inclusive 5.25 — — — 0.0 1Stadion Tactical Defensive Strategy 4/1/05 Global Equity Tactical All-Inclusive 3.18 3.24 3.19 4.89 65.9 1Stadion Tactical Growth Strategy 5/3/04 United States Equity Tactical All-Inclusive -0.86 5.25 5.86 5.92 299.8 1Stadion Tactical Income 10/1/12 United States Fixed Income Tactical All-Inclusive 3.38 1.48 — — 0.1 1Stairway Dynamic Allocation – Growth 3/31/05 Global Equity Strategic Broad Market 0.92 4.66 5.34 5.45 20.9 1

Stairway Dynamic Allocation – Moderate 3/31/05 Global Balanced Strategic Broad Market 1.53 4.31 5.09 5.38 70.4 1Stairway Dynamic Allocation–Conservative 1/31/05 Global Balanced Strategic Broad Market 2.30 3.63 4.55 5.40 209.6 1Stairway Tax-Mgd Dynam Alloc – Cons 1/31/05 Global Balanced Strategic Broad Market 1.36 4.28 5.78 5.53 25.4 1Stairway Tax-Managed Dynam Alloc- Mod 5/31/05 Global Balanced Strategic Broad Market 1.18 4.74 5.85 5.33 45.2 1Stairway Tax-Mgd Dynam Alloc–Growth 1/31/05 Global Equity Strategic Broad Market 0.81 4.76 5.58 5.27 17.2 1

Sterling Global Allocation 12/31/10 Global All Asset Hybrid All-Inclusive -3.92 -0.82 1.53 — 11.0 1Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -3.72 2.82 5.17 — 256.0 1Sterling Tactical US. Sector Rotation 2/29/16 United States All Asset Tactical All-Inclusive — — — — 0.0 1Strategies Conservative 1/31/95 Global Balanced Hybrid All-Inclusive 2.07 2.83 4.09 4.20 14.6 1Strategies Growth 8/31/93 Global Equity Hybrid All-Inclusive 1.39 4.60 5.08 3.23 10.8 1

Strategies Moderate 1/3/95 Global Balanced Hybrid All-Inclusive 2.06 3.18 4.08 3.67 38.9 1Strategies Moderate Growth 6/30/95 Global Balanced Hybrid All-Inclusive 1.83 3.96 4.68 3.88 11.4 1Strategies Moderately Conservative 3/31/93 Global Balanced Hybrid All-Inclusive 2.07 3.25 4.34 4.50 29.1 1Stringer Conservative Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.57 4.81 5.36 — 49.0 1Stringer Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.49 6.59 6.03 — 141.8 1

Stringer Income 10/3/11 Global All Asset Hybrid All-Inclusive 2.32 2.79 — — 0.7 1Stringer Moderate Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.60 5.50 6.30 — 125.5 1Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 2.11 5.13 4.74 7.95 595.5 1Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 1.55 5.16 4.83 7.63 Incl. 1TAG Tactical Conservative 1/3/06 Global All Asset Hybrid Broad Market -0.95 -0.50 1.81 3.74 15.9 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 22: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 22 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

TAG Tactical Growth 1/3/06 Global All Asset Hybrid Broad Market -2.15 1.85 1.26 3.70 2.8 1TAG Tactical Income 1/3/12 Global All Asset Tactical All-Inclusive 1.74 -0.10 — — 0.5 1TAG Tactical Moderate 1/3/06 Global All Asset Hybrid Broad Market -1.29 0.70 1.56 4.46 54.5 1TAMP US Tactical ETF Income – BIG 1/2/13 United States Balanced Tactical Broad Market — — — — 0.0 1TAMP US Tactical ETF L/S – PULSE 1/2/13 United States Alternative Tactical Broad Market -8.47 11.52 — — 0.8 1

TCIA ETF L1 7/29/11 United States All Asset Strategic All-Inclusive 1.13 3.01 — — 4.3 1TCIA ETF L2 7/29/11 United States All Asset Strategic All-Inclusive 0.99 3.95 — — 6.0 1The Capital CMC Global ETF 12/31/07 Global Equity Tactical Country/Region 1.01 6.07 5.88 — 5.3 1Trademark Tactical Risk Strategy 10/1/07 United States Balanced Tactical All-Inclusive -1.47 4.05 2.98 — 32.7 1Transamerica I-Series Portfolio I 1/6/10 United States Fixed Income Strategic All-Inclusive 1.82 1.95 2.94 — 24.0 1

Transamerica I-Series Portfolio II 6/18/07 United States Balanced Strategic All-Inclusive 1.68 2.99 3.79 — 37.7 1Transamerica I-Series Portfolio III 6/18/07 United States Balanced Strategic All-Inclusive 1.81 3.89 4.98 — 82.6 1Transamerica I-Series Portfolio IV 6/18/07 Global Balanced Strategic All-Inclusive 1.62 4.81 5.69 — 150.7 1Transamerica I-Series Portfolio V 6/18/07 Global Equity Strategic All-Inclusive 1.39 5.47 5.99 — 41.9 1Transamerica I-Series Portfolio VI 6/18/07 Global Equity Strategic All-Inclusive 1.27 6.70 6.85 — 17.4 1

TRC Global Core Equity 3/13/13 Global Equity Tactical Broad Market 4.97 11.84 — — 101.6 1TTM 500 Strategy 10/1/12 United States Equity Tactical Broad Market — — — — 0.0 1TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive -2.22 12.78 8.22 — 6.3 1TTM Tactical Core/Satellite Strategy 6/2/14 United States Balanced Tactical All-Inclusive -1.00 — — — 6.3 1TTM Trend Aggregation Ultra 1/31/14 Global All Asset Tactical All-Inclusive -7.66 — — — 0.8 1

TTM Trend Aggregation-All Asset 11/1/12 Global All Asset Tactical All-Inclusive -6.09 -1.75 — — 2.1 1TTM Trend Aggregation-Income 6/1/10 Global All Asset Tactical All-Inclusive -1.55 -2.58 2.22 — 0.5 1UBS PWS Diversified Income 6/29/12 Global Balanced Tactical All-Inclusive 2.87 1.10 — — 34.8 1UBS PWS Diversified Income w/ Muni 7/31/12 Global Balanced Tactical All-Inclusive 2.51 1.42 — — 15.7 1UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 0.65 2.98 — — 691.1 1

UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Global Balanced Tactical Broad Market 0.12 4.21 — — 85.1 1Vanguard Core 10%Equity/90%FixedInc. 1/2/14 Global Fixed Income Strategic Broad Market 2.94 — — — 0.9 4Vanguard CORE 100% Equity 1/3/12 Global Equity Strategic Broad Market 0.51 7.52 — — 8.7 4Vanguard CORE 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 3.16 2.71 — — 4.0 4Vanguard CORE 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market 2.70 3.78 — — 8.8 4

Vanguard CORE 30%Equity/70%FixedInc. 1/2/14 Global Fixed Income Strategic Broad Market 2.46 — — — 4.8 4Vanguard CORE 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 2.19 4.79 — — 19.7 4Vanguard CORE 50%Equity/50%FixedInc. 1/2/14 Global Balanced Strategic Broad Market 1.94 — — — 3.6 4Vanguard CORE 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 1.67 5.75 — — 69.3 4Vanguard CORE 70%Equity/30%FixedInc. 1/2/14 Global Equity Strategic Broad Market 1.40 — — — 13.2 4

Vanguard CORE 80%Equity/20%FixedInc. 1/2/12 Global Equity Strategic Broad Market 1.11 6.66 — — 51.0 4Vanguard CORE 90%Equity/10%FixedInc. 1/2/14 Global Equity Strategic Broad Market 0.80 — — — 0.7 4Vanguard CRSP 10%Equity/90%FixedInc. 1/2/14 Global Fixed Income Strategic Broad Market 2.94 — — — 2.4 4Vanguard CRSP 100% Equity 1/4/10 Global Equity Strategic Broad Market 0.35 7.58 7.65 — 97.1 4Vanguard CRSP 100% Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 3.17 2.72 3.89 — 12.2 4

Vanguard CRSP 20%Equity/80%FixedInc. 1/4/10 Global Fixed Income Strategic Broad Market 2.68 3.80 4.76 — 116.7 4Vanguard CRSP 30%Equity/70%FixedInc. 1/2/14 Global Balanced Strategic Broad Market 2.42 — — — 53.4 4Vanguard CRSP 40%Equity/60%FixedInc. 1/4/10 Global Balanced Strategic Broad Market 2.14 4.83 5.58 — 292.9 4Vanguard CRSP 50%Equity/50%FixedInc. 1/2/14 Global Balanced Strategic Broad Market 1.86 — — — 13.5 4Vanguard CRSP 60%Equity/40%FixedInc. 1/4/10 Global Balanced Strategic Broad Market 1.58 5.79 6.32 — 612.1 4

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 23: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 23 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Vanguard CRSP 70%Equity/30%FixedInc. 1/3/12 Global Equity Strategic Broad Market 1.28 6.26 — — 300.7 4Vanguard CRSP 80%Equity/20%FixedInc. 1/4/10 Global Equity Strategic Broad Market 1.00 6.72 7.02 — 308.6 4Vanguard CRSP 90%Equity/10%FixedInc. 1/2/14 Global Equity Strategic Broad Market 0.68 — — — 2.9 4Vanguard Russell 10%Equity/90%FixedInc. 1/2/14 Global Fixed Income Strategic Broad Market 2.92 — — — 0.0 4Vanguard Russell 100% Equity 1/3/12 Global Equity Strategic Broad Market 0.30 7.56 — — 7.2 4

Vanguard Russell 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 3.17 2.72 — — 0.1 4Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market 2.66 3.79 — — 0.2 4Vanguard Russell 30%Equity/70%Fixed Inc 1/2/14 Global Balanced Strategic Broad Market 2.41 — — — 0.1 4Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 2.12 4.80 — — 1.9 4Vanguard Russell 50%Equity/50%Fixed Inc 1/2/14 Global Balanced Strategic Broad Market 1.84 — — — 0.1 4

Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 1.55 5.78 — — 5.6 4Vanguard Russell 70%Equity/30%Fixed Inc 1/2/14 Global Equity Strategic Broad Market 1.25 — — — 1.2 4Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Global Equity Strategic Broad Market 0.95 6.69 — — 8.2 4Vanguard Russell 90%Equity/10%FixedInc. 1/2/14 Global Equity Strategic Broad Market 0.62 — — — 0.2 4Vanguard S&P 10%Equity/90%FixedInc. 1/2/14 Global Fixed Income Strategic Broad Market 2.93 — — — 3.3 4

Vanguard S&P 100% Equity 1/3/12 Global Equity Strategic Broad Market 0.30 7.61 — — 25.8 4Vanguard S&P 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 3.17 2.72 — — 4.0 4Vanguard S&P 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market 2.66 3.80 — — 33.1 4Vanguard S&P 30%Equity/70%FixedInc. 1/2/14 Global Fixed Income Strategic Broad Market 2.40 — — — 32.6 4Vanguard S&P 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 2.13 4.83 — — 118.9 4

Vanguard S&P 50%Equity/50%FixedInc. 1/2/14 Global Balanced Strategic Broad Market 1.84 — — — 40.2 4Vanguard S&P 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 1.55 5.81 — — 320.7 4Vanguard S&P 70%Equity/30%FixedInc. 1/2/14 Global Fixed Income Strategic Broad Market 1.24 — — — 91.5 4Vanguard S&P 80%Equity/20%FixedInc. 1/3/12 Global Equity Strategic Broad Market 0.94 6.73 — — 117.9 4Vanguard S&P 90%Equity/10%FixedInc. 1/2/14 Global Equity Strategic Broad Market 0.62 — — — 14.0 4

VCM Balanced ETF Strategy 6/1/09 Global Balanced Tactical All-Inclusive 1.25 3.78 4.59 — 21.3 1Voya GPMM Aggressive Growth ETF 1/2/13 Global Equity Hybrid Broad Market 4.60 5.10 — — 0.0 1Voya GPMM Conservative Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 5.09 3.87 — — 0.0 1Voya GPMM Income ETF 1/2/13 United States Fixed Income Hybrid Broad Market 5.12 2.01 — — 0.0 1Voya GPMM Moderate Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 4.92 4.53 — — 0.0 1

WBI Global Tactical Rotation 8/31/92 Global Equity Tactical All-Inclusive -0.52 4.21 3.88 5.58 12.6 1Wela Agg Yield 5/3/10 Global All Asset Tactical All-Inclusive 4.84 2.48 5.75 — 12.2 1Wela All Growth 12/1/10 Global Equity Tactical All-Inclusive 0.79 6.14 6.22 — 2.9 1Wela Own Your Age (OYA)- 20 12/1/08 Global Equity Hybrid All-Inclusive 1.06 5.23 5.71 — 8.8 1Wela Own Your Age (OYA)- 30 4/1/11 Global Equity Hybrid All-Inclusive 1.28 4.66 5.17 — 4.4 1

Wela Own Your Age (OYA)- 40 4/1/11 Global Balanced Hybrid Broad Market 1.74 4.28 5.47 — 7.4 1Wela Own Your Age (OYA)- 50 12/1/08 Global Balanced Hybrid Broad Market 1.84 3.45 4.89 — 23.4 1Wela Own Your Age (OYA)- 60 12/1/10 Global Balanced Hybrid Broad Market 2.28 2.79 4.40 — 5.7 1Wela Own Your Age (OYA)- 70 11/1/10 United States Fixed Income Hybrid All-Inclusive 4.76 3.09 5.03 — 2.8 1Wela Own Your Age (OYA)- 80 6/1/09 United States Fixed Income Hybrid All-Inclusive 4.36 2.43 4.29 — 8.5 1

WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 0.46 7.36 7.80 7.10 343.0 1WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -0.44 9.81 9.63 7.54 215.0 1WestEnd Advisors US Sector 12/31/12 United States Equity Hybrid Sector 0.17 14.49 — — 8.0 1Westport Res Mgt ETF 12/30/05 Global Equity Tactical All-Inclusive -1.34 6.94 5.91 5.58 12.1 1Windham Aggressive Portfolio 12/31/09 Global Equity Strategic Broad Market 1.35 2.09 3.26 — 8.7 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 24: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 24 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 4 ETF Managed Portfolio Strategies, 31 March 2016 (Continued)

Return %Current

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

Windham Aggressive Portfolio (Tax Mg) 9/30/09 Global Equity Strategic Broad Market 1.14 2.16 3.34 — 26.6 1Windham Conservative Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 1.82 0.55 2.46 — 21.9 1Windham Conservative Plus Portfolio 5/31/10 Global Balanced Strategic Broad Market 2.11 0.91 2.63 — 0.9 1Windham Conservative Portfolio 9/30/09 Global Fixed Income Strategic Broad Market 2.26 0.28 2.33 — 0.8 1Windham Conservative Portfolio (Tax Mg) 11/30/09 Global Fixed Income Strategic Broad Market 1.91 0.15 2.20 — 2.6 1

Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region 7.88 -6.91 -5.09 — 0.2 1Windham Global Equities Strategy 8/2/10 Global Equity Tactical All-Inclusive -0.13 1.01 1.95 — 2.3 1Windham Moderate Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 1.45 1.86 3.14 — 15.9 1Windham Moderate Plus Portfolio 12/31/09 Global Balanced Strategic Broad Market 1.65 1.43 2.94 — 4.9 1Windham Moderate Portfolio 9/30/09 Global Balanced Strategic Broad Market 1.82 1.28 2.79 — 6.3 1

Windham Moderate Portfolio (Tax Managed) 1/30/09 Global Balanced Strategic Broad Market 1.59 1.05 2.65 — 47.9 1Windham Multi-Asset Income Portfolio 11/1/10 Global All Asset Strategic Broad Market 1.60 -1.22 2.63 — 7.8 1Windham Multi-Sector Bonds Tax Exempt 8/31/10 Global Fixed Income Hybrid All-Inclusive 2.41 -0.32 2.36 — 0.1 1Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market 0.52 -0.76 1.14 — 151.8 1Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market 0.45 -0.56 — — 320.3 1

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.43 -0.02 — — 470.2 1Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive -3.54 — — — 259.2 1Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 1.18 3.10 4.86 5.69 3,332.9 1Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive 1.81 1.77 3.33 4.31 2,065.3 1Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 1.67 2.44 4.43 5.09 5,724.6 1

Winterset Active/Edge Diversified Growth 2/1/13 United States Equity Strategic All-Inclusive -4.80 2.11 — — 1.4 1Winterset Active/Edge Moderate Hybrid 2/1/13 United States All Asset Strategic All-Inclusive -6.03 -1.26 — — 1.4 1WST Asset Manager – Adaptive Balanced 12/31/04 Global Balanced Tactical Broad Market 5.23 1.40 1.02 3.45 2.5 1WST Asset Manager - All Strategy 2/28/06 Global All Asset Tactical All-Inclusive 2.90 3.42 3.75 7.17 5.9 1WST Asset Manager - Diversified Income 7/2/13 Global All Asset Tactical All-Inclusive 3.18 — — — 4.5 1

WST Asset Manager - Focused Intl Equity 9/30/13 International Equity Tactical All-Inclusive 4.28 — — — 6.9 1WST Asset Manager - Global Balanced 12/31/14 Global Balanced Tactical All-Inclusive 1.29 — — — 33.8 1WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector 4.13 3.23 4.41 9.65 121.2 1WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector -3.29 7.21 — — 262.9 1Zacks International Strategy 4/1/04 International Equity Strategic Country/Region -0.32 -1.12 -0.53 2.39 72.0 3

Source: Morningstar Inc.

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 25: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 25 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

Global All AssetMFI Global Sector 1/4/99 Hybrid Broad Market 1.46 7.61 7.02 5.55 42.3 3.47 1.30 84.30 105.49MFI Balanced Sector 1/4/99 Hybrid Broad Market 2.51 6.47 6.67 6.15 115.6 3.69 1.02 86.64 80.65MFI Capital Preservation & Income Sector 1/4/99 Hybrid Broad Market 2.34 6.36 6.43 5.62 23.0 4.17 0.73 82.26 56.44Stringer Moderate Growth 9/2/08 Hybrid All-Inclusive 1.60 5.50 6.30 — 125.5 3.55 0.92 87.99 76.66Stringer Growth 9/2/08 Hybrid All-Inclusive 1.49 6.59 6.03 — 141.8 2.65 1.22 89.02 107.84

Capital Wealth ETF Covered Call Strategy 1/2/08 Hybrid All-Inclusive 0.73 6.08 5.72 — 62.0 3.59 0.69 80.70 52.16Stringer Conservative Growth 9/2/08 Hybrid All-Inclusive 1.57 4.81 5.36 — 49.0 3.15 0.72 87.29 59.32Blue Edge Global Growth 12/31/10 Hybrid All-Inclusive -0.14 5.23 5.30 — 48.6 1.94 1.23 91.27 109.89Braver Growth Multi Strategy 4/1/10 Hybrid All-Inclusive 0.56 4.84 4.99 — 11.9 2.16 1.00 84.85 85.08Blue Edge Global Balanced 12/31/10 Hybrid All-Inclusive 0.26 4.65 4.97 — 21.5 1.85 1.12 92.13 99.27

Windhaven Diversified Aggressive 1/2/02 Hybrid All-Inclusive 1.18 3.10 4.86 5.69 3,332.9 1.90 1.05 88.70 100.79Blue Edge Global Growth & Income 12/31/10 Hybrid All-Inclusive 0.97 3.69 4.51 — 9.1 1.92 0.89 93.25 77.07Windhaven Diversified Growth 1/2/02 Hybrid All-Inclusive 1.67 2.44 4.43 5.09 5,724.6 2.06 0.80 85.69 75.78Braver Moderate Multi Strategy 12/31/08 Hybrid All-Inclusive 0.72 3.15 3.83 — 43.7 1.34 0.86 89.49 77.09Lazard Capital Allocator Ser Non-Trdtl 9/1/05 Hybrid All-Inclusive -1.02 3.56 3.63 5.40 185.3 0.88 0.98 88.47 93.29

Windhaven Diversified Conservative 1/2/02 Hybrid All-Inclusive 1.81 1.77 3.33 4.31 2,065.3 2.07 0.39 70.02 33.94Braver Conservative Multi Strategy 12/31/08 Hybrid All-Inclusive 1.76 1.90 3.23 — 33.7 1.33 0.63 88.89 53.74TAG Tactical Conservative 1/3/06 Hybrid Broad Market -0.95 -0.50 1.81 3.74 15.9 0.09 0.59 72.30 64.81TAG Tactical Moderate 1/3/06 Hybrid Broad Market -1.29 0.70 1.56 4.46 54.5 -1.14 0.98 87.94 99.27Sterling Global Allocation 12/31/10 Hybrid All-Inclusive -3.92 -0.82 1.53 — 11.0 -0.05 0.58 42.88 82.21

TAG Tactical Growth 1/3/06 Hybrid Broad Market -2.15 1.85 1.26 3.70 2.8 -1.90 1.21 86.26 119.70PDAM GLOBAL ALPHA 11/1/05 Hybrid All-Inclusive -5.48 2.14 0.85 5.16 0.8 -1.84 1.03 73.04 107.98Boston Advisors Broad Allocation Str 10/31/08 Hybrid All-Inclusive 2.35 -0.76 0.54 — 12.9 -1.66 0.77 85.39 87.91Optimus Eight Baskets Rotation 12/3/12 Hybrid Broad Market 2.18 2.88 — — 0.0 — — — —Stringer Income 10/3/11 Hybrid All-Inclusive 2.32 2.79 — — 0.7 — — — —

Charles Schwab SMP-ETFs Blend - Agg Gr 12/31/09 Hybrid All-Inclusive — — — — 94.1 — — — —Charles Schwab SMP-ETFs Blend - Balanced 12/31/09 Hybrid All-Inclusive — — — — 289.8 — — — —Charles Schwab SMP-ETFs Blend - Growth 12/31/09 Hybrid All-Inclusive — — — — 350.2 — — — —Charles Schwab SMP-ETFs Blnd - Bal w/ Gr 12/31/09 Hybrid All-Inclusive — — — — 518.6 — — — —Charles Schwab SMP-ETFs Blnd - Inc w/ Gr 12/31/09 Hybrid All-Inclusive — — — — 202.8 — — — —Charles Schwab SMP-ETFs Td-Pty-Ic w/ Gr 12/31/09 Hybrid All-Inclusive — — — — 265.1 — — — —Charles Schwab SMP-ETFs Thd-Pty - Agg Gr 12/31/09 Hybrid All-Inclusive — — — — 162.5 — — — —Charles Schwab SMP-ETFs Thd-Pty-Bl w/ Gr 12/31/09 Hybrid All-Inclusive — — — — 944.4 — — — —Charles Schwab SMP-ETFs Third-Party - Gr 12/31/09 Hybrid All-Inclusive — — — — 517.3 — — — —Charles Schwab SMP-ETFs Third-Pty - Bal 12/31/09 Hybrid All-Inclusive — — — — 511.6 — — — —CLS Active Real 7/1/14 Hybrid Sector 2.32 — — — 0.1 — — — —Newfound Tailwinds Conservative Idx 6/16/14 Hybrid All-Inclusive 0.75 — — — 0.1 — — — —Newfound Tailwinds Growth Idx 7/1/14 Hybrid All-Inclusive 0.33 — — — 4.2 — — — —Newfound Tailwinds Moderate Cmp 6/2/14 Hybrid All-Inclusive -0.12 — — — 3.1 — — — —Baring Global Dynamic Asset Allocation 6/30/10 Strategic All-Inclusive -0.03 4.35 5.01 — 257.1 2.92 0.69 77.35 63.63Natixis / AIA Mgd ETF - Aggressive 11/2/05 Strategic Broad Market 1.74 3.92 4.66 4.66 1.4 1.31 1.23 93.25 114.26ClearRock Diversified Moderate Growth 10/1/09 Strategic All-Inclusive -0.99 3.86 4.21 — 24.5 1.47 0.97 86.17 89.60NewSquare MACRO Conservative 1/1/10 Strategic All-Inclusive 3.73 2.64 3.97 — 51.3 2.27 0.56 68.79 40.94ClearRock Diversified Conservative Gr 10/1/09 Strategic All-Inclusive -0.32 2.93 3.86 — 38.5 1.40 0.85 88.58 78.03ClearRock Diversified Aggressive Growth 10/1/09 Strategic All-Inclusive -1.35 3.95 3.61 — 24.2 0.46 1.17 85.70 115.42

Page 26: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 26 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

NewSquare MACRO Moderate 1/1/10 Strategic All-Inclusive 3.44 2.32 2.89 — 17.0 0.86 0.70 77.34 58.64NewSquare MACRO Growth 1/4/10 Strategic All-Inclusive 3.21 2.36 2.73 — 5.0 0.52 0.78 79.46 67.37Windham Multi-Asset Income Portfolio 11/1/10 Strategic Broad Market 1.60 -1.22 2.63 — 7.8 0.26 0.83 86.21 84.87NewSquare MACRO Aggressive 1/4/11 Strategic All-Inclusive 2.13 1.22 2.56 — 0.7 0.18 0.84 81.74 73.23NewSquare MACRO Mod Inflation-Correlated 1/1/10 Strategic All-Inclusive 2.83 1.38 1.89 — 6.1 -0.46 0.84 80.35 77.36NewSquare MACRO Agr Inflation-Correlated 3/1/11 Strategic All-Inclusive 2.70 0.69 1.78 — 1.2 -1.12 1.07 86.47 105.94iSectors Endowment Allocation 1/1/09 Strategic All-Inclusive 2.91 1.32 1.74 — 1.3 -0.87 0.92 94.62 95.75iSectors Inflation Protected Allocation 10/1/09 Strategic All-Inclusive 7.78 -5.95 -3.48 — 1.6 -5.68 0.82 55.18 109.66Appleton Group Managed Income 4/2/12 Strategic All-Inclusive 4.06 1.84 — — 2.5 — — — —Keystone Wealth MultiAsset AlphaRotation 8/1/12 Strategic All-Inclusive -1.35 -4.28 — — 0.3 — — — —Auour Instinct Global High Yield 6/2/14 Strategic All-Inclusive 3.38 — — — 1.2 — — — —CMG Opportunistic All Asset ETF Strategy 1/3/07 Tactical All-Inclusive 1.66 3.81 6.80 — 22.0 4.71 0.69 57.24 62.28SSGA Aggressive Tactical 9/2/08 Tactical All-Inclusive 1.09 5.68 6.35 — 910.2 3.02 1.18 92.13 100.74SSGA Moderate Tactical 9/2/08 Tactical All-Inclusive 1.45 4.88 6.03 — 2,651.3 3.28 0.93 91.54 75.62Wela Agg Yield 5/3/10 Tactical All-Inclusive 4.84 2.48 5.75 — 12.2 3.68 0.69 65.92 45.85MCM Apto 9/29/06 Tactical All-Inclusive -1.79 6.71 5.38 — 1.6 2.50 1.06 74.32 94.58Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Tactical All-Inclusive 1.78 8.16 5.32 — 68.0 2.75 0.96 61.51 88.84Sterling Tactical Rotation Strategy 2/1/10 Tactical Broad Market -3.72 2.82 5.17 — 256.0 3.70 0.51 33.19 55.21CMG Tactical Rotation Strategy 2/1/10 Tactical Broad Market -4.17 2.62 4.85 — 8.6 3.38 0.52 33.23 57.90SignalPoint High Income Point 10/31/08 Tactical All-Inclusive 4.60 2.84 4.57 — 1.2 2.62 0.64 72.90 49.11JAForlines Global Tactical Allocation 1/2/04 Tactical All-Inclusive 2.43 5.22 4.46 5.27 303.5 2.23 0.76 76.11 70.81JAForlines Global Tactical Conservative 1/2/04 Tactical All-Inclusive 3.06 4.94 4.44 5.49 22.9 2.43 0.67 77.96 60.16Cougar Global GTS w/ Mod Growth (MAR 10) 3/1/11 Tactical All-Inclusive -0.15 4.41 4.13 — 329.9 1.45 0.98 73.60 103.17Ibbotson Global Tactical* 12/29/10 Tactical Broad Market 1.06 5.79 3.93 — 0.0 1.30 0.95 78.74 88.51WST Asset Manager - All Strategy 2/28/06 Tactical All-Inclusive 2.90 3.42 3.75 7.17 5.9 1.64 0.76 58.16 80.20Capital Advisors Dynamic Allocation 9/30/09 Tactical Broad Market 2.25 4.15 3.52 — 54.5 1.73 0.62 56.87 67.89Cougar Global GTS w/ Cons Growth (MAR 8) 10/31/01 Tactical All-Inclusive 1.52 3.43 3.46 4.70 682.8 1.56 0.67 57.46 77.11Nuveen Intelligent Risk Cnsrv Allc 6/1/09 Tactical Broad Market 3.69 -0.08 3.41 — 1.5 2.04 0.45 51.99 44.48Hays TMAC Portfolio 12/31/09 Tactical All-Inclusive 1.11 3.15 3.15 — 412.6 1.13 0.71 65.29 64.03Glovista Global Tactical Asset Alloc 10/1/07 Tactical All-Inclusive 4.12 1.42 2.94 — 192.2 1.24 0.57 69.35 51.67Nuveen Intelligent Risk Mod Allc 6/1/09 Tactical Broad Market 5.18 -0.63 2.78 — 2.7 0.76 0.72 63.73 83.13Cougar Global GTS w/ Income (MAR 6) 12/30/99 Tactical All-Inclusive 1.86 2.89 2.43 4.33 262.5 1.31 0.37 43.31 44.77TTM Trend Aggregation-Income 6/1/10 Tactical All-Inclusive -1.55 -2.58 2.22 — 0.5 2.07 0.06 1.12 18.04QA Tactical All Market 4/1/09 Tactical All-Inclusive 1.33 2.37 1.44 — 125.3 -0.19 0.57 58.45 64.94Clark Navigator Alternative 8/31/07 Tactical All-Inclusive -0.03 3.15 1.30 — 34.1 -1.01 0.83 77.77 82.99

Windham Risk Regime I 3/1/10 Tactical Broad Market 0.52 -0.76 1.14 — 151.8 -1.11 0.79 84.61 89.32Nuveen Intelligent Risk Growth Allc 6/1/09 Tactical Broad Market 3.21 -2.08 0.06 — 1.6 -3.26 1.28 88.15 150.37iSectors Tactical Glbl Bal Allocation 12/1/10 Tactical Broad Market -0.40 -0.17 -0.52 — 1.9 -1.76 0.43 42.36 62.58First Nat Chapoquoit Aggressive Dynamic 11/1/12 Tactical All-Inclusive 4.47 13.88 — — 4.9 — — — —First Nat Chapoquoit Dynamic Mod Port 1/2/13 Tactical All-Inclusive 3.55 13.18 — — 0.9 — — — —Canterbury Portfolio Thermostat 8/31/12 Tactical All-Inclusive 2.16 6.15 — — 266.0 — — — —NorthCoast Tactical Growth 2/1/13 Tactical All-Inclusive 0.91 4.66 — — 219.0 — — — —Clothier Springs Global Hedged Plus 9/30/11 Tactical All-Inclusive 2.13 3.83 — — 12.4 — — — —Cougar Global GTS w/ Growth (MAR 12) 12/30/11 Tactical All-Inclusive -0.53 3.68 — — 28.4 — — — —JAForlines Global Tactical Income 9/4/12 Tactical All-Inclusive 4.24 2.17 — — 10.4 — — — —BCM Decathlon Growth Tactics 10/1/12 Tactical All-Inclusive -8.27 2.06 — — 57.0 — — — —Sage Tactical ETF Multi Asset Income 6/30/11 Tactical All-Inclusive 1.03 1.72 — — 38.7 — — — —BCM Decathlon Moderate Tactics 10/1/12 Tactical All-Inclusive -3.56 1.36 — — 63.2 — — — —BCM Decathlon Conservative Tactics 10/1/12 Tactical All-Inclusive -0.40 -0.08 — — 8.0 — — — —TAG Tactical Income 1/3/12 Tactical All-Inclusive 1.74 -0.10 — — 0.5 — — — —

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 27: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 27 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

TTM Trend Aggregation-All Asset 11/1/12 Tactical All-Inclusive -6.09 -1.75 — — 2.1 — — — —PCM Conservative Portfolio Composite 1/2/12 Tactical All-Inclusive 2.27 -2.53 — — 0.1 — — — —PCM Ruby Multi-Strategy HF Composite 5/1/12 Tactical All-Inclusive 1.75 -2.75 — — 2.6 — — — —PCM Stable Growth Plus+ Composite 11/1/11 Tactical Country/Region 0.53 -3.47 — — 5.0 — — — —PCM Sapphire Global Macro HF Composite 5/1/12 Tactical All-Inclusive 0.73 -4.03 — — 0.5 — — — —PCM Super Global Macro 5/31/12 Tactical All-Inclusive 1.58 -4.04 — — 5.6 — — — —Fund Architects Global ETF 12/31/07 Tactical All-Inclusive — — — — 0.0 — — — —Longview Capital Global Allocation 7/1/08 Tactical All-Inclusive 4.09 — — — NR — — — —Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Tactical Broad Market — — — — 77.2 — — — —Congress Capital Risk Managed Assets 12/2/13 Tactical Broad Market -2.12 — — — 72.8 — — — —Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Tactical Broad Market 0.33 — — — 0.2 — — — —Newfound Multi Asset Income 11/27/13 Tactical Broad Market 1.32 — — — 105.5 — — — —Windham Risk Regime Other 2/28/14 Tactical All-Inclusive -3.54 — — — 259.2 — — — —SelectAlts Fleet Strategy 5/31/13 Tactical All-Inclusive -12.80 — — — 1.4 — — — —Nottingham Real Return Strategy 12/2/13 Tactical All-Inclusive 3.38 — — — 1.5 — — — —TTM Trend Aggregation Ultra 1/31/14 Tactical All-Inclusive -7.66 — — — 0.8 — — — —FFCM Dynamic Multi-Asset 4/1/14 Tactical All-Inclusive -0.47 — — — 16.6 — — — —Quartz Spectrum 3/2/15 Tactical All-Inclusive -0.04 — — — 8.5 — — — —WST Asset Manager - Diversified Income 7/2/13 Tactical All-Inclusive 3.18 — — — 4.5 — — — —Mellon Capital Defensive Multi-Asset 3/31/10 Tactical All-Inclusive — — — — NR — — — —Mellon Capital Defensive Multi-Asset Inc 2/28/11 Tactical All-Inclusive — — — — NR — — — —Cantu Tactical Global ETF Strategy 10/1/15 Tactical All-Inclusive 9.24 — — — 0.5 — — — —Global All Asset Median 1.46 2.80 3.79 5.16

Hybrid Median 0.97 3.15 4.51 5.16Strategic Median 2.70 2.08 2.81 4.66Tactical Median 1.33 2.82 3.75 —Global All Asset Blended Benchmark 2.19 2.09 2.83 4.64

Global AlternativeMain Management BuyWrite Hedged Equity 9/3/04 Hybrid Broad Market -1.65 6.14 6.30 5.59 187.7 -0.59 0.60 72.67 49.41SignalPoint Currency Point 10/31/08 Hybrid Country/Region 3.52 -2.38 -1.73 — 0.1 -3.75 0.17 27.39 26.20CLS Active Alternative 8/1/14 Hybrid All-Inclusive 0.84 — — — 8.4 — — — —IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Strategic Broad Market 1.64 3.04 2.76 — 80.4 -0.79 0.30 68.61 36.68iSectors Liquid Alternatives Allocation 4/1/09 Strategic All-Inclusive 1.76 -0.43 -0.38 — 1.8 -6.01 0.50 66.18 66.38

iSectors Precious Metals Allocation 11/1/10 Strategic Sector 15.16 -11.43 -7.46 — 2.5 -10.55 0.44 6.07 49.89PCM Absolute Commodity Composite 11/2/09 Tactical All-Inclusive 1.85 -9.56 -14.00 — 0.9 -16.84 0.23 4.34 82.71Sitka Absolute Return 9/1/05 Tactical All-Inclusive — — — — 0.0 — — — —Longview Capital Tactical Commodity 8/3/09 Tactical All-Inclusive — — — — NR — — — —Optimus Global Advantage All Asset 3/30/12 Tactical Broad Market 9.14 4.16 — — 0.0 — — — —

Keystone Wealth Commodity AlphaRotation 8/1/12 Tactical Broad Market -5.33 -23.04 — — 0.0 — — — —CLS Protection Quad 3/3/14 Tactical Broad Market 2.19 — — — 8.3 — — — —Optimus Global Long/Short 8/1/13 Tactical All-Inclusive 5.48 — — — 1.1 — — — —Broadmeadow Enhanced Global Commodity 9/30/13 Tactical All-Inclusive 1.23 — — — 0.0 — — — —IPS Absolute Return Strategy 2/1/11 Tactical All-Inclusive — — — — 60.0 — — — —Global Alternative Median 1.81 -1.41 -1.05 5.59

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 28: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 28 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

Global BalancedWestEnd Advisors Global Balanced 12/31/04 Hybrid All-Inclusive 0.46 7.36 7.80 7.10 343.0 2.83 1.06 92.03 95.01GLOBALT innovatETF Stratg Balnc Wrap 12/31/03 Hybrid All-Inclusive 1.38 6.06 6.31 5.85 383.7 1.98 0.92 90.67 83.92Nottingham Global All Asset 12/31/04 Hybrid All-Inclusive 1.22 5.79 6.15 4.35 372.0 2.23 0.82 91.72 75.43GLOBALT innovatETF Stratg Consrvt Wrap 3/31/04 Hybrid All-Inclusive 1.92 5.53 6.06 6.00 42.3 2.43 0.75 88.56 65.11CKW Opportunistic Global Balanced 11/3/03 Hybrid Broad Market 0.90 5.87 5.70 5.92 267.9 0.28 1.20 93.62 117.83

RiverFront Moderate Growth and Income 10/1/03 Hybrid All-Inclusive 0.27 5.36 5.67 5.43 2,393.3 1.64 0.86 88.87 82.92QA Global Balanced 60/40 11/1/00 Hybrid All-Inclusive 0.85 5.21 5.66 5.30 53.9 1.70 0.84 90.89 78.67Sage Target Date 2025 Fund 12/31/08 Hybrid Broad Market 1.37 5.19 5.58 — 259.5 1.21 0.94 89.43 94.13Wela Own Your Age (OYA)- 40 4/1/11 Hybrid Broad Market 1.74 4.28 5.47 — 7.4 1.14 0.93 93.27 89.31RiverFront ETF Moderate Growth & Income 4/3/06 Hybrid All-Inclusive 0.47 5.25 5.34 4.88 298.9 1.14 0.90 90.24 87.98

Innealta Global All Asset Opp Consrv 12/31/09 Hybrid Broad Market 2.31 2.08 5.28 — 17.3 1.41 0.83 82.48 69.55Morningstar ETF Momentum Moderate Growth* 12/29/10 Hybrid Broad Market 1.59 5.69 5.26 — 86.8 0.60 1.01 93.44 101.18RiverFront Conservative Growth 10/1/03 Hybrid All-Inclusive 0.26 5.35 5.25 4.90 73.6 1.18 0.87 88.97 86.27Nottingham Global Balanced 12/31/04 Hybrid All-Inclusive 1.28 4.30 5.16 4.04 166.5 1.90 0.68 93.03 62.03Morningstar ETF Contrarian & Income* 12/31/10 Hybrid All-Inclusive 2.71 3.89 5.10 — 36.2 1.92 0.66 94.15 61.13

QA Global Balanced 40/60 11/3/03 Hybrid All-Inclusive 1.47 4.03 5.02 4.91 14.9 2.10 0.60 87.20 53.553D ETF Global 60 Portfolio - Tax Sen. 10/2/06 Hybrid Broad Market 2.09 4.56 4.92 — 49.1 0.73 0.90 93.28 86.09Wela Own Your Age (OYA)- 50 12/1/08 Hybrid Broad Market 1.84 3.45 4.89 — 23.4 1.16 0.79 92.04 76.03Innealta Global All Asset Opp Moderate 12/31/09 Hybrid Broad Market 1.92 1.92 4.86 — 28.0 -0.32 1.16 88.11 107.61RiverFront Conservative Income Builder 5/1/09 Hybrid All-Inclusive 0.86 4.13 4.85 — 156.6 2.00 0.59 89.53 51.98

Sage Target Date 2015 Fund 12/31/08 Hybrid Broad Market 1.34 4.06 4.76 — 123.6 1.43 0.70 88.21 66.97Strategies Moderate Growth 6/30/95 Hybrid All-Inclusive 1.83 3.96 4.68 3.88 11.4 0.00 1.02 97.58 100.44QA Global Balanced Flex - Moderate 1/1/10 Hybrid All-Inclusive 0.07 4.44 4.64 — 173.8 1.40 0.68 82.79 69.83CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Hybrid All-Inclusive 0.96 3.74 4.63 4.90 177.6 0.44 0.90 94.54 87.283D ETF Global 60 Portfolio 8/1/06 Hybrid Broad Market 2.07 4.31 4.57 — 190.7 0.09 0.98 93.87 93.78

Morningstar ETF Momentum Income & Growth* 12/29/10 Hybrid Broad Market 2.13 4.25 4.53 — 37.1 1.03 0.74 93.75 72.28SRCM Growth & Income Blend Portfolio 1/2/04 Hybrid Broad Market 1.60 3.41 4.46 4.46 3.3 -0.13 1.01 90.20 99.22AEPG All-Weather Global 70/30 1/4/10 Hybrid All-Inclusive 0.98 5.03 4.41 — 57.4 0.14 0.93 94.50 89.44Wela Own Your Age (OYA)- 60 12/1/10 Hybrid Broad Market 2.28 2.79 4.40 — 5.7 1.24 0.66 88.15 62.89Sage Target Date Retirement Income Fund 12/31/08 Hybrid Broad Market 1.35 3.44 4.38 — 41.2 1.65 0.56 85.01 51.90

Strategies Moderately Conservative 3/31/93 Hybrid All-Inclusive 2.07 3.25 4.34 4.50 29.1 0.73 0.76 96.86 72.54QA Global Balanced Flex - Conservative 1/1/10 Hybrid All-Inclusive 0.85 3.40 4.30 — 41.2 1.88 0.50 78.48 47.56SignalPoint Universal Signal 10/31/08 Hybrid All-Inclusive 3.07 3.15 4.27 — 10.2 0.31 0.85 88.84 80.64SRCM Income & Preservation Portfolio 1/2/04 Hybrid Broad Market 1.11 2.12 4.26 4.25 1.4 1.15 0.66 78.73 60.85Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 Hybrid Broad Market 2.40 3.61 4.19 — 2.0 0.36 0.82 96.42 80.32

3D ETF Global 40 Portfolio - Tax Sen. 12/1/06 Hybrid Broad Market 1.78 3.45 4.16 — 10.6 1.09 0.64 91.22 58.87Innealta Global All Asset Conservative 12/31/09 Hybrid Broad Market 2.36 1.10 4.13 — 41.6 0.61 0.75 87.39 68.23SRCM Growth & Income Portfolio 1/2/04 Hybrid Broad Market 1.13 2.45 4.13 3.95 3.3 0.29 0.83 87.12 80.97Strategies Conservative 1/31/95 Hybrid All-Inclusive 2.07 2.83 4.09 4.20 14.6 1.34 0.57 93.01 51.11Strategies Moderate 1/3/95 Hybrid All-Inclusive 2.06 3.18 4.08 3.67 38.9 -0.10 0.90 97.74 89.34

AEPG All-Weather Global 60/40 1/4/10 Hybrid All-Inclusive 1.18 4.64 4.06 — 37.6 0.31 0.80 94.58 76.90Green Inv Mgt Strategic Global Balanced 6/1/10 Hybrid Broad Market 2.55 3.56 3.93 — 7.0 0.15 0.81 96.03 80.40AEPG All-Weather Global 50/50 1/4/10 Hybrid All-Inclusive 1.34 4.21 3.84 — 24.8 0.63 0.68 94.42 63.21Innealta Global All Asset Moderate 12/31/09 Hybrid Broad Market 1.97 1.04 3.59 — 79.2 -1.10 1.04 90.91 103.22Lazard Cptl Allctr Ser Divsfd 60/40 (TE) 3/1/06 Hybrid All-Inclusive 0.46 3.32 3.51 4.32 Incl. -1.16 1.03 95.46 107.29

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 29: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 29 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

3D ETF Global 40 Portfolio 10/2/06 Hybrid Broad Market 2.12 3.04 3.47 — 30.6 -0.15 0.78 92.55 73.59Green Inv Mgt - Guardian Bal 7/2/90 Hybrid Broad Market 1.02 3.47 3.46 3.68 11.0 -1.04 0.99 93.93 105.05AEPG All-Weather Global 40/60 1/4/10 Hybrid All-Inclusive 1.49 3.72 3.43 — 7.3 0.80 0.55 93.16 49.82Green Inv Mgt - Guardian Bal Inc 7/1/96 Hybrid Broad Market 1.72 2.68 3.13 4.14 4.0 0.01 0.66 90.10 68.20Lazard Cptl Allctr Ser Divsfd 60/40 (TX) 4/1/05 Hybrid All-Inclusive -0.40 2.72 3.08 3.83 Incl. -1.54 1.02 94.90 107.42

Green Inv Mgt - Guardian Cnsv Bal 6/1/94 Hybrid Broad Market 0.92 2.70 2.96 3.21 6.0 -1.05 0.87 94.15 92.64Lazard Cptl Allctr Ser Divsfd 40/60 (TX) 2/1/07 Hybrid All-Inclusive -0.32 2.29 2.88 — Incl. -0.85 0.81 94.63 83.51Clark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Hybrid All-Inclusive 3.31 1.99 2.52 6.27 19.1 -0.28 0.59 83.55 62.47Clark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Hybrid All-Inclusive 1.78 1.49 1.31 4.63 25.3 -1.97 0.71 90.06 79.32SEI Tactical ETF Market Growth Strategy 1/2/13 Hybrid Broad Market 1.93 5.13 — — 436.3 — — — —

Voya GPMM Moderate Growth ETF 1/2/13 Hybrid Broad Market 4.92 4.53 — — 0.0 — — — —SEI Tactical ETF Moderate Strategy 1/2/13 Hybrid Broad Market 3.43 4.21 — — 276.5 — — — —RiverFront ETF Conservative Income Bldr 10/1/12 Hybrid All-Inclusive 0.87 3.89 — — 18.2 — — — —Voya GPMM Conservative Growth ETF 1/2/13 Hybrid Broad Market 5.09 3.87 — — 0.0 — — — —CLS Active Income 3/3/14 Hybrid All-Inclusive 1.77 — — — 1.7 — — — —

SA ETF Portfolio VI 9/1/14 Hybrid All-Inclusive 1.21 — — — 0.1 — — — —First Ascent Global Explorer 40 12/31/15 Hybrid All-Inclusive 2.10 — — — 0.9 — — — —First Ascent Global Explorer 60 12/31/15 Hybrid All-Inclusive 1.59 — — — 0.7 — — — —New Frontier ETF Global Balanced 10/29/04 Strategic Broad Market 2.47 5.41 6.73 5.42 447.1 2.44 0.90 93.62 79.42New Frontier ETF Global Balanced Growth 10/29/04 Strategic Broad Market 1.78 5.77 6.59 5.11 325.3 1.40 1.13 96.75 105.95

New Frontier ETF Global Balanced (Tax) 10/29/04 Strategic Broad Market 1.71 5.63 6.47 5.01 152.5 2.20 0.90 95.85 79.29Main Management All Asset Global Balance 11/8/06 Strategic All-Inclusive 1.04 6.77 6.41 — 125.1 1.98 0.95 90.69 85.92New Frontier ETF Global Bal Growth (Tax) 10/29/04 Strategic Broad Market 1.16 5.91 6.38 4.88 115.5 1.19 1.13 96.67 105.96Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Strategic Broad Market 1.58 5.79 6.32 — 612.1 2.29 0.84 95.75 75.58New Frontier ETF Global Balanced Income 10/29/04 Strategic Broad Market 2.93 4.42 6.21 5.43 122.6 3.30 0.59 80.38 45.54

New Frontier ETF Global Bal Income (Tax) 10/29/04 Strategic Broad Market 2.17 4.95 6.17 4.91 48.0 3.27 0.58 86.35 43.99Stairway Tax-Managed Dynam Alloc- Mod 5/31/05 Strategic Broad Market 1.18 4.74 5.85 5.33 45.2 1.03 1.04 96.55 100.18Natixis / AIA Mgd ETF - Inc. Cons 6/30/06 Strategic Broad Market 4.29 4.42 5.81 — 3.2 3.18 0.53 73.35 42.15Stairway Tax-Managed Dynam Alloc – Cons 1/31/05 Strategic Broad Market 1.36 4.28 5.78 5.53 25.4 1.93 0.81 95.32 73.11Natixis / AIA Mgd ETF - Moderate Strat 1/3/06 Strategic Broad Market 2.11 4.85 5.71 5.47 8.3 0.89 1.05 94.16 98.89

Transamerica I-Series Portfolio IV 6/18/07 Strategic All-Inclusive 1.62 4.81 5.69 — 150.7 1.05 1.00 95.28 95.22Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Strategic Broad Market 2.14 4.83 5.58 — 292.9 2.79 0.56 92.70 45.40One Capital Bal Wealth Appreciation 4/1/05 Strategic All-Inclusive 1.53 4.62 5.29 3.99 27.7 1.13 0.89 95.82 83.74Raylor Strategic World Income 4/3/06 Strategic All-Inclusive 1.46 4.75 5.28 4.63 25.0 1.28 0.85 95.31 80.81EAM Asset Allocation Moderate 2/1/11 Strategic All-Inclusive 2.80 4.26 5.25 — 5.5 1.21 0.86 90.86 80.93

iCM - Mgd ETF - Defensive Growth 1/3/05 Strategic Broad Market 2.20 4.41 5.21 5.72 3.6 2.36 0.58 93.47 48.19iSectors Global Balanced Allocation 4/1/09 Strategic Broad Market 3.57 3.33 5.13 — 5.2 0.98 0.89 95.88 87.39Ladenburg LAMP ETF Growth 3/1/05 Strategic Broad Market 0.78 4.50 5.11 4.75 NR 0.30 1.05 92.76 105.45Stairway Dynamic Allocation – Moderate 3/31/05 Strategic Broad Market 1.53 4.31 5.09 5.38 70.4 0.29 1.05 96.61 103.34iCM - Mgd ETF - Conservative Cap App 1/3/05 Strategic Broad Market 1.86 4.17 5.06 5.42 4.4 0.38 1.02 97.15 100.83

Braver Asset Allocation Moderate 12/31/08 Strategic All-Inclusive 1.54 4.65 5.04 — 108.5 0.67 0.94 94.01 92.27Natixis / AIA Mgd ETF - Conservative 6/30/06 Strategic Broad Market 2.26 3.78 4.80 — 4.1 1.27 0.74 90.86 67.26Morningstar A/P Income & Growth - TDA* 8/2/10 Strategic Broad Market 2.47 3.32 4.74 — 1.0 1.40 0.70 96.00 64.49Morningstar A/P Income & Growth-Pershing* 8/2/10 Strategic Broad Market 2.50 3.35 4.73 — 0.1 1.39 0.70 95.95 64.87Ladenburg LAMP ETF Growth and Income 2/1/05 Strategic Broad Market 0.97 3.95 4.72 5.14 NR 0.70 0.86 92.90 85.08

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 30: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 30 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

iCM - Mgd ETF - Risk Controlled Growth 1/3/05 Strategic Broad Market 1.71 3.72 4.64 5.19 8.9 0.44 0.90 97.53 88.49Morningstar A/P Income & Growth - Schwab* 8/2/10 Strategic Broad Market 2.45 3.13 4.62 — 2.7 1.30 0.69 95.55 64.63iCM - Mgd ETF - Balanced 1/3/05 Strategic Broad Market 1.97 3.68 4.57 5.34 3.7 0.92 0.77 97.45 73.31Stairway Dynamic Allocation–Conservative 1/31/05 Strategic Broad Market 2.30 3.63 4.55 5.40 209.6 0.88 0.78 96.57 73.93NewSquare Income Focus ETF 6/1/10 Strategic All-Inclusive 4.59 3.20 4.51 — 6.1 2.82 0.34 43.26 22.13

One Cap Wealth Preservation & Growth 11/3/08 Strategic All-Inclusive 1.25 3.43 4.40 — 6.1 1.26 0.65 95.32 60.13NewSquare Total Return ETF 12/1/10 Strategic All-Inclusive 4.68 3.22 4.33 — 35.4 2.65 0.34 44.78 23.03Braver Asset Allocation Conservative 12/31/08 Strategic All-Inclusive 1.58 3.39 4.07 — 15.5 0.77 0.69 94.00 67.74Ladenburg LAMP ETF Income and Growth 6/1/05 Strategic Broad Market 1.13 2.70 3.91 5.03 NR 1.04 0.60 90.95 57.12iSectors Global Conservative Allocation 5/1/09 Strategic Broad Market 3.09 1.40 3.87 — 5.9 0.78 0.65 93.68 63.47

SAM Moderate Global Growth 12/31/99 Strategic All-Inclusive 1.67 2.12 3.72 5.20 0.0 -0.85 1.01 91.06 104.01SAM Conservative Global Growth 12/31/99 Strategic All-Inclusive 1.06 1.25 3.28 4.84 0.0 -0.77 0.89 89.55 91.33Windham Moderate Plus Portf (Tax Mg) 5/31/10 Strategic Broad Market 1.45 1.86 3.14 — 15.9 -1.64 1.06 96.36 111.81Nottingham Global Income Strategy 12/31/04 Strategic Broad Market 1.82 2.24 3.03 2.72 267.1 2.25 0.14 38.37 5.93Windham Moderate Plus Portfolio 12/31/09 Strategic Broad Market 1.65 1.43 2.94 — 4.9 -1.81 1.05 96.59 112.81

Windham Moderate Portfolio 9/30/09 Strategic Broad Market 1.82 1.28 2.79 — 6.3 -1.29 0.89 95.52 94.03Windham Moderate Portfolio (Tax Managed) 1/30/09 Strategic Broad Market 1.59 1.05 2.65 — 47.9 -1.44 0.90 95.40 95.64Windham Conservative Plus Portfolio 5/31/10 Strategic Broad Market 2.11 0.91 2.63 — 0.9 -0.74 0.72 92.07 75.35Windham Conservative Plus Portf (Tax Mg) 5/31/10 Strategic Broad Market 1.82 0.55 2.46 — 21.9 -0.78 0.69 91.25 73.32Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Strategic Broad Market 1.55 5.81 — — 320.7 — — — —

Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Strategic Broad Market 1.55 5.78 — — 5.6 — — — —Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 Strategic Broad Market 1.67 5.75 — — 69.3 — — — —Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 Strategic Broad Market 2.13 4.83 — — 118.9 — — — —Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Strategic Broad Market 2.12 4.80 — — 1.9 — — — —Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 Strategic Broad Market 2.19 4.79 — — 19.7 — — — —

Ryan Investments iFolios Growth 8/31/12 Strategic All-Inclusive 2.61 2.91 — — 56.2 — — — —Maxim International Lifestyle - Growth 1/3/12 Strategic All-Inclusive 2.40 2.83 — — 40.3 — — — —Maxim International Lifestyle - Balanced 1/3/12 Strategic All-Inclusive 2.57 2.17 — — 29.2 — — — —Auour Instinct Global Balanced 5/1/14 Strategic All-Inclusive 3.15 — — — 10.7 — — — —SEI Tax-Managed ETF Moderate 1/2/14 Strategic All-Inclusive 2.86 — — — 108.8 — — — —

CLS High Quality Strategic 40 8/1/14 Strategic All-Inclusive 2.80 — — — 0.6 — — — —CLS High Quality Strategic 60 4/1/14 Strategic All-Inclusive 2.61 — — — 0.5 — — — —Vanguard CRSP 30%Equity/70%Fixed Income 1/2/14 Strategic Broad Market 2.42 — — — 53.4 — — — —Vanguard Russell 30%Equity/70%Fixed Inc 1/2/14 Strategic Broad Market 2.41 — — — 0.1 — — — —SEI Tactical ETF Core Market 9/30/15 Strategic All-Inclusive 2.17 — — — 49.3 — — — —

Vanguard CORE 50%Equity/50%Fixed Income 1/2/14 Strategic Broad Market 1.94 — — — 3.6 — — — —SEI Tax-Managed ETF Market Growth 1/2/14 Strategic All-Inclusive 1.87 — — — 178.9 — — — —Vanguard CRSP 50%Equity/50%Fixed Income 1/2/14 Strategic Broad Market 1.86 — — — 13.5 — — — —SEI Tax-Managed ETF Core Market 9/30/15 Strategic All-Inclusive 1.85 — — — 14.0 — — — —Vanguard Russell 50%Equity/50%Fixed Inc 1/2/14 Strategic Broad Market 1.84 — — — 0.1 — — — —

Vanguard S&P 50%Equity/50%Fixed Income 1/2/14 Strategic Broad Market 1.84 — — — 40.2 — — — —AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Strategic All-Inclusive — — — — 0.0 — — — —Sheaff Brock SSB Moderate Balanced 4/1/09 Tactical All-Inclusive 0.67 7.45 8.10 — 27.0 3.19 1.03 91.61 90.24Sheaff Brock SSB Conservative Balanced 6/1/09 Tactical All-Inclusive 0.96 6.06 6.83 — 29.6 2.88 0.82 92.34 69.63

Horizon Moderate ETF Portfolio 1/2/09 Tactical All-Inclusive 1.20 5.57 6.47 — 109.3 2.78 0.77 85.93 68.56

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 31: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 31 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

Richard Bernstein Global ETF Moderate 8/2/10 Tactical All-Inclusive -0.34 4.77 5.81 — 263.7 2.19 0.76 85.61 70.66Richard Bernstein Global ETF Conservativ 8/2/10 Tactical All-Inclusive 1.56 3.49 5.39 — 9.2 3.74 0.32 51.90 20.23Sage Tactical ETF Moderate Growth 7/31/09 Tactical Broad Market 1.26 4.86 5.34 — 662.7 1.13 0.91 88.51 90.48Horizon Conservative ETF Portfolio 1/1/09 Tactical All-Inclusive 1.55 4.39 5.29 — 32.0 2.79 0.50 83.71 38.62Sage Tactical ETF Moderate 12/31/07 Tactical Broad Market 1.33 3.75 4.61 — 284.0 1.52 0.65 85.51 61.16

VCM Balanced ETF Strategy 6/1/09 Tactical All-Inclusive 1.25 3.78 4.59 — 21.3 -0.09 1.02 94.67 105.31CAN SLIM Balanced 1/3/07 Tactical Sector 1.22 4.54 4.56 — 59.2 1.93 0.55 68.93 56.92Fusion Global Fusion Total Return 8/2/10 Tactical All-Inclusive 3.08 -0.26 1.76 — 1.0 -0.28 0.43 65.33 44.28WST Asset Manager – Adaptive Balanced 12/31/04 Tactical Broad Market 5.23 1.40 1.02 3.45 2.5 -1.46 0.55 47.63 75.80Dunn Warren Conservative ETF Portfolio 1/2/03 Tactical All-Inclusive -2.09 2.21 0.03 3.36 1.8 -1.52 0.35 23.26 52.53

Dunn Warren Moderate ETF Portfolio 1/2/03 Tactical All-Inclusive -1.72 2.22 -0.40 3.78 1.4 -2.06 0.38 24.18 58.92Fusion Global Fusion Tactical Equity 10/2/06 Tactical All-Inclusive 0.01 -0.40 -0.41 — 4.0 -6.22 1.36 86.83 151.12Clark Navigator Global Opportunity 2/1/06 Tactical All-Inclusive -4.30 -0.44 -0.94 2.72 13.3 -2.83 0.48 17.74 71.09PCM Multi Strategy Balanced Growth Fund 10/3/11 Tactical Broad Market 4.44 4.81 — — 46.0 — — — —UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Tactical Broad Market 0.12 4.21 — — 85.1 — — — —

Palladiem Balanced Endowment Model 1/2/12 Tactical All-Inclusive 0.71 3.51 — — 7.1 — — — —UBS PWS Global Tactical Alloc. 6/29/12 Tactical Broad Market 0.65 2.98 — — 691.1 — — — —Julex Capital Mngt Dynamic Income 10/1/12 Tactical Broad Market 0.97 2.42 — — 39.9 — — — —UBS PWS Diversified Income w/ Muni 7/31/12 Tactical All-Inclusive 2.51 1.42 — — 15.7 — — — —UBS PWS Diversified Income 6/29/12 Tactical All-Inclusive 2.87 1.10 — — 34.8 — — — —

Windham Risk Regime II 5/31/12 Tactical Broad Market 0.45 -0.56 — — 320.3 — — — —Julex Capital Mngt Dynamic Real Asset 4/1/13 Tactical All-Inclusive 2.03 -2.00 — — 0.8 — — — —Paritas Alpha Foundations 7/1/15 Tactical All-Inclusive 3.03 — — — 4.1 — — — —Dynamic Moderate Portfolio 1/2/14 Tactical All-Inclusive 2.16 — — — 21.6 — — — —BCM DynamicBelay Moderate Growth (QDIA) 12/2/14 Tactical All-Inclusive 1.80 — — — 0.8 — — — —

WST Asset Manager - Global Balanced 12/31/14 Tactical All-Inclusive 1.29 — — — 33.8 — — — —BCM Advantage Moderate Growth 1/31/14 Tactical All-Inclusive 0.54 — — — 6.4 — — — —KeystoneWealthWorld FocusedAlphaRotation 1/1/14 Tactical All-Inclusive -0.87 — — — 0.4 — — — —BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Tactical Sector -5.47 — — — 1,069.8 — — — —Fortunatus Global ETF Opportunity 6/29/07 Tactical All-Inclusive — — — — 0.0 — — — —

Global Balanced Median 1.72 3.78 4.63 4.90Hybrid Median 1.59 3.87 4.44 4.48Strategic Median 1.87 4.17 4.92 5.19Tactical Median 1.21 3.49 4.60 3.41Global Balanced Blended Benchmark 2.55 4.34 4.61 5.33

Global EquityWestEnd Advisors Global Equity 12/31/04 Hybrid All-Inclusive -0.44 9.81 9.63 7.54 215.0 3.90 0.92 95.33 85.11Morningstar ETF Contrarian* 12/31/10 Hybrid All-Inclusive 2.14 7.25 7.51 — 47.6 2.78 0.75 95.49 69.19GLOBALT innovatETF Stratg Hig Gro Wrap 6/30/03 Hybrid All-Inclusive 0.83 7.81 7.48 5.80 43.9 2.40 0.82 94.30 77.06Morningstar ETF Contrarian & Growth* 12/31/10 Hybrid All-Inclusive 1.63 7.08 7.20 — 49.7 1.96 0.85 97.74 80.43GLOBALT innovatETF Stratg Gro Wrap 9/30/03 Hybrid All-Inclusive 1.13 7.07 6.99 5.96 282.3 2.46 0.72 94.13 66.10

Sage Target Date 2045 Fund 12/31/08 Hybrid Broad Market 1.15 6.36 6.43 — 59.0 1.55 0.79 92.70 80.23QA Global Balanced 80/20 10/1/03 Hybrid All-Inclusive 0.23 6.31 6.24 5.54 42.8 1.83 0.70 93.11 69.46Sage Target Date 2035 Fund 12/31/08 Hybrid Broad Market 1.24 5.91 6.11 — 153.9 1.57 0.73 92.54 73.083D ETF Global 80 Portfolio - Tax Sen. 10/2/06 Hybrid Broad Market 2.08 6.15 6.10 — 24.9 1.38 0.76 95.49 72.023D ETF Global 100 Portfolio 7/3/06 Hybrid Broad Market 1.72 6.22 6.01 — 192.0 0.39 0.94 95.51 92.75

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 32: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 32 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

CLS ETF Risk Budget 100 - Aggressive 3/30/01 Hybrid All-Inclusive 0.45 6.08 6.01 5.02 20.6 0.32 0.95 97.15 95.93

RiverFront Dynamic Equity Income 5/1/09 Hybrid All-Inclusive -0.35 5.93 5.80 — 979.8 1.14 0.76 92.61 73.95Morningstar ETF Momentum Agg Growth* 12/29/10 Hybrid Broad Market 1.00 6.30 5.74 — 15.0 0.35 0.90 95.83 90.64Wela Own Your Age (OYA)- 20 12/1/08 Hybrid All-Inclusive 1.06 5.23 5.71 — 8.8 0.98 0.76 95.94 74.723D ETF Global 80 Portfolio 7/3/06 Hybrid Broad Market 2.05 5.71 5.68 — 113.5 0.93 0.77 96.06 74.32Blue Edge Global Equity 12/31/10 Hybrid All-Inclusive -0.41 5.80 5.63 — 30.4 -0.06 0.96 97.64 97.05

CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 Hybrid All-Inclusive 0.67 5.46 5.61 4.40 46.1 0.28 0.88 97.15 88.12Morningstar ETF Momentum Growth* 12/29/10 Hybrid Broad Market 1.12 6.06 5.50 — 42.3 0.54 0.81 95.17 82.23Nottingham Global Equity 12/31/04 Hybrid All-Inclusive -0.74 5.23 5.49 3.84 72.4 0.52 0.81 97.60 83.33AEPG All-Weather Global Growth 1/4/10 Hybrid All-Inclusive 0.25 6.34 5.28 — 7.1 0.12 0.85 97.12 85.05CLS ETF Risk Budget 80 - Moderate 12/31/01 Hybrid All-Inclusive 0.60 4.82 5.20 4.32 108.3 0.42 0.78 96.87 77.25Wela Own Your Age (OYA)- 30 4/1/11 Hybrid All-Inclusive 1.28 4.66 5.17 — 4.4 0.89 0.69 95.15 66.93Strategies Growth 8/31/93 Hybrid All-Inclusive 1.39 4.60 5.08 3.23 10.8 0.55 0.73 98.08 72.06CLS ETF Risk Budget 75 - Moderate 12/31/01 Hybrid All-Inclusive 0.76 4.25 5.06 4.56 148.5 0.56 0.73 97.06 71.41Shelton Diversified ETF Balanced 12/31/09 Hybrid Broad Market -0.35 3.35 5.02 — 9.9 1.81 0.50 84.67 42.38RiverFront ETF Global Growth 4/3/06 Hybrid All-Inclusive -2.17 5.78 4.99 3.91 61.2 -0.65 0.96 94.14 98.11Morningstar ETF Aggressive Growth* 10/1/07 Hybrid All-Inclusive 1.53 3.01 4.93 — 69.0 -0.45 0.91 95.53 93.64RiverFront ETF Global Allocation 4/3/06 Hybrid All-Inclusive -2.11 5.49 4.93 4.35 160.9 -0.23 0.86 94.24 87.52QA Global Balanced Flex - Growth 1/1/10 Hybrid All-Inclusive -0.76 5.46 4.91 — 89.5 1.37 0.56 82.98 60.36Morningstar ETF Growth* 10/1/07 Hybrid All-Inclusive 1.86 2.54 4.90 — 227.6 0.18 0.77 95.10 77.95IRON Global Equity Plus 2/1/11 Hybrid Broad Market -1.68 1.88 4.86 — 2.8 0.18 0.77 91.26 73.23Green Inv Mgt - Guardian Bal Mosaic 7/3/00 Hybrid All-Inclusive 1.15 5.00 4.76 4.07 3.0 0.34 0.71 96.24 71.95RiverFront Global Allocation 10/1/03 Hybrid All-Inclusive -2.21 5.36 4.71 4.30 666.7 -0.39 0.85 93.79 87.49RiverFront Global Growth 10/1/03 Hybrid All-Inclusive -2.33 5.61 4.71 3.86 526.1 -0.87 0.95 93.75 98.06SRCM Growth Portfolio 1/2/04 Hybrid Broad Market 1.53 3.73 4.31 4.09 0.2 -0.33 0.77 92.07 79.28SRCM Aggressive Growth Portfolio 1/2/04 Hybrid Broad Market 1.37 4.15 4.21 3.97 0.0 -1.05 0.89 93.15 92.92Innealta Global All Asset Opp Growth 12/31/09 Hybrid Broad Market 1.61 1.31 3.99 — 15.8 -1.26 0.90 87.61 90.12SignalPoint Global Signal 9/28/07 Hybrid All-Inclusive 0.01 2.67 3.91 — 37.6 -1.13 0.84 94.28 84.73AEPG All-Weather Global 80/20 1/4/10 Hybrid All-Inclusive 0.70 4.15 3.87 — 21.5 -0.26 0.67 94.27 67.78Appleton Group Portfolio 12/31/99 Hybrid Broad Market -2.18 3.84 3.80 4.39 61.5 0.62 0.51 74.96 58.36Lazard Cptl Allctr Ser Divsfd 75/25 (TE) 11/1/05 Hybrid All-Inclusive 0.20 3.19 3.39 4.07 15.8 -1.21 0.76 97.00 79.85Lazard Capital Allocator Series Equity 1/3/06 Hybrid All-Inclusive -0.15 3.47 3.30 3.68 91.3 -2.05 0.91 97.07 97.03Green Inv Mgt - Guardian Bal Gr 7/1/94 Hybrid Broad Market 0.13 2.99 3.17 2.98 13.0 -1.44 0.76 96.85 80.19Lazard Cptl Allctr Ser Divsfd 75/25 (TX) 4/1/05 Hybrid All-Inclusive -0.39 2.95 3.14 3.87 Incl. -1.46 0.76 96.95 80.71Innealta Global All Asset Growth 12/31/09 Hybrid Broad Market 1.59 0.85 2.97 — 49.2 -1.85 0.81 91.03 84.16Green Inv Mgt - Guardian Stk 7/2/90 Hybrid Broad Market 0.00 3.31 2.87 2.20 1.0 -2.54 0.92 95.81 99.03Appleton Group PLUS Portfolio 12/31/99 Hybrid Broad Market -4.37 2.33 1.21 1.61 1.7 -1.67 0.48 56.67 64.80Appleton Group Tax Managed Portfolio 12/31/99 Hybrid Broad Market -2.46 2.01 0.98 1.52 26.9 -2.17 0.52 66.95 67.61Clark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Hybrid All-Inclusive 0.25 0.97 0.05 2.94 9.5 -3.27 0.53 90.69 64.44SEI Tactical ETF Equity Strategy 1/2/13 Hybrid Broad Market 0.41 7.90 — — 139.7 — — — —SEI Tactical ETF Aggressive Strategy 1/2/13 Hybrid Broad Market 1.35 6.26 — — 180.1 — — — —RiverFront ETF Dynamic Equity Income 10/1/12 Hybrid All-Inclusive -0.34 5.60 — — 126.3 — — — —Voya GPMM Aggressive Growth ETF 1/2/13 Hybrid Broad Market 4.60 5.10 — — 0.0 — — — —CLS Active Growth 11/3/14 Hybrid All-Inclusive 0.00 — — — 0.4 — — — —CLS Active Value 6/2/14 Hybrid All-Inclusive 1.36 — — — 0.1 — — — —First Ascent Global Explorer 80 12/31/15 Hybrid All-Inclusive 1.07 — — — 0.1 — — — —

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 33: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 33 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

Members Trust Growth ETF 1/3/06 Strategic Broad Market 2.63 8.05 7.97 6.19 69.0 2.65 0.86 96.06 78.01Vanguard CRSP 100% Equity 1/4/10 Strategic Broad Market 0.35 7.58 7.65 — 97.1 1.95 0.93 98.30 89.92iSectors Global Equity Allocation 12/1/09 Strategic Broad Market 4.65 7.04 7.49 — 1.1 2.08 0.88 95.61 84.87Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Strategic Broad Market 1.00 6.72 7.02 — 308.6 2.35 0.74 98.36 69.29First Trust ETF Asset Alloc Growth 10/1/07 Strategic All-Inclusive -0.50 7.31 6.86 — 8.4 1.08 0.97 93.40 94.77Members Trust Moderate Growth ETF 1/3/06 Strategic Broad Market 2.62 6.51 6.86 5.79 165.0 2.56 0.67 95.89 60.33Transamerica I-Series Portfolio VI 6/18/07 Strategic All-Inclusive 1.27 6.70 6.85 — 17.4 1.15 0.95 97.72 91.49iSectors Global Growth Allocation 1/1/10 Strategic Broad Market 4.13 5.22 6.41 — 2.6 1.87 0.72 95.69 69.27Raylor Strategic World Equity 1/3/06 Strategic All-Inclusive 2.21 6.21 6.40 4.61 33.0 1.14 0.86 96.59 86.99First Trust ETF Asset Alloc Mod Growth 1/3/07 Strategic All-Inclusive 0.15 6.12 6.32 — 22.3 1.49 0.78 94.25 74.72Morningstar ETF Strategic LT Growth* 4/29/05 Strategic Broad Market 1.39 6.00 6.12 4.85 245.1 0.63 0.91 97.51 89.33One Capital Agg Wealth Appreciation 5/3/10 Strategic All-Inclusive 0.13 6.85 6.10 — 4.7 0.59 0.91 97.30 90.88Natixis / AIA Mgd ETF - Glob Equity 3/31/06 Strategic Broad Market 1.22 6.11 6.07 4.92 1.6 0.18 0.99 96.89 97.95New Frontier ETF Global Growth (Tax) 10/29/04 Strategic Broad Market 0.61 5.97 6.01 4.67 55.0 0.63 0.89 98.57 87.08Transamerica I-Series Portfolio V 6/18/07 Strategic All-Inclusive 1.39 5.47 5.99 — 41.9 1.01 0.81 97.63 78.30Morningstar ETF Strategic Mod Growth* 4/29/05 Strategic Broad Market 1.67 5.58 5.87 5.14 515.5 1.14 0.76 97.35 73.93EAM Asset Allocation Aggressive 2/1/11 Strategic All-Inclusive 2.26 5.35 5.86 — 5.9 0.91 0.81 93.47 77.46One Cap Wealth Appreciation 1/30/04 Strategic All-Inclusive 0.92 5.91 5.85 3.91 16.6 1.25 0.74 97.72 71.36New Frontier ETF Global Growth 10/29/04 Strategic Broad Market 0.82 5.70 5.80 4.76 223.7 0.34 0.91 98.24 89.17Ladenburg LAMP ETF Aggressive Growth 3/1/05 Strategic Broad Market 0.72 5.61 5.68 4.85 NR 0.76 0.80 96.69 80.11New Frontier ETF Global Equity (Tax) 10/29/04 Strategic Broad Market 0.39 5.75 5.63 4.66 31.5 -0.20 0.98 98.44 98.13EAM Asset Allocation Moderate Aggressive 2/1/11 Strategic All-Inclusive 2.44 4.92 5.60 — 9.5 1.09 0.73 92.03 68.49Stairway Tax-Managed Dynam Alloc–Growth 1/31/05 Strategic Broad Market 0.81 4.76 5.58 5.27 17.2 0.61 0.81 98.24 80.97New Frontier ETF Global Equity 10/29/04 Strategic Broad Market 0.50 5.70 5.55 4.44 94.2 -0.35 1.00 98.28 99.64Braver Asset Allocation Growth 12/31/08 Strategic All-Inclusive 1.27 5.36 5.40 — 84.5 0.72 0.76 95.86 75.36Stairway Dynamic Allocation – Growth 3/31/05 Strategic Broad Market 0.92 4.66 5.34 5.45 20.9 0.43 0.80 98.32 80.80Clothier Springs Global Hedged 12/31/10 Strategic Broad Market -1.87 2.98 5.23 — 0.8 1.80 0.54 78.86 40.68iCM - Mgd ETF - Aggressive Cap App 1/3/05 Strategic Broad Market 1.32 4.29 5.09 4.91 0.7 0.07 0.83 98.00 84.28iCM - Mgd ETF - Moderate Cap App 1/3/05 Strategic Broad Market 1.56 4.21 5.04 4.81 2.0 0.44 0.75 98.12 74.92iCM - Mgd ETF - Equity Completion 1/3/05 Strategic Broad Market 1.09 4.11 4.97 4.37 2.7 -0.39 0.90 97.86 92.65FEG Equity Portfolio 8/1/05 Strategic Broad Market 0.77 2.22 4.14 3.62 1.7 -1.01 0.86 97.57 89.79Windham Aggressive Portfolio (Tax Mg) 9/30/09 Strategic Broad Market 1.14 2.16 3.34 — 26.6 -1.42 0.79 96.15 83.66Windham Aggressive Portfolio 12/31/09 Strategic Broad Market 1.35 2.09 3.26 — 8.7 -1.46 0.78 95.60 83.47SAM Aggressive Global Growth 12/31/99 Strategic All-Inclusive 2.09 2.32 3.10 5.28 0.0 -1.82 0.83 91.77 89.25Advisors Capital Mgt Global Balanced ETF 5/19/08 Strategic All-Inclusive -0.17 2.49 2.42 — 6.6 -2.97 0.92 94.57 101.88Raylor Strategic World Opportunity 1/3/07 Strategic Country/Region 3.19 0.23 1.03 — 3.0 -4.83 1.03 93.94 116.31Foy SELECTOR Aggressive Growth 5/3/10 Strategic All-Inclusive 0.70 9.61 — — 0.8 — — — —Foy SELECTOR Growth 2/1/08 Strategic All-Inclusive 0.82 8.77 — — 33.0 — — — —Vanguard S&P 100% Equity 1/3/12 Strategic Broad Market 0.30 7.61 — — 25.8 — — — —Vanguard Russell 100% Equity 1/3/12 Strategic Broad Market 0.30 7.56 — — 7.2 — — — —Vanguard CORE 100% Equity 1/3/12 Strategic Broad Market 0.51 7.52 — — 8.7 — — — —Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 Strategic Broad Market 0.94 6.73 — — 117.9 — — — —Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Strategic Broad Market 0.95 6.69 — — 8.2 — — — —Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 Strategic Broad Market 1.11 6.66 — — 51.0 — — — —Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Strategic Broad Market 1.28 6.26 — — 300.7 — — — —Nav Tactical Glbl Alloc Plus 2/1/13 Strategic All-Inclusive 5.15 5.40 — — 0.4 — — — —Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 Strategic All-Inclusive 4.94 5.10 — — 3.0 — — — —Maxim International Lifestyle - Agg Gr 1/3/12 Strategic All-Inclusive 2.07 3.62 — — 5.0 — — — —Alpha Dynamics ODS Robust Growth 10/3/11 Strategic All-Inclusive — — — — 0.0 — — — —Alpha Dynamics ODS Dynamic Growth 10/3/11 Strategic All-Inclusive — — — — 0.0 — — — —

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 34: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 34 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

CLS High Quality Strategic 80 5/1/14 Strategic All-Inclusive 2.42 — — — 1.7 — — — —Auour Instinct Global Equity 12/2/13 Strategic All-Inclusive 2.54 — — — 20.1 — — — —Auour Instinct Global Equity Levered 6/11/14 Strategic All-Inclusive 4.40 — — — 5.6 — — — —SEI Tax-Managed ETF Aggressive 1/2/14 Strategic All-Inclusive 1.45 — — — 62.9 — — — —SEI Tax-Managed ETF Equity 1/2/14 Strategic Broad Market 0.84 — — — 84.3 — — — —Vanguard CORE 70%Equity/30%Fixed Income 1/2/14 Strategic Broad Market 1.40 — — — 13.2 — — — —Vanguard CORE 90%Equity/10%Fixed Income 1/2/14 Strategic Broad Market 0.80 — — — 0.7 — — — —Vanguard CRSP 90%Equity/10%Fixed Income 1/2/14 Strategic Broad Market 0.68 — — — 2.9 — — — —Vanguard Russell 70%Equity/30%Fixed Inc 1/2/14 Strategic Broad Market 1.25 — — — 1.2 — — — —Vanguard Russell 90%Equity/10%Fixed Inc 1/2/14 Strategic Broad Market 0.62 — — — 0.2 — — — —Vanguard S&P 90%Equity/10%Fixed Income 1/2/14 Strategic Broad Market 0.62 — — — 14.0 — — — —Athena Global Tactical ETFs 9/1/10 Tactical Broad Market 1.22 17.28 15.65 — 91.7 9.16 1.01 70.21 91.11QA Global Style 9/4/07 Tactical Broad Market 0.61 9.82 9.57 — 4.1 4.37 0.82 89.73 70.42Sheaff Brock SSB Growth 10/1/09 Tactical All-Inclusive -0.29 9.00 8.85 — 17.4 3.49 0.85 93.97 77.46Sheaff Brock SSB Growth & Income 6/1/09 Tactical All-Inclusive 0.07 7.96 8.43 — 41.2 3.72 0.73 94.53 64.64Horizon Focused ETF Portfolio 1/1/09 Tactical All-Inclusive 0.53 7.03 7.58 — 422.0 2.60 0.80 91.26 75.45Horizon Growth ETF Portfolio 1/1/09 Tactical All-Inclusive 0.82 6.42 7.14 — 75.7 2.84 0.67 91.16 61.93QA Global Equity 9/1/00 Tactical All-Inclusive -0.25 7.42 6.69 5.67 59.9 1.51 0.85 93.38 85.45Sage Tactical ETF All Cap Equity Plus 12/31/02 Tactical Broad Market 0.95 6.85 6.60 4.94 249.1 1.30 0.87 92.36 89.85Capital Advisors Tactical Global Growth 5/31/07 Tactical Broad Market 1.17 6.95 6.60 — 24.0 1.35 0.87 92.35 82.50Capital Advisors Tactical Global Income 10/31/07 Tactical Broad Market 1.22 5.73 6.57 — 33.6 1.43 0.84 92.48 82.32Richard Bernstein Global ETF Aggressive 8/2/10 Tactical All-Inclusive -1.50 6.32 6.51 — 123.2 1.53 0.81 93.04 81.91Cookson Peirce All-Cap World Equity 9/30/03 Tactical All-Inclusive -2.59 6.08 6.42 5.55 9.0 1.27 0.86 84.45 86.60Wela All Growth 12/1/10 Tactical All-Inclusive 0.79 6.14 6.22 — 2.9 0.66 0.93 95.93 91.33Westport Res Mgt ETF 12/30/05 Tactical All-Inclusive -1.34 6.94 5.91 5.58 12.1 1.56 0.70 89.21 72.53Sage Tactical ETF Growth 12/31/07 Tactical Broad Market 1.10 5.95 5.90 — 357.3 1.33 0.74 91.87 74.26The Capital CMC Global ETF 12/31/07 Tactical Country/Region 1.01 6.07 5.88 — 5.3 0.15 0.96 96.74 96.69QA Global Equity Flex 1/1/10 Tactical All-Inclusive -1.71 6.14 5.10 — 98.4 0.91 0.68 84.28 75.08Accuvest Global Core Equity 8/1/05 Tactical Country/Region -0.07 4.89 5.04 4.52 110.5 -0.76 0.99 97.29 102.26Churchill Premier Wealth Tactical Core 1/4/99 Tactical All-Inclusive -1.74 7.85 4.83 5.32 1,380.9 1.93 0.48 49.15 53.21Clark Navigator Global Equity ETF 4/1/04 Tactical All-Inclusive -0.30 5.82 3.93 4.56 13.9 -1.31 0.89 94.25 94.57WBI Global Tactical Rotation 8/31/92 Tactical All-Inclusive -0.52 4.21 3.88 5.58 12.6 -0.13 0.66 82.74 62.98Hays Advisory TMAC Equity Focused 5/31/10 Tactical All-Inclusive 0.12 3.74 3.72 — 259.4 -0.16 0.64 78.83 61.58BCM Global Sector Rotation 12/1/10 Tactical All-Inclusive -0.44 2.51 3.47 — 3.9 -0.26 0.61 75.08 75.48Stadion Tactical Defensive Strategy 4/1/05 Tactical All-Inclusive 3.18 3.24 3.19 4.89 65.9 0.57 0.42 57.25 56.18Niemann Global Opportunity (Equity Plus) 11/12/96 Tactical Sector 0.31 6.47 2.79 3.77 124.9 0.34 0.44 32.28 60.20PCM Absolute Equity Income Composite 1/3/11 Tactical All-Inclusive 4.33 1.31 2.74 — 0.9 1.76 0.15 14.91 13.28Hays Advisory Global ETF 1/31/06 Tactical All-Inclusive -0.80 2.54 2.64 3.27 65.1 -2.02 0.80 80.06 80.12Windham Global Equities Strategy 8/2/10 Tactical All-Inclusive -0.13 1.01 1.95 — 2.3 -3.20 0.88 95.49 98.40Metropolitan Tactical Growth 9/30/05 Tactical All-Inclusive 1.39 1.17 -0.07 6.94 24.8 -0.94 0.13 19.04 10.32ELF ETF Strategy 2/28/03 Tactical All-Inclusive -1.34 2.24 -0.30 -1.52 0.9 -5.09 0.85 74.29 89.98Dunn Warren Growth ETF Portfolio 1/2/04 Tactical All-Inclusive -1.47 3.65 -0.31 4.50 3.6 -1.90 0.29 21.42 48.60Clark Navigator Global Eq ETF Hedged 7/1/04 Tactical All-Inclusive -1.34 1.47 -0.59 2.15 6.8 -4.41 0.63 90.10 76.86Dunn Warren Aggressive ETF Portfolio 1/2/03 Tactical All-Inclusive -1.40 4.18 -0.82 4.53 0.6 -2.45 0.30 20.16 51.51Metropolitan Tactical Moderate 9/30/05 Tactical All-Inclusive 0.06 -0.51 -0.89 5.23 10.1 -1.03 0.01 0.66 6.58Stadion Managed Risk 100 Strategy 1/2/96 Tactical All-Inclusive 5.38 -4.07 -1.71 2.71 151.1 -3.57 0.32 28.73 61.37Accuvest Global Opportunities 11/1/05 Tactical Country/Region -1.67 -8.08 -5.27 0.81 15.5 -11.84 1.23 80.72 146.80First Nat Chapoquoit Dynamic Cnsrv Port 1/2/13 Tactical All-Inclusive 1.88 12.15 — — 3.7 — — — —TRC Global Core Equity 3/13/13 Tactical Broad Market 4.97 11.84 — — 101.6 — — — —Lunt Global Sectors Portfolio 9/4/12 Tactical Sector 2.88 5.21 — — 7.1 — — — —

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 35: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 35 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

PWG Intelligent Equity 8/1/12 Tactical All-Inclusive -1.01 4.66 — — 24.1 — — — —Keystone Wealth Glb Equity AlphaRotation 1/1/13 Tactical Broad Market -1.77 4.59 — — 26.6 — — — —High Beta Low Volatility Rotation Port. 9/4/12 Tactical All-Inclusive 6.17 3.88 — — 9.1 — — — —Palladiem Growth Endowment Model 1/2/12 Tactical All-Inclusive -1.12 3.82 — — 19.8 — — — —Windham Risk Regime III 9/30/11 Tactical Broad Market 0.43 -0.02 — — 470.2 — — — —PCM Global Macro 3M Composite 2/16/12 Tactical All-Inclusive 1.54 -3.38 — — 4.3 — — — —PCM Global Tactical Composite 3/1/12 Tactical All-Inclusive -1.17 -3.90 — — 2.9 — — — —PCM Alpha 1 Total Return Composite 6/1/12 Tactical All-Inclusive 2.70 -4.04 — — 6.1 — — — —Stadion Master Dynamic Trend 12/31/15 Tactical All-Inclusive 5.37 — — — 281.0 — — — —Broadmeadow Enhanced Global Equity 9/30/13 Tactical All-Inclusive 4.48 — — — 0.2 — — — —Stadion Master Cyclical Trend 12/31/15 Tactical All-Inclusive 1.98 — — — 275.6 — — — —CLS Thematic Growth Quad 5/1/14 Tactical Sector 1.96 — — — 0.4 — — — —BCM DynamicBelay Growth (QDIA) 12/2/14 Tactical All-Inclusive 1.49 — — — 0.1 — — — —BCM DynamicBelay Aggressive Grow(QDIA) 12/2/14 Tactical All-Inclusive 1.37 — — — 0.1 — — — —Fusion Global Fusion Core Equity 10/2/06 Tactical All-Inclusive 1.30 — — — 11.0 — — — —BCM Advantage Growth 1/31/14 Tactical All-Inclusive 0.01 — — — 10.7 — — — —Quartz Equity 3/2/15 Tactical All-Inclusive -0.04 — — — 0.2 — — — —Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Tactical Sector -0.05 — — — 101.5 — — — —BCM Advantage Diversified Equity 1/31/14 Tactical All-Inclusive -0.52 — — — 9.7 — — — —Richard Bernstein Global Risk-Balanced 4/17/13 Tactical All-Inclusive -0.84 — — — 529.0 — — — —New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Tactical Broad Market — — — — 4.7 — — — —Global Equity Median 0.82 5.47 5.34 4.53

Hybrid Median 0.64 5.23 5.02 4.07

Strategic Median 1.11 5.73 5.83 4.85

Tactical Median 0.12 4.89 4.94 4.56

Morningstar Gbl Mkts GR USD 0.47 6.23 5.93 5.00

Global Fixed IncomeClark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Hybrid All-Inclusive 4.85 2.48 3.71 7.98 31.2 1.92 0.80 37.25 52.02Lazard Cptl Allctr Ser Divsfd 25/75 (TE) 7/1/09 Hybrid All-Inclusive 0.97 2.53 3.39 — 342.5 1.80 0.73 24.31 46.743D ETF Global 20 Portfolio - Tax Sen. 6/2/08 Hybrid Broad Market 1.42 1.93 2.78 — 3.4 1.44 0.59 35.87 45.563D ETF Global 20 Portfolio 10/1/08 Hybrid Broad Market 2.05 1.76 2.63 — 8.9 1.18 0.65 31.67 43.85Windham Multi-Sector Bonds Tax Exempt 8/31/10 Hybrid All-Inclusive 2.41 -0.32 2.36 — 0.1 0.66 0.74 77.62 68.34

AEPG High Quality Bond 1/4/10 Hybrid All-Inclusive 2.26 1.85 2.01 — 0.9 1.20 0.33 42.35 28.54SEI Tactical ETF Conservative Strategy 1/2/13 Hybrid Broad Market 2.27 2.51 — — 56.0 — — — —Optimus Bond Allocation Bull/Bear 12/30/11 Hybrid All-Inclusive 3.89 1.80 — — 0.0 — — — —CLS ETF Risk Budget 30 - Conservative 7/1/11 Hybrid All-Inclusive 1.61 1.44 — — 13.0 — — — —Lazard Cptl Allctr Ser Divsfd 25/75 (TX) 3/2/09 Hybrid All-Inclusive — — — — Incl. — — — —

Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Hybrid All-Inclusive 1.54 — — — 14.2 — — — —New Frontier ETF Global Income (Tax) 10/29/04 Strategic Broad Market 1.77 3.58 4.95 4.12 9.5 3.51 0.59 47.52 29.57Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 Strategic Broad Market 2.68 3.80 4.76 — 116.7 3.42 0.55 46.68 22.68iCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 Strategic Broad Market 2.33 3.42 4.48 5.95 3.3 3.01 0.62 38.27 32.31New Frontier ETF Global Income 10/29/04 Strategic Broad Market 2.65 2.83 4.37 4.54 21.1 2.82 0.66 53.87 40.79

One Capital Wealth Preservation & Inc 2/2/09 Strategic All-Inclusive 1.45 2.11 4.12 — 2.1 2.85 0.53 43.52 28.07iCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 Strategic Broad Market 2.43 2.93 4.06 5.97 0.2 2.69 0.57 47.37 34.04Vanguard CRSP 100% Fixed Income 1/4/10 Strategic Broad Market 3.17 2.72 3.89 — 12.2 2.79 0.45 40.18 26.79Morningstar A/P Conservative - Pershing* 8/2/10 Strategic Broad Market 2.28 2.23 3.64 — 0.0 2.32 0.57 32.64 30.15Morningstar A/P Conservative - TDA* 8/2/10 Strategic Broad Market 2.21 2.05 3.57 — 0.1 2.24 0.57 33.21 31.27

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 36: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 36 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

Morningstar A/P Conservative - FIWS* 8/2/10 Strategic Broad Market 2.28 1.91 3.45 — 0.0 2.11 0.58 34.29 34.32Morningstar A/P Conservative - Schwab* 8/2/10 Strategic Broad Market 2.24 1.83 3.39 — 0.7 2.05 0.58 34.26 35.22Ladenburg LAMP ETF Income 12/3/07 Strategic Broad Market 1.52 1.52 3.15 — NR 1.88 0.55 33.14 27.91iSectors Global Fixed Income Allocation 4/1/09 Strategic All-Inclusive 2.57 -0.54 2.37 — 3.0 0.75 0.71 65.48 54.36Windham Conservative Portfolio 9/30/09 Strategic Broad Market 2.26 0.28 2.33 — 0.8 0.32 0.91 51.48 83.49

Windham Conservative Portfolio (Tax Mg) 11/30/09 Strategic Broad Market 1.91 0.15 2.20 — 2.6 0.22 0.90 52.30 85.12Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 Strategic Broad Market 2.66 3.80 — — 33.1 — — — —Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Strategic Broad Market 2.66 3.79 — — 0.2 — — — —Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 Strategic Broad Market 2.70 3.78 — — 8.8 — — — —Vanguard Russell 100% Fixed Income 1/3/12 Strategic Broad Market 3.17 2.72 — — 0.1 — — — —

Vanguard S&P 100% Fixed Income 1/3/12 Strategic Broad Market 3.17 2.72 — — 4.0 — — — —Vanguard CORE 100% Fixed Income 1/3/12 Strategic Broad Market 3.16 2.71 — — 4.0 — — — —PCM Income Opportunity Fund 10/3/11 Strategic All-Inclusive 2.89 1.23 — — 61.0 — — — —ClearRock Diversified Income 10/3/11 Strategic All-Inclusive -0.07 1.13 — — 9.2 — — — —Vanguard CORE 10%Equity/90%Fixed Income 1/2/14 Strategic Broad Market 2.94 — — — 0.9 — — — —

Vanguard CORE 30%Equity/70%Fixed Income 1/2/14 Strategic Broad Market 2.46 — — — 4.8 — — — —Vanguard CRSP 10%Equity/90%Fixed Income 1/2/14 Strategic Broad Market 2.94 — — — 2.4 — — — —Vanguard Russell 10%Equity/90%Fixed Inc 1/2/14 Strategic Broad Market 2.92 — — — 0.0 — — — —Vanguard S&P 10%Equity/90%Fixed Income 1/2/14 Strategic Broad Market 2.93 — — — 3.3 — — — —Vanguard S&P 30%Equity/70%Fixed Income 1/2/14 Strategic Broad Market 2.40 — — — 32.6 — — — —

Vanguard S&P 70%Equity/30%Fixed Income 1/2/14 Strategic Broad Market 1.24 — — — 91.5 — — — —SEI Tactical ETF Income 9/30/15 Strategic All-Inclusive 3.85 — — — 4.6 — — — —SEI Tax-Managed ETF Income 9/30/15 Strategic All-Inclusive 3.79 — — — 2.9 — — — —Stadion Master Short Duration Fix Inc 12/31/15 Strategic Sector 2.52 — — — 169.7 — — — —Horizon Conservation Plus ETF Portfolio 1/1/09 Tactical All-Inclusive 1.81 3.44 4.92 — 20.5 3.80 0.44 37.26 10.62

Niemann Tactical Global Bond 1/25/11 Tactical All-Inclusive 3.54 1.86 3.89 — 0.5 2.24 0.75 28.69 48.12Sage Tactical ETF Conservative 12/31/07 Tactical Broad Market 1.43 2.63 3.87 — 105.2 2.35 0.66 37.22 47.51Innealta Fixed Income 12/31/09 Tactical All-Inclusive 1.85 0.31 3.35 — 347.4 1.85 0.64 50.18 49.94Sage Tactical ETF Core Plus Fixed Income 12/31/07 Tactical Broad Market 1.49 1.31 3.02 — 237.7 1.65 0.58 52.42 51.03BCM Income 12/1/09 Tactical All-Inclusive 1.89 1.48 2.24 — 2.1 1.30 0.39 55.89 24.13

Financial Trust Flexible Income 11/30/01 Tactical All-Inclusive 0.70 -0.62 0.89 3.50 13.3 0.03 0.37 24.28 37.84PCM Global Bond HF Composite 11/1/12 Tactical All-Inclusive 3.64 -1.66 — — 0.5 — — — —PCM Emerald Long-Short Debt HF Composite 10/1/12 Tactical All-Inclusive 2.45 -2.10 — — 0.1 — — — —PCM Absolute Bond Composite 5/2/11 Tactical All-Inclusive 4.69 -2.44 — — 1.5 — — — —Keystone Wealth Glb Bond AlphaRotation 1/1/14 Tactical All-Inclusive 2.18 — — — 0.6 — — — —

Dynamic Conservative Portfolio 1/1/14 Tactical All-Inclusive 1.24 — — — 17.7 — — — —Newfound Target Excess Yield 3% Cmpst 12/31/13 Tactical Broad Market 2.47 — — — 0.1 — — — —Optimus Bond Rotation 3/3/14 Tactical All-Inclusive 2.33 — — — 0.8 — — — —Auour Instinct Global Fixed Income 10/1/13 Tactical All-Inclusive 3.46 — — — 3.9 — — — —BCM Decathlon Conservative Aspect(Pro1) 1/2/15 Tactical All-Inclusive 0.53 — — — 34.8 — — — —Broadmeadow Enhanced Global Fixed Income 9/30/13 Tactical All-Inclusive 4.07 — — — 0.1 — — — —

Global Fixed Income Median 2.40 1.92 3.42 5.24

Hybrid Median 2.15 1.85 2.70 7.98Strategic Median 2.57 2.71 3.64 5.24Tactical Median 2.18 0.81 3.35 3.50Global Fixed Income Blended Benchmark 5.66 1.27 2.25 4.57

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 37: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 37 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

International All Asset

Brinker Capital ACS Int'l Equity ETF 7/1/09 Tactical All-Inclusive -0.75 -0.30 -0.58 — 10.2 -11.98 1.07 76.50 152.03

International Balanced

Ladenburg LAMP Specialty International 6/2/08 Strategic All-Inclusive 0.17 -3.28 -1.90 — NR -10.43 0.78 70.20 114.73

International EquitySignalPoint International Signal 6/30/09 Hybrid Sector 1.54 2.25 1.82 — 1.7 0.09 0.71 96.92 70.60Gratry International ETF Alloc Strat 6/30/05 Strategic Country/Region -3.26 -0.06 0.07 2.63 0.6 -1.80 0.89 91.19 91.63Zacks International Strategy 4/1/04 Strategic Country/Region -0.32 -1.12 -0.53 2.39 72.0 -2.58 1.04 96.26 112.15Natixis / AIA Mgd ETF - China 4/28/06 Strategic Country/Region -0.86 -0.75 -0.90 — 1.3 -2.64 1.07 78.77 101.55Stadion Master International Equity 12/31/15 Strategic Broad Market -1.18 — — — 119.6 — — — —

Innealta Tac ETF Country Rotation 12/31/09 Tactical Country/Region 1.60 -0.03 3.81 — 426.6 2.92 0.29 58.69 21.52Laffer Investments Glbl Equity Strategy 9/1/00 Tactical Country/Region -4.09 1.70 2.41 4.50 39.6 0.46 0.99 90.58 96.46MRM Dynamic International Strategy 1/2/08 Tactical Country/Region -2.33 0.03 1.01 — 0.4 -0.84 0.91 87.84 93.77Accuvest Asian Advantage 8/31/10 Tactical Country/Region -4.93 0.96 -0.26 — 0.3 -2.01 0.98 80.27 98.32Accuvest Non US Equity 8/29/08 Tactical Country/Region -3.62 0.06 -0.64 — 15.8 -2.63 1.06 92.28 110.25

Main Management International - Non US 12/28/07 Tactical Country/Region 0.29 -1.45 -0.96 — 18.5 -2.95 1.03 92.46 111.46Cumberland - Intl Equity ETF 3/31/03 Tactical All-Inclusive -4.86 0.00 -1.04 1.73 25.8 -2.91 0.94 88.68 102.65Hays Advisory International ETF 1/31/06 Tactical All-Inclusive -0.30 -1.39 -2.20 3.51 8.4 -3.68 0.69 70.13 72.94BCM International Sector Rotation 2/1/11 Tactical Broad Market -1.00 -3.68 -2.71 — 1.0 -4.11 0.60 70.06 79.28Clark Navigator Intl Opportunity 1/4/07 Tactical Country/Region -1.49 1.40 -2.79 — 36.8 -4.70 0.95 89.83 110.16

Green Inv Mgt Guardian Country 7/1/04 Tactical Country/Region -4.70 -1.87 -4.14 3.66 2.0 -5.81 0.97 71.03 112.40Glovista Emerging Market Equities 1/4/99 Tactical Country/Region 2.47 -4.35 -4.24 10.33 447.3 -6.28 1.14 87.63 128.51Niemann Dynamic International 1/22/08 Tactical All-Inclusive -3.41 -2.40 -4.39 — 0.8 -6.14 0.85 77.52 102.46Windham Emerging Market Equity Strategy 12/31/10 Tactical Country/Region 7.88 -6.91 -5.09 — 0.2 -7.08 1.07 84.77 122.77Good Harbor Tactical Core Intl Moderate 12/1/11 Tactical Broad Market -0.17 -4.41 — — 0.1 — — — —

Julex Capital Mngt 12/3/12 Tactical Country/Region 4.27 -8.83 — — 0.9 — — — —CLS International Rotation Quad 7/1/14 Tactical Country/Region -4.05 — — — 0.7 — — — —WST Asset Manager - Focused Intl Equity 9/30/13 Tactical All-Inclusive 4.28 — — — 6.9 — — — —AlphaDEX® Country Rotation Portfolio 6/29/12 Tactical Country/Region 0.64 -0.26 — — 8.5 — — — —Stadion Defensive International 1/3/12 Tactical All-Inclusive 5.61 -0.38 — — 8.2 — — — —Stadion International Tactical Growth 9/1/14 Tactical All-Inclusive 0.04 — — — 0.0 — — — —International Equity Median -0.59 -0.57 -0.93 3.51Morningstar Gbl Mkts ex-US GR USD 0.47 2.69 2.09 3.45

United States All AssetNewfound Total Return 6/2/14 Hybrid All-Inclusive -3.54 — — — 0.5 — — — —TCIA ETF L1 7/29/11 Strategic All-Inclusive -7.59 5.47 — — 6.3 — — — —TCIA ETF L2 7/29/11 Strategic All-Inclusive -5.55 6.91 — — 5.6 — — — —Palladiem Defensive Core Strategy 1/2/12 Strategic Broad Market -0.12 1.59 — — 0.2 — — — —Winterset Active/Edge Moderate Hybrid 2/1/13 Strategic All-Inclusive -5.07 — — — 5.1 — — — —

Confluence Growth 8/1/08 Tactical All-Inclusive -0.38 10.32 7.98 — 46.2 -1.54 1.42 91.92 146.00Confluence Growth and Income 9/2/08 Tactical All-Inclusive -0.89 7.94 7.27 — 94.4 -0.76 1.19 87.94 113.56Confluence Income and Growth 12/1/08 Tactical All-Inclusive -0.80 6.55 6.93 — 29.6 1.47 0.79 71.57 62.82BCM Diversified Equity (Monthly) 8/3/09 Tactical All-Inclusive -5.03 7.17 6.83 — 10.2 -0.41 1.07 77.32 131.84BCM Diversified Equity 8/7/09 Tactical All-Inclusive -4.51 6.69 6.04 — 119.7 -1.16 1.07 74.94 133.03

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 38: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 38 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

BCM AlphaDEX Diversified Equity 9/1/11 Tactical All-Inclusive -6.66 6.28 — — 12.4 — — — —Brinker Capital ACS Real Assets (Q) 11/1/11 Tactical All-Inclusive -13.54 -0.56 — — 4.7 — — — —Navellier Dynamic Libertas 10 7/1/13 Tactical All-Inclusive -6.63 — — — 3.0 — — — —Navellier Dynamic Libertas 20 7/1/13 Tactical All-Inclusive -6.77 — — — 3.5 — — — —Navellier Dynamic Libertas 30 7/1/13 Tactical All-Inclusive -7.76 — — — 20.9 — — — —

Navellier Dynamic Libertas 30 7/1/13 Tactical All-Inclusive -7.76 — — — 20.9 — — — —Keystone Wealth Glb Income AlphaRotation 11/1/13 Tactical All-Inclusive -5.95 — — — 0.3 — — — —United States All Asset Median 2.11 3.95 6.96 —United States All Asset Blended Benchmark 1.62 5.34 6.27 6.00

United States AlternativeNewfound Dynamic Alternatives Cmpst 11/27/13 Hybrid Broad Market -1.23 — — — 0.2Astor Long/Short Balanced Program 1/3/05 Tactical All-Inclusive 1.78 6.07 3.56 5.95 1,302.4 -2.81 0.56 79.26 69.67Green Inv Mgt Guardian Alternatives 9/1/09 Tactical All-Inclusive 1.20 -9.26 -9.87 — 0.7 -11.67 0.14 4.04 67.97

CLS Inflation Quad 4/1/14 Tactical All-Inclusive 1.62 — — — 0.1TAMP US Tactical ETF L/S – PULSE 1/2/13 Tactical Broad Market -8.47 11.52 — — 0.8FFCM Dynamic Core Absolute Return 12/31/14 Tactical All-Inclusive 2.15 — — — 5.8

United States Alternative Median 1.41 6.07 -3.16 5.95

United States Balanced

iSectors Post-MPT Moderate Allocation 3/3/08 Hybrid Sector 4.87 7.24 9.23 — 31.1 3.78 0.63 38.63 55.79Clark Navigator MultiStrategy 75-25(SAI) 6/1/05 Hybrid All-Inclusive 2.55 8.76 8.32 7.42 68.2 -2.52 1.31 92.71 136.43Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 Hybrid All-Inclusive 4.00 6.85 7.13 8.41 216.1 -1.22 1.00 90.31 105.11Efficient Market 11-19 Years Aggressive 2/1/05 Hybrid All-Inclusive 0.88 5.16 6.24 5.34 34.8 -5.21 1.41 95.50 165.00SignalPoint Balanced Point 3/31/09 Hybrid All-Inclusive 2.19 4.30 6.10 — 42.2 -2.09 0.98 93.77 106.91

Efficient Market 11-19 Years Moderate 6/1/05 Hybrid All-Inclusive 1.06 4.77 5.98 5.48 112.5 -4.94 1.34 95.37 157.44Efficient Market 11-19 Years Consvt 4/3/06 Hybrid All-Inclusive 0.97 4.10 5.44 5.84 31.8 -4.53 1.22 95.17 143.38Efficient Market 6-10 Years Moderate 11/1/04 Hybrid All-Inclusive 1.09 3.95 5.21 5.25 149.7 -4.19 1.15 95.00 133.67Efficient Market 2-5 Years Aggressive 4/1/05 Hybrid All-Inclusive 1.26 3.66 5.02 4.92 17.6 -3.85 1.08 94.60 125.59Efficient Market 6-10 Years Aggressive 9/1/05 Hybrid All-Inclusive 1.11 4.42 4.85 5.85 68.6 -4.73 1.17 94.93 143.64

Efficient Market 2-5 Years Moderate 1/3/06 Hybrid All-Inclusive 1.07 3.16 4.82 5.56 79.9 -3.22 0.97 94.95 112.26Efficient Market 6-10 Years Conservative 7/1/05 Hybrid All-Inclusive 1.11 3.17 4.51 5.30 50.6 -3.79 1.01 94.75 118.38Morningstar ETF Moderate Growth* 10/1/07 Hybrid All-Inclusive 2.03 2.11 4.34 — 246.1 -5.21 1.17 89.27 147.58BCM Moderate Growth (Monthly) 9/1/09 Hybrid All-Inclusive -0.39 2.82 4.10 — 49.9 -2.02 0.74 79.45 98.80BCM Moderate Growth 9/1/09 Hybrid All-Inclusive 0.95 3.40 4.07 — 54.2 -2.01 0.73 78.00 96.75

Efficient Market 2-5 Years Conservative 4/3/06 Hybrid All-Inclusive 1.24 2.34 3.92 5.12 33.7 -2.73 0.80 93.08 93.64Morningstar ETF Income & Growth* 10/1/07 Hybrid All-Inclusive 2.44 1.21 3.69 — 253.3 -3.69 0.90 87.19 113.22Appleton Group-Conservative 7/1/11 Hybrid Broad Market -0.69 3.42 — — 7.4 — — — —BCM AlphaDEX Moderate Growth 9/1/11 Hybrid All-Inclusive 0.27 2.21 — — 3.4 — — — —Cumberland Total Return Balanced Port 12/31/08 Strategic All-Inclusive 3.47 7.74 8.43 — 40.7 0.14 0.98 90.98 98.64

Madison ETF Moderate Growth 1/1/10 Strategic All-Inclusive 1.65 5.88 6.15 — 101.5 -1.75 0.95 97.65 105.47First Trust Morningstar 40/60* 5/1/09 Strategic Broad Market 1.46 4.93 6.01 — 17.6 -0.49 0.77 92.15 81.90Members Trust Balanced ETF 1/3/06 Strategic Broad Market 2.56 5.31 5.71 5.86 330.0 -1.59 0.87 96.85 94.95Madison ETF Moderate 1/1/10 Strategic All-Inclusive 1.72 4.70 5.41 — 116.0 -0.62 0.71 95.28 75.55Clark Navigator Strategist Core 5/1/09 Strategic Broad Market 1.18 5.81 5.32 — 2.1 -1.30 0.79 89.43 76.28

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 39: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 39 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

Members Trust Conservative ETF 5/1/06 Strategic Broad Market 2.49 4.51 5.30 — 634.0 -0.62 0.70 95.91 72.29Morningstar ETF Strategic Mod Gr & Inc* 4/29/05 Strategic Broad Market 1.97 4.80 5.29 4.98 808.6 -3.71 1.09 94.89 126.56DT Moderate Growth & Income 9/19/08 Strategic All-Inclusive 1.60 4.42 5.18 — 94.0 -3.18 1.01 97.10 117.37DT Conservative Growth & Income 9/30/08 Strategic All-Inclusive 1.75 4.28 5.08 — 131.2 -2.13 0.87 96.78 97.83Transamerica I-Series Portfolio III 6/18/07 Strategic All-Inclusive 1.81 3.89 4.98 — 82.6 -2.47 0.90 94.43 100.51

Lockwood Asset Allocation Portfolios II 10/1/03 Strategic Broad Market 2.20 3.42 4.74 4.56 94.8 -0.86 0.67 92.11 73.03EAM Asset Allocation Moderate Conservati 2/1/11 Strategic All-Inclusive 2.94 3.41 4.73 — 3.6 -1.17 0.70 83.47 76.77Morningstar ETF Strategic Cons Gr & Inc* 4/29/05 Strategic Broad Market 2.16 3.33 4.17 4.58 365.2 -1.83 0.72 89.46 81.65Transamerica I-Series Portfolio II 6/18/07 Strategic All-Inclusive 1.68 2.99 3.79 — 37.7 -1.32 0.61 91.91 66.06EAM Asset Allocation Conservative 2/1/11 Strategic All-Inclusive 3.09 2.27 3.59 — 7.6 -0.24 0.45 66.51 48.73

Foy SELECTOR Conservative Growth 5/1/08 Strategic All-Inclusive 0.96 6.79 — — 31.5 — — — —Foy SELECTOR Balanced Growth 2/1/08 Strategic All-Inclusive 1.56 4.29 — — 20.2 — — — —Foy SELECTOR Income & Growth 2/1/11 Strategic All-Inclusive 2.68 2.54 — — 3.0 — — — —Alpha Dynamics ODS Stable Growth 10/3/11 Strategic All-Inclusive — — — — 0.0 — — — —Clark Navigator Style Preferred Inc&Gro 10/1/04 Tactical Broad Market 1.89 6.74 6.65 5.96 2.3 -1.47 0.97 90.95 92.30

SSI Flexible Allocation Strategy 5/1/09 Tactical All-Inclusive 0.31 6.00 5.59 — 107.4 -1.55 0.86 87.82 102.12Stadion Growth Strategy 4/2/07 Tactical Broad Market 2.02 3.27 3.99 — 526.6 -5.10 1.12 88.63 151.30Trademark Tactical Risk Strategy 10/1/07 Tactical All-Inclusive -1.47 4.05 2.98 — 32.7 -2.16 0.63 43.01 100.17Stadion Moderate Strategy 4/2/07 Tactical Broad Market 2.28 1.30 2.55 — 605.3 -4.94 0.92 81.98 132.10Stadion Balanced Strategy 4/2/07 Tactical Broad Market 2.27 0.72 2.09 — 259.6 -3.64 0.70 73.46 103.75

Stadion Conservative Strategy 4/2/07 Tactical Broad Market 2.35 -0.37 1.10 — 106.7 -2.35 0.42 51.22 68.50First Trust Global Tactical Asset All 1/2/12 Tactical All-Inclusive 4.75 -0.92 — — 0.1 — — — —TAMP US Tactical ETF Income – BIG 1/2/13 Tactical Broad Market — — — — 0.0 — — — —TTM Tactical Core/Satellite Strategy 6/2/14 Tactical All-Inclusive -1.00 — — — 6.3 — — — —BCM DynamicBelay Balanced Growth (QDIA) 12/2/14 Tactical All-Inclusive 2.81 — — — 0.1 — — — —

BCM DynamicBelay Conservative Gro(QDIA) 12/2/14 Tactical All-Inclusive 2.47 — — — 0.1 — — — —BCM Decathlon Moderate Aspect(Profile3) 4/10/14 Tactical All-Inclusive -0.83 — — — 695.6 — — — —

United States Balanced Median 1.73 4.00 5.05 5.41Hybrid Median 1.11 3.66 5.02 5.48Strategic Median 1.81 4.42 5.23 4.78Tactical Median 2.14 2.29 2.98 5.96United States Balanced Blended Benchmark 1.97 7.94 8.47 6.65

United States EquityEfficient Market 20 Plus Yrs Aggressive 11/1/04 Hybrid All-Inclusive 0.80 6.30 7.25 5.61 39.5 -3.13 0.95 96.20 102.39Efficient Market 20 Plus Years Moderate 1/3/05 Hybrid All-Inclusive 0.87 5.95 6.87 5.76 54.9 -3.07 0.91 96.35 99.07Efficient Market 20 Plus Years Consvt 5/1/06 Hybrid All-Inclusive 0.86 5.33 6.38 — 31.6 -3.02 0.86 95.46 93.25Signal Point Signal 10 3/31/09 Hybrid Sector 1.57 4.66 6.32 — 14.8 -3.08 0.86 92.00 89.78Green Inv Mgt - Guardian Mosaic 7/3/00 Hybrid All-Inclusive 0.75 6.72 5.72 4.19 0.3 -4.73 0.97 96.45 110.36BCM Growth (Monthly) 11/2/09 Hybrid All-Inclusive -1.10 3.28 4.53 — 57.5 -1.24 0.52 78.17 67.50Forward Tactical Growth 8/3/09 Hybrid Broad Market -0.71 4.98 4.32 — 707.3 -0.27 0.41 62.58 56.70BCM Growth 11/2/09 Hybrid All-Inclusive 0.62 3.67 4.27 — 47.8 -1.49 0.52 75.91 66.03Appleton Group-Moderate 4/1/11 Hybrid Broad Market -0.97 3.33 2.76 — 21.6 -2.78 0.50 71.40 68.16Appleton Group PLUS-Moderate 1/3/11 Hybrid Broad Market -2.31 1.17 0.60 — 0.4 -4.32 0.45 56.65 70.94WestEnd Advisors US Sector 12/31/12 Hybrid Sector 0.17 14.49 — — 8.0 — — — —Hillswick S&P 500 Sector Selection 9/30/08 Strategic Sector 1.39 12.91 12.56 — 106.0 2.37 0.89 97.56 85.91Churchill ETF Sector Rotation 10/1/07 Strategic Sector 0.33 12.08 11.88 — 226.0 1.70 0.90 95.79 89.94Raylor Strategic US Equity 1/3/06 Strategic All-Inclusive 2.50 10.98 11.17 7.34 1.0 0.85 0.92 98.60 87.83iSectors Domestic Equity Allocation 7/1/10 Strategic Broad Market 5.05 11.32 10.78 — 27.3 0.43 0.92 96.58 89.52

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 40: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 40 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

Madison ETF Aggressive 1/1/10 Strategic All-Inclusive 0.95 7.82 7.64 — 5.4 -1.79 0.85 98.30 92.17Madison ETF Growth 1/1/10 Strategic All-Inclusive 1.27 6.95 7.07 — 51.1 -0.77 0.70 97.38 74.01SSWM Strategic Allocation Model 75/25 8/29/03 Strategic Broad Market 1.69 6.49 6.89 5.31 13.5 -1.81 0.79 96.07 85.09Swan Defined Risk Strategy 7/1/97 Strategic Broad Market 1.55 5.16 4.83 7.63 Incl. 0.15 0.42 65.67 47.45Swan Defined Risk Strategy 7/1/97 Strategic Broad Market 2.11 5.13 4.74 7.95 595.5 0.01 0.42 63.63 48.14Nav Tactical US Equity Sector Plus 2/1/13 Strategic Sector 4.58 12.65 — — 14.7 — — — —Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 Strategic Sector 4.11 12.43 — — 20.5 — — — —IRON S&P 500 Equity Plus 5/2/11 Strategic Broad Market -0.46 8.72 — — 1.6 — — — —Winterset Active/Edge Diversified Growth 2/1/13 Strategic All-Inclusive -4.80 2.11 — — 1.4 — — — —Acertus Planned Return Strategy 8/31/09 Strategic Broad Market — — — — 348.1 — — — —Stadion Master Domestic Equity 12/31/15 Strategic Broad Market 1.80 — — — 359.0 — — — —iSectors Post-MPT Growth Allocation 2/1/05 Tactical Sector 2.64 10.34 11.68 7.81 62.2 6.32 0.47 29.09 48.12Niemann Dynamic 2/20/97 Tactical Sector -1.48 9.80 10.23 6.34 49.7 0.83 0.87 59.13 82.96Main Management Active - US Large Cap 9/30/02 Tactical Sector -2.34 11.33 9.95 8.20 189.1 -1.10 1.00 96.15 103.16Green Inv Mgt - Guardian Sector 7/1/93 Tactical Sector 1.79 11.01 9.57 4.81 0.6 -0.45 0.90 95.32 92.70Clark Navigator U.S. Style Opp (SAI) 1/3/05 Tactical Broad Market 1.25 10.39 9.01 6.54 52.0 -1.37 0.94 93.43 92.07Cumberland - US Equity ETF 12/31/99 Tactical All-Inclusive 3.77 9.65 8.99 6.00 58.3 -1.24 0.93 93.63 94.43Clark Navigator U.S. Style Opportunity 12/31/04 Tactical Broad Market 1.25 10.29 8.95 6.51 52.0 -1.48 0.95 94.76 95.16BCM U.S. Sector Rotation 2/1/11 Tactical Sector 2.31 8.76 8.92 — 173.0 1.38 0.67 74.43 77.62BCM U.S. Sector Rotation (Monthly) 7/1/10 Tactical Sector -1.31 7.13 8.60 — 56.3 1.00 0.68 74.34 83.94TTM NASDAQ Strategy 6/1/09 Tactical All-Inclusive -2.22 12.78 8.22 — 6.3 1.90 0.57 49.36 74.28Clark Navigator Style Preferred Core 9/1/04 Tactical Broad Market 1.59 8.68 8.07 5.91 1.6 -0.56 0.78 91.38 71.27Clark Navigator Sector Opportunity 1/3/07 Tactical Sector -0.08 9.83 8.02 — 37.2 -2.21 0.94 91.63 97.56Niemann Dynamic Sector 2/20/08 Tactical Sector -1.65 6.21 7.87 — 3.8 -1.18 0.85 60.59 89.07Niemann Risk Managed 9/30/96 Tactical Sector 0.44 12.80 7.84 5.89 72.2 1.22 0.61 43.16 74.85MRM Dynamic Overlay Strategy 1/2/08 Tactical All-Inclusive -5.96 5.49 7.83 — 75.4 -1.30 0.83 85.98 100.16Braver Tactical Equity Sector Rotation 7/1/96 Tactical Sector -0.02 7.90 7.54 5.17 31.6 -1.97 0.90 65.96 107.74Astor S.T.A.R. Program 1/3/05 Tactical All-Inclusive -1.84 6.83 6.33 6.20 527.9 -2.74 0.83 89.02 99.24Confluence Aggressive Growth 8/1/08 Tactical All-Inclusive 0.86 7.59 5.89 — 6.8 -4.71 0.99 91.90 114.23Stadion Tactical Growth Strategy 5/3/04 Tactical All-Inclusive -0.86 5.25 5.86 5.92 299.8 -2.98 0.81 87.65 93.05Niemann Risk Managed Sector 1/24/96 Tactical Sector 0.46 8.50 5.11 5.22 131.5 -1.49 0.62 47.33 82.06Innealta Tac ETF Sector Rotation Core 12/31/09 Tactical Sector 5.30 1.57 4.30 — 383.3 1.92 0.21 29.18 13.54Braver Tactical Balanced 12/31/03 Tactical Broad Market -0.75 3.58 3.35 4.88 55.0 -1.32 0.42 72.18 54.36Robinson Market Opportunity 12/31/03 Tactical Broad Market -8.30 1.27 3.18 5.31 2.9 -1.93 0.52 23.64 63.43Churchill Premier Wealth Tactical 10/1/96 Tactical All-Inclusive -3.08 5.87 3.04 4.43 981.3 -2.67 0.53 48.50 74.64PVG Dynamic Core ETF 10/1/01 Tactical All-Inclusive 0.58 1.79 3.03 3.70 27.5 -2.55 0.51 68.27 61.15Braver Tactical Opportunity 12/31/85 Tactical All-Inclusive 8.75 1.06 1.88 4.36 44.9 -3.19 0.46 59.61 55.36Good Harbor Tactical Core US 4/30/03 Tactical Broad Market -0.14 -5.74 1.43 8.48 509.2 -1.65 0.31 15.29 58.57RevenueShares Strategic Allocation 7/1/11 Tactical Broad Market 4.80 7.83 — — 0.2 — — — —Julex Dynamic Sector Strategy 11/1/12 Tactical All-Inclusive -1.03 7.44 — — 0.0 — — — —WST Asset Manager - U.S. Equity 12/31/12 Tactical Sector -3.29 7.21 — — 262.9 — — — —BCM AlphaDEX U.S. Sector Rotation 9/1/11 Tactical Sector 0.75 6.75 — — 132.9 — — — —Hays Advisory Domestic Equity ETF 4/2/12 Tactical Sector -1.46 6.63 — — 43.5 — — — —RPg Tactical US Equity 11/1/11 Tactical Sector 1.21 4.82 — — 39.2 — — — —RPg Tactical US Equity FT 3/1/12 Tactical Sector 0.98 2.88 — — 2.6 — — — —AlphaDEX® Sector Rotation Portfolio 12/30/11 Tactical Sector 4.29 0.89 — — 1.1 — — — —Innealta Tac ETF Sector Rotation Opp 12/31/09 Tactical Sector — — — — 36.2 — — — —Longview Capital Dynamic Large Cap SMA 7/12/12 Tactical All-Inclusive 3.60 — — — NR — — — —TTM 500 Strategy 10/1/12 Tactical Broad Market — — — — 0.0 — — — —Optimus Global Rotation 6/3/13 Tactical Broad Market 1.79 — — — 0.5 — — — —

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Page 41: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 41 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

BCM Advantage U.S. Sector Rotation 1/31/14 Tactical Sector 1.30 — — — 68.3 — — — —BCM AlphaDEX Growth 1/31/14 Tactical All-Inclusive -0.30 — — — 1.9 — — — —BCM U.S. Small Cap Sector Rotation 3/10/14 Tactical Sector -0.83 — — — 0.3 — — — —Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 Tactical Sector -2.28 — — — 4.4 — — — —FFCM Dynamic All Cap Sector Rotation 4/1/14 Tactical Sector -0.65 — — — 111.5 — — — —FFCM Dynamic Large Cap Sector Rotation 4/1/14 Tactical Sector -4.14 — — — 412.4 — — — —Sheaff SPM In or Out 9/26/14 Tactical Broad Market — — — — 0.0 — — — —Sheaff SPM Long or Short 9/26/14 Tactical Broad Market -8.49 — — — 0.6 — — — —FFCM Dynamic Global Equity 4/1/14 Tactical All-Inclusive -1.86 — — — 31.5 — — — —Newfound Risk Managed U.S. Sectors Idx 2/3/14 Tactical Sector -2.32 — — — 210.8 — — — —ARS Sector Rotation Strategy 9/2/14 Tactical Sector -0.58 — — — 0.7 — — — —Newfound U.S. Factor Defensive Eqty Cmp 12/30/14 Tactical Broad Market -1.32 — — — 34.2 — — — —Stadion Maximum Growth Strategy 6/1/15 Tactical All-Inclusive 1.59 — — — 134.3 — — — —KKM Enhanced U.S. Equity 6/11/14 Tactical Broad Market — — — — 0.0 — — — —Optimus Dynamic Equity 1/1/16 Tactical Sector 9.66 — — — 0.0 — — — —

Optimus Equity Rotation 1/1/16 Tactical All-Inclusive 9.69 — — — 0.0 — — — —Optimus Hedged Equity 1/1/16 Tactical Sector 11.61 — — — 3.9 — — — —Stadion Sharpe Sector Rotation Strategy 12/31/15 Tactical All-Inclusive 5.25 — — — 0.0 — — — —United States Equity Median 0.69 6.83 6.98 5.90

Hybrid Median 0.62 4.98 5.13 5.61Strategic Median 1.62 8.72 7.64 7.48Tactical Median -0.02 7.21 7.84 5.91Morningstar US Market TR USD 1.08 11.27 11.16 7.11

United States Fixed IncomeWela Own Your Age (OYA)- 70 11/1/10 Hybrid All-Inclusive 4.76 3.09 5.03 — 2.8 2.08 0.74 19.02 121.25SignalPoint Stable Income Point 10/31/08 Hybrid All-Inclusive 3.65 2.90 5.03 — 43.6 -0.54 1.40 78.88 184.33SignalPoint CU Income Plus 6/30/09 Hybrid All-Inclusive 3.26 2.96 4.93 — 0.6 -0.16 1.28 74.44 164.66Wela Own Your Age (OYA)- 80 6/1/09 Hybrid All-Inclusive 4.36 2.43 4.29 — 8.5 0.93 0.84 35.61 131.55Green Inv Mgt - Guardian Tax Free 10/31/01 Hybrid Sector 1.13 2.28 4.29 3.83 0.3 — — — —

SignalPoint Moderate Income Point 10/31/08 Hybrid All-Inclusive 3.59 2.18 3.93 — 6.0 0.45 0.88 28.83 126.17Efficient Market Taking Income-Aggr 1/3/06 Hybrid All-Inclusive 1.23 2.33 3.88 4.95 17.0 3.71 0.05 0.06 30.19Efficient Market Taking Income-Moderate 6/1/05 Hybrid All-Inclusive 1.26 2.25 3.81 4.97 40.1 3.46 0.09 0.23 26.67Morningstar ETF Momentum Conservative* 12/29/10 Hybrid Broad Market 2.82 2.78 3.51 — 8.2 1.46 0.52 9.76 95.51Efficient Market Taking Income-Consvt 4/3/06 Hybrid All-Inclusive 1.31 1.85 3.26 4.43 25.0 2.69 0.14 0.86 30.84

Morningstar ETF Conservative* 10/1/07 Hybrid All-Inclusive 2.51 0.64 3.17 — 60.0 1.77 0.36 3.58 79.06Voya GPMM Income ETF 1/2/13 Hybrid Broad Market 5.12 2.01 — — 0.0 — — — —Charles Schwab SMP-ETFs Blend -Cnsrv Inc 12/31/09 Hybrid All-Inclusive — — — — 40.1 — — — —Charles Schwab SMP-ETFs Thd-Pty-Csrv Inc 12/31/09 Hybrid All-Inclusive — — — — 45.7 — — — —Caprin Tactical Muni ETF 9/30/10 Strategic Sector 1.11 3.18 5.80 — 14.5 1.04 1.19 56.41 95.26

Caprin Tactical Opportunity ETF 9/30/10 Strategic All-Inclusive 2.03 2.95 4.98 — 37.5 0.42 1.14 75.09 106.27First Trust Morningstar 20/80 5/1/09 Strategic Broad Market 2.07 3.58 4.90 — 3.1 2.76 0.52 13.83 61.31Madison ETF Conservative 1/1/10 Strategic Broad Market 1.94 3.46 4.54 — 62.5 2.79 0.43 9.29 53.72Members Trust Income ETF 1/3/06 Strategic Broad Market 1.85 3.56 4.50 4.98 261.0 3.20 0.31 6.59 25.98NewSquare ETF Tax Exempt Bond 1/4/10 Strategic Sector 1.61 2.67 4.08 — 8.4 0.99 0.76 53.14 65.31

Page 42: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 42 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2016 (Continued)

Return % Risk Statistics vs. Selected Benchmark

NameInception Date

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil Alpha Beta R-Squared Down Capture

DT Ultra-Conservative Growth & Income 3/31/09 Strategic All-Inclusive 1.75 2.96 4.01 — 25.3 -2.71 0.13 0.10 -66.48Lockwood Asset Allocation Portfolios I 12/31/03 Strategic Broad Market 2.37 2.31 3.82 4.32 34.9 1.82 0.49 15.66 63.47Caprin Core Plus ETF 9/30/10 Strategic All-Inclusive 3.12 2.10 3.55 — 5.7 -0.63 1.05 92.38 115.73Madison ETF Capital Preservation 1/1/10 Strategic Broad Market 2.11 2.31 3.54 — 7.8 0.97 0.63 41.34 76.13Astor Active Income Program 2/28/11 Strategic All-Inclusive 1.59 1.14 3.31 — 18.0 0.40 0.73 39.21 91.92

DT Intermediate Fixed Income 9/30/08 Strategic Broad Market 2.40 1.92 3.18 — 22.7 0.88 0.57 50.11 55.93Madison ETF Income Advantage 1/1/10 Strategic Broad Market 2.32 1.68 3.15 — 2.8 -0.08 0.81 77.11 90.03Morningstar ETF Strategic Mod Income* 4/29/05 Strategic Broad Market 2.20 1.97 3.02 3.99 102.0 1.25 0.44 11.04 77.71Transamerica I-Series Portfolio I 1/6/10 Strategic All-Inclusive 1.82 1.95 2.94 — 24.0 0.83 0.52 27.85 72.20iSectors Capital Preservation Allocation 1/1/10 Strategic All-Inclusive 0.85 0.14 2.35 — 34.2 1.32 0.24 15.66 15.05

Foy SELECTOR Income 2/1/08 Strategic All-Inclusive 4.41 0.80 — — 3.6 — — — —SEI Tax-Managed ETF Conservative 1/2/14 Strategic All-Inclusive 1.82 — — — 41.5 — — — —3D Targeted Fixed Income 2021 2/1/16 Strategic All-Inclusive — — — — 0.1 — — — —3D Targeted Fixed Income 2025 2/1/16 Strategic All-Inclusive — — — — 0.1 — — — —Stadion Master Long Duration Fix Inc 12/31/15 Strategic Sector 5.73 — — — 60.6 — — — —

Optimus High Yield Bull/Bear 3/1/11 Tactical Sector 5.80 5.54 5.11 — 0.0 4.50 0.16 0.48 -54.66Clark Navigator Fixed Income TR 12/31/04 Tactical All-Inclusive 6.38 2.96 4.88 9.42 1,120.9 1.71 0.80 18.43 112.48WST Asset Manager – U.S. Bond 3/31/06 Tactical Sector 4.13 3.23 4.41 9.65 121.2 3.76 0.15 0.98 2.13Braver Tactical High Income 10/1/96 Tactical Sector 3.67 2.02 4.01 9.20 99.8 3.35 0.16 0.81 33.57QA Tactical Bond 1/1/10 Tactical All-Inclusive 2.57 1.46 3.55 — 7.1 -0.49 1.01 70.43 125.70

Laffer Investments Fix-Inc ETF Strategy 10/2/06 Tactical All-Inclusive 2.11 1.26 3.35 — 0.2 0.16 0.80 56.84 97.64Green Inv Mgt - Guardian Fix-Inc 7/1/91 Tactical All-Inclusive 2.72 1.80 2.36 4.27 17.0 — — — —Stadion Capital Preservation Strategy 4/2/07 Tactical Broad Market 2.29 0.29 1.36 — 59.4 1.38 -0.01 0.01 9.323D Fixed Income ETF Portfolio 11/1/13 Tactical All-Inclusive — — — — 0.3 — — — —Palladiem Diversified Income Model 1/2/12 Tactical All-Inclusive 2.79 2.03 — — 4.9 — — — —

Longview Capital Fixed Income 9/30/11 Tactical All-Inclusive 1.43 — — — NR — — — —Quartz High Yield Legacy 3/2/15 Tactical Sector 0.02 — — — 1.6 — — — —Quartz Yield Plus 3/2/15 Tactical All-Inclusive 0.03 — — — 10.6 — — — —Stadion Tactical Income 10/1/12 Tactical All-Inclusive 3.38 1.48 — — 0.1 — — — —

United State Fixed Income Median 2.30 2.25 3.88 4.95Hybrid Median 3.04 2.31 3.93 4.69Strategic Median 2.03 2.31 3.68 4.32Tactical Median 2.72 1.91 3.78 9.31Morningstar US Core Bond TR USD 3.06 2.71 4.01 5.12

Page 43: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 43 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 6 Selected Top- and Bottom Performing Strategies, 3-Year Return, 31 March 2016Return %

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Top Performing Strategies

Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.22 17.28 15.65 — 91.7

WestEnd Advisors US Sector 12/31/12 United States Equity Hybrid Sector 0.17 14.49 — — 8.0

First Nat Chapoquoit Aggressive Dynamic 11/1/12 Global All Asset Tactical All-Inclusive 4.47 13.88 — — 4.9

First Nat Chapoquoit Dynamic Mod Port 1/2/13 Global All Asset Tactical All-Inclusive 3.55 13.18 — — 0.9

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.39 12.91 12.56 — 106.0

Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 0.44 12.80 7.84 5.89 72.2

TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive -2.22 12.78 8.22 — 6.3

Nav Tactical US Equity Sector Plus 2/1/13 United States Equity Strategic Sector 4.58 12.65 — — 14.7

Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 United States Equity Strategic Sector 4.11 12.43 — — 20.5

First Nat Chapoquoit Dynamic Cnsrv Port 1/2/13 Global Equity Tactical All-Inclusive 1.88 12.15 — — 3.7

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 0.33 12.08 11.88 — 226.0

TRC Global Core Equity 3/13/13 Global Equity Tactical Broad Market 4.97 11.84 — — 101.6

TAMP US Tactical ETF L/S – PULSE 1/2/13 United States Alternative Tactical Broad Market -8.47 11.52 — — 0.8

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector -2.34 11.33 9.95 8.20 189.1

iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market 5.05 11.32 10.78 — 27.3

Bottom Performing Strategies

PCM Super Global Macro 5/31/12 Global All Asset Tactical All-Inclusive 1.58 -4.04 — — 5.6

PCM Alpha 1 Total Return Composite 6/1/12 Global Equity Tactical All-Inclusive 2.70 -4.04 — — 6.1

Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive 5.38 -4.07 -1.71 2.71 151.1

Keystone Wealth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive -1.35 -4.28 — — 0.3

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region 2.47 -4.35 -4.24 10.33 447.3

Good Harbor Tactical Core Intl Moderate 12/1/11 International Equity Tactical Broad Market -0.17 -4.41 — — 0.1

Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -0.14 -5.74 1.43 8.48 509.2

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive 7.78 -5.95 -3.48 — 1.6

Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region 7.88 -6.91 -5.09 — 0.2

Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region -1.67 -8.08 -5.27 0.81 15.5

Julex Capital Mngt 12/3/12 International Equity Tactical Country/Region 4.27 -8.83 — — 0.9

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive 1.20 -9.26 -9.87 — 0.7

PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive 1.85 -9.56 -14.00 — 0.9

iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector 15.16 -11.43 -7.46 — 2.5

Keystone Wealth Commodity AlphaRotation 8/1/12 Global Alternative Tactical Broad Market -5.33 -23.04 — — 0.0

Source: Morningstar Inc.

Page 44: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 44 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 7 Select Top- and Bottom Performing Strategies, 5-Year Return, 31 March 2016Return %

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Top Performing StrategiesAthena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.22 17.28 15.65 — 91.7

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.39 12.91 12.56 — 106.0

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 0.33 12.08 11.88 — 226.0

iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector 2.64 10.34 11.68 7.81 62.2

Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 2.50 10.98 11.17 7.34 1.0

iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market 5.05 11.32 10.78 — 27.3

Niemann Dynamic 2/20/97 United States Equity Tactical Sector -1.48 9.80 10.23 6.34 49.7

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector -2.34 11.33 9.95 8.20 189.1

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -0.44 9.81 9.63 7.54 215.0

QA Global Style 9/4/07 Global Equity Tactical Broad Market 0.61 9.82 9.57 — 4.1

Green Inv Mgt - Guardian Sector 7/1/93 United States Equity Tactical Sector 1.79 11.01 9.57 4.81 0.6

iSectors Post-MPT Moderate Allocation 3/3/08 United States Balanced Hybrid Sector 4.87 7.24 9.23 — 31.1

Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 1.25 10.39 9.01 6.54 52.0

Cumberland - US Equity ETF 12/31/99 United States Equity Tactical All-Inclusive 3.77 9.65 8.99 6.00 58.3

Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 1.25 10.29 8.95 6.51 52.0

Bottom Performing StrategiesStadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive 5.38 -4.07 -1.71 2.71 151.1

SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region 3.52 -2.38 -1.73 — 0.1

Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive 0.17 -3.28 -1.90 — NR

Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive -0.30 -1.39 -2.20 3.51 8.4

BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market -1.00 -3.68 -2.71 — 1.0

Clark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region -1.49 1.40 -2.79 — 36.8

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive 7.78 -5.95 -3.48 — 1.6

Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region -4.70 -1.87 -4.14 3.66 2.0

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region 2.47 -4.35 -4.24 10.33 447.3

Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive -3.41 -2.40 -4.39 — 0.8

Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region 7.88 -6.91 -5.09 — 0.2

Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region -1.67 -8.08 -5.27 0.81 15.5

iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector 15.16 -11.43 -7.46 — 2.5

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive 1.20 -9.26 -9.87 — 0.7

PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive 1.85 -9.56 -14.00 — 0.9

Source: Morningstar Inc.

Page 45: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 45 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 8 Largest Strategies, 31 March 2016

Return %

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

Assets USD Mil

Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 1.67 2.44 4.43 5.09 5,724.6

Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 1.18 3.10 4.86 5.69 3,332.9

SSGA Moderate Tactical 9/2/08 Global All Asset Tactical All-Inclusive 1.45 4.88 6.03 — 2,651.3

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 0.27 5.36 5.67 5.43 2,393.3

Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive 1.81 1.77 3.33 4.31 2,065.3

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -1.74 7.85 4.83 5.32 1,380.9

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.78 6.07 3.56 5.95 1,302.4

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 6.38 2.96 4.88 9.42 1,120.9

BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector -5.47 — — — 1,069.8

Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive -3.08 5.87 3.04 4.43 981.3

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive -0.35 5.93 5.80 — 979.8

Charles Schwab SMP-ETFs Thd-Pty-Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive — — — — 944.4

SSGA Aggressive Tactical 9/2/08 Global All Asset Tactical All-Inclusive 1.09 5.68 6.35 — 910.2

Morningstar ETF Strategic Mod Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 1.97 4.80 5.29 4.98 808.6

Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market -0.71 4.98 4.32 — 707.3

BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive -0.83 — — — 695.6

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 0.65 2.98 — — 691.1

Cougar Global GTS w/ Cons Growth (MAR 8) 10/31/01 Global All Asset Tactical All-Inclusive 1.52 3.43 3.46 4.70 682.8

RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive -2.21 5.36 4.71 4.30 666.7

Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 1.26 4.86 5.34 — 662.7

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 2.49 4.51 5.30 — 634.0

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.58 5.79 6.32 — 612.1

Stadion Moderate Strategy 4/2/07 United States Balanced Tactical Broad Market 2.28 1.30 2.55 — 605.3

Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 2.11 5.13 4.74 7.95 595.5

Richard Bernstein Global Risk-Balanced 4/17/13 Global Equity Tactical All-Inclusive -0.84 — — — 529.0

Source: Morningstar Inc.

Page 46: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 46 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 9 Largest 1-Year Growth in Assets, 31 March 2016

Return %

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

1-Yr Growth USD Mil

Assets USD Mil

FFCM Dynamic Large Cap Sector Rotation 4/1/14 United States Equity Tactical Sector -4.14 — — — 412.0 412.4

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -1.74 7.85 4.83 5.32 378.6 1,380.9

Richard Bernstein Global Risk-Balanced 4/17/13 Global Equity Tactical All-Inclusive -0.84 — — — 344.0 529.0

WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 0.46 7.36 7.80 7.10 287.3 343.0

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.78 6.07 3.56 5.95 268.4 1,302.4

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 0.27 5.36 5.67 5.43 257.0 2,393.3

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.58 5.79 6.32 — 230.0 612.1

BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive -0.83 — — — 221.0 695.6

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 6.38 2.96 4.88 9.42 220.9 1,120.9

Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.55 5.81 — — 207.5 320.7

Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 1.26 4.86 5.34 — 199.3 662.7

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 1.93 5.13 — — 195.3 436.3

Newfound Risk Managed U.S. Sectors Idx 2/3/14 United States Equity Tactical Sector -2.32 — — — 192.2 210.8

Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive -1.84 6.83 6.33 6.20 169.1 527.9

BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector -5.47 — — — 165.4 1,069.8

Stadion Tactical Growth Strategy 5/3/04 United States Equity Tactical All-Inclusive -0.86 5.25 5.86 5.92 152.0 299.8

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -0.44 9.81 9.63 7.54 147.5 215.0

SEI Tactical ETF Moderate Strategy 1/2/13 Global Balanced Hybrid Broad Market 3.43 4.21 — — 141.2 276.5

New Frontier ETF Global Growth 10/29/04 Global Equity Strategic Broad Market 0.82 5.70 5.80 4.76 122.2 223.7

Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market 1.28 6.26 — — 113.8 300.7

CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Global Balanced Hybrid All-Inclusive 0.96 3.74 4.63 4.90 113.2 177.6

SEI Tax-Managed ETF Market Growth 1/2/14 Global Balanced Strategic All-Inclusive 1.87 — — — 106.9 178.9

Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 1.00 6.72 7.02 — 101.9 308.6

Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 2.14 4.83 5.58 — 100.7 292.9

SEI Tactical ETF Aggressive Strategy 1/2/13 Global Equity Hybrid Broad Market 1.35 6.26 — — 98.2 180.1

Source: Morningstar Inc.

Page 47: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 47 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 10 Largest Percentage Growth, 31 March 2016

Source: Morningstar Inc. Limited to strategies having at least $100 million in assets as of 3/31/2015.

Return %

NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type 2016 3-Year 5-Year 10-Year

1-Year % Growth

Assets USD Mil

Richard Bernstein Global Risk-Balanced 4/17/13 Global Equity Tactical All-Inclusive -0.84 — — — 185.9 529.0

Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.55 5.81 — — 183.2 320.7

New Frontier ETF Global Growth 10/29/04 Global Equity Strategic Broad Market 0.82 5.70 5.80 4.76 120.2 223.7

SEI Tactical ETF Moderate Strategy 1/2/13 Global Balanced Hybrid Broad Market 3.43 4.21 — — 104.4 276.5

Stadion Tactical Growth Strategy 5/3/04 United States Equity Tactical All-Inclusive -0.86 5.25 5.86 5.92 102.8 299.8

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 1.93 5.13 — — 81.0 436.3

Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market 1.28 6.26 — — 60.9 300.7

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.58 5.79 6.32 — 60.2 612.1

Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 2.14 4.83 5.58 — 52.4 292.9

Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 1.00 6.72 7.02 — 49.3 308.6

Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market 0.95 6.85 6.60 4.94 48.2 249.1

Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive -1.84 6.83 6.33 6.20 47.1 527.9

BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive -0.83 — — — 46.6 695.6

Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 1.26 4.86 5.34 — 43.0 662.7

Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive 4.00 6.85 7.13 8.41 41.8 216.1

RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 0.47 5.25 5.34 4.88 38.9 298.9

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -1.74 7.85 4.83 5.32 37.8 1,380.9

Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market 1.33 3.75 4.61 — 36.2 284.0

Members Trust Moderate Growth ETF 1/3/06 Global Equity Strategic Broad Market 2.62 6.51 6.86 5.79 35.8 165.0

Sage Tactical ETF Growth 12/31/07 Global Equity Tactical Broad Market 1.10 5.95 5.90 — 30.0 357.3

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 0.33 12.08 11.88 — 29.5 226.0

CLS ETF Risk Budget 75 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive 0.76 4.25 5.06 4.56 29.0 148.5

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.78 6.07 3.56 5.95 26.0 1,302.4

New Frontier ETF Global Balanced 10/29/04 Global Balanced Strategic Broad Market 2.47 5.41 6.73 5.42 25.7 447.1

JAForlines Global Tactical Allocation 1/2/04 Global All Asset Tactical All-Inclusive 2.43 5.22 4.46 5.27 24.6 303.5

Page 48: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 48 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 11 ETF Managed Portfolio Assets by Firm, 31 March 2016

NameStrategy

Assets1-Year

Growth# Strategies

Reported

Windhaven Investment Management 11,122.7 -4,451.1 3

RiverFront Investment Group, LLC 5,461.6 404.5 11

Charles Schwab Investment Advisory Inc 3,942.3 45.0 12

State Street Global Advisors 3,561.4 -426.2 2

Stadion Money Management,LLC 3,482.6 -366.9 19

Morningstar* 3,219.7 -335.9 26

Vanguard Advisers Inc 2,823.8 1,357.6 44

Beaumont Capital Management 2,736.0 182.6 31

Churchill Management Group 2,588.3 115.2 3

Sage Advisory Services Ltd Co 2,571.8 411.7 12

Astor Investment Management LLC 1,848.3 446.0 3

Clark Capital Management Group Inc 1,742.1 258.9 18

New Frontier Management Company, LLC 1,646.0 422.1 12

SEI Trust Company 1,635.8 910.9 14

Members Trust Company 1,459.0 190.5 5

Innealta Capital 1,434.2 -1,055.5 12

Windham Capital Management, LLC 1,348.6 -1,251.8 18

Cougar Global Investments Limited 1,303.5 -425.8 4

Richard Bernstein Advisors LLC 925.1 339.7 4

Nottingham Advisors Inc 879.4 -4.2 5

UBS Asset Management 826.7 -85.3 4

Hays Advisory LLC 789.1 -50.1 5

Efficient Market Advisors, LLC 787.3 243.7 15

GLOBALT Investments 752.2 34.3 4

Quantitative Advantage 710.8 -165.8 11

Source: Morningstar Inc. *Morningstar assets include assets of the following: Morningstar Investment Management LLC and Morningstar Investment Services LLC

Source: Morningstar Inc.

Exhibit 12 Return Comparison, 31 March 2016

Return %

Name 2016 3-Year 5-Year 10-Year

Global All Asset Median 1.46 2.80 3.79 5.16

Hybrid Median 0.97 3.15 4.51 5.16

Strategic Median 2.70 2.08 2.81 4.66

Tactical Median 1.33 2.82 3.75 —

Global All Asset Blended Benchmark 2.19 2.09 2.83 4.64

Global Balanced Median 1.72 3.78 4.63 4.90

Hybrid Median 1.59 3.87 4.44 4.48

Strategic Median 1.87 4.17 4.92 5.19

Tactical Median 1.21 3.49 4.60 3.41

Global Balanced Blended Benchmark 2.55 4.34 4.61 5.33

Global Equity Median 0.82 5.47 5.34 4.53

Hybrid Median 0.64 5.23 5.02 4.07

Strategic Median 1.11 5.73 5.83 4.85

Tactical Median 0.12 4.89 4.94 4.56

Morningstar Global Markets GR USD 0.47 6.23 5.93 5.00

Global Fixed Income Median 2.40 1.92 3.42 5.24

Hybrid Median 2.15 1.85 2.70 7.98

Strategic Median 2.57 2.71 3.64 5.24

Tactical Median 2.18 0.81 3.35 3.50

Global Fixed Income Blended Benchmark 5.66 1.27 2.25 4.57

International Equity Median -0.59 -0.57 -0.93 3.51

Morningstar Gbl Mkts xUS GR USD 0.47 2.69 2.09 3.45

United States All Asset Median 2.11 3.95 6.96 —

United States All Asset Blended Benchmark 1.62 5.34 6.27 6.00

United States Balanced Median 1.73 4.00 5.05 5.41

Hybrid Median 1.11 3.66 5.02 5.48

Strategic Median 1.81 4.42 5.23 4.78

Tactical Median 2.14 2.29 2.98 5.96

United States Balanced Blended Benchmark 1.97 7.94 8.47 6.65

United States Equity Median 0.69 6.83 6.98 5.90

Hybrid Median 0.62 4.98 5.13 5.61

Strategic Median 1.62 8.72 7.64 7.48

Tactical Median -0.02 7.21 7.84 5.91

Morningstar US Market TR USD 1.08 11.27 11.16 7.11

United States Fixed Income Median 2.30 2.25 3.88 4.95

Hybrid Median 3.04 2.31 3.93 4.69

Strategic Median 2.03 2.31 3.68 4.32

Tactical Median 2.72 1.91 3.78 9.31

Morningstar US Core Bd TR USD 3.06 2.71 4.01 5.12

Page 49: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 49 of 50

©2016 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Exhibit 13 Blended Benchmark Information

Source: Morningstar, Inc. Asset Allocations Were Re-Balanced Semi-annually

Benchmark % Morningstar Core Bond MCBI TR BarCap Gbl Agg Ex USD TR

50.050.0

Benchmark % Morningstar Global GR Morningstar Core Bond MCBI TR BarCap Gbl Agg Ex USD TR

60.020.020.0

Benchmark % Morningstar US Market TR Morningstar Core Bond MCBI TR Morningstar Long-Only Commodity TR

55.035.010.0

Benchmark % Morningstar US Market TR Morningstar Core Bond MCBI TR

60.040.0

Benchmark % Morningstar Gbl Mkts ex-US GR USD BarCap Gbl Agg Ex USD TR

60.040.0

55.017.517.510.0

Benchmark % Morningstar Global GR Morningstar Core Bond MCBI TR BarCap Gbl Agg Ex USD TR Morningstar Long-Only Commodity TR

Global Fixed Income

Global Balanced International Balanced

U.S. Balanced

U.S. All-AssetGlobal All-Asset

Page 50: Morningstar ETF Managed Portfolios andscape Report Q1 2016news.morningstar.com/im/ETFMPLandscapeQ12016.pdf · March 2016. Total assets in these strategies as reported to Morningstar

Morningstar ETF Managed Portfolios Landscape Report Q1 2016Page 50 of 50

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©2016 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein: (1) are proprietary to Morningstar, Inc., and its affiliates (collectively, “Morningstar”) and/or their content providers; (2) may not be copied or redistributed; (3) are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and (4) are not warranted to be accurate, complete, or timely.

For certain types of investment vehicles (e.g., separate accounts), Morningstar depends on the investment vehicle itself to provide Morningstar with accurate and complete data. To the extent that one or more of these investment vehicles do not provide Morningstar with data or these data are 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’re comprised of historical performance statistics), neither the data nor Morningstar’s analysis of them can be relied upon to predict or assess future performance—whether of an individual investment,any particular industry segment or the totality of all strategies or investment vehicles in the industry.

Unless otherwise specified, the data contained herein represent composite data for those reporting vehicles comprising the applicable industry segment or the industry as a whole (to the extent included in Morningstar’s database). Please note that, as a general matter, any return or related statistics that are based upon a limited number of data points are considered satistically suspect and, therefore, may be of limited value.

Morningstar is not providing investment advice or acting 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.

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