TACTICAL BETA STRATEGY*

The Tactical Beta Strategy was launched in November 2016. The strategy provides constant exposure to the S&P 500^® unless or until U.S. equity market volatility signals ‘risk off’. When that happens, exposure to the S&P 500 is reduced to seek to preserve capital. The signal that triggers a risk-off position is based on a proprietary model and manager skill and experience. The Tactical Beta Strategy seeks to provide passive exposure to the S&P 500 with tail-risk management…thus the name “Tactical Beta”. Actual positions are determined based on the skill and experience of Matt and Mike Thompson who developed the Tactical Beta strategy while working at previous asset management firms and since then have been jointly and primarily responsible for managing the strategy.